bluuebunny/crossref_metadata_2025 huggingface dataset:
The Effect Of Public And Private Unions On State Economic Activity: Evaluating The Benefits To Organized Workers, Policymakers, And Companies
Authors: Pantuosco Louis J , Seyfried William
Published: February 2016

Freeman and Medoff’s analysis, “What Do Unions Do?” concluded unions were beneficial to organized workers, somewhat beneficial to the economy, yet not beneficial to the corporate bottom line. While there is some evidence to support these statements for 1983-1996, we determine that neither public nor private unions’ presence are correlated with wage or growth benefits at the state level from 1992-2005. A reduction in private sector unionization increases state productivity, with no adverse impact on growth, wages or unemployment rates. Public unions are statistically less detrimental than private unions, particularly in regard to unemployment rates.
Shopping Behavior Of Supermarket Consumers In Kuwait
Authors: Alhemoud Abdulla M.
Published: February 2016

This study determines the product selection processes from Kuwaiti nationals based on their shopping habits in the Co-Operative Supermarkets (A government owned grocery stores).  This paper expands the concept of Consumer Satisfaction and includes an evaluation of the post purchase affective response. It presents the development of a consumer typology based on affective response, basically broken into two groups. The first group is formed by consumers who face grocery shopping as their duty the second group considers grocery shopping as their pleasure. The paper also presents the implications of such typology in the Co-Op operation itself. The literature on consumer behavior and store choice suggests that consumers make decisions to patronize a particular store on the basis of a set of attributes that they view as important. This study attempts to explore the determinant attributes that influence the patronage decisions of supermarket consumers in Kuwait. Based on a descriptive analysis of data collected via an accidental sampling procedure, fourteen store attributes were identified. These attributes were factor analyzed, generating four image dimensions intuitively labeled merchandise, personnel, accessibility and promotion. A stepwise regression showed that merchandise image was the most salient in determining the frequency of supermarket shopping. None of the demographic characteristics of consumers did seem to have an impact on the perceived importance of the promotion image. Most of the differences among the categories of the consumers' demographic characteristics were found in the accessibility image, providing possible explanation for why the rank of the importance of accessibility elements varies considerably from one study to another.  
Perceptions Of Environmental Sustainability
Authors: White Gwendolen B. , Cleveland Mandy J. , White Michael J.
Published: February 2016

This study examines attitudes toward environmental sustainability among college students.  The new area of “sustainability reporting” identifies business practices that are associated with environmental and social costs.  When these costs are known, managers can take steps to reduce them, resulting in improved profit and lessened environmental impact.  Many believe it has great potential to change the way business is practiced.  Responses were analyzed using multidimensional scaling analyses, permitting comparison of the perceived similarity and dissimilarity of “sustainability” to other environmentally significant terms.  Results from these and semantic differential analyses showed that sustainability is perceived positively, although it is not perceived as especially dynamic nor is it associated with sound economics.  Suggestions for educating students and the public about sustainability reporting are offered.
Death Taxes In The United States: A Brief History
Authors: Metrejean Eddie , Metrejean Cheryl
Published: February 2016

Death taxes have been used in various forms in the United States, from a simple stamp tax to the complex estate tax currently in use. On June 7, 2001, President George W. Bush signed legislation that would abolish the federal estate tax in 2010. This would end a 200 year history of death taxes in the U.S., at least for one year, unless Congress changes that legislation. Experts are still debating whether Congress will take such action.  This paper examines the history of death taxes, including stamp taxes, inheritance taxes, and estate taxes, in the U.S. and the reasons that death taxes were enacted. They were usually enacted as revenue raising provisions, but some feel that their potential for redistributing wealth is a better reason for their existence. This paper also examines the current estate tax and why such a tax on the wealthy has had the support of several wealthy and influential individuals.
The Use Of Statistical Sampling And A Single-Point Estimator To Establish Punitive Fines In Compliance Auditing: A Cautionary Note
Authors: Lamb Steven W. , Svihla William H. , Harper Jeffrey S.
Published: February 2016

This paper describes current practices relating to statistical sampling used by auditors performing compliance audits.  An example audit case is presented where a compliance audit is performed using statistical sampling.  Fines for non-compliance are based upon the sample results.  While the practice is quite common and generally accepted, there are significant ramifications associated with the use of a single-point estimator.  Approximately half of the time, an auditee will be charged more than is actually deserved.  We explore the shortcomings associated with the use of a single-point estimator and the appropriateness of the use of a one-tailed confidence interval to provide greater assurance that fines are appropriate and reasonable.
Governance Mechanisms As Moderators Of Agency Costs In A Pre-SOX Environment
Authors: Miller Scott E.
Published: February 2016

