bluuebunny/crossref_metadata_2025 huggingface dataset:
What are we managing – knowledge or information?
Authors: Prabha Singh Shashi
Published: June 2007

Purpose

A good amount of literature has appeared on knowledge management, wherein, by and large, the concepts of information and knowledge are being used in an overlapping manner, as are information management and knowledge management. There seems to be a conceptual confusion as to what libraries are managing – information or knowledge? This paper proposes to examine this issue.

Design/methodology/approach

Based on a literature survey and the author's own teaching experience, the article tries to provide an answer to this simple but at the same time complex question. The subject scope is self‐explanatory as it deals with two basic aspects, i.e. IM and KM.

Findings

Based on certain characteristics, efforts have been made to produce a clear distinction between IM and KM. These findings are also presented in tabular form.

Practical implications

Today, KM has become an important activity in all organizations, particularly in the corporate sector. As a result, intangible assets are playing the role of key drivers and technology is a key enabler. To be successful in the emerging knowledge economy, new processes, skills, and techniques that help to generate, manage and handle new knowledge need to be developed and practised adequately by information specialists.

Originality/value

The paper provides a crystallization of ideas to avoid any confusion among students and LIS professionals.
Exploring KM features and learning in Iranian SMEs
Authors: Jafari Mostafa , Fathian Mohammad , Akhavan Peyman , Hosnavi Reza
Published: June 2007

Purpose

The main purpose of this study is to explore knowledge management and learning features in some Iranian small and medium‐sized enterprises.

Design/methodology/approach

A questionnaire was designed, applied and then analyzed using statistical methods. The results discuss various perspectives from the knowledge management point of view, and provide some important findings and a regression model to show the essential issues of the subject.

Findings

The learning factor was assumed as a dependent variable to carry out regression analysis with four factors: training; interactive participation of employees; flat structures in SMEs; and CEO support and commitment. The statistical analysis determined the four factors as important issues in the regression model. The results also showed that there is no relationship between organizational size and the need for knowledge management.

Practical implications

Most SMEs in Iran are still traditional. Their school of thought belongs to the industrial age and their efforts are not aligned to the knowledge era's requirements. Today's changes dictate a new model of thinking as a basic requirement. SMEs in Iran have to restructure their way of thinking towards a knowledge‐based paradigm for competitiveness and survival.

Originality/value

This study is probably the first to provide an integrated perspective of exploring knowledge management through Iranian SMEs. It gives valuable information and guidelines that hopefully will help SME leaders in decision making in the KM area.
Regulations and market trends in lead‐free and halogen‐free electronics
Authors: Nie Lei , Pecht Michael , Ciocci Richard
Published: June 2007

Purpose

This paper seeks to investigate the electronics industry's reaction to environmental regulations specifically in terms of lead‐free solders and halogen‐free flame‐retardants (FRs).

Design/methodology/approach

This work achieves its objective by discussing the various international environmental regulations pertaining to electronics manufacturing and relating the industry reactions to those regulations. It also provides the market trends related to lead‐ and halogen‐free products. The electronics industry is pursuing lead‐free solders and halogen‐free FRs, in part due to regulations. However, the paper includes examples of how the industry is successful in implementing environmentally friendly changes.

Findings

The authors compared regulations from Japan, the European Union, the USA, and China. While the regulations themselves vary in scope, industry actions to find alternatives do have common purposes. Electronics manufacturers recognize that environmentally motivated changes are beneficial in terms of waste minimization.

Research limitations/implications

Electronics manufacturers that are interested in green design will benefit from understanding present regulations. They will also benefit from the included examples of product and process improvement for the purpose of environmental compatibility.

Originality/value

This paper derives its perspective from a similar review of literature and company findings that the authors completed in 2006. As refinement of the regulations has continued, the electronics industry has developed improvements in basic materials and processes.
Lead/halogen‐free laminates and their effect on desmearing and metallisation
Authors: Patton Neil
Published: June 2007

Purpose

This paper aims to show critical processing issues observed for the newer restriction of the use of hazardous substances compliant laminate materials.

Design/methodology/approach

Several samples of the popular lead‐free and halogen‐free laminate materials were tested under laboratory conditions to ascertain their desmear characteristics in comparison to the standard FR4 and high Tg laminate materials available on the market. Literature searches and experiences in the field were used to give a supplier's point of view of the newer laminate materials.

Findings

The new directives forcing the exclusion of solder and restricting the use of halogens means that newer laminate materials have significantly different chemical and physical properties to laminates previously considered standard. These differences have a drastic effect on the desmearing process in general, making it more difficult to get high weight losses and, for almost all lead‐free materials, reducing the roughness that can be generated. This affects the copper/laminate bonding strength and so increases risks of blistering and hole wall pull away. Alternative approaches are required to improve this adhesion and one of these is to use a specifically designed low stress electroless copper with good adhesion properties.

