In 1981 the FASB issued a new standard for accounting for foreign currency translation, SFAS 52. The standard provided a gradual transition period, allowing firms to select from several possible adoption dates. This study extends the research on the positive theory of accounting choice to examine the factors associated with a management's choice of adoption date. The comparison reveals that early adopters were smaller, typically decreased in pre-charge earnings the year before adoption, had less stock owned by directors and officers, and were more constrained on dividend payouts and interest coverage ratios than later adopters.

Thomas L. Stober, The Incremental Information Content of Financial Statement Disclosures: The Case of LIFO Inventory Liquidations, Journal of Accounting Research, Vol. 24, Studies on Alternative Measures of Accounting Income (1986), pp. 138-160

Foreign currency, SFAS No. 8, SFAS No. 52, Accounting method changes

Auditing, Internal auditing, Internal auditor competence, Internal auditor work performance

"This paper uses combinations of full brothers, half brothers, and fathers and sons to measure the effect of common family background on a household's income and wealth. While the data are drawn from a nineteenth-century [U.S.] population, the intraclass correlation for income ranges from .13 to .18, which is similar to that found in modern samples. Intraclass correlations for wealth are significantly higher (.18-.35) than are those for income. Intraclass correlations of half brothers compared to those for full brothers suggest that fathers play a dominant role in the transmission of the common family effect. When unobserved background is decomposed into individual and family effects, the individual effect dominates the family effect for income, while the family effect dominates the individual effect for wealth." A comment by Sherwin Rosen is included (pp. 80-2).

Evidence presented here indicates that the relationship between stock returns and unexpected inflation differs systematically across firms. The differences are shown to be consistent with cross-sectional variation in firms' nominal contracts (monetary claims and depreciation tax shields). The differences are also partially explained by proxies for underlying firm characteristics that could create interaction between unexpected inflation and operating profitability. Finally, much if not most of the differences appear to arise because unexpected inflation is correlated with changes in expected aggregate real activity, the effects of which tend to vary across firms according to their systematic risk.

The classic case of nonconvexity in consumer opportunities is that of labor supply. While most studies of labor supply concentrate on the individual agent in partial equilibrium, this study considers general equilibrium. I show that even with nonconvex consumer opportunites, such as those involved in the labor supply decision, the standard theorems of general equilibrium models still hold.

The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction.Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.