Tourism development and value change

Social changes induced by tourism development are examined from the standpoint of modernization and capitalist development in Vent and Obergurgl, two small Alpine communities in Western Austria. The level of development of these two villages regarding structure and values is determined empirically and the existence of a relationship between these two levels established: traditional precapitalist structures and values dominate in Vent, while modern capitalist structures and values prevail in Obergurgl. Analysis of the conditions and processes of change showed tourism to be acceptable to traditional precapitalist structures as well as to modern capitalist structures and values. However, once tourism evolves to a “mono-culture”, it transcends the traditional precapitalist framework.     

Value versus growth stock returns and the value premium: The Canadian experience 1985–2005

This paper provides further evidence on the value premium using Canadian data from 1985–2005 and a search process involving both price to earnings (P/E) and price to book value (P/BV) ratios. The study documents a consistently strong value premium over the sample period, which persisted in both bull and bear markets, as well as in recessions and recoveries. Moreover, the paper shows that a P/E based search process did a better job of identifying value stocks and arriving at more consistent and sizeable value premium than did a search process based on P/BVs. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.     

The Ontario Securities Commission on Accounting and Auditing from the 1960s to 2008 – Part 1: 1960s to 1985*

We present Part 1 of a historical review and analysis of the role played by the Ontario Securities Commission (OSC) in accounting and auditing from the 1960s onwards. Part 1 deals with the period from the 1960s to 1985. Parts 2 and 3 will treat the roles played by the first five Chief Accountants, from 1986 to 2008. As the principal Canadian stock exchange in recent times has been the Toronto Stock Exchange, the OSC has been the most important securities market regulator in Canada. Prior to this article, the academic and professional accounting literature has been largely barren on the OSC’s evolving role on accounting and auditing issues.     

The Ontario Securities Commission on Accounting and Auditing from the 1960s to 2008–Part 2: The First Four Chief Accountants, 1986–1996*

This article, Part 2 of a historical review and analysis of the Ontario Securities Commission (OSC), describes the role played by the first four Chief Accountants in the regulation of accounting and auditing from 1986 to 1996. Part 1 dealt with the period from the 1960s to 1985. Part 3 will treat the role played by the fifth Chief Accountant, from 1996 to 2008. As the principal Canadian stock exchange in recent times has been the Toronto Stock Exchange, the OSC has been the most important securities market regulator in Canada. Prior to this article, the academic and professional accounting literature has been largely barren on the OSC’s evolving role on accounting and auditing issues.     

Directors’ and Officers’ Liability Insurance and Aggressive Tax‐Reporting Activities: Evidence from Canada

This paper examines the relationship between directors’ and officers’ liability insurance (D&O insurance) and firms’ aggressive tax reporting. Using large Canadian public companies listed on the TSX300 and relying on several measures to capture aggressive tax‐reporting activities, including GAAP effective tax rates, cash effective tax rates, and the total and residual book‐tax differences, I find that D&O insurance exhibits a strong negative relationship with the GAAP effective tax rates and a strong positive relationship with both the total and residual book‐tax differences. However, there is generally no evidence showing that D&O insurance is associated with the cash effective tax rates. I interpret these results as indicating that D&O insurance reduces the tax expenses reported in the financial statements but not the actual tax paid. In other words, D&O insurance contributes to financial tax management but not to cash tax savings. Further tests in this study reveal that firms with fluctuating D&O coverage limits engage in more aggressive tax reporting than other firms, suggesting that managers may consider the level of D&O insurance that they purchase when they make aggressive tax‐reporting decisions.