bluuebunny/crossref_metadata_2025 huggingface dataset:
Mycoplasma and host interaction: In vitro gene expression modulation in Mycoplasma synoviae and infected chicken chondrocytes
Authors: Cizelj Ivanka , Dušanić Daliborka , Benčina Dušan , Narat Mojca
Published: February 2016

The complex interplay between Mycoplasma synoviae and chicken chondrocytes (CCH), which come into direct contact during infectious synovitis, has been examined at the level of gene expression. Our previous studies demonstrated a significant influence of M. synoviae on the level of CCH gene expression. Here, we show for the first time that in vitro co-cultivation of M. synoviae and CCH also induces upregulation of gene expression in this mycoplasma. We observed significantly increased expression of genes important for M. synoviae pathogenicity, including cysteine protease cysP, neuraminidase nanH, haemagglutinin vlhA, and the putative nuclease MS53_0284. Moreover, the pattern of gene expression was dependent on the infection environment. In CCH, significant changes in the expression of genes encoding catabolic enzymes of the cartilage extracellular matrix (cathepsins B, K and L, aggrecanase ADAM10, and matrix metalloproteinase MMP2) were demonstrated. Infection of CCH with M. synoviae also elevated the expression of the gene encoding peptidyl arginine deiminase, type III (PADI3), which is responsible for the post-translational citrullination of proteins.
Experiences with Hermann’s tortoise (Testudo hermanni) microchipping in Slovenia — Short communication
Authors: Dovč Alenka , Stvarnik Mateja , Mavri Urška , Gregurić-Gračner Gordana , Tomažić Iztok
Published: February 2016

This study describes experiences obtained with microchipping of Hermann’s tortoises in Slovenia. Over a period of three years, a total of 5,128 Hermann’s tortoises from parental breeding stock were microchipped. Microchips were implanted subcutaneously in the left inguinal region. During the application of microchips, males were bleeding in 2.6% and females in 1.4% of the cases. Bleeding frequency was related to sex, animal size and environmental temperature at the time of microchipping. The presence of microchips was followed up over a period of several years. At the control check conducted a few years later, all previously microchipped tortoises were included. Out of the entire parental breeding stock, 235 (4.6%) had lost their microchips, thus 63 males (5.7%) and 172 females (4.3%) were unmarked. The possible reasons for microchip loss are migration or inactivity of the implanted microchips.
Effect of goserelin and leuprolide added to the semen on reproductive performance in rabbits — Short communication
Authors: Gogol Piotr
Published: February 2016

The aim of this study was to evaluate the ability of two synthetic GnRH analogues, goserelin and leuprolide, to induce ovulation in rabbit does using intravaginal administration. A total of 252 primiparous lactating does were randomly divided into five groups that, at the time of insemination, received the following treatments for ovulation induction: 1 µg of buserelin administered intramuscularly (control group), 5 µg of goserelin added to the semen dose (Group G5), 10 µg of goserelin added to the semen dose (Group G10), 5 µg of leuprolide added to the semen dose (Group L5), and 10 µg of leuprolide added to the semen dose (Group L10). The kindling rate was 80.5% in Group G10 and 75.0% in Group L10; these values are comparable to the kindling rate obtained in the control group (85.9%). The kindling rates in Groups G5 and L5 were significantly lower than in the control group (60.0%, 54.2% and 85.9%, respectively). The number of live-born rabbits was not significantly affected by the ovulation induction treatment. As regards the total number of rabbits born the only significant difference was observed between Groups G5 and L5. This study shows the possibility of inducing ovulation in rabbits by adding goserelin and leuprolide directly to the semen dose.
Area development conception of the Jagiellonian University collegium medicum — Prokocim
Authors: Gradka Robert , Kotlarz Paweł , Litwin Urszula
Published: February 2016

The main aim of the paper was to elaborate a conception of spatial development around dormitories of the Jagiellonian University Collegium Medicum located in Prokocim – one of Krakow
quarters. The area that is being elaborated comprises public space of academic commune which
lives there. Lack of possibility to spend free time in the closest neigbourhood together with special landscape values and a very bad state of buildings and also outdated infrastructure became
inspiration to create this conception. The task was characterized by works’ multi-stages and its
main goal was to create favourable conditions of functioning and friendly space for its inhabitants. Special attention should have been paid to demands concerning architecture, environment
and landscape values with simultaneous preserving of economic balance while planning the
conception. Planned assumption of modernization and development of objects and not only
sporting and recreational ones can become a response for inhabitants’ expectations and needs in
the range of free time realization and spending.
A Novel Technique for Immediate Loading Single Root Form Implants With an Interim CAD/CAM Milled Screw-Retained Crown
Authors: Proussaefs Periklis
Published: February 2016

