PRICE BEHAVIOR ASSOCIATED WITH TENDER-OFFERS TO REPURCHASE COMMON-STOCK

IN THE CASE OF FIRMS ADOPTING LIFO, NO ABNORMAL MANAGEMENT CHANGES ARE EVIDENT IN THE YEAR OF, PRECEDING OR SUCCEEDING, THE LIFO CHANGE. IN THE CASE OF FIRMS ABANDONING LIFO, ABNORMAL MANAGEMENT CHANGES ARE EVIDENT IN THE YEAR OF THE LIFO CHANGE, WHICH APPEAR TO BE ASSOCIATED WITH OPERATING PERSONNEL. THE PROBABILITY OF A FIRM HAVING A LIFO CHANGE IS NOT UNIFORMLY DISTRIBUTED ACROSS INDUSTRY CLASSES, WITH THE HIGHEST PROBABILITY BEING IN THE STEEL INDUSTRY. THE PROBABILITY OF CLIENTS OF AUDITORS MAKING A LIFO CHANGE IS NOT UNIFORMLY DISTRIBUTED ACROSS AUDITORS. THUS THERE IS AN INDUSTRY AND AUDITOR EFFECT IN THE CASE OF THE LIFO DECISION, AN ABSENCE OF ABNORMAL MANAGEMENT CHANGES IN THE CASE OF THE ADOPTION OF LIFO, AND THE PRESENCE OF ABNORMAL MANAGEMENT CHANGES IN THE CASE OF THE ABANDONMENT OF LIFO AS A BASIS FOR INVENTORY VALUATION. TABLES. REFERENCES.

Full text: Journal of Accounting Research, SPRING 1976

forex trading system

Leave a Reply

Your email address will not be published. Required fields are marked *