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1.
The short-lived (1981–1982) popularity of original issue, deep-discount financial instruments is examined retrospectively in this article; at the Treasury's urging, the tax advantage allowed the issuers of such instruments was eliminated as of July 1, 1982. First, an empirical examination is used to show that deep-discount instruments had before-tax yields no different from those of comparable conventional instruments. After-tax yields, however, were significantly lower, which explains why the appeal for such instruments was highest among (seemingly abundant) tax-exempt holders. The conclusion is that the issue-side tax advantage which the Treasury squashed was, in effect, a subsidy which reduced firms' after-tax capital costs. The end result of the old provision must therefore have been to lower the required after-tax-rate-of-return threshold for capital investment; so the Treasury's action must have had a disincentive effect on capital expenditures.  相似文献   

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Comparability is often invoked as an evaluative criterion in regulatory and financial reporting controversies. This article explores the issue by first developing a formal model of comparability that is consistent with the prior information economics literature regarding normative criteria. This model is then used in a restricted setting to explore how such criteria might eventually be used to establish preference relationships.  相似文献   

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The external auditor's role and relationship with an audit client are not purely matters of private concern between the two parties. The rationale for the external auditor's work—indeed a primary justification for the existence of the public accounting profession—arises from the need for reliable financial information in order for our economy to operate smoothly. Thus the auditor, in certifying financial statements, performs a quasi-public function. The necessary relationship between auditor and client is one of complete independence. In recent years public policymakers including the U.S. Congress have questioned the propriety of auditors' performing nonaudit services for their clients. This paper reports the results of an empirical study of U.S. corporate directors who considered the propriety of allowing a firm's auditors to perform various nonaudit service engagements.The results show, especially in the case of systems design, increasing director concern and a lack of overall consensus as nonaudit services approach 40 percent of the firm's audit fee. Policy implications of the findings are considered.  相似文献   

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The Financial Accounting Standards Board has been under considerable pressure in recent years to choose among accounting standard alternatives based on their anticipated economic consequences. It is the Boards's stated position, however, that standards ought to be chosen for the faithfulness of the representations they will bring about. This paper examines the philosophical justification for the opposing positions on the economic consequences issue. The issue is first examined as one of ends and means, and it is found that accounting policy makers have a stronger obligation to pursue faithful representations than they have a responsibility to pursue good economic consequences. A similar result is found when the ends—means distinction is dropped and the issue is examined as involving conflicting duties to refrain and to act. The conclusion is reached that there is no justification for departing from faithful representations.  相似文献   

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This paper examines the association between state government accounting practices and creditor decisions. Creditor decisions were surrogated by yield premiums and variances of the premiums on general obligation debt securities. Accounting practices were summarized from the Council of State Governments Survey. In addition to these practices, accounting ratios and bond ratings were included as independent variables in regression models. The results demonstrated that accounting practices were not directly associated with the bond risk and return measures but may have been indirectly related as a result of their effect on bond ratings.  相似文献   

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This study explores the role of standard or generally accepted accounting and reporting methods in the public sector. It differs from prior studies that address public sector accounting issues in that it considers more directly how the political process influences decisions to report financial information. The primary contention is that adopting standard reporting methods reduces costs to public officials that arise from factors that characterize political markets. Empirical evidence based on data from the state governments is consistent with this contention, but theoretical and methodological problems restrict our ability to ascertain which specific factors are relevant.  相似文献   

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This article examines the association between state regulation of accounting practices and municipal borrowing costs. The results demonstrate that stringent accounting regulations do have an effect on borrowing costs after abstracting the effects of other explanatory variables. The direction of the observed effect is difficult to assess due to presence of multicollinearity in the model. However, lower borrowing costs are suggested by the analysis.  相似文献   

