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on Accounting and Auditing |
| By: | Beja Jr., Edsel |
| Abstract: | An examination of the available data between 1990 and 2005 reveals that the balance of payments of the Philippines does not record large amounts of international transactions. Unrecorded international transactions for the 16-year period amount to US$ 192 billion (in 1995 prices). The results suggest a serious problem in the government’s macroeconomic management of the Philippines, and expose a weak or weakening capacity in the governance of international transactions. |
| Keywords: | Balance of Payments; Unrecorded Transactions; Philippines |
| JEL: | B50 B40 C82 O53 F40 |
| Date: | 2006–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:1420&r=acc |
| By: | Morrison Handley-Schachler; Steven Li (School of Economics and Finance, Queensland University of Technology) |
| Abstract: | In this paper, we use event study methodology to examine the effect of two highly publicized accounting failures, at Enron and WorldCom both audited by Arthur Andersen, on the total stock returns of some companies in the UK also audited by Arthur Andersen. The results vary substantially between countries. We find no evidence of a significant impact in the UK or US. There is some evidence of negative abnormal returns at the time of the Enron scandal in Australia. However, this reaction was very short-lived and the negative abnormal returns on the stocks of Andersen-audited companies had been fully recovered within a week. Our results suggest that sharing an auditor with a firm that has issued corrections to accounts which have previously received an unqualified audit opinion does not significantly affect market perceptions of firms’ value, which suggests that the choice of auditor has little, if any, impact on market perceptions of the reliability of published financial information. Key words: Accounting scandals, Enron, WorldCom, Event study, International Stock Markets. |
| URL: | http://d.repec.org/n?u=RePEc:qut:dpaper:202&r=acc |
| By: | Boeters, Stefan; Böhringer, Christoph; Büttner, Thiess; Kraus, Margit |
| Abstract: | In the tax policy debate, differentiation of value-added taxes is often justified by distributional concerns. Our quantitative analysis for Germany indicates that such concerns are misplaced. We find that the abolition of VAT differentiation has only negligible redistributive effects. Instead, reduced VAT are found to act as industry-specific subsidies. Whereas the overall welfare effects of pure VAT reforms are very small, a revenue-neutral introduction of a harmonised VAT combined with reductions in the marginal income tax rates or social security contributions turns out to produce substantial welfare gains for all households. |
| Keywords: | VAT, tax reforms, distribution, efficiency, applied general equilibrium |
| JEL: | D58 H22 H24 |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:4614&r=acc |