bluuebunny/crossref_metadata_2025 huggingface dataset:
Cestona en los orígenes del termalismo vasco (1776-1833). La conformación de un establecimiento de baños en Guipúzcoa
Authors: Larrinaga Carlos
Published: February 2016

Cestona fue el primer balneario que se creó en el País Vasco y el único, por cierto, que aún hoy en día existe. Pertenece a esa primera generación de casas de baños que se fundaron en España en la segunda mitad del siglo XVIII, en ese deseo de las autoridades de poner en valor las aguas minerales del país. Pues bien, a través de este estudio de caso, pretendemos analizar las dificultades a las que tuvieron que enfrentarse estos balnearios en temas tales como la definición de los derechos de propiedad de las aguas, la inversión de capital, la demanda o la competencia de otros actores en el incipiente mercado de las aguas minerales en España en general y en el País Vasco en particular.
¿Un enemigo del pueblo?: medicina, industria y turismo en España (siglos XIX-XX)
Authors: Rodríguez-Sánchez Juan Antonio
Published: February 2016

En 1817, la creación del Cuerpo de Médicos Directores de Baños se justificó por la necesidad de conocer el remedio hidromineral y garantizar una correcta administración del mismo. Esta medida concedía a este nuevo colectivo de expertos poder elegir el lugar en que querían desempeñar su función. La medicalización de los baños y la subsiguiente creación del balneario supusieron que los médicos directores tuviesen un relevante papel en el funcionamiento de esta nueva industria, a menudo contrario a los intereses económicos de los propietarios, aunque en algunos puntos coincidentes. Los análisis químicos de las aguas fueron una de sus actividades desarrolladas, a las que se unirían las del estudio del medio para constituir topografías médicas balnearias, una literatura científica que acabaría por avalar que la curación se vinculaba a condiciones ambientales que trascendían el propio valor del agua. A medio camino entre las funciones de propaganda y control, entre la medicalización y el turismo, estos dos colectivos protagonizaron una permanente contienda que fue conocida como “la libertad balnearia” y hubo de saldarse con la supresión del cuerpo en 1932 y su sustitución, tras la Guerra Civil, por un cuerpo de inspectores de establecimientos balnearios.
Livelihoods and Learning: Education for All and the Marginalisation of Mobile Pastoralists. By Caroline Dyer. London: Routledge, 2014, 215 pp.; ISBN 978-0-415-58590-3 (Hardcover), 978-0-203-08390-1 (E-Book).
Authors: Rogers Alan
Published: February 2016

In this book, Caroline Dyer, whose work with education in India has been known for many years through many articles, draws together her ethnographic experience of living with the Rabari of India, and reflects on what this means for Education for All goals.
Practicing Teachers’ Reflections: Indigenous Australian Student Mobility and Implications for Teacher Education
Authors: Moriarty Beverley , Bennet Maria
Published: February 2016

Social constructions of education historically have impacted adversely on marginalised Indigenous Australian students whose mobile lifestyles and cultural positioning challenge teachers’ social inclusion practices. This paper examines the preparation and capacity of pre-service teachers to engage with mobile Indigenous students and their communities. Evidence is drawn from practicing teachers who reflected on their experiences in working with Indigenous students and their communities since graduation and how their experiences, both pre- and post-graduation, impacted on their beliefs and practices. Individual interviews were conducted with four teachers who also participated in the first stage of the study as a group of 24 second year primary pre-service teachers at a regional Australian university. It was found that pre-service teachers representing a range of world views benefit from positive, scaffolded experiences that provide opportunities to develop practices that foster social justice and inclusion. The findings of this study have implications for providing pre-service teachers with opportunities to understand how historical factors impact on Indigenous student mobility in contemporary Australian educational settings and the development of socially inclusive pedagogical practices. Further longitudinal research to expand the evidence base around developing culturally-appropriate pedagogical practices in pre-service teachers is needed to support their transition into teaching.
Is indocyanine green angiography a reliable tool for the assessment of venous congestion in muscle flaps?
Authors: Ver Halen Jon , Abbassi Bahar
Published: February 2016

Indocyanine green (ICG) angiography is a useful technology for assessing flap perfusion in reconstructive procedures. Flap clearance of ICG can help in assessing venous congestion. To the best of our knowledge, although a few reports have evaluated its use for venous congestion, no reports have assessed the viability and applicability of this technology for this purpose in muscle flaps. A 63-year-old female patient with right leg leiomyosarcoma post-tumor resection underwent reconstructive surgery with a hemi-gastrocnemius flap. A scan of the flap using ICG angiography showed slow clearance of dye in the flap compared to the rest of the body. On postoperative day (POD) 1, the flap was re-examined using an infrared camera and it showed evidence of retained dye. On the contrary, there were no clinical signs of flap congestion. Ultimately, the patient had a successful reconstruction and an uncomplicated postoperative course despite the inconsistent findings in ICG angiography. ICG angiography is a useful tool in assessing arterial perfusion of flaps. However, further evaluation is needed to gain clinical reliability and validity in the evaluation of venous congestion in muscle flaps. Its overall utility with respect to pedicled muscle flaps has yet to be established.
Cation Exchange Capacity of Zeolite X from Bagasse Ash against Magnesium(II)
Authors: Amalia Suci
Published: February 2016

