bluuebunny/crossref_metadata_2025 huggingface dataset:
Legal Issues, Judicial Analysis, And Domicile Planning To Avoid State Inheritance Tax Using Tennessee
Authors: D’Amico Jeffery R.
Published: March 2016

This paper examines the pitfalls and planning opportunities for taxpayers attempting to change domicile from our case study state, Tennessee, to avoid Tennessee inheritance tax to a state that doesnt have such taxes. Various court cases and state tax authority will be examined in order to synthesize the issues and formulate some general guidelines to assist taxpayers and their advisors in successfully using a change of domicile as a tool in state estate tax planning. A leading New Jersey case will be examined as an example of the consequences of unsuccessful state domicile planning causing the taxpayer to be subject to state inheritance tax in multiple states.
Coffee Anyone? - Part 2: Additional Business Opportunity Statements For Unstructured Capital Budgeting Projects
Authors: Silvester Katherine J.
Published: March 2016

This paper builds on an earlier paper that presented an unstructured, semester-long team-based capital budgeting project for senior level undergraduate accounting students. Successfully completing this project required accounting students to step outside of their narrow accounting transactions framework and to apply extensive organizational, analytical, information gathering, and critical thinking skills. This extension paper provides two additional Business Opportunity Statements that can be assigned to student groups for semester projects. Utilizing these additional Statements will allow faculty to challenge consecutive semesters of students.
iRobot Corporations Intellectual Property: Accounting For Research And Development Under U.S. GAAP Versus IFRS
Authors: Bowen Robert M. , Jollineau Jane , Margheim Loren
Published: March 2016

Founded by MIT scientists in 1990, iRobot Corporation designed, developed, and sold consumer and military robots to help people complete dull, dirty or dangerous tasks in real-world situations. The purpose of this case study is to stimulate discussion about intellectual property and how it should be measured and reported. Under U.S. generally accepted accounting principles (GAAP), iRobot reported no asset related to their internally generated intellectual property despite over 20 years of intensive research in robotics. In contrast, international financial reporting standards (IFRS) permitted firms to treat certain research and development (R&D) activities as an asset. By comparing U.S. GAAP and IFRS treatments of R&D, we provide an interesting example of the range of potential financial reporting effects across alternative accounting methods. Further, the case requires that students wrestle with the implications of moving from more rule-based accounting (U.S. GAAP) to more principles-based accounting (IFRS). How might U.S. managers, auditors, and investors likely respond? A teaching note is available.
Source Headwaters Update: Presidential Beginnings
Authors: Budden Michael , Juban Rusty , Budden Connie , Wallace Dawn
Published: March 2016

Presidents of higher education institutions are a major source of vision and direction for their respective universities.  Established research has shown that a variety of demographic, psychographic and personal characteristics may impact one’s thoughts and actions.  Undoubtedly, for university presidents, their educational background and the source of their terminal degree play roles in their abilities to lead and in developing their visions.  For this paper, we examined the educational background of public university presidents to determine the degree of homogeneity across institutions.  The question we seek to address is if vision and leadership are overly influenced by a common educational background with little diversity in source and field of terminal degree.
Imposition Of Diversity: The Imposition Of Diversity-Training Through Top Down Management Communication
Authors: Thibeaux Stephanie , Tillotson Gwen , Falls Terrance , Bell Reginald L.
Published: March 2016

Top managers should impose diversity-training programs requiring all managers to participate. A diversity program must focus on enhancing managerial communication competence, while taking into consideration the impact that various cultures, religions, family structures and attitudes will have on managerial communication processes. If executives are to attain goal achievement and motivate employees, they must be prepared to effectively impose diversity training on an inherently diverse workforce. The benefits of properly implementing and consistently supporting a diversity-training program could outweigh managerial resistance.
Cultural Diversity: Implications For Workplace Management
Authors: Amaram Donatus I.
Published: March 2016

The acceptance and management of cultural diversity have been promoted and touted as a positive tool in social and organizational engineering aimed at solving and preventing group dynamics problems in both business organizations and society as well. Positive attributes of cultural integration in business organizations have received fair and significant attention in the past two decades. What have not been sufficiently presented are the challenges and pitfalls inherent in the management of culturally diverse work groups. For the practicing manager, there is a need to know when and where mono- and multi-cultural arrangements may be preferred. This paper reviews relevant research findings that can be used for building effective paradigms in the management of cultural diversity in the workplace.
Loss Of Chance Damages: Speculation As To The Criteria
Authors: Chetwin Maree
Published: March 2016

