An enquiry into the relevance and reliability of accounting information that is provided to natural shareholders in Australia. The findings provide evidence that the information needs of shareholders are not being met, and that the existing theory of auditor independence has not integrated the views of this large and significant group of shareholders.

No Abstract

Target firms in Australian takeovers are required to obtain an independent assessment of the offer price in situations where the Corporations Law considers the bidder has a superior bargaining position. The intention of this requirement is to protect target shareholders from being offered a lower takeover premium. The only empirical study of expert reports, Eddey (1993), is consistent with expert reports achieving their purpose, as the results indicate no difference in target firm premiums in offers with and without an expert report. Eddey also reports that a revision in offer price is more likely where an expert indicates the bid is �not fair and reasonable.� Using all takeovers from 1990 to 2000, this thesis aims to re-examine and substantially extend the findings in Eddey. As the sample includes all bids, irrespective of the form of payment consideration, the thesis will assess whether the results in Eddey can be extrapolated from cash-based bids to all takeover bids. In addition, the analysis will extend Eddey�s results by investigating whether expert reports result in a higher probability of a revision in offer price relative to takeovers without an expert report. This study also investigates the impact of the expert report on bidder announcement abnormal returns and examines the returns to both bidders and targets when the expert report is released. This will add to the limited current knowledge on the impact of expert reports on the capital market. This thesis also tests the validity of public criticisms of expert independence. Firstly, experts have been publicly criticised on the basis that they are not independent from the target firm. It has been suggested that such experts will be more likely to provide an opinion that agrees with the recommendation of target directors. Secondly, it has been alleged that experts who are also the target auditor provide their reports at a lower fee by cross-subsidising the reports� preparation from other fees received from the client. The concern with this practice is that these reports may be of lower quality. This criticism is tested by developing an expert fee model. This fee model is then used to assess whether, similar to evidence in the auditing field, �quality� experts earn a fee premium. The results indicate that the need for an expert report does not affect bidder abnormal returns at either the announcement of the takeover or release of the expert report. On the other hand, target shareholders earn significantly lower abnormal returns at the announcement of a bid where an expert report is required. This result is inconsistent with Eddey (1993) and raises doubt over whether experts prevent bidders from using their superior bargaining position to offer target shareholders a lower premium. Consistent with Eddey, the probability of an alteration in offer price is greater where an adverse expert opinion is given. The results also show that the presence of an expert increases the likelihood of a bid revision relative to takeovers in general. Target abnormal returns on the release of an expert report are positive and significant, irrespective of the type of expert opinion. This result however, is sensitive to any association between the author of the report and the target. In the case that an expert discloses any prior or current business dealings with the target, abnormal returns are insignificant. The conclusion from this finding is that the market perceives expert reports prepared by an associate of the target as lacking credibility. In light of this lack of information content it is recommended corporate regulators review those experts permitted to prepare reports. Contrary to the published criticisms, experts who have business dealings with the target are just as likely as other experts to provide an opinion that agrees with the recommendation of directors. The tests of a fee reduction by experts associated to the target indicate significant lower fees where the expert is the target auditor. Further analysis shows this result is only significant where the auditor is also a non-Big 6/5 firm. These auditors are also found to provide reports that are significantly shorter than other experts, suggesting the cut in fee is achieved by reducing the amount of effort. The results also find that the top two experts, Grant Samuels and Associates and Price Waterhouse Coopers, earn a fee premium over other experts. The finding of a fee premium for a large accounting firm indicates that such firms may receive a premium for both auditing and non-audit services.

Tevens proefschrift--Universiteit van Amsterdam, 2008. / Title from e-book title screen (viewed Mar. 16, 2009). Description based on print version record. Met lit.opg., reg.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1970. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references.

Thesis (Ph. D.)--UCLA, 2008. / Vita. Includes bibliographical references (leaves 517-540).

Magister Artium - MA / It is now forty years after the start of African Socialism, or Ujamaa, in Tanzania. This study examines to what extent Tanzanians still tell their national history in ways which feature the important themes of social change that were introduced by President Julius Nyerere and his political party after independence: increasing equality, popular participation, egalitarian values and self-reliant economic development. The intention of the study is to see to what extent these ideas are still important in the ways that Tanzanians today tell their national history. The study is based on oral history interviews, with Tanzanian expatriates living in Cape Town, and is supplemented by secondary sources on the post-independence and Ujamaa periods. It argues that memory can be affected by current events. / South Africa

"The scale of human rights abuses on the continent is undisputedly high. The irony is that most constitutions contain express provisions for the protection and promotion of human rights and for the independence of the judiciary. It explains why constitutional guarantees alone are insufficient, political commitment is required if there is to be substance to these quarantees. The combination of express political statements made by governmetns, and their attitudes towards the judiciary, advances the argument mady by some that the majority of leaders treat its institutional independnce as a foreign invention imposed upon Africa. What is more disturbing, is that no alternate mechanisms are adopted to address and stop the continuation of human rights abuses. Therefore, this research seeks to answer the following question: whether judicial independence is a foreign invention imposed on African governments, and further, whether it is relevant to the protection of human rights in the continent. ... The research is composed of an introduction and four chapters. The introduction outlines the research question, literature review, objectives, hypothesis, significance, methodology and limitations of the study. Chapter one seeks to define the concept of judicial independence and how it relates to the protection of human rights. This is done by examining the international law perspectives on judicial independence. Chapter two highlights the theoretical and practical developments in the African continent that have taken place through the auspices of the OAU pertaining to judicial independence. Here the ACHPR, jurisprudence of the African Commission, the Protocol to the ACHPR and ancillary instruments are discussed and analysed. Chapter three discusses other universally recognised considerations that are concomitant to judicial independence and whose observance accelerate the protection of human rights. The chapter also focuses on the national constitutions to determine the extent to which justice systems cater for judicial independence and, practical responses by governments and courts. The fourth chapter seals the study by drawing evaluations, forwarding recommendations for the popularisation of judicial independence as an internationally recognised mechanism of the protection of human rights relevant to Africa, and finally, drawing general conclusion of the study." -- Introduction. / Thesis (LLM (Human Rights and Democratisation in Africa)) -- University of Pretoria, 2003. / Prepared under the supervision of Dr. Atangcho N. Akonumbo, at the Faculty of Social and Management Sciences, The Catholic University of Central Africa, Yaounde, Cameroon / http://www.chr.up.ac.za/academic_pro/llm1/dissertations.html / Centre for Human Rights / LLM

The principle of judicial independence has been described in the case of Law Society of Lesotho v The Prime Minister and Another, as requiring judicial officers to be free to make their decisions without depending on the influence of another or any external pressure. The judiciary only owes its loyalty to the constitution and the law in the way it dispenses with justice. One of the requirements of the principle of judicial independence is appointing judicial officers in an open and transparent manner.2 Those appointed should be men and women of dignity and integrity who are able to hold the executive, the powerful, the rich and the poor accountable if they contravene the prescription of the law.3 / Thesis (LLM (Human Rights and Democratisation in Africa)) -- University of Pretoria, 2010. / Dissertation submitted to the Faculty of Law University of Pretoria, in partial fulfilment of the requirements for the degree Masters of Law (LLM in Human Rights and Democratisation in Africa). Prepared under the supervision of Dr. Christopher Mbazira and Dr. Winfred Tarinyeba of the Faculty of Law, University of Makerere, Uganda. 2010. / http://www.chr.up.ac.za/ / Centre for Human Rights / LLM

The purpose of this study was to investigate the relationship among the need to achieve, field independence, and grade-point average.