bluuebunny/crossref_metadata_2025 huggingface dataset:
Thermal Analysis of Nomex® and Kevlar® Fibers
Authors: Brown J. R. , Ennis B. C.
Published: January 2017

DTA, TG, and TMA curves of commercial Kevlar® 49 and Nomex® fibers have been used to assess their behavior at high temperatures. The fibers lost absorbed water around 100°C, and a glass transition was reflected in the DTA and TMA curves in the region of 300°C. Difficulties in the interpretation of DTA and TMA curves in the glass-transition region and in the assignments of Tv‘s for these high-performance fibers are discussed. Whereas Kevlar 49 showed both a crystalline melting point (560°C) and a sharp endothermal thermal decomposition (590°C), Nomex showed only the latter (440°C) and no evidence of melting from the DTA curves. The endothermal decomposition peaks apparently correspond to “polymer melt temperatures” reported for related materials, and correlate well with the TG and TMA features. During thermal analysis of Kevlar 49, oxidation occurs more readily than thermal decomposition, but the latter predominates for Nomex. Differences between dyed and undyed Nomex were due to differences in yarn constitution.
Interactions of Nonaqueous Solvents with Textile Fibers
Authors: Weigmann H.-D. , Scott M. G. , Ribnick A. S.
Published: January 2017

The thermal stability of heat- and dimethylformamide (DMF)-induced structural modifications in polyester yarns has been investigated by differential scanning calorimetry (DSC) and other techniques. While heat treatments produce a characteristic, sharp, premelting endotherm peak (PEP) at temperatures slightly above the treatment temperature, DMF treatments show a broad, diffuse PEP in their DSC curves at approximately 70°C above the treatment temperature. The appearance of a characteristic diffuse PEP in the DSC curve suggests the formation of crystallites with a wide distribution of thermal stabilities which only partially stabilize the swollen fiber structure. Small-angle x-ray scattering (SAXS) studies show that subsequent heat treatments even at low temperatures (120°C) cause a partial collapse of the void structure observed after a high-temperature solvent treatment. The partial collapse of the void structure is also reflected in decreased dyeability and increased density of the polyester fibers but has no effect on polymer segmental mobility, as indicated by the unchanged α-dispersion temperature. It is therefore suggested that the observed decrease in dyeability after subsequent heat treatments of DMF-treated polyester yarns is associated with the disappearance of the voids. The high levels of saturation dye uptake observed in fibers with a void structure appear to be due to an increase in the internal surface within the fiber structure and/or to the ability of dye molecules to form clusters in these voids. Thermal aftertreatments of dyed, void-containing fibers should also result in a collapse of the void structure, which might effectively entrap dye molecules in the fiber structure and consequently lead to high wash- and drycleaning-fastness.
The Scales of Keratin Fibers
Authors: Makinson K. R.
Published: January 2017

Two distinctive features of the scale edges on the cuticle of keratin fibers are: (i) their position does not always coincide with that of the distal ends of cuticle cells, the finer fibers having extra scale edges in between these positions; (ii) the edges are remarkably sharp, appearing to have experienced considerable pressure from the corresponding edges on the inner root sheath (IRS) at some stage during their formation. This second observation necessitates the conclusion that at some stage during growth the cuticle of the fiber travels outwards through the follicle more rapidly than the cuticle of the IRS. If this is accepted, observation (i) can be explained by a stick-slip mechanism operating during growth of the fiber.
Geometry and Dimensional Properties of Plain Loops Made of Rotor Spun Cotton Yarns
Authors: Banerjee P. K. , Alaiban T. S.
Published: January 2017

An analysis of experimental data on plain knitted fabric dimensions reveals that the area ( Ks) and linear ( Kc, Kw) parameters are not tenable propositions, at least for rotor spun cotton yarns. Fabric dimensions are shown to depend not only on loop length but also strongly on tightness factor and relatively weakly on machine gauge and yarn linear density.
Change of Water States in Acrylic Fibers and Their Glass Transition Temperatures by DSC Measurements
Authors: Hori Teruo , Zhang Hu-Sheng , Shimizu Toru , Zollinger Heinrich
Published: January 2017

DSC measurements of four kinds of acrylic fibers (Dralon X-100, Dunova, Acryl, and Aqualon) were made after equilibration with various amounts of water. The DSC curves in heating from -80° to 20°C were analyzed to obtain information on the state of water in these fibers. The results show that in a water-saturated state, the porous fibers Dunova and Aqualon contain much more free water than the less porous fibers Dralon X-100 and Acryl, while all four fibers contain relatively small amounts of bound water. The effect of water content on the glass transition temperatures Tg of these four fibers was investigated by analyzing the DSC heating curves from 50° to 150°C for fiber/water mixtures. Tg decreases with increasing water content and approaches an almost constant value for all four fibers. Considering the results on the change of water states and the change of Tg models are presented for describing the dye diffusion into porous and less porous acrylic fibers from aqueous dyebath.
Effects of Swelling Treatments on Fine Structure and Mechanical Properties of Cellophane Film
Authors: Bhat N. V. , Makwana D. N.
Published: January 2017

