bluuebunny/crossref_metadata_2025_split huggingface dataset:
Market and Cost Structure in the U.S. Beef Packing Industry: A Plant‐Level Analysis
Authors: Morrison Paul Catherine J. 
Published: March 2003

AbstractA resurgence of consolidation in the U.S. meat packing industry in the past few decades has stimulated academic and policy debate. Issues raised include the role of cost economies in driving these patterns, and the effects on the agricultural sector (cattle producers) from market power. Here, plant level cost and revenue data for U.S. beef packing plants are used to estimate a cost‐based model incorporating cattle‐ and output‐market pricing behavior. The robust results indicate little market power exploitation in either the cattle input or beef output markets, and that any apparent evidence is counteracted by cost efficiencies such as utilization and scope economies.
Agricultural Export Subsidies as a Tool of Trade Strategy: Before and after the Federal Agricultural Improvement and Reform Act of 1996
Authors: Leathers Howard D. 
Published: March 2003

AbstractIf the main justification for agricultural export subsidies is that they reduce government costs of deficiency payments, then the 1996 farm legislation would make U.S. export subsidies largely unnecessary. An additional argument advanced in favor of export subsidies is that their aggressive use by one country will cause competing countries to reduce or discontinue their own subsidies. This argument is explored by means of a Nash equilibrium in which countries choose both a base subsidy level and a response to competitors, and by a consistent conjectures equilibrium. Little support is found for the argument.
Incorporating Quadratic Scale Curves in Inverse Demand Systems
Authors: Beach Robert H. , Holt Matthew T. 
Published: March 2003

AbstractIn this paper we introduce inverse demand systems that include quadratic scale terms. These systems are similar to regular quadratic demand systems introduced by Howe, Pollak, and Wales. A unique feature of these specifications is that they maintain linear scale curves as a special case. For illustrative purposes we estimate the Normalized Quadratic Inverse Demand‐Quadratic Scale System using monthly South Atlantic fish landings and valuation data, 1980‐1996. In estimation concavity is maintained locally, and the rank reduction procedures advocated by Diewert and Wales (1988a) are employed. The estimated model is then used to obtain welfare estimates associated with catch restrictions.
Spatial Market Integration in the Presence of Threshold Effects
Authors: Goodwin Barry K. , Piggott Nicholas E. 
Published: March 2003

AbstractA large body of research has evaluated price linkages in spatially separate markets. Much recent research has applied models appropriate for nonstationary data. Such analyses have been criticized for their ignorance of transactions costs, which may inhibit price adjustments and thus affect tests of integration. This analysis utilizes threshold autoregression and cointegration models to account for a neutral band representing transactions costs. We evaluate daily price linkages among four corn and four soybean markets in North Carolina. Nonlinear impulse response functions are used to investigate dynamic patterns of adjustments to shocks. Our results confirm the presence of thresholds and indicate strong support for market integration, though adjustments following shocks may take many days to be complete. In every case, the threshold models suggest much faster adjustments in response to deviations from equilibrium than is the case when threshold behavior is ignored.
The Migration of Young Adults from Non‐Metropolitan Counties
Authors: Mills Bradford , Hazarika Gautam 
Published: March 2003

AbstractThis article examines young adult migration from non‐metropolitan counties to either different non‐metropolitan counties or to metropolitan areas. The results show that expected gains in initial earnings provide young entrants to the labor force with a marked incentive to migrate from their non‐metropolitan counties of origin. Initial earnings gains stem, in part, from higher returns to schooling in both metropolitan areas and other non‐metropolitan counties. The propensity to migrate is also sensitive to the costs of migration, which, in turn, are correlated with paternal education and the local presence of extended family.
The Role of Amenities and Quality of Life In Rural Economic Growth
Authors: Deller Steven C. , Tsai Tsung‐Hsiu (Sue) , Marcouiller David W. , English Donald B.K. 
Published: March 2003

AbstractA structural model of regional economic growth is estimated using data for 2243 rural U.S. counties. Five indices designed to capture specific amenity and quality of life characteristics are constructed using fifty‐four separate indicators. Results suggest that amenity characteristics can be organized into consistent and meaningful empirical measures that move beyond ad hoc descriptions of amenities. In addition to insights into the influence of local characteristics ranging from tax burdens to income distribution on regional economic growth, results suggest that predictable relationships between amenities, quality of life, and local economic performance exist.
Market Incentives for Safe Foods: An Examination of Shareholder Losses from Meat and Poultry Recalls
Authors: Thomsen Michael R. , McKenzie Andrew M. 
Published: March 2003