Water is a substance crucial for human life and industries. The good water must be fulfill some criteria, such as absence of Ca2+ or Mg2+ cations. The cations can be reduced by ion exchange process. This study used synthesized zeolite X from bagasse ash as cation exchange for Mg2+. Mg ion was used as standard to determine hardness of water by EDTA titration. The analysis showed cation exchange capacity of zeolite X with molar ratio of  Si/Al 1; 1,5 and 2 was 1,9. The value indicated zeolite X have high capability as cation absorbents for Mg2+ ion.

 
Keywords: bagasse ash, cation exchange capacity, magnesium(II), water hardness, zeolite X
How Accurate Are Professional Economic Forecasts?
Authors: Baghestani Hamid , Nelson David
Published: February 2016

This paper examines the forecast accuracy of the ASA-NBER survey annual data on seven major macroeconomic indicators for 1983-1991. Although no single forecaster was consistently accurate, it is generally shown that (i) the average forecast error is reasonably low, (ii) the forecast accuracy and the forecasters agreement on their man forecast improve as the forecast horizon becomes shorter, and (iii) the consensus of professional forecasts is superior to the nae forecast.
Auditor Independence: The Performance Of Consulting Engagements With Audit Clients
Authors: Lowe Jordan , Pany Kurt
Published: February 2016

As the size and complexity of client information system needs have risen, CPA firms have found it necessary to co-contract with non-CPA firms as a means of efficiently providing services to clients. The increase in frequency of these engagements has raised concerns regarding the propriety of co-contracting with an audit client. The Securities and Exchange Commission has taken the position that co-contracting with audit clients is unacceptable because it impairs audit independence. Through a series of petitions, the Big Eight (now the Big Six) CPA firms have proposed certain safeguards in an effort to satisfy the SECs concerns. The purpose of this article is to (1) discuss independence issues related to CPA firms co-contracting with audit clients, (2) consider arguments both for and against the SEC stance which prohibits contracting between CPA firms and their audit clients, an d(3) consider possible regulatory responses from the SEC.
Accounting For Employee Stock Options As Contingencies
Authors: Lew Albert Y. , Schirger Joseph F.
Published: February 2016

The accounting profession has long attempted to improve the disclosure of compensatory stock option information in financial reporting. While evidence of inconsistent practice has been publicized and acknowledged, suggestions for readjustment center largely around technicalities. The purpose of this article is to: (1) identify the inherent weakness of existing accounting principles on stock options, and (2) propose a new framework to account for employee stock options so that conflicting issues can be resolved in theory as well as in accounting practice.
U.S. Tax Policy Towards Foreign Operations Hamper International Competitiveness Of U.S. Multinationals
Authors: Billings B. Anthony , Volz William H.
Published: February 2016

This article compares U.S. taxation of foreign source income along with domestic tax incentives with that of other major industrialized nations such as the U.K., Canada, Germany, France, and Japan. The paper point out that U.S. tax policy towards the profitability and expansion of foreign operations ignores the economic realities of the 1990s. In addition, revenue-raising concerns of the U.S. tax policy appear to override international competitiveness considerations. The article calls on U.S. tax policymakers to (1) find ways to establish U.S. business presence in the emerging markets of Europe and the Pacific Rim; (2) reverse the declining trend in the U.S. share of exports of technology intensive products; (3) find ways to meaningfully lower the cost of capital to U.S. businesses; and (4) find practical solutions for both the budget and trade deficit.
Are Antitakeover Charter Amendments Good News Or Bad News For Managers And Shareholders?
Authors: McWilliams Victoria B.
Published: February 2016

In recent years many firms adopted antitakeover amendments to their corporate charters. The amendments have come under criticism from those who believe that they are harmful, and little sentiment in favor of the amendments seems to exist. This article discusses issues related to antitakeover amendments, and presents an overview of available empirical evidence about the amendments. The evidence demonstrates that the amendments are not always harmful and indeed suggests that the amendments, at least in some cases, are beneficial.
Tax Arbitrage And Organizational Form: Allocation Flexibility In The Limited Liability Company
Authors: Alltizer Richard L. , Hamill James R.
Published: February 2016

