bluuebunny/crossref_metadata_2025 huggingface dataset:
Labor Self-Management: Is It Consistent With Rawls?
Authors: Rooney Patrick M.
Published: February 2016

Is labor self-management (LSM) an element of a just society? The goal of this essay is to succinctly delineate John Rawls scheme of justice and to demonstrate how LSM is consistent with Rawls ethical system and criteria. In fact, LSM will be shown to be superior to conventional hierarchical firmsfrom both an efficiency perspective and as measured by Rawls ethical criteria. Rawls A Theory Of Justice (1971) was selected as the benchmark because it is arguably the most widely cited and discussed ethical explanation for democratic capitalism.
The Dynamics Of Stock Market Development In Kenya
Authors: Nyasha Sheilla , Odhiambo N. M.
Published: February 2016

This paper highlights the origin of the stock market in Kenya, and traces the reforms that have been undertaken to develop the stock market. It also highlights the growth of the Kenyan stock market, as well as the challenges currently facing the market. The country has one stock market, known as the Nairobi Securities Exchange (formerly the Nairobi Stock Exchange). It is one of Africas largest stock markets. Since the early 1980s, a number of stock market reforms have been implemented in Kenya. These include the formation of a regulatory body (Capital Markets Authority CMA) in 1989, the replacement of the "Call-Over" trading system by the floor-based "Open-Outcry System" in 1991, the reduction of listing costs, the relaxation of the exchange control for locally controlled companies, and the repeal of the Exchange Control Act. Following these reforms, Kenyas stock market has developed significantly in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Kenya has developed over the years, like many other developing countries' markets, it still faces a number of wide-ranging challenges.
The Evolution Of Risk Premiums In Emerging Stock Markets: The Case Of Latin America And Asia Region
Authors: Fattoum Salma , Guesmi Khaled , Moschetto Bruno-Laurent
Published: February 2016

This paper employs a conditional version of the International Capital Asset Pricing Model (ICAPM) to investigate the determinants of regional integration of stock markets in Latin America and Asia over the period 1996-2008. This model allows for three sources of time-varying risks: common international market risk, exchange rate risk, and regional market risk. At the empirical level, we make use of the asymmetric multivariate BEKK-GARCH of Baba et al.s (1990) process to simultaneously estimate the ICAPM. Our results show that the currency risk premium is the most important component of the total premium followed by the global market premium. As for the regional risk, our findings show that it is significantly priced for our studied emerging regions but its contribution to the total risk premium is weak.
Information Transparency, Corporate Governance, And Convertible Bonds
Authors: Wu Tsing-Zai , Lee Pin-Sheng
Published: February 2016

Information transparency is a popular topic in capital markets. A firms corporate governance policy, which influences its disclosure behavior and disclosure quality, influences the information transparency perceived in relation to that firm. It was previously understood that greater information asymmetry between investors and issuers/underwriters translates into a larger discount required to be offered in bond pricing by the issuing firm, to attract investors. In this paper, we numerically analyze: (a) the effect of the composition of the board structure on corporate information transparency under the code law system, and (b) the effect of information transparency on the initial return rate of convertible bonds. The results of our study revealed that the board structure affects corporate information disclosure policies under the code law system. Specifically, CEO duality tends to bring about lower information transparency, whereas better information transparency emanates from a higher proportion of independent directors. However, there is a lack of conclusive evidence to support the view that the shareholdings of directors and large shareholders are correlated with information transparency. We also show numerically that greater information transparency combined with lesser information asymmetry (between insiders and outsiders) leads to a lower initial return rate of convertible bonds.
Effects Of Intrinsic And Extrinsic Religiosity On Attitudes Toward Products: Empirical Evidence Of Value-Expressive And Social-Adjustive Functions
Authors: Pace Stefano
Published: February 2016

Religiosity affects various aspects of consumer behavior. This research distinguishes two dimensions: Intrinsic religiosity is lived per se, as a personal and intimate value; extrinsic religiosity is an instrument to attain personal goals by connecting with other people. Intrinsic and extrinsic religiosity likely affect the functions of consumers attitudes toward products, both value-expressive (e.g., to express the individual self) and social-adjustive (e.g., to be accepted by social groups). Intrinsically religious consumers have an inner self defined by their religiosity, so they do not seek social approval. They should have less need for products to express their inner selves or manifest social ties, compared with extrinsically religious consumers. In contrast, extrinsic religiosity may increase both value-expressive and social-adjustive functions of products. Study 1 supports these hypotheses; intrinsic religiosity decreases the value-expressive and social-adjustive functions of consumer attitudes, whereas extrinsic religiosity increases both attitude functions. Study 2 applies these findings to an advertising context and reveals that the purchase intentions of intrinsically religious consumers increase when they view a value-expressive instead of a social-adjustive advertisement. Purchase intentions among extrinsically religious consumers are higher than those of intrinsically religious consumers when they view a social-adjustive advertisement.
Over-Investment And The Cost Of Debt
Authors: Cho Jungeun , Choi Hyunjung
Published: February 2016