Commercial cellophane film was studied, primarily with a view to determining structural modifications as a result of swelling treatments. Cellophane films were subjected to swelling in ethylenediamine, pyridine, and an aqueous solution of sodium hydroxide. Structural properties such as crystallinity and crystallite size were determined by x-ray diffraction. Changes in orientation were followed by determining birefringence and sonic velocity. Mechanical properties such as tensile strength, elongation, and tearing strength were also studied. An analysis of the data revealed that the swelling treatment increases the crystallinity, which improves the mechanical properties.
Influence of the Structure of Fabric Filters on the Velocity and Stress Fields of Filtration Flows in Their Vicinity
Authors: Cheikhrouhou M. , Sigli D.
Published: January 2017

An experimental study of filtration flow through textile filters focuses on the area of contact between the filter and the flowing fluid. Optical and complementary techniques based on laser Doppler velocimetry and flow birefringence are applied to filtration, providing precise data for the fine structure of the local velocity and mechanical stress fields near the filters. The effects of the woven structures on the mechanical properties and performance of the filters are studied.
Sewing Dynamics
Authors: Matthews B. Ann , Little Trevor J.
Published: January 2017

A measuring system has been developed to capture and analyze forces directly encountered by the needle bar and presser bar from a high speed sewing machine. The forces recorded from the needle bar reflect those encountered by needle penetration and withdrawal. The forces recorded from the presser bar are those transferred by the feed dog as it advances the fabric each sewing cycle. A measuring system known as the ncsu sewing dynamometer is capable of detecting changing sewing parameters, including variations in the material being sewn, increasing plies of fabric, frictional forces on the sewing needle, and the dynamics of the feeding system.
Durability of Hand in Spandex Blend Fabrics
Authors: Yokura Hiroko , Niwa Masako
Published: January 2017

The durability of hand in spandex blend fabrics (1% spandex-wool and 2% spandex-wool/pe blends) was evaluated by the wear test and the laboratory simulation test, using an objective evaluation method of fabric handle based on the mechanical properties measured by the kes-fb system. The simulation test was performed to simulate the fabric fatigue process in actual wear by means of the kes-f5 fatigue test machine and commercial dry-cleaning. From the wear test, the primary hand values of numeri (smoothness) and fukurami (softness and fullness) showed a greater decrease for the spandex blend fabrics than those for the worsted fabrics. From the simulation test, the total and primary hand values of numeri for the spandex blend fabrics decreased remarkably compared with those for the conventional fabrics. The surface abrasion of the spandex blend fabrics caused by the wear test was much greater than that of the worsted fabrics, and was confirmed by the simulation test results. From the changes in the mechanical properties caused by the simulation test, spandex blend fabrics appear to show extensive bagging, whereas wrinkle resistance is stronger than that of the conventional fabrics. The cross-sectional areas of the spandex-wool/pe blend core spun yarns increased significantly with the simulation test, with a comparable decrease of resilience in the tensile properties, in contrast with the worsted yarns. The structural modifications in fiber assemblies of the core spun yarns govern the increase in hysteresis components of both the fabric and yarn, and the degradation of fibers in the core spun yarns contributes to the deterioration of the spandex blend fabrics.
A Carbon-13 CPMAS Solid State NMR Spectroscopic Study of Wool: Effects of Heat and Chrome Mordanting
Authors: Carr Christopher M. , Gerasimowicz Walter V.
Published: January 2017

Carbon-13 CPMAS solid state NMR spectroscopy has been used to investigate the effect of heat on wool. Increases in the unsaturation of the keratin are observed at 225°C. The technique has also been used to show that paramagnetic chromium appears to interact uniformly throughout the bulk of the wool fiber when the fiber is treated with a dichromate solution.
The urban metabolism of airline passengers: Scaling and sustainability
Authors: Neal Zachary P
Published: January 2017

Concerns about the negative externalities of air transport suggest it is important to consider the sustainability of growth in demand for air transport. However, there is little agreement on how the sustainability of demand should be evaluated. In this paper, I draw on the extensive literature on allometric scaling in biology, which examines animals’ demand for calories, to provide a novel framework for evaluating the sustainability of cities’ demand for air transport service. Viewing cities as analogous to organisms and airline passengers as analogous to life-sustaining resources, I focus on two questions. First, at what rate do cities metabolise passengers, that is, how many airline passengers does it take to fuel a city of a given size? Second, does this metabolic rate differ for business and leisure passengers, which represent different kinds of urban resources? Using data on airline passenger movement between 103 US metropolitan areas in each year from 1993 through 2011, I find that cities demand airline passengers in proportion to their population size, but when viewed separately, demand for business passengers as a function of city size is much lower than for leisure passengers. Moreover, I find that these patterns have remained relatively stable over the last two decades. The findings suggest that considering passenger type is important in evaluating the sustainability of air transport and the capacity of the air transport system to support cities’ continued growth.
Coexistence of tuberculosis and malignancy: a mere coincidence or a causal association
Authors: Pujani Mukta , Jairajpuri Zeeba S , Khan Sabina , Hassan Mohd Jaseem , Jetley Sujata , Rana Safia
Published: January 2017

