Merger Premia and National Differences in Accounting for Goodwill

We examine the effects of international accounting diversity on the market for corporate control with particular reference to whether national differences in the treatment of purchased goodwill are associated with differences in premia offered by U.K. as opposed to U.S. acquirers of U.S. targets. We find merger premia associated with U.K. acquisitions to be consistently higher than those for U.S. acquisitions. Moreover, higher premiums offered by U.K. acquirors appear to be associated with not having to amortize goodwill to earnings. The evidence provided here suggests that national differences in accounting impact differentially on managerial behavior.     

Computer simulation of lot-sizing algorithms in three-stage multi-echelon inventory systems

This paper evaluates conventional lot-sizing rules in a multi-echelon coalescence MRP system. A part explosion diagram of three levels and twenty-one nodes is simulated using FORTRAN IV Level G. Nine separate lot-sizing methods were evaluated in this analysis. These methods included Lot for Lot, Economic Order Quantity, Periodic Order Quantity, Least Total Cost, Least Unit Cost, Part-Period Balancing, the Silver-Meal Algorithm, and the Wagner-Whitin Algorithm. A hybrid rule using both the Economic Order and the Economic Production Quantity rules was also evaluated.The performance of each lot sizing rule was simulated over nine different sets of market requirements patterns over a twelve month period. The types of demand variation included a constant rate, three different patterns of normally distributed demand, a random pattern, and two cyclic patterns. A hybrid pattern was used which equally weighted components of constant, random, normal, and cyclic demand. Finally, the ninth pattern consisted of actual data obtained from a job shop manufacturing facility.Within the part explosion diagram, ratios of setup cost to carrying cost, “goes into” quantities, and lead times were assigned for each node. Assigned values were selected from uniform distributions with prespecified ranges.A computer model was developed to perform the simulation. It consisted of an executive program, a routine for data generation, and separate routines to exercise each of the different lot-sizing rules. The simulations were conducted under three operational rules. The first rule allowed for the establishment of initial inventories just large enough to “cover” those gross requirements that occurred prior to the time the first order arrived. Carrying costs for this stock were included in the computation of total costs per node. The second rule provided for the delay of application of each lot sizing rule. This avoided receiving an order in a period of zero demand. The third rule addressed the computation of costs. The total cost was computed on the basis of average inventory level and the number of required setups.The analysis required the completion of 1701 separate simulation runs (9 rules X 9 demand patterns X 21 nodes). The performance of each rule was evaluated on the basis of total annual inventory cost. The Periodic Order Quantity (POQ) rule performed best in six of the nine demand patterns analyzed. In two of the remaining three cases, it ranked second on the basis of minimizing costs.The Least Unit Cost (LUC), Least Total Cost (LTC), and Pan-Period Balancing (PPB) algorithms demonstrated identical performance in four of the demand patterns analyzed. Generally, they ranked in the upper half of the rules evaluated. The Economic Order Quantity (EOQ) and the Economic Order/Production Quantity hybrid rules performed only moderately well. On the basis of cost, the consistent worst performers were the Wagner-Whitin (WW), Silver-Meal (SM), and Lot-for-Lot (LFL) rules.It was found that gross requirements tend to occur sporadically in different levels of the system. Order policies of parent nodes often cause the policies in higher level nodes to resemble the lot-for-lot order philosophy, regardless of the rule being used. Because of this phenomenon, those rules that generate fewer orders over the planning horizon for parent nodes often tend to perform better on the basis of total inventory cost.     

The effects of relative price changes on the household's demand for money

In examining the economic response to changes in the rate of inflation, models of the demand for money have traditionally assumed that all prices change equiproportionately. This paper alternatively examines the effect on the demand for money of relative price changes. The analysis develops a choice theoretic framework of household behavior by combining a utility maximization framework with the inventory approach to the transactions demand for money. A significant result of the analysis is that the net effect of a change in relative prices on the household's money holding depends on the purchase frequencies and price elasticities of the relevant commodities.     