Loss of chance damages in contract and tort. Are the categories in the leading case, Allied Maples Group Ltd v Simmons & Simmons [1995] 4 All ER 407 sound? Difficulties with causation, quantification and identifiable criteria.
Corporate Governance In Relation To The Enhancement Of Social Responsibility
Authors: Lahovnik Matej
Published: March 2016

Paper argues that managers have the obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organisation. Social responsible behaviour is actually in a company's self interest. Therefore the company must take the social consequences into account when formulating strategies. Still there are those scholars who argue that considerations of social responsibility should not enter into the decision process. However, many institutional investors pay attention to corporate social behaviour and thus influence the market for a company's stock. Our conclusions are based on a longitudinal research method. We made three consecutive research studies on the characteristics of corporate governance in Slovenia in the period 1998 to 2006. We compare the results of our studies made in 1998 and 2002 with the latest results in 2006. The most important long-term strategic objective of Slovenian companies is growth. The share of Slovenian companies not considering equity opportunity costs has decreased significantly in the last six years due to the consolidation of ownership structures. The controlling owners are more active in setting the required rate of return on their equity investments. There is no conflict of interests between internal and external shareholders in most companies. Obviously, Slovenian companies have changed their strategic behaviour to reflect the interests of their stakeholders. We may argue that some stakeholders, like customers and employees, are even more important for Slovenian managers than the owners.
Race-Based Differences In Performance Measures: Implications For Diversity Management In Higher Education And The Workforce
Authors: McKinney Arlise P.
Published: March 2016

Increased diversity representations in higher education create both opportunities and challenges for diversity management. Both in education and the workforce, one challenge has been to achieve equal access and opportunity for diverse groups because of differences in standardized measures (e.g., SAT) and other measures (e.g. GPA) used in admissions decisions and in personnel selection. This study examined race-based differences in academic measures of SAT, high school GPA, and college GPA to better understand the influence of these factors on diversity management in higher education. The implications are discussed with suggestions for future research.
Diversity Management: Seeking Validation
Authors: Bledsoe M. Tony , Oatsvall Rebecca J. , Condon David
Published: March 2016

Diversity management is widely valued in higher education today, but closer examination often reveals a lack of action to support the level of diversity that institutions claim to embrace in many of their strategic documents. This paper includes an assessment of diversity management within South Carolina’s technical colleges and an examination of survey results.  It is a companion study to a prior study of diversity in North Carolina Independent Colleges and Universities (NCICU).  The purpose of that research was to review campus-wide documents and structure of schools in the NCICU to determine diversity transparency (Bledsoe/Oatsvall).
Gender Differences In Responses To Hypothetical Business Ethical Dilemmas By Business Undergraduates
Authors: McInerney Margie L. , Mader Deanna D. , Mader Fred H.
Published: March 2016

Business leaders are often failing to display ethical behavior in business decisions. This paper examines the gender differences found in undergraduate business students when faced with ethical decision making dilemmas.
Does Workplace Diversity Matter? A Survey Of Empirical Studies On Diversity And Firm Performance, 2000-09
Authors: McMahon Anne M.
Published: March 2016

This study seeks to assess the state-of-the-art on the workplace diversity – firm performance relationship. Based on a review of academic research on workplace diversity and firm performance published in nine leading journals in the field of management during the period 2000-2009, it addresses the following research questions: a. How are diversity and firm performance constructs defined? b. What are the findings of research linking workplace diversity and firm performance? c. What factors mediate and/or moderate the diversity-performance relationship? Based on the findings of extant research, we develop a model to explain and interpret the diversity – firm performance relationship, and understand its implications.
The Appropriateness Of Parental Involvement In The Job Search Process
Authors: Insch Gary S. , Heames Joyce , McIntyre Nancy
Published: March 2016

This paper explores millennial job seekers and their parental involvement in the job search process. Preliminary work on a scale to measure the “appropriateness” of certain job search behaviors is reported. Ten parental job search behaviors are identified.  The appropriateness constructs of “mentoring” and “meddling” are developed and empirically tested. Results indicate that both meddling and mentoring are valid and initially useful constructs in examining the suitability of parental involvement in the job search process. The possible impact of parental involvement in the job search process is then discussed along with possible managerial responses.
Personal And Work-Related Correlates Of Mental Health In Slovak Women In Higher Education
Authors: Krawczyk Rosemary , Kalinowski Jon
Published: March 2016

