THE VALUE OF CLEANER AIR: AN INTEGRATED APPROACH

Policymakers in the legislative and regulatory arenas face increasing public expectations that authorities will both promulgate and implement strict environmental programs. At the same time, the aggregate cost of such programs is rising and is impacting economic sectors previously untouched. In this context, a major study used an integrated interdisciplinary perspective to determine what economic benefits would result from air pollution controls. Specifically, the study developed estimates for the health benefits of reducing ozone and fine particulate matter concentrations in the nation's most polluted region—the South Coast Air Basin centering on Los Angeles. This paper presents the economic methodologies and results of that study. It also discusses how health and atmospheric sciences informed the economic assessment.     

Some empirical evidence on the stability of accounting error characteristics over time*

Abstract. This paper extends the analysis of previous research to provide evidence on the behavior of error characteristics over time. We find that while, in aggregate, accounting errors tend to be stable over time, the sources of these errors tend to be unstable. Thus, time series modeling of internal controls in external audits may be fruitful only at sufficiently high levels of aggregation. Résumé. Cet article élargit l'analyse contenue dans les recherches antérieures afin de fournir des preuves quant au comportement des caractéristiques des erreurs dans le temps. Nous constatons que bien qu'au total les erreurs comptables ont tendance à étre stables dans le temps, les sources de ces erreurs ont plutôt tendance à varier. Dès lors, la modélisation des séries chronologiques relatives aux contrôles internes dans le contexte de missions de vérification externe ne peut être profitable qu'à des niveaux d'agrégation suffisamment élevés.     

Clothing outshopping in a rural Western community

Statistics reveal that over half of all women are gainfully employed outside the home. Professional working women have a certain status to maintain and it is reasonable to assume that their clothing needs might differ from women who are employed in other occupations and who remain in the home. Recent research has shown that considerable shopping occurs out of the local retail trade area (termed outshopping). Product-specific outshopping research has revealed clothing to be a product consumers are willing to out-shop to obtain. Professionally employed women might have to resort to outshopping more often than the other women in order to meet their clothing needs. For this project outshopping was defined to be the percentage of shopping which occurred at least 50 miles from the test site. This research represents the combined efforts of a graduate class studying trends in fashion merchandising; a telephone survey was developed and conducted by the class and responses from 100 female consumers were analysed using multiple step-wise regression. It was predicted and found that clothing outshopping behaviour could be significantly predicted by the degree of satisfaction with local retailing and number of children remaining in the home. Including the two variables professional/non-professional working status, and the age of female respondent as predictors, did not significantly improve the ability to predict outshopping behaviour. The implications for retailers are discussed.     

达芙妮脚下的路线

最直接的沟通渠道——通路上地标性的推广同样是一双鞋子,达芙妮却有不一样的沟通路线。这个品牌在女性消费者中有着一定的影响力。但我们没有在电视上看过它的广告片,印象最深的是它黑白相间的标志,以及数家专卖店。1992年,达芙妮在上海开设了第一家直营专卖店,之后,在全国各大、中城市开设了达芙妮直营专卖店和商场专柜,总数将近1500家。这被达芙妮称为地标性的品牌推广。     

The Impact of Mandated Disclosure on Performance‐Based CEO Compensation*

Regulators argue that mandated compensation disclosure improves corporate governance by permitting shareholders to enjoin boards of directors to reward executives in ways that are consistent with shareholder value creation. We posit that mandated compensation disclosure, or the absence thereof, has a greater impact on the CEO compensation practices of widely held firms than of closely held firms. More specifically, we expect that, in the absence of mandated disclosure, CEO compensation is likely to be less performance‐contingent among widely held firms than among closely held firms. Moreover, we also expect that the advent of mandated disclosure leads widely held firms to increase the extent to which CEO compensation is performance‐contingent, much more so than closely held firms would. We use a unique data base resulting from the Ontario Securities Commission amendment of regulation 638 in October 1993. For the first time, this amendment required firms listed on the Toronto Stock Exchange to provide detailed executive compensation data similar to those required by the Securities and Exchange Commission, for the current year as well as retroactively for the previous two years. We find that, in the absence of mandated disclosure, CEO cash compensation in widely held firms is less performance‐contingent than in closely held firms. With the imposition of mandated disclosure, performance‐contingent cash compensation increases more in widely held firms than in closely held firms. Results with respect to stock option grants are mixed, with both closely held and widely held firms reacting to the advent of mandated disclosure.