bluuebunny/crossref_metadata_2025 huggingface dataset:
An Empirical Assessment Of The Financial Attributes Of Firms Listed On The Athens Stock Exchange
Authors: Iatridis George , Blanas George
Published: February 2016

This paper studies the financial characteristics of firms that are listed on the Athens Stock Exchange. The primary focus of the study is to capture the financial attributes of firms that display positive and negative stock returns, and firms that display low and high standard deviation in their stock returns. The study also examines the behaviour of firms that belong to ATHEX as well as other market indices, such as FTSE 20, FTSE International, etc. The study categorises listed firms based on size, growth, profitability, liquidity and leverage, and assesses their financial behaviour and performance. Firms with high profitability and growth, liquidity and dividend payout tend to attract investors’ interest and display positive stock returns. Firms with unfavourable financial figures and uncertainty appear to exhibit significant volatility in their stock returns. Firms that are politically and financially visible, either due to size or because they belong to a market index, tend to carefully organise their actions and meet financial analysts’ forecasts. Firms distribute high dividends and pay their creditors timely in order to attract investors, satisfy creditors and favourably affect stock market participants. Overall, firms structure their decision-making so as to improve their financial profile and performance, and influence the picture that the stock market has about their managerial abilities and future prospects.
Economics Of Summer Course Scheduling
Authors: Boronico Jess , Nag Raja
Published: February 2016

This paper addresses some of the relevant issues that University administrators face when determining a policy for academic coursework offered during the summer period, and the development of a mathematical model that may be used to guide management policy. It is suggested that the economic ramification of summer course policies may not be well understood, including understanding the potential long-term effect of discounting on summer per-credit charges. An empirical example is provided to demonstrate how administrators may utilize optimization and economic principles to address summer course pricing in an imperfect and ambiguous market.
The Effect Of Java On Network Benefits In Computer Software Markets
Authors: Sarnikar Supriya
Published: February 2016

In markets that exhibit network effects it is often believed that society gets inefficiently locked into an inferior technology. This paper utilizes data generated by a natural experiment, afforded by the introduction of the programming language Java, to test whether computer software markets are prone to inefficient lock-in. Findings from a hedonic price regression indicate that Java effectively increased the level of competition in the software applications market and lowered prices of applications software. The regression results are not consistent with the hypothesis of inefficient lock-in.
The Economic Impact Of Broadband: Estimates From A Regional Input-Output Model
Authors: Lobo Bento J. , Novobilski Andy , Ghosh Soumen
Published: February 2016

Like good roads, schools, and hospitals, cutting-edge broadband infrastructure is crucial to economic development and to the quality of life of local communities. Second-generation broadband (SGB), capable of supporting video, voice and data services simultaneously over a fiber-optic infrastructure, can provide users not merely faster internet connectivity, but a whole array of applications and communication services. This study provides an approach to quantifying the economic effects of first and second generation broadband availability in Hamilton County (TN) using an IMPLAN model. We find that household broadband expenditures over the period 2001-2005 supported 548 jobs and contributed $109.8 million in income and taxes to Hamilton County. Further, we estimate that while a new fiber-to-the-home project would cost $195.5 million over ten years, the economic impact of such a project would result in income and taxes exceeding $352 million while creating over 2,600 new jobs. We conclude that Hamilton County would benefit from the adoption of this technology.
What Do We Know About Vision?
Authors: Kantabutra Sooksan
Published: February 2016

Given the criticality of vision to leadership, the paucity of research into vision is surprising. This paper reviews the theoretical and empirical literature on vision, highlighting early concepts of vision, vision definitions and components before proposing future research directions, including looking at what the components of an “effective” vision are, identifying the attributes and content of visions associated with desirable performance and ability to sustain it.
Controlling Money Supply And Price Level With Unknown Regime Shifts: The Case Of Chile
Authors: Hatemi-J Abdulnasser , Irandoust Manuchehr
Published: February 2016

This paper investigates the relationship between money supply and price level using new tests for cointegration with two unknown regime shifts and bootstrap causality tests. Quarterly Chilean data from 1973: I to 2006: III is used. We find empirical evidence that the variables establish a long-run steady state relationship in the presence of two regime shifts. The elasticity of price level with regard to money supply is close to unity during the first period (prior to 1978: II). The elasticity is reduced during the second period (1978: III-1986: I) and it is also reduced for the remaining period but the reduction is smaller. We also conducted bootstrap causality tests that reveal the following: in the first sub-period there is bidirectional causality between the underlying variables. In the last two sub-periods money supply causes the price level only. This implies that money supply is weakly exogenous concerning the price level and that the monetary authority had enough independence to execute an active monetary policy in Chile.
Has The Business Cycle Been Dampened? The Case Of Canada, Sweden And The United States
Authors: Moazzami Bakhtiar , Dadgostar Bahram
Published: February 2016