In this paper, we examine the association between over-investment and the cost of debt. Using bond yield spreads as a proxy for the cost of debt, we find that over-investment is positively associated with bond yield spreads. This suggests that when firms engage in over-investment, the quality of their financial reporting is lower and business risk is higher. Therefore, investors demand higher risk premiums because of their inability to evaluate firms financial position and future operating performance efficiently. We also find that the positive association between over-investment and bond yield spreads is weaker for firms in which managers and foreign shareholders own a high percentage of shares. This same association is stronger for firms in which the largest shareholders own a large proportion of the company. These results imply variation in the effect of over-investment on bond yield spreads according to the ownership structure. Our findings provide empirical evidence that over-investment brings about negative consequences for firms by increasing their external financing costs. This paper contributes to extant literature by using bond yield spreads as a proxy for the cost of debt rather than using credit ratings and interest expenses. Bond yield spreads can be regarded as a more effective measure for the cost of debt because this measure reflects more timely and direct information about decision-making processes of financial market participants when corporate bonds are issued.
The Influence Of Public Equity Ownership On Earnings Management Through The Manipulation Of Operational Activities
Authors: Kim Yura
Published: February 2016

This paper examines whether public equity firms and private equity firms with public debt exhibit different degrees of real earnings management, defined as the manipulation of operational activities in order to influence reported earnings. Public equity firms face intense capital market scrutiny that their private equity counterparts do not. Therefore, this studys comparison of the two types of firms provides insight on the impact of capital market pressure on real earnings management behaviors. My results show that public equity firms are more likely than private equity firms to opportunistically alter normal operations to improve earnings by pushing sales through discounts and promotions, and by lowering costs of sales through overproduction. I find no difference in abnormal discretionary expenses between public equity and private equity firms. Although private equity firms with public debt do not face the same capital market pressure that public equity firms face, they are not immune from incentives to engage in real earnings management. Specifically, I find that private equity firms with public debt engage in real earnings management as their debt moves closer to default. Moreover, private equity firms with public debt that do engage in real earnings management appear to emphasize the zero earnings benchmark, consistent with prior research, suggesting that this benchmark is of primary importance to creditors.
What Do We Know About The Variance Of Audit Quality? An Empirical Study From The Perspective Of Individual Auditor
Authors: Qi Baolei , Li Bin , Tian Gaoliang
Published: February 2016

In this paper, we analyze the variance in audit quality among a broad cross-section of listed firms in Chinese stock market from 1999 to 2012. The purpose of the analysis is to identify the importance of audit firm, audit client, and engagement auditor effects on the variance in audit quality. Using discretionary accruals and financial restatement to surrogate audit quality and based on simultaneous ANOVA method, we find that engagement auditor can add about 19% of incremental explanatory power to the variance in audit quality. As expected, audit firm effects and audit client effects also have significant influence on audit quality, which can add about 2% and 16% of incremental explanatory power to the variance in audit quality. In addition, we find that, relative to engagement auditors with short audit experience, engagement auditors with longer audit experience have no significant incremental power in explaining variance in audit quality. The analysis enriches previous studies by investigating audit clients role and engagement auditors role in determining audit quality. Our study highlights the importance of understanding audit quality from the perspective of individual auditor.
Corporate Governance, Voluntary Disclosure, And Firm Information Environment
Authors: Boubaker Sabri , Hamrouni Amal , Liang Qi-Bin
Published: February 2016

This paper examines the relative performance of several corporate governance factors, specifically the characteristics of boards of directors, managerial ownership, and voluntary disclosure, in improving firm information environments. The paper uses a new empirical approach based on a B-convex method on a sample of 70 non-financial French listed firms belonging to the SBF120 index. Our findings show that 68.57% of our sample firms are located on the efficiency frontier. Corporate governance practices appear to serve as effective monitoring for the top executives of these firms, which reduces information asymmetry between insiders and outsiders, thereby improving the information environment. The empirical analysis also generates evidence that 31.42%of our sample firmslie outside the efficiency frontier. Corporate governance practices in many firms appear insufficient to improve firm information environments. These findings suggest the need for many SBF120 firms to improve their corporate governance practices.
Optimal Timing For The Sale Of An Indivisible Asset With Jumps: A Numerical Approach
Authors: Alhashel Bader
Published: February 2016

