bluuebunny/crossref_metadata_2025 huggingface dataset:
The Effect Of A Firm's Financial Condition On The Market Reaction To Company Layoffs
Authors: Wertheim Paul , Robinson Michael
Published: February 2016

Prior research has presented two conflicting hypotheses regarding the effect of a firm's financial condition on the market reaction to announcements of company layoffs.  The "financial distress" hypothesis states that the market reaction to layoffs for financially weak firms will be more negative than for financially healthy firms, because the layoff announcement reveals and/or confirms the problems that led to the layoff.  On the other hand, the "potential benefit" hypothesis states that the market reaction for financially weak firms will be more positive than for financially healthy firms, because the financially weak firms have a greater potential to benefit from the layoff. Two prior studies, Iqbal and Shetty (1995) and Worrell, Davidson, and Sharma (1991), examine stock price reactions to announcements of company layoffs and how those reactions are related to the financial condition of the firm at the time of the layoff.  They reach different conclusions, however, as to the effect of financial condition.  Iqbal and Shetty find evidence supporting the potential benefit hypothesis, whereas WDS find evidence supporting the financial distress hypothesis.

 

The current study offers an alternative hypothesis for the effect of a firm's financial condition on the market reaction to layoffs.  Instead of concluding that the financial distress and potential benefit hypotheses are mutually exclusive and competing, this study provides evidence that these hypotheses simultaneously explain concurrent and additive effects on the stock price reactions to layoff announcements.  These results have implications both for investors and management regarding the market's reaction to announcements of employee layoffs.
Hispanic Acculturation: Conceptual And Modeling Issues
Authors: Hernandez Sigfredo A. , Cohen Judy F. , Garcia Hector L.
Published: February 2016

The aim of this paper is to clarify conceptual and modeling issues concerning Hispanic acculturation using Berry’s (1980) four varieties of acculturation. Although the bulk of the Hispanic consumer literature assumes the assimilation type of acculturation, most respondents in the study report following the integration route to acculturation (73%). Study findings suggest that Berry’s (1980) two acculturation dimensions appear to be independent of the level of acculturation of the sample except for place of residency; and that strength of ethnic identity may be a misleading indicator of acculturation, higher acculturation does not always mean weaker ethnic identification.
E-Commerce: The Next Global Frontier For Small Businesses
Authors: Mehta Kamlesh T. , Shah Vivek
Published: February 2016

This paper discusses the growth of E-Commerce and its advantages to small business firms.  Guidelines for small businesses to create a successful E-Commerce sites on the Internet are offered.  Furthermore, tools for the trade and strategies for E-Commerce are discussed.  Business on the Internet will continue to develop as technologies for the Internet evolve, and the evolution seems to be progressing at an ever-increasing pace.
New Evidence On The Structuring Of CEO Incentive Pay Ratios
Authors: Veliyath Rajaram , Cordeiro James
Published: February 2016

The model examines both determinants of CEO incentive pay ratios that are controllable by the CEO, and those that are less controllable, based on a sample of 316 Fortune 500 firms in 1992. Firm diversity, firm growth opportunities, outside blockholdings, and the number of analysts following the firm were positively related to CEO incentive compensation ratios, while firm unsystematic risk, CEO stockholdings, and industry regulation had a negative impact. Finally, industry-specific influences were evident on incentive compensation ratios.
Cooperative Research Efforts Between Business Schools And The Private And Public Sectors: Frequency Of Occurrence And Outcomes
Authors: Pharr Steven W.
Published: February 2016

Recent criticisms of business education suggest that academia has fallen short in the areas of teaching, research and service.  Cooperation between faculty, practitioners, and business research bureaus has been suggested as a means to enhance these outcomes of the educational process.  Anticipated benefits include increased faculty research, affordable quality research for businesses, and greater exposure and credibility for business schools.  This research documents the incidence of this type of cooperative effort in US business schools.  The results suggest that these efforts are taking place and that faculty commitment is a key ingredient for success.
Faculty Turnover And Salary Compression In Business Schools: Comparing Teaching And Research Missions
Authors: Glandon Sid , Glandon TerryAnn
Published: February 2016

Excessive employee turnover has plagued industry and higher education, increasing the cost of manufacturing a product, delivering a service or providing quality education.  Most research conducted in this area has concentrated on industry.  The few studies that have investigated turnover in higher education were done at the university level while this paper focuses on faculty turnover in business schools.  Another difference that distinguishes this paper is that actual turnover figures were used, rather than intentions to leave.  Salary compression was also explored, an issue that concerns many faculty members. This occurs when new doctorates are hired at salaries almost equal to that of existing faculty.  Our research found that turnover rates are higher in small, teaching institutions, as anticipated.  An unexpected result was that salary compression was greater in one of the research institutions.  This may be due to abnormal hiring practices of that school.
An Empirical Examination Of U.S. Pension Funds, Social Security, And Individual Savings
Authors: Amoateng Kofi A.
Published: February 2016

