Recent work demonstrates serious statistical problems with standard volatility tests. This paper proposes new tests that are unbiased in small samples and that do not require assumptions of stationarity. The new tests continue to find evidence against the model positing rational expectations and a constant required rate of return on equity.

Recent work demonstrates serious statistical problems with standard volatility tests. This paper proposes new tests that are unbiased in small samples and that do not require assumptions of stationarity. The new tests continue to find evidence against the model positing rational expectations and a constant required rate of return on equity.

This paper explores the rationales offered by participants for the accounting and management control practices in which they are involved. An analysis of these rationales emphasis four characteristics of current practices. Firstly, financial planning and control systems do not appear to be a dominant mode of organisational control for the organisation investigated, physical production planning appearing to be more important. Secondly, the parts of the whole organisation appear to be only loosely coupled, thereby insulating the various parts from each other, and from pressures for change. Thirdly, in such a context, accounting and information generally may be managed either (or both) to enhance ambiguity or to provide legitimacy in (and about) the organisation. The paper concludes, fourthly, by noting the pressures for change which appear to operate through the finance function, thereby enhancing that function's organisational role. The observations and analysis of the paper are based on an in-depth observational study of an Area (i.e. geographical division) of the National Coal Board, in the U.K., and on a detailed study of that organisation's history and environment.

The article discusses several books about various topics. Some of the books are: "Deterring Fraud: The Internal Auditor's Perspective," by W. Steve Albrecht, Ketth R. Howe and Marshall B. Romney, "Management Control in Nonprofit Organizations," 3rd ed., by Robert N. Anthony and David W. Young, "Business Expansion Scheme," by Brian Armitage, "Bank Accounts: A World Guide to Confidentiality," by Edouard Chambost, translated by Peter Walton and Margaret Thompson, "The Tangled Web of Price Variation Accounting: The Development of Ideas Underlying Professional Prescriptions in Six Countries," by F.L. Clarke, "Fore-Runners of Realizable Values Accounting in Financial Reporting," edited by G.W. Dean and M.C. Wells, "Careers in Accounting," by Gloria L. Gaylord and Glenda E. Ried, "Bridges to Infinity: The Human Side of Mathematics," by Michael Guillen, "Bond Duration and Immunization: Early Developments and Recent Contributions," edited by Gabriel A. Hawawini, "Foundations: The Greenwood Encyclopedia of American Institutions," edited Harold M. Keele and Joseph C. Kiger, "The Impact of Taxes on U.S. Citizens Working Abroad," by Ernest R. Larkins.