THE RESPONSE OF STATUTORY FINANCIAL AUDITORS IN THE UK TO ENVIRONMENTAL ISSUES: A DESCRIPTIVE AND EXPLORATORY CASE STUDY

This paper explores the reaction of UK financial auditors to the growth of society's environmental awareness and attendant legislative pressures. The developing regulatory framework of auditing is briefly reviewed from an environmental perspective but the main contribution of the paper is to report the results of a series of interviews with a range of audit practitioners. The aim of the interviews was to explore: how, if at all, the conduct of the audit is changing (or, in the opinion of those interviewed, should change) in the light of environmental concerns: whether more training and guidance from professional bodies is sought; and views on regulation. Interviewees' experiences and their views of the impact of increasing environmental awareness and regulation on the statutory audit are reported and discussed. In addition, their views concerning a possible widening of their attestation role to encompass environmental reports are explored.     

FACTORS AFFECTING THE MAGNITUDE OF PREMIUMS PAID TO TARGET-FIRM SHAREHOLDERS IN CORPORATE ACQUISITIONS

The wide range of reported abnormal returns to target-firm shareholders has recently encouraged several researchers to investigate the determinants of the magnitude of these returns. This paper extends the work of these authors by presenting and testing a model of the premium paid to target-firm shareholders in completed corporate acquisitions. The model examines the premium as opposed to the more traditional abnormal return to focus on those factors that might be considered by a bidding-firm's management in the formulation of its offering price. The study also contributes to the corporate control literature by examining a larger data set than previous studies (748 acquisitions that occurred between 1964 and 1983), by examining variables that have not been examined in previous studies, and by examining interactions between variables.     

THE EXAMINATION OF DIRECTORS‘ REPORTS BY AUDITORS: FURTHER EVIDENCE

Knowledge of the practices of auditors in examining directors' reports of their Australian client corporations should provide useful insights for users of directors' reports, legislators and the professional accounting bodies.     

IDENTIFYING THE MODERATOR FACTORS OF FINANCIAL PERFORMANCE IN GREEK MUNICIPALITIES

The use of financial ratios is a widespread method for assessing the financial performance of private sector companies. However, the application of an analogous exercise in the public sector is a less straightforward one. In the later case it is a multifaceted task that involves judgments about the interplay of complex social, organizational and financial factors. In this paper we use accrual end of the year financial statements data of Greek Municipalities for the period 2002–2004 to compute nine commonly used performance assessment financial ratios. We find corroborative evidence that factors, which are exogenous to the municipalities’ control, such as their wealth and size, have statistically significant impact on ratio values. Thus, as financial ratios are significantly influenced by socio‐economic factors like municipal wealth and size, cross sectional comparisons on the basis of these ratios should be made with caution and performed for municipalities that exhibit similarities in terms of size and wealth.     

FACTORS AFFECTING THE BEHAVIOUR OF UK CLOSED END FUND DISCOUNTS 1968 TO 1977

This paper examines the behaviour of UK investment trust discounts for a sample of funds over the ten-year period 1968 to 1977. The cross section variability of fund discounts is considered using fundamental analysis and a large number of potentially important factors are isolated and measured. Using multiple regression analysis, the optimal set of explanatory factors is ascertained, and it is found that the best fitting linear model changes substantially from year to year. The results indicate that fundamental analysis using cross section data may not be useful in the analysis and forecasting of UK closed end fund discounts.     

THE IMPACT OF DIVIDEND IMPUTATION ON FIRMS‘ FINANCIAL DECISIONS

This paper investigates the impact of Australia's dividend imputation system on the financial decisions to be faced by an Australian resident company. It briefly outlines the dividend imputation system as enacted, and then analyzes its economic effects on companies' dividend, financing and investment decisions.     

