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Hint – a professional management report should present information in understandable and digestible chunks – for example ensure your narrative is supported by summary charts/table which in turn are supported by the full details referenced in an appendix.

This assessment has two parts being:

A.Financial analysis report for the listed entity, Virgin Australia Holdings (VAH) 15 Marks

B.Financial analysis and report for the SME Prosperous Pty Ltd (financial statements provided).

Part A – Virgin Australia Holdings Ltd (VAH)

Part A requires a professional financial analysis report. Recommended sections are:

1.Quick analysis summary (executive summary)

2.Four year internal entity comparison: - Balance Sheet, Statement of Income, Ratio Analysis (Horizontal and Vertical), Detailed ratio analysis, trend analysis

3.Industry comparison: (similar to the above entity v’s industry – this will require individual research)

a.Note1: With respect to industry comparisons:

i.look for market research data over the industry for comparison

ii.research the financial reporting of competitor businesses and comment on similarities and variances with regard to the financial position and financial performance of the entities.

4.Comment regarding the audit comments including any explanatory notes regarding the purpose of a financial audit.

5.Comments and conclusions (review of business decisions that the company might face in the near term future) and the accounting position to support or negate business decisions.

Financial Comparison for the Entity - Internal

In this section of the report, the financial analysis of one of the companies Virgin Australia Holdings Ltd has been done. It is listed on the Australian Stock Exchange and represented as VAH. It is an airline company and operates in Australian as Virgin Australia, Virgin Australia Regional Airlines, Virgin Australia International Airlines and Tigerair Australia. It was previously being operated by Pacific Blue Airlines and was absorbed into Virgin Group in the year 2011 (Bromwich & Scapens, 2016). The company’s headquarters are based out of Brisbane and employs nearly 10000 people. It is one of the largest Airline services company in Australia after Qantas Group and Airline Group.

The comparative income statement for the last four years 2018, 2017, 2016 and 2015 has been shown below:

Virgin Australia Group

Consolidated statement of profit or loss

Particulars

2018

2017

2016

2015

 $m

 $m

 $m

 $m

Revenue and income

Airline passenger revenue

      4,623.4

      4,275.3

      4,194.8

      3,999.0

Other ancillary revenue

         793.8

         765.3

         790.9

         707.0

Other income

             3.5

             3.8

           18.2

           17.4

Net foreign exchange gains

 -

             2.9

           17.1

           25.8

Revenue and income

      5,420.7

      5,047.3

      5,021.0

      4,749.2

Operating expenditure

Aircraft operating lease expenses

        (389.0)

        (426.2)

        (360.6)

        (290.0)

Airport charges, navigation and station operations

     (1,060.7)

     (1,023.8)

        (984.1)

        (917.0)

Contract and other maintenance expenses

        (246.4)

        (242.6)

        (182.0)

        (155.2)

Commissions and other marketing and reservations expenses

        (467.4)

        (430.0)

        (408.2)

        (363.1)

Fuel and oil

        (985.5)

        (898.4)

     (1,018.8)

     (1,191.6)

Labour and staff related expenses

     (1,246.7)

     (1,219.2)

     (1,157.8)

     (1,118.8)

Impairment losses on assets classified as held for sale

 -

            (7.8)

        (107.3)

 –

Impairment losses on cash-generating units

        (120.8)

 -

Impairment losses on other assets

          (47.8)

          (65.9)

        (118.1)

 –

Onerous contract expenses

          (58.5)

          (29.6)

        (100.2)

 –

Other expenses from ordinary activities

        (512.9)

        (516.9)

        (531.6)

        (464.2)

Depreciation and amortisation

        (337.3)

        (309.7)

        (282.2)

        (275.4)

Ineffective cash flow hedges and non-designated derivatives losses

 -

             0.7

          (27.8)

          (27.4)

Net operating expenditure

     (5,473.0)

     (5,169.4)

     (5,278.7)

     (4,802.7)