Tuberculosis (TB) and malignancy are among the most important current global health problems. Many authors suggest that their coexistence is a chance association owing to their high prevalence. There is, however, enough evidence that one condition may predispose the other. In our retrospective report of two cases, TB in draining lymph nodes was discovered incidentally on histopathology, following surgical resection for malignancy. The possibility of coexistent lesions, especially in regions endemic for TB, mandate a detailed histopathological examination to prevent the chances of diagnostic failure and thus therapeutic error.
Varied presentations of leptospirosis: experience from a tertiary care hospital in north India
Authors: Chaudhry Rama , Saigal Karnika , Bahadur Tej , Kant Kamla , Chourasia Bishwanath , Gupta Nitin
Published: January 2017

Leptospirosis has been recognised as an emerging global public health problem. The aim of our study was to explore the epidemiological and clinical pattern of disease occurrence in suspected cases and to search for any existing co-infections. Ours was a retrospective study in patients with acute febrile illness in north India over a period of three years (April 2011 to June 2014). Serological diagnosis of leptospirosis was made using the PanBio IgM ELISA kit. Using modified Faine’s criteria, presumptive and possible diagnosis was made in 57% and 34% cases, respectively. Most of the affected population was resident in north and central India. Nineteen patients showed co-infection with other common pathogens prevailing locally. There is a need to increase awareness and understand the local sero-epidemiological pattern of leptospirosis so that timely preventive and curative action may be taken by healthcare authorities.
Tuberculosis mimicking primary systemic vasculitis: not to be missed!
Authors: Jain Ankit , Misra Durga Prasanna , Ramesh A , Basu Debdatta , Jain Vikramraj K , Negi Vir Singh
Published: January 2017

Infections are an important differential diagnosis in patients presenting with features of systemic vasculitis. We report a young lady with constitutional features, leg ulcers, digital gangrene and absent peripheral pulses with cervical adenopathy. Chest imaging revealed multiple necrotic lung lesions and involvement of left subclavian artery at its origin from the aorta, Histopathology from cervical lymph nodes showed multiple caseated lymph nodes, which in the context of a positive Mantoux test led us to diagnose tuberculosis and institute appropriate therapy. This is only the second report of tuberculosis presenting as peripheral gangrene, cutaneous ulcers and absent pulses, and serves to educate rheumatologists regarding the need to consider infections as mimics of vasculitis, especially in the developing countries.
Chlorinated Polyethylene—a Comprehensive Characterization
Authors: Sollberger L. E. , Carpenter C. B.
Published: January 2017

Chlorinated polyethylene elastomers, a relatively new series of polymers, are derived from a high density polyethylene backbone which has been chlorinated via a free radical aqueous slurry process. Polymers are available which vary in percent chlorine (36-48%), in molecular weight, and in inherent crystallinity. Unfortunately, these basic polymer properties are inadequate to describe the performance of chlorinated polyethylene elastomers on a practical basis. The current study characterizes chlorinated polyethylene elastomers as general purpose oil, heat and ozone resistant elastomers. Reference is made to more familiar rubbers for comparative purposes only. Once the polymer's position within the above frame of reference is established, the technology with which one compounds chlorinated polyethylene for specific properties is investigated. Because of the saturated polymer chain, the necessity of free radical curing systems is outlined. Both black and non-black filler systems are introduced. This flexibility gives the compounder an excellent balance of properties including a realistic service temperature from —60° F to 300° F.
Tin and Phosphorous Stabilizers Derived from Hydroxymethyl-Substituted Trimethylene Sulfide
Authors: Throckmorton P. E. , Richards H. J. , Sitz G. E. , McKillip W. J.
Published: January 2017

Reaction of dibutyl tin oxide with 3,3- bis(hydroxymethyl) thietane [1] leads to a cyclic tin oxy spiro trimethylene sulfide. Reaction of tributyl phosphite with 1 leads to a cyclic phosphite ester spiro trimethylene sulfide. These sulfides were found to be excellent stabilizers for polyvinyl chloride.
Toxicity of Pyrolysis Gases from Plastics and Elastomers
Authors: Hilado Carlos J. , Cumming Heather J. , Casey Colleen J.
Published: January 2017

Toxicity test data on 95 samples of plastics and elastomers, pyrolyzed in accordance with the USF toxicity screening test method, are presented. The samples consisted of 50 samples of solid polymers, 16 samples of solid elastomers, 12 samples of rigid cellular polymers, and 17 samples of flexible cellular polymers. Data were obtained using the rising temperature program from 200°C to 800°C, and less extensive data were obtained using a fixed temperature of 800°C.
Cultural-linguistic test adaptations: Guidelines for selection, alteration, use, and review
Authors: Krach S. Kathleen , McCreery Michael P. , Guerard Jessika
Published: January 2017

