Journal of International Financial Management & Accounting

Further information on subscriptions, permissions, sample copies can be obtained from Blackwell Publishers.

Editors

Frederick Choi, New York University,
Richard Levich, New York University

Associate Editor

Sidney Gray, University of New South Wales School of Asian Business, Faculty of Commerce, Sydney NSW.

Editorial Assistant

Deloris Lewis

Editorial Policy

The Journal of International Financial Management and Accounting (JIFMA) will publish original research dealing with the international aspects of financial management and accountancy, extending into banking and financial services, auditing and taxation. Research at the purely macro level will be eschewed in favor of analyses which highlight financial management aspects of the firm.

JIFMA will accept for consideration manuscripts of a theoretical framework, empirical, conceptual, or behavioral nature that have direct implications for present or future practice. Topics may include but are not limited to:

International financial innovations.
Environmental risk management.
International mergers and acquisitions.
International financial analysis.
International tax planning.
Information content of foreign data.
International banking and financial services.
Multinational cost of capital and financial structure.
International asset and liability management.
Financial control of foreign operations.
Accounting, reporting, auditing or tax issues related to any of the foregoing topics.
From time to time, contributed papers on special or thought-provoking themes relevant to the development of this new field of specialization will be commissioned. These and all submitted articles will be refereed.

Editorial Guidelines for Contributors Form of the Manuscript. All manuscripts should be typed on one side of either international Standard Size A4 or 8½ X 11" paper and should be double-spaced, except for indented quotations, endnotes and references. Three copies should be submitted together with a check for $50.00 payable in U.S. dollars to JIFMA Corporation.

Manuscripts generally should not exceed 30 pages in length (including endnotes, references, supporting exhibits and any appendices). Margins should be appropriate to facilitate editing and duplication. A cover page should give the title and author’s name, affiliation, address and phone number. Acknowledgments should also appear on this page. Aside from the cover page, authors should not identify themselves directly or indirectly in their manuscripts. An abstract, not to exceed 250 words, should also be provided. The abstract should summarize the manuscript’s contents as well as its significance and potential usefulness for financial managers.

Comments. JIFMA welcomes non-trivial Comments on papers published in previous issues. To avoid publishing Comments based on misunderstandings, and to obtain Replies that can be published simultaneously with the Comments, draft Comments should be sent directly to the original author(s) for his reactions, prior to any formal submission to the editors for publication.

For more details on References, Mathematical Notation, Illustrations and Correction Procedure see any recent issue of JIFMA.

Manuscript and case submissions should be sent to: Frederick D.S. Choi, or Richard M. Levich, Editor, Journal of International Financial Management and Accounting, New York University, Stern School of Business, Management Education Center, 44 West Fourth Street, New York, N.Y. 10012.

Information for Subscribers:

Journal of International Financial Management and Accounting is published three times a year in Spring, Summer and Autumn by Blackwell Publishers, 108 Cowley Road, Oxford OX4 lJF, UK and 238 Main Street, Cambridge, MA 02l42, USA.

New orders and sample copy requests should be addressed to the Journals Marketing Manager at the publisher. Renewals, claims and all other correspondence relating to subscriptions should be addressed to the Journals Subscriptions Department, Marston Book Service, PO Box 87, Oxford OX2 0DT. Checks should be made payable to Blackwell Publishers Ltd. Please note: all subscriptions are supplied on a calendar year basis.

Subscription Prices

                    UK/Europe      North America        Rest of World
 - 1995 -

Institutions       £76.50 GBP            $129.00           £88.50 GBP 
Individuals        £35.50 GBP             $62.00           £38.50 GBP 
Single Issue 
  (Institutions)   £31.00 GBP             $52.00           £35.00 GBP 
  (Individuals)    £14.00 GBP             $15.00           £15.00 GBP
Microform:

The journal is available on microfilm (l6 mm or 35 mm) or 105 mm microfiche from the Serials Acquisitions Department, University Microfilms Inc, 300 North Zeeb Road, Ann Arbor, MI 48106, USA.

Advertising:

 For details contact the Advertising Manager, Ludo Craddock, 15 Henry Rd, Oxford OX2 0DG, UK (Tel/Fax 01865 722964) or write to the publisher.