This paper examines the situation in which a utility maximizing agent holds a portfolio composed of a Real Asset and a proportion of a market portfolio. The Real Asset is indivisible, and its sale is irreversible and results in a one-time payment. The question this paper attempts to answer is, When is the optimal time the agent should sell this Real Asset?. In other words, at what proportion of the agents wealth should the Real Asset be sold. This paper extends the work of Evans et al. (2008) through adding a jump process to the stochastic process of the Real Asset to better capture its idiosyncratic risks. The results can be summarized into three strategies: i) sell immediately, ii) sell at a certain proportion of wealth, and iii) never sell the asset. Furthermore, we have found evidence showing the significance of the addition of the jump process. This addition affects the agents optimal path by pushing him to hold on to the Real Asset at smaller fractions of his wealth when compared to the original version of no jumps.
Exploring The Use Of Leading Management Practices In Enterprises
Authors: Treven Sonja
Published: February 2016

Numerous management practices have emerged in recent years in response to competitive pressures calling for improved enterprises working and behavior. Despite the relevance of this phenomenon there are limited research evidences about comprehensive comparison of several and contently different management practices as carriers of corresponding management ideas behind them. In this study we examine the frequencies, patterns, and key drivers of 25 most used management tools by managers and professionals in enterprises, as selected appearance form of management practices in enterprises. The results indicate that tools are used by managers significantly more frequently than by professionals, indicating significant differences in patterns of tool usage when comparing the two groups. Among the key drivers of tools use by managers, education dominantly influence on tools use, work experiences had only a minor impact, while organizational size does not significantly influence on tools use. For professionals only enterprise size significantly influences on usage of two tools, while the impact of education and working year on tools usage is not significant. The findings offers disseminate knowledge for improving enterprises working through use of management tools and strengthen the theoretical base necessary for future selection and utilization of tools in enterprises production management.
Analyst Coverage And Audit Efforts: Empirical Approach To Audit Hours
Authors: Chun Hong Min , Rhee Chang Seop
Published: February 2016

This study investigates the effect of financial analyst coverage on audit efforts by examining the association between the number of analyst followings and audit hours. Existing literatures report that there are inconsistent results between analyst coverage and audit efforts, and most studies used audit fee as a proxy for audit efforts. However, audit fee may cause measurement error. We consider that audit hour is a better proxy for measuring audit efforts than audit fee because practically auditors are less likely to charge extra audit fee for their additional efforts in competitive audit market. Also, after audit engagement contract, the amount of audit fee is almost fixed. Thus, it cannot reflect variable auditors decision whether inputting additional efforts or not during audit service. Intuitively, audit hours are more accurate measure of audit efforts as long as it indicates how much hours auditors work. For the above reasons, we use unique dataset of audit hours in Korea. We find that analyst coverage is positively associated with audit hour. This means auditors make more efforts on their audit service in case of greater analyst following, and they crucially consider reputational damage from audit failure when they provide audit services to their clients with great analyst following. Next, we still observe positive relation in both pre and post global financial crisis periods. Lastly, we find that BIG4 auditors are more concerned about reputational loss than Non-Big4 in case of greater analyst following.
An Analysis of Using Time-Series Current and Deferred Income Tax Expense to Forecast Income Taxes Paid
Authors: Murdoch Brock , Krause Paul , Guy Paul
Published: February 2016

Prior research, using cross-sectional data, concluded that interperiod income tax allocation is useful in forecasting income tax payments (Murdoch, Costa, & Krause, 1994 and Cheung, Krishnan, & Min, 1997). Both these articles suggested that future research should focus on investigating whether time-series data are also useful in forecasting income tax payments. This paper uses time-series data from 235 Compustat firms over a 20-year period to evaluate whether income tax expense is useful in forecasting one-, two-, and three-year ahead income tax payments. We conclude that firms predictions are more accurate for shorter forecast horizons. Additionally, we determine that deferred income tax expense enhances the ability of current income tax expense to predict future tax payments for approximately 40% of firms across all three forecast horizons. Furthermore, we find that the prediction accuracy of a firms one-year ahead forecasts is significantly related to the prediction accuracy of its two- and three-year ahead forecasts.
Corporate Disclosures, Information Asymmetry And Stock-Market Liquidity In France
Authors: Ajina Aymen , Sougne Danielle , Lakhal Faten
Published: February 2016