Research limitations/implications

Most of the work was performed under laboratory conditions and, although mainly substantiated in production lines, can only be used as a guide. Owing to the large amount of different laminate materials, applications and processing techniques it is difficult to predict the full effect for every PCB manufacturer. In‐house testing should be performed by individual PCB manufacturers on each laminate material considered suitable for their technical requirements.

Originality/value

The paper details the main areas to concentrate on when desmearing and metallising newer laminate materials and suggests alternative approaches to improve the processing of these materials.
An integrated approach to electronic waste (WEEE) recycling
Authors: Dalrymple I. , Wright N. , Kellner R. , Bains N. , Geraghty K. , Goosey M. , Lightfoot L.
Published: June 2007

Purpose

This paper aims to present a review carried out under DEFRA‐funded project WRT208, describing: the composition of WEEE, current treatment technologies, emerging technologies and research.

Design/methodology/approach

This paper summarises the output from the first part of the project. It provides information on the composition of WEEE and an extensive survey of technologies relevant to materials recycling from WEEE. A series of further papers will be published from this research project.

Findings

WEEE has been identified as one of the fastest growing sources of waste in the EU, and is estimated to be increasing by 16‐28 per cent every five years. Within each sector a complex set of heterogeneous secondary wastes is created. Although treatment requirements are complicated, the sources from any one sector possess many common characteristics. However, there exist huge variations in the nature of electronic wastes between sectors, and treatment regimes appropriate for one cannot be readily transferred to another.

Research limitations/implications

A very large number of treatment technologies are available, both established and emerging, that singly and in combination could address the specific needs of each sector. However, no single set of treatment methods can be applied universally.

Originality/value

This paper is the first part of work leading to the development of technical strategies and methodologies for reprocessing WEEE into primary and secondary products, and where possible the recovery of higher added‐value components and materials.
Drum Side Treated Foil: Advanced Copper Foil Technology for Multilayer Printed
Circuit Board Applications
Authors: Bergum E.J.
Published: June 2007

Drum Side Treated Foil is an electrodeposited copper foil with the adhesion promoting treatment applied to
the drum, or shiny side, instead of to the more typical matte side. The treated drum side is then
laminated to the core prepreg, leaving the matte side exposed. Advantages of this
technology, compared with standard copper foil, include: Simplified, non‐subtractive pre‐cleaning, eliminating the need for microetching, pumice
cleaning or mechanical scrubbing; improved resist adhesion for
higher innerlayer yield; ultra‐low profile for cleaner
etching and improved line definition; higher oxide‐to‐prepreg
bond strength for improved board reliability; improved
controlled impedance consistency and predictability. A technical description of Drum
Side Treated Foil’s inherent advantages, processing recommendations and results of several case
studies comparing printed circuit board yields with Drum Side Treated Foil vs standard foil are
presented in this paper.
A Newly Developed System for Small Annular Ring Formation
Authors: Masaoka K. , Tanaka Y. , Kobayashi H.
Published: June 2007

Fine line circuitry has become much more common in printed wiring board manufacturing during the past decade. Manufacturers are currently producing 4 or 5 conductor lines between circuits. Line definition is 100 μm line and
space and high yields in manufacturing must be achieved when small land through‐holes with
small annular rings are now being fabricated to meet the requirements of high density circuits by plating,
hole filling and so forth. This company has found that a newly developed
combination of vacuum lamination and primary imaging dry film which is suitable for small annular ring
formation will offer advantages not available with current technologies. It has advantages such as more
than 60 μm encapsulation of resist into through‐holes, no ten breakage when incorrect
registration of phototool with 130 μm occurs and availability of 2.5 m/min lamination speed. The Hi‐VS System will make it possible to obtain higher yield in very fine line fabrication.
A Cost Comparison of New MCM Technologies
Authors: Singer A.T.
Published: June 2007

In the course of technology development, decisions must be made about the nature of future progress. To aid in this decision‐making process, Technical Cost Modelling has evolved from traditional cost modelling methodologies in order to accurately predict the dynamics of a system of manufacture. As an example of the utility of this methodology, a new MCM technology has been chosen for cost analysis: deposited dielectric on laminate (MCM‐D/L) electronic packages. For this illustration, the cost drivers are determined and cost/performance trade‐offs with MCM‐D and MCM‐L analysed. With this disciplined approach to cost prediction, technology development cost issues can be decided thoroughly yet fairly quickly.
Controlled Thermal Expansion Printed Wiring Boards based on Liquid Crystal Polymer
Dielecrics
Authors: Jayaraj K. , Noll T.E. , Blizard K.
Published: June 2007