Business Correspondence:

Contact: Deloris Lewis, Editorial Assistant, Stern School of Business, 44 West 4th Street, New York, NY 10012, or e-mail: dlewis@stern.nyu.edu

Contents for Vol. 12, No. 2

        Research Articles:

                 "The Valuation-Relevance of Earnings and Cash Flows: an International Perspective."

                            Eli Bartov
                            New York University
                            Stern School of Business
                            40 West 4th Street, New York, NY 10012

                            Stephen R. Goldberg
                            Grand Valley State University
                            Seidman School of Business
                            301 Middlebush Hall
                            Grand Rapids, MI 49504

                            Myung-Sun Kim
                            University of Missouri-Columbia
                            School of Accountancy
                            323 Middlebush Hall
                            Columbia, MO 65211

                "Japanese Corporate Groupings (Keiretsu) and the Informativeness of Earnings."

                            Edward B. Douthett, Jr.
                            M.J. Neeley School of Business
                            Texas Christian University
                            Campus Box 298530
                            Forth Worth, TX 76129

                            Kooyul Jung
                            Graduate School of Management
                            Korea Advanced Institute of Science and Technology
                            207-43 Cheongryangri-dong
                            Seoul, South Korea 130-012

                "Management Motivation and Market Assessment: Revaluations of Fixed Assets."

                            Bikki Jaggi
                            Department of Accounting
                            Rutgers University
                            94 Rockafeller Road
                            New Brunswick, NJ 08954-8054

                            Judy Tsui
                            City University of Hong Kong
                            Department of Accounting
                            83 Tat Chee Avenue
                            Howloon, Hong Kong

        Case:

"Do Country Specific Bankruptcy Codes Determine Long-Term Financial Performance?
The Case of Metallgesellschaft AG and Columbia Gas Systems."
                            Narayana Jayaraman
                            DuPree College of Management
                            Georgia Institute of Technology
                            Atlanta, GA 30332-0520

                            Sanjiv Sabherwall
                            College of Business Administration
                            University of Rhode Island
                            Kingston, RI 02881-0802

                            Milind Shrikhande
                            J. Mack Robinson College of Business
                            Georgia State University
                            Atlanta, GA 30303

        Executive Perspectives:

        "Hedge Funds and the Institutional Investor."

                            W.H. Bruce Brittain
                            Lyster Watson & Company
                            28th Floor, 230 Park Avenue
                            New York, NY l0l69


Contents for Vol. 12, No. 1

Research Articles:
"Information and Trading Risks in Global Investing: an Empirical analysis of Research Location and Pacific Rim Mutual Fund Performance."
Mingyi Hung
Leventhal School of Accounting
University of Southern California
Los Angeles, CA 90089-1421
"Price Earnings Ratios in Japan: Recent Evidence and Further Results."
Shashi Kumar
University of Strathclyde
199 Cathedral Street
Glasgow G4 OQU
United Kingdom

Ms. Kumi Hyodo Schmidts
Investment Consultant
Taiheiyo Securities Co. Ltd.

"Accounting-Based Valuation of Polish Listed Companies."
Sylwia Gornik-Tomaszewski
Department of Accounting and Taxation
St. John's University
8000 Utopia Parkway
Jamaica, New York 11439

Eva K. Jermakowicz
Department of Accounting and Business Law
University of Southern Indiana
Evansville, IN 47712

"A Study of Corporate Disclosure Practice and Effectiveness in Hong Kong."
Simon S. M. Ho
School of Accountancy
The Chinese University of Hong Kong
Shatin, N.T., Hong Kong

Kar Shun Wong
School of Accountancy
The Chinese University of Hong Kong
Shatin, N.T., Hong Kong
 

Contents for Vol. 11, No. 3.