This paper aims at studying the effect of corporate disclosures on information asymmetry and stock-market liquidity in France. Specifically, the purpose of this paper is to highlight the importance of information included in the annual reports on investors behavior. This is proxied by the information asymmetry component of the bid-ask spread and stock market liquidity. Our sample includes 196 French listed firms over a period ranging from 2004 to 2007. The results show that the extent of corporate disclosures in annual reports positively influences the liquidity of the French market and negatively affects the adverse selection component of the bid-ask spread. This effect is further confirmed by the commitment to IFRS by French-listed firms since 2005. Results on sub-scores show that non-financial and financial information are important in trading decisions while strategic information may be attractive only for long-term positions.
Changes In The Horse Racing Industry And Impacts On The Indiana Economy: 2010 - 2014
Authors: Furdek Jonathan M. , Conners Susan
Published: February 2016

A survey of the horse racing and horse breeding industry in Indiana was conducted in 2014 and the economic impact of this industry on the Indiana economy determined utilizing an input-output model. Comparing the results to an identical study conducted in 2010, there are some interesting comparisons especially considering the economic challenges facing the racing and gaming sector of the economy. These changes and the economic impact of these changes on the Indiana economy are the substance of this paper. Specifically, the racetracks in Indiana are under a single ownership and racing composition was changed. In a challenging economy, the competitive horse breeding segment of the industry has also undergone changes. The consequences of these changes on the Indiana economy are measured and compared with the earlier study.
Does Consumer Gender Influence The Relationship Between Consumer Loyalty And Its Antecedents?
Authors: Stan Valentina
Published: February 2016

A retailer can improve consumer loyalty to a store by identifying and implementing a suitable marketing strategy, which must start with proper understanding of the factors that influence shoppers choice behavior. Several empirical studies on buying behavior have pointed out that customer demographics may be related to store loyalty. Regarding gender, even if this variable is often perceived as a main predictor of differential outcomes in social psychology literature, it is not yet clear how these differences impact customer loyalty and the relationship between consumer loyalty and its antecedents. The findings of this study demonstrate that women are more loyal to store than men. In addition to this, it can be noted that gender does not moderate any of the relationships between loyalty and its antecedents.
Enactment Of The National Credit Act And Its Implication On New And Improved Borrowers Rights In South Africa
Authors: Green Paul , Sewnunan Teshani
Published: February 2016

The National Credit Act, 2005 (NCA) was introduced to create a more stable credit market and is applicable to all credit transactions. One of the main objectives of the Act is to establish new and improved rights for credit consumers. As a result, credit providers are obliged to comply with the NCA and enforce the new and improved rights. The purpose of this research paper is to determine if the NCA has established new and improved rights for home loan borrowers. The study utilised a mixed methods approach. Using a convenience sampling technique, a sample size of 250 respondents was used. The findings of the study revealed that borrowers rights are being enforced by credit providers by maintaining confidentiality, providing information to home loan borrowers on a regular basis and, most importantly, ensuring that home loan borrowers are well informed prior to entering the home loan credit agreement.
Interlinking Service Delivery Innovation And Service Quality: A Conceptual Framework
Authors: Arshad Arif Mohammad , Su Qin
Published: February 2016

The purpose of writing this paper is to present the relationship between service delivery innovation and service quality in service organizations and to establish a research conceptual framework about this relationship. There are few studies that illustrate the relationship between service delivery innovation and its impact on service quality. This paper theoretically examines the antecedents and consequences of service delivery innovation and its influence on service quality. Authors suggest that customer service is an important mediator between service delivery innovation and service quality which affects the service quality of a firm. The recommended framework and its relationships with service quality present practical guidance for service managers to observe their service delivery in an effort to improve service quality by delivering superior customer service for their customers in a distinctive manner that leads to enhances firms competitiveness.
The Effect Of Auditor Designation On Audit Opinion: Evidence From Korea
Authors: Ryu Haeyoung
Published: February 2016

Korea introduced the auditor designation system as an exception to the free audit engagement system in 1991. The auditor designation system is a system in which Securities & Futures Commission designates an auditor for companies that are highly likely to manipulate their accounting information so as to conduct fair auditing. The meaning of this study is in that it focused on the auditor designation system, which is only enforced in Korea around the world, to investigate whether auditors of companies designated with an auditor express conservative opinions in comparison to companies without designation. This study also examined whether designated auditors give more conservative opinions to companies showing low quality of financial reporting. As a result of verification, companies designated with an auditor were found to have greater possibility of receiving adverse audit opinions compared to companies without designation, and lower quality of financial statements resulted in adverse audit opinions. Such results indicate that designated auditors perform stricter and more independent auditing. The results of this study can provide useful implications to other nations attempting to introduce the auditor designation system.
The Effect Of Chief Executive Officers Turnover On International Financial Reporting Standards Reconciliation
Authors: Choi Eun Sil , Rhee Chang Seop
Published: February 2016