Have postwar stabilization policies reduced economic fluctuations compared to earlier periods? Using output data for Canada, Sweden and the United States for the period 1929-2005 and three different de-trending procedures, we found that postwar economic policies have been successful in reducing business cycle volatility. We also found that fluctuations in real output have been significantly dampened during the post-Bretton Woods era compared to earlier periods.
Interrelation Between Fertility And Female Labor Force In Korea
Authors: Lee Namchul , Chung Ji-Sun
Published: February 2016

The aim of this paper is to understand recent economic observations, female labor force participation, and fertility in Korea drawing on various aggregate data. More detailed attention is then given to issues concerning the changing composition of fertility and labor force participation. This paper presents a review of available data on the role played by economy, labor force participation, and fertility. Fertility stands as a critical factor in females’ efforts to improve their labor force. We analyze the effect of fertility on female labor force participation in Korea using the data from the government survey. Fertility is negatively related to labor force participation in Korea.
The Influence Of Atmospherics In Consumer Research Data Collection
Authors: Wright Beverly , Conchar Margy P. , Ianuzzi Angela M.
Published: February 2016

This study investigates the effects of ambient atmosphere on market research survey response quality, following approaches in the retail atmospherics literature.  Participants completed a survey task and reported their affect states in a between subjects factorial experiment which manipulated ambient music, lighting and aroma conditions. Structural equation methods were used to test for effects of atmospheric factors on response quality and respondent affect. Findings suggest that ambient atmosphere may contribute to cognitive enrichment up to a point where it becomes distracting. At that point, ambient cues appear to interfere with cognitive processing. Survey response quality may be compromised through reduced positive affect, increased fatigue, or boredom, but the influence mechanism is different between males and females. The importance of stimulus manipulations is stressed and the effects of specific stimulus are provided to help researchers understand the impact toward response quality. Marketing researchers from both the academic and managerial community may be able to improve survey response quality by managing environmental conditions to enhance survey experience.
A Cross National Study Of The Effect Of Group Orientation Culture On Inter-Organizational Relationship
Authors: Ryu Sungmin
Published: February 2016

Exchange parties from diverse cultures need to maintain good quality relationships with their partners. Based on the existing literature, however, it remains unclear as to how culture affects the quality of relationships. The principal contention of this study is that an exchange party’s adoption of a group orientation culture will improve relationship quality. The results of a survey research effort fielded among manufacturing companies in Korea and the USA demonstrate that group orientation culture positively influences the continuation of interfirm relationships and commitments. Specifically, manufacturers that adopt group orientation cultures can expect continued relationships with their suppliers, and they are also more likely to want to maintain these relationships, due to the presence of positive emotional bonds with their partners.   
Fraudulent Statements Disclosure And Financial Distress: A Discrete-Time Survival Analysis
Authors: Lou Yung-I , Wang Ming-Long
Published: February 2016

This study uses discrete-time survival analysis (DTSA) to examine the influence of fraudulent statements disclosure on the probability of financial distress not only in the initial period subsequent to disclosure, but future periods as well. Evidence indicates DTSA is superior to logistic regression and extends a richer depiction of the probability after a first-time fraudulent statement disclosure. After fraudulent statements disclosure, 24% of the reporting firms experienced financial distress in Year 1, with the hazard function declines progressively in subsequent years. We find total liability to total assets, directors and supervisors’ stock pledged ratio, and CPA (Certified Public Accountant) change are definitely linked to financial distress probability (p-value <0.05). A DTSA model not only includes financial ratios, but also considers corporate governance variables to produce more accurate classification than those of alternative models.
Applying Collaborative Contracting To The Supply Chain Department Of A Regional Health Care Provider
Authors: Johnson Craig , Teplitz Charles J.
Published: February 2016

With health care costs continuing to increase, a southern California health care system struggled to balance its budget. A lack of hospital department participation in development of the supply contracts has lead to fractured relationships between the hospital departments and the Regional Supply Chain Department as well as fiscal deficits. Poor communication between supply chain partners can lead to differences in perceptions, misinterpretations, and misunderstandings. This paper examines the results of efforts by one organization to close the “gaps” within a supply chain through the creation of a Value Analysis Team (VAT). The results demonstrate a marked improvement in the bottom line, but more importantly, a significant improvement in the relationship between supply chain partners within this health care system.
Improving The Impact Of Cause-Related Donation Exchanges Through Message Framing: A Conceptual Perspective
Authors: Das Neel , Kerr Anthony H.
Published: February 2016