This paper analyzes whether an allocation of tax items among members of a limited liability company (LLC) will likely be respected by tax authorities. The LLC is a recent creation of state law that provides the liability protection of a corporation and the flexibility of partnership tax law. A present-value test must be satisfied to permit allocations among LLC members that are not proportionate to ownership interests to be respected. A model is developed to measure the present value of after-tax benefits and detriments arising from an LLC allocation, and implications of the availability of tax arbitrage for selection of the LLC organizational form are discussed.
Industry Effects On The Abnormal Returns To Acquiring Firms
Authors: Trahan Emery A.
Published: February 2016

Jensen (1988) sketches some empirical predictions of the shareholder wealth effects of acquisitions in various industries. This study examines the acquisition rates, wealth effects, and subsequent rates of restructuring associated with acquisitions in these and other industries. The results show that the industries discussed by Jensen experience higher rates of acquisitions and subsequent restructuring and more significant wealth effects than other industries. The signs of the wealth effects are also consistent with Jensens predictions. Overall the findings provide some empirical support for the free cash flow theory. More detailed tests will be useful.
Strategic Intelligence Systems And The Independent Insurance Agent: Perceptions, Problems, And Potential
Authors: Festervand Troy A. , Forrest Jack E. , Murrey, Jr. Joe H.
Published: February 2016

This article reports the results of a study which examined independent insurance agents perceptions of strategic intelligence systems (SIS). The findings indicate that while strategic intelligence systems are purported to exist in many agencies, their focus often is on conventional rather than more potentially strategic activities and issues. The results also indicate that numerous problems limit the participation of agents in strategic intelligence activities. In addition to a lack of preparedness, respondents identified procedural problems, a lack of resources, and a weak effort/outcome relationship.
Individual Investors Perceptions On The Summary Annual Report: A Survey Approach
Authors: Epstein Marc J. , Pava Moses L.
Published: February 2016

As the role of institutional investors is being transformed, there is a tendency to overlook the needs of individual investors. Nevertheless, there are well over 30 million individual investors in the United States, and these numbers are growing rapidly. One area of particular concern is corporate communications. All investors, professional as well as non-professionals, should have access to financial information. However, annual reports, as currently issued, are often difficult to read and understand, and therefore lack communication value. A possible solution is the summary annual report (SAR), which has been designed to condense and simplify the traditional GAAP statements. To date, most U.S. Corporations have not adopted the new format, in part, out of a fear of negative shareholder reaction. Our survey results clearly indicate that annual reports, as they are currently issued, are difficult to understand for a sizeable minority of investors. One out of 4 investors reported that annual reports were so difficult to understand that they were of no substantial help in making investment decisions. Further, results show that a majority of respondents demand inclusion of further explanation of the financial information in less technical terms, and over a third would like to see SARs to the exclusion of full GAAP reports. Through the SAR, management has an opportunity to significantly improve corporate communications. WE strongly recommend that management continues to experiment with its format, design, and content.
A Survey Analysis Of Free Trade Attitudes In Mexico: Implications For Global Strategic Investment Decisions
Authors: Dyck Harold , Greenfeld Sue
Published: February 2016

Transnational investment decision making depends on business receptivity and willingness to provide long-term guarantees of stability by the host country. One measure of such receptivity involves awareness related to free trade provisions. This article investigates Mexican support and resistance towards free trade in terms of demographic differences, perceived economic opportunities, connectedness to the U.S., and political attitudes about the Mexican and U.S. governments. Results indicate that the leading predictor for receptivity of foreign investment is the belief that free trade will lead to more job creation. This study also reveals endorsement from Mexicans who think free trade will bring access to higher quality goods and services to Mexico. Contrary to expectations, age and gender are not significant in this analysis.
On The Credibility Of GAAP: Do Preparers, Auditors, And Users See Eye To Eye?
Authors: Schneider Douglas K. , May Gordon S. , Shaffer David R.
Published: February 2016

The purpose of this study was to apply social-psychological research methods to address an issue in the development of general accepted accounting principles (GAAP). Of concern to the Financial Accounting Standard Board (FASB) in the development of GAAP is the attitudes of its constituent groups with respect to the credibility of GAAP. Our main objective was to assess any differences in the credibility perception of GAAP, as indicated by the three main groups of FASB constituents: corporate preparers of financial statements (preparers), CPAs who audit financial reports to ensure their adherence to GAAP (auditors), and accountants who us financial reports to make lending and investment decisions (users). The results indicated that auditors perception of the credibility of GAAP along eight credibility dimensions was significantly different than that of preparers and users of financial reporting. These results are important to the standard setting process because they indicate a lack of consensus among the three main FASB constituent groups, and may indicate an elevation of auditor views over those of users and preparers. Some implications of these results and suggestions for future research are discussed.
The Effect Of Changes In The Dollar Foreign Exchange Rate On Stock Returns Of Multinational Corporations
Authors: AlDiab Taisier F. , Zoubi Marwan M. , Thornton Phillip W.
Published: February 2016

