The original version of this paper, published in Asia-Pacific Journal of Accounting & Economics, Vol. 19, No.1 (2012), pp. 61–78, contained the following errors:
| • | The following JEL codes were missing after the keywords: D21, D40, M21, M41 | ||||
| • | On p. 74, line 2, there should be a colon after ‘proposition’. | ||||
| • | On p. 74, line 7, ‘Equation (25)’ should read ‘Equation (28)’. | ||||
| • | The following sentence should be added to the end of the Acknowledgements section: | ||||
This research was supported in part by a Faculty Research Grant from Rutgers Business School—Newark and New Brunswick.
| • | In the reference list, the reference by Huang, C.F. and Litzenberger, R.H., 1998 should be deleted. On p. 71, line 5, the second line of the equation should be corrected to read: | ||||
| • | In the Appendix, Equation (A4) should be set as shown below: | ||||
Taylor & Francis would like to apologise for these errors and for any inconvenience caused.