This article has used cointegration and Vector Error-Correction Models(VECM) to examine empirically the causation and/or relationships among pension funds, Social Security, and individual  savings from 1980 to 1999. It finds that pension funds, Social Security, and individual savings tend to move together in the ling run. Pension funds influence individual savings in the short-run. In addition, individual savings seem to bear the brunt of adjustments in restoring long-term equilibrium to the retirement system. Finally, the interactive process of short-run (causality) and long-run equilibrium relationship shows that pension funds explain individual savings. Since individual savings bear the brunt of adjustment in restoring to long-run equilibrium it is the most important component in retirement planning.
The Effects Of State Tort Provisions And Perceptions Of Litigation Risk On Malpractice Insurance
Authors: Linville Mark
Published: February 2016

This study is an empirical examination of the use of malpractice insurance by independent auditors. Higher insurance premiums are found in states that utilize the foreseeable third-party standard. Auditors who perceive higher litigation risk are found to be willing to bear higher insurance premiums and to opt for higher coverage. Overall, the results suggest that state tort provisions influence litigation risk and malpractice insurance is used to mitigate this risk.1
Financial Performance Measures And Shareholder Value Creation: An Empirical Study For Chilean Companies
Authors: Sandoval Eduardo
Published: February 2016

This paper focuses on the most important Chilean companies and studies whether EVATM dominates REVA and competing accounting measure in explaining shareholder value creation.  Our results indicate that REVA outperforms alternative measures in associations among their current and lagged realizations and value creation.  However, at the industry level, REVA explains value creation only for construction and investment industries.  For the remaining industries, in addition to the high explanatory power associated to REVA, the net income and operating cash flows help to explain only a low portion.  We conclude that accounting measures should be only considered as marginal complementary performance measures used to compensate executives mainly from the electric, beverage, metallurgic and pension fund industries.
A Contemporary Policy-Making Perspective Concerning Supermarket Pricing and Quality
Authors: Boronico Jess S.
Published: February 2016

This manuscript presents a methodology from which supermarket management who, faced with competition, must provide recommendations for profit-maximizing price, quality, and capacity. It is assumed that service quality and price impact jointly on demand for service, and that both demand and service quality impact on the costs of providing service. A service quality constraint is applied to the mathematical optimization model in order to guarantee that recommended optimal service standards are met.  We generate conditions that characterize optimal solutions and provide illustrative results based on empirical data obtained from a supermarket study.
The Foreign Exchange Risk Premium A Disaggregate Approach
Authors: Chionis Dionysios , Kyriazis Nicolaos
Published: February 2016

This paper re-examines the issue of the existence of a time-varying risk premia in the three foreign exchange markets. By using the theoretical framework developed by Domowitz and Hakkio it relates the risk premium in the foreign exchange market with the heterogeneity across the market participants. The empirical research using a disaggregate survey data base support the importance is supportive of the existence of time-varying risk premia for the British Pound, German Mark and Japanese Yen exchange rates. In particular, we demonstrate that consensus measures of the risk premium mask the existence because of the importance of heterogenous expectations.
Methodological Choices In Detecting Divergent Earnings: An Extension
Authors: Doran David T.
Published: February 2016

Divergent earnings are those that differ from expected.  Doran (2000) provides evidence that nonparametric tests based upon rank values are superior to parametric alternatives in detecting divergent earnings.  He also finds that deflator choice (i.e., forecasted earnings or market price of the stock) is of little importance when superior nonparametric methods are used.  This study extends the efforts of Doran (2000) by testing for benefit derived from the common research method of deflating earnings data.  The data used here is the same as used by Doran (2000), where Value Line is the source of all earnings data.  One hundred independent two sample tests are performed between a positive earnings group and a matched control group.  The tests are performed with various levels (1%, 3%, 5%, 7%, and 10 %) of positive actual earnings introduced.  Failure to reject the null hypothesis of no positive earnings divergence indicates the existence of Type II error (determined using the nonparametric Mann Whitney test).  The Mann Whitney test was performed on the undeflated data, and the same data deflated by: 1) forecasted earnings, and 2) market price of the stock.  Difference in frequency of type II error is determined using the Chi-square test.  The results generally indicate no significant difference in the ability to identify abnormal divergent earnings when utilizing deflated data.  Statistical tests are found here to be at least as powerful when undeflated earnings data are used.  There is weak evidence supporting the notion that deflating earnings data inhibits the ability to detect abnormal earnings.  These findings indicate that the common practice of deflating earnings data is unnecessary, and may actually weaken the power of statistical tests.   
Industry And Liquidity Effects In Corporate Investment And Cash Relationships
Authors: Charlton William T. , Lancaster Carol , Stevens Jerry L.
Published: February 2016

