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Cross-border accounting information transfers associated with profit warning announcements are investigated. N egative earnings surpri ses by firms in one country affect investor perceptions of comparable firms in other countries.

The effects of mergers of large audit firms and the demise of Andersen on audit market concentration and merger pricing in the UK are studied. Results indicate that mergers contributed to higher concentration ratios, which are associated with higher audit fees.

The relationship between empirical earnings distribution and working capital accruals-based earnings management is presented.

James A.Ohlson's model for analyzing the time series of residual earnings is discussed here. The relationships among accounting rules, unbiased accounting and non-zero net-present-value opportunities are noted.

An analysis of differences in the timeliness, conservatism, and classification of earnings reports from the US and UK is presented along with a formal model in which the response of earnings to market-value changes varies according to whether the value change is positive or negative. Earnings are examined both before and after extraordinary items. Findings include tolerance in the UK of large transitory write-offs before the introduction of the FRS No. 3 regulation in 1993, whereas in the US many such items would have been classified as part of ordinary earnings. The degree of conservatism earnings display before extraordinary items is higher under US GAAP than UK GAAP.

A study was conducted on the incremental information content of three performance measures in UK companies: funds flow, earnings and cash flow. Time-varying parameters and a non-linear specification were used to improve the assessment of information content. Results showed that the performance measures can explain individual returns and possess incremental information content.

An analysis of the UK stock market is presented. The analysis focuses on variations which developed in the country's stock exchange following deregulation on Oct 27, 1986, which was called the Big Bang. It is shown that the stock exchange exhibited relatively stable behavior in the period following the Big Bang but before Oct 19, 1987, called Black Monday. However, a more volatile pattern emerged in the period after Black Monday.

The game-theoretic model of Pascal Frantz and Martin Walker which resulted in a non-disclosure equilibrium in a situation where a company manager has information which can affect both the company's stock price and the union's wage bargaining was studied. This model failed to represent some of the actual wage bargaining conditions that are essential for obtaining the optimal disclosure methods. Nevertheless, their model shows the applicability of analytical methods for examining the employee disclosure question.

Enforcement of accounting standards and level of accounting disclosure are related to the accuracy of company forecasts, offering a tool for planning.

The non-linear dynamics of stock returns are addressed.