AbstractMeat and poultry recalls, while voluntary, are carried out under governmental oversight. If firms have financial incentives to avoid being implicated in a recall situation, governmental involvement in recalls may cause firms to internalize social costs when making investment decisions concerning food safety controls. To examine these incentives, we analyze federally supervised meat and poultry recalls from 1982 to 1998 within an event study. Results show significant shareholder losses when publicly traded food companies are implicated in a recall involving serious food safety hazards. We find no evidence that the stock market reacts negatively when recalls involve less severe hazards.
Traders' Bidding Strategies on European Grain Export Refunds: An Analysis with Affiliated Signals
Authors: Bourgeon Jean‐Marc , Roux Yves Le 
Published: March 2003

AbstractUsing a multivariate distribution of traders' information with correlations, we specify the traders' bidding strategies on tenders of European soft wheat intervention stocks. We show that correlations may have opposing effects on the traders' bidding strategy, depending on their valuation of the grain. This structural approach allows us to estimate the traders' strategies using generalized method of moments procedures.
Optimal Insurance Against Climatic Experience
Authors: Mahul Olivier 
Published: March 2003

AbstractAn optimal insurance contract against a climatic risk is derived in the presence of an uninsurable and dependent aggregate production risk. The optimaldesign depends on the stochastic dependency between both sources of uncertainty and on the producer's attitude towards risk, especially on his prudent behavior. Rationalweather insurance purchasing decisions are also derived. The prudent producer responds to actuarially fair weather insurance by increasing his exposure towards risk.
Non‐parametric Productivity Analysis with Undesirable Outputs: An Application to the Canadian Pulp and Paper Industry
Authors: Hailu Atakelty , Veeman Terrence S. 
Published: March 2003

AbstractThis article extends the Chavas‐Cox approach to non‐parametric analysis by incorporating undesirable outputs to provide a more complete representation of the production technology. Inner and outer non‐parametric technology bounds are constructed. The methods are illustrated with application to time series data for the Canadian pulp and paper industry. Conventional measures that ignore changes in pollutant outputs underestimate true productivity growth. Further, there is a large gap between estimates generated with reference to inner and outer bounds to the technology, suggesting that researchers need to be aware of the limitations of results derived from analyses relying only on DEA methods.
Modeling Recreation Site Choice: Do Hypothetical Choices Reflect Actual Behavior?
Authors: Haener M. K. , Boxall P. C. , Adamowicz W. L. 
Published: March 2003

AbstractWe examine the ability of revealed preference (RP), site‐specific stated preference (SP), transferred SP, and joint RP‐SP models to predict aggregate and individual recreation site choice in a holdout sample. For two statistical comparisons, the RP model provided the most accurate predictions of individual choices. However, the transferred SP model, applied directly or estimated jointly with the RP data, performed best in three aggregate and one individual prediction test. These findings suggest that data from well‐designed and conducted SP surveys from one site can be combined with site‐specific RP data from another site to generate improved models of recreation site choice.
Short‐Run Supply Responses in the U.S. Beef‐Cattle Industry
Authors: Aadland David , Bailey DeeVon 
Published: March 2003

AbstractThis article investigates the response of beef‐cattle producers to changes in the price of cattle. Previous research has suggested that there may be a negative short‐run supply response to a permanent increase in the price of cattle. We build a dynamic, rational expectations model that separates the markets for fed and unfed beef. This separation generates predictions that the supply response is generally positive, even for permanent shocks in the short run, and nests the negative supply response as a special case for appropriately restricted demand shocks.
The Theory and Econometrics of Health Information in Cross‐Sectional Nutrient Demand Analysis
Authors: Park Jaehong , Davis George C. 
Published: March 2003

AbstractUnderstanding the role of health information in food and nutrient demand has become an important issue over the last decade. Endogeneity and measurement error are two empirical problems that are inherent in this type of analysis. While some type of instrumental variables estimation would appear the obvious solution, this article provides several theoretical and empirical reasons why this is not the case in cross‐sectional analysis. An alternative estimation strategy is pursued, an empirical example is given, and the implications are discussed.
How Should Food Safety Certification be Financed?
Authors: Crespi John M. , Marette St)phan 
Published: March 2003

AbstractAn analytical framework where consumers are imperfectly informed about the safety of products is used to investigate the welfare effects of a public certification system. Several certification fees under alternative structures of certification cost are analyzed. By maintaining competition among numerous sellers, voluntary certification financed by a per‐unit fee is efficient (and sufficient) to signal product safety. However, mandatory certification linked with a fixed user fee may be necessary if a seller wields monopoly power. Further, certification by a single, private agency results in a distorted fee.
Leadership and the Provision of Safe Food
Authors: Hennessy David A. , Roosen Jutta , Miranowski John A. 
Published: March 2003