Two samples of Slovak women in higher education were surveyed in order to determine the extent to which the personal attributes of locus of control and life satisfaction and work-related attributes of role conflict and ambiguity are related to mental health symptomatology. The personal attribute of external locus of control correlated positively with symptoms of psychological distress. Life satisfaction correlated negatively with mental health. Role conflict and ambiguity each correlated positively with all symptoms of psychological distress. Moderating effects of locus of control and life satisfaction were not found. Results are discussed in relation to findings from similar surveys of U.S. women in higher education and with respect to changes in higher education in post-communist Central and Eastern European countries.
A New Vision Of Management: Full Potential Management Model
Authors: Fujimoto Yuka , Hartel Charmine E.J.
Published: March 2016

This paper establishes the Full Potential Management (FPM) Model based upon the social model of disabilities coupled with principles of diversity management and disability-oriented human resource management. Despite the fact that the concept of management was once envisioned as having ‘value to society’ by improving the quality of life through efficient practices (Rimler, 1976), management literature has narrowly defined management as a means to gain increased productivity and achieve organizational goals, thus overlooking the social formation and implementation design for a better life (Diener & Seligman, 2004; Small, 2004; Whitley 1989). Based upon the diversity literature, we propose that social-oriented diversity management principles and practices are the key to transforming management concepts from achieving organizational potential to achieving social aims that maximize the potential and quality of life of each person.
Cross-Cultural Communication And Dimensions: A Hybrid Analysis Of Horizontal And Vertical Individualist And Collectivist Tendencies Among African American And European American Management Students
Authors: Okoro Ephraim , Cardon Peter W. , Marshall Bryan , Thomas Otis
Published: March 2016

This article describes research about horizontal and vertical individualism and collectivism (HVIC) among African American and European American university students. The survey is based on the work of Harry Triandis (1995), one of the seminal researchers of individualism and collectivism (I-C). The survey of attitude and scenario items, developed by Harry Triandis (1995), was administered to undergraduate management students in three universities in the Eastern and Southeastern United States. Many of the attitude and scenario survey items directly address preferred communication patterns. The findings are also interpreted in terms of situational preferences about I-C, including the following contexts: social events, workplace decisions, and group and work dynamics. The research is unique in that it measures four types of the I-C dimension: horizontal individualism, vertical individualism, horizontal collectivism, and vertical collectivism, as conceptualized by Triandis (1995). Furthermore, it emerges from the premise that cultures are neither strictly collectivist nor individualist; rather, cultures have profiles in which individualist tendencies are prominent in some circumstances whereas collectivist tendencies are emphasized in others. Also, this article provides findings that can easily be converted into training about cross-cultural similarities and differences. Related recommendations for future research and implications for teaching are provided.
Organizational Hiring Practices Of Persons With Disabilities: A Study And Review Of Corporations, Small Businesses, Non-Profit Organizations, Foundations, And The US Government
Authors: Maier Nancy A. , Ulferts Gregory W. , Howard Terry L.
Published: March 2016

This paper presents findings from research conducted to identify organizational hiring practices of people with disabilities. Despite the passage of the American with Disabilities Act in 1990, employment rates for people with disabilities remain far lower than for people of any other minority group. Further, this paper will offer best practices in hiring people with disabilities and resources available through federal, state and private sectors.
Cross-Level Cultural Congruence: Implications For Managing Diversity In Multinational Corporations
Authors: Palthe Jennifer
Published: March 2016

Few models view culture as a multi-level construct and limited diversity management theories capture the significance of the configuration of individual, organizational, and national culture differences on employee and organizational outcomes. This paper seeks to bridge this gap by presenting a conceptual model that suggests that the interplay between this triad of cultural entities (individual, organizational, and national) influences the degree of cultural congruence that ultimately affects individual and organizational outcomes. Figures that serve as explanations of these cultural configurations are presented and implications for diversity management research and practice are offered.
Employment Relations And Bullying In Academia: A Case Of Academic Staff At Makerere University
Authors: Kakumba Umar , Wamala Robert , Wanyama Seperia B.
Published: March 2016

While institutions of higher learning are ordinarily believed to be the epitome of knowledge and custodians of focal principles that guide sound practices and performance, they are certainly not immune to the prowl of bullying and mobbing, which are antecedents to poor employment relations. This article presents results of a study conducted to examine the nature of employment relations and the prevalence of bullying amongst academic staff at Makerere University. It analyses the prevalence, perceptions, and manifestations of bullying; the nature of employment relations and the existing supportive systems to deal with the vice at this premier university of the eastern and central African region. Results show that bullying and mobbing exist in University academic units. It has thrived on deficiencies in legal and policy framework, poor leadership styles and centralised control of decision-making, the nature of the working environment characterised by scanty resources and facilitation support to task holders. In spite of its incessant nature, it is often trivialized and relegated as a non-issue that deserve little, if any, serious attention. The authors posit that tolerating a culture of human abuse in any form undermines the very essence of a higher institution of learning. Thus, the university must develop a respectful organizational culture that fortifies colleagueship and harmonious coexistence through policy and open systems of communication with empowerment and participatory decision-making. Effort should be made to invigorate rigorous academic debate, research, and other scholarly endeavours, that promote intellectual resonance, as opposed to schemes of undermining practices.
Relationship between emotional intelligence and innovative work behaviors in Turkish banking sector
Authors: Orhan Nazife , Dincer Hasan
Published: March 2016