Drawing upon the long established stream of agency theory literature, this research investigates the effect of corporate governance mechanisms on agency costs before the passage of the Sarbanes-Oxley Act of 2002, thus questioning the rationale and assumptions made in this legislation. Investigating domestic, manufacturing firms listed on the New York Stock Exchange, this research concludes that many governance controls long held to temper agency conflict did not do so in a pre-SOX environment. Therefore, it is incumbent upon researchers to determine what caused these mechanisms to fail before the passage of SOX. If researchers do not learn from the mistakes of the past and help business understand how they occurred, these mistakes will repeat themselves.
Oil Speculation: The Impact On Prices, Inflation, Interest Rates And The Economy
Authors: Ajuzie Emmanuel I.S. , Ike Roberto M.
Published: February 2016

The vector autoregression process is used to estimate a reformulated model of the equation of exchange developed from the quantity theory of money.  In describing the effect of oil speculation, represented by spot oil price, on general price level and the overall economy, new variables are incorporated to take into account current global economic conditions and realities.  A variable, which was introduced in Ajuzie et al, 2008 paper, import of goods and services, is included and impulse-response function is used to forecast future economy and determine policy scenarios.  Results show that an increase in spot oil price last period has a highly statistically significant positive effect on CPI inflation.  This effect is strong enough to eliminate the negative significant impact of import of goods and services on CPI inflation found in the paper of May 2008.  Based on this finding, it is highly recommended that oil speculation should be discouraged and trade relations be bases purely on the principles of comparative advantage.            
Bikers, Aliens, And Movie Stars: Comparing The Economic Impact Of Special Events
Authors: Terry Neil , Macy Anne , Owens James K.
Published: February 2016

This paper compares the economic impact of the Sturgis Motorcycle Rally, Roswell UFO Festival, and the Sundance Film Festival in Park City.  The three cities and special events are evaluated based on information relating to population, income, home valuation, event estimates for number of visitors and expenditures, and city sales tax information.  Park City is the leader in population growth, household income growth, and median home value growth for the years 2000-2007.  In fact, population growth for Roswell and Sturgis is on the decline despite rising median household income and home valuations.  Participation and dollar value of the event is clearly dominated by the Sturgis Motorcycle Rally (420,000 annual participants generating $130 million in expenditures), followed by the Sundance Film Festival (39,000 annual participants generating $60 million in expenditures), and the Roswell UFO Festival (10,000 annual participants generating $1.25 million).  The results of this study clearly imply the Sturgis Motorcycle Rally is integral to the economic healthy of the region, the Sundance Film Festival is an important and growing special event for the U.S. film industry, and the Roswell UFO Festival helps the city maintain a unique identity that might not otherwise exist. 
Professional Securities Analysts Meet Professors Of Financial Analysis: A Pilot Study Of Financial Statement Assessment Differences
Authors: Webster Robert L. , Curry Jeanie
Published: February 2016

This multivariate behavioral research investigates whether the financial assessments made by professors of financial analysis differ from those made by private sector financial analysts.  Professors of financial analysis and professional private sector securities analysts were put into separate groups for the study.  Members of the two groups were asked by way of a mailed survey to analyze multi-year comparative financial statements of a business enterprise using variables related to liquidity, long term debt, cash flow, dividend prospects, profitability, and overall financial condition.  The study found a significant statistical difference in assessment results of the analysts and the professors. These results indicate that general purpose financial statements convey different information to the two user groups.  The paper describes the data collection process, statistical analysis, and results of the research as well as limitations and a call for additional research.
Pro Se Litigation: Is This Phenomenon Helping Or Hurting Our Legal System?
Authors: Frantsvog Dean A.
Published: February 2016

As we have seen over the last two decades, the number of lawsuits in America is rising significantly.  We have become an increasingly litigious society.   In the past, it was extremely uncommon for someone to go to court without a lawyer.  However today, for a variety of reasons, this is becoming commonplace.  This trend brings with it some unique challenges to the legal field.  While representing oneself may ensure that you “get your day in court” the problems associated with this choice might outweigh any benefit.  This paper examines this serious and ever expanding phenomenon in the legal field.  Correctly framing the issue and its possible repercussions can only help in finding the proper way to ensure that all litigants are treated fairly in our justice system.  This paper helps lay out the issues and examines some possible solutions.
Taking Stock Of Health: An Examination Of Health Insurance Expenditures By Employer Categories
Authors: Chatterjee Swarn , Gilliam John
Published: February 2016

This research uses the Consumer Expenditure Survey (CEX) data to examine the cost of health insurance coverage for government as well as private sector employees and for the self-employed. The findings show that, when compared with private-sector employees, the self-employed spend more and government employees spend less on health insurance premium payments. Factors such as education, marital status, region of residence, age, family size and educational attainment are significant determinants of the amount spent on health insurance. In addition, the likelihood of participation in Preferred Provider Option (PPO) health plans is lower for government employees and for self-employed individuals than for private sector employees.
An Analysis Of The Industrial Development Potential Of Malaysia: A Shift-Share Approach
Authors: Mondal Wali I.
Published: February 2016

