FUZZY ACTIVITY BASED COSTING: A METHODOLOGY FOR HANDLING UNCERTAINTY IN ACTIVITY BASED COSTING SYSTEMS

Activity based costing (ABC) systems are often developed using estimated input data. A methodology based on fuzzy set theory has been developed to handle estimation imprecision and uncertainty in ABC systems. This methodology creates a new type of ABC system; a fuzzy activity based costing (FABC) system. This paper introduces the concepts behind FABC, discusses the FABC system development process, and presents a FABC system that was developed for a mid-sized pharmaceutical company. Compared to ABC analysis, the developed FABC system provides additional and more valuable decision making information to the company.     

High Performance Work Practices and Employee Voice: A Comparison of Japanese and Korean Workers

Using a unique new cross‐national survey of Japanese and Korean workers, we report the first systematic evidence on the effects on employee voice of High Performance Work Practices (HPWPs) from the two economies that are noted for the wide use of HPWPs. We find for both nations that: (i) workers in firms with HPWPs aimed at creating opportunities for employees to get involved (such as shopfloor committees and small group activities) are indeed more likely to have stronger senses of influence and voice on shopfloor decision making than other workers; (ii) workers whose pay is tied to firm performance are more likely to have a stake in firm performance and hence demand such influence and voice; and (iii) consequently workers in firms with HPWPs are more likely to make frequent suggestions for productivity increase and quality improvement. As such, this paper contributes to a small yet growing new empirical literature that tries to understand the actual process and mechanism through which HPWPs lead to better enterprise performance.     

物流业上市公司的盈余管理模式研究

针对中国物流业的发展现状,以分析上市公司盈余管理的动机为起点,对物流业的盈余管理模式进行剖析。     

The Dynamic Relationship between Permanent and Transitory Components of U.S. Business Cycles

This paper investigates the dynamic relationship between permanent and transitory components of post-war U.S. business cycles. We specify a time-series model for real GNP and consumption in which the two share a common stochastic trend and transitory component, and Markov-regime switching is used to model business cycle phases in these components. The timing of switches between business cycle phases is allowed to differ across the permanent and transitory components. We find strong evidence of a lead-lag relationship between the switches in the two components. Specifically, switches in the permanent component leads switches in the transitory component when entering recessions.     

DERIVATION OF AN INTERTEMPORAL CORRELATION COEFFICIENT MODEL BASED ON CASH FLOW COMPONENTS AND PROBABILISTIC EVALUATION OF A PROJECT'S NPV

If the first two moments (mean and variance) of the net present value (NPV) are known, various probabilistic information of possible NPV can be derived. However, in general, it is practically impossible to estimate the variance of lengthy investment projects due to difficulties in estimating all the intertemporal correlation coefficients between cash flows of two different periods. In this paper, we derive an estimation model for the intertemporal coefficients based on cash flow components and show how the model, under a certain assumption, can be used for estimating and deriving probabilistic information.     

物流业上市公司的盈余管理模式研究

针对中国物流业的发展现状,以分析上市公司盈余管理的动机为起点,对物流业的盈余管理模式进行剖析.     

Population Aging and International Monetary Transmission

This paper examines whether U.S. monetary policy has different effects on young and old countries. I first empirically show that a contractionary U.S. monetary policy shock brings about a smaller fall in output and a greater rise in net exports in old countries using vector autoregressions (VARs), and that the shock leads to a larger fall in consumption and a smaller decrease in investment in old countries using the local projection method. I then construct a three-country life-cycle model including the U.S., a young country, and an old country. Consistent with the empirical analyses, the simulation results of the model show that a contractionary U.S. monetary policy shock has weaker effects on output in the old country than in the young country. In response to the shock, despite a larger fall in consumption in the old country, investment there decreases by less and net exports rise by more, which enables output in the old country to decline by less. The stronger incentives to save in the old country, resulting from the longer life expectancy and hence the longer retirement period, play a key role in generating these results.     

On the Asymmetric U‐Shaped Relationship between Inflation,Inflation Uncertainty,and Relative Price Skewness in the UK

We investigate the asymmetric relationships between aggregate inflation and the second and third moments of the cross‐sectional distribution of relative prices using a modified Calvo pricing model with regime‐dependent price rigidities. Calibration experiments reveal that the inflation‐standard deviation and inflation‐skewness relationships exhibit U‐shaped asymmetries around the historical mean inflation rate. UK sectoral data support our results. We conclude that monetary policy should target an inflation rate proximate to the (common) minima of these nonlinear relationships and that core inflation measures should not be used for policy purposes as they exclude much of the information contained in the higher moments.     

Time-Series Variation in Dividend Pricing

Ex-dividend day returns vary over time. The ex-day returns of high-yield stocks are persistently positive for some time periods and negative for others; in contrast, ex-day returns of low-yield stocks are always positive and less variable. We are unable to explain the variation with changes in the tax code, but we do find a strong effect for the introduction of negotiated commissions. We find evidence that corporate dividend capturing is affecting ex-day returns and confirm the findings of Gordon and Bradford (1980) that the price of dividends is countercyclical.     

Disagreements among Shareholders over a Firm's Disclosure Policy

This paper examines the issue of voluntary disclosure of information by firms with heterogeneous shareholders. It shows that in a rational expectations setting, better informed shareholders prefer less disclosure than less well-informed shareholders. This is due to differences in the adverse risk-sharing effect and the beneficial cost-saving effect of disclosure among shareholders with different risk tolerances and information acquisition cost functions. The presence of individual liquidity shocks is shown to reduce shareholder disagreements regarding a firm's disclosure policy.