A technique is described where an interim abutment and crown are fabricated in the laboratory by utilizing computer-aided design/computer-aided manufacturing (CAD/CAM) technology and placed the day of dental implant surgery. The design and contours of the interim crown are designed by the computer software to be identical to the contours of the tentatively designed definitive prosthesis. The interim crown satisfies esthetics immediately after dental implant surgery while allowing the tissue to heal and obtain contours similar to the contours of the definitive prosthesis. The interim crown can be either cement retained or screw retained. The presented technique describes fabrication of a screw-retentive interim crown. After osseointegration is confirmed, a definitive impression is made with a CAD/CAM impression coping. The definitive prosthesis is then fabricated.
Agronomic characteristics, isoflavone content and Kunitz trypsin inhibitor of vegetable soybean genotypes
Authors: Castoldi Renata , Charlo Hamilton César de O , Vargas Pablo F , Braz Leila T , Carrão-Panizzi Mercedes C
Published: February 2016

Five vegetable soybean genotypes were evaluated for agronomic characteristics, functional and antinutritional properties. The experiments were conducted in the field, in the School of Agricultural and Veterinary Sciences, in Jaboticabal, São Paulo State, Brazil. The experimental design was a randomized block design with five treatments (genotypes) and four replications. The genotypes JLM003, JLM004, JLM010, JLM024 and JLM030 were evaluated in the following characteristics: number of pods per plant, number of seeds per pod, fresh weight of pods per plant (g), fresh weight of 100 seeds (g), estimated total yield of immature seeds (kg ha-1), moisture content, proteins, lipids, ash, carbohydrates, isoflavones and Kunitz trypsin inhibitor. In the assessment of the major agronomic traits, in the conditions of this study, the genotype JLM010 was the most recommended for the region of Jaboticabal. This genotype showed better agronomic characteristics of production as a vegetable, producing 136.04 g of fresh weight of pods per plant, 92.52 g of fresh weight/100 seeds and 11.12 t/ha of total immature seeds, and better functional properties.
TE e LHE como clíticos acusativos de 2ª pessoa em cartas pessoais cearenses
Authors: Araújo Francisco Jardes Nobre de , Carvalho Hebe Macedo de
Published: February 2016

Este estudo objetiva analisar a alternância dos pronomes te e lhe como oblíquos de 2a pessoa, na função de acusativo, em cartas pessoais cearenses, escritas durante o século XX, à luz dos pressupostos teórico- metodológicos da Sociolinguística Variacionista (LABOV, 1972; 1994). A amostra a ser analisada é composta por 186 cartas pessoais escritas por cearenses. Busca-se investigar a atuação dos grupos de fatores tipo semântico do verbo; estrutura do verbo; posição do clítico em relação ao verbo e a variável extralinguística década em que as cartas foram escritas. Os dados analisados foram submetidos ao programa computacional GoldVarb X (SANKOFF; TAGLIAMONTE; SMITH, 2005) e indicam que a) como acusativo de 2a pessoa, a forma te (60%) é mais recorrente do que a forma lhe (40%); b) verbos do tipo dicendi favorecem o uso de lhe (68%), enquanto verbos de sentimento o desfavorecem (12%); c) nas ocorrências de ênclise, lhe foi mais frequente (60%) do que te (40%); e d) a variação de te~lhe acusativo nos anos 1940-1959 foi de 44% de te e 56% de lhe, havendo um uso bem maior de te (70%) do que de lhe (30%) nos anos de 1980-1999. 
Análise da dinâmica das conversões de uso e cobertura da terra na região sudeste de Roraima - Amazônia
Authors: Xaud Maristela Ramalho , Epiphanio José Carlos Neves
Published: February 2016

O estudo da dinâmica do uso e cobertura da terra tem relevância no entendimento dos processos que envolvem a ocupação e consolidação do território na região amazônica. O sensoriamento remoto e suas ferramentas de análise de dados, como as técnicas de detecção de mudanças, têm elevado potencial exploratório na quantificação e qualificação do uso e cobertura da terra, assim como dos seus processos de conversão e modificação. Objetivou-se com o presente trabalho analisar a dinâmica das conversões de uso e cobertura da terra presentes em áreas já alteradas do sudeste do estado de Roraima, nos períodos de 1997-2004 e 2004-2010. As conversões (agrupamentos) foram analisadas em função dos projetos de colonização e da distância às estradas (BR-210 e vicinais). Os resultados apontaram diferenças entre os períodos analisados em relação à presença das conversões, caracterizando o período de 1997-2004 como de intensa atividade de aberturas em áreas florestais, em relação ao período seguinte, quando predominaram as conversões mais ligadas ao uso prévio do solo. Em relação à distância das estradas, os resultados mostraram uma concentração das conversões até 1500 m das estradas, havendo aumento das conversões de perda de biomassa nas faixas mais distantes entre um período e outro, sugerindo uma penetração das conversões desse tipo no interior das propriedades, característica confirmada nas entrevistas de campo. De um período para outro, o aumento das conversões floresta-pasto em dois projetos (Entre Rios e Caroebe) pode significar uma tendência ao aumento na região da atividade pecuária.
El costo promedio ponderado de capital (wacc) para los cálculos de valuación de empresas: una respuesta
Authors: Vélez Pareja Ignacio
Published: February 2016

