Benchmarks,characteristics and trends of U.S. graduate tax programs awarding a Master of Science in Taxation (MST) degree

Survey data gathered from graduate tax program directors at 26 universities, a response rate of about 43% of all programs contacted, is used to benchmark characteristics and trends of U.S. programs awarding a Master of Science in Taxation (MST) degree. The impetus for this paper was the absence of current literature regarding curriculum, enrollment, and delivery of graduate tax programs in the United States, and it is the first study to compile information on MST program trends.     

Effects of selected antioxidants on physical and sensory characteristics of yeast bread containing flaxseed meal

Flaxseed has been identified as a potential functional food because of its high content of phytochemicals, alpha‐linolenic (α‐linolenic) acid and lignans. Flaxseed can be used in baked goods because of its minimal loss of α‐linolenic acid. Alpha‐linolenic acid is susceptible to oxidation and the development of off‐aromas and flavours in the food. The focus of this study was to determine the effectiveness of both synthetic and natural antioxidants that were incorporated into a yeast bread that contained 15% flaxseed as a partial replacement for bread flour. The study evaluated the effectiveness of the antioxidants on the physical and sensory characteristics of the bread. Physical properties, such as per cent moisture and loaf volume, were not affected (P > 0.05) by the antioxidants, but ascorbic acid, butylated hydroxytoluene and butylated hydroxyanisole, independently, had a softening affect (P < 0.05) on crumb firmness. Sensory analysis indicated significant (P < 0.05) changes in aroma, grainy taste, aftertaste and moistness in all bread samples regardless of antioxidant, however, only ascorbic acid was rated as effective in maintaining a softer (P < 0.05) crumb.     

Can Stigma Explain Large Property Value Losses? The Psychology and Economics of Superfund

This research documents the long term impacts of delayed cleanup on property values in communities neighboring prominent Superfund sites. The research examines the sale prices of nearly 34,000 homes near sites in three metropolitan areas for up to a 30-year period. To our knowledge, no other property value studies have examined sites in multiple areas with large property value losses over the length of time used here. The results are both surprising and inconsistent with most prior work. The principal result is that, when cleanup is delayed for 10, 15, and even up to 20 years, the discounted present value of the cleanup is mostly lost. A possible explanation for these property value losses is that the sites are stigmatized and the homes in the surrounding communities are shunned. The results suggest that expedited cleanup and minimizing the number of stigmatizing events would reduce these losses. This research was supported by the USEPA under cooperative agreement CR 824393-01-0. The authors wish to thank Alan Carlin for his patience and support along with Shelby Gerking, Kip Viscusi and three anonymous reviewers for their thoughtful comments. We also would like to thank Christian Coerds, Graham Crawford, Rachel Deming, Karen Grace-Martin, Brian Hurd, Joe LaVerde, Eleanor Smith, and Matt Todaro for their support on this project and the participants of the Risk Perception, Valuation and Policy conference at the University of Central Florida and the AERE Workshop in Estes Park, Colorado, for their helpful feedback.     

Humiliation at Work and Union Interest: An Empirical Analysis of Community Union Satisfaction as Related to Status Enhancement

How noneconomic benefits claimed by labor unions relate to union interest is not well articulated. Based on Torres and Bergner’s (Journal of the American Academy of Psychiatry and the Law, 38, 195–204, 2010; Psychotherapy, 49, 492–501, 2012) analysis of severe public humiliation, in which status enhancement underlies recovery, we examined an augmented relationship between humiliation at work (the underside of dignity at work) and willingness to join a union. As hypothesized, nonunion employees who were less detached from work showed more willingness to join when presented with evidence that members of a union were satisfied with community aspects of membership related to status enhancement above and beyond their satisfaction with economic aspects. Implications for union interest research and applications are discussed.     

Customer retention when the customer's future usage is uncertain

Consumers are often uncertain about how much they will use a service in the future (e.g., health clubs, credit cards, cell phones), yet the effects of this uncertainty on customer retention have not been studied. This research investigates factors influencing consumers' decisions about whether to retain noncontractual services for which anticipated future usage levels are uncertain. The studies show that Future Usage Uncertainty (FUU) generally reduces the likelihood that a customer will continue in a service relationship. However, when consumers consider the flexibility they have to delay the keep/drop decision (i.e., drop flexibility), or the anticipated regret associated with making the wrong decision, the effects of FUU are essentially eliminated, and consumers are more likely to continue in the relationship. © 2007 Wiley Periodicals, Inc.     

Relational Contracting in Partnerships

When performance is not verifiable, firms in a long-term relationship may rely on incentive contracts that are self-enforced or "relational." This paper studies the optimal design and performance of relational contracts in partnerships such as joint ventures or buyer-seller alliances. Optimal contracts look the same in each period as long as the relationship continues, but may require termination of the relationship after bad outcomes. Payments between the partners depend on their relative performance. In the special case of bilateral trade with specific investments, optimal relational contracting results in a price that varies with cost and demand conditions but is more stable than under spot market bargaining. Parallels are drawn with "Japanese style" subcontracting.     

Just-in-time inventory systems innovation and the predictability of earnings

Firms that adopt just-in-time (JIT) inventory practices do so in order to realize cost savings and improve product quality, but an unexpected benefit to such firms could be a more predictable earnings stream. We examine the relationship between implementation of just-in-time inventory practices and the predictability of future quarterly earnings for a matched-pair sample of 82 firms, half of which have publicly announced that they have adopted JIT inventory practices. We find that one- and four-step-ahead forecasts of quarterly earnings, using either a Brown–Rozeff [Journal of Accounting Research (1979) 179–189] ARIMA or a seasonal random walk expectation model, are more accurate for the firms that have adopted JIT.     

Tests of Fairness Models Based on Equity Considerations in a Three-Person Ultimatum Game

Two recent models incorporating fairness considerations into the economics literature based on agents' concerns about the distribution of payoffs between themselves and others (Fehr-Schmidt, 1999,Quarterly Journal of Economics. 114 (3), 769–816; Bolton-Ockenfels, 2000,American Economic Review. 90, 166–193) are investigated using a new three-person ultimatum game: One person allocates a sum of money to two others, one of which is randomly chosen to accept or reject the offer. Rejection gives both the responder and the proposer zero income and a positive consolation prize for the non-responder. The data show essentially no reductions in rejection rates, holding offers constant, with and without consolation prizes, contrary to both models' predictions.