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Accounting standards have been suggested as a means of requiring reporting by corporations that would enhance managers' concern for their shareholders and/or society. The analysis presented in this paper, however, leads to the conclusion that this role for accounting standards is not likely to be beneficial. The conclusion is based on the fact that the required measurements for useful standards cannot generally be made. This inherent limitation is absolute with respect to social responsibility concerns. With respect to corporate governance, accounting standards might be useful, primarily for reporting potentially fraudulent dealings and similar misuses of shareholder's assets by corporate managers. But even then, the cost of an accounting standard, ex ante, is likely to exceed its benefits to shareholders.  相似文献   

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It has recently been suggested that the inability of the economics-finance literature to say anything definitive about the appropriate form of accounting regulation highlights the need to augment neoclassical economic analysis with sociopolitical considerations. It is argued in this paper that patching up the orthodox theory would be futile; that the flaws are so fundamental as to warrant abandoning neoclassical state theory and embarking on a serious debate about radical theoretical alternatives. Economic reductionism and political voluntarism are shown to be the main flaws in the neoclassical theory, and these deficiencies are primarily responsible for the present theoretical disarray. After a brief overview of radical theories of the state, this paper suggests that replacing—not refurbishing—neoclassical state theory is the most plausible strategy for accounting researchers.  相似文献   

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The Federal Trade Commission's Line of Business Report Program requires some 440 of the largest U.S. corporations to gather and report detailed data. The program's compliance costs were and are a major issue between the reluctant respondents and the FTC. Analysis of the estimates made by the parties reveals why and how a government agency tends to underestimate costs severely. Principally, the agency does not recognize that a company must prepare data that can withstand hostile scrutiny: inexpensively prepared estimates will not do. The analysis reveals that the estimates used by the FTC are based on very questionable procedures and evidence. A procedure is suggested to avoid or resolve differences in cost estimates claimed by the parties.  相似文献   

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This article focuses on the conflict in public policy between the need to provide the investing public with accurate information with regard to corporate financial statements and the need to provide the IRS with the necessary tools in order to assure corporate compliance with the tax laws of the country. The conflict arises because of the contention of the IRS that it is entitled to have access to an independent auditor's tax accrual workpapers on the one hand, and the contention by CPAs that such access will prevent adequate disclosure to the independent auditor. The article examines the policy questions on both sides of the issue and concludes that regardless of any decision by the Supreme Court in a pendingcase, Congress should pass legislation to resolve the conflict and clearly identify the scope of any previlage accorded with regard to tax accrual workpapers.  相似文献   

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Unlike the corporate sector, detailed estimates of unfunded pension liabilities for most local governments are not available. Thus, prior research on the association between unfunded pension liabilities and municipal creditor decisions (Copeland and Ingram 1983; Marks and Raman 1985) has implicitly assumed that certain pension ratios are good surrogates for municipal pension underfunding. In this paper, we rely on a theoretical model by Ehrenberg (1980) to test empirically the appropriateness of pension ratios as “correlates” of municipal pension underfunding. These ratios were found to be correlated with pension underfunding, although they accounted for only about 30 percent of the variance in the underfunding variable.  相似文献   

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The Dingell Hearings currently under way in the House of Representatives may be the most likely opportunity for a major alteration in the structure of accounting control in the United States since the passage of the Securities Acts in 1933–1934. One should assume that the subcommittee is serious about its objectives of providing for tighter SEC control over the accounting function and for increasing the effectiveness of auditing. In the following pages, I will offer my views on the crucial issues being considered by the subcommittee looking at the SEC and the accountants, and I will conjecture on the possible alternatives for congressional action. Finally, I will speculate on what these changes might mean to the structure of accounting practice and government regulatory activity, and I will make suggestions regarding some possible areas of future research into accounting institutions and policy.  相似文献   

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This paper includes an analysis of the general costs and benefits associated with the introduction of a comprehensive income tax. The introduction of a comprehensive income tax may result in such benefits as simplicity, horizontal equity, and neutrality that may, in turn, be offset by the costs in vertical equity, implementation losses, and efficiency losses. The solution to the question of the desirability of the comprehensive income tax may turn upon the nature of these costs and benefits as well as the philosophy of tax reform that is adopted.  相似文献   

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