The economy of Malaysia is diverse and the country is often referred to as a model of economic growth. As a young country, under able leadership and with a stable government, Malaysia soon established itself as a high growth economy of the world. The East Coast Economic Region (ECER) of Malaysia consisting of the provinces of Kelantan, Terengannu, Pahang and northern Johar has a different economic base and a unique industrial mix than other regions of the country. In addition to a plentiful endowment of natural resources, Malaysia has diversified its economy with a significant manufacturing component of high technology industries, medical technology and pharmaceuticals. The ECER in Peninsular Malaysia is rich in agricultural resources, rubber and fisheries. Additionally, tourism can be a rich contributor to the region’s economic growth. The objective of this paper is to develop a Shift-Share model for analyzing the unique industrial mix of the ECER and its local competitiveness potential for economic development. The results thus obtained may shed a useful light on the potential of different economic sectors, with significant policy implications towards accelerating the economic growth of the ECER. 
Personal Financial Coaching, Part I: Basics The Public Needs To Know
Authors: White Jason T. , McLaughlin J. Patrick
Published: February 2016

In the course of our university service to the community in outreach activities, we have gravitated toward providing occasional group sessions in personal financial planning.  On the surface, the content of these financial coaching events may appear elementary to the casual observer.  But to the contrary, we have found that personal financial planning is a sorely needed skill set for many in our region.  Our typical session touches on the basic elements of family budgeting, retirement planning, goal setting and behavior modification.  Those contemplating establishment of a similar program of study may benefit from our field experience.
Raleigh-Cary: Best Metro For Women Entrepreneurs?
Authors: Bledsoe M. Tony , Dillon Caitlin
Published: February 2016

This paper is an account of an undergraduate student’s research attempt to verify best place claims for women starting a business. It includes obstacles and challenges faced in developing a strategy for completing the research work.  Willingness to change paths led to selecting and interviewing 22 women entrepreneurs and demonstrates how being flexible in decision-making can lead to successful outcomes.  Findings show consistency with important location factors identified by other studies and also indentified factors that were not found in supporting literature.  Conclusions provide explanations for the top criteria identified by the interviewees. 
Using A Two Treatment Factorial Design To Analyze The First Day Percent Change In Price For Initial Public Offerings
Authors: Thornton Barry , Adams Michael , Baker Russell
Published: February 2016

An area of considerable interest in finance is the behavior of IPO stock prices on the first day of issue.  This paper uses a sample of 282 IPOs from 2002 through 2007 to investigate the performance of the first day percent change in price (FDPCP) of these stocks.  A two treatment factorial design is utilized to determine if two factors impact the mean value of this variable.  The first factor, or treatment, is the relationship between the final offer price and the price range found in the prospectus associated with SEC Form S-1, also known as the "red herring."  The second treatment is the state of the market at the time of issue, bull or bear.  This experimental design allows for the testing of three hypotheses.  The first hypothesis looks at the relationship between the mean value of the FDPCP and the value of the final offer price relative to the filing range found in the initial prospectus.  The second hypothesis looks at the relationship between the mean value of the FDPCP and the state of the market at the time of issue, while the third hypothesis seeks to determine if there is an interaction between the two treatments.
GASB Statement No. 31: Why No Controversy?
Authors: Hunt George L.
Published: February 2016

Fair value reporting of investments in the financial statements of commercial enterprises is required under FASB Statement No. 115.  The standard created much controversy when issued due to provisions that changes in fair values of certain investments were recognized in the operating statement.  A major concern to many organizations was the volatility these recognized, but unrealized, changes in fair value would create in reported earnings.  When the GASB issued Statement No. 31 requiring fair value reporting of investments there was little controversy concerning volatility to reported earnings of governmental entities, even though the standard required much broader application of fair value reporting.  This study examined a possible explanation for the lack of controversy surrounding fair value reporting in the public sector.  An analysis of the financial reports of the major U.S. municipalities provided empirical evidence of the significance of investments earnings to municipal revenues, investment assets to total assets, and the significance of changes in fair values of investments to investment earnings and total revenues.  Financial reports and accompanying notes for fiscal years 1994 to 1998 were examined.  Results indicate that overall, investments earnings were not a significant component of governmental fund revenues.  However, investment earnings were significant for certain governmental fund types.  The difference between costs and fair market values of investments also did not appear to be material to most governmental funds.  The minimal impact of the fair value reporting on earnings offers a partial explanation for the lack of debate surrounding adoption of fair value reporting of investment by governmental entities.
The Application Of Historical And Modern Management Theories In The Financial Industry: An Analysis Of How Management Practices Affect Employee Turnover!
Authors: Ochoa Rolando M. , Mujtaba Bahaudin G.
Published: February 2016