A conceptual framework is presented in support of a cause-related exchange model. Of interest is the possible effect of message framing on the likelihood of participating in a cause-related donation exchange. Framing the cause related marketing message concretely or abstractly, in regard to the dollar amount or percentage level of a cause-related purchase that will actually go to a designated cause, is posited to directly impact the likelihood of participating in a donation exchange. Furthermore, the level of cause support and the level of donation request are posited to mutually moderate the above-mentioned relationship. The cause support level is presented to have a central role, influencing both the effects of message framing on the likelihood of participating in a donation exchange and the level of donation request on the likelihood of participating in a donation exchange.  It is the authors’ intention that the presentation of this conceptual model will contribute to cause-related research literature, and concomitantly, attract practitioner interest as well.
Real Deposit Insurance Coverage: An International Study
Authors: Velikova Marieta , Rogers Kevin
Published: February 2016

Recently several countries have implemented explicit deposit insurance systems. In most countries the adoption of an explicit deposit insurance system followed a banking crisis. This paper examines the impact of demographic, social, and political factors on the presence of an explicit deposit insurance system in a country. Moreover, for a subset of countries with explicit deposit insurance system we try to identify demographic, political, economic, and financial factors that affect the level of deposit insurance coverage. The findings suggest that life expectancy and political rights are related to whether an explicit deposit insurance system is in place or not. For countries with explicit deposit insurance systems the level of income, the importance of the banking sector within the financial system, and the development of domestic banking sector have a significant impact on the level of deposit insurance coverage level. The level of income, deposit money bank assets to GDP ratio, bank overhead costs to total assets ratio, presence of co-insurance, and type of administration are statistically significant in explaining differences in the level of coverage among countries.
Creating Value Through Enterprise Risk Management
Authors: Maurer Frantz
Published: February 2016

The traditional risk management approach has been characterized as a highly disaggregated method of managing financial risks. Recently, risk management has evolved from a narrow, insurance based view to a holistic; all risk encompassing view, commonly termed Enterprise Risk Management (ERM). Financial risks are inherent in financial markets and their management represents one of the main tasks in the business of financial institutions. Enterprise Risk Management enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. In contrast to the existing finance literature, this paper emphasizes the practical issues related to the adoption of an ERM framework for strategic decision-making in banks. The aim is to provide an extensive guide to the implementation issues faced by banks that are in the process of implementing fully integrated risk management systems and capabilities.
An Experiment Of The Effect Of Teaching Different Computational Methods Of Operating Cash Flows On Student Understanding
Authors: Nichols Linda M. , Miranda-Lopez Jose Eduardo
Published: February 2016

This study uses an experimental approach to determine if student understanding of the association between depreciation and cash flows differs based on which method of computing operating cash flows is presented to students.   The participants are undergraduate and graduate students in business at a major university in the southwest United States.  The participants attended sessions where they heard a brief lecture explaining operating cash flows using either the direct or indirect methods. 
The Market Reaction Associated With SFAS No.8 And SFAS No.52: Did Investors Recognize Differential Economic Content Of Translation Gains And Losses?
Authors: Gao Grace , Senteney David L.
Published: February 2016

This study uses the SFAS No.52 functional currency designation as a proxy for the varying economic content of Temporal Method translation gains and losses to refine tests of the market reaction to SFAS No.8 and subsequent foreign currency translation policy events.  We observe that dollar functional currency MNEs having by definition a relatively greater degree of short-term cash flow exposure are more negatively impacted by accounting policy events beginning with the SFAS No.8 Exposure Draft and extending through the SFAS No.52 Exposure Draft than are local currency functional currency firms having by definition a relatively lesser degree of short-term currency exposure.  Our results are consistent with intuition suggesting that local currency functional currency firms are negatively impacted only by the adverse earnings implications of largely unrealized translation gains and losses induced by SFAS No.8;  a condition subsequently alleviated by SFAS No.52.  Dollar functional currency firms, on the other hand, are negatively impacted by the earnings effects of floating exchange rates on near-term entity cash flows and the largely realized translation gains or losses taken to income under SFAS No.8;  a condition unchanged by SFAS No.52.  We conclude that investors did discern the differential degree of MNEs currency exposure relative to the Temporal Method, and that the SFAS No.52 functional currency designation was a relatively important source of information concerning the assessment of the exchange rate exposure of the U.S.-based MNEs.
Dubai's Potential As An Integrated Logistics Hub
Authors: Fernandes Cedwyn , Rodrigues Gwendolyn
Published: February 2016