Trabajo de investigaciónLlano-Ferro (2009) propone una solución para evitar “errores significativos” cuando el Costo Promedio Ponderado de Capital (WACC) “obtenido por la fórmula general conduce a errores significativos en el valor presente neto de los cálculos de la empresa, particularmente en aquellas que se aplican a perpetuo flujo de efectivo serie”. En este trabajo se muestra que no hay “errores significativos”, pero sí un mal uso de la fórmula y el cálculo incorrecto de los valores.El Costo Promedio Ponderado de Capital (WACC) se utiliza en la financiación de varias aplicaciones, incluyendo el análisis del presupuesto de capital, los cálculos de EVA®, y la valoración de empresas. WACC obtenido por la fórmula general conduce a errores significativos en el valor presente neto de los cálculos de la firma, particularmente en las que se aplican series perpetuas de flujo de caja. El presente documento identifica el problema, y ofrece alternativas, y las fórmulas precisas para obtener el WACC para el cálculo de valuación de empresas
Evaluación y valoración financiera de tecnologías de liofilización en Colombia por medio de la metodología de opciones reales
Authors: Moreno Alemay Pablo , Restrepo Guzmán Jorge
Published: February 2016

Artículo de investigaciónEl cambio en las tendencias de alimentación de los últimos años ha conllevado a que los consumidores deseen productos de fácil consumo, agradable sabor y aroma, y que mantengan sus propiedades nutricionales por periodos más extensos lo que es posible mediante la tecnología de la liofilización. El alto costo de esta tecnología amerita una evaluación desde el punto de vista económico y financiero que determine su viabilidad y valoración. Tradicionalmente la evaluación de proyectos de inversión se realiza con el Valor Presente Neto y con el cálculo de la Tasa Interna de Retorno de los flujos de caja libre; Sin embargo, el surgimiento de proyectos que involucran nuevas tecnologías, elevadas inversiones en capital y un conocimiento incierto del comportamiento de la demanda, exige que la evaluación se realice considerando los posibles escenarios futuros durante su vida útil.En este sentido, las Opciones Reales pueden reconocer las oportunidades futuras que un proyecto posee, lo cual posibilita la estructuración de las decisiones durante el umbral del proyecto. El presente documento propone este tipo de valoración para el sector alimentos, a partir de la identificación de requerimientos de tipo técnico necesarios para su implementación y operación, definición de rangos de variables independientes, exógenas y endógenas que afectan el proyecto, y diseño de escenarios e implementación de esta metodología. A partir de las proyecciones y cálculos realizados en este estudio, la valoración realizada por el método de Opciones Reales indica que el proyecto es financieramente inviable. La simulación posteriormente efectuada indica que es necesario un porcentaje de crecimiento de los flujos de caja libre de por lo menos 30% para que se posibilite su ejecución.
Confianza y gobierno corporativo
Authors: Gil Bolívar Fabio Alberto
Published: February 2016

Artículo de reflexiónLa confianza tradicionalmente se ha constituido en un elemento mediador en las relaciones sociales, económicas, políticas y culturales. En el campo de la economía y las finanzas su importancia ha ido creciendo y aún más con la ocurrencia de las dos últimas crisis financieras, que han tenido como epicentro Estados Unidos, pero que han llegado a poner en calzas prietas a todo el sistema financiero global, con grandes repercusiones en materia de empleo, estabilidad económica e inversión social. El origen de tales crisis está relacionado con la pérdida de confianza en los agentes financieros, como consecuencia de sus manejos fraudulentos y de los abusos de la “contabilidad creativa” y el “maquillaje” de la información económica y financiera de grandes corporativos. El propósito de este trabajo es presentar las bases en que se sustenta la confianza entre accionistas y empresa, en el marco de una relación agente-principal, mediante una revisión conceptual sobre la confianza, su relación con el gobierno corporativo y algunos de sus modelos y dimensiones.
Utilização do lisímetro de drenagem para obtenção do “Kc” da mamoneira em plantio adensado
Authors: Miranda W. L. , Carvalho L. G. , Castro Neto P. , Santos P. A. B.
Published: February 2016

A cultura da mamona é considerada resistente a deficiências hídricas, no entanto, apresenta considerável incremento de produtividade quando submetida à irrigação. Para o adequado manejo da irrigação um dos critérios passíveis de serem adotados baseia-se na evapotranspiração da cultura (ETc) e para tanto torna-se necessário o conhecimento do valor do coeficiente de cultura (Kc). Com o presente trabalho objetivou-se determinar o Kc da mamoneira em plantio adensado, no período de safrinha, utilizando-se lisímetro de drenagem. Foram utilizados três lisímetros de drenagem, com dimensões de 1,2 m de comprimento, 1,4 m de largura e 1,2 m de profundidade. Nos lisímetros foram plantadas oito mudas de mamoneira da cultivar Al Guarany 2002 com espaçamento de 0,3 m entre plantas e 0,7 m entre linhas. A ETc foi contabilizada no intervalo de 5 a 12 dias, conforme se observou o fim da drenagem. A evapotranspiração de referência (ETo) foi estimada pela equação de Penman-Monteith-FAO. A partir da relação ETc/ETo obteve-se o Kc para os diferentes períodos ao longo do ciclo da cultura. Os valores de ETc encontrados nas fases inicial, de crescimento, intermediária e final foram 1,65; 3,07; 9,14 e 5,85 mm d-1 respectivamente. Os valores de Kc para as fases mencionadas foram 0,98; 1,41; 2,11 e 1,65 respectivamente.