Share of net profits/(losses) of equity-accounted investees

             3.5

             2.1

             0.7

          (16.6)

Loss before net finance costs and tax

          (48.8)

        (120.0)

        (257.0)

          (70.1)

Finance income

           19.2

           16.9

           11.4

           39.7

Finance costs

        (171.8)

        (186.5)

        (181.0)

        (132.9)

Net finance costs

        (152.6)

        (169.6)

        (169.6)

          (93.2)

Loss before tax

        (201.4)

        (289.6)

        (426.6)

        (163.3)

Income tax benefit

        (451.9)

         103.8

         201.9

           69.5

Loss

        (653.3)

        (185.8)

        (224.7)

          (93.8)

Attributable to:

Owners of the Company

        (681.0)

        (220.3)

        (260.9)

        (110.8)

Non-controlling interests

           27.7

           34.5

           36.2

           17.0

        (653.3)

        (185.8)

        (224.7)

          (93.8)

Earnings per share

 Cents

 Cents

 Cents

 Cents

Basic earnings per share

            (8.1)

            (2.8)

            (7.4)

            (3.2)

Diluted earnings per share

            (8.1)

            (2.8)

            (7.4)

            (3.2)

From the above financial data on income statement and trend analysis over the past 4 years, we can see that the company has grown in terms of the revenue and the same can be seen from the record sales in airline passenger division and other auxiliary revenue (Bumgarner & Vasarhelyi, 2018). Besides revenue, the costs have also multiplied but the increase in operating costs has not been in proportion of sales and thus, the cost as percentage of sales has dropped. The major cost heads being the fuel, oil and power charges, the labour and staff related expenses, commission to the marketing agents and companies, contract maintenance expenses, airport lease charges and the Airport charges, station and navigations operation expenses (Kok, Ribando, & Sloan, 2017). The major loss for the company has been the major impairment expenses on the cash generating units as well as the assets, which were incurred during the year. Furthermore, it can be seen that the depreciation expenses has been increasing for the company every year on year. The finance income as well as the finance costs have been more or less constant during the last 3 years without much change. However, the loss for the company has been ever increasing which was $ 163.3 Mn in 2015, $ 426.6 Mn in 2016, and $ 289.6 Mn in 2017 and $ 201.4 Mn in 2018. Such has been the extent of loss that the company never had positive EPS in the last 4 years.

The comparative balance sheet of the company for the last 4 years has been shown below:

Virgin Australia Group

Consolidated statement of financial position

Particulars

2018

2017

2016

2015

 $m

 $m

 $m

 $m

Current assets

Cash and cash equivalents

      1,415.5

     1,396.1

     1,123.8

     1,028.5

Receivables

         281.6

        308.9

        313.2

        312.2

Inventories

           47.6

          46.3

          42.3

          41.1

Derivative financial instruments

         220.0

            2.4

          26.3

          43.6

Other financial assets

           12.1

          25.2

          32.2

          60.3

Current tax assets

 –

            0.2

Assets classified as held for sale

 -

            4.3

        171.6

          95.4

Other

             2.7

            4.3

            4.3

            4.7

Total current assets

      1,979.5

     1,787.5

     1,713.7

     1,586.0

Non-current assets

Receivables

         191.6

        162.4

        129.0

          56.6

Derivative financial instruments

           64.0

            6.6

          23.2

            6.9

Other financial assets

         284.2

        292.5

        265.0

        234.7

Investment accounted for using the equity method

             8.2

            4.6

            4.0

            6.6

Deferred tax assets

 -

        554.2

        423.5

        216.6

Property, plant and equipment

      3,031.0

     2,916.6

     2,872.8

     3,081.9

Intangible assets

         617.0

        617.2

        590.7

        564.3

Other

           12.9

          14.2

          18.9

          26.0

Total non-current assets

      4,208.9

     4,568.3

     4,327.1

     4,193.6

Total assets

      6,188.4

     6,355.8

     6,040.8

     5,779.6

Current liabilities

Payables

         807.5

        679.9

        708.9

        701.5

Interest-bearing liabilities

         295.1

        280.9

        875.8

        440.3

Derivative financial instruments

             6.6

          57.1

          33.4

          45.6

Provisions

         269.0

        234.2

        170.9

        172.8

Unearned revenue

      1,142.1

     1,074.2

        990.4

        939.3

Other

             3.6

          22.0

            0.4

            0.3

Total current liabilities

      2,523.9

     2,348.3

     2,779.8

     2,299.8

Non-current liabilities

Payables

             5.6

            6.3

            9.3

            6.3

Interest-bearing liabilities

      2,273.0

     2,152.4

     2,124.2

     2,321.9

Derivative financial instruments

             0.2

            6.4

            8.0

 –

Provisions

         277.6

        263.5

        214.6

        122.4

Unearned revenue

 –

            2.0

Other

           13.1

            5.1

            6.1

            6.4

Total non-current liabilities

      2,569.5

     2,433.7

     2,362.2

     2,459.0

Total liabilities

      5,093.4

     4,782.0

     5,142.0

     4,758.8

Net assets

      1,095.0

     1,573.8

        898.8

     1,020.8

Equity

Share capital

      2,238.9

     2,243.7

     1,309.0

     1,152.9

Reserves

         268.3

          58.8

        117.2

        177.3

Retained earnings

     (1,415.8)

       (734.8)

       (514.5)

       (253.6)

Equity attributable to the owners of the Company

      1,091.4

     1,567.7

        911.7

     1,076.6

Non-controlling interests

             3.6

            6.1

         (12.9)

         (55.8)

Total equity

      1,095.0

     1,573.8

        898.8

     1,020.8

From the comparative balance sheet of the company for the last 4 year, it can be seen that the current assets have been on the increasing trend, especially the balance of cash and cash equivalents. This is done to have more liquid cash considering the requirements of growing business (Choy, 2018). The receivables balance has declined which indicates good collection measures and the stock or inventory balance has been more or less constant throughout the years. The company does not hold assets for sale anymore in 2018 and have sold it all. Amongst the non-current assets, the balance of receivables has increased indicating that the old debtors are not paying off the dues. The financial assets have remained more or less constant through these years and the same has been the case with property, plant and equipment and the intangible assets.

Industry Comparison

Amongst the current liabilities, the balance of payable has increased (which is due to increase in business volume). However, the balances of the unearned revenue and the provision has increased marginally. The non-current liabilities of interest bearing liabilities like debt and the long term provisions has increased which shows that the company has not being paying off on time (Jefferson, 2017).

Amongst the equity section, the balance of the equity share capital has doubled from 2015 to 2018, which shows that the company has been issuing shares on a continuous basis and has been focusing on internal capital instead of raising capital through debt, which is a positive sign. Conversely, the situation with the retained earnings has been adverse, as the negative balance has been piling up year on year due to continuous losses being incurred by the company.

Given below is the ratio analysis which shows the trend over past 4 years, the analysis also mentions the status of ratio against the industry trend and mentions if it is positive or negative.

1. Liquidity Ratios

Comparison with Industry

Current Ratio = Total current assets/ Total current liabilities

2018

2017

2016

2015

Total current assets

1,980

1,788

1,714

1,586

Total current liabilities

2,524

2,348

2,780

2,300

Result

0.78

0.76

0.62

0.69

Negative

Liquid ratio /Quick Ratio = (Total current assets - Inventory - Prepaid expenses)/ Total current liabilities

2018

2017

2016

2015

Total current assets - Inventory - Prepaid expenses

          1,929

          1,737

          1,667

          1,540

Total current liabilities

          2,524

          2,348

          2,780

          2,300

Result

0.76

0.74

0.60

0.67

Negative

2. Debt Management Ratios

Comparison with Industry

Debt ratio = (Total Debts / Total Assets) or ((Total assets- total owners' equity)/total assets)