We investigate the impact of Chief Executive Officer (CEO) changes on International Financial Reporting Standards (IFRS) reconciliation. Since January 1st, 2011 all Korean listed companies are required to adopt IFRS in their separate and consolidated accounts. To aid investors in evaluating corporate performance over time, the companies must restate the K-GAAP financial statements for 2010 under IFRS. We find that negative IFRS reconciliation is more frequent for firms with CEO turnover in 2011. The result suggests that new CEOs have an incentive to report lower earnings through IFRS reconciliation for the purpose of big bath. Additionally, in order to examine whether new CEOs incentive of the negative IFRS reconciliation is existed in different corporate governance levels, we classify the companies into strong and weak corporate governance. From the test, we find that their incentive of negative IFRS reconciliation is disappeared (existed) in the companies with strong (weak) corporate governance. This study will contribute to academics and disclosure-related practitioners by providing valuable information of the CEO incentive regarding IFRS reconciliation. We believe that our empirical evidence will be helpful to market participants when they make a business decisions in case of CEO turnover.
The Differential Choice Of Chaebol In Earnings Management
Authors: Hong Youngeun , Kim Taewoo , Park Jongkook
Published: February 2016

This study examines the methods of the differential choice of Korean chaebol in earnings management. Consistent with our prediction, we find a negative association between chaebols ownership and accrual-based earnings management, whereas there is no clear difference between chaebols ownership and real-based earnings management. Furthermore, we find evidence that chaebols exhibit a strongly positive relationship with overproduction-based real activities manipulation, indicating that chaebols prefer overproduction as a method of real earnings management. From additional analyses, we also find that abnormal cash flow from operations is negatively associated with suspect chaebol firm-years that just met zero.
The Heckscher-Ohlin Theorem Of International Trade Theory: New Empirical Tests For Brazil
Authors: Clements Benedict J.
Published: February 2016

Using Brazilian data, this paper empirically tests the Heckscher-Ohlin theorem. The results indicate that Brazils exports taken as a whole are more labor-intensive than its import substitutes, as predicted. However, this is largely due to the great capital-intensity of oil, accounting for half of all imports. In fact, some indicators show Brazils industrial exports as more capital-intensive than its non-oil imports, suggesting that not all Brazilian exports are labor intensive.
The Leverage Problem In The Valuation Of Privately Held Firms
Authors: Berry Thomas D. , Houston John L.
Published: February 2016

One of the most perplexing situations that arises in financial analysis is the valuation of a firm that lacks an observable stock market price. Firms going public, spin-offs of subsidiaries, and estate or ESOP valuations of private firms are all examples where the lack of an observable stock market price complicates the valuation process.
The Risks And Rewards Of Investing In The Stocks Of Bankrupt Companies
Authors: Edmunds John C. , Moeller Susan E. , Kutner George
Published: February 2016

This paper tracks the effect of reorganization on the equity issues of firms in Chapter 11 both before and after the filing date. It computes risk and return characteristics before and after filing. The calculations indicate that after filing the systematic risk of shares of Chapter 11 firms declines and the total variance rises. This result is important for investors interested in speculating in shares of companies in reorganization.
The Use Of Micro Computers By Top Executives
Authors: Beheshtian Mehdi , Partow-Navid Parviz
Published: February 2016

Personal computers have the potential for becoming a primary decision making aid for managers and executives. The personal computer is quickly evolving into an important tool in the managing and utilization of corporate information. The purpose of this paper is to report the findings of a study conducted by surveying a cross-section of decision makers in both large and small corporations. This paper presents the results of the survey to determine what hardware and software, if any, is utilized and for what applications. For those executive who do not currently utilize a personal computer, an analysis is conducted to determine why they do not and whether they will do so in the near future.
Transfer Pricing And The Multinational Corporation
Authors: McGowan Carl B. , Beauregard David , Collier Henry W.
Published: February 2016

This paper discusses the three major methods of determining the transfer price for goods traded within a multinational firm the comparable uncontrolled price method, the resale price method, and the cost plus method. In addition to tax considerations, five other factors affecting transfer pricing are discussed foreign government considerations, funds positioning effects, fluctuating foreign currency, foreign import duties, and performance evaluation. Finally, a detailed example of applying the resale price method is provided. Since this is the most difficult method to apply, this example is of particular use to small firms with limited experience in transfer pricing.
An Evaluation Of Internationally Diversified Mutual Funds
Authors: McGowan Carl B. , Singerman Daniel
Published: February 2016

This paper compares the risk adjusted performance of three groups of mutual funds: 1) funds that invest in specific regions of the world but not in the United States, 2) funds that invest in foreign securities and in US securities, and 3) funds that restrict their investment to the US over the period from February 1978 to December 1982. Sharpe and Treynor measures are used for performance comparison. Contrary to theory, the funds that invest only in the US outperformed the other two groups of funds. The funds that restricted their investment to a specific region of the world performed worse than the other two groups of funds.
Development Strategies And Income Distribution In Brazil: A Sectoral Analysis
Authors: Clements Benedict J.
Published: February 2016