Use of drainage lysimeter for obtaining Kc of castor bean in dense plantation

Abstract: Castor bean culture is considered resistant to water deficit. However, it presents considerable increase in productivity when submitted to irrigation. For the adequate irrigation management, one of the criterion considered is based on the crop evapotranspiration (ETc) and is necessary for finding the crop coefficient (Kc) value. With the present work, we aimed at determining the Kc of the castor bean in dense plantation, during the off-season, using a drainage lysimeter. Three drainage lysimeters, with dimensions of 1.2 m of length, 1.4 m of width and 1.2 m of depth, were used. In the lysimeters, eight castor bean seedlings, cultivar Al Guarany 2002 were planted with spacing of 0.3 m between plants and 0.7 m between lines.  The ETc was calculated considering the interval from 5 to 12 days, according to the end of drainage. The reference evapotranspiration (ETo) was estimated by the Penman-Monteith-FAO equation. From the ETc/ETo relation, we obtained the Kc for the different periods over the crop cycle. The ETc values found in the initial, growing, intermediate and final phases were of 1.65; 3.07; 9.14 and 5.85 mm d-1, respectively. The Kc values for the mentioned phases were of 0.98; 1.41; 2.11 and 1.65, respectively.
Funds Management In Banks: A Cost-Benefit Perspective
Authors: Shollapur M. R. , Baligatti Y. G.
Published: February 2016

The Indian banking witnessed a paradigm shift in their operations after the financial sector reforms in 1991.  These reforms led to the emergence of new banks, new instruments, new methods of doing business, and finally heightened competition in the banking industry. In this context, it is imperative on the part of the Indian banking industry to strengthen financial base, increase overall efficiency, and improve profitability by designing appropriate funds management policies and practices. This paper examines the profitability of funds management of the select Indian banks with a cost-benefit perspective.
Modeling Commodity Prices, Inflation And Monetary Policy Response
Authors: Rao Punita
Published: February 2016

Inflation is generally defined as the rate of change of some price index. Well known examples are the Consumer Price Index, Wholesale Price Index and the personal consumption expenditure price Index. Measurement and forecasting of these indices has been a subject of ongoing debate and research in recent years. This paper attempts to contribute to the debate within the limits of an empirical and country specific. Section 1 deals with the transmission of Monetary policy to growth. Section 2 examines a simple model of inflation forecasting. Section 3 addresses the unfinished debate on Prices and Monetary management.
Pottery Community Characteristics Toward A Learning Community In Thai Context
Authors: Namjaidee Suchada , Manmart Lampang , Apichatwallop Yaowalak , Kamnuansilpa Peerasit
Published: February 2016

This article is an analysis of community characteristics toward learning community in Thai context in three aspects:  1) characteristics of community people, 2) community environment consisting of existing knowledge and natural resources, and 3) learning processes. It is a qualitative research study for which the researcher collected data by participant observations and in-depth interviews. The researcher had been in the community and participated in community activities for ten months. The tools employed in this research comprised of interviews, observations, and field records. Individuals interviewed were official and non-official leaders and community people. It was found, by this research, that the pottery community has evolved and developed toward a learning community over time which can be seen from people in the present community consisting of both natives, entrepreneurs and business owners, and community leaders. Community environments that support or lead to learning were pottery-making knowledge  and clay knowledge, including learning resources, such as knowledgeable individuals, natural environment, factories, jar houses, kilns, and community shops scattered all over the community. Besides, the community has its own learning center with local traditional curriculum involving pottery making for new generations to learn and maintain such knowledge and expertise. Regarding learning processes, community people began to learn the craft of making pottery from outsiders and transferred it to their family members, from one generation to another. In the meantime, with outsider visits and purchases of pottery products, further learning exchanges took place, no longer confined to family members, but expanding to include learning with people in the community, academics, experts, and designers who came in contact with the community. During these periods, there were further transfers of knowledge and skills to community people and close assistants called “Luuksit”, or students. Moreover, when the commercialization of pottery products materialized, community people had a chance to learn and interact with outsiders who came in as teachers and training experts, study tours outside the community, suggestions from customers, and exchange of ideas between the community, resulting in transferring knowledge and skills to wider audiences. Moreover, the community people learned from problems arising from the production process and opened up themselves to new knowledge from various media.
Japanese Bankruptcy Reform And The Implications Of The Civil Rehabilitation Act
Authors: Stone Gregory R.
Published: February 2016

