The Development of Convenience Stores in Britain

Convenience stores are becoming a new element in the retail sector of a growing number of advanced economies. This article outlines the character of these stores and discusses their development within Britain.     

The Planning Implications of New Retail Format Introductions in Canada and Britain

A recent retail internationalisation trend has been the arrival in Britain and Canada of COSTCO warehouse membership clubs (WMCs). Further investigation reveals similarities between those countries in terms of the responses of their planning systems to this newcomer. However; the wider picture must also include analysis of why so many other innovative new types of outlet are also internationalising. The trend can be seen as part of the interface between the spatial pattern of retailing and other legal matters. We therefore suggest that not just the planning system but also the legal aspects of trading regulation must be studied.     

An Empirical Comparison of Convertible Bond Valuation Models

This paper empirically compares three convertible bond valuation models. We use an innovative approach where all model parameters are estimated by the Marquardt algorithm using a subsample of convertible bond prices. The model parameters are then used for out-of-sample forecasts of convertible bond prices. The mean absolute deviation is 1.86% for the Ayache-Forsyth-Vetzal model, 1.94% for the Tsiveriotis-Fernandes model, and 3.73% for the Brennan-Schwartz model. For this and other measures of fit, the Ayache-Forsyth-Vetzal and Tsiveriotis-Fernandes models outperform the Brennan-Schwartz model.     

Accounting Reform in Australia: Contrasting Cases of Agenda Building

On 4 March 1997, the Department of Treasury of the Australian Government announced sweeping measures to reform standard setting arrangements in Australia ( CLERP Paper No.1 , Commonwealth of Australia, 1997 ). The Government's agenda is profoundly reformist as it recommended the wholesale adoption of International Accounting Standards by Australian reporting entities, as well as advocating the introduction of market (selling) price accounting both nationally and internationally. While the notion of market value accounting is not new, this recommendation appears to be a historical first from a government, regulatory or standard setting body. Against this background, our study draws on a framework of 'political agenda building' proposed by Cobb and Elder (1972 ) and Cobb et al . (1976 ), in order to compare and contrast the competing standard setting reform agendas adopted by the Australian accounting profession and the Government. Using the Cobb and Elder framework, we discuss potential reasons why the CLERP agenda has supplanted that of the Australian accounting profession as well as some implications of these developments for the future of standards harmonization.     

Developing Financial Accountability in British Acute Hospitals

This paper explains the process of defining, measuring and costing health service outputs (Health Resource Groups – HRGs). It identifies why the introduction of HRGs became necessary and how they were rolled out and became mandatory. The steps followed to achieve national uniformity are explained. Evidence is provided on the extent to which HRGs have been adopted and on the wider roles they may fulfil, such as benchmarking. The possible implications for resource allocation and the power of clinicians are discussed. Finally, attention is turned to the possible consequences of costed HRGs, as a means of achieving detailed financial accountability at operational level and to alternative means of control.     

Annual reporting disclosures 1970-90: an exemplification

This case study examines the annual report disclosures in a UK listed company, Bulmers, from 1970 to 1990. While mandatory disclosure increased sharply, primarily because of the 1981 Companies Act, the even steeper increase in voluntary disclosure was part of a wide-ranging package of measures which Bulmers' chairman, Peter Prior, introduced to reflect a new corporate philosophy. In 1974, Bulmers provided a statement of company objectives, the first known British example, a year before this practice was recommended in The Corporate Report (Accounting Standards Steering Committee, 1975). In 1982, Esmond Bulmer MP introduced a Private Member's Bill on employee consultation and information, the basic aims of which were eventually enshrined in the 1985 Companies Act.