bluuebunny/crossref_metadata_2025 huggingface dataset:
Too Much Of A Good Thing? A Review Of Volatility Extensions In Black-Scholes
Authors: Kermiche Lamya
Published: February 2016

Since the seminal Black and Scholes model was introduced in the 1970s, researchers and practitioners have been continuously developing new models to enhance the original. All these models aim to ease one or more of the Black and Scholes assumptions, but this often results in a set of equations that is difficult if not impossible to use in practice. Nevertheless, in the wake of the financial crisis, an understanding of the various pricing models is essential to calm investors nerves. This paper reviews the models developed since Black and Scholes, giving the advantages and disadvantages of each type. It focuses on the main variable for which Black and Scholes gives results that differ widely from market data: implied volatility. This variable also forms the basis for the development of a new type of models, called market models.
Another R&D Anomaly?
Authors: Chiang C. Catherine , Shi Yilun , Zhao Lin
Published: February 2016

In this paper, we investigate the relation between stock returns and R&D spending under different market conditions. Our empirical evidence suggests that investors response to R&D activities varies according to stock market status. Following the conventional definitions of markets, we first categorize the market into four different states: slightly up (up by 0-20%), bull (up by more than 20%), slightly down (down by 0-20%), and bear (down by more than 20%). Using firms in high-tech industries from 1992 to 2009 as our sample, we show that investors value R&D spending consistently positively only when the market (proxied by the S&P 500) is up. R&D is valued less in the downward market and R&D response coefficients even turn negative during bear markets. However, earnings response coefficients are consistently positive regardless of market status. The results remain unchanged after we control for beta, bankruptcy risk, size, and different measuring windows. Our findings cannot be explained by risk-based hypothesis. The study advances our understanding of the relation between stock returns and R&D activities by empirically documenting its variations in market valuation across different market states; particularly, we found empirical evidence that R&D response coefficients in the down markets are negative. The study also provides additional input to the ongoing debate on finding the appropriate accounting treatment for intangible assets.
Risk Management Practices In Islamic Banking Institutions: A Comparative Study Between Malaysia And Jordan
Authors: Rahman Rashidah Abdul , Alsmady Ahnaf , Ibrahim Zuraeda , Muhammad Aliyu Dahiru
Published: February 2016

The results of the analysis revealed that factors, such as the level of understanding risk management, risk assessment and analysis, risk control, and monitoring, feature more prominently in Malaysian Islamic Banks than in their Jordanian counterparts. However, Jordans IBs are ahead in terms of the level of risk management practices. Both countries are similar in their risk identification. It is also found that Islamic Banks in Malaysia and Jordan are somewhat reasonably efficient in managing risk where risk assessment and analysis (RAA), and risk control and monitoring (RCM) are the most influencing variables in RMPs in Malaysia; whilst understanding risk management (URM) and risk control and monitoring (RCM) are good predictors of RMPs in Jordan.
The Effects Of Regulation And Supervision On European Banking Profitability And Risk: A Panel Data Investigation
Authors: Ben Bouheni Faten , Ben Ameur Hachmi , Idi Cheffou Abdoulkarim , Jawadi Fredj
Published: February 2016

This paper studies the effects of regulatory and supervisory policies on profitability and risk-taking for European banks over the period 2005 to 2011. As these effects may vary according to the banks, we apply the Generalized Method of Moments (GMM) for dynamic panels to capture further heterogeneous supervision effects before and after the subprime crisis. Accordingly, our findings provide three interesting results. First, strengthening regulations and supervision improves profitability and boosts the stability of European banking systems. Second, our findings highlight a positive correlation between capital adequacy, deposit insurance systems, and banks profitability. Third, we note that stepping up supervisors powers reduces risk-taking and promotes banking stability.
The Challenges Of Implementing High Performance Work Practices In The Nonprofit Sector
Authors: Robineau Alice , Ohana Marc , Swaton Sophie
Published: February 2016

The last economic crisis raised huge challenges for nonprofit organizations. It is now critical for them to show not only their social legitimacy but also their efficiency and competency to claim for grants (Kearns, Bell, Deem, & McShane, 2014). For nonprofit organizations, High Performance Work Practices (HPWPs) are a way to foster performance and to answer the challenges that they are currently facing. However, such practices have only been applied to the corporate world to date. The entire philosophy behind nonprofit organizations radically contrasts with the for-profit sector. In particular, the principles and practice of human resource management may be quite different depending on the sectoral context. The aim of this article is precisely to analyze the challenges of implementing HPWPs in nonprofit organizations. In order to explore these challenges, we study the HR practices of a nonprofit organization based in UK which struggles with poverty. The discussion of results highlights good practices that should be applied in the nonprofit sector.
Bank Capital Adequacy Requirements And Risk-Taking Behavior In Tunisia: A Simultaneous Equations Framework
Authors: Ben Bouheni Faten , Rachdi Houssem
Published: February 2016