In April of 2000, the Japanese Diet instituted two changes to their bankruptcy code in an attempt to address perceived weaknesses. The first change was the elimination of Composition, the most popular form of bankruptcy reorganization at that time. The second was the introduction of the Civil Rehabilitation Act. One of the primary goals of the introduction of Rehabilitation was to induce managers of distressed firms to file sooner when the firm’s financial problems were less difficult to address. This paper examines the impact of the Civil Rehabilitation Act and finds that after the Act was implemented larger firms make better candidates for reorganization but smaller firms are in poorer financial condition and are hence, poorer candidates for reorganization.
Corruption In The Baltic State Region
Authors: Wadsworth Frank , Swartz Brenda , Wheat Jerry
Published: February 2016

The corruption studied here includes illegal, immoral, or dishonest acts that undermine economic and government activities.  This gray area of economic activity is often referred to as the “underground economy,” and the number of individuals and the amounts of money involved can only be ascertained by educated guesses.  Corruption is used to mean a state of progressive putrefaction; on a large scale corruption curtails a country’s ability to grow efficiently and effectively.  The European Bank for Reconstruction and Development (EBRD) and the World Bank have developed a methodology to study transition economies.  Through one-on-one interviews the Business Environment and Enterprise Performance Survey (BEEPS II 2002) gathered information from business owners and managers on a variety of topics in 23 transition economies.  This paper uses the BEEPS data to examine the perceptions of corruption in Estonia, Latvia, Lithuania, and Poland.
Market Entry Pattern And Timing In An Industry With Technological Evolution: The Liquid Crystal Display Industry
Authors: Miyamoto Michiko
Published: February 2016

This paper examines whether the process of entering the market, as well as industry-specialized assets and positioning in the applied technologies should differ between early entrants and late entrants in the LCD industry, where the industry evolves and provides different types of displays and where LCD technologies have become major parts of new applied product generations.  The study also investigates whether all firms follow the same strategic decisions upon entering the market when they enter at similar times, whether early or late.  According to the findings, early entry into the LCD industry is positively related to experience in the LCD related R&D activities.  As accumulated outputs are regarded as a measure implied by the standard form of the learning curve, this is consistent with prior studies on first-movers.  Patents most likely protect their technological advantages.  Large-capital late entry into the LCD industry is positively related to company size as these firms have excess capital to spend on R&D.  The late entrants are established firms in their core industries; possess related assets or excess capacities that enable them to enter into the LCD market.  On the other hand, smaller-capital late entrants into the LCD industry have no accumulated R&D activities or production of applied products, which implies that they are free riding off of early entrants’ investment.
The Level Of Corporate Dividend Payout To Stockholders: Does Optimal Dividend Policy Exist For Firms Quoted At The Nairobi Stock Exchange?
Authors: Kibet Bitok , Joel Tenai , Thomas Cheruiyot , Loice Maru , Mary Kipsat
Published: February 2016

The objective of this study was to determine the level of corporate dividend payout to stockholders and establish if the optimal dividend policy exists for the firms quoted at the Nairobi Stock Exchange (NSE).  An analysis was done for the all the 43 firms trading in the main investment market at the Nairobi Stock Exchange.  Secondary data was obtained from the Nairobi Stock Exchange library, Internet & company libraries. Companies that were quoted at the stock exchange for a period of thirteen years and paid and/or did not pay dividends during that period were sampled. According to the findings of this study, the aggregate dividend payout ratio for the Kenyan market was obtained to be 44.14% for the period between 1991- 2003. The findings of this research suggest that the average corporate dividend payout to stockholders for 40% of the firms is low and stable and that 28% of the firms quoted paid out high and stable dividends. It was also observed that most of the firms that paid high and stable dividends are the blue chip firms, which are the main movers of trading at the NSE. The dividend model provides a summary of the factors that influenced and continue to influence the dividend decisions for this market including and not limited to the tax systems, clientele preferences, signaling, sustainability, low liquidity, high growth, ownership control and dividends as residual etc. From the model it is possible to predict the likely dividend decisions of the firms in future.
The Gravity Model Of Trade Applied To Africa
Authors: Tansey Michael M. , Touray Alhagie
Published: February 2016

The gravity model states that trade between any two countries is proportional, other things equal, to the product of the two countries’ GDPs, and diminishes with the distance between the two countries. The logic is that larger economies tend to spend large amounts on imports and attract large share of other countries spending (exports) because they produce large quantity and variety of goods and services. Distance, on the other hand, tends to lessen trade between countries because of transportation costs and other intangible barriers, such as language, geography, and historic colonial relationships.  The following specific hypotheses from the gravity model of trade are tested with respect to African countries alone:  The amount of exports by one African country to another is inversely related to the distance between the two countries,  The amount of exports by one African country to another reflects the GDP of the country to whom the exports are sent, The amount of exports directly reflects a country’s own GDP, and Countries associated with the same colonial power experience greater trade.  Each of these hypotheses is tested with logarithmic forms of the variables in the hypotheses.  While the resulting logarithmic model works is statistically significant and bears the correct signs, it does not show colonial patterns to be a strong as those found in other studies that are focused on inter-continental trade relationships.  The significance of colonization in other studies may be a surrogate for the degree of development of nations.  Since trade grows less than proportionately both with respect to the GDP of the importing nation and with respect to the GDP of the exporter, this study shows a disappointing trade impact of growth in the developing world on the potential development of Africa through export growth.
Risk Sharing
Authors: Miranda Paolo
Published: February 2016