In 1991, Bracken and Barona wrote an article for School Psychology International focusing on state of the art procedures for translating and using tests across multiple languages. Considerable progress has been achieved in this area over the 25 years between that publication and today. This article seeks to provide a more current set of suggestions for altering tests originally developed for other cultures and/or languages. Beyond merely describing procedures for linguistic translations, the authors provide suggestions on how to alter, use, and review tests as part of a cultural-linguistic adaptation process. These suggestions are described in a step-by-step manner that is usable both by test adapters and by consumers of adapted tests.
Natural Gas – The Long Term Perspective
Authors: Clegg Michael
Published: January 2017

The natural gas industry faces both an opportunity and a challenge in the 1990s – to expand its share of the energy market in the face of a number of constraints arising from historical, political and economic factors. The impetus for change comes from the growing environmental pressures exerted by those who believe that irreparable damage could be done to our planet by the increasing use of fossil fuels, and from the economic, strategic and technological pressures in a world increasingly dependent on energy.

Opportunities for greater use of natural gas exist in both the OECD and the less-developed countries in the residential/commercial and industrial sectors, and in the generation of electric power. New technology, a large resource base and changing political attitudes to the uses for natural gas will all tend to expand the demand for gas. This will lead to growth in international trade in natural gas between OECD and its traditional suppliers. The scope for increased Middle East participation in this growth is constrained by two factors apart from the high transportation cost to market – political uncertainty, leading to concerns about the security of supply for the purchaser and the providers of finance; and the less dominant position of the Middle East in the gas business than in oil, leading to lower rewards and less influence in the market.

In the developing countries the bulk of the supply will be indigenous gas, and its development will be critically dependent on these countries' success in encouraging and maintaining an active exploration and development programme. The lower overall profitability of natural gas projects compared with oil – less economic rent available – may inhibit the development of countertrade opportunities other than in the provision of the capital equipment for an export project.
Coal Resources of the USSR
Authors: Cherepovsky V.F. , Kler V.R. , Zheleznova N.G.
Published: January 2017

This paper reviews the status of available coal reserves and resources in the USSR. The principal trends in geological exploration for coals in major coal basins are discussed. Detailed statistics are provided of estimates of the coal resources of the USSR.
The Structural Changes in the USSR Energy Balance: 1970-2000
Authors: Bashmakov Igor A.
Published: January 2017

The main object of this paper is to analyse structural changes in Soviet energy balance over the years 1970-2000 with data presentation in accordance with OECD methodology. Special attention is devoted to the structural changes in final and primary energy consumption, to electricity and to primary energy production.
Electrical Industry in USSR: Major Trends of Development
Authors: Ershevich V.V. , Volkova E.A. , Veretennikov G.A. , Makarova A.S.
Published: January 2017

In recent years the problem of reliable power supply in the Soviet economy has grown acute. This is due to many reasons: high rates of power-consumption growth, the ageing of equipment of the operating power stations, a slow down in introducing new capacity, inadequate construction of the power-supply network, and ecological difficulties involved in the establishing of power plants. The solution of these problems in the new environment is complicated by the fact that power engineering has to carry the brunt of the changes that are to take place in the structure of energy production in the Soviet Union.

The analysis has shown that in the years to come it is essential to increase the rate of construction of power plants and to accelerate the introduction of combined facilities using natural gas, and advanced technologies of burning coal, especially low grade coal, at such stations. The scope of involvement of nuclear energy and low-grade coal in the power balance, and the rates of power-consumption growth in the country in general and in its basic regions are not equal. This is bound to raise the role of the Unified Power system of the USSR which will have to meet a big challenge: to adjust itself to structural changes in the country's power balance.
Energy Conservation in the USSR: Ways and Prospects
Authors: Vigdorchik A.G. , Chupyatov V.P.
Published: January 2017

The conservation of energy is increasingly being seen as an alternative to a continual increase in fuel production. In these conditions great importance is attached to the methods of assessment of energy saving in terms of quantity and the rational utilization of resources. A good deal of attention is given to such energy saving that makes it possible to tap ever new potentials of the economy. Considered here are the organisational measures for stimulating energy saving in certain enterprises, as well as energy-conservation trends which in the next 15 years are likely to save about 400 million tons of coal equivalent. An assessment of the required capital investments is also provided.
Oil in USSR Energy. A Simulation Analysis
Authors: Eskin V.I. , Luokyanov A.S. , Ruodkevich A.M. , Zlochevsky A.S.
Published: January 2017

Developments in raw materials production and in oil-production technology required new methods of long-term planning for oil-production levels, and such methods have been created.

An analysis carried out by the Octopus simulator has revealed that economically it is expedient to cut production levels after 1995-2000.

