By Rick Antle (Editor), Pierre Jinghong Liang (Editor), Froystein Gjesdal (Editor)

ISBN-10: 0387303979

ISBN-13: 9780387303970

ISBN-10: 0387303995

ISBN-13: 9780387303994

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Extra info for Essays on Accounting Theory in Honour of Joel S. Demski

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In our setting, a similar operationalization of an earnings quality measure is the expected squared valuation error. , Inf A y A and Inf M ( y A , y E ) . The ranking of transactions versus market based accounting is clear using this criterion, as market based accounting clearly dominates transaction based accounting: E[( x  VM ) 2 | Inf M ] Var[ x | Inf M ]  Var[ x | InfT ] E[( x  VT ) 2 | InfT ]. 5 Feltham and Ohlson (1995). FAIR VALUE AND ACCOUNTING AGGREGATION 41 Many proponents of market based accounting seem to be employing a similar criterion in forming their opinion, and, ignoring manipulation concerns, this seems quite reasonable.

The agent can choose to exert positive effort, which will increase the mean of the cash flows generated by the chosen project. After observing the set of available DEMSKI: A LEADER IN ACCOUNTING SCHOLARSHIP 19 projects, the agent makes an unverified announcement of the mean and variance for his choice of project and effort. The paper does not try to identify an optimal contract, but, instead, the principal selects from the class of contracts that are linear functions of the sample mean and the sample variance, augmented by quadratic penalties based on deviations between the sample mean and sample variance and the mean and variance announced by the manager.

In the moral hazard setting, we explicitly considered the potential benefits of contracts that provided distinctly different compensation levels depending on whether the payoffs exceeded some "standard". The resulting paper was x Economic incentives in budgetary control systems, Accounting Review (1978). It did not receive any awards at the time, but in 1994 it was awarded the American Accounting Association’s Seminal Contribution to Accounting Literature. 16 5. Chapter 1 EXTENSIONS OF AGENCY THEORY Our 1978 paper was the first of a long sequence of papers that explore various aspects of the use of performance measures, such as accounting reports, in influencing managers’ (agents’) action choices.

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Essays on Accounting Theory in Honour of Joel S. Demski by Rick Antle (Editor), Pierre Jinghong Liang (Editor), Froystein Gjesdal (Editor)


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