Utilizing a multisectoral model of the Brazilian economy, this paper analyzes the income distribution consequences of expanded production in 123 different sectors of the economy. The results indicate relatively little variation in distributive performance by sector. This suggests that the most important determinant of Brazils severe income inequality is not the sectoral composition of production, but the relatively weak bargaining power of unskilled workers vis--vis- capital.
Risk-Adjustment and Reinvestment Rates: Net Terminal Value
Authors: Fairchild Keith Wm.
Published: February 2016

The traditional discounted cash flow techniques of capital investment analysis suffer a variety of problems due to implicit reinvestment assumptions, as well as a general inability to appropriately adjust for differing risk profiles. Net Terminal Value is introduced as a means by which these limitations may be overcome.
Use Of Management Information Systems In Strategic Planning
Authors: Culpan Refik , Khosrowpour Mehdi
Published: February 2016

This study examines managerial views on management information systems in strategic planning process. A survey conducted with top managers revealed that most managers are using MIS in the development and implementation of corporate strategies. The findings also show that the use of MIS in strategic planning does not differentiate significantly according to type of industry, size of company budget, or the companys MIS budget allocation. Furthermore, problems associated with use of MIS are discussed, and suggestions are made to narrow the gap between MIS developers and users.
Dimensions Of Ethics For Management Accountants
Authors: Coppage Richard E.
Published: February 2016

The current code of ethics, which was adopted in 1983, provides general guidance, however, it does not operationally define what specific behaviors are considered to be ethical or unethical. This study defines the operational dimensions of ethics for professional management accountants. Interviews were held with twenty-five certified management accountants (CMAs) and resulted in an empirical definition of ethics consisting of seven dimensions and 330 specific behaviors. Next, the content of the definition of ethics for management accountants was validated by a mail survey. Finally, this studys resulting definition was compared with the current code of ethics.
The Effects Of Computer-Mediated Communication Systems On Writing
Authors: Penrose John M. , Muller Douglas
Published: February 2016

Computers are changing the way we communicate. Examples of new communication patterns abound, supported by variousoften conflictingtheories. This paper examines how electronic mail, in particular, may be changing the way we write. Included is discussion of an original study which sought to clarify some of the conflicting theories. The literature review and the results of the study, although tentative, provide a research agenda and useful findings for application to organizations.
Managerial Activities and Organizational Performance: An Empirical Study in 26 High Tech Plants
Authors: McCann Joseph E. , Gomez-Mejia Luis R.
Published: February 2016

Managerial activities like planning have been advocated as a help in managing the organizations environment. If effective, such activities are assumed to improve the performance of an organization. This paper reports the findings of research involving twenty-six plants of a large electronic high tech firm. The results suggest that different types of management activities have mixed but significant impact upon three measures of plant performance. Externally oriented activities, including planning appear to most significantly impact subjective valuations of the supportiveness of a plants internal operating climate. Several implications of these findings are explored.
A Profile Of Elderly In-House Shoppers
Authors: Greco Alan J. , Fields D. Michael
Published: February 2016

The growth of both in-home shopping and the elderly market have recently sparked the interest of practitioners and academicians. Based on a national probability sample, this study provides some insights into the characteristics of older in-home shoppers. The results indicate that elderly users of in-home shopping have relatively distinct profiles that tan be of value in the development of market segmentation strategies. Directions for future research are provided.
Streamlining Trade Credit Decisions
Authors: Schnabel Jacques , Frank Jonathan
Published: February 2016

Investigating the trade credit-worthiness of new customers can involve time-consuming and expensive tasks which may impair customer goodwill and results in lost sales. This article examines the role that PC based decision support systems and expert systems can play in streamlining trade credit decisions.
Shareholder Wealth Maximization Under Leveraged Buyouts
Authors: Bertin William J. , Torabzadeh Khalil M.
Published: February 2016

This paper examines the possible excess returns to stockholders arising from leveraged buyout transactions in an effort to determine whether or not such transactions are consistent with shareholder wealth maximization. In addition, the excess returns generated through leveraged buyouts are compared to those associated with typical, non-leveraged acquisitions. The implications of these comparisons are discussed with a special emphasis on the impact of leveraged buyouts upon investors wealth. The major finding of this study is that shareholder wealth is increased, but not necessarily maximized, under leveraged buyouts.
The Budget Deficit Debate: A Review And Further Analysis
Authors: Giannaros Demetrois S. , Kolluri Bharat R.
Published: February 2016

