THE IMPACT OF MERGERS IN U.S. PETROLEUM INDUSTRY ON WHOLESALE GASOLINE PRICES

Starting in the mid‐1990s, the U.S. petroleum industry experienced a wave of mergers, several of them between large petroleum companies that were previously competitors. Using an econometric analysis of terminal city‐specific data, this study finds that the majority of the mergers led to higher wholesale gasoline prices in the United States in the mid‐1990s through 2000. (JEL L7, L13, L40)     

The state of Geographical Information Systems (GIS) training and research in South African universities

Geographical Information Systems or GIS has become one of the more prominent research and training tools in South African university departments in the 1990s. GIS developed in the 1970s in North America in response to the expanding capacity of computer systems and the need to integrate spatial and attribute data (Maguire et al, 1991). It was only in the mid‐1980s that the first systems were set up in South Africa, primarily at research institutions such as the Department of Water Affairs and the Institute for Natural Resources in Pietermaritzburg. Since then the use of the technology has grown exponentially and most of the country's major municipalities (Szecsei, 1990; Van Rensburg, 1992), government departments, town and regional planners (Zietsman, 1992; Venter, 1993), engineering concerns (Poolman, 1990) and universities have become regular users. At universities GIS is used more as a research tool than as a defined analytical procedure. This article reviews the development of GIS and its use in South African universities. It also discusses the advantages and impediments to the use of the technology and its development.     

Cultural Relevance of Western Accounting Systems to Developing Countries

It has been suggested recently that the accounting systems used in developing countries may be irrelevant to their needs because they originate in Western countries with different cultural values. The accounting literature on this point, however, is vague in its assessment of exactly what aspects of Western accounting systems fail to meet the test of relevance. Furthermore, it is not clear whether the differences between the needs of users in various countries are differences in kind or only differences in degree. This article analyses these issues by introducing technical considerations in addition to the behavioural ones usually discussed and by separating out problems of accounting measurement from problems of accounting disclosure. This distinction is used to argue that it is the specific disclosure rules of particular calculations inherent in Western accounting systems rather than the transaction cost database that are most likely to fail to satisfy the needs of users in developing countries. The effect of the importation of the French Unified Accounting System to Lebanon is examined and an amended version of the Hofstede-Gray cultural accounting framework is used to clarify the concept of cultural relevance.     

Nutritive value of germinated mung beans and lentils

Changes in the nutritive value of germinated mung beans (Phaseolus aereus) and lentils (Lens esculenta) were studied. Water, energy, protein, amino acids, vitamins B₂ and C, iron and zinc contents increased with germination. The possible use of these germinated seeds for human consumption was determined by sensory evaluation.     

Distressed Debt Restructuring in the Presence of Credit Default Swaps

The availability of credit insurance via credit default swaps has been closely associated with the emergence of empty creditors. We empirically investigate this issue by looking at the debt restructurings (distressed exchanges and bankruptcy filings) of rated, nonfinancial U.S. companies over the period January 2007–June 2011. Using different proxies for the existence of insured creditors, we do not find evidence that the access to credit insurance favors bankruptcy over a debt workout. However, we document higher recovery prices following a distressed exchange in firms where empty creditors are more likely to emerge.