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We replicate and extend the social history treatment of the Berg, Dickhaut, and McCabe (1995) investment game, to further document how the reporting of financial history…
We replicate and extend the social history treatment of the Berg, Dickhaut, and McCabe (1995) investment game, to further document how the reporting of financial history influences how laboratory societies organize themselves over time. We replicate Berg et al. (1995) by conducting a No History and a Financial History session to determine whether a report summarizing the financial transactions of a previous experimental session will significantly reduce entropy in the amounts sent by Investors and returned by Stewards in the investment game, as Berg et al. (1995) found. We extend Berg et al. (1995) in two ways. First, we conduct a total of five sessions (one No History and four Financial History sessions). Second, we introduce Shannon’s (1948) measure of entropy from information theory to assess whether the introduction of financial transaction history reduces the amount of dispersion in the amounts invested and returned across generations of players. Results across sessions indicate that entropy declined in both the amounts sent by Investors and the percentage returned by Stewards, but these patterns are weaker and mixed compared to those in the Berg et al. (1995) study. Additional research is needed to test how initial conditions, path dependencies, actors’ strategic reasoning about others’ behavior, multiple sessions, and communication may mediate the impact of financial history. The study’s multiple successive Financial History sessions and entropy measure are new to the investment game literature.
Accounting history has a long tradition, but in recent years it has expanded its interests and approaches. Early literature of accounting history that sought to glorify…
Accounting history has a long tradition, but in recent years it has expanded its interests and approaches. Early literature of accounting history that sought to glorify the practice of accounting and the status of accountants has been supplemented first by a more utilitarian approach viewing the past as a “database” for enhancing understanding of contemporary practice and for identifying past accounting solutions that might be relevant to current problems, and then by a more critical approach, which seeks to understand accounting’s past through the perspective of a range of social and political theories. A tension has developed between those historians whose first loyalty is to the archive and those who look primarily to theory to inform their historical investigations. As accounting history matures, open debate between practitioners of different modes of history making can only be beneficial, not only to the development of the discipline, but also towards our own self‐understandings as accountants, including the impact we have on organizational and social functioning. Suggests that accounting history without a firm archival base is likely to lose direction, but that our notion of what constitutes the archive, and our ways of communicating, explicating and interpreting the archive, should not be taken as fixed. To illustrate this, examines a number of approaches to the writing of accounting history where recent research has begun to demonstrate a critical and interpretive tendency, and suggests directions in which this research might develop as accounting and its history enters the twenty‐first century.
The purpose of this paper is to revisit the special issue of Accounting, Auditing & Accountability Journal published in 1996 on the theme “Accounting history into the…
The purpose of this paper is to revisit the special issue of Accounting, Auditing & Accountability Journal published in 1996 on the theme “Accounting history into the twenty‐first century”, in order to identify and assess the impact of the special issue in shaping developments in the accounting history literature, and to consider issues for future historical research in accounting.
A retrospective and prospective essay focusing on developments in the historical accounting literature.
The special issue's advocacy of critical and interpretive histories of accounting's past has influenced subsequent research, particularly within the various research themes identified in the issue. The most significant aspect of this influence has been the engagement of increasing numbers of accounting historians with theoretical perspectives and analytical frameworks.
The present study examines the content and impact of a single journal issue. It explores future research possibilities, which inevitably involves speculation.
In addressing recent developments in the literature through the lens of the special issue, the paper emphasises the unifying power of history and offers ideas, insights and reflections that may assist in stimulating originality in future studies of accounting's past.
We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906…
We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906 and 1907 through the medium of copper prices. Results from our vector autoregressive models and copper stockpile data support our argument that a copper commodity price channel may have been active in transmitting the Bank’s policy to the New York markets. Archival evidence suggests that the plunge in copper prices may have partially triggered both the initiation and the failure of an attempt to corner the shares of United Copper, and in turn, the bank and trust company runs related to that transaction’s failure. We suggest that the substantial short-term uncertainties accompanying the development of the copper-intensive electrical and telecommunications industries likely played a role in the plunge in copper prices. Additionally, we find evidence that the copper price transmission mechanism was also likely active in five other countries that year. While we do not argue that copper caused the 1907 crisis, we suggest that it was an active policy transmission channel amplifying the classic effect that was already spreading through the money market channel. If the bust in copper prices partially triggered the 1907 panic, then it provides additional evidence that contractionary monetary policy may have had an unintended, adverse consequence of contributing to a bank panic and, therefore, supports other recent findings that monetary policy deliberations might benefit from considering the policy impact on asset prices.
This article identifies the institutional factors behind both the emergence of a highly vulnerable financial system and the housing bubble that devastated it. The…
This article identifies the institutional factors behind both the emergence of a highly vulnerable financial system and the housing bubble that devastated it. The underlying premise is that the financial crisis was a market failure embedded in and caused by an institutional one. The failing institutions were academic, political and regulatory. The article shows how these institutions were fatally undermined, suggesting limits to the rationalization of finance capitalism. The perspective on financial crisis developed here recognizes the pressing need for reform of the financial markets, and also recommends institutional reforms as critical protections against future system failure.
Accounting historians have long recognised accounting’s international scope but have typically concentrated their research endeavours on region‐ or country‐specific…
Accounting historians have long recognised accounting’s international scope but have typically concentrated their research endeavours on region‐ or country‐specific studies, or on investigating the diffusion of accounting ideas, techniques and institutions from one country to others. Much potential exists to study the development of accounting from a comparative international perspective, mirroring the attention paid over the past two decades to the comparative study of international accounting practices and standards. This paper proposes a definition of comparative international accounting history (CIAH) and examines the nature and scope of studies within this genre. The CIAH approach is exemplified through an exploratory comparative study of agrarian accounting in Britain and Australia in the latter half of the nineteenth century. In the light of this study, the paper evaluates the potential of CIAH to contribute to an understanding of accounting’s past and provide insights into accounting’s present and future.
This paper aims to trace and/or historicise modernisation as a conceptual framework from the antecedents to present times. It also highlights the recent and past attention…
This paper aims to trace and/or historicise modernisation as a conceptual framework from the antecedents to present times. It also highlights the recent and past attention provided to modernisation by business and economic history scholars to recognise their contribution.
This paper is a literature review which offers a sample of debate from foundational scholars regarding the concept of modernisation emanating from sociologists, historians and business scholars. To present an analysis of the recent activity from business scholars on modernisation from highly recognizable journals and draw conclusions about the conceptual framework regarding its future as a framing device, the authors used search functions in the Business Source Complete database and specific journal search engines.
A keyword search of modernisation produced 45 published articles from 2000 to 2016 in business-related history and Financial Times top 50 journals. The foremost recognizable aspect of modernisation, as a construct presented here, demonstrates the concept that aims to illustrate a basic and/or universal pattern of the social processes that primarily affect development (e.g. cultural, economic, organisational, ecological, technological, etc.). Moreover, the authors demonstrate that economic and business scholars helped identify and explain different types of modernisation, reinforce or connect specific characteristics to modernisation, develop modernisation as an index capable of measurement and provide evidence of modernisation as a rhetorical strategy.
Little to no previous studies on modernisation emphasised on the contribution of business and economic historians; instead, they focused on the contributions of sociologists and social historians. Business and management historians served as an important voice in the development of modernisation as a conceptual frame. They highlighted the opportunities that are available to position modernisation as a useful tool to predict the future of traditional and advanced organisations.