Research Articles:

    "The Value-relevance of Geographic Segment Earnings Disclosures Under SFAS 14."
    Wayne B. Thomas
    University of Utah
    School of Accounting
    1645 E. Campus Center Dr. Rm 101
    Salt Lake City, UT 84112
    "An Evaluation of the Value Relevance of Consolidated Versus Unconsolidated Accounting Information
       Evidence from Quoted Spanish Firms."
    Cristina Abad
    Universidad de Sevilla
    Facultad de Ciencias Economicas y Empresariales
    Departamento de Contabilidad y Economia
    Financiera Avenida Ramon y Cajal No. 1 Sevilla, 41 018, Spain
    Amalia Garcia-Borbolla
    Universidad de Cadiz
    Facultad de Ciencias Economicas y Empresariales, Departamento de
    Economia de la Empresa, Duque de Najera, 8 Cadiz, 11,002, Spain
    Neil Garrod
    University of Glasgow and Universidad de Cadiz
    Department of Accounting and Finance
    University of Glasgow
    65-71, Southpark Avenue
    Glasgow G12 8LE, Scotland, UK
    Joaquina Laffarga
    Universidad de Sevilla
    Facultad de Ciencias Economicas y Empresariales
    Departamento de Contabilidad y Economia
    Financiera Avenida Ramon y Cajal No. 1 Sevilla, 41.018, Spain
    Manuel Larran
    Universidad de Cadiz
    Facultad de Ciencias Economicas y Empresariales, Departamento de
    Economia de la Empresa, Duque de Najera, 8 Cadiz, 11.002, Spain
    "Bankruptcy Production: Evidence from Korean Listed Companies Bankrupt
      during IMF Crisis."
    Joo-Ha Nam
    Assistant Professor, Songang University
    Taehong Jinn
    Associate Professor
    Hongik University
    College of Business Administration
    Jookong Apr. 505-1403, Byulyangdong, Kwacheon
    Kyungkido, South Korea 427-050

Case:

    "Regulation Avoidance in the Banking Industry: The Case of 364 Day Lines of Credit."
    Michael Mosebach
    Department of Accounting
    College of Business and Public Administration
    Old Dominion University, Norfolk, VA 23529

Executive Perspectives:

    "The Implication of Globalism is globalism."
    Paul A. Volcker
    610 Fifth Avenue, Suite 420
    New York, NY 10020

Contents for Vol. 11, No. 2.

Research Articles:

    "The Accuracy of Price-Earnings and Discounted Cash Flow Methods of IPO Equity Valuation."
    Henk Berkman
    Department of Accounting and Finance
    University of auckland
    Private Bag 92019
    Auckland, New Zealand
    Michael E. Bradbury
    Department of Accounting and Finance
    University of Auckland
    Private Bag 92019
    Auckland, New Zealand
    Jason Ferguson
    Department of Accounting and Finance
    University of auckland
    Private Bag 92019
    Auckland, New Zealand
    "The Value Relevance of Accounting Information During a Financial Crisis: Thailand and the 1997
       Decline in the Value of the Baht."
    Roger C. Graham, Jr.
    Associate Professor
    College of Business
    Oregon State University
    Corvallis, OR 97330
    Raymond D. King
    Lundquist College of Business
    University of Oregon
    Eugene, OR 97403
    Jack Bailes
    College of Business
    Oregon State University
    Corvallis, OR 97330
    "Timeliness of Annual Report Releases and Market Reaction to Earnings Announcements in an
      Emerging Capital Market: The Case of China."
    In-Mu Hwa
   Texas Christian University & The Chinese School of Accounting
   The Chinese University of Hong Kong
   Shatin, N.T., Hong Kong
   Daqing Qi
   School of Accounting
   The Chinese University of Hong Kong
   Shatin, N.T., Hong Kong
   Woody Wu
   School of Accounting
   The Chinese University
   Shatin, N.T., Hong Kong

Contents for Vol. 11, No. 1.

