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Mervyn King (Encounter, 14 October) states that the adverse consequences of the recent 'mini-Budget' were so obvious that it 'beggars belief anyone would think' otherwise. Yet he supports Brexit, which [...]

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.aos.2009.04.007 Byline: Brendan McSweeney Abstract: Throughout the world every economic and socio-economic indicator has deteriorated. The so-called 'real economy' has been deeply contaminated by the most significant global financial crisis for seven decades. The ultimate extent and duration of this rampant degeneration and its longer-term political effects are unpredictable but what caused the crisis? This paper examines a range of suppositions made in theories which deny the possibility of financial asset market failure and identifies ways in which they contributed to the circumstances and actions which created the current crisis. Author Affiliation: Royal Holloway, University of London, United Kingdom

Geert Hofstede's depiction of enduring and powerful national cultures or national cultural differences is legendary. If his findings are correct they have immense implications for management within and across countries, [...]

Case studies illustrate the author's contention that company financial data and theory are insufficient for proper financial analysis.

The author finds that C. Richard Baker's promotion of 'action research' leaves something to be desired in terms of academic use. He questions the feasibility and the adequacy of the basics upon which the research is founded.

The paper considers whether financial reports of the past can be based exclusively on measurements of past events or whether imagining future events is a necessary condition for such measurements. Using an idealised notion of a factual account of each event completed at the moment at which the event occurs, the analysis brackets out arguments about the incomplete or constructivist character of accounting representations. Notwithstanding the assumption of immaculate perception, the paper demonstrates that accounts of the past require unexpungible assumptions about hypothetical future events. Retrospection requires anticipation. Difficulties which commitment to anticipation-free financial reporting generates is illustrated in a discussion of three discourses about accounting. A description of financial reporting time which goes beyond a mere chronological characterisation is outlined.

Two texts are analyzed to contrast the ideal of unambiguous accounting representations with the mode of attempted realization. It is contended that such representations cannot be ambiguous and that the pursuit of this impossible goal is nevertheless beneficial. The study seeks to analyze texts which privilege and attempt to justify their claim of being able to generate clear representations. It also aims to challenge the implication that rejection of the concept of unambiguous accounting automatically means ceasing the pursuit of this ideal. The texts examined are Tom Lee's Cash Flow Accounting (1984) and the FASB's Statement of Financial Accounting Concepts No 2, 'Qualitative Characteristics of Accounting Information.' (1980). The findings are discussed.

Disparate published explanations of the Financial Management Initiative (FMI), which sought to change the structuring and running of the Civil Service in the UK, have been analyzed. The argument that an understanding of something is shaped by te prior images of the analyst is considered. The types of presuppositions providing a conceptual substructure for explanations of that event are outlined and certain features relevant to policy-making that are not suitably incorporated in any FMI formation explanations, are discussed.