We extend exiting literature on the efficiency of capital adequacy requirements in reducing risk-taking behaviour of Tunisian commercial banks using a new risk measure: the weighted-assets to total assets. To that end, using a simultaneous equations framework, we reached four main results. First, interaction between capitalization and risk level is negative and not significant, which means that an increase in capital is followed by a decrease in banking risk-taking. Second, Tunisian banks dispose of a weak institutional and regulatory level. Third, the larger the banks are, the more they manage their risk, since large banks have more experience in managing risk levels through diversification. Finally, we found a negative relationship between size and bank capitalization, indicating that the larger bank size is the lower risk level is.
Bank Credit And Agricultural Output In South Africa: Cointegration, Short Run Dynamics And Causality
Authors: Chisasa Joseph , Makina Daniel
Published: February 2016

In this paper we investigate the dynamic relationship between bank credit and agricultural output in South Africa using time series data from 1970 to 2011. Using the Johansen cointegration test, we observe bank credit and agricultural output to be cointegrated. In the long run we find credit and capital formation to have significant positive impact on agricultural output. Employing an ECM, we find that, in the short run, bank credit has a negative impact on agricultural output reflecting the uncertainties of institutional credit in South Africa. However, the ECM coefficient shows that agricultural GDP rapidly adjusts to short term disturbances indicating that there is no room for tardiness in the agricultural sector. The absence of institutional credit will be immediately replaced by availability of other credit facilities from non-institutional sources so that there is no room for possible non-application of intermediate inputs. Conventional Granger causality tests show uni-directional causality from (1) bank credit to agricultural output growth; (2) agricultural output to capital formation; (3) agricultural output to labour; (4) capital formation to credit; (5) capital formation to labour, and a bi-directional causality between credit and labour. Noteworthy is that for the agricultural sector the direction of causality is from finance to growth, i.e., supply-leading, whereas at the macroeconomic level the direction of causality is from economic growth to finance, i.e., demand-leading.
Mismanaging Unethical Behaviour In The Workplace
Authors: Singh Prakash , Twalo Thembinkosi
Published: February 2016

What constitutes unethical behaviour and its mismanagement is the focus of this article. This includes the transgression of moral norms by employees such as greed, corruption, antisocial behaviour and the abuse of company assets for personal enrichment. A salient feature of this case study is its focus on the workers lack of adherence to its ethics policies, and a conscious flagrant disregard for the organizations moral codes by its employees. The research question that inevitably arises is whether the employees resort to unethical behaviour because they fail to achieve their goals through legitimate means, or whether it is simply a flagrant disrespect by them of organizational ethical policies that enunciate the moral norms for all its employees. This exploratory study used the mixed methods approach to investigate this problem. The research findings of this study strongly suggest why the sustainability of an organization can be threatened by reported cases of poor administration, weak management of human and non-human resources, and inappropriate job behaviour and performance of its employees. A key finding is that organizations should not leave managers and their employees to solely rely on their moral intuition and good judgement, but to create a culture with the aid of a performance management system in which there is a clear distinction between ethical and unethical behaviour. This research therefore provides further insight into the need for organizations to develop effective management strategies in order to prevent, detect, and respond forcefully to stamp out unethical behaviour of its employees.
Optimal Allocation Of Training Resources
Authors: Saadouli Nasreddine
Published: February 2016

Training is a key task for ensuring that employees remain at a skill level that is conducive to productivity and to achieving the organizational objectives. However, training is a very costly investment. Hence, the resources allocated to training must be used wisely to balance the available resources to the goals sought. In this paper, a typical training decision is considered where the management needs to decide on assigning employees at various levels of the organization to various training programs. This is to be done with minimal interruption of the organizations operations while making sure that the different types of employees are assigned to training programs most related to their jobs. Additionally, there is a limit on the capacity of the training facility and the number of trainers which in turn limits the number of training courses that can be offered in any given week. A linear programming model is developed to determine the optimal number of trainees that should be chosen from each department and the optimal allocation of these trainees to the various training courses. The model is applied to a real life situation and the results show that there is an optimal allocation that meets and in most cases exceeds the desired objectives of management while maximizing the utilization of the training resources.
Corporate Board Attributes And Conditional Accounting Conservatism: Evidence From French Firms
Authors: Boussaid Nabila , Hamza Taher , Sougne Danielle
Published: February 2016