Research Articles:

    "The Persistence and Forecast Accuracy of Earnings components in the United States and Japan."
    Don Herrmann
    Department of Accounting, Finance &
    Information Management< br> Oregon State University
    Corvallis, OR 97331-2603
    Tatsuo Inoue
    School of Business Administration
    Kwansei Gakuin University
    Nishinomiya, Japan
    Wayne B. Thomas
    School of Accounting
    University of Utah
    Salt Lake City, UT 84ll
    "The Value Relevance of Earnings and Cash Flows: Empirical Evidence for Japan."
    Andreas Charitou
    University of Cyprus
    P.O. Box 537, Nicosia
    CY l678 Cyprus
    Colin Clubb
    Imperial College of Science
   Technology and Medicine
   University of London
   United Kingdom
   Andreas Andreou
   University of Cyprus and Arthur Andersen
   P.O. Box 537, Nicosia
   CY l678 Cyprus
    "Bridging the GAAP (Part II): The Changing Attitude of German Managers Toward Anglo-American
     Accounting and Accounting Harmonization."
   Martin Glaum
   Professor of International Management
   Europa-Universitat Viadrina Frankfurt (Oder)
   Grosse Scharrnstraße 59
   L5230 Frankfurt (Oder)
   Germany

Contents for Vol. 10, No. 3.

Research Articles:

    "Derivatives Usage in Risk Management by U.S. and German Non-Financial Firms."
   Gordon M. Bodnar
   Wharton School of NBER
   University of Pennsylvania
   2300 SH-DH
   Philadelphia, PA l9l04
   Gonther Gebhardt
   Professor Fúr Rechnungswesen
   Finanzierung und Kapitalmarktforschung
   Johann Woflgang Gothethe-Universität Frankfurt am Main
   Mertonstraß 17-25
   D-60054 Frankfurt am Main, Germany
    "The Accuracy of Profit Forecasts and their Roles and Associations with IPO firm Valuations."
   Chen Gongmeng
   Department of Accountancy
   The Hong Kong Polytechnic University
   Hung Hom, Kowloon
   Hong Kong
   Michael Firth
   Department of Accountancy
   The Hong Kong Polytechnic University
   Hung Hom, Kowloon
   Hong Kong
    "The MultiJurisidictional Disclosure System: Model for Future Cooperation?"
   Carol Olson Houston, Ph.D. CPA
   Associate Professor
   San Diego State University
   San Diego, CA 92182-8221

   Roberta ann Jones, Ph.D., CPA
   Assistant Professor
   University of Texas at Arlington
   Box 19468 Arlington, TX 780l9-0468

"Productivity, Profitability, and Firm Value."

    Ahmed Riahi-Belkaoui
    University of Illinois. At Chicago
    College of Business Administration
    601 South Morgan Street
    Chicago, Illinois 60607-7123

Contents for Vol. 10, No. 2.

Research Articles:

    "The Usefulness of Earnings and Book Value for Equity Valuation in Emerging Capital Markets:
       Evidence from Listed Companies in the People's Republic of China."
    Dr. Ben-Hsien Bao
    Associate Professor
    Department of Accountancy
    Hong Kong Polytechnic University
    Hung Hom, Kowloon
    Hong Kong
    Dr. Lynne Chow
    Financial Controller
    Yifeng Industrial (Shenzhen) Ltd.
    China
    "Derivative Usage by Nonfinancial Firms in Sweden with an International Comparison."
    Per Alkebäck
    Nordiska Fondkommission AB
    Stureplan 19, Box 7362
    l03 90 Stockholm, Sweden
    Professor Niclas Hagelin
    Stockholm University
    School of Business
    S-l0691 Stockholm, Sweden
    "Attitudes Towards Uniform Accounting: Cultural or Economic Phenomena?"
    Professor Clare B. Roberts
    Department of Accounting
    University of Aberdeen
    Dunbar St.
    Aberdeen AB24 3QY
    Scotland
    Professor Stephen B. Salter
    Department of Accounting
    University of Cincinnati
    Cincinnati, OH 4522l-02ll

Executive Perspectives:

    "The Euro and Its Impact on the European Economy: A View from Europe."
    Professor Elie Cohen
    Member of the Council of Economic Advisors to the French
    Prime Minister's Office and Research Professor in Economics
    at the CNRS.

Contents for Vol. 10, No. 1.