Employee turnover has always been and continues to be a challenge for managers and entrepreneurs.  As managers in the banking industry continue to experience the negative effects of voluntary turnover of tellers and other critical positions, they persist to look for ways to do their jobs better and provide more competitive services to their customers.  Some of the literature indicates that a number of the current management practices, fueled by questionable management theories, could be contributing to the increase voluntary turnover ratios. This paper is a literature review as well as application of general management theories and their effect on voluntary turnover in the service industry.  It further offers analysis and suggestions for managers, especially for those who are in the service and banking industries. The authors’ observations, suggestions, and recommendations are based on research and nearly fifty years of combined experience as managers and leaders in the banking and service industries. 
Performance Appraisals As Motivational Tools For Increased Productivity
Authors: Carrigan Martin D.
Published: February 2016

Organizations, as part of their own competitive strategy, need motivated employees producing at the highest level to outsell their competition and become industry leaders.  Performance Appraisals can accomplish this goal.
US Growth And Inflation
Authors: Azar Samih Antoine
Published: February 2016

This paper tests the relation between inflation and growth in the US. This relation is negative and statistically significant even with a monthly frequency. Moreover, the impact is higher with quarterly data, relative to annual data, and higher with monthly data relative to quarterly data. The relation remains robust (1) with IV (2SLS) estimation, (2) when inflation is divided into positive and negative components, (3) when it is divided into expected and unexpected components, and (4) when the applied model is an expectations-augmented Phillips curve. Although the paper argues that the theory that should explain this negative relation is the demand for real balances, the evidence is also consistent with a simple bivariate association.
Personality Dimensions And Measures Of Risk Tolerance: Variance/Skew And Scenario Response Assessment
Authors: Filbeck Greg , Hatfield Patricia , Horvath Philip
Published: February 2016

In this paper, we explore the relationship between dimensions of the Myers-Briggs Type Indicator (MBTI) and individual investor ex-ante risk tolerance. Ex-ante risk tolerance is measured using ex-ante variance and skew tolerance measures as well as industry-like Scenario Response Assessment (SRA). Our study uses survey results to relate these measures of ex-ante risk tolerance to MBTI measures. Our results indicate that personality dimensions do explain many SRA measures of individual ex-ante risk tolerance and further suggest that the relationship between personality dimensions and the industry-like individual ex-ante risk tolerance measures are generally complex and non-linear in form. Finally, our results find fewer, but still complex and non-linear, relationships between variance/skew ex-ante risk tolerance measures. 
Investment Portfolio Strategies Based On Options Market Activity
Authors: Bhuyan Rafiqul , Freund Steven , Yan Yuxing
Published: February 2016

We propose a multiple regression model that incorporates options market activity to forecast future stock prices. To capture the information content from the options market, we use a predictor based on the activity of call and put options as measured by relative open interest across available strike prices.  We use a sample of stocks with actively traded options on the Chicago Board Options Exchange to test the model. Investment strategies that use these forecasts are shown to be superior to more simple strategies which ignore options market activity.
Female Sports Celebrities Targeting Female Teenagers: A Content Analysis Of Magazine Advertising
Authors: St. James Melissa
Published: February 2016

This study examined the usage of female sports celebrities as endorsers in magazines targeting female teenagers. Female sports figures act as role models for female teenagers and studies have shown they have a positive impact on self-image and self-identification. The Eriksonian Theory (Adams-Price and Greene, 1990), states that a “primary task of adolescence is the consolidation of ego identity.” Teenagers often adopt the mannerisms, dress, and attitudes of celebrities as experimentation in their search for an identity. Theories of impression management and self-presentation focus on aspirational identities; those that individuals want to attain or want to be associated with, in social interactions (Norman and Tedeschi, 1989). Teenagers relate to sports figures as teens are often active in sports as both participants and observers, and sports figures act as aspirational figures. Increasing the number of female athlete endorsement ads could be an innovative and effective marketing strategy.
Putting Bling In The Classroom
Authors: Stegemann Nicole , Sutton-Brady Catherine
Published: February 2016

This paper showcases the innovative use of a case study in action.  It initially introduces a case study on the bottled water ‘bling’ and its phenomenal success in recent times.  From a marketing educator’s point of view it provides an example of how to bring reality to the class room and gives students hands on consumer experience through active learning.  Details are provided on the in-class activity consisting of the case study, questions and guidelines for conducting the practice-orientated exercise.  The paper concludes with student feedback on the activity, which highlights the level of student engagement and motivation to learning and class participation.  It clearly shows that immersing students in the experience through active learning improves learning outcomes through concretisation of the concepts discussed in class. It also provides educators with recommendations for replicating this exercise.
Stress Test For The Financial Optimization Models During The 2009 Recession
Authors: Ahmadi Hamid , Kuhle James A. , Varshney Sanjay
Published: February 2016