We investigate the relationship between corporate board of directors attributes and conditional accounting conservatism in the French context. Using a pooled regression model over the period 2009-2012, our empirical results can be summarized as follows. First, greater board activity encourages more conservative reporting in financial statements. Second, larger board size diminishes conditional accounting conservatism. Lastly, there is a positive association between gender diversity and accounting conservatism. As a robustness test, we use alternative measures of accounting conservatism, namely time series and accrual-based measures in addition to asymmetric timeliness of earnings. Our findings suggest that boards of directors attributes are an important factor in determining the financial reporting quality of French firms.
Predicting Organisational Performance Through Innovation, Quality And Inter-Organisational Systems: A Public Sector Perspective
Authors: Mafini Chengedzai
Published: February 2016

There remains a constant need for further empirical research on organisational performance in the public sector, in a bid to generate current and relevant solutions. Such an approach could be a panacea for performance-related problems that continue to affect public organisations in developing countries. The purpose of this study was to examine the relationship between organisational performance and three input factors; namely, innovation, inter-organisational systems and quality. A quantitative approach using the survey method was used in which a questionnaire was administered to 272 randomly selected managers and employees of a South African government department. Data were analysed using a combination of descriptive and non-parametric statistics. Spearmans rho was used to measure the strength of the relationships and regression analysis was used to measure the extent to which the input factors predicted organisational performance. Spearmans correlations showed strong positive relationships between organisational performance and all three factors while regression analysis also revealed that the three factors predicted organisational performance. The study is significant in that managers in public organisations can use the findings as a diagnostic tool in performance problems, with a view to enhance organisational performance among public sector organisations.
Drivers Of Customer Loyalty In South African Retail Stores
Authors: Mafini Chengedzai , Dhurup Manilall
Published: February 2016

There remains a need to provide empirically derived and updated information on the influence of store image factors on both the satisfaction as well as the loyalty of customers that is specifically customised to the South African context. This study examined the relationship between store image factors, store satisfaction and customer loyalty in the South African retail environment. The study tests a conceptual framework which links five store image factors; namely, sales assistance, store atmospherics, store appeal, promotion and store accessibility to store satisfaction and customer loyalty. A four section structured questionnaire was administered to a conveniently drawn sample of 489 apparel shoppers. Participants were recruited at three shopping malls located in Gauteng Province, South Africa. Data analysis was conducted using the Statistical Packages for the social Sciences (Version 21.0). Spearman correlations showed negative to weak correlations between the factors and store satisfaction. Regression analysis revealed that promotion and store appeal were statistically significant in predicting store satisfaction. Store satisfaction was positively associated and significantly predicted customer loyalty. The findings of the study can be used by managers in retail stores to develop a current view of the shopping behaviour of todays consumers. This enables them to initiate and implement appropriate marketing strategies in their retail stores.
Analyst Downgrades, Short Sale Constraints, And Intra-Day Stock Price Efficiency
Authors: Zhao Kevin
Published: February 2016

This paper studies the impact of short sale constraints on stock price efficiency upon arrival of analyst downgrades. Examining the speed of which stock price response to analyst downgrades for pilot (short sale non-constrained) stocks and control (short sale constrained) stocks in an intra-day setting, I find evidence supporting the hypothesis that short sale constrains hamper intra-day stock price efficiency. For after-hours downgrades, pilot stocks respond quickly, with virtually all of the price response incorporated by the following open, while control stocks take an extra five minutes after opening to fully reflect the new information. For during-hour downgrades, the negative information is partially incorporated into pilot stock prices up to two hours before the recommendation is released, while control stocks take up to an hour and a half after the release to impound the information into stock price, confirming that short sale constraints lower stock price efficiency.
Identifying Central And Peripheral Dimensions Of Store And Website Image: Applying The Elaboration Likelihood Model To Multichannel Retailing
Authors: Bezes Christophe
Published: February 2016

Could the difficulties that retailers face in creating a seamless, cross-channel experience be due to the fact that their stores and website activate such different central and peripheral routes to persuasion that perfect transferability between channels is not possible? By relying on a rigorous and innovative dual-step methodology, this study provides a solid support for research aimed at identifying other channel-related central and peripheral elements. Although perceptual structure of the two channels is very similar, the store and website have no central or peripheral dimension in common. To enhance fluidity between its channels, a multi-channel retailer cannot rely on the customers' perceived integration of its channels. However, the retailer can easily orient its customers toward a given channel, by appealing to their enduring involvement. Finally, pricing and sales promotions are both peripheral dimensions: the former influences in-store buying and the latter, website buying.
How Managers Direct Subordinates Using Applications Of Controls And Demonstrations Of Their Trustworthiness
Authors: Long Chris P.
Published: February 2016

This paper refines and extends ideas about trust-control relationships by describing a theory of managerial action that outlines how managers combine their efforts to apply controls and demonstrate their trustworthiness. Findings from two surveys and one experiment provide support for hypotheses that managers systematically integrate their control and trustworthiness-promotion activities by combining: applications of outcome controls with demonstrations of credibility, applications of behavior controls with demonstrations of capability, and applications of clan controls with demonstrations of consideration. The paper concludes with a discussion of how this perspective advances research on organizational control, organizational trust, and trust-control relationships.
IPO Waves: How Market Performances Influence The Market Timing Of IPO?
Authors: Batnini Firas , Hammami Moez
Published: February 2016

