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There is a wide variety of actions which management may take in order to cope with the effects of possible movements in exchange rates. The choice of which action to take must be considered in the context of tax planning, both from the point of comparing costs and benefits on an “after‐tax” basis, and also as to the timing of the relevant payments. As with most decisions in the international finance arena, the problem resolves itself to one of maximising the after‐tax return to the parent company, though many sub‐objectives may also be identified. In this article we shall firstly examine the tax implications of individual foreign exchange management actions for a UK‐based company; and secondly, we shall briefly examine some of the differences which exist in other national tax environments.

The controversy between the “accounting” (“translation” or “balance‐sheet”) and the “economic” (“cash‐flow”) approaches to exchange‐risk is examined. The latter approach is advocated and a conceptual frame‐work for the cash‐flow analysis is suggested. Finally it is argued that, in the long run, the cash‐flow effects of exchange rate fluctuations are offset by countervailing movements in inflation and interest rates. Exchange‐risk is therefore a short run phenomenon, stemming from unexpected changes in exchange rates.

This essay analyses alternative strategies for a firm to deal with exchange risk. “Profit maximising” and “risk minimising” strategies are examined as extreme alternatives. The former requires successful exchange rate forecasting, the latter is based on avoiding any impact of unexpected exchange rate changes on the firm. This strategy is illustrated using three “typical” firms as examples: the occasional exporter, the permanent exporter/or importer, and a firm with multi‐national operations. In each case, operational aspects are carefully identified and conclusions are drawn as to the necessary structuring of the firms' liabilities.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

The purpose of this paper is the application of the computational fluid dynamics model simulating the blood flow within the aorta of an eight-year-old patient with Coarctation of Aorta.

The numerical model, based on commercial code ANSYS Fluent, was built using the multifluid Euler–Euler approach with the interaction between the phases described by the kinetic theory of granular flow (KTGF).

A model of the blood flow in the arches of the main aorta branches has been presented. The model was built using the multifluid Euler–Euler approach with the interaction between the phases described by the KTGF. The flow and pressure patterns, as well as the volumetric concentration of the blood components, were calculated. The lumped parameter model was implemented to couple the interaction of the computational domain with the remaining portion of the vascular bed.

The multiphase model based on the Euler–Euler approach describing blood flow in the branched large vessel with a three-element Windkessel model in the coarcted geometry was not previously described in the literature.

The purpose of this paper is to introduce counterfactual analysis and reasoning to the study of accounting history. The counterfactual focus is the institutionalisation of public accountancy in the UK.

The study adopts a counterfactual research design using Ferguson and Bunzl and asks a “what if” question of an event of importance to accounting historians in order to create a plausible counterfactual outcome that is grounded in rationality and causal analysis. The specific counterfactual question relates to the royal charter granted to public accountants practicing in Edinburgh in 1854. The counterfactual outcome is compared to the actual timeline of public accountancy institutionalisation in the UK.

The “alternative” history reveals uncertainties that confronted public accountants in the past and provides a basis for suggesting that the current fractured and inefficient state of institutionalised public accountancy in the UK has its origins at least partially in the 1854 royal charter. It also suggests that attempts to register and unify public accountants in the UK have been hindered by nineteenth century royal charters.

The study argues that counterfactual analysis is a useful historical tool with which to understand the consequences of historical decisions made in the professional project of British public accountancy. In addition, the study reveals the potential for counterfactual analysis to illumine the consequences of decisions in other areas of accounting and auditing history.

This study is the first counterfactual analysis in the accounting history literature and therefore provides a template for further studies and improved research design.

This exposition explains how Elementary Theory works and how it has been developed over the last two-and-a-half decades. Both increased scope and heightened precision are covered.

Theoretic methodology is explained. Using that method formal models are constructed analogous to empirical events. Those models predict events, design experiments, and guide applications in the field.

There is a widely held belief in sociology that theory becomes more vague and imprecise as its scope broadens. Whereas broader generalizations are more vague than narrower ones, this exposition shows that abstract theory becomes more precise as its scope broadens.

Here implications and limitations are closely connected. Regarding implications, this exposition shows that scientific explanations and predictions are viable today in sociology but only when exact theory is employed. Regarding limitations, the theory and research included in this exposition make clear why the empiricist search for regularities that dominates sociological research is so very limited in its results.

This exposition demonstrates that theory is the method of all the sciences and in particular the science of sociology.

This chapter examines ethical leaders in accounting. We analyze the actions of individuals broadly associated with the accounting profession who have been presented with challenging situations and evaluate their responses to difficult circumstances. Our subjects are transformational leaders who have demonstrated a commitment to the public interest along with the moral motivation and character to persevere under challenging circumstances. By providing examples of leaders who have had a positive impact on the public accounting profession, both students and practicing accountants will learn how ethical leadership can make the profession stronger.

The paper aims to explore the social origins of Scottish chartered accountants and the accounting stereotype as portrayed in popular fiction.

The detective novels of the Scottish chartered accountant Alexander Clark Smith are used as a lens through which to explore the social origins of accountants and the changing popular representations of the accountant.

The novels contribute to our understanding of the construction of accounting stereotypes and of the social origins of Scottish accountants. They suggest that, while working class access to the profession was a reality, so was class division within it. In addition, Smith was ahead of contemporary professional discourse in creating a protagonist who combines the positive aspects of the traditional stereotype with qualities of a private‐eye action‐hero, and who uses accounting skills to uncover corruption and address (social) wrongs. However, this unconventional portrayal may have been incongruent with the image the profession wished to portray. The public image (or stereotype) portrayed by its members would have been as important in signalling and maintaining the profession's collective status as the recruitment of its leadership from social elites.

Smith's portrayal of accountants in personal and societal settings at a time of profound social change, as well as his background in the Scottish profession, provide a rich source for the study of social origins of Scottish chartered accountancy during the first half of the twentieth century. Further, Smith's novels are of a popular genre, and innovative in the construction of their hero and of accounting itself; as such they merit attention because of their potential to influence the construction of the accounting stereotype(s) within the popular imagination.