The objective of this study is to examine the potential of Dubai as an integrated logistics hub, identify gaps and recommend polices accordingly. The key features of an integrated logistic hub are identified. The logistics performance of Dubai is compared to that of the top ranked logistics performing country, Singapore. Gaps that need to be looked into for Dubai to attain a similar status as Singapore are identified. The views of company managers in Dubai with regards to logistics facilities in Dubai are elicited using a survey method and analyzed. The study reveals that Dubai requires further development and investment to match Singapore’s performance as a logistics hub. The survey results show that high rents and costs of operation will adversely impact on Dubai’s status as a logistics hub. There also appears to be a logistics skill gap amongst the workforce in Dubai and this must be addressed and e-commerce must be encouraged. The regional competitors in Saudi Arabia, Egypt and Kuwait pose a challenge to Dubai’s standing as a logistics hub for the region. The financial sector should be developed along with public institutions to facilitate a seamlessly integrated business environment. Much of the emphasis in developing Dubai as a logistics hub is on the physical infrastructure where the developments have been impressive. However, emphasis also needs to be given to containing inflation, developing professionals’ skills, expanding the financial sector and ensuring that government regulation is conducive to business.
Taxing E-Commerce Affiliates: The Potential Impact Of New York State’s “Amazon Tax”
Authors: Malaga Ross A.
Published: February 2016

On June 1, 2008 New York State imposed a new law, called the “Amazon tax”, that requires online retailers who receive more than $10,000 per year in revenue from New York affiliates to collect New York sales tax. While a number of major online retailers have challenged the law in court, it has already had a significant impact on affiliate marketers. If the law is upheld other states will enact similar laws. This paper details the impact of the law on affiliate marketers, online retailers, and affiliate networks. It provides specific short and long range recommendations to each of these types of companies.
Corporate Reputation And Earnings Quality
Authors: Luchs Christopher , Stuebs Marty , Sun Li
Published: February 2016

Investor confidence and the quality of reported information are primary issues in our current financial reporting environment as a result of recent scandals and financial crises. Assessing the quality of reported financial information is an important issue for investors. Can investors use corporate reputation to assess earnings quality? This paper examines the association between corporate reputation and earnings quality. We use a public measure – “America’s Most Admired Companies” – as a proxy for corporate reputation. These firms are considered to possess superior reputation. A cross-sectional accruals-based measure proxies for earnings quality. We compare the firms listed on America’s Most Admired Companies of 2006 to a sample of control firms and find that sample firms have higher earnings quality than control firms. Our results should be of interest to managers who engage in behavior leading to or maintaining a positive corporate reputation, and to financial analysts who conduct research on the impact of corporate reputation on earnings quality. Moreover, our study can increase individual investors’ confidence in assessing the earnings quality of companies with a superior reputation.
Lifetime Earnings, Mortality, And Social Security Benefits: Implications For Reform
Authors: Eastman Alan D. , Eastman Kevin L.
Published: February 2016

The Social Security system is facing significant financial challenges, but politicians, economists, and other experts cannot agree on appropriate solutions.  Raising taxes and/or cutting benefits are never popular proposals, and competing groups want to protect the poor while at the same time maintain fairness for the more wealthy.  Recent studies, such as Cristia (2007), Duggan et al. (2007), and Waldron (2007), have shown a strong correlation between lifetime earnings and mortality, suggesting that differences in life expectancy between the wealthy and the less wealthy may be getting larger, thus eroding the progressivity of the Social Security system.  Our results show that for a mortality difference of one or two years, benefit reductions in the range of 2.5% to 16% would be needed to maintain the current level of progressivity for a male living to age 80.  If the mortality difference grows to four or five years, the benefit reductions would need to be much greater, anywhere from approximately 14% to 31%.  A reduction in benefits based on lifetime earnings can improve the long-run viability of the Social Security system while maintaining its current level of progressivity.
Multisector Collaboration: An Action Research Approach
Authors: Rod Michel , Saunders Sarena
Published: February 2016

This article provides an overview of the action-oriented research literature – making a case for a methodological approach that endeavors to lessen the gap between theory and practice in the context of a multisector collaborative effort. A brief description of the first author’s involvement in an action-oriented research project illustrates this point from the perspectives of the board of directors of a (then) newly-created joint venture with thirteen partner organizations representing the academic, pharmaceutical industry and government sectors. The contribution lies in demonstrating the utility of an action research approach when the overall objective of the research is to gain insights into the phenomenon of interest while simultaneously having these insights available to directly inform management practice.
The Impact Of LIFO In The Fortune 500 In 2007
Authors: Kostolansky John
Published: February 2016

