Abstract
In a recent paper in the Financial Analysts Journal, Sinha [1998] reviews and critiques Ferguson and Hitzig [1993] concerning the implications of cross-ownership of shares. He claims that, while our mechanisms for gen-erating our tables and circumventing consolidation requirements are cor-rect, our conclusions about how misleading are the resulting balance sheets are not. In fact, it is Sinha that is wrong, where he disagrees with us.
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