AbstractModern food production typically involves many interacting stages and two or more decision makers. There is reason to believe that inputs in determining quality likely complement. And it is not possible to regulate many of these inputs. In a food production system possessing these characteristics, we show that leadership by one or more firms through communicating actions may be used as a mechanism to increase overall food quality. As there may be no private incentive to lead, there may be strategic merit in assigning liability through legislation. We also suggest the possibility that genetics are leadership instruments in hog production systems.
Optimal Regulation of Eutrophying Lakes, Fjords, and Rivers in the Presence of Threshold Effects
Authors: Nævdal Eric 
Published: March 2003

AbstractEutrophication is a biological process that has an unfavorable economic impact on the economic value of the water basins it affects. Eutrophication depends on thresholds effects, and optimal policies for the regulation of eutrophication must take this into account. Such optimal policies are derived in the present article by utilizing a novel technique in optimal control theory. This technique facilitates a proper analysis of deterministic stock pollutants with thresholds effects, a topic it is argued has been poorly understood in the literature.
Measuring Producers' Risk Preferences: A Global Risk‐Attitude Construct
Authors: Pennings Joost M.E. , Garcia Philip 
Published: March 2003

AbstractIn applied agricultural economic research various risk‐attitude elicitation techniques are used. Here, we investigate whether risk‐attitude measures rooted in the expected utility framework are related to measures rooted in the multi‐item scale framework. Using a second‐order factor analytical model, and data obtained from personal computer‐guided interviews with 373 farmers, we investigate whether the common variance among the (latent) risk‐attitude measures can be accounted for by a global risk‐attitude construct. We find that the different risk‐attitude measures are related, and that the global risk‐attitude construct is significantly related to farmers' intention to use futures contracts. Our research suggests that farmers' risk attitude is a higher‐order characteristic that cannot be effectively extracted by a single measure.
Symmetric Positive Equilibrium Problem: A Framework for Rationalizing Economic Behavior with Limited Information
Authors: Paris Quirino 
Published: March 2003

AbstractThe PMP methodology is extended to deal with many economic units, self‐selection arising from heterogeneous economic behavior, and multiple limiting inputs. The novel structure for the analysis of this type of problems acquires the name “symmetric positive equilibrium problem.” This methodology is articulated in three phases that parallel those one of positive mathematical programming. The recovery of a cost function that calibrates the base‐year decisions of each economic unit is realized within a maximum entropy framework. The methodology is illustrated by the analysis of a sample of Italian farms that operate under the complex policy mandates of the European Union.
New Light on Accrual, Aggregation and Allocation, Using an Axiomatic Analysis of Accounting Numbers' Fundamental and Statistical Character
Authors: Gibbins Michael , Willett Roger J. 
Published: March 2003

The general nature of basic accounting measurement procedures is analysed from the perspective of their representational faithfulness rather than, as is normally nowadays done, from the perspective of relevance to user decision models. The character of accounting numbers is examined using an axiomatic framework based in statistical theory to demonstrate that statistical properties of the numbers are created by the process of preparing, constructing, the numbers. These properties, deriving from the process of constructing the numbers, are there regardless of the uses to which the numbers may be put, and therefore knowledge of them informs not only preparers of the numbers but also those who decide whether and how to disclose them to others, and those who make use of them for any purpose.The article argues, with axiomatic analysis and examples, that accounting numbers are statistics having properties such as distribution and variance that affect their usefulness in general and that may be examined separately from any use. Such an examination is helpful partly because it then avoids confounding the understanding of accounting measures' technical nature with issues of disclosure choice and use. The necessary axiomatic framework is presented briefly to establish its perspective on measurement questions, then the value of the framework for examining vexing accounting issues is illustrated with examinations of accrual accounting and matching, cross‐sectional and time‐series allocation, and accounting‐relevant market values.
Corporate Lobbying Behaviour on Accounting for Stock‐Based Compensation: Venue and Format Choices
Authors: Hill Nancy Thorley , Shelton Sandra Waller , Stevens Kevin T. 
Published: March 2003

