Performance Measures and Cost Containment in the New Zealand Health Sector: A Case of Iatrogenic Disorder

An iatrogenic disorder is the name given to a disease or illness that is actually created by medical interventions. This paper suggests an analogous disorder caused by accounting interventions. Attempts to introduce greater accountability and associated accounting technology can lead to disorder, the treatment for which is often prescribed as more of what caused the problem. The example illustrated in this paper is that of the New Zealand public health system. Policies introduced by well-meaning politicians and bureaucrats have created the opposite condition to that desired. Until an iatrogenic disorder is recognised, it is hard to see an appropriate solution.     

Does the Stock Market Rationally Reflect Fundamental Values?

This paper examines the power of statistical tests commonly used to evaluate the efficiency of speculative markets. It shows that these tests have very low power. Market valuations can differ substantially and persistently from the rational expectation of the present value of cash flows without leaving statistically discernible traces in the pattern of ex-post returns. This observation implies that speculation is unlikely to ensure rational valuations, since similar problems of identification plague both financial economists and would be speculators.     

The Impact of Federal Interest Rate Regulations on the Small Saver: Further Evidence

This paper provides further evidence on the distributional impact of interest rate ceilings on the small saver. Cross-section data from the 1977 Consumer Credit Survey was used to estimate the implicit losses imposed on different income classes by government regulations. Our findings generally support earlier studies which found the implicit burden to be regressive among income classes. However, the degree of regressivity showed a marked decrease since 1970. These results may be explained by portfolio adjustments of households and financial innovations in response to deposit rate ceilings and accelerating inflation during the 1970s.     

Is the Electronic Open Limit Order Book Inevitable?

Under fairly general conditions, the article derives the equilibrium price schedule determined by the bids and offers in an open limit order book. The analysis shows: (1) the order book has a small-trade positive bid-ask spread, and limit orders profit from small trades; (2) the electronic exchange provides as much liquidity as possible in extreme situations; (3) the limit order book does not invite competition from third market dealers, while other trading institutions do; (4) If an entering exchange earns nonnegative trading profits, the consolidated price schedule matches the limit order book price schedule.     

The Familiarity with and Perceived Quality of Accounting Journals: Views of Senior Accounting Faculty in Leading U.S. MBA Programs*

Abstract. Determining familiarity with and evaluating quality of accounting journals are of interest to various parties in accounting academia. In recent years, the number of accounting journals has grown, and many special-interest subgroups have arisen. This study surveys senior faculty at Business Week's “best 40 MBA programs” to determine their familiarity with and quality perceptions of 44 accounting journals. As to familiarity, 5 journals were nearly universally known, and a total of 15 had wide recognition. Financial, managerial, and auditing faculty exhibited similar familiarity patterns, while tax faculty had a somewhat different pattern. As to quality perceptions, relatively few journals achieved high quality evaluations. There was, however, general consensus across the different subject-area faculty as to the top journals. Special consideration was given to the newer (post-1980) journals. Six of the 19 newer journals in the study achieved high familiarity scores, and 3 achieved high quality evaluations. Résumé. Le degré de connaissance des publications comptables et la perception de la qualité de ces publications sont des sujets qui intéressent divers membres de la communauté universitaire ?uvrant dans le domaine comptable. Depuis quelques années, le nombre des publications comptables a augmenté, et maints sous-groupes d'intérêt particuliers ont vu le jour. Les auteurs ont réalisé un sondage auprès de professeurs d'expérience enseignant dans le cadre des quarante meilleurs programmes MBA répertoriés par Business Week, afin de déterminer dans quelle mesure ils connaissaient 44 publications comptables et quelle était leur perception de la qualité de ces publications. En ce qui a trait à la connaissance, 5 publications sont presque universellement connues et 15 au total ont un grand rayonnement. Les professeurs de finance, de gestion et de vérification ont affiché des profils de connaissance analogues, tandis que les professeurs de fiscalité présentaient un profil quelque peu différent. Quant à la perception, de la qualité, relativement peu de publications ont obtenu la cote ? qualité élevée ?. L'on a cependant observé un consensus général chez les professeurs des différentes disciplines ers ce qui a trait aux publications de prestige. Une attention particulière a été accordée aux publications plus récentes (postérieures à 1980). Six des 19 publications plus récentes de l'étude ont obtenu une cote élevée relativement au degré de connaissance, et 3 d'entre elles ont obtenu une cote élevée relativement à la qualité.