Nowadays, almost all sectors especially service ones are aware of the fact that the presence of employees who have high level of emotional intelligence and innovative work behaviors is crucial so as to perform efficiently and productively. Since customer satisfaction and customer loyalty are the main primacy for the banking sector, they need to keep up with all kinds of changes and developments to resist and gain advantages over their competitors subject to the highly increase of competition worldwide.  The main reason of applying this study on the banking sector is its dynamic structure that has been changed both positively and negatively owing to the economic crisis. In connection with this, it is aimed to present the importance of emotional intelligence and innovative work behaviors on the success of banking sector through the analysis of two variables in terms of their relationship between each other. Additionally, it is intended for setting forth the differences of state-owned and private banks in terms of the level of emotional intelligence and innovative work behaviors. As a data collection tool, questionnaire technique has been used. It has been benefited from the emotional intelligence scale developed by Wong and Law to obtain the data related to emotional intelligence level; and the innovative work behaviors scale developed by Janssen to obtain the data related to innovative work behaviors. The findings obtained from the questionnaire were applied to 332 employees in Turkish banking sector.
The relationship between information content of depreciation and abnormal return and future benefits in manufacturing companies in Tehran Stock Exchange (TSE)
Authors: Zare Reza
Published: March 2016

In present study by virtue of the importance of  the fiscal statement contents and illiquid items ignored by the merchant the depreciation contents relation with abnormal return of the shares and future benefits are examined in order to influence the items under consideration of the investors to take related decisions; 94 companies were selected from the accessible universe in five years (2006-2010) to have the data necessary for the study in order to achieve the goal & with the base of keeping attention to the manufacturing & nonmanufacturing companies in the whole industries of stock market except banks & insurance companies. The simple and multivariable regression statistical techniques Chow and Hausman Test were used to test the hypotheses. The significant test was conducted for the paradigms by using the ‘F’ and ‘T’ statistics. The study findings show local high inflation have affection on the both variable results & makes no relation for first variable,for future benefits shows parallel  movements.
Swap transactions as a financial tool, their recognition as international accounting standard 39 and display in financial statements
Authors: Kablan Ali
Published: March 2016

Developments in international financial markets concern both developed countries and developing countries closely. The transactions of institutions arising from of commercial activities display a more complex and more risky state in line with international economic developments. The globalization trend in the world economy, the extreme fluctuations in currencies, interests and product prices have rendered closely following up the developments in financial tools mandatory. Taking advantage of derivative financial tools which increase the revenue of assets by taking future risks into consideration, impact a decrease in debt costs and has the purpose of transferring risks are of vital importance with respect to the successful management of companies. At the present time in which international commerce, free market economy and globalization has gained in importance, one of the derivative products used in risk management and have a wide implementation area is swap transactions. Swap transactions can be expressed as a financial transaction including the exchange of interest, foreign currency or both between two or more parties. Swap transactions in particular are used for purposes such as protection against risks due to interest rates and exchange rates, ensuring low cost financing, changing the debt structure and entering different markets. In this study, the generally defined characteristics of swap transactions, which have an important standing within financial risk management and have been rapidly developing in the world in recent years and their recognition according to the International Accounting Standard 39 concerning the recognition of swap transactions, which has in particular termed the study have been focused on. In the framework of the standard, interest swap and foreign currency swap implementation study were included with respect to the matter.
A Survey of the Environmental Conservation Costs by Local Authorities in Kenya
Authors: Mutua Nicholas Muthuma , Kilika Samuel
Published: March 2016

This study investigates the environmental conservation costs of the local authorities in Kenya by analyzing the data collected from 90 of these local authorities. The population of the study is the 175 local authorities in Kenya. A sample of 90 local authorities has been used. Both statistical package for social sciences (SPSS) version 17 and Excel have been used to determine the level of environmental conservation costs in the studied local authorities. The results indicated that there was a wide use of environmental conservation costs among the local authorities. The study provides preliminary evidence on environmental conservation costs used by local authorities in Kenya. Further research is suggested to explore the possible motivating factors among different local authorities’ degree of application and level of environmental costs in different activities.
A Survey of the Role of Audit Committees in Promoting Corporate Governance and Accountability in Constituency Development Fund Management: A Case Study of Nairobi Province, Kenya
Authors: Mutua Nicholas Muthuma , Kilika Samuel Kakui
Published: March 2016

