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Financial Accounting and Equity Markets: Selected Essays of Philip Brown

Book Description

Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few.

This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.

Table of Contents

  1. Cover
  2. Half Title
  3. Title Page
  4. Copyright
  5. Contents
  6. P. Brown: Publications
  7. Acknowledgments
  8. Foreword
  9. Introduction
  10. Part I: Returns and Earnings
    1. 1. (with R. Ball) “An empirical evaluation of accounting income numbers”, Journal of Accounting Research, 6(2), 1968, 159–178.
    2. 2. “Invited Remarks: Ball and Brown [1968]”, Journal of Accounting Research, 27 (Supplement), 1989, 202–217.
    3. 3. “The impact of the annual net profit report on the stock market”, The Australian Accountant, 40(July), 1970, 277–283.
    4. 4. (with J. W. Kennelly) “The informational content of quarterly earnings: an extension and some further evidence”, The Journal of Business, 45(3), 1972, 403–415.
    5. 5. (with B. Howitt and M. Wee) “Order flow and price effects surrounding an ASX announcement”, 2005 AFAANZ Conference Proceedings, Accounting and Finance Association of Australia and New Zealand (July 2005), CD-ROM.
  11. Part II: Miscellaneous Issues
    1. 6. (with R. Ball) “Identifying some issues in C.C.A.”, The Australian Accountant, 47(August), 1977, 413–414 and 419–421.
    2. 7. (with T. S. Walter) “Sharemarket efficiency and the experts: some Australian findings”, Australian Journal of Management, 7(1), 1982, 19–31.
    3. 8. (with G. Gallery and O. Goei) “Does market misvaluation help explain share market long-run underperformance following a seasoned equity issue?” Accounting and Finance, 46(2), 2006, 191–219.
    4. 9. (with I. Dunlop) “A case of reporting form over substance”, Australian Accounting Review, 1(2), 1991, 40–47.
    5. 10. (with H. Y. Izan and A. L. Loh) “Fixed asset revaluations and managerial incentives”, Abacus, 28(1), 1992, 36–57.
  12. Part III: Standard-setting and Regulation
    1. 11. (with S. L. Taylor and T. S. Walter) “The impact of statutory sanctions on the level and information content of voluntary corporate disclosure”, Abacus, 35(2), 1999, 138–162.
    2. 12. (with W. Beekes) “Do better-governed Australian firms make more informative disclosures?” Journal of Business Finance & Accounting, 33(3–4), 2006, 422–450.
    3. 13. (with B. Howieson) “Capital markets research and accounting standard setting”, Accounting and Finance, 38(1), 1998, 5–28.
    4. 14. (with G. Clinch) “Global harmonisation of accounting standards: what research into capital markets tells us”, Australian Accounting Review, 8(1), 1998, 21–29.
    5. 15. “International Financial Reporting Standards: what are the benefits?” Accounting and Business Research, 41(3), 2011, 269–285.
    6. 16. (with A. Tarca) “Politics, processes and the future of Australian accounting standards”, Abacus, 37(3), 2001, 267–296.
    7. 17. (with A. Tarca) “Achieving high quality, comparable financial reporting: a review of independent enforcement bodies in Australia and the United Kingdom”, Abacus, 43(4), 2007, 438–473.
  13. Part IV: In Theory
    1. 18. “A note on the inverse (reverse) sum-of-the-years’-digits method and other ways to amortise goodwill”, Australian Accounting Review, 5(1), 1995, 17–21.
    2. 19. (with A. Szimayer) “Valuing executive stock options: performance hurdles, early exercise and stochastic volatility”, Accounting and Finance, 48(3), 2008, 363–389.
  14. Index