Exchange rate movements are considered to be one of the key factors affecting the operating results of multinational corporations (MNC). Several studies have examined the effect of changes in dollar exchange rates on the stock prices of MNC. The results of these studies have been inconclusive about the effects of changes in the dollar exchange rate on the stock prices of companies with significant overseas operations. This study extends previous research by testing the impact of changes in the dollar exchange rate on security returns of MNC using an event study methodology. The results suggest that changes in dollar exchange rates have little or no impact on the stock returns of MNC.
Testing For Weak-Level Efficiency In The Secondary Market For Developing Country Debt
Authors: Webster Thomas J.
Published: February 2016

This paper investigates the presence of weak level efficiency in the secondary market for developing country debt y modeling as ARIMA processes debt price variations of eight large debtor countries that were actively traded during the period January 1986 to December 1992. The analysis suggests that in some cases the secondary market for developing-country debt was weakly inefficient and that there existed at least one trading rule capable of generating above-average returns. Moreover, the narrowing of above-average returns in the period following the announcement of the Brady Plan suggests that the secondary market for developing country debit became more efficient, possibly due to a reduction in default risk and an increase in the availability of timely investment information.
An Examination Of Quarterly Financial Ratio Stability: Implications For Financial Decision Making
Authors: Devine Kevin , Seaton Lloyd "Pat"
Published: February 2016

This paper examines the underlying dimensions of financial ratios derived from quarterly and annual financial information. Forty-four ratios were factor analyzed to determine their underlying dimensions. The results indicate that 12 dimensions underlie ratios developed from both quarterly and annual financial information. This finding differs from the seven factors consistently described for annual financial ratios in prior research. Comparison of these results and their implications are presented.
Determinants Of Earnings Variability
Authors: Luttman Suzanne M. , Silhan Peter A.
Published: February 2016

Corporate earnings variability (EVAR) affects earnings predictability and firm value. Given the importance of EVAR to the business community, it is surprising that research identifying its determinants has not received more attention. In this study, firm and industry characteristics associated with cross-sectional differences in Value Line EVAR are investigated. Consistent with prior research, regression results indicate that firm size and product durability affect EVAR. The results, however, also indicate that corporate performance, capital structure, and industry membership affect EVAR. Adding these factors produces an improved EVAR model that explains approximately half of the cross-sectional variation in EVAR.
Market Timing For active Asset Allocation: A Discrete Regression Model Approach
Authors: Larsen, Jr. Glen A. , Wozniak Gregory D.
Published: February 2016

A discrete regression model (DRM) approach to timing the asset class markets for stocks, bonds, and cash in active asset allocation is presented. The technique involves investing in the asset class whose return is predicted to exceed the other asset class return after observing a sequential signal of estimated probabilities. The empirical results show that the DRM approach provides enhanced portfolio performance when compared to more passive fixed-weight portfolio strategies.
Social Security Benefits Taxation: Issues And Present Status
Authors: Fritzsch Ralph B. , VanZante Neal R. , Gaharan Catherine
Published: February 2016

Taxation of Social Security benefits was introduced in 1983 as part of a general restructuring of Social Security. As part of the 1993 Omnibus Budget Reconciliation Act, taxation of benefits was revised and expanded. Inclusion of social security benefits as part of taxable income is determined by comparing a modification of adjusted gross income and half of social security benefits to threshold amounts established in each tax law.  Unlike most amounts used to determine tax, the thresholds were not subject to indexation or revision.  This paper examines the current state of social security taxation in light of personal income changes, social security benefit revisions and federal income tax rate and bracket modifications that have taken place over the fourteen years since the last revision in taxation of benefits.
 
Valuing Businesses In Cyclical Industries
Authors: Lippitt Jeffrey W. , Lewis Eric
Published: February 2016

Given the potential sensitivity of business values to industry business cycles, it is imperative that valuators consider business cycles when executing valuations of firms that tend to be sensitive to these industry-level fluctuations. Failure to consider earnings cycles in industries where they are significant can result in extreme over and undervaluation of business enterprises. The methods presented in this paper can help a valuation professional to utilize industry cycle information to dramatically improve the quality of value estimates.
 
Credit Card Surcharges And Relative Price Differentials Across Various Market Structures
Authors: Gordon David
Published: February 2016

Recent changes in federal credit card laws will lead to higher prices for consumers and heftier profits for retailers especially in monopolistic markets. This is due to the way that the surcharges are usually levied which is as a percentage of the base price of the good or service. This paper explains how prices are formed by a profit maximizing firm under the assumption of a production function that is homogeneous of degree one. This paper also demonstrates the relationship between markups and the price elasticity of demand. An analysis of how the new credit card rules would impact relative prices in markets of varying levels of competition is then performed.
 