Prior studies find a positive relationship between a firm’s cash flow and investment, but researchers disagree over whether this finding can be attributed to financial constraints. In this paper we introduce two new ways to segment firms to test for differences in cash–investment relationships. Our findings suggest that relationships between internal cash and investment are more complex than prior studies assume.  Internal liquidity plays a more important role in the investment process in some industries than in others.  Attempts to generalize a theory for investment decisions based on internal cash holdings must account for differences in both industry and internal cash constraints.
Window Dressing, Data Mining, Or Data Errors: A Re-Examination Of The Dogs Of The Dow Theory
Authors: Prather Larry J. , Webb Genell L.
Published: February 2016

We re-examine the Dow dividend yield anomaly to ascertain if data errors create the superior returns of the trading rule.  Empirical testing, using both parametric and nonparametric methods, suggests that the trading rule outperforms the index.  Additionally, data errors are not the drivers of superior trading rule returns.  Moreover, the Chow breakpoint test of structural stability suggests that neither window dressing nor data mining explain this phenomenon.  Finally, a turn of the year formation date fails to explain superior trading rule returns, further mitigating the data mining explanation.
Environmentally Conscious Manufacturing Through Total Cost Management
Authors: Chen Al Y.S. , Hergeth Helmut , Zuckerman Gilroy J.
Published: February 2016

Total Cost Management (TCM) is a business paradigm for managing all company resources and the activities that consume those resources with a focus on stimulating and managing improvements. We address the theoretical approach of TCM to environmental sustainability and present a practical case of using costing approaches to evaluate the sustainability of the manufacture of a recycled product.  Decision aids, the QFD matrix, B2B e-commerce, allowable costs, and market-based pricing are employed to demonstrate that companies can apply the TCM model to integrate environmental policy as an essential component of corporate strategy to achieve and maintain competitive superiority.
Modeling Prepayment Behavior In Financial Transactions Backed By Automobile Loans
Authors: Meziani Seddik
Published: February 2016

Securitization is a powerful financing tool that has gained prominence in recent time. In this study, securitization refers to the process whereby securities are issued to investors using a dedicated pool of automobile loans as collateral. A total of 206 outstanding auto loan-backed securities are used to analyze their prepayment risk. A thorough analysis of voluntary prepayment behavior identifies the key variables that influence prepayment behavior. These variables explain about 69% of its variation.
Foreign Currency Translation Method Choice: Insights From Game Theory
Authors: Pinto Jo Ann M.
Published: February 2016

This paper utilizes a game-theoretical framework to analyze managerial behavior in the context of choosing foreign currency translation methods. The aforementioned problem can be constructed as a model of decision-making under uncertainty. The results of this analysis are as follows: adopt the current rate method when managerial compensation is a function of reported accounting earnings; conversely the temporal method should be employed when managerial compensation takes the form of stock options.
An Empirical Study of the Differential Market Reaction to Open-Market Stock Repurchase Announcements
Authors: Jin Zhenhu
Published: February 2016

Significant positive stock price reaction to stock repurchase announcements has been well documented in the finance literature.  Most studies on repurchase focus on the average positive reaction; however, 30 percent of the repurchasing firms experience negative abnormal returns at announcement.  This study examines the apparent heterogeneity in the stock price reaction to stock repurchase.  The results show that the market reaction to repurchase announcements is determined by firm specific factors and is based on the overall costs and benefits analysis by the market of the stock repurchase program.  The results are consistent with conventional signaling models and agency theories.
NVA: A Value Addition Measure For Capital Project Evaluation
Authors: Patel Bhavesh M. , Cherukuri U. Rao
Published: February 2016

Corporate financial objective of stockholder wealth maximization and use of discounted cash flow methods for evaluation of capital projects are two of the well-accepted tenets of financial management. Present project evaluation methods, including the Net Present Value (NPV) technique, do not fully meet the stockholder wealth maximization criteria. This paper attempts to scrutinize the relevance of the NPV method in achieving the wealth maximization objective and suggests an alternative value addition measure, named Net Value Added (NVA). In the NPV method, all cash flows pertaining to a project are lumped together and discounted with one single rate, the weighted average cost of capital. The NVA method advocates that a project’s residual (net of its debt servicing) cash flows that belong to stockholders should be classified on the basis of their end-use, viz., equity servicing, capital maintenance, and value creating surplus cash flows.  As the risks associated with each of these three stockholders’ cash flows are not the same, they are separately discounted at appropriate rate depending upon the associated risk. Power of time (n) is assigned only to real risk-free rate of return and inflation premium to discount equity servicing and capital maintenance cash flows that are subject to exponential growth over time but not to the risk premium.
Segment Reporting: The Aftermath Effects Of Statement Of Financial Accounting Standards No. 131
Authors: Stanko Brian B. , Utterback John , Fitzgerald Jun
Published: February 2016