Recent legislative consideration to end the use of the Last-in, First-out (LIFO) inventory method, as well as the movement to adopt international accounting standards which do not permit LIFO, have created anew the debate over how important LIFO is to U.S. businesses. This paper catalogs the use of LIFO during 2007 among the largest 500 U.S. companies by analyzing disclosures from the Form 10-K annual report (or the corporate annual report for privately-held firms). Analysis of the data provides evidence of the frequency of use of LIFO, the financial impact on reported income and on reported assets due to its use, and the particular industry categories that are the major beneficiaries of the method.
Design And Application Of Individuals And Moving Range Control Charts
Authors: Marks Neil B. , Krehbiel Timothy C.
Published: February 2016

We evaluate the design of individuals and moving range charts through extensive simulations. Via a SAS program using 8000 replications, average run length is assessed for several shifts in process mean and variation. From these computations recommendations are made concerning when to use the individuals chart only, when to use a combined individuals and moving range chart, and the optimal design parameters when the combined approach is used. The paper includes discussion, recommendations, and examples concerning the monitoring of accounting data.
Party Of Three? A Source Credibility Perspective On The Use Of Consultants For Internal Control Assessments
Authors: Blaskovich Jennifer , Mintchik Natalia
Published: February 2016

In response to the demands of Sarbanes-Oxley Act and consequent accounting regulations regarding internal controls, some organizations engage the assistance of external consultants in compliance efforts. We experimentally investigate how the involvement of such an external consultant affects external auditors’ planning decisions under varying conditions of client credibility. We find that, as expected, auditors increase their reliance on client’s internal control and reduce planned audit effort when a client uses a consultant, but only when the client has questionable credibility. Surprisingly, auditors increase budgeted hours when a highly credible client engages external consultants. We perform supplementary analyses and offer potential explanations for this unexpected result.
Mark To Market Accounting: Does It Provide Information To Investors
Authors: Harter Charles
Published: February 2016

According to the financial press the recent financial problems of many firms is at least partially due to mark-to-market accounting.  In this paper I ask the question -- if mark-to-market accounting is the reason for the financial distress of firms, why does the FASB require mark-to-market?  I review accounting standards that require mark-to-market accounting and empirically test the relation between firm value and mark to market adjustments to provide evidence as to whether mark-to-market adjustments are useful to investors and creditors.  The results provide evidence that mark-to-market adjustments impact firm value.
U.S. Consumer Animosity Towards Vietnam: A Comparison Of Generations
Authors: Little Joseph P. , Little Eldon , Cox K. Chris
Published: February 2016

Previous marketing literature suggests that unique marketing strategies are needed for each American generation (Moschis, 2003). The differences between the generational age cohorts are based upon values, preferences, and behaviors unique to each generation and were developed based upon individuals’ formative experiences shared as a generation (Smith and Clurman, 1997).  While age has been identified as a factor to the development of consumer animosity (Klein and Ettenson, 1999), the question remains: Do older consumers harbor more animosity towards foreign nations?  Is it the environment in which each person forms their values, preferences, and behaviors that helps determine their level of animosity?  The current study uses a historical context to examine American generations and their animosity towards Vietnam.  Results support the hypotheses that American generations do not significantly differ in their levels of animosity towards Vietnam. The findings suggest that age has a spurious correlation with the development of consumer animosity.
Does The Presence Of Independent Directors Influence Accruals Management?
Authors: Benkraiem Ramzi
Published: February 2016

Recent debates about the functioning of boards of directors have focused on the disciplinary role of independent directors (ID). Evaluating the effectiveness of this role is an interesting empirical question. This study seeks to examine the influence of these directors and two other corporate governance mechanisms, namely the audit quality and the ownership structure, on earnings management as measured by working capital discretionary accruals (WCDAC). The analysis, conducted over a period of 4 years from 2001 to 2004, is based on a sample of 239 different French companies listed on the Paris stock exchange. The findings show that the presence of ID can moderate the management of WCDAC. This role appears to be more effective when these ID make up at least one third of the members of boards of directors, as recommended by the Viénot 1999 report. The Big 4 auditors can also limit this discretionary adjustment. However, no statistically significant relationship was observed between dispersion vs. concentration of ownership structure and WCDAC. This study adds to the limited research into the relationship between corporate governance and earnings management in France. It also gives empirical evidence on the effectiveness of the Viénot 1999 report’s recommendations. Thus, it should be of interest to academics as well as regulators in preparing and amending corporate governance laws.
Mapping 2007-08 Tuition And Fees In Higher Education
Authors: Kench Brian T. , Wallace H. Scott
Published: February 2016