Research Articles:

    "Intangible Assets and the Network Structure of MNCs."
    John Doukas
    Department of Finance
    School of Business Public Administration
    Old Dominion University
    Norfolk, VA 23529-0218
    Christos Pantzalis
    Department of Finance
    College of Business Administration
    University of South Florida
    Tampa, FL 33620-5500
    Sungsoo Kim
    Department of Accounting
    School of Business and Economics
    University of Minnesota-Duluth
    10 University Drive
    Duluth, MN 55812-2496
    "The Market Perception of Convertible Debt Versus Straight Debt: Some Empirical Evidence from U.S.
      Firms and Non-U.S. Firms Listed in the U.S."
    Douglas K. Schneider, Ph.D.
    Department of Accounting
    School of Business
    East Carolina University
    Greenville, NC 27858-4353
    Mark G. McCarthy, Ph.D., CPA
    Department of Accounting
    School of Business
    East Carolina University
    Greenville, NC 27858-4353
    Paul Wertheim, Ph.D., CPA
    Department of Accounting
    Division of Business
    Pepperdine University
    Malibu, CA 90263
    "International Standardisation and Harmonisation: a New Measurement Technique."
    Stuart McLeay
    School of Accounting, Banking and Economics
    University of Wales, Bangor
    Gwyneed LL 57 2DG, U.K.
    David Neal
    School of Accounting, Banking and Economics
    University of Wales, Bangor
    Gwyneed LL57 2DG, U.K.
    Tony Tollington
    The Business School
    Middlesex University
    The Burroughs, London NW4 4BT, U.K.
Executive Perspectives:

    "The International Accounting Standards Committe: A Progress Report."
    by Michael Sharpe.

    Mr. Kurt Ramin
    Commercial Director
    International Accounting Standards Committee
    166 Fleet Street, London EC4A 2DY, U.K.
    "Testimony of Edmund L. Jenkins before the U.S. Subcommittee on Securities, October 9, 1997."
    Mr. Edmund L. Jenkins
    Financial Accounting Standards Board
    401 Merritt 7, P.O. Box 5116
    Norwalk, Connecticut 06856-5116

Contents for Vol. 9, No. 1.

Research Articles:

    "Analysts' Earnings Forecasts and the Value Relevance of 20-F Reconciliations from Non-U.S. to U.S.
      GAAP."
    Chryl Linthicum Fulkerson
    University of Texas at San Antonio
    College of Business
    6900 North Loop 1604 West
    San Antonio, TX 78249-0632
    Gary K. Meek
    School of Accounting
    Oklahoma State University
    Stillwater, Oklahoma 74078
    "Accuracy, Bias and Dispersion in Analysts' Earnings Forecasts: The Case of Cross-Listed Foreign
     Firms."
    Somnath Das
    College of Business Administration
    University of Illinois-Chicago
    Department of Accounting (M/C 006)
    601 South Morgan Street
    Chicago, Illinois 60607-7123
    Shahrokh M. Saudagaran
    Levey School of Business and Administration
    Santa Clara University
    Santa Clara, CA 95053
    "The Foreign Exchange Exposure Management Practices of Finnish Industrial Firms."
    Antti Hakkarainen
    Helsinki School of Economics and Business Administration
    Runeberginkatu 22-24, FIN-00l00 Helsinki
    Finland
    Nathan Joseph
    Department of Accounting and Finance
    University of Manchester
    Manchester M13 9PL
    United Kingdom
    Ero Kasanen
    Helsinki School of Economics and Business Administration
    Runeberginkatu 22-24, FIN-00l00 Helsinki
    Finland
    Vesa Puttonen
    Helsinki School of Economics and Business Administration
    Runeberginkatu 22-24, FIN-00l00 Helsinki
    Finland
Book Review: R.K. Parker, P.W. Wolnizer and C. W. Nobes, Readings in True and Fair. PETER J. WALTON 

Contents for Vol. 9, No. 2.