L iguid crystal polymer
(LCP) dielectric materials have been used to fabricate surface mount PWBs with a
coefficient of thermal expansion matched to leadless ceramic chip carriers. Proprietary and patented
polymer processing technology results in self‐reinforcing material with balanced
in‐plane mechanical properties. In addition, LCPs possess excellent electrical properties,
including a low dielectric constant (∼3) and very low moisture absorption (<
0.02 %). Laser drilling of blind vias in the LCP dielectric provides a very high density for
use in direct chip attach and area array packages. Modelling indicates that the high
out‐of‐plane CTE of LCPs does not affect the reliability of the
plated‐through‐holes vias. RF characterisation indicates that the material is suitable up
to very high frequencies. The material is ideally suited to MCM‐L and PCMCIA applications
involving very thin dielectric layers of the LCP.
Using Polymer Thick Film for Cost‐effective EMC Protection on PCBs for Automotive Applications
Authors: Saltzberg M.A. , Neller A.L. , Harvey C.S. , Borninski T.E. , Gordon R.J.
Published: June 2007

Higher densities and concerns for human health are driving the need for better EMC
protection on PCBs in automotive applications. Simultaneously, there is a strong need to reduce circuit
costs. Ford, Circuit Wise and Du Pont have worked together to develop the use of polymer thick film
(PTF) conductors to provide EMC protection in automotive circuits at a fraction of the cost
of adding additional conventional ground plane layers. This paper will discuss the reliability and
electrical performance of this approach. The PTF approach is fully compatible with conventional PCB
fabrication and assembly processes, including hot air solder levelling and surface‐mounting,
and gives EMC protection comparable to or better than that of additional copper ground planes.
High Speed Laser Ablation of Microbial Holes in Non‐woven Aramid Reinforced
Printed Wiring Boards to Reduce Cost
Authors: Weinhold M. , Powell D.J.
Published: June 2007

Emerging ‘chip‐size’
packages, and bare flip‐chips, require new substrate properties if high lead count chips are to
be reliably interconnected on printed wiring boards and multichip modules at low cost. Blind via holes
have been shown to increase interconnect density significantly without adding layers which contribute to
high cost. Until recently, the use of blind vias has been limited to high‐end applications since
standard fabrication methods, either sequential lamination or controlled depth drilling, are too slow and
expensive for most high volume commercial applications. To maintain a low layer count while
interconnecting higher I/O packages, commercial and consumer electronics require a substrate
technology which supports high speed, micro‐via hole formation. This paper describes a process for fabricating high speed micro‐vias in dimensionally stable
non‐woven Aramid reinforced laminates using laser ablation technology. Laser equipment
capable of producing over 100 blind micro‐via holes per second is discussed. The process
steps of hole cleaning and plating are reviewed, showing how existing PWB manufacturing technologies
can be used. This process is compared with other methods of generating small holes and blind vias in
printed wiring boards. In addition, requirements for flip‐chip and chip‐size packages,
including a coefficient of thermal expansion of <10 ppm/°C and thin laminate dimensional
stability of <0.03%, are explained.
Morphology and Stability of Electrochemically Generated Copper Layers: The Effect of Electron Transfer and Nucleation Kinetics
Authors: Wünsche M. , Meyer H. , Schumacher R.
Published: June 2007

This paper reports on a method forin‐situobservation of the morphology and stability of electrochemically generated metal layers. This information is obtained by comparing topographical and kinetic data. The method is based on coulometric, microgravimetric and optical measurement performedin situon vertically growing electrodes. Measurements are obtained simultaneously from the same surface area.
A country and/or international organisation faced with a big disequilibrium
Authors: Rugina Anghel N.
Published: June 2007

Examines the economy of Southeast Asia during the period 1997 to 1999 against a background of socio‐economic theory and a transition from disequilibrium to general stable and equilibrium conditions. Discusses solutions towards establishing self‐regulating mechanisms needed for a free, just and stable economy and society: reform of officially organized securities commodities and foreign exchange makets; reform of the public budget and budgetary policies; and reform of the foreign exchange system and internaitonal commercial and financial relations.
A plan for a free, just and stable European Monetary and Economic Union (1976)
Authors: Rugina Anghel N.
Published: June 2007

Explores how European monetary systems have become an heterogeneous conglomerate with the passing of time, questioning the failures of the modern gold standard and the international monetary fund. Asks what kind of monetary and economic union is desirable, examining the choice in terms of the monetary and economic systems. Offers practical measures for the realization of a free and stable monetary and economic union which can be taken at community and national levels. Concludes with an examination of the problems of the accumulated US dollar in European central banks.
1. Nobel Laureate: Ragnar A.K. Frisch (1895‐1973)
Authors: Rugina Anghel N.
Published: June 2007