2018

2017

2016

2015

Total Debts

          2,279

          2,159

          2,134

          2,328

Total Assets

          6,188

          6,356

          6,041

          5,780

Result

37%

34%

35%

40%

Positive

Debt to Equity Ratio = (Total Debt/Total owners' equity) or ((Total assets- total owners' equity)/total owners' equity)

2018

2017

2016

2015

Total Debts

          2,279

          2,159

          2,134

          2,328

Total owners' equity

          1,095

          1,574

              899

          1,021

Result

208%

137%

237%

228%

Negative

3. Asset management Ratios

Comparison with Industry

Receivables Turnover Ratio = Sales/Accounts Receivable

2018

2017

2016

2015

Sales

          5,421

          5,047

          5,021

          4,749

Accounts Receivable

              473

              471

              442

              369

Result

11.46

10.71

11.35

12.88

Positive

Days Receivable = 365/Receivable turnover

2018

2017

2016

2015

No. of days

365

365

365

365

Receivable turnover

11.46

10.71

11.35

12.88

Result

31.86

34.08

32.15

28.34

Positive

Inventory Turnover =  COGS/Inventory

2018

2017

2016

2015

COGS

          4,396

          4,240

          4,112

          4,036

Inventory

                48

                46

                42

                41

Result

92.35

91.58

97.20

98.19

Negative

Days' Inventory = 365/Inventory Turnover

2018

2017

2016

2015

No. of days

365

365

365

365

Inventory turnover

92.35

91.58

97.20

98.19

Result

3.95

3.99

3.76

3.72

Negative

4. Profitability ratios

Comparison with Industry

Profit Margin / Net Profit ratio = Net income / Sales

2018

2017

2016

2015

Net income

           (201)

           (290)

           (427)

           (163)

Sales

          5,421

          5,047

          5,021

          4,749

Result

-3.72%

-5.74%

-8.50%

-3.44%

Negative

Operating Margin ratio = Operating Profit/Sales

2018

2017

2016

2015

Operating Profit

              (49)

           (120)

           (257)

              (70)

Sales

          5,421

          5,047

          5,021

          4,749

Result

-0.90%

-2.38%

-5.12%

-1.48%

Negative

Return on Equity = Net income/total owners' equity

2018

2017

2016

2015

Net income

           (201)

           (290)

           (427)

           (163)

Total owners' equity

          1,095

          1,574

              899

          1,021

Result

-18.39%

-18.40%

-47.46%

-16.00%

Negative

From the above trend of ratios, we can see that though the current ratio has improved a bit, but the same is still is way below the industry trend of 2:1 times, similarly the liquid ratio or the decisive test ratio has been on the lower end compare to the industry trend of 1:1. Thus, it can be concluded that tough the company has improved its liquidity in the past couple of years but it is well below the industry trend and shows that the company does not have adequate current assets to pay off the short term liabilities (Grenier, 2017).

Amongst solvency or debt management ratios, the debt asset ratio has improved from 40% to 37%, is on the borderline, and thus can be said to be a positive aspect about the industry. On the other hand, if the debt equity ratios is seen, the same has been more than 200% in most of the years, which is again a major risk on the company in terms of debt principal and interest repayment. The ideal ratio in industry is 2:1 times and therefore it can be mentioned that the company is in risky position despite increase the share capital (Linden & Freeman, 2017).

Amongst the asset management ratios which are the reflection of the operating measures of the company and how the internal controls are helping it improve its efficiency, it can be seen that receivables turnover ratio has degraded from 12.88 times to 11.46 times and similarly the receivables days has increased from 28.34 days to 31.86 days. This shows that the control on receivables collection has decline but still it can be said to be positive considering the industry trend which is high (Heminway, 2017). The inventory turnover ratio has however been on the negative side and is more than 90 days, thus the company needs to improve on this and plan the inventory well.

