Swieringa, seminar participants at UNSW, the 1997 conferences of the AAANZ
(Hobart), the IAAER (Paris), and the Asian-Pacific International Accounting Conference (Bangkok).
We are grateful to Rob Brown, Allan Hodgson, Garry Twite, two anonymous referees, seminar participants at Monash University and The University of Newcastle, and conference participants at the 1997 AAANZ
Annual Conference in Hobart and the 1997 PhD Conference in Economics and Business at The University of Western Australia.
We acknowledge the constructive comments of Richard Heaney, Allan Hodgson, Tom Nguyen, Barry Oliver, Klm Sawyer, Mark Tippett and participants at the Quantitative Methods in Finance Conference (Cairns 1997), AAANZ
Conference (Adelaide 1998), workshops at the ANU and Griffith University, and two anonymous reviewers.