This article addresses the subject of segment reporting and the after effects of SFAS No. 131 “Disclosures about Segments of an Enterprise and Related Information.”  A comparative analysis of the reporting requirements under SFAS No. 14 and SFAS No. 131 is first presented followed with an examination of corporate disclosures before and after the release of SFAS No. 131.  The results are discussed in the context of the Financial Accounting Standards Board’s reporting objective “to better understand an enterprises performance.”
Equity Carve-Outs And Changes In Corporate Control
Authors: Hulburt Heather M.
Published: February 2016

This study proposes a corporate control hypothesis in which equity carve-outs facilitate changes in corporate control by providing an economical means to transfer control of corporate assets to bidders who will potentially create greater value.  Consistent with this hypothesis, a statistically significant 16% of the equity carve-outs in this study's sample are taken over within six years.  Those equity carve-outs subsequently taken over appear to be economically different from those motivated by other reasons.  Parent firms of equity carve-outs subsequently taken over display a significantly greater share price reaction to the announcement of an equity carve-out than do parent firms of equity carve-outs not subsequently taken over.  For those carve-outs subsequently taken over, an important factor contributing to parent firm gains is the relative size of the carve-out IPO.  There appears to be an optimal retention level of 10-50% for carve-outs motivated by the intent to facilitate a change in corporate control.  
The (In)Stability Of The Relationship Between Stocks, Bonds And Managed Futures
Authors: Chance Don M.
Published: February 2016

This study re-examines the traditional belief that futures contracts have very low and, in some cases, negative correlations with stocks and bonds.  Specifically, it looks at the stability of the correlations between five indices of futures market performance and two stock and bond indices over various holding periods.  Results show that large positive correlations occur over short holding periods, but over the long run, the relationship is fairly stable, in particular for certain indices.
A General Matrix Model Of Support Department Cost Allocation Methods
Authors: Collins Denton
Published: February 2016

This paper demonstrates that the direct and step methods for making support department allocations are really special cases of the more general reciprocal method, and that the different allocations can be estimated using the same basic model.  Simple modification of the matrix of resource consumption between support departments is all that is required to use a matrix algebra approach for all three methods.  Potential benefits accruing to users and practitioners from the use of these models and areas of possible future research are discussed in the paper.
Stock Repurchases And False Signals
Authors: Baker H. Kent , Veit E. Theodore , Powell Gary E.
Published: February 2016

Each year many firms repurchase shares of their common stock. Research evidence shows that when firms announce the repurchase of common stock, their share prices typically rise.  Numerous studies attribute these increases to a signaling effect.  But some firms that announce their intention of repurchasing shares of common stock either repurchase no shares at all or repurchase fewer shares than initially announced. Although the practice of firms intentionally announcing the repurchase of more shares than they expect to repurchase is illegal, the expected increase in share prices may give firms an incentive to make such false announcements.

 

This study surveys top financial executives to learn the extent that firms repurchase fewer shares than announced, identify the reasons for this activity, and learn how managers view this activity.  We surveyed 642 firms that conducted common stock repurchases from January 1998 to September 1999.  Based on 218 responses, we find that while managers are uncertain about the legality of this activity, they believe that the intentional repurchase of fewer shares than announced is unethical, sends a false signal to the market, and damages the firm’s credibility with its stockholders.  Managers also believe that firms repurchasing fewer shares than announced should publicly reveal both the reason for not repurchasing all shares and the amount by which the repurchase fell short of the firm’s announced intentions.  Despite these beliefs, managers report that repurchasing fewer shares than announced is a common practice.
Treasury Bills, Bonds And Sector Inflation Indices: A Spectral Analysis
Authors: Larrain Maurice
Published: February 2016

This paper uses spectral and correlation techniques to analyze the relationship between several inflation indicators and nominal interest rates. Empirical definitions of real interest rates reduce to stating real rates are equal to nominal interest rates minus expected inflation. To represent a number for inflation, economy-wide measures such as the GDP deflator or the Consumer Price Index are employed. This uncritical usage results more often than not in implausible values for real interest rates. In particular, volatile negative real rates are encountered for prolonged periods ranging from six months to up to three years. Such long time intervals for negative real rates amounts to accepting the unrealistic proposition that profit maximizing lenders, such as commercial bank officers, pay hefty fees to borrowers to have them use their institution's loanable funds. This paper questions the effectiveness of GDP or CPI inflation measures in surrogating for expected inflation. We find instead that narrower sector (industry) inflation indices such as fuels or raw materials prices appear to be improved measures. The issue matters since accurate real interest rate estimates are necessary for policy (Taylor rules), financial model evaluation, and discounting.
Moral Imagination And Ethics For The Accounting Professional
Authors: Metzger Lawrence M.
Published: February 2016