Elaborates on dialogue between Laureates Ragnar Frisch and Jon Tinbergen with regard to an evaluation of their judicious contributions to the science of economics (the two were first recipients of the economic science prize in 1969). Investigates the open conflict between classical and modern modes in reasoning in economics. Gives an in‐depth summation of the lecture by Frisch.
5. Nobel Laureate: Kenneth J. Arrow (1921‐ )
Authors: Rugina Anghel N.
Published: June 2007

Looks at Arrow’s early background in New York and his subsequent development in the field of econometrics and mathematical economics. Covers his work in depth and his achievements in the school of thought of economics, adding that the modern school of thought is complementary to the classical school.
7. Nobel Laureate: Wassily Leontief (1906‐1999)
Authors: Rugina Anghel N.
Published: June 2007

Focuses on Wassily Leontif’s early upbringing in St Petersburg (Leningrad), and his education at the university there. Continues with his various overseas postings that followed with time. Mentions his famous connection with the formulation and application of the input‐output method.
Food security and human development
Authors: Gani Azmat , Chand Prasad Biman
Published: June 2007

Purpose

The purpose of this paper is to provide empirical evidence of food security and human development inter‐relationships for a sample of low‐income countries.

Design/methodology/approach

The analytical procedure involves the estimation of a reduced form equation utilising cross‐country data that relates human development to food security indicators.

Findings

Empirical results confirm a positive correlation between food availability, calories and protein supply and human development. Food accessibility, measured by food prices and vulnerability are found to be negatively correlated with human development.

Practical implications

The implication of the findings is that poor countries should increase efforts to enhance agricultural production through an operational emphasis on farmers at a risk of food insecurity – especially low‐income small holders and women farmers.

Originality/value

The paper examines the effect of food security on human well being.
Do government expenditures increase private sector productivity?
Authors: Hjerppe Reino , Hämäläinen Pellervo , Kiander Jaakko , Viren Matti
Published: June 2007

Purpose

To analyse productivity of public expenditures; especially to find out the effect of human capital investment on private sector productivity.

Design/methodology/approach

Several measures of public sector capital stock are constructed. These measures are used in testing the effects on private sector productivity. Empirical analysis makes use of cross‐country panel data and utilizes various panel econometric methods.

Findings

The main finding is that public sector capital has a positive impact on private sector productivity. Some evidence is provided to the hypotheses that also human capital that is generated within the public sector increases private sector productivity.

Research limitations/implications

There are a lot of measurement problems with the cross‐country data. Also the non‐stationarity of data creates some estimation problems. These may have some impact on the quantitative, but perhaps not on qualitative, nature of results.

Originality/value

Relatively few analysis have made in this area; this is true in particular with comparative (cross‐country) analysis.
Beyond the formal/informal economy binary hierarchy
Authors: Williams Colin C. , Round John , Rodgers Peter
Published: June 2007

Purpose

This paper aims to evaluate critically the conventional binary hierarchical representation of the formal/informal economy dualism which reads informal employment as a residual and marginal sphere that has largely negative consequences for economic development and needs to be deterred.

Design/methodology/approach

To contest this depiction, the results of 600 household interviews conducted in Ukraine during 2005/2006 on the extent and nature of their informal employment are reported.

Findings

Informal employment is revealed to be an extensively used form of work and, through a richer and more textured understanding of the multiple roles that different forms of informal employment play, a form of work that positively contributes to economic and social development, acting both as an important seedbed for enterprise creation and development and as a primary vehicle through which community self‐help is delivered in contemporary Ukraine.

Research limitations/implications

This survey reveals that depicting informal employment as a hindrance to development and deterring engagement in this sphere results in state authorities destroying the entrepreneurial endeavour and active citizenship that other public policies are seeking to nurture. The paper concludes by addressing how this public policy paradox might start to be resolved.

Originality/value

This paper is one of the first to document the role of informal employment in nurturing enterprise creation and development as well as community exchange.
Poverty profile and correlates of poverty in Ghana
Authors: Adjasi Charles K.D. , Osei Kofi A.
Published: June 2007

Purpose

This paper's purpose is to examine the nature and correlates of poverty in Ghana.

Design/methodology/approach

Using the most recently published household living standards survey; the paper computes poverty indicators using the Fosteret al., and Theil's inequality indicators to examine the nature of poverty. It also does a qualitative analysis on the nature of poverty by examining access to social amenities by households. Finally, based on standard empirical literature the paper runs an ordinary least squares and a probit regression to determine the correlates of poverty.

Findings

Most households rely on wood fuel, do not have access to tap water and live in rooms rather than full apartments. Expenditure inequality is high and greater in the rural areas compared to the urban areas. Inequality within locations appears to be the main source of national inequality. A household is less likely to be poor if the head is educated, as well as if the household is urban based. Again, households with heads employed in the clerical, sales, services, and agricultural sectors are more likely to be poor compared with those employed in the administrative and managerial sectors.