A Theoretical Model For Accounting For Cost Variance In The Residential Home Building Industry
Authors: Law Mark D.
Published: February 2016

The purpose of this study was to propose a theoretical model for home building contractors. The theoretical framework proposed was formulated from a systems approach focusing on the principles of general systems theory and applying the theory of single-loop learning to the task of a real-time cost variance calculation. In creating the model, the researcher first looked at the concept of general systems theory, applying the system concept using a systems approach. This approach has led to the development of the theoretical model for the home building industry. In the center of the model is the cost variance system interacting with the individual subsystems; estimating, accounting, standards, and technology. This model outlines the importance of four separate subsystems and their interrelationships in the calculation of cost variance. The model in this study has led to several important implications and recommendations for the home building industry
 
Community As Brand: An Exploratory Investigation
Authors: Wright-Isak Christine
Published: February 2016

This research investigates how community affects consumer marketing and brand equity management. Community is a ubiquitous concept with many definitions in social sciences, ranging from urban neighborhoods and small towns to brand communities. Firms utilize the power of brands to support premium prices, sustain product value in difficult circumstances, and persuade consumers to purchase a brand repeatedly and loyally. Brand scholarship has also ranged widely, from tangible product or service characteristics to the intangible influence of its symbols and meanings on consumers. This study describes how the complicated sets of meanings embedded in the terms community and brand lead to a phenomenon called naturally occurring brands (NOBs). The paper combines the anthropology, sociology and marketing perspectives to describe the NOB phenomenon and explores its validity using survey research.
 
Accounting For Deferred Taxes: Time For A Change
Authors: Colley Ron , Rue Joseph , Valencia Adrian , Volkan Ara
Published: February 2016

This study examines the theory underlying the current accounting and reporting standards for deferred taxes. Given the goal of global accounting convergence and under the proposed condorsement approach, the FASB and the IASB have a historic opportunity to revise the existing deferred tax accounting standards. Thus, it is warranted to illustrate the financial consequences of using the proposed flow-through (where tax expense is equal to the statutory tax liability) approach versus the asset-liability method of accounting for deferred taxes. We achieve this objective by computing the change in the debt-to-equity (DTE) ratios for the 2004-2010 period when net deferred tax balances are eliminated and corresponding adjustments are made in the total liability and stockholders equity balances. Based on our observations, we propose that the underlying issue in accounting for deferred taxes is the unit problem and argue that deferred taxes do not represent assets and liabilities as defined by accounting standards.
Regulating The Use Of Prescription Drug Databases In Health Insurance Underwriting
Authors: Eastman Kevin L. , Ruhland Joseph S. , Eastman Alan D.
Published: February 2016

This paper examines the use of commercially-available prescription drug profiles in the underwriting of individual and small-group health insurance plans. It explains how these profiles are developed and used by insurers and analyzes their potential advantages and disadvantages to both insurers and consumers. Current and pending legislation and regulations governing the use of these prescription databases are also explained.
 
Manager Tenure - Real Estate Mutual Fund (REMF) Versus Equity Mutual Fund Performance
Authors: Kuhle James L.
Published: February 2016

Historically, mixed evidence has been reported suggesting that mutual fund managers exhibit superior returns based on the length of their tenure. Further, the result of tenure performance for real estate mutual fund managers has been reported with mixed results. Therefore, it is the purpose of this research to consider the effect of management tenure on the overall performance of various classes of equity mutual funds, including those funds that invest exclusively in real estate assets. These results are studied over periods of three, five, and ten-year manager tenure to determine if there is significantly better performance among various tenure groups.
 
Stock Return Volatility And Trading Volume Relationships Captured With Stable Paretian GARCH And Threshold GARCH Models
Authors: Naka Atsuyuki , Oral Ece
Published: February 2016

This paper examines the volatility of Dow Jones Industrial Average stock returns and the trading volume by employing stable Paretian GARCH and Threshold GARCH (TGARCH) models. Our results indicate that the trading volume significantly contributes to the volatility of stock returns. Additionally, strong leverage effects exist with negative shocks having a larger impact on volatility than positive shocks. The likelihood ratio tests and goodness of fit support the use of stable Paretian GARCH and TGARCH models over Gaussian models.
 
Promoting Cooperation Between Corporate Social Responsibility And Inter-Organizational Relationships
Authors: Peters Richard , Caro Cary A.
Published: February 2016

Although the fields of Corporate Social Responsibility (CSR) and Relationship Exchange have both significantly developed over the last quarter century, their content and concepts have largely remained independent. This study seeks to integrate the two streams of research by proposing an antecedent role for CSR with respect to stimulating collaborative agreements between firms and suppliers. Here we investigate the relationship between CSR and relationship exchange through a mediated model, which includes three specific factors: trust, reputation and network resources. We propose that it is through these factors that CSR influences the willingness of both partners to initiate collaborative, long-term exchanges.
Exploring Warning Messages On Conditional Principles & Predicting Social Behavior
Authors: Cho Yoon C. , Rim Jihoon
Published: February 2016

A wide variety of alcohol warning (or moderation) messages, as integrated communication tools, have been designed to reduce or moderate consumer attitudes toward alcohol consumption. The aim of this study is to explore the relationship between alcohol warning messages and alcohol consumption attitudes or behavior. In particular, this study investigates the effects of alcohol warning messages on consumer attitudes, subjective norms, intentions to switch alcohol consumption, and eventual behavioral change, by applying an extended Fishbein model. Further, these effects are based on types of messages examined by qualitative research, such as 1) positive or negative reinforcement warnings, 2) one-sided vs. two-sided warnings, and 3) self- vs. other-related warnings.