This article investigates U.S. corporate lobbying of the Financial Accounting Standards Board (FASB) in the U.S. on the exposure draft to Financial Accounting Standard No. 123 (FAS 123), Accounting for Stock‐Based Compensation. Essentially, firms lobbied the FASB in one of three ways: (a) against disclosure/recognition of any additional information beyond that already required in U.S. proxy statements, (b) for summary footnote disclosure of all employee stock‐based compensation (SBC), or (c) for either pro forma or formal income statement recognition of all employee SBC.This study finds that the higher the level of the SBC of the top five executives, the less likely firms are to favour disclosing that information. This finding supports the hypothesis that economic self‐interests motivated lobbying behaviour on FAS 123. Furthermore, the study finds that U.S. corporations lobby against disclosure of executive SBC in the annual reports even when the annual reports would disclose no additional information beyond that currently disclosed in proxy statements. This is evidence that managers perceive that the venue of disclosure (proxy versus annual report) matters. It is posited that managers lobbied against disclosure of SBC to avoid possible changes to compensation contracts which in turn could adversely affect stock prices. In sum, the results support the notion that managerial self‐interest affects lobbying behaviour on the venue as well as the format of disclosure.
Accounting and non‐accounting based information in the market for debt: Evidence from Australian private debt contracts
Authors: Ramsay Ian , Sidhu Baljit 
Published: March 2003

This paper examines accounting and non‐accounting based restrictive covenants in Australian private debt agreements. With respect to the former, our findings differ from previous research on public debt. We find more varied definitions of constraints and their specified tightness in private debt contracts than in public debt contracts. Further, limits on interest cover are found to be continuing constraints and not ‘once‐off’ limits. The paper reports frequent use of more specific or ‘tailored’ accounting based constraints and the frequent inclusion of off‐balance sheet numbers in the measurement rules specified.The paper also provides the first Australian evidence on the use of non‐accounting based constraints. These are pervasive and cover a wide range of corporate activity. While largely consistent with previous research the paper also reports evidence of restrictions previously argued to be sub‐optimal and hence, unlikely to be observed. Specifically, there are frequent restrictions on firms’ production and investment policies.
Earnings Management of Firms Subjected to Product Price Controls
Authors: Lim Stephen , Matolcsy Zoltan 
Published: March 2003

This study documents Australian firms’ earnings management activities in response to product price controls established by the Australian government in the early 1970s. We predict that firms subject to price controls will adjust their discretionary accounting accruals downward to reduce reported net income and to increase the likelihood of approval of the requested price increase. To control for the confounding effect of performance, we analyse the performance of two groups of firms subject to price scrutiny prior to the event window and estimate the earnings management of these firms and a control group of firms during the period of scrutiny. Our results based on both longitudinal and a cross sectional experimental designs confirm that firms that were subject to the greatest scrutiny engaged in significant negative earnings management during the period of scrutiny, but not outside that period. Further, firms that were not subject to price controls did not engage in any significant earnings management during the same periods. JEL classification: M41; M43
The effects of understanding rules and a worked example on the acquisition of procedural knowledge and task performance
Authors: Wynder Monte B. , Luckett Peter F. 
Published: March 2003

Previous research (for example, Bonner and Walker, 1994) has investigated the impact of alternative forms of instruction and practice on both the acquisition of procedural knowledge and task performance. Responding to the call to consider alternative forms of instruction, this study reports the results of an experiment designed to distinguish between the effects of understanding rules and a worked example. Worked examples (such as previously prepared working papers, analysis sheets and spreadsheet templates) are of particular interest as they constitute an important source, frequently used by novice accountants, for understanding and performing various tasks.The results indicate that understanding rules increase task performance through the acquisition of procedural knowledge, while a worked example provides task‐specific heuristics that increase task performance but not procedural knowledge. The different benefits of the two forms of instruction emphasise the importance of matching instruction methods to learning objectives. Furthermore, combining the two forms of instruction lead to the highest levels of task performance even with limited practice and no feedback. JEL classification: I20; M41
Earnings, cashflows and returns: Functional relations and the impact of firm size
Authors: Hodgson Allan , Stevenson‐Clarke Peta 
Published: March 2003

The relation between stock returns, earnings and cashflows is of importance because it directly addresses the issue of whether accounting data provide value relevant information. The empirical evidence to date, however, has documented low explanatory power for earnings and inconclusive incremental information content for cashflows. This research re‐evaluates the incremental information content debate using Australian data. Our research is motivated by: recent innovations in research design, including the specification of nonlinear functional relations between accounting variables and prices, and the fact that differences in firm size characteristics may influence the relative information content of the accounting variables. We observe that: (i) a nonlinear functional relation provides greater explanatory power for both earnings and cashflows;(ii) the results are consistent with more transitory earnings components for smaller firms; and (iii) contrary to received theory, cashflows add greater incremental explanatory power for large firms.