Using data sets from US News & World Report and the Association to Advance Collegiate Schools of Business, this paper isolates 10 factors that account for 90 percent of the variation in tuition and fees across 523 institutions of higher learning in the United States.  It is hoped that the results will give guidance to schools by quantifying the costs and benefits of making a given change to their tuition and fee structure. 
Derivatives Use In The Partial Hedging Of Currency Risk: A Firm-Specific Approach To Understanding The Exchange Rate Exposure Puzzle
Authors: Savchenko Olesya , Makar Stephen
Published: February 2016

This study investigates whether firms with significant foreign exchange rate exposure change their future use of foreign exchange rate derivatives (FXDs). Unlike prior research, we employ firm-specific accounting data on hedging strategy and currency risk. Our results indicate that firms with high FXDs use relative to their foreign sales have significant exposure to either firm-specific bilateral exchange rates or a broad exchange rate index. Among such firms with significant foreign exchange rate exposure, we find that partial hedgers change their future use of FXDs, consistent with our expectations for firms that monitor the effectiveness of their hedging strategy. These results are timely in light of the increased scrutiny of derivatives use during the current financial crisis, and contribute to our understanding of extant research on returns-based estimates of foreign exchange rate exposure (aka, the exchange rate exposure puzzle).
The Social Skill Preferences Of Tax Professionals In CPA Firms: A FIRO-B Analysis
Authors: Bertolini Michelle , Borgia Carl , Siegel Philip H.
Published: February 2016

The social interaction preferences of tax professionals working in U.S. accounting firms are analyzed and compared with other public accounting firm personnel. Social skill preferences are analyzed using the FIRO-B methodology which has been widely validated and applied to accounting professionals. Considering the high cost of turnover and the nominal cost of using the FIRO-B instrument, it makes sense for businesses and educational institutions to use FIRO-B analysis as an aid in counseling, training, and assisting individuals entering the accounting profession. The findings of this study indicate that tax professionals have significantly higher social interaction preferences than other accounting professionals employed in public accounting. This makes sense in light of the demands put on tax accountants to work with a wide range of other professionals within, and external to, the firm.
Cultural Diversity, Country Size, And The IFRS Adoption Decision
Authors: Clements Curtis E. , Neill John D. , Stovall O. Scott
Published: February 2016

In this paper, we empirically examine the International Financial Reporting Standards (IFRS) adoption decision of 61 countries in an attempt to determine why some countries have adopted IFRS while others, at least to this point in time, have chosen not to adopt.  In particular, we examine the influence of cultural diversity and country size on the adoption decision.  Our results indicate that the IFRS adoption decision is significantly related to the size of the country, while we are unable to document any cultural influences on the decision.  Our chief result is that larger countries are less likely to adopt International Financial Reporting Standards than small countries.  This result is consistent with the notion that larger countries have a well-established set of financial accounting and reporting standards already in place, and therefore would be reluctant to incur the costs of changing to an international set of standards.
Fair Value Accounting: Affect On The Auditing Profession
Authors: Pannese Danny , DelFavero Alan
Published: February 2016

During this period of global markets, multinational corporations are demanding financial accounting standards with enhanced uniformity. In an effort to achieve this objective, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together on the Convergence Project, aiming to develop accounting standards that closely correlate with international financial reporting standards.  In September 2006 and February 2007, the FASB issued two key fair value accounting (FVA) standards which focused on providing guidelines for fair value measurement (through a classification hierarchy), expanding disclosure requirements, and also allowing business entities to increase FVA’s application.  However, the recent financial crisis has placed increased scrutiny on estimates derived under FVA.  Consequently, a spotlight has been placed on the auditing profession, as the effectiveness of an auditor’s ability to test estimates derived under FVA has been questioned due to numerous firms approaching collapse in the midst of the credit crisis.  Thus, the purpose of this paper is to present the challenges auditors face when auditing FV estimates, and to discuss the profession’s capability of adapting to FVA in the future. 
The Relationship Between Large Banks Investment In Available-For-Sale Securities And The Interest Rate Risk Of Their Securities
Authors: Lifschutz Shilo
Published: February 2016

This study presents an empirical examination of the relationship between large banks’ investment in available-for-sale securities (AFS) and the interest rate risk of their securities. It concentrates on the years, 1997-2000, when interest rates were relatively stable and regulatory capital was not affected by the unrealized holding gains and losses on AFS securities under Statement of Financial Accounting Standards No. 115. The two main findings of the study, having controlled for the interest risk position of the bank (exclusive of securities effect) and other risk management and economic considerations, are: (1) AFS securities’ ratio (to securities or to total assets) is positively related to the interest rate risk of securities; (2)a change in the AFS securities ratio is positively related to the change in the interest rate risk of securities.  These findings may well prove to be significant to supervisors of banks considering they are in charge of monitoring the effect of fair value accounting regulations on the financial risk management in banks.
Variables Explaining Bank Stock Prices
Authors: Moss Jimmy D. , Moss Gisele J.
Published: February 2016