The goal of this paper is to study the impact of stock markets on Initial Public Offerings (IPOs). Several studies have shown that the need for financing is not the main trigger for an IPOfavorable market conditions may play a more important part. This work prove the existence of a significate relationship between past stock market returns and the number of IPOs. Before setting the date for an IPO, managers analyze long term financial market yields, a bullish stock market over a six month/ one year period encourages IPOs activities. In the other hand, even a negative performance but over a two-year period may have the same effect. They expect a stock market inversion. These results were obtained by autocorrelation analysis and count regression.
The Effect Of IFRS Non-Audit Consulting Services On Cost Of Debt: Evidence From Korea
Authors: Choi Seung Uk , Lee Woo Jae
Published: February 2016

Korean listed firms have been required to disclose their financial statements based on the International Financial Reporting Standards (IFRS) since 2011. Using pre- and post-IFRS reporting periods, we investigate the relation between IFRS non-audit consulting services provided by incumbent auditor and the cost of debt of its client for firms in the Korean Stock Market. We find evidence that IFRS non-audit consulting services are related to the decrease in cost of debt only during the post-IFRS period. In particular, receiving non-audit consulting services is positively associated with a clients bond credit rating and negatively associated with interest rate. The result generally holds when we use alternative proxies of IFRS non-audit consulting services. Finally, our results are robust to potential endogeneity issues in selecting non-audit services.
Aspects of Economic Activity And Unemployment
Authors: Ramenofsky Samuel D. , Malliaris Peter G.
Published: February 2016

In a seminal paper, Okun (1962) investigated the relationship between potential GNP and levels of unemployment in order to identify the loss of national output due to unemployment. From this investigation, a significant macroeconomic relationship was established which received the name Okuns Law. According to Okuns Law, each percentage point of unemployment above 4 percent of the labor force implies a 3 percent gap of foregone potential output. The original study used quarterly data from 1947 to 1960 and employed ordinary least-squares analysis as its primary statistical method. Since Okuns (1962) original work, several studies appears investigating the same issue and extending the original scope. Here we do not intent to survey the literature on Okuns Law; a good summary of the various studies may be found in Tatom (1978). Instead, what we propose to do is first, to replicate Okuns model for the period 1948-1979 and second, and more importantly, to use a superior econometric technique, namely Cochran-Orcutt regression analysis. This technique requires autocorrelation and allows for a better appraisal of the output-unemployment relationship in Okuns original structural equations.
Job-Related Stresses And Strains In Management Accounting
Authors: Tipgoes Manual A. , Trebby James P.
Published: February 2016

This paper reports the results of a questionnaire study of National Association of Accountants members regarding the overall amount of stress and strain among management accounting practitioners. The findings of the questionnaire study indicate that job-related stresses and strains in the management accounting area of the profession are moderate. The paper concludes by discussing ways in which management can identify and correct organizational causes which appear to be major sources of stress and strain.
A Longitudinal Comparison Of Capital Budgeting Techniques Used By Major U.S. Firms: 1986 Versus 1976
Authors: Gitman Lawrence J. , Maxwell Charles E.
Published: February 2016

Capital budgeting is one of the most important areas of financial decision-making. This research article reports the results of a survey of capital budgeting techniques and compares them with techniques reported in earlier studies. The research seeks to determine what changes may have occurred over the past 10 years and how well current teaching compares with current practice. The findings of the study indicates changes have occurred in three major areas, (1) preferences with respect to capital budgeting techniques, (2) basic types of firms in the economy, and (3) perceived levels of sophistication in capital budgeting over the past ten years. The results of the study suggest opportunities exist for further improving the capital budgeting process.
The Packing Heuristic For Assembly Line Balancing Problems
Authors: Nourie Francis J. , Venta Enrique R.
Published: February 2016

This paper describes the packing principle for assembly line balancing problems, develops a simple heuristic method based on the principle, and explores the implications of the principle for other methods. Computational results shows that the proposed method compares favorably with two well-known heuristic methods and that the principle can be applied to improve these two methods with small additional computational effort.
Customer Preference For Alternative Credit Card Based Payment Methods: Some Empirical Evidence
Authors: Ganesh Gopala K. , Krishna Erramilli M.
Published: February 2016