Finally, the profitability ratios, it is vindicated that all the ratios be it return on equity, or return on assets or the net profit margin all have gone worse to worst simply because of the fact that the company is not earning adequate profits. Thus, it has been marked as negative factor as against the industry trend and thus the company needs to improve on the same (Mun, 2018).

Auditing Comments

The auditors of the company have been KPMG and they have expressed a clear opinion on the financial statement of the group. They have given a reasonable assurance as to the true and fair status of the financial statements including notes on account, director’s declaration, profit and loss account, cash flow statement, statement of changes in equity and the balance sheet. They have mentioned that the company has complied with all the relevant laws and regulation and have followed Australian Accounting Standards and the Corporation Act 2001 while preparing the financial statements. The key audit matters shown by auditors in Auditors’ Report include recognition of deferred tax assets, revenue recognition, fair valuation of velocity reward points and calculation of recoverable value of non-financial assets of Virgin Airlines (Gerlach, Mora, & Uysal, 2018).

Conclusion and Accounting Position of company

From the above in depth analysis and discussion, it can be concluded that though the company has been a growing one in the last few years but most of the parameters of the company has been on the negative side including the profitability, debt management, liquidity and operational efficiency. Furthermore, the auditors of the company have been apprehensive regarding few of the critical procedures of company and therefore it will not be wise decision to invest for short term. The company can be suitable from long-term perspective.

The company is a small-unlisted entity in Australia on which the financial analysis has been done to find out the viability of investment and to know the progress and growth of the company. Since the latest audited financial statements of entity are not available, therefore the same has been analysed basis annual report of 2014, 2015, 2016 and 2017. The name of the company being analysed is Southern Cross Star Services Pty Limited (Sirois, Bédard, & Bera, 2018).

The comparative financial statements are shown below including profit and loss account, balance sheet analysis.

Southern Cross Star Services Pty Limited

Consolidated statement of profit or loss

Particulars

2017

2016

2015

2014

 $

 $

 $

 $

Trading Income

Gross Receipts

      1,980,779

      2,009,085

      1,997,811

      2,010,965

Opening Stock

          165,789

          143,390

          134,455

          120,000

Purchases

      1,506,433

      1,444,788

      1,398,468

      1,307,127

Less Closing Stock

       (176,890)

       (165,789)

       (143,390)

       (134,455)

Less Cost of Goods Sold

    (1,495,332)

    (1,422,389)

    (1,389,533)

    (1,292,672)

Trading Income

          485,447

          586,696

          608,278

          718,293

Income

Trading Income

          485,447

          586,696

          608,278

          718,293

Security Services Income

      1,833,159

      1,829,218

      1,658,903

      1,547,680

Installation Income

          817,690

          756,832

          356,478

          135,637

Profit/Loss on sale of P,P&Equ.

              4,600

            (2,360)

          (13,900)