中共中央政治局常务委员会召开会议研究当前经济形势和经济工作 金融领域潜在风险需加强防范

4月25日上午,中共中央政治局常务委员会召开会议,研究当前经济形势和经济工作。中共中央总书记习近平主持会议并发表重要讲话。会议认为,今年以来,全党全国深入贯彻落实党的十八大和中央经济工作会议精神,全力做好经济工作。一季度,我国经济社会发展开局平稳,经济保持平稳增长,夏季粮油生产势     

加强建设文化强国的金融服务

党的十七届六中全会以文化改革发展为主题,吹响了建设社会主义文化强国的进军号。这是中华民族发展史上一个重要里程碑．标志着中国共产党人对文化的认识达到一个新高度。当前．我国正面一瞄文化产业快速发展的历史机遇,金融业在推动文化产业发展中肩负着重要的社会责任,应当抓住文化产业快速崛起的历史机遇,更加积极主动地发挥金融功能,把支持文化发展与加快自身经营转型结合起来,推动金融与文化产业互利共赢、共同发展。     

发挥金融作用 稳定农产品价格

农产品价格上涨始终是我国价格总水平上升的一个重要原因。据央行研究局提供的数据显示,近年来较为明显的物价上涨,农产品涨价的贡献率均居首位,最近这一次更是高达70%。据商务部9月初公布数据显示,猪肉价格在7月＂假摔＂后,8月开始逐周走高。     

试论新形势下工商银行的客户战略

随着信息网络技术在我国银行业的大面积快速应用,银行与顾客的关系、银行服务产品和方式以及银行经营管理理念和策略都在发生巨大的变革.面对新的挑战我行能否把握机会,充分利用当前信息技术革命所带来的有利条件和手段,在竞争中赢得客户具有重要意义.我们要认识到客户是银行得以生存的基础,要深入了解客户的需求变化和对银行依赖程度的变化,去发现客户的消费和投资趋势及习惯,并通过对新金融产品的开发创造出新的需求.为此我行应制定出一套具有针对性和超前性的客户战略对客户进行分类,区别对待.加大科技投入,保证新产品的开发.     

A MODIFIED VERSION OF THE KELLER PLAN IN AN ADVANCED FINANCIAL ACCOUNTING COURSE

This note provides an account of the introduction of a modified version of the Keller Plan in an advanced financial accounting course. The experiment involved (1) issuing detailed study guides which included a specification of behavioural outcomes; (2) abandoning large group lectures in favour of small group discussions and (3) measuring achievement by multiple choice testing. Although the degree of individualised learning was limited, most students felt that the changes made - especially the introduction of discussion groups - were of some improvement in their learning and development.     

努力做好“三农”及小企业金融服务——中国银监会副主席周慕冰在少数民族银行业监管联席会第五次会议上发表讲话

关注少数民族地区农村金融机构改革和发展,加强和改善三农、小企业金融服务问题意义深远。在7月16日召开的银监会少数民族自治区银行业监管联席会第五次会议上,中国银监会副主席周慕冰以及少数民族自治区银监局负责人,就如何改善中小企业金融服务、银行业如何支持三农以及欠发达地区农村金融体系建设等问题发表真知灼见。本刊特发表周慕冰及广西、内蒙古、宁夏、西藏银监局相关负责人署名文章,以飨读者。敬请关注《金融家论坛》和《局长话题》栏目。     

THE CONSTRUCTION OF MATERIALITY IN GOVERNMENT ACCOUNTING: A CASE OF CONSTRAINING FACTORS AND THE DIFFICULTIES OF HYBRIDIZATION

This paper illuminates materiality features during experimentation with central government accounting in Norway. Data was collected using observations, interviews, informal conversations and documents. We found that materiality was constrained by numerous factors, including: time, disagreement, coordination and communication difficulties, actors’ background, standardizing and thinking ahead. Moreover, a mixture of theoretical accounting approaches and construction forms was found, indicating a hybridization‐based experimentation and materiality construction. Therefore, construction came about as an effect; materiality was often constructed implicitly, and not aligned with its defined elements. Finally, we comment on associated implications for accounting complexity and endeavors to make accounting changes.