This article presents a review of the results of some recent econometric studies, including our own, on the controversial issue regarding the budget deficit-interest rate relationship. The conclusions reached by the authors of these studies are mixed and sometimes contradictory. Differences in data bases, model specification, sample used, and variable definitions are some possible reasons for these varying conclusions.
Optimal Expenditure Policy Under Varying Levels Of Capital Allocations And Costs
Authors: Kulkarni Mukund S. , Strong David R.
Published: February 2016

The paper addresses the problem of allocation of resources (budget) faced by various administrators in public and private sectors. These administrators would like to maintain the level of service that they provide but find it difficult in view of varying levels of costs and budgets. Using some basic elements of Financial Theory, this paper helps solve this problem under certain market conditions.
The Effect Of Corporate Name Changes On Shareholder Wealth
Authors: Ferris Stephen P.
Published: February 2016

This paper analyzes in the Agency-Signaling context of Jensen and Meckling (1976) and Spence (1973) non-merger corporate name changes over 1983-1985. Using an event-study methodology, the results suggest that changes in corporate identities serve in some circumstances as signals to the market of increased operational efficiencies, enhanced investment opportunities and the acquisition of superior managerial ability. The form and frequency of the name change however, was found generally to be insignificant.
Stock Market Values And P/E Ratios As Predictors Of New York Stock Exchange Delistings
Authors: Phillips Aaron L.
Published: February 2016

The price-to-earnings ratio effect and the small firm effect literature suggests that stock markets are inefficient, asset pricing models are misspecified, or both. Consequently, it appears that one can earn positive, abnormal, risk-adjusted returns by investing in select stocks based on P/E ratio, firm size, or other anomalous behavior criteria. One potential explanation for the abnormal return observations is survivor bias in tests of asset pricing models. This research reports the results of an empirical investigation of delisting as a possible contributor to anomalous behaviors. The evidence indicates that delisting fails to contribute to the P/E effect; however, firm size is associated with delisting when survivor bias is controlled.
Tenure Of Key U.S. Executives
Authors: Lee John Y. , Milne Ronald A.
Published: February 2016

In this paper we will analyze one aspect of the short-term perspective attributed to managers of U.S. firms short tenure.
Korea At The Crossroads
Authors: Whitehill Arthur M.
Published: February 2016

In each nations march toward industrialization, crucial decision points appear periodically along the way. Korea has reached one such point. Wooed by neighboring Japan and, at the same time, courted by admirers in the United States, important decisions must be made which will shape the course of Korean development for the remainder of this century.
Traditional Versus Expert Systems: Applications In Providing Accounting Information To Managers
Authors: Buckner Gary D. , Shah Vivek
Published: February 2016

Decisions involving the use of accounting data occur daily within most firms. Efforts to collect accounting data routinely focus on the creation of records describing what has happened, with whom, when it took place, and the value involved. The purpose of this article is to compare traditional systems and expert systems applications in providing accounting information to managers.
A Critical Analysis of Accounting For Certain Debt Transactions
Authors: McEnroe John E.
Published: February 2016

In the course of teaching intermediate accounting over the past decade, I have often had my students analyze a particular APB Opinion or FASB Standard in the belief that this exercise would not only increase their understanding of the technical provisions of the promulgation, but also the rationale of the standard-setting body in arriving at its provisions.
Financial Management Techniques Used By Manufacturers: Survey And Analysis
Authors: Lamberson Morris
Published: February 2016

The major purpose of this paper was to provide insight into the extent to which manufacturers utilize various financial concepts. Findings suggest that respondents were heavy users of such concepts as financial analysis and planning, working capital management, an d fixed asset management. Financial concepts such as cost of capital and optimal financial structure were not widely utilized by respondents. Findings suggest a gap exists between what is taught and what is practiced by these firms.
Managing Impressions Of Responsibility For Success Or Failure: Manager-Sex and Observer-Sex Effects
Authors: Decker Wayne H. , Greenfeld Sue
Published: February 2016

College students responses to fictitious managers statements concerning responsibility for performance were investigated. Male managers were seen as having greater control than females over productivity. While it was generally best to credit others for success and blame oneself for failure, males (but not females) gave subordinate-crediting managers more favorable ratings than superior-creditors. Males seemed to perceive superior-creditors as self-serving, while females were more apt to take statements at face value.
Penetrating The Industrial Market: A Case Study
Authors: Considine John J. , Elmer Wally J.
Published: February 2016

