Market Concentration, Economic Welfare, and Antitrust Policy

The authors review the foundation for incorporating market concentration directly into consumer utility functions, and develop a general equilibrium model to derive welfare-maximizing principles for optimal enforcement of antitrust policies toward concentrated market structures, including merger policy. An intriguing result is that increased market concentration can fail to maximize economic welfare even if a proposed merger might generate positive net efficiencies.

The Effect of Ethical Orientation and Professional Commitment on Earnings Management Behavior

The purpose of this study is twofold. The first objective is to examine the impact of an individual’s ethical ideology and level of professional commitment on the earnings management decision. The second objective is to observe whether the presence of a personal benefit affects an individual’s ethical orientation or professional commitment within the context of an opportunity to manage earnings. Using a sample of 375 undergraduate business majors, our results suggest a significant relationship between an individual’s ethical orientation and decision-making. Further, participants with higher levels of professional commitment seem to be less likely to engage in earnings management behavior and less likely to behave opportunistically. These results have the potential to add to our understanding of certain behaviors in entry-level personnel and should be of interest to managers, practitioners, academicians, and researchers.     

Transferring Western Management Knowledge to China: Perceptions of Graduates from an American Executive MBA Program

As is well-known, China’s rapid economic growth over the past decades has been impressive and this growth has driven the demand of qualified managers and professionals by both foreign and Chinese enterprises. This paper examines perceptions of the graduates of an American Executive MBA program, who experienced the transfer of Western management knowledge through team teaching and virtual student teams. The findings show that graduates are generally satisfied with their overall educational experience and its impact on their career in terms of promotions and compensation. Furthermore, the team teaching and global virtual student teams are viewed as valuable experiences.     

The composition of growth matters for poverty alleviation

This paper contributes to explain the cross-country heterogeneity of the poverty response to changes in economic growth. It does so by focusing on the structure of output growth itself. The paper presents a two-sector theoretical model that clarifies the mechanism through which the sectoral composition of growth and associated labor intensity can affect workers' wages and, thus, poverty alleviation. Then, it presents cross-country empirical evidence that analyzes, first, the differential poverty-reducing impact of sectoral growth at various levels of disaggregation, and, second, the role of unskilled labor intensity in such differential impact. The paper finds evidence that not only the size of economic growth but also its composition matters for poverty alleviation, with the largest contributions from unskilled labor-intensive sectors (agriculture, construction, and manufacturing). The results are robust to the influence of outliers, endogeneity concerns, alternative explanations, and various poverty measures.     

An Exploration of the Role Values Plays in Design Decision-Making

The paper explores the role of values in design decision-making through the eyes of key authors and a pilot study. ‘Knowing that’ and ‘knowing how’ in designing are reviewed and the problematic distinctions between ‘know how’; and skill noted. The effect of values on design decision-making is discussed and examples from the pilot study are presented together with a new categorisation strategy for values in design decision-making.     

Awareness and perceptions of the Johnson & Johnson Campaign for Nursing's Future: views from nursing students, RNs, and CNOs

Johnson & Johnson launched the Campaign in February 2002. Data from surveys of nursing students, RNs, and CNOs reflect a high level of awareness of several key elements of the Campaign--advertisements, recruitment materials, the discovernursing.com Web site, and regional "Promise of Nursing" fundraising events. The J & J Campaign for Nursing's Future represents the largest involvement of the private corporate sector, and through this initiative we are learning new and innovative ways to examine the challenges confronting the nursing workforce and develop actions to help resolve them.     

An Examination of the Demand for Life Insurance

For almost 50 years researchers have sought to explain consumer behavior concerning the purchase of life insurance. This study examines the literature relating to specific demographic and economic factors that may be identifiable as traits influencing the demand for life insurance, and discusses general environmental issues that may relate to life insurance demand. By organizing the wealth of literature in a useful and systematic format, noting consistencies and contradictions, this examination seeks to provide a better understanding of how and why life insurance purchases are made.     

A content analysis of CPA advertising in national print media from 1979 to 1984

Certified Public Accountants were not allowed to advertise from 1922 to 1977. Even though the AICPA Code was changed in 1978, there has been continued discussion and disagreement among practitioners about whether accountants should advertise. A content analysis of 38 publications (over a six year period) from industry/trade, accounting, and general business was performed in order to determine where advertisments appeared, timing, frequency and to whom CPAs were advertising as well as the message content, components, and objectives of the advertisements. Of 812 advertisements, 71% were from Big Eight firms. The advertisements promoting services not requiring CPA certification and were found mostly in industry/trade publications. The number of advertisements increased through the years except for 1982. Advertising by CPA firms still appears to be conservative in numbers; however, the trend indicates that such advertising will increase in the future.     

INSIDER TRADING: THE CASE AGAINST THE "VICTIMLESS CRIME" HYPOTHESIS

This paper challenges the long held hypothesis that insider trading is a victimless crime. Using utility maximization analysis, the author examines both the good news and bad news cases. Injury is demonstrated. Separability of the insider's trade from the insider's information monopoly is also examined utilizing the generally accepted market structure analysis. Separability is rejected.     

THE ADOPTION OF NEW-ISSUE DIVIDEND REINVESTMENT PLANS AND SHAREHOLDER WEALTH

This study examines security price reactions to the adoption of new-issue dividend reinvestment plans. The sample is broken down into three subsamples: nonutilities, utilities adopting plans prior to May 1981, and utilities adopting plans after July 1981. For the nonutility corporations, no significant market reaction is observed. The utilities adopting prior to the change in the tax law experience a negative reaction the day following registration for the plan. Corporations adopting after July 1981, whose dividends receive preferential tax treatment, experience abnormal returns significantly greater than those of the utilities without preferential tax treatment.