Public Policy and Youth Smokeless Tobacco Use

Much is known about the effects of prices and tobacco control policies on cigarette smoking, but little is known about their impact on smokeless tobacco use. This paper uses data from the Monitoring the Future Surveys, augmented with tobacco tax and policy-related measures, to estimate smokeless tobacco demand equations for young males. The estimates indicate that higher smokeless tobacco taxes would significantly reduce the number of young men using smokeless tobacco and the frequency of smokeless tobacco use. In addition, the estimates imply that strong limits on youth access to tobacco products reduce smokeless tobacco use by young males.     

Empirically testing ES success factors in business process reengineering

Previously proposed success factors for Expert Systems implementation are field tested in the context of business process reengineering (BPR) projects. Due to its nature mimicking human expert behavior, ES technology applications in BPR provide a unique opportunity to study major organization changes within a relatively short time. Using Pearson correlations and multivariate regression analysis, eight ES implementation success factors proposed in the literature were empirically tested in this study in terms of their importance to the BPR benefits derived from the application. Sixty-two ES applications within E.I. Dupont de Nemours and Company dealing with business process changes significant enough to be called BPR were used. Despite the relatively small sample size, six of the eight success factors were corroborated: user satisfaction with the ES, the importance and difficulty of the business problem addressed, user attitudes toward ES technology and the particular ES project, the degree of user involvement in the ES implementation process, and the ES developer(s) skills.     

Educational Policy: Egalitarian or Elitist?

This paper uses a general-equilibrium model of production and predation to explain observed differences across countries in educational policies. This model predicts, in accord with the facts, that countries in which the government is willing and able to enforce a collective choice to allocate resources to guarding against predators choose to have egalitarian educational policies, which serve to decrease the amount of guarding required to deter predation. In contrast, countries in which individual producers, or small subsets of producers, choose the amount of resources to allocate to guarding against predators, taking the ratio of predators to producers as given, choose to have elitist educational policies, which can serve to decrease the number of potential predators.     

From low- to high-tech project management

Project management is a complex activity and it involves, among other things, an attitude, style and philosophy. The main proposition of this article suggests that different projects must be approached by different managerial philosophies. The article presents a conceptual managerial classification of projects based on their technological uncertainty — specifically the newness and complexity of the technology involved. It classifies all projects into four types: lowtech, medium tech, high-tech and super high-tech, and then proceeds to describe the major differences among them.
Special attention is then paid to the 'higher' technology types — high-tech and super high-tech projects — and to the attitudes and tools that are needed for managing them. Such projects, if well executed and successful, may help improve competitive advantage and commercial position. They involve however substantial risk and high probability of failure. Several examples of super high-tech projects carried out in the past are described, and their management style discussed in light of the classification presented here. These examples include the SR-71 'Blackbird' aircraft, the 'Apollo' moon-landing program, Data General's 'Eagle' computer and NASA's program of developing the Space Shuttle.     

THE EFFECTS OF EMPLOYEE OWNERSHIP ON EMPLOYEE ATTITUDES: AN INTEGRATED CAUSAL MODEL AND PATH ANALYSIS*

Research on employee-owned organizations to date has utilized alternative theoretical perspectives and has examined varying attitudinal outcomes. This study reviews previous research and attempts to integrate the findings into a causal model that combines the results of prior studies. the resulting causal model was tested empirically with a sample (N= 181) of employees from a firm that adopted an employee ownership programme. Financial value of the ESOP was positively related to satisfaction with the ESOP plan, but was not related to other attitudinal variables. Perceived influence from ownership was positively related to ESOP satisfaction, job satisfaction, and organizational commitment. ESOP satisfaction, job satisfaction, and organizational commitment were negatively related to turnover intention. ESOP satisfaction and turnover intention were related to actual employee turnover behaviour over an extended time period.     

The state: Agent or proprietor?

This paper addresses the following question: Does characterizing the state to be an agent of its citizens provide a useful "as if" framework for positive analysis of economic policy? Or, can we understand economic policy only by explicitly characterizing the state as proprietary, the instrument of the ruling elite?     

New debt issues and earnings management

We empirically examine the influence and effects of real earnings management (REM) procedures on the debt market by investigating the bond rating and actual market price of a firm's new debt offerings. Extant research provides conflicting representations concerning the effects of REM techniques on equity shareholders and debt market participants. Our results indicate a negative association between all three REM manipulation methods and perceived credit risk resulting in a lower bond rating, and higher market yield of the firm's debt at issuance. Additional analyses exploring the use of REM techniques to achieve analyst's earnings forecasts indicates that this negative effect is particularly significant for firms who only achieve the earnings forecast by utilizing REM methods. Our research adds to the literature by empirically describing the effects of REM techniques on new debt issuances, and contributes to the ongoing debate regarding the efficacy of engaging in real earnings management to achieve known targets.     

Corporate tax avoidance and the timeliness of annual earnings announcements

Consistent with an agency theory of tax avoidance, this study investigates the extent to which tax avoidance results in a less timely annual earnings announcement. Using 16,340 firm-years spanning the period 1993–2010, evidence is presented suggesting tax avoidance that manifests through greater temporary and permanent book-tax differences results in a less timely annual earnings announcement. This result is robust to including several controls previously documented to affect reporting delay, including the magnitude of the earnings surprise, size, profitability, auditor-related influences, shareholder composition, capital intensity, financial reporting aggressiveness and financial condition. Evidence is also presented suggesting that tax avoidance impacts the value-relevance of earnings to investors at the announcement date, evaluated by the earnings response coefficient.     

Volatility in productivity and the impact on unemployment

Volatility, and the uncertainty it creates, has long been recognized as a factor in economic decision making. Since hiring occurs before shocks to productivity are realized, firms’ investment in new labour is inherently risky. How large a role uncertainty in productivity has on aggregate unemployment is an empirical question that we attempt to answer. In this paper we measure the impact of higher volatility in labour productivity on the unemployment rate in the U.S. economy using a SVAR-GARCH-M model. Using the conditional standard deviation of productivity innovations from a multivariate GARCH model to measure uncertainty, we provide compelling evidence that unemployment increases with volatility. This estimated relative effect is actually larger for positive productivity shocks leading to unemployment declines only 60% as large as would have occurred using models that exclude uncertainty.