The Great American Housing Bubble started in the nineteen-thirties and burst in 2006. Bubbles always burst, and because this one's bursting caused a severe financial panic and recession, it is important to understand the economics of its formation. A search for the demand stimulants that...

This short essay focuses on the costs and benefits accruing to each of the three parties to a conventional public company audit: company management, the auditor, and investors. Recognition of those costs and benefits leads to the conclusion that the auditor’s dependence on the goodwill of...

This address to the Southeast Asian Association of Accounting Teachers is a plea of accounting teachers to take responsibility for helping students see the vital role that information plays in a decentralized society and the economic consequences of accounting reports. Emphasis on serving...

This research is aimed at answering accounting questions by measuring the association between alternative accounting numbers and the value of a company's stock. The model includes a financial reporting period and a subsequent stock holding period, with an assumed investment date connecting the...

The decision-usefulness theory of accounting – the theory currently generally accepted by those interested in accounting theory – is under-appreciated. According to Hatfield's three criteria – lineage, company, and service to society – decision-usefulness theory is highly respectable....