Research Articles:

    "Communication of Private Information and the Value of Initial Public Offerings in Singapore."
    Li Li Eng
    The National University of Singapore
    Faculty of Business Administration
    10 Kent Ridge Cresent, Singapore 119260
    Republic of Singapore
    Andrew Khoo
    The National University of Singapore
    Faculty of Business Administration
    10 Kent Ridge Cresent, Singapore 119260
    Republic of Singapore
    Ruth Tan
    The National University of Singapore
    Faculty of Business Administration
    10 Kent Ridge Cresent, Singapore 119260
    Republic of Singapore
    "Analysts' Forecasts of German Firms' Earnings: A Comparative Analysis."
    John Capstaff
    Department of Accounting and Finance
    University of Stratchclyde
    100 Cathedral Street
    Glasgow, Scotland G4 OLN
    Krishna Paudyal
    Glasgow Cadedonia University
    William Rees
    Department of Accounting and Finance
    University of Glasgow
    Glasgow Business School
    65-71 Southpark Avenue
    Glasgow G12 8LE
    Scotland
    "The Influence of Ownership Structure on Risk Management: Evidence from New Zealand State-Owned
       Enterprises."
    Henk Berkman
    Department of Accounting and Finance
    University of Auckland
    Private Bag 92019
    Auckland New Zealand

    Michael Bradbuy
    Department of Accounting and Finance
    University of Auckland
    Private Bag 92019
    Auckland New Zealand

    "On the Determinants of Corporate Usage of Financial Derivatives."
    Stephen R. Goldberg
    Seidman School of Business and Administration
    Grand Valley State University
    Grand Rapids, Michigan 49501

    Joseph H. Godwin
    Seidman School of Business and Administration
    Grand Valley State University
    Grand Rapids, Michigan 49501

    Myung-Sun Kim
    School of Business
    Rutgers University at New Brunswick
    New Brunswick, New Jersey 08903

    Charles A. Tritschler
    Krannert Graduate School of Management
    Purdue University
    West Lafayette IN 47906

Executive Perspectives:

    "The Asian Crisis: A View from the IMF."

    Stanley Fischer
    First Deputy Managing Director
    International Monetary Fund
    Washington, D.C. 20431

Contents for Vol. 9, No. 3.

Research Articles:

    "An Evaluation of Financial Analysts' Earnings Forecasts for Hong Kong Firms."
    Bikki Jaggi
    Rutgers University
    School of Business
    New Brunswick, NJ 08901

    Rohit Jain
    Alabama A&M University
    School of Business
    Normal, AL 35762

    "Auditor Concentration of Listed Public Companies on International Stock Exchanges."
    Ramesh Narasimhan
    Lingnan College
    Tuen Mun, Hong Kong

    Shifei Chung
    Rowan University
    Glasboro, NJ 08012

    "Why Firms Comply Voluntarily with IAS: an Empirical Analysis with Swiss Data."
    Pascal Dumontier
    Pierre Mendes-France University
    Grenoble, France

    Bernard Raffournier
    University of Geneva
    HEC-Uni Mail
    L02 bd Carl Vogt
    1211 Geneve 4
    Switzerland

    "Corporate Accounting Disclosure in Asean."
    Russell Craign
    Department of Commerce
    The Australian National University
    Canberra, ACT 0200
    Australia

    Joselito Diga
    Department of Commerce
    The Australian National University
    Canberra, ACT 0200
    Australia

Contents for Vol. 8, No. 3.

Research Articles:

    "Cross-Country Listing and Trading Volume: Evidence from the Toronto and Vancouver Stock
      Exchanges."

           Usha R. Mittoo
           Faculty of Management
           University of Manitoba
           CANADA R3T 5V4

            "Corporate Lobbying of the International Accounting Standards Committee."

                    Robert K. Larson
                   The Pennsylvania State University at Harrisburg
                   School of Business Administration
                   777 W. Harrisburg Pike
                   Middletown, PA 17057

            "The Profitability of Trading Strategies Based on Book Value and Earnings in Hong Kong:
              Market Ineficiency vs. Risk Premia."

                Joseph K. Cheung
                The Hong Kong Polytechnic University
                Hung Hom, Kowloon
                Hong Kong

                Richard Chung
                Concordia University
                Montreal, Canada On KlS 5B6
                CANADA

                Jeong-Bon Kim
                The Hong Kong Polytechnic University
                Hung Hom, Kowloon
                Hong Kong
 

Book Review:
        Alnoor Bhimani, (editor). Management Accounting: European Perspectives.