The purpose of this study is to present a case for the need for audit committee in Constituency Development Fund to promote corporate governance and accountability in constituency development fund management in Nairobi Province, Kenya. The study provides an analysis and critique of the extent of engagement research in the field of corporate governance and accountability in constituency Development Fund management and present case for further research that may be directed to outside Nairobi province. The study found that the extent of literature in the field of corporate governance and accountability and reporting in contrast to the field to management CDF in Nairobi had largely ignored the practice within CDF organizations.  The study argues that CDF can benefit from the methodological and theoretical insights of audit committee and other disciplines. The study suggests where further contributions might be made by future research endeavors engaging with audit committees with organizations. Engaging audit committee in CDF governance and accountability has the potential to improve theorizing practice and the sustainability performance with organizations. Drawing on the methods and theories of other disciplines and the papers in the special issues (of audit committee) the study presents away forward for researchers engaging with audit committees in organizational practicing corporate governance and accountability.
Does High Yield Spread Dampen Economic Growth? The Case of US-Japan
Authors: Kurihara Yutaka
Published: March 2016

This article focuses on the empirical relationship between the United States’ and Japan’s yield spread of interest rates and economic growth in Japan. The yield spread is defined in this article as the difference between the Japanese government bond yield minus the US government bond yield. Some studies have tackled this issue and found a negative relationship between the yield spread and economic growth; however, recent studies have shown no or a weak relationship. This problem has not yet reached consensus in spite of its importance. As the Japanese interest rate has been quite low since the adoption of the zero interest rate policy at the end of 1990s, the situation may change the results. The empirical results show that reliability of yield spread as a leading indicator of output growth exists in Japan; however, term structure of interest rate is not related to output growth.
Banks' Stability: The effect of Monetary Policies in the light of Global Financial Crisis
Authors: Bakhit Wael , Bakhit Salma
Published: March 2016

This paper employs a quarterly time series to determine the timing of structural breaks for interest rates in USA over the last 60 years. The Chow test is used for investigating the non-stationary, where the date of the potential break is assumed to be known. Moreover, we empirically examined the deviation from an assumed interest rate as given in a standard Taylor rule and consequences on financial sectors. The empirical analysis is strengthened by analysing the rule from a historical perspective and look at the effect of setting the interest rate by the central bank on financial imbalances. The empirical evidence indicates that deviation in monetary policy has a potential causal factor in the build up of financial imbalances and the subsequent crisis where macro prudential intervention could have beneficial effect. Thus, our findings tend to support the view, which states that the probable existence of central banks has been one source of global financial crisis since the past decade.
Diversification and Community Bank Performance during a Financial Crisis
Authors: Estes Kathy
Published: March 2016

Many U.S. banks failed or performed poorly during the recent financial crisis.  Although the costliest failures were large institutions, the majority of failures were community banks (less than $1 billion in total assets).  Community banks, which are considered instrumental in small business lending and employment growth, face different risks and challenges than their larger counterparts, including a lack of economies of scale and scope and exclusion from “too-big-to-fail” status.  These challenges, coupled with the recent failures, motivate research into potential strategies managers can use to improve performance.  This study examined the relationship between three potential diversification strategies and community bank risk-adjusted performance from 2007 to 2011.  Understanding these relationships could improve management’s decision-making, allowing them to choose risk-mitigating strategies during a severe economic downturn.  Herfindahl-Hirschman Indexes (HHIs) were calculated as proxies for geographic, activity, and asset diversification.  Multiple regression models for each of the five years were used to calculate the impact of diversification variables on risk-adjusted ROA.  The results show that diversification in all areas is directly related to performance; however, only the asset diversification relationship is significant.  To the extent possible for community banks, diversification may improve risk-adjusted performance.
Evolution of Corruption in Sub-Saharan Africa - from Nkruma To Mutharika The 2nd: Case Study Of South Africa
Authors: Mafukata Mavhungu Abel
Published: March 2016

