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A Comment on Lerner's "Extortion Tax" Plan [Lerner's Contribution to Economics]
A Proposal for Implementing the FASB's "Reasonably Possible" Disclosure Provision for Product Warranty Liabilities
Richard A. Grimlund, A Proposal for Implementing the FASB's "Reasonably Possible" Disclosure Provision for Product Warranty Liabilities, Journal of Accounting Research, Vol. 23, No. 2 (Autumn, 1985), pp. 575-594
Variance Investigation in Agency Settings
Cost variance, Auditing, Agency Theory
An effect of hindsight on predicting bankruptcy with accounting information
Price Setting Supergames with Capacity Constraints
This paper examines the role of industry capacity in enforcing collusion in the context of repeated games. For a fixed capacity per firm it is shown that changes in the number of firms have a non-monotone effect on the best enforceable cartel price. This is due to the fact that while an additional firm lowers the share that each of the other firms enjoys at the collusive price it also increases the losses to each firm should the cartel fail.
The Effect of LIFO-Switching and Firm Ownership on Executives' Pay
LIFO, Inventory accounting method, Executive compensation, Accounting method changes
Predictable events and excess returns: The case of dividend announcements
This paper hypothesizes that the risk per unit of time and the required rate of return are higher than normal during an event period whose timing can be predicted. Consistent with this hypothesis this paper presents empirical evidence indicating that the unconditional mean rate of return, the variance of stock returns and their systematic risk are higher than ‘usual’ during dividend announcement periods. However, the documented increases in the systematic risk are not large enough to fully explain the ‘excess returns’. This finding is puzzling and hard to reconcile with existing theory.
Auditing program evaluations: The Canadian case
Selecting the Best Instrumental Variables Estimator
This paper considers the problem of finding the “best” estimator among a class that includes most of the commonly used limited information estimators in simultaneous equation systems. Concentration comparisons, based on the Edgeworth expansion of the distribution of these estimators, lead to selection rules of sufficient simplicity to be useful in applied econometric research.