This article looks at consumer preferences for two major types of credit cards viz: (1) national credit cards i.e. bank credit cards and travel and entertainment cards that are typically accepted at a wide variety of establishments and (2) store credit cards whose acceptance is typically limited to stores that constitute a department store chain. Through a mail survey, an attempt is made to identify the reasons for card preferences and distinguishing background characteristics of individuals with a distinct preference.
A Test For A Multi-Risk Premia International Asset Pricing Model: An Arbitrage Pricing Theory Application
Authors: McGowan Carl , Rifon Deane
Published: February 2016

IN this paper, the authors examine the existence of a multi-risk premia international asset pricing model using an Arbitrage Pricing Theory approach. An international asset pricing model is developed and tested using foreign exchange rate adjusted market indices for twenty-five countries stock markets for the period January 1964 to December 1980. The authors find evidence that indicates three risk premia exist for pricing mean returns on international assets. A model not adjusted for foreign exchange rate changes does not perform as well as an adjusted model.
The Size Of Mutual Funds And Risk-Adjusted Performance: Some New Evidence
Authors: Kleiman Robert T. , Jun Kwang W.
Published: February 2016

This paper provides recent evidence regarding the relationship between mutual fund size and risk-adjusted performance. A sample of 64 no-load funds was grouped into four size quartiles based on the total assets under administration at the beginning of each year for the 1970-1984 period. Standard measures of portfolio performance were then computed for each quartile. Consistent with a size effect, the results of this study provide some evidence of higher returns for smaller mutual funds. However, the abnormal returns are not statistically significant when performance is evaluated using Jensens Index.
Major Calamities, Mail Surveys, And Possible Halo Effects
Authors: Steele Thomas J. , Schwendig W. Lee
Published: February 2016

On April 26, 1986, one of a cluster of Russian nuclear power plants at Chernobyl exploded and caught fire. Subsequent publicity was massive. By sheer happenstance the authors had just put into motion a study in which an existing nuclear power plant in the western United States was one of four items being investigated as a nontraditional tourist attraction. This unplanned and unforeseeable upheaval in the macroenvironment produced some unusual results.
Abusive Tax Shelters And Government Misconduct
Authors: Bottiglieri William A. , Ryan Huldah A. , Griffith Andrew S.
Published: February 2016

Congress reacted quickly to the accounting professions involvement in the Enron/Tyco International financial collapses in 2001. The Sarbanes-Oxley Act of 2002 was enacted and the Securities and Exchange Commission promulgated new reporting regulations aimed at preventing such losses in the future. A more remote effect occurred a year later in 2003 when Congress enacted sweeping reforms affecting the tax shelter industry. Congress targeted accounting firms and related professionals who created, marketed and sold abusive tax shelters. While the culpability of these professionals was clear the resulting criminal prosecutions against some of the accounting professionals were tainted by an overzealous prosecution which relied on unconstitutional tactics to obtain convictions.
Bertrand Oligopoly And Factors Markets With Scarcity And Price Controls
Authors: Waldron Randall E. , Allgrunn Michael A.
Published: February 2016

In an earlier article, we reported the results of a classroom experiment simulating price competition in an oligopoly with differentiated goods. That study raised some questions that we were unable to address at that time. For this current study, we have adapted the experiment to further explore the effects of scarcity in the input markets, and to study the effects of price controls in these markets. We find that scarcity in an input market has the expected directional effect on prices in both input and output markets, but not necessarily the magnitude expected; we further find that price controls have only some of the effects expected. In the current experiment, we increased the number of rounds of the game to allow more opportunity for convergence to a stable outcome, and to allow for three distinct phases of the game: initial rounds in which inputs were abundantly available, subsequent rounds in which one inputs supply was dramatically reduced, and final rounds in which a price floor was established on the one input which remained abundant. As expected, firms played Nash/Bertrand strategies in the early rounds. However, the shock caused by reducing the availability of capital took many rounds for full adjustment, with both output prices and the equilibrium rental rate of capital rising consistently and gradually toward their projected equilibria over ten rounds, although even then capital prices did not rise enough to absorb all firm profits. Surprisingly, establishing a minimum wage did not have the anticipated effect of balancing payments between labor and capital; instead, the minimum wage completely disrupted the trend of an increasing rental price of capital and reduced it to zero, while creating volatility in profits without consistently eliminating them. Overall, we find that most of our anticipated results ultimately obtain, but adjustments to variations in market conditions are neither immediate nor perfectly consistent with the predictions of theory.
Utilizing The Social Transaction Theory Of Social Ontology To Understand Organizational Culture Change
Authors: Whalen Thomas B.
Published: February 2016

Recent popular literature has spawned an ever increasing amount of leadership and management advice on how to manage, lead, and institute organizational change. While some of this advice may be effective, the literature has shown that the majority of organizational change initiatives fail. Most current leadership and management practices prescribe organizational treatment without understanding the nature and underlying cause of organizational illness. In the case of organizational culture, failure to properly institute change can have long-term repercussions. This paper proposes that the social transaction theory of social ontology can be used to explain not only how organizational culture is formed, but also how it responds to attempts to change it. Thus, by understanding the underlying mechanisms of culture formation and transformation, effective approaches can be developed to demonstrate how lasting change can be instituted.
Recognizing Intellectual Capital As An Asset
Authors: Fischer Mary , Marsh Treba
Published: February 2016