The amount of risk sharing among countries is theoretically affected by trade policy, market openness, and monetary policy. To what extent each of these characteristics affect risk sharing is the object of this study. I use a risk sharing index akin to a correlation coefficient and compare it with the correlation between the returns on several market indexes, and with the correlation between changes in consumption. I find that the financial integration of markets does not necessarily imply risk sharing or co movements in consumption. The results also suggest that two countries being aligned in monetary policy do not ensure risk sharing.
Lessons From Japan
Authors: Cosgrove Michael , Marsh Daniel
Published: February 2016

We argue that Japan’s experience with fiscal policy over the period 1990-2009 confirms the rational expectations and new classical position that fiscal policy, particularly when it is not accompanied by an accommodating monetary policy, is ineffective.  We show that Japan’s combination of a loose fiscal policy, together with a tight monetary policy has given them the worst of all possible worlds over the past twenty years; i.e. slow growth, deflation, rising unemployment, and a huge increase in their national debt burden.  We argue that the Obama administration should be careful not to fall into the same trap the Japanese have been floundering in for the past twenty years.
Understanding Ethics-Quality Linkages In The Private And Public Sectors
Authors: Mankelwicz John
Published: February 2016

Customers ultimately define a product, while quality is best defined from the demand side. Thus, quality may be considered a weighted sum of quality attributes, ai. This summation may be partitioned in various ways. The most plausible partitioning for both private industry and the public sectors involves a natural temporal and practical ordering for the components. Managers must consider the demands of many legitimate internal and external stakeholders, minimally satisfying all and further satisfying the most salient. There are linkages of particular ai to specific stakeholder groups. Technological standards and quality grading inform and regulate production by employees. Although quality maximization is often an excellent strategy, there is no universal, overarching ethical imperative to maximize overall quality. Rather, in the equations for both economic sectors, each component successively presents a distinctive set of demand related ethical issues.
Government Deficits And The Public Debt: The Endless Controversy
Authors: Bonello Frank J.
Published: February 2016

No economic topic has attracted more attention during the 1980s than the size of Federal government budget deficits and the corresponding rapid rise in the public debt. Crowding out news regarding Third World debt problems, U.S. foreign trade deficits, and the break up of American Telephone and Telegraph, Federal government budget deficits have been blamed for everything from high interest rates to the deterioration in the moral fiber of the American people. Deficits and debt have also caused political reversal: historically free spending Democrats blaming Reagan deficits for a variety of economic ills while the conservative Republican president treats the deficit with benign neglect.The purpose of this paper is not to answer all of the questions that have been raised regarding the causes and consequences of government deficits and debt. The initial concern is instead with the facts and figures on the absolute and relative size of the Federal governments recent deficits and debt. Next certain measurement issues are addressed for there is a continuing debate regarding appropriate procedures for expressing the governments budgetary outcomes. The third and final section of the paper reviews some of the arguments, theoretical and empirical, on the relation between deficits and debt on the one hand and interest rates on the other. In each section the intent is to survey rather than to present new theoretical arguments or new empirical evidence.
Of Deficits And Debt Service
Authors: Pierce Thomas J.
Published: February 2016

In this paper the impact of federal government budgetary policy on deficits, the public debt and net interest payments during the Reagan Administration is examined. Large deficits are shown to inflate the public debt and increase the annual cost of debt servicing. This rapidly rising net interest burden, combined with political aversion to legislated tax increases and spending cuts, minimizes the possibility of significant deficit reduction and increases the probability that some form of balanced budget rule eventually will be adopted.
The Lead Man Concept: A Comprehensive Program For Effective Employee Socialization
Authors: O'Brien Fabius P. , Drost Donald A.
Published: February 2016

Formal employee socialization programs long used for new managers can also be effective for non-managers.
A Study Of The Effects Of Macroeconomic Policy Variables On The Rate Of Business Failure In The United States
Authors: Garman George B. , Clute Ronald C.
Published: February 2016

Government economic stabilization policies are a major cause of business failure.
The Kovel Doctrine: Issues And The Perils Of Discovery
Authors: Segal Mark A.
Published: February 2016

To what extent are accountant work product and communications subject to discovery? Defining the parameters of this decision has significant stakes for both accountants and their clientele. This article seeks to examine an aspect of this issue by focusing on certain issues and cases concerning what has come to be known as the Kovel doctrine. Where this doctrine is applicable it can help protect certain communications and work product from disclosure. Where assertion of the doctrine fails there is an increased vulnerability to discovery, further litigation and risk to finances and reputation.
Factors Affecting Airline Profits: Evidence From The Philippines
Authors: Manuela Jr. Wilfred S.
Published: February 2016

