Showing 1 - 10 of 39
In listed companies, the Board of directors has ultimate responsibility for information disclosure. The conventional wisdom is that director independence is an essential factor in improving the quality of that disclosure. In a sense, this approach subordinates expertise to independence. We argue...
Persistent link: https://www.econbiz.de/10011651583
When international accounting standards were renamed to become international financial reporting standards, this seemed to imply that accounting no longer needed to exist, but rather had to be reconsidered as a part of financial communication and advertising. Does traditional accountability no...
Persistent link: https://www.econbiz.de/10013130176
In listed companies, the Board of directors has ultimate responsibility for information disclosure. The conventional wisdom is that director independence is an essential factor in improving the quality of that disclosure. In a sense, this approach subordinates expertise to independence. We argue...
Persistent link: https://www.econbiz.de/10013137919
Financial economic models often assume that investors know (or agree on) the fundamental value of the shares of the firm, easing the passage from the individual to the collective dimension of the financial system generated by the Share Exchange over time. Our model relaxes that heroic assumption...
Persistent link: https://www.econbiz.de/10013114734
In the last three decades, corporate governance and reporting have been confronted to a drift toward shareholders' primacy and value, and the revival of old-fashioned proprietary views against entity views on the business firm. This paper develops an accounting perspective of the relationship...
Persistent link: https://www.econbiz.de/10013104646
Hyman Minsky's view of the accounting structure of economy is essentially based upon ownership of wealth, cash flows and financial instruments as entitlements to both. Further accounting notions are introduced here that improve on Minsky's financial analysis. From the accounting viewpoint,...
Persistent link: https://www.econbiz.de/10013081104
Standard setters have sought a conceptual framework to guide development of a consistent set of accounting standards. However, the framework has two key weaknesses. First, it is very broad, lacks a measurement framework, and can be used ex post to justify a wide range of actual accounting...
Persistent link: https://www.econbiz.de/10013092886
We experimentally explore how common knowledge provided by accounting systems affects investors' decision and shapes the formation of security prices over time. We design alternative accounting structures and run experiments in artificial security markets framed by these structures. In sessions...
Persistent link: https://www.econbiz.de/10013067359
Under an equilibrium framework, “price system” suffices for representing, co-ordinating and regulating the whole economy, its constituents and their interactions. Therefore, together with money and accounting, the firm - as an enterprise entity having its own organisation and management - is...
Persistent link: https://www.econbiz.de/10013159533
Why delve into accounting to understand the economic nature of the firm? A Coase's recent suggestion calls economic organization and accounting system at issue for understanding how the special economics of the firm supersedes price system in creating and allocating resources. But incomplete...
Persistent link: https://www.econbiz.de/10012735158