The revised definition of an asset by the FASB and GASB gives way to the recognition of the fair value of another off-balance sheet value. Interest in recognizing intellectual capital as an asset of the organization has grown out of dissatisfaction with traditional financial accounting and reporting directed toward manufacturing, trading of goods, and service activities which ignore the organizational asset values based on knowledge, expertise and technology. The growing interest in intellectual capital (IC) and knowledge management reflects an awareness of the need for identification, utilization, and measurement of an organizations most valuable asset. This paper identifies the importance of the IC value, discusses the research emphasis placed on it by others, and develops a fair value measurement model. The model provides a basis not only for identifying crucial aspects of effective knowledge management, but also for emphasizing the interdependence, and the synergy that may be created through recognition. Measurement techniques are presented together with a process for stakeholder communication that establishes the groundwork for future empirical investigation and analysis.
Stock Buybacks: Good Or Bad For Investors?
Authors: Yallapragada RamMohan R.
Published: February 2016

A recent news flash announced that Warren Buffets Berkshire Hathaway would buy back $1.2 billion worth of its own Class A stock. In recent times, such stock buybacks are happening in rapid succession among companies all over the world. There are many advantages to investors of a company when the company buys back its own stock, generally known as treasury stock. Stock buybacks result in higher earnings per share (EPS), theoretically resulting in higher stock prices. Companies also resort to stock buybacks when they happen to have excessive cash balance. Cash rich companies are generally considered attractive targets for takeover possibilities. During times such as the present ones when returns on cash money market accounts do not yield attractive returns, companies usually implement stock buyback policies, thus earning better returns on excess cash while at the same time avoiding takeover possibilities. There are also some hidden advantages to senior management resulting from stock buybacks because of higher prices for their substantial stock options. There are also some disadvantages to investors resulting from stock buybacks. This paper presents some of the main reasons for stock buybacks, and the consequential advantages and disadvantages to investors and other stakeholders.
Pricing A Pig In A Poke: Endogenous Valuations And Storage Unit Auctions
Authors: Wisen Craig H. , Chiang Kevin C. H. , Pippenger Michael P. , Collins James C.
Published: February 2016

Storage unit auctions have recently received widespread attention from reality shows and get rich easy business models. This study examines the pitfalls associated with winning storage unit auctions, commonly observed bidding strategies, participant behavior and auction methods. Storage unit auctions present a classic example of endogenous valuation using incomplete information and imperfect secondary markets. The examination of the contents of a storage unit auction yields a novel use for the facility and sheds light on the process that leads to a lien and sale.
The Effect Of Employee Ethical Ideology On Organizational Budget Slack: An Empirical Examination And Practical Discussion
Authors: Harvey Mary Ellen
Published: February 2016

Budget slack costs institutions money because there is a misallocation of assets. Therefore, organizations have a vested interest in hiring managers who do not have a propensity toward creating slack. Budget slack results when managers intentionally include more organizational resources in the budget than they anticipate needing (or when they understate revenue-producing activities). Extensive time and effort is invested into a company's budgeting process. The budget is often the primary point of financial control over the distribution of organizational resources (i.e., time, money, and materials). Prior research in business ethics has attempted to explain and predict when a manager will engage in this behavior, examining antecedents such as budget participation, cultural differences, and reward systems. The current paper expands on previous studies and examines the influence of individual ethical factors. Specifically, the influence of an individuals ethical ideology is examined in relationship to their propensity to create budget slack.
The Sarbanes-Oxley Act Of 2002 And Its Impact On The Attorney-Client Privilege And Legal Ethics
Authors: Carrigan Martin D. , Alex Theodore C.
Published: February 2016

Congress passed the Sarbanes-Oxley to restore confidence in publicly traded corporations. The Act changed legal ethics and decades old attorney-client privilege. This paper explores its impact on business.
Cultural, Institutional, And Economic Factors Inhibiting The Transition From Tobacco Cultivation To Alternative Forms Of Agriculture In South Central Appalachia
Authors: Shemwell Donald J.
Published: February 2016