                  780

Other Income

              6,792

              6,621

                     -   

              5,460

Interest Received

              2,666

              1,265

              1,490

                  875

Total Income

      3,150,354

      3,178,272

      2,611,250

      2,408,725

Expenses

Accountancy

            23,063

              6,650

              7,800

              6,970

Advertising

                     -   

              1,363

              2,300

              4,500

Bank Charges

                  780

                  614

              1,290

                  870

Computer Expenses

              4,323

                  475

              2,305

              1,879

Consultants fees

              1,795

              6,377

                     -   

              5,100

Depreciation

            28,352

            31,324

            15,314

            20,963

Donations

              3,000

                  409

                  500

              1,200

Filing Fees

                  558

                  243

                  280

                  280

General Expenses

              5,411

              1,101

              1,205

                  437

Gifts to staff

              1,145

              3,583

              2,890

              4,970

Hire Equipment

              7,375

              7,311

              7,300

              7,290

Insurance

            85,487

            19,966

            21,300

            36,870

Interest

            11,837

            19,524

            32,582

            37,874

Legal Fees

              3,272

              6,363

                  300

              1,560

Light & Power

              5,371

              5,533

              3,560

              2,504

Materials & Supplies

            41,348

            41,629

            36,570

            30,987

Meeting Expenses

              6,860

            18,300

              7,690

              4,562

MV Fuel & Oil

              8,965

              8,838

              7,685

              6,452

MV Interest

              1,031

                     -   

                     -   

                  890

MV rego & insurance

            11,766

            13,367

            12,567

            11,532

MV repairs

            11,963

              4,607

              4,650

              3,560

Payroll Tax

            72,258

            71,437

            57,044

            52,214

Parking & Tolls

              1,524

              2,219

              1,235

              1,425

Postage

                  326

                  158

                  325

                  365

Printing & Stationery

              1,075

              3,708

              2,560

              4,900

Protective Clothing

              7,819

            10,516

              8,960

              4,250

Rent - office

            37,006

            45,083

            44,600

            41,320

Rent - retail

            85,020

            78,000

            95,000

          110,000

Repairs and Maintenance

                    79

              3,329

                  450

              1,324

Salaries - retail

          315,541

          410,687

          425,795

          502,805

Salaries - associated persons

          150,000

          158,350

          150,000

          145,000

Salaries - security

      1,283,211

      1,188,992

      1,078,287

      1,005,992

Salaries - installation

          327,076

          302,733

          142,591

            54,255

Staff Amenities

              8,890

              9,198

              7,689

              8,790

Staff Training

              1,365

              2,994

              5,679

              6,720

Subcontractors

            13,000

            25,000

            14,500

              9,800

Sundry expenses

              6,980

              6,795

              6,570

              2,348

Superannuation

          178,139

          175,973

          152,317

          144,582

Superannuation - associated persons

            13,875

            25,000

            25,000

            25,000

Telephone

            10,572

              9,601

              9,700

            13,250

Travel

            13,090

            15,532

              2,354

              1,287

Total Expenses

      2,790,547

      2,742,881

      2,398,743

      2,326,877

Profit before income tax

          359,807

          435,391

          212,506

            81,847

Tax payable

            98,947

          124,086

            63,752

            24,554

From the above income statement, it can be seen that the gross receipts of the company has declined and on the other hand, the cost of goods sold has increased indicating that the gross profit has declined as can be seen in the drop from $ 718293 in 2014 to $ 485447 in 2017 (Lessambo, 2018). Amongst the other incomes, the security service income and the installation income has multiplied whereas the trading income has declined. In case the overall income of the company is being analysed, it has grown by nearly 30% in 3 years from $ 2.4 MN in 2014 to $ 3.15 Mn in 2017. This is a positive indicator for the company. On the other hand, the total expenses have also grown year on year and has had a growth of almost 20% from $ 2.3 Mn in 2014 to $ 2.79 Mn in 2017 (Venezia, 2017). The less that proportionate increase in the expenses has led to increase in profit percentages for the entity and therefore the yearly profit, which was $ 81847 in 2014, has grown up to $ 359807 in 2017. It can be said that the growth of company has been monumental and it is still in the growth path.