The accounting professional, whether s/he be in the private or public sector, faces many situations in his/her day-to-day activities that require thoughts and actions that have ethical overtones. One needs only look at the Enron situation to verify this idea. While the accounting profession has long had established codes of ethical conduct, these codes are by no means the be all and end all of ethical decision-making. So while accounting professionals can certainly refer to and use the relevant code of ethics for a particular situation, it is clear that these by themselves are not usually sufficient in depth and detail to solve all but the most straightforward, if there is such a thing, situations. To address most ethical situations calls for thinking far beyond the tenets of a code of ethics. It requires significant intellectual capacities and specific skills. Specifically, it requires moral imagination.
A Strategic Model For Accounting Education
Authors: French G. Richard , Coppage Richard E.
Published: February 2016

The need for significant changes in accounting education has been discussed for more than a decade, but this challenge has been unmet by educators and the profession.  The purpose of this article is to discuss (1) the need for change in education (2) a model for accounting education, and (3) examples of how to improve accounting education.  Accounting programs that adopt significant changes that provide students with the necessary skills will thrive in the future and continue to supply the profession with a sufficient supply of qualified graduates.
Spline Regression Models
Authors: Marsh Lawrence C.
Published: February 2016

N/A
Hemispheric Integration: An Essential Step For Coping With The Economic And Managerial Challenges Of The 21st Century In The Americas
Authors: Hervitz Hugo M. , Blanco R. Ivan
Published: February 2016

This paper examines the series of adjustments that need to take place --at the macro and micro level-- in order for the Western Hemisphere to adapt to today’s dynamics of the global business environment.  This discussion is based on the contention that given current trends in the global economy, it is imperative for the countries of the Western Hemisphere to integrate themselves in an economic bloc to exploit economies of scale and be better able to compete with other regions.  Furthermore, the paper analyzes the implications that such an economic bloc will have on managers, organizations and their labor force, business alliances, and government/education/ business cooperation efforts.
Gasoline Prices, State Gasoline Excise Taxes, And The Size Of Urban Areas
Authors: McGibany James M.
Published: February 2016

A monocentric model of land use that assumes urban spatial size is determined by a set of exogenous variables is employed to test the hypothesis that urban land size is negatively related to gasoline prices.  Using a model from Brueckner and Fansler (1983), the amount of urbanized land area is shown to be a function of population, income, agricultural land prices and commuting costs.  The latter is measured as the price of gasoline, broken into two components; the amount of any state gasoline excise tax imposed plus the total price paid by consumers minus such a tax.  Using 1990 data, an empirical model that defines the dependent variable as the average-sized urban area in each state is estimated.  The results confirm that higher levels of population and income contribute to larger amounts of urbanized land area, while higher land prices are primarily associated with smaller urban size.  Of importance to this study, the results indicate that states with higher gas prices, mainly due to increased state gasoline excise taxes, are associated with smaller urban size.
The Relation Between Disaggregated Re-structuring Charges And Stock Returns: The Effects Of Financial Distress
Authors: Anderson Darlene , Dee Carol Callaway
Published: February 2016

We examine the relation between restructuring charge components and stock returns for firms reporting restructuring charges in the year disaggregated component disclosure became mandatory. We find significant coefficients on disaggregated components of restructuring charges in a regression of returns on earnings, earnings changes, and restructuring charge components. We provide evidence that for firms that exhibit signs of financial distress, aggregate restructuring charges, as well as the disaggregated components of restructuring charges, are priced differently than they are for financially healthy firms. Results suggest that for financially distressed firms, investors perceive supplemental disclosure as a positive signal of the firm’s future operating performance, and view negatively a disclosure that lacks detail and/or clarity. 
Big Bath Earnings Management: The Case Of Goodwill Impairment Under SFAS No. 142
Authors: Jordan Charles E. , Clark Stanley J.
Published: February 2016

The big bath theory of earnings management suggests that firms experiencing low earnings in a given year may take discretionary write downs to reduce even further the current period’s earnings.  The notion is that the company and its management will not be punished proportionately more for the big hit it takes to its already depressed earnings.  This “clearing of the decks” makes it easier to generate higher profits in later years.  SFAS No. 142, with its new requirement to test goodwill annually for impairment, provided a unique opportunity to test this big bath theory.  Examining Fortune 100 companies, this study presents compelling evidence that the big bath theory is more than just a theory but is instead a practiced method of managing earnings.
Critical Success Factors For Supplier Selection: An Update
Authors: Cheraghi S. Hossein , Dadashzadeh Mohammad , Subramanian Muthu
Published: February 2016

