A SURVEY OF JEL CODES: WHAT DO THEY MEAN AND ARE THEY USED CONSISTENTLY?

The use and prevalence of JEL code categorization is wide in the field of economics, but what do JEL code classifications actually tell us? And are they used with consistency by academics in the field? Utilizing a data set of articles published in the American Economic Review from 1990 to 2008, we investigate whether there is heterogeneity in JEL codes assignments between authors and editors. We find that there is. A secondary goal of this paper is to survey overall thematic trends in JEL code usage over the past four and a half decades. One result is that JEL category M: Business Economics, in particular, appears to be thematically and spatially distinct from much of the rest of the published literature in the top general interest journals in the field.     

IN TANDEM OR OUT OF SYNC? ACADEMIC ECONOMICS RESEARCH AND PUBLIC POLICY MEASURES

This paper investigates whether academic research attention to certain policy‐related measures (including gross domestic product, unemployment, and inflation) is correlated with empirical measurements of the measures themselves. In other words, when unemployment rises, does research attention to the matter increase? Or do economists pursue research (in the short run) relatively uninfluenced by policy shocks on the ground? Text analysis implies that economic attention to key policy terms does correlate with empirical movements of the terms in most instances; however, the stronger and more consistent correlation is between use of policy terms in the literature and discussion of them by the broader public. (JEL A11, H00)     

The Impact of Refinement on the Accuracy of Time‐driven ABC

Recently, time‐driven activity‐based costing (ABC) has been developed as a cost modelling technique in which transaction times (that is, times required for particular occurrences of an activity) are calculated using time equations. This paper develops a model of the error structures in time‐driven ABC and examines the impact of adding terms to time equations on the accuracy of estimated transaction times. The results provide some fundamental insights into the balancing of errors when refining time equations and lead to some general recommendations that may be followed in the design process of a time‐driven ABC system to enhance the accuracy of times calculated by means of time equations.     

Intellectual property rights and trade expansion

With the passing of the North American Free Trade Agreement, it is expected that there will be increasing interest in expanding this association throughout the Western hemisphere. One of the major obstacles to this expansion, however, is the relative lack of protection for patents, copyrights, and trademarks in some of the Caribbean and Latin American countries. By means of a survey of the Executive Directors of the American Chambers of Commerce in these countries, the study attempts to determine whether the countries would be willing to provide reasonable protection for intellectual property rights in return for acceptance into the enlarged free trade area. The response of the Executive Directors indicates that there is a reasonable probability that many of these countries would indeed strengthen their intellectual property protection for this trade opportunity.     

Some maize production parameters for KwaZulu

As part of a farming systems research project in KwaZulu, a range of agronomic variables (hybrid and open‐pollinated seed, frequeincy of weeding and fertilizer rates) were evaluated for small‐scale subsistence and commercial maize (Zea mays L.) production.

Not all hybrids performed well but a group of adapted cultivars outyielded the open‐pollinated cultivars consistently. The grain yield regression equation of a leading hybrid (PNR6549) on the best open‐pollinated cultivar (Kalahari Early Pearl) was y = 0,32 + l,2x (yield range: 1 t ha‘¹ to 8 t ha^‐1). The large‐grained Hickory King and a traditional cultlvar (Maputaland), while giving lower grain yields than other open‐pollinated and hybrid culttvars, were preferred for consumption as green mealies (corn‐on‐the‐cob).

Weed control was a major determinant of yield. At the lowest level of purchased input (open‐pollinated seed, no fertilizer), increasing the number of weedings from one to three raised the mean grain yield over two seasons from 1,1 t ha^‐1 to 2,0 t ha^‐1, and from 2,2 t ha‘¹ to 3,8 t ha‘¹ in the treatment incorporating a hybrid cultivar and the highest fertilizer level.

Production objectives and labour and cash constraints in KwaZulu differ between subsistence farmers and semi‐commercial and commercial farmers. The data presented here provide guidelines to the selection of suitable options for the various categories of farmer.     

Employee Stock Option Fair‐Value Estimates: Do Managerial Discretion and Incentives Explain Accuracy?*

We examine the determinants of managers' use of discretion over employee stock option (ESO) valuation‐model inputs that determine ESO fair values. We also explore the consequences of such discretion. Firms exercise considerable discretion over all model inputs, and this discretion results in material differences in ESO fair‐value estimates. Contrary to conventional wisdom, we find that a large proportion of firms exercise value‐increasing discretion. Importantly, we find that using discretion improves predictive accuracy for about half of our sample firms. Moreover, we find that both opportunistic and informational managerial incentives together explain the accuracy of firms' ESO fair‐value estimates. Partitioning on the direction of discretion improves our understanding of managerial incentives. Our analysis confirms that financial statement readers can use mandated contextual disclosures to construct powerful ex ante predictions of ex post accuracy.     

Engaging employees in company success: The UPS approach to a winning team

UPS is the world's largest package delivery company and a leading global provider of specialized transportation and logistics services. One of the company's missions is to maintain a financially sound company, with broad employee ownership, that offers a long‐term competitive return to shareowners. This ownership culture is demonstrated through ownership guidelines for managers and supervisors as well as several employee stock programs. The ownership culture is vigorously promoted throughout UPS by a variety of communication channels. Employee ownership is core to the UPS culture, and it translates into a strong work ethic, with employees engaged in growing the business and committed to the company's success. © 2005 Wiley Periodicals, Inc.     

From Vienna to Virginia: Exchange,rules, and social cooperation an introduction to the symposium

Serving as an introduction to the essays in this volume, we put forward an intellectual hardcore for a shared research agenda between Austrian and Virginia political economy. This research agenda rests on three pillars: exchange, rules, and social cooperation. Each of these pillars forms the distinctive flavor of Austrian and Virginian political economy with respect to theoretical approach, types and applications of empirics, and even to normative questions. Our essay explores the meaning of these pillars with respect to the broader study of political economy, as well as the intellectual superstructure of each respective school.