Southern Cross Star Services Pty Limited

Consolidated statement of financial position

Particulars

2017

2016

2015

2014

 $

 $

 $

 $

Assets

Current Assets

Cash Assets

177,729

84,312

99,359

58,342

Inventory

176,890

165,789

143,390

134,455

Other

49,287

51,765

42,994

40,000

Total Current Assets

403,906

301,866

285,743

232,797

Non-Current Assets

Receivables

67,912

48,783

54,639

43,126

Property, plant and equipment

484,525

449,421

475,985

476,992

Other

300,000

300,396

300,792

301,188

Total Non-Current Assets

852,437

798,600

831,416

821,306

Total Assets

1,256,343

1,100,466

1,117,159

1,054,103

Liabilities

Current Liabilities

Payables

85,339

58,528

51,433

49,329

Financial liabilities

148,902

275,181

493,033

570,000

Current tax liabilities

101,239

14,964

45,343

23,685

Total Current Liabilities

335,480

348,673

589,808

643,014

Non-Current Liabilities

Financial liabilities

48,379

50,216

50,000

61,240

Total Non-Current Liabilities

48,379

50,216

50,000

61,240

Total Liabilities

383,859

398,889

639,808

704,254

Net Assets

872,485

701,577

477,350

349,849

Equity

Issued Capital

2

2

2

2

Retained Profits Current Year

170,908

224,226

127,504

49,108

Retained Profits

701,575

477,348

349,844

300,736

Total Equity

872,485

701,577

477,350

349,846

Comments and Conclusions

From the comparative balance sheet of the entity, it can be seen that the liquidity of the company has increased and thus the cash balance has grown to 3 times from 2014 to 2017. Inventory and other current assets have remained almost same over the years. Amongst the non-current assets of the company, the balance of the property, plant and equipment and other non-current assets has been almost constant whereas the balance of receivables has increased. Overall, the assets of the company have increased over time (Trieu, 2017).

Amongst the liabilities side of balance sheet, the current payables has increased whereas the financial liabilities have decreased drastically. The balance of non-current liabilities has again declined whereas the equity in the form of the retained earnings has grown more than twice which shows that the company is reliant on equity and own capital rather than on the debt capital, which is a positive sign for the business (Rimmer, 2017).

Conclusion and Accounting Position of company

From the above analysis of the financial statements, it can be concluded that the company though not listed on stock exchange and having a very small capital base, has been growing in business and has been able to multiply profits in the last few years. Given an investor point of view, the company looks a prospective investment avenue.

References

Bromwich, M., & Scapens, R. (2016). Management Accounting Research: 25 years on. Management Accounting Research, 31(1), 1-9.

Bumgarner, N., & Vasarhelyi, M. (2018). Continuous auditing—a new view. Continuous Auditing: Theory and Application, 20(1), 7-51.

Choy, Y. K. (2018). Cost-benefit Analysis, Values, Wellbeing and Ethics: An Indigenous Worldview Analysis. Ecological Economics, 145. Retrieved from https://doi.org/10.1016/j.ecolecon.2017.08.005

Gerlach, J., Mora, N., & Uysal, P. (2018). Bank funding costs in a rising interest rate environment. Journal of Banking and Finance, 87, 164-186.

Grenier, J. (2017). Encouraging Professional Skepticism in the Industry Specialization Era. Journal of Business Ethics, 142(2), 241-256.

Heminway, J. (2017). Shareholder Wealth Maximization as a Function of Statutes, Decisional Law, and Organic Documents. SSRN, 1-35.

Jefferson, M. (2017). Energy, Complexity and Wealth Maximization, R. Ayres. Springer, Switzerland . Technological Forecasting and Social Change, 353-354.

Kok, U., Ribando, J., & Sloan, R. (2017). Facts about Formulaic Value Investing. Financial Analysts Journal, 73(2), 14-23.

Lessambo, F. (2018). Audit Risks: Identification and Procedures. Auditing, Assurance Services, and Forensics, 3(1), 183-202.

Linden, B., & Freeman, R. (2017). Profit and Other Values: Thick Evaluation in Decision Making. Business Ethics Quarterly, 27(3), 353-379. Retrieved from https://doi.org/10.1017/beq.2017.1

Mun, K. a. (2018). A close look at the role of regulatory fit in consumers’ responses to unethical firms. 

Rimmer, M. (2017). The Trans-Pacific Partnership: Intellectual property, public health, and access to essential medicines. . Intellectual Property Journal, 29(2), 277.

Sirois, L., Bédard, J., & Bera, P. (2018). The informational value of key audit matters in the auditor's report: evidence from an Eye-tracking study. Accounting Horizons., 32(2), 141-162.

Trieu, V. (2017). Getting value from Business Intelligence systems: A review and research agenda. Decision Support Systems, 93(1), 111-124.

Venezia, I. (2017). Behavioral Finance: 'Where Do Investors'' Biases Come From?'. Singapore: WORLD SCIENTIFIC.

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