For the foreseeable future, Western Siberia will remain the major oil producer in the USSR.
Emergence of New Russian and Foreign Investors in the Russian Oil and Gas Complex
Authors: Arbatov A. A.
Published: January 2017

A critical analysis is presented of the factors influencing foreign investment in Russian oil and gas exploration and production. Greater stability in the Russian economy would help and unfortunately some elements of the Russian bureaucracy hinder quick decision making. Western investors could improve their position by concentrating on developments which are unlikely to be developed by Russian companies in the next decade.
Portfolio Balancing and Risk Adjusted Values under Constrained Budget Conditions
Authors: MacKay J.A. , Lerche I.
Published: January 2017

For a given hydrocarbon exploration opportunity, the influences of value, cost, success probability and corporate risk tolerance provide an optimal working interest that should be taken in the opportunity in order to maximize the risk adjusted value. When several opportunities are available, but when the total budget is insufficient to take optimal working interest in each, an analytic procedure is given for optimizing the risk adjusted value of the total portfolio; the relevant working interests are also derived based on a cost exposure constraint. Several numerical illustrations are provided to exhibit the use of the method under different budget conditions, and with different numbers of available opportunities.

When value, cost, success probability, and risk tolerance are uncertain for each and every opportunity, the procedure is generalized to allow determination of probable optimal risk adjusted value for the total portfolio and, at the same time, the range of probable working interest that should be taken in each opportunity is also provided. The result is that the computations of portfolio balancing can be done quickly in either deterministic or probabilistic manners on a small calculator, thereby providing rapid assessments of opportunities and their worth to a corporation.
Using Nontraditional Methods to Teach Pediatric Residents About Insulin-Dependent Diabetes Mellitus
Authors: Vandagriff Julie L. , Stern Connie H. , Orr Donald P. , Golden Michael P.
Published: January 2017

The purpose of this study was to examine the effect of a training experience on the attitudes and beliefs of pediatric residents concerning insulin-dependent diabetes mellitus (IDDM), persons with diabetes, and the use of a multidisciplinary team to empower patients/families. The resident training experience consisted of three days of diabetes lifestyle simulation including attending an educational program designed for newly-diagnosed patients and their families. Residents' attitudes, beliefs, and team function attitudes were measured at preinstruction, postinstruction, and 6 months following instruction.

There was no significant change in beliefs about diabetes. Attitudes about persons with diabetes became more positive after the training experience, but did not continue after six months. Residents also expressed a change in team attitudes, specifically, in their acceptance of having the certified diabetes educator (CDE) nurse and the patient/family adjust insulin and manage insulin during illness.
Diabetic Mothers and Pregnancy Loss: Implications for Diabetes Educators
Authors: Ivlynn Penha Marie L. , Pichert James W. , Mandeville Lisa K.
Published: January 2017

Perinatal deaths among diabetic women are sufficiently common that nearly all diabetes educators eventually care for someone who loses a baby. This case report and discussion identifies ways in which diabetes educators can promote patients' health and provide emotional first aid in the immediate aftermath of perinatal loss. Psychological reactions of both the mother and the health care providers are considered. Practical ways to assist patients, and pitfalls to avoid, also are presented.
The Family in the Bible
Authors: Sanders James A.
Published: January 2017

I had begun study of the varied depths of partriarchalism in the Bible before Leland White died, even before 9/11, but when the opportunity arose to join in a tribute to my long-time friend I knew I had written it for him. The whole of the Bible and of Jewish and Christian tradition can be viewed within the tension between the Bible's focus on family, or community worth and responsibility, and its struggle toward affirmation of individual worth and responsibility within the larger family. That tension was brought home to the West in a traumatic way in the events of 9/11 and dramatized tragically in the recent climax of the Second Intifada. The varying levels of the Hellenization of Early Judaism, and reactions to it, brought about the cultural mix that produced Christian Judaism, which warmly embraced Greco-Roman culture, on the one hand, and Rabbinic Judaism, on the other, which tried bravely to resist it. The current cultural tensions between Islam and the West, and even in the so-called culture wars in this country, are illumined by a socio-cultural reading of the Bible as a whole.
Time, Communion, and Ancestry in African Biblical Interpretation: A Contextual Note on 1 Maccabees 2:49–70
Authors: Aguilar Mario I.
Published: January 2017

Because behaviors and values described in the Bible most often have no analogues among contemporary Euro-Americans, social scientific biblical interpretation uses appropriate, explicit models of behavior verifiable among contemporary peoples through which to process behavior described in biblical documents. While the process sounds anachronistic, models are judged as structurally appropriate when they accord with all relevant biblical data and thus generate new understanding. Among biblical data in search of a verifiable, explicit model is that of ancestrism and ancestor veneration. In this essay, data from First Maccabees describing Israelite time and ancestrism are viewed in comparative perspective, at a high level of abstraction, with ancestrism perspectives provided by sub-Saharan African biblical scholars and theologians. During the last thirty years the amount of work produced by African scholars has increased to the point that it can be considered a large corpus of original research. In their selection of biblical texts to work on, African scholars have stressed those passages that relate to their own cultural experience. These quite often embrace the social structures and cultural values described in the Old Testament. This essay will explore the categories of time and ancestry by comparing ancient Israelite and African perspectives, while noting the wide ranging contributions of African scholarship.
Paul and the Victims of His Persecution: The Opponents in Galatia
Authors: Cook Richard B.
Published: January 2017