For many organizations effective supplier evaluation and purchasing processes are of vital importance. As the pace of market globalization quickens, the number of potential suppliers and the number of factors to consider when selecting suppliers increases. In this paper we present the critical success factors (CSFs) for supplier selection reported in the literature emanating from the seminal work of Dickson and provide an update based on reviewing more than 110 research papers. Our study indicates significant change in the relative importance of various critical success factors in the research reported during 1966-1990 versus 1990-2001. Increased competition and globalization of markets facilitated by Internet-based technologies have combined to dramatically change the ranking of factors while introducing new criteria to the supplier selection process. Based on the results of this study, we conclude that supplier selection criteria will continue to change based on an expanded definition of excellence to include traditional aspects of performance (quality, delivery, price, service) in addition to non-traditional, evolving ones (just-in-time communication, process improvement, supply chain management).
A Unified Accounting Information Framework To Modeling Bank Accounting Systems
Authors: Lin Fengyi
Published: February 2016

This paper discusses the use of distributed middlewares as essential tools for facilitating electronic exchange of standard business document between managers, financial institutes, and trading partners in the banking sector. Internally, companies can benefit by creating information architectures that allow systems to easily exchange data. One less expensive and disruptive option that applies to most banks/financial institutes is used traditional mainframe (legacy) system with an array of distributed middlewares to overcome the aforementioned limitations. This paper focuses on developing a new distributed processing architecture based on client-server technology called UAIF – Unified Accounting Information Framework. UAIF is designed to assist managers/financial institutes with a transparent access to information anywhere on the LAN or WAN from any desktop and to meet management specific needs so that some of the accounting and financial works can be widely used for World Wide Web (WWW) applications via Internet or Intranet.

 

For concept verification, we utilize UAIF to modeling a bank accounting system, which is based on an industrial standard CORBA architecture, XML and OMG General Ledger Facility. This methodology integrates enterprise accounting information system (AIS) with distributed systems via Internet, Intranet, and Electronic Commerce.
Public Accounting Firm Characteristics: Their Importance To Students And Discussion By Recruiters
Authors: Schmutte James
Published: February 2016

This was a survey-based study of the importance that students attach to various employer qualities and the extent that public accounting recruiters discuss such qualities. Attitudinal differences among students with different academic credentials and differences in the structure of recruiting interviews by various sized public accounting firms were the focus of the study. The data were collected from 106 accounting students and 63 recruiters. Before the beginning of the fall campus interviewing period, students rated the importance of 36 employer characteristics and recruiters reported to what extent they discussed the characteristics during the recruiting process. In general, no differences were noted among students of varying academic credentials. Significant differences, however, were noted in the level of discussion by recruiters from firms of varying size. The extent that recruiters from the various sized firms discussed the characteristics was compared with the student perceived importance. The extent that the national firm recruiters discussed the characteristics most closely matched the student importance ratings, and the discussion by the local firm recruiters least matched the student ratings.
The Role Of Growth In Long Term Investment Returns
Authors: Broussard John Paul , Michayluk David , Neely Walter P.
Published: February 2016

Stocks with a high valuation compared to fundamental values imply a high growth rate, yet these stocks have typically under-performed in subsequent years supporting Lakonishok, Shleifer and Vishney's (1994) contrarian investment strategies. The precise definition of growth and subtle differences of measuring growth are explored in assessing the role of growth in long-term investment decisions and stock valuation.  Results from a later period and with additional tests than employed by LSV indicate that growth is a primary valuation factor, and valuation measures such as E/P and B/M, are imperfect proxies for expected growth.  Growth appears mean reverting, but investors do not seem able to discern changes in growth rates and this miss-specification of expected growth may help explain the superiority of value versus growth strategies. In addition, investors’ naïve extrapolations of past growth provide explanatory power in future holding period returns. 
Segmentation Based On Media Consumption: A Better Way To Plan Integrated Marketing Communications Media
Authors: Schimmel Kurt , Nicholls Jeananne
Published: February 2016

This paper provides an example of utilizing survey data to develop the initial media and method (Advertising, PR, Interactive, Word of mouth) mix.  Utilizing K-Means Cluster analysis and discriminant analysis to profile the clusters three segments were identified based on media consumption.  Differences in the segments were also found to exist regarding the perceptions of the benefits and concerns regarding e-commerce.  This indicated that in addition to different media/method mixes, different message strategies are also appropriate for the segments. The segments were then profiled utilizing Multiple Correspondence Analysis to determine the relationship between the segments and the demographic variables and also between the segments and shopping behavior
Using Cash-To-Cash To Benchmark Service Industry Performance
Authors: Farris II M. Theodore , Hutchison Paul D. , Hasty Ronald W.
Published: February 2016

