Fairness Opinions Research Articles

The Audit Expectation Gap in Singapore: An Empirical Study of Company Audit Objectives

To study the audit expectation gap, a survey questionnaire listing 13 possible company audit objectives was administered to 500 auditors and 500 non‐auditors in Singapore. The overall response rate is 48.7% (i.e., 487). ANOVA and multiple comparison (SNK) results show that auditors perceive significantly more strongly than non‐auditors that giving a true and fair opinion and providing aid and advice on accounting matters are important and appropriate company audit objectives. On the other hand, non‐auditors perceive significantly more strongly than auditors that detecting and preventing major errors, fraud or illegal acts; satisfaction of the requirements of authorities; and ensuring the accuracy of financial accounts are important and appropriate company audit objectives. Overall, it can be concluded that an audit expectation gap with respect to company audit objectives exists between auditors and non‐auditors and that the latter place a significantly greater demand on audits and auditors than what auditors themselves perceive their roles and responsibilities to be.

Fairness and Solvency Opinions

This presentation comes from the Valuation of Closely Held Companies and Inactively Traded Securities conference held in Chicago, Illinois, on December 5, 1989.

Fairness Opinions: How Fair Are They and What Can Be Done about It?

Fairness opinions have become a regular feature of every major corporate control transaction. Whether in negotiated mergers,1 freeze-out mergers,2 hostile tender offers,3 friendly tender offers,4 self-tenders,5 leveraged buyouts,6 negotiated share repurchases,7 or negotiated sales of treasury stock,8 directors seek the blessing of investment banks before approving transactions or adopting defensive measures. These banks give their blessings in the form of fairness opinions, which usually consist of short letters that state an opinion about whether a proposed transaction is fair or adequate.' In addition, the banks often give presenta-

Investment Bankers' Fairness Opinions in Corporate Control Transactions

Investment Bankers' Fairness Opinions in Corporate Control Transactions

In re City of Tokyo 5 per cent. Loan of 1912—Plan for Resumption of Payment of Principal and Interest on the French Tranche of the Loan.

State Responsibility — For debts — Effect of suspension of payment and of fall in value of currency of repayment — Role of conciliator in effecting settlement — Fair and practical opinion — Relevance of earlier unimplemented settlement — Effect of war on settlement — Effect of non-performance of settlement.

Theodor Fontane as a Critic of the Novel

Fontane confessed on several occasions to a feeling of uneasiness in the presence of scholars, for he was always aware of the irregularity and meagerness of his education and of the consequent gaps in his knowledge. Nor did he believe that he deserved an eminent position as a critic. On the other hand, his long experience as journalist and as successful novelist, together with his wide acquaintance with European literature, make the critical utterances of the mature author particularly significant. But few of the scattered critiques which appeared in various journals, especially the Vossische Zeitung, during the author's lifetime, have been brought together in the posthumous volume of the collected works, under the title Literarische Studien and Eindrücke. However, these essays, with the valuable material found in the poet's correspondence, enable one to form a very fair opinion of Fontane's conception of the novel.