Since Sub-Saharan Africa's first independence in Ghana, the region has experienced massive and costly political and bureaucratic corruption within public service and administration. The causes of the corruption, its nature and form are wide and intertwined. In Sub-Saharan Africa, efforts to curb corruption have failed to discard it. The paper focused on the period from Nkruma in Ghana to Mutharika the 2nd in Malawi. This paper reviewed existing literature on political and bureaucratic corruption in Sub-Saharan Africa while on the other hand the paper employed key informant interviews to gather the required data to investigate, analyse and profile the genesis and evolution of corruption in Sub-Saharan Africa. The key informant interviews were employed to solicit public views and opinion from nineteen key informant participants (n=19) selected from 11 countries in Sub-Saharan Africa. The paper found that corruption is legendary; has entrenched itself to becoming some sort of culture in the region, and has become the most difficult socio-economic challenge to resolve in the region despite the various anti-corruption efforts employed by stakeholders to curb it. It emerged through the study that law-enforcement efforts against corruption need some reinforcement in order to be effective and eficient in uprooting corruption in the region. If Sub-Saharan Africa fails to address its corruption challenge, its development prospects would seriously curtailed.
CEO Power and Auditor Choice
Authors: Ouyang Bo , Liu Zenghui , Sun Xiaojie Christine
Published: March 2016

In this paper, we examine the impact of CEO power on auditor choice. We are motivated by the competing financial reporting incentives arising from CEO power. Our empirical finding suggests that powerful CEOs are more likely to hire high-quality auditors as a signal of superior financial reporting quality. We contribute to the literature of auditor switch and extend the research on the links between CEO power and firm behaviors.
Innovative strategies devised by Indian microfinance institutions to achieve cost efficiency
Authors: Marakkath Nadiya
Published: March 2016

This study is a discussion on the ‘Non-Governmental Organization-Microfinance Institution Partnership Model’ and ‘Securitization Model’ used by Indian microfinance institutions to achieve cost efficiency. These two models are effective strategies devised and used by efficient and sustainable Indian MFIs to reduce their operating cost and financing cost. Achieving such cost efficiency is crucial for microfinance institutions to attain operational self-sustainability without levying high interest rates. Using interview method the study elicits information on these innovative strategies and recommends them to be worthy of emulation for other microfinance institutions operating in the Indian microfinance industry.
Country Value Premiums and Financial Crises
Authors: Zaremba Adam
Published: March 2016

The paper concentrates on the value premium across countries and contributes to the investment and asset pricing literature in three ways. First, I provide fresh evidence that the high-value countries perform significantly better than the low-value countries. Additionally, this phenomenon is indifferent to the choice of the computational currency, representative index or value indicator. Second, I demonstrate that the value effect can be successfully amplified by combining with country-level size and momentum effects. Third, I show that returns to the high-value countries deteriorate in financial crisis conditions, because the country-level value premium is negatively correlated with the credit spreads, TED spread and expected volatility. I examine data from 66 markets between years 2000 and 2013.
Risk Management, Board Characteristics and Performance in the Tunisian Lending Institutions
Authors: Zemzem Ahmed , Kacem Oumeїma
Published: March 2016

The aim of our research is to investigate the relationship between risk management, corporate governance and performance in lending institutions. Mainly, this research seeks to examine the effect of risk management and some board’s features on financial performance. Empirical analyses are conducted from a sample of 17 Tunisian lending institutions over the period 2002-2011 using an OLS regression. The study shows that board size affect performance significantly. Most importantly, the existence of a risk committee within the institution has a negative and significant effect on performance.
The Case of Minority Small Business Owners
Authors: Bohdan Roman , Tipton Elizabeth , Kefer Dean , Djatej Arsen
Published: March 2016

This academic research explores the availability of loan financing to minority-owned businesses and examines a potential relationship between the size of a loan and the characteristics of a business in the USA. It also investigates the possible impact of different characteristics and quantifiable criteria on credit loan denial across different demographic groups. Probit models are used to evaluate the potential existence of racial or ethnic discrimination in the availability and approval of credit. Regression analysis is used to assess the impact that the race of a small business owner has on the relative size of a denied loan, the size of portioned credit, or the size of the company. When other variables suspected of influencing credit approval and rationing are controlled, black-owned and Asian-owned businesses appear to be less likely to be approved for loans and more likely to experience significantly greater credit rationing than their white counterparts.
Portfolio Diversification with Commodities in Times of Financialization
Authors: Zaremba Adam
Published: March 2016

The study concentrates on the benefits of passive commodity investments in the context of the phenomenon of financialization. The research investigates the implications of increase in the correlation coefficients between equity and commodity investments for investors in financial markets. The paper is composed of several parts. First, the attributes of commodity investments and their benefits in the portfolio optimization are explored. Second, the phenomenon of the financialization is described and the research hypothesis is developed. Next, an empirical analysis is performed. I simulate the mean-variance spanning tests to examine the benefits of commodity investments before and after accounting for the impact of financialization. I proceed separate analysis for pre- and post-financialization period. The empirical research is based on asset classes’ returns and other related variables from years 1991-2012. The performed investigations indicate that the market financialization may have significant implications for commodity investors. Due to increase in correlation coefficients, the inclusion of the commodity futures in the traditional stock-bond portfolio appears to be no longer reasonable.
The Great Financial Crisis
Authors: Akinsoyinu Clements
Published: March 2016