The Sub-prime Mortgage credit crisis has led to a major downturn in virtually all financial sectors and consequently  the real estate sector received the brunt of  the 2008 – 2009 financial crisis. However, this downturn undoubtedly has provided an opportunity to test what investment strategy could have deflected the shocking force of this crisis and specifically what method could have minimized the risk of the most negatively affected investment -- Equity Real Estate Trust funds.   Using ex-post data of EREITs, this research examines the implications and benefits of employing optimal portfolio allocation methods to different size EREIT portfolios during current financial crisis. This study compares the returns of optimally weighted EREIT portfolios to equally weighted EREIT portfolios, against the Dow Jones Equity REIT Index (DJEREIT Index).  The results indicate that a properly rebalanced risk-adjusted model portfolio (RAMP) outperforms both an equally weighted portfolio of identical assets and the DJEREIT Index.  In fact, the twelve-asset optimized portfolio yields a superior return of 12.7% when compared to a return of an equally weighted portfolio of identical EREITs, and the DJEREIT Index during the three-year time period examined.
Optimal Portfolios For Different Holding Periods
Authors: Choi Byeongyong Paul , Mukherji Sandip
Published: February 2016

This study uses a block bootstrap method to construct random samples of returns of six major financial assets and identifies optimal portfolios for three different objectives relating to risk and return for short, medium, and long holding periods. Optimal portfolios minimizing risk consist solely of Treasury Bills and small company stocks for all periods, with an increasing allocation to small company stocks as the investment horizon lengthens. Optimal portfolios minimizing risk relative to return, as well as those maximizing the risk premium relative to risk, contain intermediate-term government bonds and stocks for all horizons, and the proportions of stocks in these portfolios increase with the investment horizon, small company stocks becoming the major component of the optimal portfolios for 10 years. These results indicate that, for investors optimizing any of these three objectives, the optimal portfolios contain increasing allocations of riskier assets, and decreasing allocations of safer assets, as the holding period increases.
Standardization In The Home Building Industry: An Empirical Investigation Into The Compatibility Between Accounting And Estimating Cost Codes
Authors: Law Mark D.
Published: February 2016

The purpose of this study was to investigate the utilization of standardized cost codes for the estimating and accounting functions related to the scale of operations by Pennsylvania’s home building contractors.  Firm size was examined as to its impact on three issues in construction standardization practice:  1) the use of a standardized number system for estimating, 2) the use of a standardized number system for accounting, and 3) the use of the same standardized number system for both estimating and accounting.  Significant differences existed among firm sizes regarding all three items relating to standardized cost codes - a standardized numbering system used for estimating, a standardized numbering system used for accounting, and the same standardized numbering system used for both estimating and accounting functions.  Overall, however, a large percentage of Pennsylvania home building firms are behind the curve with regard to their knowledge and utilization of standardized cost codes.
The Effect Of Conference Call Initiations On Analyst Coverage And Institutional Ownership
Authors: Stephanou-Charitou Melita , Vlittis Adamos , Lois Petros
Published: February 2016

The study empirically examines changes in institutional ownership and analyst coverage in the years following conference call initiations. We find significant increases in both variables in the years following initiations of conference calls after controlling for confounding factors. These results complement prior research on the benefits of disclosures and suggest that expanded disclosures create additional institutional and analyst interest in stocks.

 
Supreme Court To Chicago On Gun Control: Go To Heller!
Authors: Reville Patrick J.
Published: February 2016

Gun Control.  For or against, you are going to have a fight on your hands.  But where is this fight to take place?  Is it going to be on the village greens of Lexington and Concord?  On the fields of Gettysburg? The dirt streets of Tombstone, leading on down to the O.K. Corral?  Maybe at the base of the walls of the Alamo, down in San Antonio.  Possibly on the campus of Kent State, or even at the now reserved setting of a school board meeting in Columbine.  There are some mean streets in Ourtown, U.S.A.  From New York City, to Washington D.C., and on to Chicago, where historic mob gun battles took place in the Capone Prohibition days, guns continue to blaze away.  But what to do about it?  Should we outlaw guns altogether?  Or, as the saying goes, if we outlaw guns, will only outlaws have guns?  Do we listen to Michael Moore, or the N.R.A.?  Where can we find some common ground, and, maybe some answers?  The United States Supreme Court has already heard oral arguments on the City Of Chicago’s ban on handguns, and its decision is imminent.  What will be the outcome, and where will the Court go to seek a majority, if not a consensus?  The answer may be a not so long look back, to the Court’s decision in District Of Columbia v. Heller (1), decided in June of 2008.
Modeling The Effects Of Socio-Demographic, Psychographic And Relationship Characteristics On Share Of Wallet For Financial Services
Authors: Kong Raymond T. , Maute Manfred F.
Published: February 2016

