The Measurement of Harmonisation and the Comparability of Financial Statement Items: Within-Country and Between-Country Effects

This paper reports on an analysis of accounting policy choices made by European companies with an international shareholding. The accounting policies analysed in depth in this paper comprise the treatment of goodwill and accounting for deferred taxation. In the paper, the van der Tas comparability index is developed by separating the index into two components relating to the within-country (intra-national) effects of domestic standardisation and the between-country (inter-national) effects of harmonisation. It is shown in this paper that the value of the index may be interpreted as the probability that two companies selected at random will report financial information that is comparable, and that the lowest level of comparability exists when the accounting methods are assumed to be distributed equiprobably over the companies, the outcome of a random selection of accounting policies. The paper also considers the problems of non-disclosure, and a comprehensive ‘disclosure-adjusted’ comparability index is proposed.     

Linkages in international stock markets: evidence from a classification procedure

In this article, we propose a new approach to evaluate the predictable components in stock indices using a boosting-based classification technique, and we use this method to examine causality among the three main stock market indices in the world during periods of large positive and negative price changes. The empirical evidence seems to indicate that the Standard & Poors 500 index contains incremental information that is not present in either the FTSE 100 index (Financial Times Stock Exchange Index) or the Nikkei 225 index, and that could be used to enhance the predictability of the large positive and negative returns in the three main stock market indices in the world. This in turn would suggest a causality relationship running from the Standard & Poors 500 index to both the FTSE 100 and the Nikkei 225 indices.     

Still waiting for Mister Right? Asymmetric information,abortion laws and the timing of marriage

Previous studies have suggested that more liberal abortion laws should lead to a decrease in marriage rates among young women as ‘shotgun weddings’ are no longer necessary. Empirical evidence from the United States lends support to that hypothesis. This article presents an alternative theory of abortion access and marriage based on the cost of search which suggests that more liberal abortion laws may actually promote young marriage. An empirical examination of marriage data from Eastern Europe shows that countries that liberalized their abortion laws saw an increase in marriage rates among nonteenage women.     

A Field Experimental Investigation of Managerially Facilitated Consumer-to-Consumer Interaction

Positive social interactions among consumers are considered increasingly important elements in corporate relationship marketing efforts. There is scant empirical research, however, demonstrating the effect of consumer interactions facilitated by service industry managers on consumer evaluations and behavioral intentions. This study employs a field experimental methodology utilizing four half-day cultural heritage tours (n = 156) to examine consumer-to-consumer (C-to-C) interactions within the group travel context. Research findings demonstrate that managerially facilitated C-to-C interactions significantly increase tour member satisfaction and enjoyment. Theoretical and managerial implications are discussed, and calls are made for more field experimental methodologies to be used in tourism research.     

A generalization that makes useful the dorfman–steiner theorem with respect to advertising

Dorfman and Steiner's theorem is trivial with respect to advertising because it deals with only one period. It simply says that a firm should stop with that volume of advertising at which an additional dollar of advertising just produces an additional dollar of net revenue. This note generalizes the theorem to the meaningful multi-period situation in which the effect of advertising is lagged. The optimizing decision rule is to advertise up to the point at which f′(A_t) = 1 - bd, where A stands for advertising, b for the customer-rentention factor, and d for the cost-of capital discount factor.     

The Scottish development agency: Market consensus, public planning and local enterprise

The absence of a coherent industrial strategy embracing sectoral enterprise development at the level of national government in the UK has meant a shift to regional and local levels as far as concerted intervention is concerned. But whilst there has been considerable interest in the activities of the local authority enterprise boards there has not been the same attention given to the regional development agencies like the SDA. The ideologies of intervention of this agency and GLEB, for example, are in theory very different, yet each confronts a series of opportunities and constraints at the level of economic sectors.