Existing empirical evidence suggests that residual income valuation models based on historical cost accounting considerably underestimate equity values. One possible explanation is the use of historical cost accounting under inflationary conditions. In this paper, we use a residual income...

This paper articulates the links between relevance of an earnings component in forecasting (abnormal) earnings and its relevance in valuation in a nonlinear framework. The analysis shows that forecasting relevance does not imply valuation relevance even though valuation irrelevance is implied by...

This paper compares and contrasts two accounting information systems, the aggregate earnings system and the disaggregated cash flow/accrual system, examining their relative performance in stock valuation and in forecasting of earnings. It finds, in general, that the forecasts of earnings and...

The management training activity is one which has developed rapidly in terms of the numbers involved and resources allocated to it. Equally rapid has been the growth of the specialist “professional” cloak for this activity. What, then, are the special features, current problems and future...

Decisions on management development need to be taken by a wide range of people in different parts and at different levels of the organisation. This article looks at the information needs of the main decision makers in management development, i.e. senior, line, specialist and trainee managers. It...

Appraisal plays a critical part in the development of management resources in any organisation. From the standpoint of the boss‐subordinate relationship, the performance areas examined, the quality of any feedback and the way in which information is used—all these factors can directly affect...