Academy of Accounting and Financial Studies Journal, Volume 3, Number 1, 1999

CONTENTS

THE IMPACT OF INVESTOR-FAN OWNERSHIP

ON THE VALUE OF PUBLICLY TRADED SPORTS

FRANCHISES: THE CASE OF THE BOSTON CELTICS . . . . . . . . . . . . . . . . . . . . . . 1

Laurence E. Blose, Grand Valley State University

John M. Gandar, University of North Carolina at Charlotte

Reinhold P. Lamb, University of North Carolina at Charlotte

AN ANALYSIS OF THE IMPACT OF ALTERNATIVE

FINANCIAL STATEMENT PRESENTATIONS

OF COMPREHENSIVE INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Thomas E. King, Southern Illinois University at Edwardsville

Alan K. Ortegren, Southern Illinois University at Edwardsville

Brad J. Reed, Southern Illinois University at Edwardsville

USE OF FUNDS BY INTERNATIONAL

QUASI-GOVERNMENTAL ORGANIZATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Bruce W. Chase, Radford University

Nathan J. Kranowski, Radford University

SITUATIONS IMPLYING OPINION SHOPPING:

PERCEPTIONS AND IMPLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Hassan Espahbodi, Western Illinois University

Reza Espahbodi, Indiana University South Bend

THE MARKET’S VALUATION OF AN AUDITOR’S

ABILITY TO REDUCE AGENCY COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Bradford J. Reed, Southern Illinois University at Edwardsville

Michael L. Costigan, Southen Illinois University at Edwardsville

Linda M. Lovata, Southern Illinois University at Edwardsville

INDUSTRY-EXPERT AUDITORS AND INVESTOR

VALUATIONS IN REGULATED INDUSTRIES:

EVIDENCE FROM BANKING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Edward B. Douthett, Jr., Texas Christian University

Dorothy Lee Warren, Belmont University

FUND ADVISOR COMPENSATION:

AN APPLICATION OF AGENCY THEORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

Denise Woodbury, Brigham Young University-Hawaii

William Neal, Brigham Young University-Hawaii

IS BOARD QUALITY AN INDICATOR OF

A FIRM'S FUTURE PERFORMANCE? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Rick Stephan Hayes, California State University, Los Angeles

Dong-Woo Lee, California State University, Los Angeles

AN EMPIRICAL ANALYSIS OF THE VALUE OF

CORPORATE REPUTATION IN EXPLAINING

VARIATIONS IN PRICE EARNINGS RATIOS . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Philip L. Little, Western Carolina University

Elizabeth H. Jones, Western Carolina University

Gary H. Jones, Truman State University

SHIFTING THE ECONOMIC LOCUS OF CONTROL:

IMPROVING FINANCIAL DECISION-MAKING IN

HIGH-RISK POPULATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

Pamela P. Stokes, Texas A&M University-Corpus Christi

Sharon Polansky, Texas A&M University-Corpus Christi

CHAOTIC DYNAMICS IN

PACIFIC RIM CAPITAL MARKETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Vivek K. Pandey, The University of Texas at Tyler

Theodor Kohers, Mississippi State University

Gerald Kohers, Sam Houston State University

A STUDY OF THE IMPACT OF TQM ON THE

FINANCIAL PERFORMANCE OF FIRMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

David Benson, Electronic Data Systems (EDS)

Monte R. Swain, Brigham Young University

A REVIEW OF FINANCIAL DISTRESS RESEARCH

METHODS AND RECOMMENDATIONS FOR

FUTURE RESEARCH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160

Terry J. Ward, Middle Tennessee State University

CORPORATE BLOCKHOLDINGS AND FIRM

PERFORMANCE: A MULTIVARIATE ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . 179

James D. Bogert, Morehead State University

Asghar Zardkoohi, Texas A&M University