Shortly after he had organized churches in Galatia and left the region, Paul was confronted by the accusations of victims of his earlier persecution, who denounced him to his new converts. In response, Paul devised an idiosyncratic reading of the Scriptures. His argument was that Torah was an interim mechanism and a cause of sin, intended by God to regulate transgressions. The lawful execution of the Messiah caused Torah to be rescinded. It could be re-imposed only at the cost of making meaningless the death of the Messiah. Thus, Paul argued, he should be acquitted of any condemnation as a transgressor.
Christians and Jews Read the Gospel of Matthew Today
Authors: Bossman David M.
Published: January 2017

Reading the Gospels trans-historically and trans-culturally has led many Christians to derive needlessly divisive and destructive messages that have little to do with meanings in the Gospels themselves when read in their proper context. To stem the tide of naively universalizing tendencies leading to misapplications of gospel messages, this study of the Gospel of Matthew is designed to help Christians and Jews today share in reading Matthew as an ancient document. It addresses issues relevant for readers today in studying the text in its own context, and demonstrates thereby that neither Christians nor Jews ought to confuse the local circumstances in the Gospel with people today who identify themselves as Christians or Jews.
A Free Cash Flow Investment Anomaly
Authors: Hackel Kenneth S. , Livnat Joshua , Rai Atul
Published: January 2017

This paper examines an investment strategy based on free cash flows. The strategy selects securities into a “long” portfolio that outperforms the market index, returns of similar size securities, and returns of similar risk (beta and book-to-market) securities. The portfolio includes firms that are consistent free cash flow generators, that have low financial leverage, and that sell at low free cash flow multiples.
The Effect of Imposed Voting Requirements on FASB Decisions
Authors: Pasewark William R.
Published: January 2017

To issue an accounting standard, members of the Financial Accounting Standards Board (FASB) must approve pronouncements with a majority. Since its inception, the FASB has been subjected to two types of voting requirements: a simple majority, which requires the approval of four of seven members, or a supermajority, which requires the approval of five of seven members. This study investigates the effects of different voting requirements on (1) the time taken to generate a pronouncement and (2) the need for subsequent revision of the accounting pronouncement.

The results indicate that the supermajority voting requirement hinders the pronouncement generation process. This is evidenced by a decrease in the frequency of pronouncements issued and an increase in the amount of time required to generate an accounting pronouncement. In addition, the supermajority was found to have no effect on subsequent interpretation or supersedure of the pronouncement. As a result, the findings provide limited justification for the existence of a supermajority requirement.
Mandatory CEO Retirements, Discretionary Accruals, and Corporate Governance Mechanisms
Authors: Reitenga Austin L. , Tearney Michael G.
Published: January 2017

Prior research predicts that retiring CEOs will attempt to increase reported earnings in their final year in order to receive larger bonus payments (the short horizon hypothesis) (Murphy and Zimmerman [1993]). An alternative incentive to increase earnings in final years may come from the desire to secure lucrative post-retirement board seats. Brickley et al. (1999) find that performance in the departing CEO's final four years is positively related to: (1) the probability of the CEO retaining his or her board seat after departure, and (2) the probability of securing other post-departure board seats. We extend research in this area by expanding the pre-turnover event window to four years, by examining only CEO turnovers that are the result of a mandatory retirement policy, and by controlling for corporate governance factors, CEO stock ownership and post-retirement board seat retention. We find evidence of earnings management in departing CEOs' final year and final two years, with the evidence being stronger when the CEO retained his or her board seat after retirement; that independent directors and CEO stockholdings appear to mitigate the earnings management; and that institutional stockholders appear to exacerbate earnings management in CEOs' final years.
A Reexamination of the Incremental Information Content of Capital Expenditures
Authors: Park Chul W. , Pincus Morton
Published: January 2017

Under generally accepted accounting principles (GAAP), firms must postpone recognition of the earnings effects of capital expenditures until they realize the resulting revenues and expenses. However, if capital expenditures change the profile of future profits, we expect share prices to impound that revision in profitability prior to its recognition under GAAP. This suggests that changes in capital expenditures should have information content beyond current-period unexpected earnings. Prior research considered annual changes in capital expenditures and detected incremental information only in restricted samples. However, we examine more general samples and observe that quarterly as well as annual changes in capital expenditures are informative beyond unexpected earnings. Furthermore, we predict greater incremental information content for fiscal fourth quarter changes in capital expenditures when considering all fiscal quarters simultaneously, because the effect of the earnings recognition delay under GAAP should be magnified for capital expenditures made late in the fiscal year. Our results are consistent with this prediction and inconsistent with the prediction that changes in fiscal fourth quarter capital expenditures reflect lower profitability that results from an inefficient bunching of capital expenditures in the fiscal fourth quarter.
TRACKS: Dual Accounting and the Enron Control Crisis
Authors: Barlev Benzion , Haddad Joshua Rene
Published: January 2017

