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Earnings management preceding management buyout offers

Susan E. Perry; Thomas H. Williams
Journal of Accounting and Economics 1994 18(2), 157-179
There are frequent expressions of concern in the accounting, economics, and legal literature about managers' conflicting duties and incentives in management buyouts. This study is motivated by a concern about the managerial incentive to reduce reported earnings prior to the announcement of the buyout proposal. Our analysis of a sample of 175 management buyouts during 1981-88 provides evidence of manipulation of discretionary accruals in the predicted direction in the year preceding the public announcement of management's intention to bid for control of the company.

Professional Schools of Accounting.

Julius Roller; Thomas H. Williams
The Accounting Review 1967 42(2), 349-355
Abstract This article focuses on the growth and expansion of accounting as a profession in the industrial community, government, and public practice. this growth of accounting profession have stimulated a re-examination of the educational framework within which preparation for the profession of accountancy occurs. Among the important questions which relate to such education is one which focuses upon the possible role of separate professional schools. The frequent enumerations of alleged advantages and disadvantages of such schools are unrewardingly familiar to all of us. It is evident that professional education so conceived must be broad in dimension and multidisciplinary in approach. The changing environment within which the accountant operates and the changing character of his practice, brought on by the accelerating needs of government and business for information to assist in the decision-making process, accents the importance of integrating the educational attributes of the professional accountant.