The cash-to-cash (C2C) metric is a measurement tool which may be used to bridge the management of firms and functions in a supply chain.  C2C can be used by management to improve firm liquidity position and overall firm value.  Measuring C2C also offers a consistent measure across time, helps to identify the greatest leverage points and opportunities for improvement, serves as a means to set goals for improvement within the supply chain, and can help to optimize the entire supply chain, instead of sub-optimizing individual portions.  In this study, the authors illustrate the calculation of cash-to-cash, investigate changes in C2C between product and service industries to identify key differences, review and discuss key leverage points of C2C, and provide insights for today’s service industry managers to understand the C2C metric from both accounting and supply chain management perspectives.  Data in this study can also be used for benchmarking purposes.
Stakeholder Salience And Corporate Social Responsibility: Evidence From Three Companies
Authors: Neill John D. , Stovall O. Scott
Published: February 2016

In this paper, we examine the corporate social responsibility (CSR) efforts of three socially conscious companies over time by employing Mitchell et al.’s (1997) stakeholder salience theory.  Mitchell et al. maintain that the extent to which managers pay attention to the interests of various stakeholder groups is based on the power, legitimacy, and urgency of the claims of each group.  Using these attributes of power, legitimacy, and urgency, we analyze how the CSR activities of Ben and Jerry’s Ice Cream, Malden Mills, Inc., and Nova Chemicals Company have changed over time.  Our investigation revealed that attributes of stakeholder salience shift over a firm’s life cycle, and therefore levels of CSR activities change as well.  For these firms, we found that power is the primary attribute of stakeholder salience driving CSR.  That is, in order for a firm to engage in purposeful CSR activities, the stakeholder(s) pursuing a CSR agenda must possess the power to impose such an agenda on management.  Based on the results of our analysis, we conclude that without power, legitimacy and urgency may not provide sufficient stakeholder salience to promote CSR activities. 
The Impact Of Insider Trading On Market Liquidity In The NASDAQ Market
Authors: Khan Walayet A. , Baker H. Kent , Chaudhry Mukesh , Maheshwari Suneel K.
Published: February 2016

This study examines the relationship between insider trading and market liquidity (spread and depth) of NASDAQ-100 stocks.  Tests on an intraday sample of sell trades show no evidence of cross-sectional association between the width of the spread and insider trading, but detect some widening of the spread after the fact.  Overall, our results provide mixed evidence on the ability of NASDAQ dealers to unravel informed order flow and adjust spreads accordingly.  Their short-term behavior suggests an inability to detect insider trading and widen spreads, but their behavior over time suggests that dealers may attempt to recover what they apparently lose at a given point and time.
Predicting Impending Bankruptcy From Auditor Qualified Opinions And Audit Firm Changes
Authors: Senteney David L. , Chen Yinning , Gupta Ashok
Published: February 2016

Unlike prior research, we investigate the incremental explanatory power of both auditor qualified opinions and auditor changes beyond the information conveyed by traditional financial statement ratios in predicting bankruptcy. We find that qualified auditor opinion and auditor changes are both important in predicting impending bankruptcy and that auditor changes convey important information not reflected in auditor qualified opinions alone.  In fact, we find compelling evidence that auditor changes provide incremental explanatory power in predicting impending firm failure beyond what is conveyed by auditor qualified opinions and traditional financial statement ratios considered jointly.  Although the existing relevant literature provides no empirical evidence in this regard to our knowledge, this result is intuitive as one motivation for clients to change audit firms is to seek less conservative professional auditors as a strategic response to manifestation of the financial statement effects of bankruptcy.
Are Tax Incentive Provisions Always Operative? Evidence From The Greek Manufacturing Industry
Authors: Anastassiou Thomas A.
Published: February 2016

Tax incentives have been provided in many countries with the ultimate goal of making the cost of capital cheaper and thus enabling the development process through the increase of investment expenditures. The study of the role of tax incentives in investment spending has been made possible through the use of the neoclassical theory of optimum capital accumulation. This theory has been used in this article to indicate that incentive provisions may not always be operative at the margin, and thus having no effect in  the formulation of the value of depreciation allowances and further on the value of the implicit rental price of capital. Variations in the value of the user cost of capital can make an investment project cheaper or more expensive in relation to various time periods. This could not be proved for the case of Greece.
Extraversion-Introversion Personality Traits Of Local Firm CPAs Who Previously Worked For A National CPA Firm: An Empirical Study
Authors: Satava David , Hallock Dan
Published: February 2016

