Issues Facing Small Accounting Practices in Regional North Queensland: An Exploratory Study

Small accounting practices (SAP), most of which are sole principals, are an important part of the accounting profession and the Australian economy. This exploratory study identifies issues and challenges experienced by small accounting principals in Far North Queensland, Australia. The findings generally correspond with previous research, ranking staffing and keeping up to date through professional development as key areas of concern, and also highlighting the expectation gap between SAP principals and their clients. Stress emerged as a major concern for principals, and new areas of possible conflict of interests were uncovered. A number of potential areas for future research, including comparative studies in city and suburban areas, have been identified.     

Dividend Imputation and Shareholder Wealth: The Case of New Zealand

On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.     

Book Reviews

The first review is of a business novel that contains important lessons about teams and teamwork. The enjoyable story is based on the product development activities of a fictitious Fungible Company, and is an absorbing book to read. The second review covers a book on Total Quality Management (TQM). As our reviewer points out, this book deals with both the philosophy and tools, covering all aspects of TQM.
Finally, we inaugurate a new feature, Brief Notes. From time to time, we will provide short comments about books that may have a specialized or some limited value to practitioners.     

Bid‐ask spreads,volatility, quote revisions,and trades of thinly traded futures contracts

We investigate intraday bid‐ask spreads (BAS), volatility, and trading activity of thinly traded equity index futures contracts on the Singapore Exchange. Contrary to previous findings, we find a rather flat BAS pattern during the trading day. However, consistent with past findings, an increase in risk widens the spread and a higher trading activity reduces it. When trading occurs in a day, spreads are reduced. No significant difference in volatility between days with and without trades was detected. When trades occur, quote revisions increase, and it is positively related to the number of trades. An increase in the number of quote revisions increases the likelihood of a transaction, and when quotes are current, revisions that are accompanied by trades carry new information. We provide evidence that contracts that are thinly traded may possess liquidity attributes as long as their price quotes remain current. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:455–486, 2003     

B‐TO‐B E‐COMMERCE: A CONTENT ANALYTICAL ASSESSMENT OF MOTOR CARRIER WEBSITES

An Internet presence is a critical early component in the process of building towards a fully operational and unified e‐commerce strategy. E‐commerce has significantly impacted logistics/supply chain strategies and the development and implementation of a website have become key issues for many firms within the transportation industry. This study provides an overview of website content within the motor carrier industry. Content analysis was used to assess the site design, informational content, and the interactive content of 152 motor carrier websites, and to compare the features offered on the Top 100 motor carrier firm websites with those offered on the sites of smaller carrier firms.     

THE LAST MILE: AN EXAMINATION OF EFFECTS OF ONLINE RETAIL DELIVERY STRATEGIES ON CONSUMERS

The Internet has increased the level of importance of the end‐consumer market to transportation carriers. In two between subject experiments, carrier disclosure on retail merchant websites is examined as a strategic differentiation strategy. Predictions are offered concerning effects of carrier disclosure strategies on product delivery‐related expectations, consumer attitudes, and intentions to purchase a product online. Results from Study 1 reveal significant differences between disclosure and nondisclosure of the carrier for numerous product delivery‐related variables, as well as many differences between the six carriers examined in this first study. Study 2 extends these findings by showing that providing consumers with a choice of carrier leads to increased levels of satisfaction with the online experience and greater willingness to buy, relative to nondisclosure and disclosure strategies.     

A STRUCTURAL EQUATION MODEL OF SUPPLY CHAIN MANAGEMENT STRATEGIES AND FIRM PERFORMANCE

This research develops and analyzes a theoretical framework for supplier management and customer relationship strategies, supply chain management strategy, and firm performance using structural equation modeling. Data used in the paper were collected from a comprehensive survey circulated to a wide variety of U.S. and European business executives. Based on the findings, a clearer picture of the practice and benefits of SCM and its strategic implications emerges.     

Price rigidities and institutional variations in markets with posted prices

Summary Standard laboratory posted-offer markets respond slowly and incompletely to demand shocks. In these one-sided markets, where sellers control the setting of prices, very little information is transmitted via the process of exchange. For this reason, traders have trouble distinguishing randomness in their own experience from changes in market fundamentals. This paper reports the results of twelve laboratory markets conducted to assess whether some common variants to standard posted-offer rules can correct the adjustment deficiences. Although discounting, multiple postings and excess demand information all improve performance, we find that response remains poor, and efficiencies low.Support for this research was provided by the National Science Foundation (SBR 9319842 and SBR 9320044), and the University of Virginia Bankard Fund. Data are archived at FTP address: fido.econlab.arizona.edu. We wish to thank Charles Plott and Shyam Sunder for useful comments on an earlier draft of this paper. The usual disclaimer applies.     

The Impact of Option Introduction on Stock Return Variances: The Role of Bid-Ask Spreads, Return Autocorrelations, and Intrinsic Variances

The purpose of this paper is to examine changes in stock return variances following option introduction. The sample consists of National Market System stocks and employs both transaction returns and returns based on bid and ask quotes. Variances are decomposed into portions attributable to bid-ask spreads, return autocorrelations, and intrinsic variances. Spreads play a negligible role in explaining variance changes. A generally positive component to short-term autocorrelations falls following option introduction, increasing variances over short holding periods. Intrinsic variances fall prior to the October 1987 crash, but do not change after the crash with option introduction.