The Great Financial Crisis has been touted to be the worst crisis since the Great Depression of 1930; its effect has profound ramifications on the global economy. The nature and the severity of the crisis provoked an unprecedented policy response from policy makers at both global and domestic levels. To address the rampaging crisis, the Bank of England implemented a number of conventional and unconventional policy measures to curtail the economic rot and to stimulate economic growth. There is a broad consensus in the empirical literature and other evidence found in this paper that a number of the policies implemented in the United Kingdom played a significant role in re-directing and stimulating the economy. This paper reviews the various policy measures adopted by the Bank of England from the inception of the financial crisis in 2008 and assesses their effectiveness in bringing back the economy from the brink of collapse. Our review shows that quantitative easing (QE) policy and the expansionary fiscal policy adopted by the Bank of England were effective policy tools used in stimulating economic growth, stemming the effect and shortening the duration of the crisis in the United Kingdom
Comparative Interpretation of Classical and Keynesian Fiscal Policies (Assumptions, Principles and Primary Opinions)
Authors: Oner Engin
Published: March 2016

Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial".
A Review of Market Segmentation and Inefficiencies of the Chinese Stock Market
Authors: Feng Shuang , Stewart Jon
Published: March 2016

The Chinese stock market is an emerging market that has gained much importance over the past few decades. Because of this, it also serves as a great subject for studying market inefficiencies and anomalies. In this paper we provide a review of evidence regarding the development, efficiency and integration of the Chinese stock market. In particular, we review recent literature in the areas of market segmentation, cross-listings and calendar effects. This provides evidence of market inefficiency in China. We also pose questions that can be answered in future studies.
Bond Portfolio Allocations in South Africa Emerging Markets
Authors: Wang Jinghua , Bilson John
Published: March 2016

Over the past fifty years, economic growth in emerging markets has been supported by investments in capital and technology from the developed world. The benefit of this development for the emerging markets, as measured by growth in income, employment, and wealth, is immediately apparent. There have also been significant advantages for the developed world through opportunities for higher risk adjusted returns from investments in emerging markets. This study explores the benefits of the diversification of global government bond portfolio, and provides complete performance evaluations of DMs with or without South Africa emerging market (SAEM) bonds. The study examines the benefits of inclusion of SAEM bonds in DMs, the degrees of financial integration among the research markets, the relative bond returns of dynamic factor models with time-varying coefficients and the robust tests of bond portfolio performance between DMs with SAEM and bond index. The results of this study provide important implications for global investors by identifying diversification gains in SAEM.
O PALEOAMBIENTE DA REGIÃO ARQUEOLÓGICA DE CENTRAL (BA) ATRAVÉS DOS MAMÍFEROS DA TOCA DO MUNDINHO
Authors: Nogueira Juliana De Sousa , Barbosa Oscar Rocha
Published: March 2016

A Região Arqueológica de Central abrange uma área de 100.000 km² no interior da Bahia. Desde o início do Projeto Central, criado em 1982, foram localizados e cadastrados cerca de 300 sítios arqueológicos, contendo pinturas rupestres, vestígios ósseos, cerâmicos e líticos. Os restos faunísticos de mamíferos do sítio arqueológico Toca do Mundinho foram analisados, por comparação a espécimes previamente identificados, de maneira a buscar informações sobre possíveis mudanças na fauna local. Neste sítio, foram encontrados vestígios de animais pleistocênicos — indicando um clima local mais úmido que o atual — e animais recentes, ainda presentes na área e adaptados ao bioma Caatinga. Os resultados ressaltam a importância do estudo da fauna de mamíferos para o conhecimento dos paleoambientes e da distribuição paleomastozoológica na região Nordeste, bem como revela a cultura do homem pré-histórico brasileiro. ABSTRACTThe Archaeological Region of Central embraces an area of 100.000 Km² in the interior of Bahia. Since the beginning of Project Central, created in 1982, 300 archaeological sites were located and registered containing rock paintings, bones, ceramics and stone tools remains. The faunal remains of Toca do Mundinho archaeological site were analyzed, by comparing with previous identified specimens, in way to obtain informations about possibles changes in the local fauna. Remains of pleistocenic animals - indicating a local climate more humid than the actual - and recent animals, still present nowadays and adapted to the Caatinga biome were found. These results not only jut out the importance of the study of the mammal fauna for the knowledge about the paleoenvironment of the Northeast region, but also reveals the culture of the prehistoric brazilian man.Keywords: Zooarchaeology; Prehistory of brazilian Northeast; Mastofauna from archaeological sites
Arterial Anatomy of the Posterior Tibial Nerve in the Tarsal Tunnel
Authors: Manske Mary Claire , McKeon Kathleen E. , McCormick Jeremy J. , Johnson Jeffrey E. , Klein Sandra E.
Published: March 2016