Research limitations/implications

The paper is based on a static analysis of poverty; the absence of a panel household survey makes it difficult to examine the dynamics of poverty.

Originality/value

This paper provides a comprehensive and holistic examination of the nature of poverty in Ghana. It looks at poverty within various sectors of an economy by simultaneously examining the issues both from quantitative and qualitative perspectives
Measuring performance: differences between capitalist and labour‐owned enterprises
Authors: Melgarejo Zuray , Arcelus Francisco J. , Simon Katrin
Published: June 2007

Purpose

The purpose of this paper is to test whether performance differences between labour‐managed (LOFs) and mercantile (PCFs) firms are due to the measures used in the comparison, rather than to their distinct capital‐ownership configurations.

Design/methodology/approach

Tests for the equality of two means and two variances of a variety of performance measures were used to ascertain whether differences between LOFs and PCFs firms are due to the measures used in the comparison, rather than to their distinct capital‐ownership configurations

Findings

The indicators analyzed do not provide either type of organizational structure a definite superiority in either short‐economic performance or in short‐term profitability and the profitability indicators assign as good a chance of survival to LOFs as to PCFs of similar size, even if the analysis of their respective debt structures indicates some clear limitations on their growth prospects.

Practical implications

The paper stresses the importance of using proper measures of the performance of LOFs, to avoid a common practice of being short‐changed in their evaluation of their economic performance, profitability, return of labour and financial structure.

Originality/value

The study will be useful to the worker‐owners of the LOFs and to those evaluating their performance, such as lenders, regulators, other public officials and the like.
European integration and the erosion of the nation‐state
Authors: Simonis J.B.D.
Published: June 2007

Ultimately the diversity of social, political and economic
interests in the enlarged European Union will lead to an increasing
application of techniques of differentiated integration and
co‐ordination between member states. At the same time, the
administrative relations within the western European states will also be
revised. This entails processes of territorial and functional
decentralization and of decentralization of activities to the market.
What will emerge is a still unknown, strongly differentiated
administrative structure within and between the European nation‐states.
Such a structure appears to provide considerable room for innovation and
initiatives, but it also raises the question of whether or not the new
situation can be reconciled with the requirements of the familiar social
constitutional state.
Shortages, interest rates and money demand in Poland, 1969‐1993
Authors: Nijsse Erwin , Sterken Elmer
Published: June 2007

Applies a modified Keynesian money demand function to household money demand in Poland from 1969 to 1993. Co‐integration between the demand for broad money, income and shortage, despite the regime shifts during the 1980s and full liberalization of the Polish economy in the beginning of 1990. Compared to other studies, pays much attention to empirical evidence concerning portfolio arguments in the money demand function. Because the Polish economy has developed from a cash into a savings economy, over the sample period, observes an increase in price and interest rate elasticities of the demand for different financial assets.
The free trade agreement between the European Union and the Gulf Co‐operation Council: an overview and implications
Authors: Al‐Khatib Jamal A. , Nêveda DaCosta Maria Manuela , Anaam Hashmi M.
Published: June 2007

Assesses the economic strengths and weaknesses of the six member states of the Co‐operation Council for the Arab States of the Gulf (GCC) and the patterns of trade between these states and the European Union (EU): the GCC’s largest trading partner. Explains the tariffs applied by the GCC states and the provisions of the EU‐GCC Free Trade Agreement; and considers its implications for trade, tariff revenues, industry, development prospects and political stability. Believes that it will contribute positively to the GCC and EU economies and help to reduce “tension between east and west”.
“Too big to downgrade”: the response of financial analysts to bond downgrades of money center banks
Authors: Schweitzer Robert , Szewczyk Samuel H. , Varma Raj
Published: June 2007

Outlines previous research on the effects of bond rating changes on the share prices of US banks, noting opposing views on whether they contain new information. Examines revisions in analysts’ earnings forecasts for downgraded and non‐downgraded banks (separating regional banks from large money centres) to test the value of this information using 1981‐1991 data on 14 downgrades of money centre banks; and explains the methodology used. Shows that downgrades affected forecasts for the downgraded banks and other money centre banks but not for regional banks. Concludes that bond rating agencies assist market discipline by providing useful information on risk.
Cost efficiency and scale/scope economies among S&Ls
Authors: Saxena Atul K. , Subrahmanyam Vijaya
Published: June 2007

Reviews the literature on economies of scale and scope in savings and loan institutions and uses 1980‐1987 US data to explore the cost effects of simultaneous production of outputs (mortgage loans, other loans and deposits), the impact of size and product‐specific economies of scale. Includes interest as a non‐operating cost and divides the sample into four groups based on asset values. Shows that total costs rose faster than assets, deposits or loans over the period; that there are product‐specific diseconomies of scale for deposits and loans‐ and that economies of scope were made by the larger firms following deregulation.
External audits and the impact of loss of reputation on agency costs: an empirical investigation
Authors: Kuhlemeyer Gregory A. , Cary Collins M. , Black Harold A.
Published: June 2007