A series of preliminary investigations indicated the strong need for alternatives for tobacco farming. Progressive elements in the communities where the study took place often suggested that this particular economic development issue should be a leading or critical priority.  Nevertheless, when the issue was put to communities at large in subsequent community sustainability studies, there was little enthusiasm among the populace for alternative agriculture initiatives.  The study reported here involved interviews with thirteen tobacco growers, two intermediaries who have grown tobacco themselves and worked among the farmers for many years, and representatives of three entities that have demonstrated success in alternate methods.   The results indicate that there are substantial institutional, economic, and psychological barriers to grower adaption.  The most important institutional barriers are the concentration in retailing and the development of highly centralized buying offices.  The most significant economic barriers are the high start-up costs and variable nature of returns.  Finally, the most salient cultural barrier is a learned helplessness resulting from years of isolation from market forces and an under educated and aging populace in farm communities.
Antecedents Of Successful Web Based Communities For Disabled Citizens
Authors: Lawler James
Published: February 2016

In this period of constrained economic conditions, this study initiates an analysis of the critical success factors in the implementation of World Wide Web-based communities in the non-profit sector, focusing on communities of challenged citizens who have mental health conditions in the City of New York.  Non-profit organizations in New York depend ever more upon the technology of the Web to help disabled members in the city, as the disruption from the September 11 disaster continues to impact social services. Though investment in technology is limited in the non-profit sector, the preliminary analysis of this study imputes that implementation of community networks that service rehabilitating members of society is facilitated by distinct enabling success factors of cohesion, effectiveness, help, language, relationship and self-regulation in the innovation of the supporting Web sites.  The analysis contributes insight into the dynamics of communities on the Web that is applicable in an international context.  This study furnishes a new framework to research Web-based communities in the non-profit sector.
Building Customer Value And Profitability With Business Ethics
Authors: McMurrian Robert C. , Matulich Erika
Published: February 2016

Firms assume ethical business practices only add costs to the firm. However, business ethics actually add value for customers and result in increased profitability and performance for the firm.
Big GAAP-Little GAAP Does One-Size-Fits-All Still Work?
Authors: Morris Paula , Campbell Jane
Published: February 2016

Initiatives for developing Generally Accepted Accounting Principles for private/smaller businesses have surfaced in the United States and internationally.  This paper explores those initiatives and identifies common elements and problems in these efforts.
The Expert Witness: Another Opportunity For College Professors
Authors: Nunn Les , Shanklin Stephen , McGuire Brian
Published: February 2016

Trial lawyers are frequently in need of professionals to testify as experts in matters that are in litigation.  Juries, as well as judges themselves, are normally not knowledgeable in many technical aspects of civil cases and must, therefore, be educated during the trial process.  Many times, attorneys look to their local university for expertise.  If you have not already received a call, someday you might be contacted by a lawyer to testify as an expert.  Not only can your giving expert testimony look impressive on your vitae, it can also bring large amounts of supplemental income to a professor.  Well known experts can receive thousands of dollars a day for giving their opinions on matters involved in litigation.  While you might think you are or are not an expert, a brief look at court decisions can help us define the term “expert.”
Children And Internet Use: Perceptions Of Advertising, Privacy, And Functional Displacement
Authors: Henke Lucy L. , Fontenot Gwen
Published: February 2016

Fourth-graders demonstrated the ability to identify the persuasive intent of commercial Web sites, and to distinguish between commercial, nonprofit, and government sites based on information-giving, entertainment, or persuasion functions.
House of Marketing Quality Using the House of Quality to Develop Marketing Strategies
Authors: Aslan Bayram , Hergeth Helmut H.
Published: February 2016

The paper presents a Model for Customer Oriented Marketing Strategies, using the House of Quality Approach. The model is presented with an example of Spinning Machinery Marketing.
Accounting For Defined Benefit Pension Plans: Is FASB Finally Fulfilling Its 25 Year Old Promise?
Authors: Carpenter Brian W. , Mahoney Daniel P.
Published: February 2016

With the September 2006 release of Statement No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans,” the Financial Accounting Standards Board (FASB) has completed the first phase of its ongoing pension accounting project.  The new standard improves the accounting for defined benefit pensions by requiring employers to report the over(under)funded status of their plans as an asset(liability) within the main body of their balance sheet. This requirement represents a significant change from previously-existing pension accounting standards, and represents a major step forward toward the goal of increased transparency in financial reporting.  This article provides a discussion of the very lengthy and controversial history of employer pension accounting, and examines the improvements that have finally resulted from Statement No. 158. Also provided is a discussion of the potential outcome of the second and final phase of the FASB’s pension accounting project
The Role Of Flextime Appeal On Family And Work Outcomes Among Active And Non-Active Flextime Users: A Between Groups And Within Groups Analysis
Authors: Rocereto Joseph F. , Gupta Susan Forquer , Mosca Joseph B.
Published: February 2016

