IMPACT OF INCOME AND WIFE'S EDUCATION ON FAMILY CONSUMPTION EXPENDITURES

Data from the 1972–73 Consumer Expenditure Surveys were used to investigate whether wife's education influences family expenditure once the effects of income and other factors are taken into account. The double-log function was used in the multiple regression analysis of fifteen consumption expenditure categories. Education and income elasticities were also compared. Wife's education was influential in determining family consumption expenditures even after taking family income and other factors into account.     

Advantages and disadvantages associated with the increased use of microwave energy in food preparation

This paper reviews some of the advantages and disadvantages associated with the increased use of microwave energy which have been revealed in recent investigations. In the U.K., there have been many changes in household structure and in eating patterns. Lifestyles have changed as a result of the complex interaction between social, nutritional and technical developments. There are now many new products and a different mode of cooking and eating is used in which convenience is an important feature. Comparisons between households with and without microwave cookers showed a fundamental difference between time and energy used in food preparation and also between the part played by different family members in meal production. The changing roles within households and the nature of family-eating patterns were evident. Experiments were carried out to quantify some of the observed differences between food cooked by conventional methods and by using microwave energy. The microwave cooker was found to be an important domestic cooking appliance with potential for improving energy efficiency during cooking and providing convenience and increased leisure time but it must be realised that there are problems relating to product design and safety.     

The Treatment of Non-Recurring Items in the Income Statement and their Consistency with FASB Concept Statements

This study provides evidence on the consistency of Accounting Principles Board Statement No. 30 (APB, 1973) classification criteria with the objectives of the Financial Accounting Standards Board's Concept Statements Nos 1 and 2 (FASB, 1978, 1980). It is hypothesized that the current APB 30 requirement to classify items of a non-recurring nature in the operating section of the income statement decreases the predictive ability of income before extraordinary items. A random sample of 50 firms with non-recurring adjustments to income, which were included in the operating section of the income statement, was selected from Standard and Poor's Corporation Records. Naive models were used to generate earnings per share forecasts for the year in which the adjustment to income occurred, the prior year and subsequent year.
The results indicate a statistically significant decrease in the predictive ability of earnings per share before extraordinary items associated with the year that the adjustment occurred and a significant increase in the variability of earnings per share. Also, differences in predictive ability were noted between small and large firms and firms with positive and negative adjustments to income.
The results of this study also imply that the managers of most firms with negative adjustments to income are not using the adjustments to smooth income for either the purpose of decreasing the variability of earnings or increasing predictability. The results are more consistent with the 'big bath' theory. These conclusions appear to be more relevant for smaller firms than larger firms.     

Stock Exchange Disclosure and Market Development: An Analysis of 50 International Exchanges

This study examines associations between measures of stock exchange disclosure and market development at 50 of the member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange policy with desired outcomes related to market development (such as liquidity, trading activity, and market size relative to gross domestic product). We find strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size, and several other potentially relevant explanatory variables.     

The effects of water hardness level on washing quality using commercial laundry detergents

The water hardnesses were determined for 10 samples of water. A wide variation of water hardnesses were found ranging from very soft to very hard. The effectiveness of six commercial laundry detergents of different formulations were evaluated. The detergent containing a non-ionic surfactant with a phosphate builder was found to give the best whiteness results, regardless of water hardness. Because of the possible environmental problems associated with the use of phosphates, consumers may wish to select the next most effective detergent formulation, which varied between water samples.     

Congress and the Federal Reserve

We examine legislative activity to determine when Congress threatens the Fed and whether this pressure affects monetary policy. By the late‐1980s Congress shifted from threatening when unemployment was high to threatening when inflation was high. We use the Romer and Romer monetary shocks to isolate changes in the federal funds rate that cannot be explained by economic conditions and ask whether these shocks respond to pressure. In the 1970s, the Fed responded to bills credibly threatening Fed powers by lowering the federal funds target below that prescribed by current and forecast economic conditions. However, this accommodation ceased in the mid‐1980s.     

Lifetime vs Annual Tax-Transfer Incidence: How Much Less Progressive?

Annual fiscal incidence studies have found that income taxes and cash transfers are highly progressive and that their net effect is to redistribute income from rich to poor. Yet many argue Jhat such studies overstate the redistribution achieved by governments and that lifetime analysis is needed New results suggest that both income taxes and cash transfers are progressive on a lifetime basis, although they are much less progressive than annual studies suggest. The Australian tax-transfer system thus generates some lifetime redistribution from rich to poor, while also enforcing intra-personal redistribution across the life cycle of individuals.     

2005 — It's Here, Ready or Not: A Review of the Australian Financial Reporting Framework

This article reviews the current financial reporting framework in Australia by considering three groups that are involved in the production of companies' financial reports: rule-makers, financial report preparers and rule-enforcers. We outline dramatic changes to the financial reporting framework in the period 2002-04 (primarily from CLERP 9) and explore the effect on the roles and activities of various groups of the adoption of international accounting standards in Australia.     

Pre-retirees' assessment of housing adequacy and their propensity to move

The purpose of this study is to determine how adequate pre-retirees perceived their homes would be for retirement, and their propensity to move after retirement. This study assesses the relationships between certain socio-demographic variables and feelings and plans for retirement, current housing tenure and structure conditions of the home, the anticipated adequacy of the size of the current home for retirement, and the anticipated locational decision after retirement. Three hypothesized models were tested, each succeeding model adding another level, using the above variables. The hypothesized models were tested using logistic regression. Marital status and family income are statistically significant in the prediction of current housing tenure and structure conditions. The amount of planning for retirement, assessed by the respondent in comparison to others of similar age, is a significant predictor of anticipated satisfaction with the present dwelling at retirement. Anticipated satisfaction with the present dwelling at retirement and age are statistically significant in the prediction of likelihood of moving at retirement.