This article examines the factors that affect the profits of four airlines in the Philippines. The estimated profit equation indicates that an additional passenger contributes PHP 1,989 to profits, while an additional seat reduces profits by PHP 1,312. The findings indicate that airlines have a strong incentive to fill a seat before departure, justifying the practice of heavy discounting to stimulate passenger traffic during periods of low demand. An additional route reduces profits by PHP 107.736 million, which may indicate that new routes have lower-than-expected passenger traffic. This may also suggest that most profitable routes are already served by at least one airline and entry into existing routes may not be profitable. The 1997 Asian financial crisis, the 2001 terror attacks in the United States, and the most recent global financial crisis, collectively result in PHP 1.391 billion reduction in profits, underscoring the vulnerability of the airline industry to unanticipated events.
Social And Tax Implications Of Planned Giving
Authors: Malhotra Naveen , Smith Amanda
Published: February 2016

Americans have a rich and long history of engaging in philanthropic endeavors, particularly in comparison to other Western nations. Their motivations range from being altruistic and self-sacrificing to wanting to reduce their tax liability before and after death. This paper explores the motivations behind giving as well as the trends surrounding planned giving, including gift annuities, donor-advised funds, and foundations.
Evidence On The Effect Of Financial Distress On Type II Audit Errors
Authors: Wertheim Paul , Robinson Michael
Published: February 2016

A Type II audit error is defined as the failure of an auditor to issue a going concern audit opinion for a client that subsequently declares bankruptcy. Prior research studies have examined audit effectiveness (as measured by Type II audit errors) following the Sarbanes-Oxley Act of 2002, and have generally found an increase in the auditors likelihood of issuing going-concern audit opinions. This increase in the auditors likelihood of issuing a going concern opinion post-Sarbanes-Oxley has been interpreted as an increase in the level of auditor conservatism. [For example, see Geiger et al. (2005) and Fargher and Jiang (2008)]. However, prior studies have often limited their analysis of going-concern audit effectiveness to firms that were already in financial distress, and have also failed to specifically address the extent to which varying levels of financial distress affects the auditors propensity to issue a going-concern opinion. This raises the main research questions addressed in this study: Does the relationship between financial distress and the probability of receiving a going-concern differ for distressed versus non-distressed firms, and more importantly, to what extent do varying levels of financial distress affect this relationship? We find that the relationship between financial distress and the probability of receiving a going-concern opinion is not linear, as is assumed in prior studies. Rather, we find that the positive relationship between financial distress and going-concern opinions applies only for certain levels of financial distress. These results have implications both in the interpretation of previous auditing research that has incorporated variables for financial distress, as well as implications for the design and interpretation of future research.
Responsiveness As Antecedent Of Satisfaction And Referrals In Financial Services Marketing: Empirical Evidence From An Emergent Economy
Authors: Pandey S. K. , Devasagayam Raj
Published: February 2016

Financial institutions across the globe are still recovering from the meltdown of 2008 and several nations continue their struggle to stabilize national economies. However, there might be some important lessons to be learned from this debacle. Some economies, notably the emergent ones, were more resilient to this slowdown than the developed ones. In fact, the banking sector in some of these economies posted a robust growth in spite of the downturn in global banking. We report on a detailed study of a multinational bank operating in the emergent economy of India with a random national sample of over 9,000 of their customers. Our research provides valuable insights into a market driven banks drive for customer satisfaction and referrals and examines antecedents and consequences of such initiatives. We provide empirical evidence suggesting that responsiveness to customer enquiries and complaints might be a strong driver of customer satisfaction, irrespective of the outcome of the resolution process. Our finding that responsiveness supersedes a positive outcome in service provider-customer conflict resolution is a contribution of this research to extant literature with important strategic and managerial implications for firms.
How Do Minimum Payment Changes Affect Credit Card Arbitrage?
Authors: Jalbert Terrance , Stewart Jonathan D. , Pope Terry
Published: February 2016

This paper examines how changes in the minimum payment percentage and effective maturity of introductory offers affect credit card arbitrage. Credit Card arbitrage involves taking a cash advance on, or making purchases against, a credit card that offers a low or zero percent introductory interest rate. The proceeds are deposited into a Federal Deposit Insurance Corporation (FDIC) insured money market account. Profits from this strategy are dependent on factors including the minimum payment due on the credit card each month. Recently, under pressure from the U.S. Office of the Comptroller of the Currency, some banks have increased the minimum monthly payment percentage on their cards. We measure the sensitivity of Credit Card arbitrage profits to changes in the offer maturity and the required minimum monthly credit card payment. We also analyze how offer duration changes with changes in the minimum monthly payment. These calculations represent an important contribution to the literature because of the unique pattern of credit card loan payments.
Tax Challenges For Electronic-Commerce Activities
Authors: Nguyen Hang , DeCenzo Meredith , Drucker Meyer
Published: February 2016