Background:

Both vascular and compression etiologies have been proposed as the source of neurologic symptoms in tarsal tunnel syndrome. Advancing the understanding of the arterial anatomy supplying the posterior tibial nerve (PTN) and its branches may provide insight into the cause of tarsal tunnel symptoms. The purpose of this study was to describe the arterial anatomy of the PTN and its branches.

Methods:

Sixty adult cadaveric lower extremities (thirty previously frozen and thirty fresh specimens) were amputated distal to the knee. The vascular supply to the PTN and its branches was identified, measured, and described macroscopically (the thirty previously frozen specimens, prepared using a formerly described debridement technique) and microscopically (the thirty fresh specimens, processed using the Spälteholz technique).

Results:

On both macroscopic and microscopic evaluation, the PTN and the medial and lateral plantar nerves were observed to have multiple entering vessels within the tarsal tunnel. On microscopic evaluation, a vessel was observed to enter the nerve at the bifurcation of the PTN into the medial and lateral plantar nerves in twenty-two (73%) of the thirty specimens. There was a significant difference (p < 0.05) in vascular density between the PTN and each of its branches.

Conclusions:

The abundant blood supply to the PTN and its branches identified in this study is consistent with observations of other peripheral nerves. This rich vascular network may render the PTN and its branches susceptible to nerve compression related to vascular congestion. The combination of vascular and structural compression may also elicit neurologic symptoms.

Clinical Relevance:

Advancing the understanding of the arterial anatomy supplying the PTN and its branches may provide insight into the cause and treatment of tarsal tunnel syndrome.
Inferior Cubital Artery Perforator Flap for Soft-Tissue Coverage of the Elbow
Authors: Camuzard Olivier , Foissac Rémi , Clerico Cyril , Fernandez Jonathan , Balaguer Thierry , Ihrai Tarik , de Peretti Fernand , Baqué Patrick , Boileau Pascal , Georgiou Charalambos , Bronsard Nicolas
Published: March 2016

Background:

Soft-tissue defects surrounding the elbow can be a challenging problem for the orthopaedic surgeon. Reliable reconstruction with use of muscular flaps or even perforator flaps derived from the surrounding vessels has been described. The inferior cubital artery (ICA) is an indirect septocutaneous perforator branch that most frequently arises from the lateral side of the radial artery. The purposes of the present study were to characterize the capillary cutaneous perforators of the ICA and to evaluate the potential of a local perforator flap procedure for soft-tissue coverage of the elbow.

Methods:

Twenty fresh cadaveric forearms were dissected in order to describe the ICA anatomy, and in ten additional forearms the ICA was selectively injected with a red ink solution to detail the ICA vascular territory. For each artery, we recorded the site of origin, the diameter of the artery at its source, the course of the artery, and the number, type, and diameter of capillary cutaneous perforators.

Results:

A total of seventy-eight ICA capillary perforators were analyzed from the twenty dissected forearms: forty-six were in-transit capillary perforators, nineteen were terminal capillary perforators, and thirteen were musculocutaneous capillary perforators. Of these seventy-eight perforators, sixteen (21%) had a caliber of <0.5 mm and sixty-two capillary perforators (79%) had a caliber of ≥0.5 mm. Ten ICAs were selectively injected, and the mean size of all stained skin areas was 30.9 ± 11.9 cm2. A perforator pedicled flap was readily feasible for all dissections. We also describe the case of a patient with a medial soft-tissue defect of the elbow that was covered with a pedicled perforator flap based on an ICA. The patient had satisfactory healing at two months.

Conclusions:

The ICA flap is a reliable and useful flap for elbow soft-tissue reconstruction.

Clinical Relevance:

The perforator flap procedure is a major advancement in reconstructive surgery. One potential application of the perforator flaps is the use of tissue adjacent to a defect as a perforator-based island flap. The use of this tissue allows for thinner flaps to be tailored for more accurate reconstruction. A flap that depends on a perforator branch of the radial artery called the inferior cubital artery seems to be an excellent solution for soft-tissue coverage of the elbow.