Adoption of the marketing concept has not come easily in industrial markets. Sales effort and product orientation appears to receive an inordinate amount of attention even in highly mature, saturated markets. Resistance to marketing can encourage new competitors possessing technology and marketing skills to invade these once stagnant market segments. This paper identifies one firms attempt to thwart such invasion by developing and implementing sound marketing strategy.
Small Business Capitalization Patterns
Authors: Van Auken Howard E. , Doran B. Michael
Published: February 2016

This study investigates the initial capitalization and financing patterns of recently established (new) and established (old) small businesses in Iowa. Analysis of survey responses indicates that significant differences exist between these two groups of firms. Specifically, new firms are found to have relied more heavily on debt financing than old firms. This suggests that new firms with high debt loads are likely not to survive and become old firms.
Determinants Of Long-Term Interest Rates In The United States
Authors: Konadu-Adjei Charles Kweku , Mayer Roger W. , Chien Wen-Wen
Published: February 2016

The behavior of the long-term interest rates is a practical problem for private and public organizations. Organizations need to estimate interest rates for purposes of assigning value to long-term obligations such as defined benefit plans and long-term leases and making decisions related to long term capital purchases. The purpose of this study was to analyze the determinants of long-term interest rates in the United States, using 352 quarterly time series data points extending from 1999 to 2009. This study examines how a change in overnight interest rates, budget deficit, Gross Domestic Product (GDP), inflation, and net capital inflow impact on long-term interest rates, which is the 30-year U.S. Treasury constant securities rate. We find that the variables (overnight interest rates, expected inflation, budget deficit, foreign capital inflow, and GDP) have statistically significant impact on long-term interest rates in the United States; all variables jointly explain changes in the long-term interest rates. The findings of this study can assist organization as they assign values to long-term obligations and assets.
Cross-Sale In Integrated Supply Chain System
Authors: Shao Bin , Li Kunpeng
Published: February 2016

In this article, we study two manufacturers, each producing a single substituting product, selling the products through their own centralized distribution channels, and also using each others distribution channel at their choice. Distribution channels are also substitutable. Using price competition and a game theoretic approach, we find that the same products can be sold at a higher price in the cross-sale channel than in its own centralized distribution channel. The first mover in doing a cross-sale doesnt necessarily enjoy the advantage in terms of higher profit. Not only manufacturers can charge higher prices for their own and cross-sold product from their competitor, but also cross-sale increases the profits of both manufacturers; and most importantly, cross-sale improves the systems profit dramatically.
The War On Drugs And Crime Rates
Authors: Saadatmand Yassaman , Toma Michael , Choquette Jeremy
Published: February 2016

This paper analyzes the effects of the War on Drugs on crime rates. Many in the field of law enforcement believe that incarcerating drug offenders reduces crime. However, time-series analysis of four types of crime rates in the United States does not support this view. Using seven explanatory variables, including federal spending on the Drug Enforcement Agency, incarceration rates for drug offenders, and abortion rates, the results suggest the incarceration of drug offenders causes a crowding-out effect in prisons, releasing non-drug offenders and thereby potentially increasing, rather than reducing crime.
Incorporating IFRS Into The U.S. Financial Reporting System
Authors: Poon Wing W.
Published: February 2016

The SEC issued the Commission Statement in Support of Convergence and Global Accounting Standards in February 2010 to reaffirm its position that IFRS was best positioned to serve as the single set of high-quality globally accepted accounting standards and indicated that its staff would continue its evaluation of IFRS and a determination was expected to be made in 2011 as to whether, when, and how to incorporate IFRS into the financial reporting system for U.S. issuers. However, 2011 has come and gone and the SEC still has not yet made a decision. The SEC has indicated that it will not incorporate IFRS into the financial reporting system for U.S. issuers unless such a change is in the best interest of U.S. investors and capital markets. Whatever decision eventually made by the SEC, hopefully, is indeed the most beneficial one for U.S. investors and capital markets. This paper provides an overview of the possible incorporation of IFRS into the U.S. financial reporting system.
US Unemployment Among Younger Adults And Recommendations To Improve Employment Sustainability
Authors: Rivero Orlando
Published: February 2016

The United States unemployment rate continues to be a focal point of discussion. Although in July 2012, the United States Bureau of Labor Statistics reported an 8.3% unemployment rate in America, this figure only reflects workers between the ages of 16 and older. With this being said, there is a segment of the population unrepresented within the totality of the United States unemployment rate reported. Younger workers between the ages of 16 to 24 years of age have sustained a much higher unemployment rate as compared to older workers. Unfortunately, 93% of these younger workers do not have a high school diploma and the majority of these workers were supporting families. The purpose of this article is to examine several components of the unemployment rate as it relates to younger workers between the ages of 16 to 24 years of age. Recommendations will be offered in an effort to improve employment sustainability among younger workers, which has been an issue that has been ignored for several years until recently.