At the time of the Enron collapse, the new fair value accounting (FVA) paradigm was progressively incorporated into the framework of Generally Accepted Accounting Principles (GAAP), to serve along with the well-established historical-cost accounting (HCA) paradigm. Naturally, the Enron debacle involved misuses of both paradigms. As a result, the FVA—and in particular the “mark-to-model” valuation procedure—became a target for keen criticism. It was suggested that, apart from its application to a limited number of marketable financial instruments, the time of FVA had not yet come. In this paper, we reject this criticism and discuss the basic conditions that facilitated the abuse of FVA. We argue that despite the obvious advantage of value relevance information offered by the FVA paradigm, the lack of well-designed and effective, adequate control systems produced opportunities for the abuse and manipulation of FVA. We claim that the current control systems, designed for and capable of providing effective safeguards for HCA, are not suitable for FVA, and do not supply adequate safeguards for FVA. Furthermore, these existing accounting control systems turned into gauges for new standards and thus into barriers for FVA-based standards. These, among other reasons, caused the FVA to develop at a slow pace, creating a hybrid accounting system in which HCA and FVA are used simultaneously. We argue that the dual accounting system distorts the coherency of the reporting system, increases potential income management and “window dressing,” and nullifies the effectiveness of the existing control systems. We also stress that a well-designed and carefully implemented control system is indispensable for a properly functioning FVA model. We note that the proposed Statement of Auditing Standards, “Auditing Fair Values,” is an important step in the right direction.
The Impact of Excluding Nonfinancial Exposure on the Usefulness of Foreign Exchange Sensitivity-Analysis Risk Disclosures
Authors: Sribunnak Visarut , Wong M. H. Franco
Published: January 2017

This paper investigates whether the exclusion of nonfinancial items from the scope of sensitivity-analysis disclosures hinders the usefulness of this quantitative information for predicting exchange rate exposure. We focus on foreign exchange (FX) risk because a large volume of nonderivatives FX exposures is in transactions that are nonfinancial in nature. We review the sensitivity-analysis disclosures of a sample of FX derivatives and find that more than half of these firms chose to exclude nonfinancial exposure from their quantitative disclosures. Hence, the reported sensitivity-analysis loss estimates include mainly the exposures of the derivatives positions and do not reflect the net exposure to FX risk. We further find that entity-level sensitivity, but not derivatives-level sensitivity, exhibits incremental predictive power for exchange rate exposure. This is consistent with the notion that exclusion hinders the usefulness of the sensitivity-analysis disclosures for predicting exchange rate exposure. These results are obtained after controlling for potential sample selectivity bias, traditional risk measures, lagged exchange rate exposure, and other derivatives-related disclosures.
The Impact of Intraday Timing of Earnings Announcements on the Bid-Ask Spread and Depth
Authors: Pronk Maarten
Published: January 2017

Libby, Mathieu, and Robb (2002) investigate, among other things, the impact of intraday timing of earnings announcements on the bid-ask spread and depth for a sample of firms listed on the Toronto Stock Exchange. They document, in a univariate setting, that the spread is relatively wider and the depth lower after announcements declared during nontrading hours than after announcements released during trading hours.

This study extends their research by (1) investigating earnings announcements declared by firms traded on the NYSE or AMEX, (2) addressing this issue in a multivariate setting, (3) exploring before-open and after-close announcements separately, and (4) analyzing the impact by half-hour interval. Interestingly, my results indicate, opposite to the findings by Libby, Mathieu, and Robb (2002), that the spread is relatively smaller and the depth higher after overnight announcements than after daytime announcements. These findings are robust to firm-specific factors, cross-listings, differences in the content of daytime and overnight releases, and intraday timing consistency. In addition, this effect occurs after before-open and after after-close announcements, and the analysis by half-hour interval reveals that the impact on the spread (depth) lasts for four (seven) trading half hours.
How Does Intragroup Financing Affect Leverage? Belgian Evidence
Authors: Verschueren Ilse , Deloof Marc
Published: January 2017

We hypothesize that the lower costs of asymmetric information and financial distress and the potentially higher tax benefits associated with intragroup debt will cause firms with access to such funds to have higher leverage. The presence of intragroup debt could worsen the relations between the firm and nongroup creditors, resulting in lower nongroup debt levels. Intragroup guarantees could improve these relationships and thus lead to higher debt levels. We examine how the presence and the amount of intragroup debt are related to total leverage and nongroup leverage for 958 large nonfinancial Belgian firms. Belgian firms provide an interesting case for research on this relationship, as internal capital markets play an important role in their financing. We also analyze the relationship between the presence of intragroup guarantees and the leverage of these firms. Our empirical analysis confirms the hypotheses.
Institutional Holdings and Analysts' Stock Recommendations
Authors: Chen Xia , Cheng Qiang
Published: January 2017