                London School of Economics
                Department of Accounting & Finance
                Houghton Street
                London WC2A 2AE
                England

        (Oxford University Press: Oxford, 1996, pp. vll,    35.00)

            Clive R. Emmanuel
           Professor, Director of CIFA
            Glasgow University
            Department of Accounting and Finance
            Glasgow Business School
            65-71 Southpark Avenue
            Glasgow G12 8LE, Scotland

Contents for Vol. 8, No. 2.

Research Articles:

        "A Real Options Approach to Economic Exposure Management.
        Jeannette Capel
        Patintiestraat 2
        2011 DL Haarlem
        The Netherlands
        "The Association Between Security Prices and Financial Information in the Spanish Stock Market."
        Marta Ballester
        Department of Accounting and Finance
        Faculty of Business and Economics
        University of Malaga
        Campus EL Ejido
        29071 Malaga, Spain

       Joshua Livnat
       Department of Accounting
       Stern School of Business Administration
       New York University
       40 West 4th Street
       New York, NY 10012

Comments and Replies:

        "Effects of Alternative Goodwill Treatments on Merger Premia: A Comment."
        Christopher Nobes
        Department of Economics
        University of Reading
        Faculty of Letter and Social Sciences
        P.O. Box 218, Whiteknights
        Reading RG6 6AA, England

        Julie Norton
        Department of Economics
        University of Reading
        Faculty of Letter and Social Sciences
        P.O. Box 218, Whiteknights
        Reading RG6 6AA, England

           "Goodwill and Merger Premia: A Reply"
        Frederick D.S. Choi
        Stern School of Business
        New York University
        40 West 4th Street
        New York, NY 10012

        Changwoo Lee
        College of Business
        Seoul National University
        Kwanak-ku, Shinlim-dong
        San 56-1
        Seoul, Korea 151-742

Book Review:

       Tassos G. Malliaris (editor). Futures Markets (Volumes I, II, and III).
       Department of Economics
       Loyola University
       School of Business Administration
       Chicago, IL 60611

        (International Library of Critical Writings in Financial Economics, Edward Elgar, Cheltenham, UK1997
         pp. 1355, 295.00)
       Patricia Fraser
       Abtrust Professor of Finance and Investment Management
       University of Aberdeen
       Edward Wright Building
       Aberdeen AB24 3QY, Scotland
***********************************

Contents for Vol. 8, No. 1.

Research Articles:

        "Accounting Regulation in Asean: A Choice Between the Global and Regional Paradigms of Harmonization".
       Shahrokh M. Saudagaran*
       Director of International Business Studies
       Santa Clara University
       Leavey School of Business and Administration
       Santa Clara, California 95053

      Joselito G. Diga
      Lecturer, Department of Commerce
      Australian National University
      Canberra, ACT 0200
      Australia

    "A Comparative Study of the Use of Financial Graphs in the Corporate Annual Reports of Major U.S.
      and U.K. Companies."

        Vivien Beattie
        Reader in Accountancy and Finance
        Department of Accountancy and Finance
        University of Stirling
        Stirling, FK9 4LA
        United Kingdom

        Michael John Jones
        Professor of Financial Reporting
        Cardiff Business School
        Aberconway Building
        Colum Drive, Cardiff
        Cfl 3EU, United Kingdom

        "The Determinants of External Audit Costs in the New Zealand Life Insurance Industry."
        Mike Adams
        Department of Accounting & Finance
        University of Glasgow
        65-71 Southpark Avenue
        Glasgow, G12 8LE
        United Kingdom

        Mike Sherris
        Department of Actuarial Studies
        School of Economic and Financial Studies
        Macquarie University
        Sydney, Australia

        Mahomud Hossain
        Department of Accountancy
        Massey University
        Private Bag 11222
        Palmerston North
        New Zealand

Contents for Vol. 7, No. 3.

