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We empirically investigate the political determinants of liberalization and privatization policies in six network industries of 30 OECD countries (1975–2007). We unbundle liberalization and privatization reforms and study their simultaneous determination in a two-equation model. Unlike previous studies, we account for cross-effects between the two pro-market measures. Our findings unveil that both right-wing and left-wing governments implement liberalizations and privatizations, showing a common trend under the so-called neo-liberalism wave. However, although the privatization rate is higher than liberalization in right-wing environments, the opposite occurs under left-wing governments. We argue that ideological cleavages still affect pro-market reforms, particularly the combination of privatization and liberalization policies. We conclude that different deregulation patterns should be expected under governments characterized by different political ideologies. Our results shed new light on the literature investigating the political-economic rationale underpinning pro-market choices. 相似文献
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This study examines the effect of the degree of association between current earnings and expected future earnings on the relative importance of earnings and book value for explaining equity price. Consensus analysts forecasts of one-year-ahead earnings are used to proxy for expected future earnings and are compared to reported current earnings to measure the degree of the association. We find that the value-relevance of current earnings negatively correlates with the extent to which consensus analysts forecasts deviate from current earnings. We also find that the incremental explanatory power of book value for equity price positively correlates with this measure. These results remain robust after controlling for factors known to be affecting the value-relevance of earnings such as negative earnings and the earnings-to-book ratio. Our results also show that this analysts' forecast-based measure of `earnings persistence' dominates historical earnings variance in explaining cross-sectional variations in the value-relevance of earnings and book value. 相似文献
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Many accounting departments have initiated programs to integrate writing into the accounting curriculum; others have just begun the process. The purpose of this paper is to present the unique features of the writing program used at our university. As with many programs, this one elevates our accounting students' perceptions about the importance of writing, and improves the quality of accounting students' writing within the framework of the kinds of writing accountants actually do on the job. What's different about our approach is (1) a transition workshop, (2) the collaboration of an accounting instructor, a writing consultant, and professional accountants, and (3) a unique way of incorporating peer reviews. After these differences are discussed, a final section of the paper provides recommendations for designing a writing program. 相似文献
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Quality & Quantity - Job satisfaction is a positive emotional state resulting from a personal appreciation of a his/her own job or experience. The paper reports on a study that examined job... 相似文献
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