Refers to previous research on the effects of poor external audits on agency costs to shareholders and takes the 1991 disciplinary action by the US Securities and Exchange Commission against Ernst and Young (re the Republic Bank) as an example to examine the effect on its other audit clients and on financial institutions. Uses event study methods to show that there were no statistically abnormal returns for financial institutions or for Ernst and Young’s audit clients; but significant negative returns for firms audited by non‐big six auditors.
Risk management with duration analysis
Authors: Fooladi Iraj J. , Roberts Gordon S.
Published: June 2007

Outlines the development of duration as a risk management tool for fixed income securities, shows how it is calculated and gives examples to illustrate its use in assessing risk exposure and immunizing bond portfolio returns against interest rate risk. Cites research confirming its effectiveness and goes on to discuss the application of duration gaps to balance sheet hedging (macrohedging) by financial institutions and the New Zealand government. Considers some complications of duration analysis due to convexity, stochastic process risk and default risk.
Risk adjusted performance measurement and capital allocation for trading desks within banks
Authors: Ploegmakers Hein , Schweitzer Mark , Tourani Rad Alireza
Published: June 2007

Compares four risk‐adjusted performance measures and explains their importance, to banking in particular. Applies the risk‐adjusted return on capital (RAROC) measure to five product classes at several branches of an international bank for six months, finds considerable differences between required and actual RAROCs and investigates the reasons why. Discusses both exogeneous factors (e.g. trading terms). Believes that banks can improve their internal capital markets by using risk‐adjusted performance measurement.
Taiwan: a tiger increasingly at bay but still ferocious
Authors: Wong Yim‐Yu , Maher Thomas E. , Nicholson Joel D. , Chen Chi‐wen
Published: June 2007

Assesses the effects of the Asian economic crisis on Taiwan and identifies some reasons why it has been less dramatically affected than other Asian countries. Discusses its actual and planned policies aimed at strengthening the economy further by maintaining currency stability, improving competitive strengths in both hi‐tech industries and manufacturing, entering new export markets, stimulating domestic demand and reforming financial institutions and regulations. Recognizes the political threats it faces but believes that increasing trade with and investment in China has reduced them.
Transition of the role and structure of mass media in China and some implications for advertising strategy
Authors: de B. Wijnholds Heiko
Published: June 2007

Considers the effects on the mass media of China’s transition to a more open economy and the strategies which advertisers might use to overcome the problems it presents. Describes the media available (including the unofficial “black route”, the official but restricted private sector “white route”, and the state “red route”) and lists the challenges which advertisers face in using them. Suggests some strategies and practices which can help to overcome them and some hypotheses on future media use. Calls for further research in this area.
The impact of the Asian economic crisis in Thailand
Authors: Julian Craig C.
Published: June 2007

Traces the economic development of Thailand since 1945, referring to relevant research, and analyses the reasons why it was the first Southeast Asian country to collapse in the 1997 economic crisis: large current account deficits, excessive external debt, a collapse in the property sector, exchange rate mismanagement and political instability. Considers its future prospects and shows statistics on economic growth and inflation for the world as a whole and various countries and groups within it.
Joint ventures in China – accounting implications
Authors: Blake John , Gao Simon , Wraith Philip
Published: June 2007

Illustrates the growth of foreign investment in China, which is most often dealt with through Chinese‐foreign equity joint ventures and discusses the business issues involved. Traces the development of the Chinese accounting system, which is now largely in line with international standards, and identifies four accounting issues for foreign partners in joint ventures. Warns that the evaluation of a proposition must take into account the different accounting standards applied to previous accounts, the time needed to get an investment running effectively and possible legal problems in the home country from personal favour. Points out that the consolidation of joint venture accounts is not straightforward and recommends that the accounting rules which apply to contracts should be specified.
Hooking‐up: a unique feature of China Public Accounting Firms
Authors: Dai Xinmin , Lau Amy H. , Yang Ji‐liang
Published: June 2007

Explains why, following China‘s implementation of a market economy, public accounting firms were required to affiliate (hook‐up) with existing government or educational institutions until 1993 when partnerships and limited liability firms were also allowed. Describes the rules relating to independent accounting firms and changes which should foster their development but reports that, in fact, most firms are still affiliated. Discusses the reasons for this and the resulting problems, e.g. lack of competition and independence, low quality of service and increases in fraud, misrepresentation and under‐disclosure. Reveals that despite the 1995 exposure draft on eliminating the hooking‐up structure few de‐affiliations have taken place and identifies four problems which need solving if full de‐affiliation is to be achieved.
Harmonisation trends in chinese accounting and remaining problems
Authors: Ding Yuan
Published: June 2007