Research Articles:

        "The Information Content of Productivity Measures: An International Comparison".
        Jee Hong Kim
        Yonsei University
        Accounting Faculty
        College of Business and Economics
        Seoul, Korea 120-749

        Inki Joo
        Yonsei University
        Accounting Faculty
        College of Business and Economics
        Seoul, Korea 120-749

        Frederick D.S. Choi
        Stern School of Business
        New York University
        40 West 4th Street
        New York, NY 10012

        "The Influence of the Keiretsu on Japanese Corporate Disclosure."
       T.E. Cooke
        Department of Economics
        University of Exeter
        Amory Building
        Exeter, EX4 4RJ, England
        "Global Accounting Harmonization from a German Perspective: Bridging the GAAP."
       Dr. Martin Glaum
       Professor of International Management
       Europa-Universität Viadrina Frankfurt (Oder)
       Grosse Scharrnstrabe 59
       15230 Frankfurt (Oder)

        Dr. Udo Mandler
        Coopers & Lybrand Deutsche Revision AG
        Olof-Palme-Strasse 35
        60439 Frankfurt am Main

Executive Prespectives:

        "A Review of Industry Reaction to Proposed Changes in Derivatives Accounting."
        Charles W. Smithson, Jeffrey F. Boyd and Gregory S. Hayt,
        CIBC Wood Gundy & Price Water House Companies

Book Review:

       Istemi Demirag and Scott Gooddard, Financial Management for International Business
       STEPHEN B. SALTER

Contents for Vol. 7, No. 2

Research Articles:

        "Profit-Volume-Exchange-Rate Analysis for Planning International Operations."
        William Baber
        School of Business and Public Management
        George Washington University
        Department of Accountancy
        701 21st. Street
        Washington, DC 20052

        Yuji Ijiri
        Carnegie Mellon University
        Accounting Department
        Graduate School of Industrial Administration
        Pittsburgh, PA 15213-3890

        Sok-Hyon Kang
        Carnegie Mellon University
        Accounting Department
        Graduate School of Industrial Administration
        Pittsburgh, PA 15213-3890

        "Test of Economic Entities Based on Intercompany Transactions and Debt Guarantees Among Korean
          Group Companies."
       Soo Young Kwon
       School of Business Administration
       Korea University
       l , Anam-Dong, Sung Buk-ku
       Seoul, 136-701, Korea

       Chang Joon Song
        School of Business Administration
        Korea University
        l, Anam-Dong, Sung Buk-ku
        Seoul, 136-701, Korea

        "An Exploratory Study of the Effect on Forecast Accouracy of Using Different Geographic Segment
          Data Sources."
       Dave Nichols
       School of Accountancy
       The University of Mississippi
       University, MS 38677

       Larry Tunnell
       Department of Accounting and BCS
       Box 3000l/Dept. 3DH
       New Mexico State University
       Las Cruces, NM 88003-8001

       Bob Waldrup
       Department of Accounting, Finance and Economics
       Hardin-Simmons University
       Abilene, TX 79698

Case:

        "Voluntary US GAAP Disclosure in India: the Case of Infosys Technologies Limited."
        R. Narayanaswamy
        Indian Institute of Management Bangalore
        Bannerghatta Road
        Bangalore 560 076 India

Contents for Vol. 7, No. 1 Spring l996.

Research Articles:

        "The Choice of Accounting Policy in Japan."
       Tatsuo Inoue
       Kwansei Gakuin University
       Nishinomiya, Japan

      Wayne Thomas
       School of Accounting
       Oklahoma State University
        Stillwater, OK 74078

        "The Effect of Exchange Rate Changes on Geographic Segment Earnings of U.S.-Based Multinationals."
       Carol Bauman Johnson
        School of Accounting
        Oklahoma State University
        Stillwater, OK 74075
        "The Predictive Ability of Geographic Segment Information at the Country, Continent, and Consolidated
           Levels."
       Don Herrmann
       Bexell Hall 200
       Oregon State University
       Corvallis, OR 97331-2603

Executive Perspectives:

        "Global Accounting Standards: An InvestorIs View."
       Nicholas Roach
       Head of Research
       Prudential Portfolio Managers
       London, England

Book Review:

    Henry A. Davis and F. C. Militello, Jr. Foreign Exchange Risk Management: A Survey of Corporate
    Practices, (Morristown, NJ: Financial Executives Research Foundation, 1995, pp. 175, $35.00).

      Thomas G. Evans
      University of Central Florida
     College of Business Administration
     Orlando, Fla. 32816-1400