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The purpose of this paper is to examine the possibility of South African companies listed on the Johannesburg Stock Exchange (JSE) using adjusted earnings as a part of an…
The purpose of this paper is to examine the possibility of South African companies listed on the Johannesburg Stock Exchange (JSE) using adjusted earnings as a part of an impression expectation management strategy focused on demonstrating how reported earnings measures meeting or beating analysts’ earnings forecasts.
A multiple response analysis approach is used. Earnings adjustments are coded according to a defined typology and assessed for their status as either valid or invalid. The number of occurrences of adjusted earnings measures over a five year period (2010-2014) meeting or beating analyst forecasts is calculated.
The use of adjusted earnings by JSE listed companies is a common occurrence. There is evidence to suggest that this is used part of an impression expectation management strategy. Most of the adjustments are invalid. When otherwise valid adjustments are used in a particular year, these are frequently repeated, and when adjusted earnings are reported, these normally exceed analysts’ forecasts.
The paper is based on a relatively small sample from a single jurisdiction and limited time period. Nevertheless, the findings point to the need to revisit how financial performance is measured and reported, evaluate additional regulation to protect investors and understand in more detail exactly how and why companies use adjusted earnings as an impression expectation management tool.
The paper adds to the limited body of research on performance reporting outside of the USA and Europe. It also examines the use of adjusted earnings in a unique setting where, in addition to IFRS numbers, companies are required to report a mandatory adjusted earnings figure (headline earnings).
The text of a lecture given by Alan Rusbridger, Editor of The Guardian, to mark the opening of the new facilities for the Department of Journalism at the University of Central Lancashire, Preston. The theme of the lecture is public trust in what journalists write. Argues that, despite the public’s lack of trust in newspapers, they do in fact uncover many truths that business, industry and Government are attempting to conceal. Examples are provided from the energy industry, science and the environment, transport, Home Office and food safety. Describes the important role The Guardian’s Readers’ Editor has had in increasing public trust in the newspaper.
FOR the student who has to choose a field of study in which to learn and exercise his bibliographic skills Sociology affords an interesting and attractive challenge. Indeed, to understand his chosen profession it must necessarily be placed within its social context. Most students at some stage of their development reflect on the social problems that beset the human situation, and some, as the mass media would have us believe, are anxious to remould the “sorry scheme of things” as represented by the existing social structure.
This volume is dedicated to the memory of Patrick Primeaux. Of your editors, Michael knew him well, Howard knew his work. We both recognise his enormous contribution. Patrick was a very special individual who was unfortunately with us for far too short a time, but who in that time made a very unique contribution. The first three essays in this issue comprise a mini-festschrift issue to honour Patrick. They are by his American colleagues and good friends who knew Patrick well. A mini-festschrift seems particularly germane to Patrick. The festschrift or commemorative volume is deeply rooted in the culture of the Germanic universities, and Patrick, although having many attributes, could certainly not be construed as Germanic. We have no doubt that he would be as honoured by a mini-festschrift issue as he would be embarrassed by a full festschrift issue. The other essays are the result of the Australian Association for Professional & Applied Ethics 18th annual conference which was held in June 2011 at the University of Tasmania. The authors of these essays are academics in Australian universities who might not have known Patrick, but, as is discussed below, their essays reflect Patrick's contribution to applied ethics. There seems something very fitting about that conference being held at the University of Tasmania because their campus is in Hobart which is as far south as Australia goes. Patrick often spoke of visiting Australia but always ultimately dismissed it as too long a flight. It would, admittedly, have been a particularly long flight for Patrick who was a very heavy smoker. Nonetheless, we have no doubt that if Patrick had been able to embark upon the flight to Hobart and attended the conference, he would have enjoyed it. As it was his spirit was very much with us and pervaded many of our discussions about applied ethics.
Though lectures in military studies were given at King's College in the mid nineteenth century and again in the inter‐war period there was virtually no library to support…
Though lectures in military studies were given at King's College in the mid nineteenth century and again in the inter‐war period there was virtually no library to support them and history further records that towards the end of the Second World War military studies ceased and were not revived until 1953 when a Lectureship in Military Studies was established in the King's History Department. The holder of this lectureship was Michael Howard, who has since achieved wide renown in military history and strategic studies and is at present Chichele Professor‐Elect of the History of War in the University of Oxford. When he was appointed Reader in War Studies in 1961 and Professor of War Studies in 1963 the subject may be said to have finally got off the ground and in token of this it was organized as a separate Department of the College in 1961. I may add that, in common with higher education in general, the 1960s was a period of great expansion in the Department and between 1965 and 1971 four other lecturers were appointed to the staff. The growth of the War Studies Library kept pace with this expansion, for as early as 1953 when London University voted a special grant Michael Howard began to build up the Library on the surest foundations, so that as regards numbers there were approximately 2,500 volumes by the end of the 1950s and by 1977 it has grown to some 11,000.