This paper conducted both qualitative and quantitative researches. Results of quantitative researches from surveys are measured by statistical analyses using chi-square, factor, and regression analysis. The results indicate that alcohol warning messages positively affected consumer attitudes toward reduction or moderation of alcohol consumption and that different types of ads produced different results. This study provides managerial implications for alcohol warning and advertising-related policies.
Management Earnings Forecast And Earnings Management: Does Prior-Period Forecast Accuracy Play A Role?
Authors: Yang Jing-Wen
Published: February 2016

This study aims at examining 1) whether the market reacts differently in response to the same news, but based on different levels of accuracy from prior earnings forecasts; 2) whether managers tend to maintain or change their reputations for being optimistic or pessimistic in their forecasts; and 3) whether managers manage current earnings numbers in order to maintain or change their reputations for optimistic or pessimistic forecasting. Based on t-tests and the Wilcoxon rank-signed test, it was discovered that the market reacts more positively (negatively) on good (bad) news with a pessimistic (optimistic) prior earnings forecast. Further, when a firm is pessimistic in its forecasts, it tends to stay pessimistic, but when a firm has a reputation for optimistic forecasts, it does not appear to change that reputation. A firm with an optimistic prior forecast is more likely to manage earnings upwards by influencing one of the following: increasing total accruals, boosting inventory levels, or lowering discretionary expenses.
 
Benefits Of Inmate Employment Programs: Evidence From The Prison Industry Enhancement Certification Program
Authors: Hopper Jeffrey D.
Published: February 2016

The United States is experiencing a persistent increase in its prison population and, consequently, a steady increase in public spending on incarceration. A possible systemic change to mitigate these trends is a return to historically cost effective inmate labor programs. Government savings and business revenues from these programs have been documented. Additional benefits have been hypothesized from an associated reduction in recidivism. This paper examines if this recidivism effect occurs following inmate participation in the Prison Industry Enhancement Certification Program (PIECP). Inmate characteristics and PIECP participation variables are identified as potential predictors of recidivism. Logit regression procedures, including a two-stage instrumental variable procedure to address endogeneity, are used to capture the predictive value of the independent variables and quantify the reduction in the odds of inmate recidivism attributable to PIECP participation. The results indicate that employment in a PIECP program contributes to a statistically significant reduction in the odds of inmate recidivism.
 
Taxation Of Mandatory Restitution Received By Victims Of Human Trafficking
Authors: Haynes Christine , Bird Bruce M. , Wills Mark , Cleek Adam
Published: February 2016

In Notice 2012-12, the Internal Revenue Service announced that awards of mandatory restitution received by victims of human trafficking under 18 U.S.C. 1593 of the Trafficking Victims Protection Act of 2000 are excluded from gross income. This article examines the basic provisions of the Trafficking Victims Protection Act of 2000, the calculation of mandatory restitution, publicly available resources involving human trafficking, and the taxability of damages involving physical versus nonphysical injury under civil law.
Surprising Comparison Of Risk And Return Factors Between Real Estate Investment Trusts (REITs) And The S&P 500 Index During The 2000-2011 Time Period
Authors: Fitzpatrick Brian D. , Ali Shahid , Wiegele Garrett
Published: February 2016

We composed and contrasted stock returns for large capitalized companies (S&P 500) with returns of real estate investment trusts using the Financial Times equity, mortgage and composite indexes. The time period which was chosen was 2000 through 2011. This period is significant because up until the crash of 2008, the real estate bubble was forming. Major real estate problems were already in force in 2007, but serious deflation really did not fully commence until the stock market crash in the late summer and early fall of 2008. With such heavy doses of deflation, one would think real estate was doomed. We found that average returns for the S&P 500 during this time period was 2.44% vs. a 13.73% average return for the composite Real Estate Investment Trusts (REIT) index. We calculated the geometric returns of .0054% for the S&P 500 vs. 11.21% for the composite REIT. This geometric return calculation was necessary because of many negative returns over a short period of time. The real surprise came when we risk adjusted our numbers using coefficients of variation. Using average returns, we found that the S&P 500 took 7.9959 units of risk for each unit of return, while the composite REIT composite only took 1.6497 units of risk per return. Even the SE Mortgage index only took 2.4914 units of risk per unit of return, while the Equity REIT index took on 1.5744 units of risk per return. Utilizing geometric returns or compounded rates of return, we found a coefficient of variation (CV) of 9.755 for the S&P 500, where the composite REIT experienced a 2.0205 CV and the FTSE Mortgage index showed a 4.0023 CV. Even though mortgage REITs took a greater hit than equity REITs, we still found a favorable relationship of risk and return vs. investment in common stocks. Money managers, who were properly diversified, rode out the financial storm much more comfortably with REITs as part of their diversification parameters.
The U.S. Gun-Control Paradox: Gun Buyer Response To Congressional Gun-Control Initiatives
Authors: Jones Michael A. , Stone George W.
Published: February 2016

