Financial Accounting and Equity Markets
Selected Essays of Philip Brown
By Philip Brown
Routledge – 2013 – 424 pages
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.
Foreword Stephen A. Zeff Introduction List of Publications Part 1: Returns and Earnings 1. (with R. Ball) "An empirical evaluation of accounting income numbers", Journal of Accounting Research, 6(2), 1968, 159-178. 2. "Invited Remarks: Ball and Brown ", Journal of Accounting Research, 27 (Supplement), 1989, 202-217. 3. "The impact of the annual net profit report on the stock market", The Australian Accountant, 40(July), 1970, 277-283. 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. (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. Part 2: Miscellaneous Issues 6. (with R. Ball) "Identifying some issues in C.C.A.", The Australian Accountant, 47(August), 1977, 413-414 and 419-421. 7. (with T.S. Walter) "Sharemarket efficiency and the experts: some Australian findings", Australian Journal of Management, 7(1), 1982, 19-31. 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. 9. (with I. Dunlop) "A case of reporting form over substance", Australian Accounting Review, 1(2), 1991, 40-46. 10. (with H.Y. Izan and A.L. Loh) "Fixed asset revaluations and managerial incentives", Abacus, 28(1), 1992, 36-57. Part 3: Standard-Setting and Regulation 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. 12. (with W. Beekes) "Do better-governed Australian firms make more informative disclosures?" Journal of Business Finance & Accounting, 33(3-4), 2006, 422-450. 13. (with B. Howieson) "Capital markets research and accounting standard setting", Accounting and Finance, 38(1), 1998, 5-28. 14. (with G. Clinch) "Global harmonisation of accounting standards: what research into capital markets tells us", Australian Accounting Review, 8(1), 1998, 21-29. 15. "International Financial Reporting Standards: what are the benefits?" Accounting and Business Research, 41(3), 2011, 269-285. 16. (with A. Tarca) "Politics, processes and the future of Australian accounting standards", Abacus, 37(3), 2001, 267-296. 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. Part 4: In Theory 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. 19. (with A. Szimayer) "Valuing executive stock options: performance hurdles, early exercise and stochastic volatility", Accounting and Finance, 48(3), 2008, 363-389. Index
Philip Brown is Professor Emeritus of Accounting and Finance at the University of Western Australia and he holds a joint professorial appointment at the University of New South Wales, Australia. In 1991 Philip Brown was the American Accounting Association's Distinguished International Visiting Lecturer; and in 1991/1992 he was the inaugural Coopers and Lybrand-Accounting Association of Australia and New Zealand Visiting Research Professor in Australasia. In 1986 Philip Brown and his University of Chicago colleague, Ray Ball, received the inaugural American Accounting Association's Seminal Contribution to Accounting Literature Award, for a paper they published in 1968.