The purpose of this study is to examine the relationship between an index of bank common stock prices and a variety of explanatory variables including interest rates on Treasury securities of various maturities and other economic variables.  We also examine the relationship between the term structure of interest rates and bank stock prices.  A sample of week ending values of the bank stock index is used as a proxy for the bank industry.  The weekly closing interest rates for the 13-week Treasury bill, 5-year Treasury note, 10-year Treasury note and the 30-year Treasury bond are used in the study.  Other data used were the U.S. dollar index, the CRB index, the price of gold, the S&P500 stock index, the VIX stock market volatility index and a measure of the yield curve.  Data was taken from January 1998 through November 2009.  Therefore, a total of approximately 620 cases of weekly observations are included in the study.  In order to study the effects of term structure of interest rates on bank stock prices, we take the difference between the 10-year Note and the 13-week Bill.  All variables are converted to a stationary series by taking first differences of each series.  Multiple linear regression is then used to study the variables that can explain bank stock prices.  A stepwise procedure was used to identify those variables with the strongest relationships in a multi-variable equation.  Three independent variables were found with an R-squared of 0.619.  The results of this study corroborate previous studies and have practical implications for investors and for bank managers.
An Exploratory Role Analysis Of Opinion Leaders, Adopters, And Communicative Adopters With A Dynamically Continuous Innovation
Authors: Hazeldine Mary F. , Miles Morgan P.
Published: February 2016

Since Venkatraman’s (1989) research on communicative adopters, little attention has been directed toward this segment of consumers who are often very important actors in the adoption process.  This research is designed to examine whether Venkatraman's (1989) communicative adopter concept is applicable to dynamically continuous innovations, in this case, Graphic User Interface (GUI) computer software. The communicative adopter group was found to be significantly different than all other groups on all constructs except homophily.  Consistent with Venkatraman's (1989) research, the communicative adopter segment can be called "Change Agents."  Each of the three segments, opinion leaders, adopters, and communicative adopters, is important to marketers of new GUI computer software, but this research suggests that the best prospects in terms of marketing efforts are the communicative adopters.  The results extend research in this area and provide support for theory development.  Issues with respect to managerial implications, such as market segmentation strategies, are also discussed.
The Determinants Of Personal Saving In The U.S.
Authors: Kim Myeong Hwan
Published: February 2016

In this study, a number of internal and external variables that could affect personal saving are examined using regression to show how they are related to personal saving. The empirical study is performed using the time series data of the U.S. between the years 1950 and 2007. The findings reveal that personal saving is highly dependent on personal income, tax, credit outstanding and status of employment, while dependency ratio, current real estate loan, real interest rate and status of economic performance are indeterminate.
A Theoretical And Empirical Investigation Of The Impact Of Labor Flexibility On Risk And The Cost Of Equity Capital
Authors: Callahan Carolyn M.
Published: February 2016

This paper analytically and empirically investigates the linkage between labor costs and a firm’s income volatility, equity risk, and cost of capital. While the relationship between labor costs and the firm’s cost of capital under uncertainty conditions is important, there has been little research examining this issue. While we control for fixed labor costs, we focus on labor flexibility effects as the U.S. temporary staffing sales for 2005 totaled $69.5 billion, 8.5% more than in the previous year (American Staffing Association, 2007). Within the Capital Asset Pricing Model (CAPM) framework, we demonstrate analytically and empirically that labor flexibility reduces income volatility, equity risk and cost of capital in the service industry. However, we find that labor leverage has no impact on income volatility, and increases equity risk and cost of equity capital. These results suggest that managers can structure labor costs to minimize the firm’s risk and maximize shareholder value.
Exchange Rates And Equity Markets: Evidence From Some European Countries
Authors: Batori Oana Ariana , Tsoukalas Dimitrios , Miranda Paolo
Published: February 2016

This paper employs cointegration analysis, vector error correction and vector autoregressive modeling along with Granger causality tests to examine the effect of exchange rates on the stock market indexes for a group of  European Union countries using daily data from 1999-2009.  The results suggest that the transmitting mechanism for the influence of the exchange rate in the stock market is foreign investment.  Evidence also highlights that there is no clear causality from stock market to exchange rates, or vice versa, for the direction of the causation, suggesting that exchange rates and stock markets operate as an integrated system continuously influencing each other.
Customer Risk Perceptıons Of Internet Bankıng – A Study In Turkey
Authors: Demirdogen Osman , Yaprakli Sukru , Yilmaz Mustafa Kemal , Husain Jamaluddin
Published: February 2016