Management accounting systems, task uncertainty and managerial performance: A research note

This study examines the interactive effects of management accounting systems (MAS) design and task uncertainty on managerial performance. MAS design was defined in terms of the extent to which managers use broad scope MAS information. The responses of 42 managers, drawn from a cross-section of Australian manufacturing companies, to a questionnaire survey were analysed by using a multiple regression technique. The results showed that under a high task uncertainty situation, the extent of use of broad scope MAS information led to effective managerial decisions and hence to improved managerial performance. On the other hand, under low task uncertainty situations, the extent of use of broad scope MAS information led to information overload which was dysfunctional to managerial performance.     

Implied Volatility in Options Markets and Conditional Heteroscedasticity in Stock Markets

This study examines whether or not the volatility of stock index returns forecasted by a GARCH-M specification is consistent with the implied volatility observed in options markets. Recent data for the New York Stock Exchange Composite Index and Standard & Poor's 500 Index and their options are employed. The patterns of the term structure of implied volatility are compared with those of volatility estimates obtained from the GARCH process. The results indicate that the GARCH process appears to partially explain the variation of implied volatilities and the term structure of implied volatilities.     

培养注册会计师行业后备人才的思考

《我国注册会计师事业发展“九五”计划和2010年远景规划》中提出到2010年底,我国注册会计师个人会员达到20万人,从业人员达到30万人。目前,我国执业的注册会计师仅有6.7万人,非执业会员仅有7万多人。这距离我国2010年的注册会计师人才规划相差甚远。从1994年开始,为适应会计师事务所对人才的需求,在原国家教委和财政部的统一部署下,全国已有22所高等学校设立了注册会计师专业,试图通过大学教育培养注册会计师专门人才。十几年来,各院校培养了数千名注册会计师方向毕业生,只有其中很少一部分学生毕业前能考取注册会计师资格证而选择从事审计…     

Technology development processes: A model for a developing country with a global perspective

This paper presents a conceptual model as a new framework of the technology development processes in LDCs based on global perspective. The proposed model consists of three development stages such as initiation, internalization, and generation, as well as some propositions related to the levels of transferred technology, technology acquisition modes, technology elements mastered, and major contributors of technology development in each development stage.
The model explains several dynamic changes in LDC's development processes with global perspectives focussing on the DC-LDC linkages. In addition to formal channels, this model also deals with non-formal channels, including imitation, which are unduly neglected in the literature, equally important as methods of technology acquisition. Moreover, the proposed model analyzes the technology development processes from several different standpoints and embraces multi-level units of analysis such as country, industry, firm, and unit technology. Because the proposed model explains the observable phenomena only and is a conceptual model to be tested, further theoretical studies are needed to explain the underlying principles of technology development in LDCs such as the technology learning theory. In addition, further empirical studies to test the global perspective model in various situations are needed.     

中纺圆桌论坛纵论经纬前瞻未来

2005年12月21日，由中国纺织杂志与中纺投资发展有限公司共同发起、瑞士苏拉集团独家协办的中纺圆桌论坛正式启动。作为行业媒体，我们听过、看过也感受过了太多的论坛，一种报告式的论坛风让我们沉闷不已，陈旧的话题和观点，让我们在豪无收获之余而倍显尴尬，而这一次，在2005年岁末的这次中纺圆桌论坛，我们似乎呼吸到了一种别样新鲜空气。短短半天的时间，昆仑饭店三百余人的会场，也成了观点的集散地，有理有据有实，而且还有大胆的设想，让我们听到了太多的信息，也受到了太多的启发。正如中国纺织工业协会副会长兼《中国纺织》杂志社社长陈树津所说，集中探讨2006年宏观以及行业经济增长与相关的热点，这不仅是促进行业经济持续健康协调发展的需要，并且对各级政府和企业的决策也；肾起到积极的作用。论坛无非是一种服务，为纺织企业提供一种信息服务，从这个角度讲，所谓授人以鱼，不如授人以渔。按照这样的思路，中纺圆桌论坛又究竟告诉了企业什么？价值又有多大？对企业来说．可操作性又有多强？这，需要论坛信息的再现，让企业在揣摩中找到求渔之处。[编者按]