Prior research on the personality types of CPAs has focused on which personality types were most attracted to national or local public accounting firms. Previous studies indicate that national-firm CPAs are twice as likely to be extraverts whereas local-firm CPAs are twice as likely to be introverts. No prior studies have evaluated the extraversion-introversion personality types of those who first started with a national firm before working for a local firm. This study postulates that for extraversion-introversion, CPAs who worked for a national firm before working for a local firm are statistically similar to those who have only worked for a local firm and statistically different from those who have only worked for a national firm.  With respect to extraversion-introversion for those who first started work for a national firm before working for a local CPA firm, this study supports the hypothesis that they would be different from those who had only worked for a national firm and does not support their similarity with those who had only worked for a local CPA firm.   
A Mathematical Optimization Model To Support Decision Making For Fast Food Enterprises
Authors: Boronico Jess S. , Panayides Alexandros , Goldstein Lori
Published: February 2016

This paper investigates the determination of the optimum time to begin shut down procedures for fast food establishments. The model developed in the paper provides conditions for the number of minutes prior to closing time to begin shut down procedures and the optimal number of items to have prepared together with a comparative static analysis. Illustrative results are presented based on empirical data obtained from a pretzel establishment study.
A Comparison Of Evaluation Techniques For Decision Analysis Involving Large Attribute Sets
Authors: Thompson Ronald L. , Iacovou Charalambos L. , Shirland Larry E.
Published: February 2016

This study investigates the effectiveness of two multi-attribute evaluation techniques under conditions of high information load that is caused by large attribute sets.  One hundred and sixty-five respondents were randomly assigned to two groups: the first one used a holistic, point allocation-based method to evaluate a list of 20 job attributes, while the second employed a triad-based technique that decomposed the evaluation task. The results suggest that the decomposed method produced more reliable results and was deemed easier to use, even though it took longer to complete the task.
Non-Conventional Approaches To Property Value Assessment
Authors: Zurada Jozef M. , Levitan Alan S. , Guan Jian
Published: February 2016

Lack of precision is common in property value assessment. Recently non-conventional methods, such as neural networks based methods, have been introduced in property value assessment as an attempt to better address this lack of precision and uncertainty. Although fuzzy logic has been suggested as another possible solution, no other artificial intelligence methods have been applied to real estate value assessment other than neural network based methods. This paper presents the results of using two new non-conventional methods, fuzzy logic and memory-based reasoning, in evaluating residential property values for a real data set. The paper compares the results with those obtained using neural networks and multiple regression. Methods of feature reduction, such as principal component analysis and variable selection, have also been used for possible improvement of the final results.  The results indicate that no single one of the new methods is consistently superior for the given data set.
Valuation Of The Embedded Option In A Non-Cancelable Lease: Theory And Application
Authors: Hamill James R. Hamill , Sternberg Joel , White Craig G.
Published: February 2016

This paper applies a “real” option literature based model to valuing the option element of a non-cancelable lease without an early exercise provision. The model is applied to a common lease type – the closed-end automobile lease. The findings show that the value of the option inherent in an automobile lease is approximately two to six percent of the original asset cost. The analysis discusses ways in which the option value can be captured through the lease contract terms. Management decision makers can use these concepts in evaluating lease/purchase decisions.
The Effects Of Restricting Capital Outflows On Investment In An Open Economy
Authors: Muzere Mark L.
Published: February 2016

This paper considers the effects of restricting capital outflows on foreign investment in a developing country. It is shown that a developing country may restrict capital outflows if domestic economic conditions are poor, and it may liberalize capital outflows if domestic economic conditions are strong. Restricting capital outflows has large impact if the investment horizon is short. Furthermore, restricting capital outflows may discourage foreign investors from investing in the developing country. This result is consistent with the home equity bias.
Identifying Potentiality Online Sales In Malaysia: A Study On Customer Relationships Online Shopping
Authors: Haque Ahasanul , Sadeghzadeh Javad , Khatibi Ali
Published: February 2016

Understanding of consumers buying pattern through internet and motivation of consumers to online shopping and what product has potential of online sales are critical questions. The purpose of this study was to identify the potential of online sales. The study started with verifying consumer online behavior and model of potential of online sales. The results showed only two factors, gender and family income was significant relationship with overall attitudes towards online shopping. In addition, results indicated that weekly internet use, having experience in e-shopping, and willingness to shopping online in the future have significant relationship with overall attitude towards online shopping. Moreover, results   proved that there is significant difference between human senses in online decision-making process and it is explored to customers who experienced shopping a product or they were satisfied previously, which have stronger confidence to do online shopping. The estimation of Logistic model shows that potential of online sales is affected significantly by consumer overall attitudes towards online shopping, product type, familiarity and confidence.