Certified public accounting is a profession whose members are independent practitioners or members of firms rendering services in three broad areas: auditing, taxes, and management services.' In order to perform effectively selected tasks, professions rely on a certain amount of autonomy given by society. Along with the privilege of autonomy goes the responsibility of self-regulation. Any profession which fails to regulate effectively the professional behavior of its members risks the loss of its autonomy.2 As a profession, certified public accounting has the task of regulating the professional behavior of its members. The objective of this paper is to report findings on the ethical behavior of Certified Public Accountants.

Journal Article Uzawa's Preference Axioms Get access E. Gordon E. Gordon Claremont Graduate School Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 3, July 1971, Pages 319–329, https://doi.org/10.2307/2296385 Published: 01 July 1971

For some time there has been disagreement among financial economists as to the effect of dividend policy on the valuation of a firm under conditions of uncertainty. On one side of the debate Miller and Modigliani (MM) [11] argue that the capitalization rate on shares is independent of the dividend policy of the firm. Gordon [6], [7], [8], and others, on the other hand, reject this proposition and present theories of valuation where share prices and capitalization rates are very much dependent upon the dividend policies of firms.

Journal Article The Dynamic Effects of Fiscal Policy in an Economy with Foresight Get access R. E. Hall R. E. Hall University of California, Berkeley Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 2, April 1971, Pages 229–244, https://doi.org/10.2307/2296781 Published: 01 April 1971

Stallman investigated the effect of allocating or not allocating common costs as these allocations are reflected in divisional income calculations. Questionnaire packets, containing two sets of corporate data and a request for numerous judgments, were sent to a random sample of members on the rosters of the Financial Analysts Federation and the Institute of Chartered Financial Analysts. A total of 121 respondents provided analytically usable data (for a response rate of 11.33 percent). With regards to the sample, McDonald suggested that, if the experiment is repeated, some less sophisticated inventors should be included. 2 The reported results were based on the respondents' judgments of an estimated long-run investment value for a share of stock. Analysis revealed that statistically significant differences in stock valuation esti-

In recent years, several studies have appeared which provide some support for an inverse relationship between earnings variability and share price.' That is, increased variability in reported earnings, other things equal, appears to reduce the price of a firm's shares. A rationale for this behavioral phenomenon has been suggested by several accounting writers. Almost two decades ago Hepworth contended that :2

Allocation, Uncertainty, Future cash flow, Estimation

Introduction, 163.—I. The threshold in principle, 164.—II. Thresholds or information costs? 166.—Conclusion, 169.

I. Solution of the model and the impact of monetary policy, 121.—II. Burden of adjustment and the foreign trade multiplier, 129.—III. Policy coordination, capital mobility, and sterilization, 133.