Technological developments in electronics have lead to the introduction of technology-based self- service systems resulting in the reorganization of several industries offering their services in electronic format known as “eservice” – electorinic banking is called „internet banking‟. With increasingly easier access to the internet, even in developing countries like Turkey over 18 % of all banking customers already use Internet Banking actively. Customers usually perceive risks in conducting transactions electronically, and particularly if the transactions involve money. Risk perception can be of six different types: time risk, finacial risk, performance risk, psychological risk, safety risk & confidentiality risk. It is generally considered that risk perception could be higher for electronic banking services. This study aims to understand the extent to which this consideration is valid as well as to determine the levels of risk perception differences among those using Internet Banking and those not using it. A survey was conducted among 350 academic staffs and their responses were analyzed statistically. This study showed that while customers used Internet Banking for a variety of different purposes such as to determine account balance, transfer money, or to pay invoices, etc., there was a significant relationship between the income level of customers and their risk perceptions. An analysis of the differences in risk perceptions between bank customers using Internet Banking (IB) and those not using IB showed that risk perceptions in terms of financial, psychological and safety risks among customer not using IB was more pronounced than those using IB. Customers not preferring to use internet banking thought that they would be swindled when using this service, and therefore, were particularly careful about high risk expectation during money transfers from and between accounts.
Supply Chain Efficiency Analysis: A Theoretical Approach
Authors: Chang Ming-Chung , Chiu Yung-Ho
Published: February 2016

We divide the supply chain into a central control system (CCS) case and a decentralized control system (DCS) case, and compare the supply chain efficiency with both the CCS case and the DCS case.  We find that the supply chain efficiency of a capital-intensive industry is better under the CCS case than under the DCS case.  Under the CCS case, the maximized supply chain efficiency can be reached by choosing either the lowest price that the upstream firm is willing to receive or the highest price that the downstream firm is willing to pay for intermediate goods.
Vision-Based Leaders And Their Followers In Retail Stores: Relationships And Consequences In Australia
Authors: Kantabutra Sooksan , Vimolratana Pisanu
Published: February 2016

Leaders are exhorted to espouse vision, but little is known about how vision is used by leaders in Australian retail stores. The present study tested relationships between store manager passion for vision, motivation of staff and use of vision among staff, and leadership outcomes of staff and customer satisfaction in Australian apparel retail stores.  Stores with vision are associated with higher staff satisfaction and more frequent use of vision among staff. Store manager passion directly predicts improvements in motivation of staff, use of vision among staff and staff satisfaction. Motivation of staff directly predicts enhanced staff satisfaction, while use of vision among staff directly predicts improved staff and customer satisfaction.
Corporate Strategies In The Post-Transition Economy: The Case Of Slovenian Companies
Authors: Lahovnik Matej
Published: February 2016

This paper argues that unrelated diversification strategies outperform related diversification strategies.  The author identifies three phases of the internationalisation process.  More detailed analyses of the internationalisation process shows that companies are trying to develop more complex forms of international business activities.  The author also identifies four groups of competencies that are the cornerstones of corporate strategies.  This study reveals that 40.6% of companies diversified through external means, 36.2% diversified through internal means, while 23.2% diversified through both internal and external methods.  There appears to be no statistically significant performance differences among companies regarding external and internal growth strategies.  Internal growth and joint ventures are the most important forms of diversification.  These companies also tend to develop various forms of long-term strategic co-operation.  This process can be crucial for developing competitive advantages.  By comparing the performance of companies regarding ownership structure, the author found that companies with international ownership structure performed better.  In other words, foreign ownership had a positive influence on company performance.
Long-Term Sales Forecasting Using Lee-Carter And Holt-Winters Methods
Authors: Suwanvijit Wassana , Lumley Thomas , Choonpradub Chamnein , McNeil Nittaya
Published: February 2016

This study developed a statistical model for long-term forecasting sparkling beverage sales in the 14 provinces of Southern Thailand. Data comprised the series of monthly sales from January 2000 to December 2004 obtained from the company. We applied a classical Lee-Carter mortality forecasting approach as well as exponential smoothing Holt-Winters with additive seasonality method to log-transformed monthly sales containing season of month and branch location as factors.  The model produced excellent estimates in sales predicting for up to 24 future months of 20 branches compared with actual data in each branch during the years 2005-2006. The model also gave more accurate results than using separate forecasting method whereas it was parsimonious in the number of parameters used.