Provides an overview of accounting reform in China since 1993, illustrates the structure of the current (juridicial‐based) accounting system and lists the accounting standards being developed. Contrasts historical Chinese accounting methods with current attempts at international harmonization and identifies some remaining peculiarities, e.g. the dominance of the state, limited application of the prudence principle etc. Criticizes the lack of coherance in accounting regulation and the failure of accounting practice to comply with accounting standards and auditing requirements.
Testing the contrarian investment strategy using holding period returns
Authors: Dahlquist Julie R. , Broussard John P.
Published: June 2007

Reviews previous research on contrarian investment strategy (i.e. buying “losers” and selling “winners”) and analyses the results of applying the strategy to US stocks 1928‐1992. Explains the methodology and presents the results, which show no statistically significant holding period returns from the strategy, although selling the “winners” is significant. Considers the implications and limitations of the study and calls for further research.
The investment value of analysts’ recommendations: evidence from the dartboard contest
Authors: Ferraro Steven R. , Stanley Darrol J.
Published: June 2007

Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in the Wall Street Journal’s “Dartboard” contest 1990‐1996, four randomly selected shares and the Dow Jones Industrial Average. Finds the analysts’ portfolio has the highest average returns and standard deviation; and that although some individual analysts have excellent scores in the contest, this is inversely related to the number of times they participate. Suggests that they do not significantly outperform other portfolios, but that contest winners’ tips have significant effects on the market, especially for non‐listed shares. Assesses the implications of the results for the efficient market hypothesis and the share prices of firms with higher asymmetric information.
An empirical test of tournament theory: the Senior PGA Tour
Authors: Melton Michael , Zorn Thomas S.
Published: June 2007

Using data from the Senior PGA Tours we analyze the incentive effects of rank order tournaments. Previous studies using data from the PGA Tour reached conflicting conclusions. To resolve the issue, the Senior PGA Tour was chosen for its unique format where players are not cut from the tournament before completion, eliminating any survival bias. The findings support the hypothesis that the level of prizes in Senior PGA tournaments influences players’ performance, indicating that tournaments can be used to motivate performance.
Professional golf: labor or leisure
Authors: Gilley Otis W. , Chopin Marc C.
Published: June 2007

Although most labor and microeconomic textbooks contain a theoretical discussion of the backward‐bending labor supply curve, scant empirical evidence of this phenomenon exists. In this paper we investigate the behavior of PGA golf professionals as they make labor‐leisure choices for performing on the PGA Tour. Using tournament theory to model this labor market and data from tournament performances over three seperate years, we find significant evidence that higher paid PGA Tour players do indeed operate in the backward‐bending region of their labor supply curves.
NBA players: are they paid for performance?
Authors: Sigler Kevin J. , Sackley William H.
Published: June 2007

This paper studies the relationship between NBA players’ salaries and their performance on the basketball court. In other industries executive compensation has been found to have a weak yet significant link to company performance. We find a positive and significant relationship between an NBA player’s salary and a player’s points per game and rebounds per game for 1997‐98 basketball season. These results may be improved by considering qualitative factors and including more years of data.
CEO influences and executive compensation: large firms vs. small firms
Authors: Joe Ueng C. , Wells Donald W. , Lilly Juliana D.
Published: June 2007

Prior research has investigated determinants of CEO compensation. However, that research has been primarily limited to large firms. This study investigates the impact of CEO influence over the board of directors on CEO pay for both large and small firms. Additionally, other determinants of CEO pay for both large and small firms are examined. Results suggest that CEO influence over the board significantly affects CEO pay for large firms. However, we do not find the same evidence for small firms. Firm size is the prinmary factor of CEO pay for small firms. Evidence in this study suggests that CEO pay of large firms is mostly a function of CEO influence over the board, firm size and firm performance.
An investigation of the relationship between Dutch auction repurchase tender offers and cash dividend payments
Authors: Forjan James , Durr David , Thesis John
Published: June 2007

It is well established in academic literature that self‐tender offers and corporate dividends can be used independently to effectively signal firm value. It is unclear, however, whether these two forms of earnings distributions can be used simultaneously. This paper is an empirical examination of the relationship between dutch auction repurchases and corporate dividend policy. This research indicates that a substantial number of firms choose to repurchase their shares in the form of dutch auctions between dividend payments. Because signalling is a likely motivation for both repurchases and cash dividends, these two events may not be independent of each other. The results of this study confirm positive stock market reaction to repurchase announcements and that firm prediction errors are significantly related to signaling variables.
Corporate governance, managerial strategies and shareholder wealth maximization: a study of large European companies
Authors: Dockey E. , Herbert W.E. , Taylor K.
Published: June 2007