Customer Loyalty is frequently conceptualized as customer retention even though polygamous loyalty to multiple products/brands is commonplace and customers are unlikely to shift all of their purchases to another supplier following dissatisfaction.  In this study, loyalty is operationalized as share of wallet (SOW) and modeled in relation to socio-demographic, psychographic and relationship predictors.  Results indicate that chequing account SOW was negatively skewed and leptokurtic with a mean of 83.3%.  In contrast, mean credit card SOW was 59.5% and the distribution was negatively skewed and platykurtic.  Relationship length, depth and satisfaction, and financial attitudes, values and lifestyles, but not consumer socio-demographics, emerged as key predictors of share of wallet.  
Developing And Implementing A Measure Of Sustainability For Workforce And Economic Development Projects In Northeast Pennsylvania
Authors: Gilfoil David M. , Brill Robert T.
Published: February 2016

As part of a Wall Street West (WSW) grant, a project team was assembled to investigate the effectiveness of other WSW grantees working on various projects to impact the long term economic development of the financial services sector of the Northeast Pennsylvania (NEPA) corridor.  Because sustainability of grant work was deemed critical by project leaders, a literature search was undertaken to identify factors that contribute to sustainability.  Twelve factors were culled from the literature, reviewed with WSW executives and project grantees, and ultimately combined (using a BARS assessment methodology) to form an economic or workforce development Sustainability Index.  This paper reviews the logic and the steps taken to develop the Sustainability Index, discusses the validity and reliability of the instrument, and shows how it was used to measure and report the relative importance of sustainability factors in economic development activities.  The authors issue a call to action to further develop and refine the instrument across a variety of application venues.
Valuing Investment Decisions: Flotation Costs And Capital Budgeting
Authors: Gupta Neeraj J. , Synn Wonhi
Published: February 2016

We highlight a measurement problem inherent in the prevalent approach to factoring flotation costs in capital budgeting decision-making.  This arises because the traditional method calculates a higher cost of capital, while keeping the initial cash-flow unchanged.  We demonstrate an alternate approach that corrects for this problem by assigning a higher initial investment due to flotation costs, while keeping the cost of capital unchanged.
The Importance Of A Good Business Plan
Authors: Nunn Les , McGuire Brian
Published: February 2016

The business plan is the product of a strategic thinking or planning process.  The strategic direction developed in that process can then be communicated in the form of a business plan to lenders, potential investors and associates within your company.  The development of a strategic direction is a critical step for your company.  It allows your business to leverage the knowledge and competence of its management team, staff and advisors to develop a strategic direction for the organization that will lead to its best chance for success.  This gives you an opportunity to use the advising team you have put together. 
The American Legal Dragon Awakens: Act Unethically, Expect Serious Pain
Authors: McCord Linnea , Magasin Michael
Published: February 2016

Think it’s unethical, but legal?  Think again.  Recent examples of draconian legal enforcement of ethical violations in American business indicate that the days of the “kindler, gentler” enforcement of ethical violations are coming to an end.  We are entering the era of  the American fire-breathing  legal dragon of enforcement in which those caught acting unethically in business are likely to face severe legal punishment.
Financial Options For Mortgagors In A Declining Economic Market
Authors: Neil Benjamin A. , Neil Janice J.
Published: February 2016

Certainly, the current economic situation has drawn the focus of a large portion of the country to the lending industry and housing market. As lenders change their lending requirements in response to the credit crunch and pundits propose reforms designed to avoid future problems, part of this focus and momentum should be on the plight of the mortgagor’s in this country. This article will examine the varying options currently available to mortgagors who are in difficult financial circumstances. Providing various alternatives, each of which falls short of achieving their ideal goals.
Experiments In Bertrand Competition With Factor Markets
Authors: Waldron Randall E. , Allgrunn Michael A. , Pei Guoqiang
Published: February 2016

We present a classroom experiment which introduces product differentiation and factor markets into the traditional Bertrand framework.  We find that student behavior converges toward the market outcomes predicted by theory.  We also find that the experiment enhances student understanding of Bertrand price competition in a market with product differentiation and factor markets, and also appears to increase student satisfaction.
A Test Of The M&M Capital Structure Theories
Authors: Fosberg Richard H.
Published: February 2016

Modigliani and Miller (1958, 1963) predict two very specific relationships between firm value and the amount of debt in the firm’s capital structure, depending on whether or not the firm pays corporate income taxes.  Although there has been some testing of the implications of these equations, I have been unable to find anyone who has tested them in the exact forms specified by MM.  In this paper, the MM equations are tested exactly as specified.  The results of these tests indicate that neither the MM tax nor the no-tax valuation equations are accurate predictors of firm value.  Specifically, the value of the unlevered firm accounts for much less of firm value than predicted and the sign of the coefficient of the interest tax shield variable is negative, instead of positive as MM predict.  These results are robust to the inclusion of control variables for firm growth, earnings variability, and the existence of other tax shields.
Kwame Nkrumah University of Science and Technology
Authors: Asamoah Gordon Newlove
Published: February 2016

