Accounting and Financial Globalization

by Joshua Ronen (Editor), Joshua Livnat (Editor)

Overview

As investment capital has shown increasing disregard for national boundaries, the flow of information on financial markets has become both more complex and more problematic. At the same time, the speed with which markets now respond to events and financial conditions in all parts of the world makes accurate, up-to-the-moment information a crucial element in the investment and accounting picture. This book explores some of the most important effects of information on world financial markets.

Written by an international group of specialists, it takes the form of a dialogue. Each of the five chapters dealing with specific topics is followed by the comments of another writer who offers a slightly different perspective. The first chapter examines the effect of enhanced public disclosure on the welfare of participants in the marketplace. The second chapter provides a framework for analyzing the effects of the globalization of information, particularly the ways in which it influences rates of real interest among countries. Subjects addressed in the chapters that follow include compensating for imperfect information in foreign currency investment and the impact of financial forecasts on stock prices. An authoritative treatment that clarifies some of the most complex issues surrounding the globalization of capital investment, this book will be of particular value to international financial analysts and investment advisers.

Product Details

ISBN-13:	9780899306186
Publisher:	Bloomsbury Academic
Publication date:	08/26/1991
Pages:	184
Product dimensions:	6.14(w) x 9.21(h) x 0.50(d)

About the Author

Joshua Ronen, PhD, is a Research Professor at the Leonard N. Stern School of Business of New York University, Director of The Vincent C. Ross Institute of Accounting Research, and Editor-in-Chief of the Jourbanal of Accounting, Auditing and Finance. He has published many monographs and approximately 100 articles in accounting, economics, management science, and behavioral science jourbanals and has lectured at universities and institutions around the world.

Joshua Livnat is Chairman of the Department of Accounting, Taxation and Business Law at the Stern School of Business, New York University. He has authored three books and published numerous articles in scholarly jourbanals, including The Accounting Review, Jourbanal of Accounting Research, Abacus, Managerial and Decision Economics, and Issues in Accounting Education.

Table of Contents

Introduction
The Welfare Effects of Public Information in an Assymetric Information Market by Bruce L. Miller and Thomas E. Copeland; Comments by Richard E. Kihlstrom
The Globalization of Information and Capital Mobility by William H. Branson and Dwight M. Jaffee; Comments by Michael Adler
Optimal Foreign Currency Hedging When Information Is Imperfect by Michael Adler and Bhaskar Prasad; Comments by Edwin J. Elton
Trading/Nontrading Time Effect in French Futures Markets by Helyette Geman, Uttama Savanayana, and Thomas Schneeweis; Comments by Michael J. Barclay
Do Management Forecasts of Earnings Affect Stock Prices in Japan? by Masako N. Darrough and Trevor S. Harris; Comments by Victor L. Bernard
Index

Editorial Reviews

Published under the auspices of the Journal of accounting, auditing, and finance, and written by an international group of specialists, this authoritative treatment of the most complex issues surrounding the globalization of capital investment takes the form of a dialogue. Each of the five chapters dealing with specific topics is followed by the comments of another writer who offers a slightly different perspective. Of particular value to international financial analysts and investment advisers. Annotation c. Book News, Inc., Portland, OR (booknews.com)

Booknews