Many scholars and interest groups in the U.S. advocate for more gun-control in terms of restrictions on sales.  Following the Sandy Hook shooting in Newtown, Connecticut in December 2012, The Obama Administration initiated legislation to restrict gun sales.  Coincidentally, U.S. firearm sales surged to record levels and ammunition shortages occurred.  This article examines the gun control issue in the U.S. in light of the events of 2013, demonstrating the paradox which gun-control advocates face.  The authors provide background information on the gun-control debate including the social cost of gun-violence and the U.S. political battle over the issue.
Exploring Antecedents & Consequences Of Customer Satisfaction With Smartphones: Implications For CRM
Authors: Kim Arum , Cho Yoon C.
Published: February 2016

Customers of smartphones spend most of their waking time using them, as they have become the most innovative electronic devices. As the time spent on smartphones increases, the customer’s dependence on smartphones also increases. Therefore smartphones are more than telecommunication devices to customers. This paper examines factors (i.e., antecedents) affecting smartphone customer satisfaction and factors (i.e., consequences) arising from smartphone customer satisfaction. In particular, this study explores how the level of customer satisfaction affects loyalty, brand image, corporate image and country of origin. This study involved an online survey and applied t-test, factor, and regression analyses. The results provide managerial and theoretical implications for satisfaction and customer relationship management. 
Long-Run Underperformance And The Offering Price Clustering Phenomenon
Authors: Chiang Kevin C.H. , Sankaran Harikumar , Zhou Xiyu (Thomas)
Published: February 2016

The study proposes a new informational role for the offering price of an equity IPO.  Offering prices are quoted either in whole prices (e.g., $2, $11, $19, etc) or fractional prices (e.g., $2.35, $11.15, $15.75, etc).  Using Jay R. Ritter’s sample of 1,526 IPOs issued during the period 1975 to 1984, the study examines the relation between the presence of whole price clusters and long-run underperformance.  The results indicate that fractional offering prices are associated with better long-run performance.  
Goodwill Impairment: A New Window For Earnings Management?
Authors: Jahmani Yousef , Dowling William A. , Torres Paul D.
Published: February 2016

The Financial Accounting Standards Board promulgated standard No. 142 in an attempt to improve the understandability of accounting information.  This new rule eliminated the practice of automatically amortizing goodwill.  No. 142 requires public companies to test goodwill for possible impairment at least annually.  An unintended consequence of this new standard is the opportunity for companies to use it in earnings management.  To test the possibility that the rule is being used for this purpose, a sample of companies was chosen, all of which had amounts of goodwill on their balance sheet during the 2003-2005 interval.  The results reveal that the number of companies experiencing losses or low rates of return on total assets who actually impaired goodwill was statistically insignificant during the period under consideration.  Thus, the results strongly suggest that companies are using No. 142 in an attempt to manage the volatility of earnings.  
User Information Risk: How It Improves Audit Quality
Authors: Ethridge Jack R. , Marsh Treba
Published: February 2016

Audited financial statements are the basis for the communication of essential financial information.  Accordingly, the reliability of the financial statements is of extreme importance to all parties involved in the process.  This paper identifies the three primary parties as the organization, the auditor, and the user and recommends the user play an increased role in this process.  The user should be allowed to analyze the quality of the auditor and audit process based upon five critical factors that should be required to be disclosed by the auditor.  This paper discusses the five factors and how each one could benefit the user’s analysis of audit quality.
Rural Pennsylvania Underemployment And Its Determinants
Authors: Julian, Jr. Jack D. , Hall C. Elizabeth , Yerger David B.
Published: February 2016

This paper investigates the impact of age distribution and educational attainment on the level of underemployment in Appalachian regions of the United States.  Furthermore, this study shows the similarities and differences at the state and county levels for Pennsylvania.  Following the methodology of Price and Wail (2005) linear regression models are used to estimate the marginal impacts of general economic conditions measured by the unemployment rate, as well as age and educational attainment, on the level of underemployment in the state.  In rural Appalachia, younger workers and those with some post-baccalaureate education are more likely to find themselves underemployed.  Keywords: rural economics, Appalachian studies, unemployment, underemployment, measurement issues.
Effect On Stock Price Of Financial Restatements As A Result Of Revenue Recognition Errors
Authors: Zhu Yiou , Kleuskens Jodi , Grebis Gloria
Published: February 2016