Prior studies document that institutional investors outperform the market. We investigate whether this superior performance is partly derived from institutional investors' use of sell-side analysts' stock recommendations. First, we find that the quarterly change in institutional ownership is positively correlated with consensus recommendations. After controlling for other determinants of institutional holdings, the quarterly change in institutional ownership is on average 0.90 percent higher for firms with favorable recommendations than for those with unfavorable recommendations. Second, using large trades to proxy for institutional trading, we find that there are more buyer-initiated than seller-initiated large trades around favorable recommendations and vice versa for unfavorable recommendations. Lastly, we find that the change in institutional ownership that is explained by stock recommendations is associated with positive abnormal returns in the future, about 4.2 percent per year. Overall, these results indicate that institutional investors trade upon stock recommendations and that such trading contributes to their superior performance.
Did Earnings Conservatism Increase for Former Andersen Clients?
Authors: Krishnan Gopal V.
Published: January 2017

The unexpected fall of Arthur Andersen is an extraordinary event. Although Arthur Andersen was initially convicted in 2002, subsequently, the Supreme Court unanimously threw out the conviction. Was the Department of Justice hasty in shutting down Arthur Andersen? Could the managers and the new auditors of former Andersen clients have restored financial reporting credibility? This study examines whether earnings conservatism has increased for a sample of former Arthur Andersen clients that were forced to switch auditors in 2002. Relative to control samples consisting of audit clients of remaining brand-name auditors that did not switch auditors and those that switched within Big Four auditors, this study finds that earnings conservatism has increased for former Andersen clients that switched to a Big Four auditor. Furthermore, the level of conservatism for 2002 for former Andersen clients is even higher than those observed for a matched sample of non-Andersen clients that did not switch auditors. These findings suggest that in the post-Andersen world, Big Four auditors and managers use earnings conservatism as a risk management strategy.
Measurement of Productivity Improvements: An Empirical Analysis
Authors: Banker Rajiv D. , Datar Srikant M. , Rajan Madhav V.
Published: January 2017

In this paper, we test for productivity gains resulting from the introduction of a productivity-based incentive program in a large manufacturing plant of a Fortune 500 corporation. We develop a methodology based on a stochastic nonparametric frontier estimation technique to evaluate productivity in the postincentive plan period relative to the pre-incentive plan period. We also test for productivity gains using stochastic parametric frontier approaches. The results of both the nonparametric and parametric stochastic frontier analyses indicate that the incentive program has a positive effect on indirect labor, manufacturing services, and materials productivity and relatively little effect on direct labor productivity.
An Empirical Test of the Black-Scholes Option Pricing Model and the Implied Variance: A Confidence Interval Approach
Authors: Levy Haim , Byun Young Hoon
Published: January 2017

The empirical studies on the Black-Scholes (B-S) option pricing model have reported that the model tends to exhibit systematic biases with respect to the exercise price, time to expiration, and the stock's volatility. This paper attempts to test the B-S model with a new approach: derive the confidence interval of the model call option value based on the confidence interval of the. estimated variance. The test reports that even when the variance's confidence interval is considered, a systematic deviation between the theoretical “range” of the option price values and the observed market price still exist. If the stock variance is constant over time, the interpretation of the results is that the B-S model is wrong. However, if stock variance changes over time, the interpretation of the results is that the implied volatility in options market prices had a tendency to be significantly higher than the estimate that could have been obtained from historical data.
Accounting for Interest Rate Swaps
Authors: Bierman Harold
Published: January 2017

There are major accounting issues for both the counterparties and the principal of an interest rate swap transaction. Currently, the market for swaps well exceeds $150 billion, and at this writing there are no explicit accounting standards for such transactions. This paper defines the basic swap transaction and the relevant accounting issues and offers possible solutions. Notes to the financial statements are needed to reveal the changes in risk, both to the counterparties and to the principal.
The Estimation and Determinants of Associations between Returns and Earnings: Evidence from Cross-Industry Comparisons
Authors: Biddle Gary C. , Seow Gim S.
Published: January 2017

Associations between accounting earnings and stock returns are modeled and tested by examining relationships between earnings response coefficients and industry structure characteristics. Response coefficients are estimated using a new approach that does not require proxies for market earnings expectations. This approach appears to be well specified relative to a traditional approach and may have wider applicability in other research contexts. A randomization procedure for controlling for returns dependence is also applied. The results suggest that response coefficients differ considerably across industries and that these differences are related to industry entry barriers, product type, growth, financial leverage, and operating leverage.
On Deviations from Learning Curves
Authors: Peles Yoram C.
Published: January 2017

This paper claims learning curves, as advocated today in the accounting literature, ignore the effect of time on costs and, hence, may be misued. It is suggested to add to the analysis a variable for intensity of production. Two cases are presented to illustrate the use and the effects of the suggested variable and the estimation of the relevant parameters.