The influence of schedule flexibility, including flextime, on work-family balance and job outcomes has been of great interest to both members of academia and practitioners. However, the role that the desirability of flextime has on such constructs has been largely ignored in past literature. Additionally, relatively few studies have investigated differences between work-family balance and job satisfaction among those who are actively using flextime and those who are not currently using flextime. Results of this study strengthen the need for an increased understanding of the role that flextime appeal serves in work-family balance and job satisfaction, and the impact that flextime has on enhancing these important work-related constructs. Other meaningful differences between flextime users and non-flextime users, including the roles of gender and the presence of children living at home are also explored.
Relevansi Doktrin Restorative Justice dalam Sistem Pemidanaan di Indonesia
Authors: Waluyo Bambang
Published: February 2016

Menilik arah perkembangan hukum pidana dewasa ini, bermuara pada pembaharuan hukum pidana melalui perubahan KUHP sebagai sebuah keniscayaan. Selain karena KUHP berasal dari hukum asing (peninggalan zaman kolonial), materi muatan dalam KUHP pun telah usang dan tidak adil (obsolete and injustice) serta ketinggalan zaman dan tidak sesuai dengan kenyataan (outmoded and unreal). Jenis penelitian dalam tulisan ini adalah penelitian normatif, yang mengkaji relevansi doktrin restorative justice dari perspektif sistem hukum pidana Indonesia, sehingga dapat dikonstruksi sebuah konsep restorative justice yang ideal diterapkan dalam sistem pemidanaan di Indonesia. Konsep restorative justice merupakan pendekatan dalam penyelesaian masalah yang menekankan pada pemulihan kerugian korban dan pemulihan hubungan antara pelaku dengan korban serta komunitasnya masing-masing. Dengan menggunakan pendekatan ini, para pihak diharapkan dapat mencapai kesepakatan bersama terkait penyelesaian sengketa, sehingga dapat mengharmoniskan kembali hubungan para pihak seperti sebelum terjadinya tindak pidana. Pada tataran praksis, prinsip-prinsip restorative justice dalam penyelesaian perkara pidana perlu segera diterapkan sebagai bagian dari sistem pemidanaan di Indonesia.
Spring Nitrogen and Cultivar Affect Seed Production in Winter Canola
Authors: Ferguson Brock T. , Chastain Thomas G. , Garbacik Carol J. , Chastain Brandon T. , Wysocki Donald J.
Published: February 2016

Limited information is available on the effects of spring‐applied N on winter canola (Brassica napus L.) seed yield in seasonally high‐rainfall environments. The objective of this study was to investigate spring‐applied N effects on four winter canola cultivars: Athena, Baldur, Virginia and Kronos. Trials were conducted over a 3‐yr period at Corvallis, OR, with four spring N rates: 0, 56, 112, and 168 kg N ha−1. Lodging severity affected seed yield responses to spring‐applied N. Under low or moderate lodging, yield was increased incrementally with spring N rate. When lodging was severe, yields were reduced by 168 kg N ha−1. Spring N increased yield up to 75%, but losses in yield due to N when lodged ranged up to 11%. Seeds m−2 was the main contributor to increased or decreased yields in response to spring N. Seed oil content was reduced by increased N rate, but seed protein was unaffected by spring N. Oil yield was increased by spring N when lodging was low or moderate but not when severe. Seed yield varied among cultivars with a different cultivar producing the highest yield each year. Athena, Baldur, and Virginia averaged 2800 kg ha−1, while Kronos yielded the lowest at 2550 kg ha−1. Expression of yield by cultivars was governed by a combination of seed number and seed weight. The best spring N rate for winter canola was 112 kg N ha−1 because it provided high potential yield while minimizing yield losses associated with lodging.

Core Ideas

Spring N increased seed and oil yield in winter canola except with crop lodging.

Seeds m−2 was the most influential factor in determining seed yield in winter canola.

Seed oil content was high but was inversely related to the rate of spring N applied.

Seed and oil yield was maximized at 112 kg N ha−1 while minimizing lodging losses.

First study on winter canola in the seasonally wet environment of western Oregon.
Simulations of nutrient emissions from a net cage aquaculture system in a Brazilian bay
Authors: Matta E. , Selge F. , Gunkel G. , Rossiter K. , Jourieh A. , Hinkelmann R.
Published: February 2016

Hydrodynamics and transport simulations were conducted with the modeling software TELEMAC-2D on Icó-Mandantes bay, a branch of the Itaparica reservoir. The bay has a maximal operational water level amplitude of 5 m and is suffering from eutrophication and algae bloom. Therefore, we investigated low and high water level scenarios with two different high resolution meshes, with the purpose to deeper understand their impact on transport of substances and to improve the watershed management. In particular, nutrient emissions from a hypothetical net cage aquaculture system located in the bay were investigated on half-year cycles. We observed a relevant impact on water quality for a tilapia production of 130 t y−1; i.e. after 6 months' simulation we obtained around 8 μgP L−1 and 6 μgP L−1 at the source of emissions, for low and high water scenarios, respectively.