Revenue recognition came to the forefront of accounting debates several years ago as a result of the meltdown of high tech and telecommunications companies. Many of these corporations had recognized sales in the current periods for contracts that had future deliverables. This created significant misstatements that made some companies that were actually operating in the red seem as though they were profitable. SAB 101 was issued in December 1999 to clarify the basic framework for the proper timing of revenue. As Lynn Turner of the SEC stated in a May 2001 speech, “It was based on four bedrock principles established by GAAP: 1) persuasive evidence of an arrangement exists, 2) delivery has occurred or services have been rendered, 3) the seller’s price to the buyer is fixed or determinable, and 4) collectability is reasonably assured.” These guidelines apparently were not clear enough, as more companies were investigated for revenue recognition problems. This led to the issuing of SAB 103 and 104 in late 2003 that further detailed the specifics of when to recognize revenues. SAB 104 focuses on the areas of bill and hold arrangements, immaterial obligations, and nonrefundable up-front fees, and how all these factors affect cost of goods sold and the resulting revenues. The year after the release of SAB 104 saw additional companies restating their revenues in order to comply with the new standards. You would presume that revenue accounting standards would have naturally evolved over all of these releases to straightforward, robust, and consistent across transactions, industries, and countries. Sadly, however, today’s revenue accounting standards exhibit none of these qualities, and stakeholders are forced to make poorer economic decisions as a result. By research, we found that the gross amount of the restatement did not affect the stock price as much as other factors. But the largest drops were usually connected to companies where the restatement announcement was coupled with other bad news. Industry differences were more pronounced.
Not-For-Profit Organizations And For-Profit Businesses: Perceptions And Reality
Authors: Tolbert Samuel H. , Moore Gail D. , Wood Carol P.
Published: February 2016

Not-for-profit organizations represent an important portion of the gross domestic product of the United States; yet there are many misconceptions in the business world regarding not-for-profits.  This paper analyzes two surveys -- one of business persons and the other of seniors in an undergraduate business program – to determine the extent of the suspected misconceptions. Then the paper presents factual support to correct typical misconceptions regarding how not-for-profit organizations operate. 
Sustainable Mobility: A Look At The Automotive Industry
Authors: Sherman W. Richard
Published: February 2016

The purpose of this study is simple. It aims to find the most sustainable car company. As a first step, it explores some common and conflicting definitions and rankings of what it means to be the most sustainable automaker. This study then turns to the sustainability reports issued by the automakers themselves to see if these reports shed light on which company performs best in terms of its economic, environmental, and social dimensions. Particular attention is given to how these reports have evolved over successive iterations. By looking at some of the more objective and quantifiable performance indicators, particularly those which reflect environmental performance, a better understanding of what it means to be a sustainable car company may be achieved.
 
An Analysis Of Market Reaction To Chief Executive Turnover Announcement In Indonesia: A Trading Volume Approach
Authors: Setiawan Doddy , Hananto Santoso Tri , Kee Phua Lian
Published: February 2016

This research aims at examining market reaction to Chief Executive Officer (CEO) turnover announcements using trading volume approach. The sample of this research consists of 67 CEO turnover announcements without confounding effects and 117 CEO turnover announcements with confounding effects during the period 1992-2003 from Indonesian Stock Exchange. The authors use a t-test to examine the hypotheses. The results for market reaction to CEO turnover announcements using sample firms without confounding effect show that the trading volume before and after the CEO turnover announcements is not significantly different. In contrast, the trading volume before and after the CEO turnover for sample with confounding effect is significantly different. The results show that Indonesian investors consider other confounding events along with the CEO turnover announcements to make investment decisions. Analysis is also conducted to examine the influence of the succession process and the origin of the new CEO on the market reaction toward CEO turnover announcements. We do not find significant difference between the trading volumes before and after the CEO turnover announcement without confounding effect under both organizational contexts. On the other hand, we find significant difference between the trading volumes for non-routine CEO turnover announcements with confounding effects. This suggests that non-routine CEO turnover contains useful information to investors. In addition, significant difference in the trading volume between before and after non-routine CEO turnover with outside successors implies that Indonesian investors expect the incoming CEO from the outside to improve the performance of the company after the turnover process.
 
Internet Valuations And Economic Sustainability
Authors: Rose Chris
Published: February 2016

AOL bought the social networking site Bebo for $850 million in 2008 but sold it for pennies two years later. Recently the former premier social networking site, MySpace, reduced their staff by 47% and restructured again amid mounting losses. These are good indicators that economic sustainability on the Internet, especially among social networking sites is not guaranteed. The recent massive $80 billion valuation of the social networking site Facebook should therefore be looked at with caution.