The Efficient Market Hypothesis (EMH) provides that security prices reflect all available information. However, despite dividend announcements made in 2005, three companies selected for study performed badly on Ghana Stock Exchange (GSE).  The problem of the study was therefore to establish whether the GSE did not recognize company-specific information in pricing shares.  The purpose of the study was to ascertain whether there was an instantaneous reaction of the companies’ share prices to dividend announcement in order to provide the basis for confirming or dispelling the EMH conclusions as far as the Ghana Stock Exchange was concerned.  The event study methodology was used to achieve the research objective. Additionally, the Wilcoxon Matched-Pair signed-Ranked Test was employed in testing the null hypothesis.  The major finding was that the GSE was not semi-strong efficient resulting in the conclusion that the GSE must address itself to three forms of efficiency – operational efficiency, allocation efficiency and pricing efficiency. 
The Economic Impact Of Water Resource: Broken Bow Lake In Mccurtain County In Southeastern Oklahoma
Authors: Uwakonye Matthew Nga , Osho Gbolahan S. , Ajuzie Emmanuel I.S.
Published: February 2016

Oklahoma has had water problems in the past, when most cities and towns relied mostly on wells pumping water to irrigate their agricultural lands and to provide water for municipal and industrial purposes. One of the fundamental elements of the social accounting method, especially the macroeconomic analysis and planning in the developed market economies, is the Social Accounting Matrix (SAM). The Social Accounting Matrix could be defined as a system of accounts integrated in the form of matrix, consistently including data on production and income generation on one hand, and on the revenues and expenditures of various institutional groups and classes in society on the other. The present study presents a frame work for using a Social Accounting matrix (SAM) technique to analyze the economic impacts of Broken Bow Lake in McCurtain County. The SAM has been used in developing countries to explore the interaction between macro-policy and structure adjustment. Using multiplier analysis, results of the present study can be used to illustrate how this frame work can capture the essential structural features of McCurtain County and sort out the direct and indirect links through which macro-shocks affect the systems (Sherman Robinson).
An Overview Of The Home Health Prospective Payment System Rate Update For CY 2009
Authors: Rivera, Jr. Gonzalo
Published: February 2016

Beginning October 1, 2000, as required by the Balanced Budget Act (BBA) of 1997 and related amendments, Medicare began to reimburse home health agencies for home health services under the new Home Health Prospective Payment System (HHPPS). Under HHPPS, all home health costs for services including medical supplies are paid using a basic unit of payment known as the 60-Day Episode. The amount of the payment is calculated using a national standardized rate, adjusted for case mix and a wage index based on the site of service. For 60-Day Episodes beginning and ending in 2008, the Medicare HHPPS national standardized rate was updated by a new 153 case mix grouping and a new wage index value determined by the site of service for the patient.  The August 29,2008 ( 72 FR 49792) and November 30, 2008( 72 FR 67656) Federal Registers discuss the “Home Health Prospective Payment System Refinement and Rate Update For Calendar Year 2008” changes which include a rebasing and revising of the home health market basket resulting in new labor portion percentage of 77.082 and non-labor portion percentage of 22.918, the new LUPA (Low Utilization Payment Adjustments) per visit payment amounts, the inclusion of an  additional payment for NRS ( Non-Routine Supplies), elimination of the SCIC(Significant Change In Condition) payment, and adjustments to PEP ( Partial Episode Payment) and Outlier payments. This paper discusses an overview of the updated 2008 Medicare HHPPS national standardized rate for CY 2009.
Lists & More Lists: Making Sense Of Corporate Reputations
Authors: Campbell Kathleen , Sherman W. Richard
Published: February 2016

What would you like to know about a company?  What value has the company created in the past, is creating currently, and will create in the future?  The creation of financial value is not only important; it is necessary - but is it enough? This study explores the relationships between and among lists of top performers - Boston College’s Corporate Social Responsibility Index, Fortune’s World's Most Admired Companies, Harris Interactive’s Reputation Quotient for the Most Visible Companies, and Newsweek’s Green Rankings of America's 500 largest corporations. Its objective is to see whether in spite of differing methodologies and criteria for rankings, there is a commonality of inclusion in lists. In effect, this paper attempts use statistical analysis in order to determine if there is an agreement as to which companies are top corporate citizens in the United States.
Consistency Of The Stock Market In Anticipating Economic Cycles
Authors: Franz Laurence W.
Published: February 2016