Discusses the agency issues underlying corporate governance, refering to research on managerial attitudes/incentives for maximizing shareholder value and pressures to align the interests of directors and shareholders. Reports a survey of finance executives in 175 large firms in 7 EU countries to analyse their strategies and the influence of pressure groups on strategy choice. Shows that market leadership and increased operating margins are the most successful operating strategies; changing productive capacity, generating new/better products and buying business with complementary products are the best investment strategies; and a leveraged buyout is the most effective capital strategy to maximize shareholder returns. Adds that UK managers (like US managers) have a shorter term focus than other European managers, perhaps because their relationships with institutional investors are less close.
Corporate governance and enterprise restructuring in transition economies: evidence from privatized Polish companies
Authors: Dockery E. , Herbert W.E.
Published: June 2007

Suggests that the corporate governance (CG) systems of transition economies in Eastern Europe may differ from those of industrialized countries and describes the governance system in Poland, which uses National Investment Funds (NIFs) under supervisory boards and the Treasury to deal with the restructuring of enterprises to be privatized. Outlines the financial market environment in Poland and the NIFs’ role within it; and discusses the CG issues arising from the relationships between the NIFs and the supervisory boards. Recognizes the problems involved but doubts whether the use of UK/US or german CG systems would solve them. Hopes that the paper will provide a basis for further research.
Quantity versus quality of directors’ time: the effectiveness of directors and number of outside directorships
Authors: Li Joanne , Ang James S.
Published: June 2007

Outlines the role of directors and previous research on their selection, reputation, relationship to firm performance and multiple directorships, noting criticism of those who sit on many boards. Develops hypothese on the value directors provide through their time and expertise and tests them on a sample of 121 US firms being targeted for takeover 1989‐1993 to explore the link between pre‐offer and post‐offer firm performance and the number of directorships held by their directors. Presents the results, which suggest that directors with less time (i.e. more directorships) do not necessarily provide worse routine monitoring or lead to lower merger premiums. Recognizes some other factors affecting interpretation and calls for further research.
Insider control by large investor groups and managerial disciplining in listed Belgian companies
Authors: Goergen Marc , renneboog Luc
Published: June 2007

Defines corporate governance, describes the special characteristics of Belgian companies and presents a study of the disciplining of bad management in 165 companies listed on the Brussels stock exchange 1989‐1996. Finds that poor share price performance is generally linked to a higher turnover of directors except in holding companies and that several measures of poor accounting performance are linked to higher director and CEO turnover, although there is more resistance to this in large companies and less in those with a higher proportion of non‐executive directors or total/foreign ownership. Shows that negative after‐tax earnings lead owners with strong monitoring abilities (e.g. holding companies) to increase their stake while others (e.g. families and institutional shareholders) reduce it; and that CEO replacement is followed by increased dividends. Summarizes the findings, noting the differences between the finance sector and others.
On the valuation of common and preferred shares in Germany: new evidence on the value of voting rights
Authors: Fatemi Ali , Pieter Krahnen Jan
Published: June 2007

Outlines the special characteristics of preferred shares in Germany, notes that ordinary shares are valued at substantially higher figures and presents a study of the pricing of both types for 58 German companies 1990‐1993. Refers to previous research to develop hypotheses on reasons for the common share premium and an explanatory model which is then applied to the data. Finds that larger premiums are associated with higher ownership concentration and lower trading but not to the proportion carrying voting rights or the cumulative preferred dividends in arrears; and that they are significantly reduced if a family or financial institution is a major shareholder. Goes on to show that where a family is the largest blockholder the premium increases with liquidity but for a financial institution, liquidity reduces the premium. Considers the underlying reasons for this and consistency with other research.
Convergence of corporate governance systems
Authors: Carati Guido , Tourani Rad Alireza
Published: June 2007

Differentiates market (e.g. USA) from group‐based (e.g. Germany) corporate governance systems, traces their evolution and asks whether they are converging. Puts forward a theoretical convergence model based on the belief that agency problems can best be solved by specific corporate control mechanisms, recognizing that it would demand more changes from group‐based than from market systems. Examines current trends for both relating to institutional/regulatory environments, the market for corporate control and the focus on shareholder value creation/activism. Presents statistics from the USA, UK, Germany and France to show their trends towards the convergence model and discusses them in some detail. Concludes that they have all moved towards the model although in different ways and at different rates.
Understanding fraud in the accounting environment
Authors: Riahi‐Belkauoi A. , Picur R.D.
Published: June 2007

Looks at fraud and crime in the accounting world. States that beside the conflict approach there are also the ecological theory, cultural transmission theory, and anomie (normlessness or lack of regulation), which can explain deviant behaviour. Gives a framework for fraud in accounting, listing the six points where corporate fraud, white‐collar crime, fraudulent financial reporting and audit failures most often occur. Conclusions given are that greater concern is being shown for business ethics — particularly in the USA.