Taxation of commercial transactions has always been a controversial and complex matter to administer for federal and state taxing authorities. Globalization of trade in the market-place, along with the emergence of new advanced technology, including the Internet, has imposed many new challenges for these taxing authorities because the systems in place were designed with a more simple business model in mind. With the expansion of E-Commerce, state and local taxing authorities fear that their tax base will be eroded. Overall, only ten states have passed laws requiring online retailers to collect sales tax; however, the practices still vary amongst each state. Without a uniform e-commerce sales tax system, firms such as Amazon will continue to take advantage of the loopholes in the current system and will relocate production and sales activity to those tax-free states in order to avoid collection responsibility. For example, over the past year, the largest online retailer has challenged states that force it to collect sales tax through a lawsuit, a ballot initiative, and especially through one of politicians deepest fearsjobs. In South Carolina, Amazon won a four and a half-year exemption on collecting sales tax in exchange for a plan that creates 2,000 jobs and $125 million in capital investments to the state through the end of 2013. One of the major problems is that lawmaking is usually a slow and tedious process. Technology, however, proceeds and evolves at unparalleled speeds. Any legal change to the current taxation system requires serious attention and consideration by governments and tax professionals. Therefore, this research will provide an overview of the problems raised by taxation of e-commerce, and arrive at some proposed initiatives that need to be undertaken to promote as much equity as possible for all parties, including the Bricks and Mortar Merchants, as well as the e-commerce businesses.
Cultural Value And Travel Motivation Of European Tourists
Authors: Plangmarn Acheraporn , Mujtaba Bahaudin G. , Pirani Mohamed
Published: February 2016

The purpose of this study was to investigate the relationship among demographic characteristic, cultural values, and travel motivations in regards to understanding the context of tourists motivation and how cultural values impact the travel motivation. The study was limited to the tourists who came to the attractive city of Chiang Mai during the research time period. The results indicated that demographic characteristic is a source of cultural values and cultural values impact the travel motivations of the tourists. Also, no significant relationship was found between demographic characteristic and travel motivations. Data analysis and implications are discussed and recommendations are provided.
Measuring Stock Market Investor Sentiment
Authors: Beer Francisca , Zouaoui Mohamed
Published: February 2016

Recently, investor sentiment measures have become one of the more widely examined areas in behavioral finance. A number of measures have been developed in the literature without having been fully validated, and therefore leaving in question which measure should be used for empirical exploration. The purpose of this study is to examine the relative performance of a number of popular measures in predicting stock returns and to test the relative efficacy of a hybrid approach. Using a panel of investor sentiment measures, we develop a new measure of sentiment which combines direct and indirect sentiment measures. Our results show that our composite sentiment index affects the returns of stocks hard to value and difficult to arbitrage consistent with the predictions of noise traders models. Finally, we find that our composite index has a better predictive ability than the alternative sentiment measures largely used in the literature.
Concept Testing New Products: Errors vs. Segmenting Variables
Authors: Poczter Abram
Published: February 2016

Utilizing data from an actual concepts testing experiment, this paper presents a statistical analysis of the impact of problem- and benefit-oriented concepts statements as well as several variables-in-audience such as: Product Involvement, Use of the Product Category, Level of Compliance, and Level of Education. These predictors are evaluated in terms of their impact on the criterion variables, operationalized as components of an emerging attitude, and are discussed as either the elements of the segmentation scheme, or as errors biasing the representativeness of the sample.
Equity-Based Compensation To Outside Directors And Accounting Conservatism
Authors: Jeong Kyunbeom , Kim Hyungtae Kim
Published: February 2016

This paper examines the relationship between equity-based compensation to outside directors and accounting conservatism. Equity-based compensation to outside directors can strengthen the firms corporate governance structure. Since this strong governance reduces the information asymmetry between managers and shareholders, it is also possible that firms with strong governance use more conservative accounting. To test this prediction, we investigate whether the proportion of the equity-based compensation to total compensation to outside directors has an effect on the level of conservatism and the various measures that are used. We find that there is a positive relationship between the proportion of equity-based compensation and the level of conservatism. The results are robust to additional tests using alternative measures of the equity-based compensation (the amount of the equity-based compensation) and the equity-based compensation to audit committee members instead of the full board of directors. According to our findings, we can conclude that equity-based compensation to outside directors encourages directors to put more effort into reducing the information asymmetry using conservative accounting.
The Tax Disadvantage Of Ordinary Income: An Event Study On The Legislative Process Of JGTRRA
Authors: Zhou Mingjun
Published: February 2016

The Jobs Growth and Tax ReliefReconciliation Act of 2003 (JGTRRA), signed into law by President George W.Bush, was a significant legislation in recent tax history. As the tax rates on capital gains anddividends are reduced to a historical low of 15%, U.S. stock prices haveincreased and the cost of equity capital declined after its passage. In contrast to the dividends and capital gainsthat receive preferential tax rates under JGTRRA, yields from U.S. Treasurybill remain tax-disadvantaged as ordinary income at a top marginal rate of 35%.Using an event study approach based ontwo years of Treasury yield observations, the author examines Treasury yield reactionsto major legislative events surrounding the passage of JGTRRA. The result suggests that a tax policyintentionally favoring dividends and capital gains over ordinary income may unintentionallypush up yields in the Treasury bill market, thereby affecting the cost ofgovernment borrowing.