This paper examines how consistent the stock market, as measured by the S&P 500 Index, has been in anticipating the effect economic contractions and expansions have on dividends/earnings.  In 22 of 26 instances, the S&P 500 reached a peak and trough prior to the beginning and ending of 13 economic contractions during the period 1929-2009.  Changes in dividends/earnings are directly related to economic activity as measured by changes in real GDP.  An economic recession or expansion lowers or raises the intrinsic value of the expected dividend/earnings stream.  Actual stock prices, as measured by the S&P 500, change in the same direction as the change in intrinsic value with the historical evidence showing the high degree of consistency the stock market has in anticipating economic contractions and expansions.
Revisiting Client/Server Computing
Authors: Guynes Carl S. , Windsor John
Published: February 2016

The role of the Information Technology department is changing as it continues to mature and adapt to changes in technology, much of that change dealing with its interaction with corporate end-users. IT departments must continue to move in a more user friendly direction or they are going to encounter serious political problems with top management. The increased interest in cloud computing, green computing, and in outsourcing are further indicators of the problems that IT departments are currently facing.   Information Technology departments must approach client/server with a clear view of the lasting business benefits that it can bring rather than opposing or resisting the migration
Proposed Lease Accounting For Lessees
Authors: Shough Stuart
Published: February 2016

On August 17, 2010, the Financial Accounting Standards Board and the International Accounting Standards Board jointly issued exposure drafts proposing a new accounting model for leases. This paper explains how a lessee would account for leases under this proposal.
Managing Marketing Teams
Authors: Edwards Jay , Honeycutt Andrew , Cleveland Craig
Published: February 2016

With the emergence of global information and technology, firms have reformulated marketing and technological teaming in a concert effort to accommodate transnational marketing relationships that enable firms to compete in a global business society.  Given the competitiveness of organizational distinction and implication, firms have proactively created an internal synergy that enable marketing teams to better excel in an environment of obscurity and uncertainly.  Marketing management has evolved into phenomena that require constant reassessment of vision, mission, and strategy in an unrelenting effort to maintain organizational survival and competitiveness in a global recessive business economy.  Information technology has greatly inspired this renewed sense of competition; moreover, organizations that embrace the challenge of integrating technology within marketing teams will only become the change agents the business world community will aspire to duplicate for great strategic advantage.
The Flash Crash Of May 2010: Accident Or Market Manipulation?
Authors: Rose Chris
Published: February 2016

On May 6th., 2010, the Dow fell about a thousand points in a half hour and Wall Street lost $800 billion of value. Some claim that it was just an isolated incident and there was nothing nefarious but with the majority of trading being done by electronic exchanges and with the increase in High Frequency Trading, evidence is emerging that the crash just might have been a case of deliberate manipulations of the market.
Inter-Observer Risk-Tolerance Agreement Between Husbands And Wives
Authors: Goetz Joseph W. , Gilliam John , Grable John E.
Published: February 2016

The purpose of this research was to test the extent to which variability in husbands’ and wives’ self-assessed financial risk can be attributed to variation in risk tolerance or observer bias resulting from measurement error. Using a sample of 188 well-educated married couples, scores from the Survey of Consumer Finances single risk-assessment item were used to evaluate the following null hypothesis: Husbands and wives do not agree on their level of financial risk tolerance. The hypothesis was tested using a percentage agreement test, a Kappa coefficient test, and a chi-square analysis. Findings led to a rejection of the null hypothesis. That is, couples exhibited general agreement in their assessment of financial risk tolerance, although the level of agreement was rather modest.
A Review Of Business Cycle Theory And Forecast Of The Current Business Cycle
Authors: Onwumere Remigius , Stewart Roy , Yu Su
Published: February 2016

As the business cycle fluctuates, the U.S. economy may face increased unemployment in the case of an economic downturn or increased inflation in the stage of an expansion. Therefore, the study of business cycles is important in determining the current and future condition of the economy as a whole. This study seeks to expand the current body of knowledge of the business cycle by combining the history of economic theory of “Veblen”, “Marx”, “Schumpterer”, “Friedman”, “Keynes”, “Minsky”, and “Sherman” with the diffusion index popularized by “Valentine and Dauten” (1983). The purpose of this study are two-folds: first is to review the theoretical framework of the history of economic thoughts of business cycle and the methodology of diffusion index; second is to use these economic theories and the technique of diffusion index  to forecast the strength and direction of the business cycle of the US economy. The results of this study indicate that it is possible to derive an accurate forecast of the strength and direction of the business cycle by combining economic theories and the technique of diffusion index.  
The Instability Of Tax Revenue And The Missing Risk Premium
Authors: Ahsan Syed M. , Tsigaris Panagiotis
Published: February 2016

This paper attempts to estimate the implicit risk premium from fluctuating tax revenue. We provide a number of reasons for the absence of the risk premium from the public borrowing rate. One reason can be viewed as the value society places on the ability of the tax system to act as an automatic built-in stabilizer. Empirically the annual value of this implicit risk premium for the US is the estimated at 2.45 percent.