Advertisers' Responses to Requests for Substantiation of Product Claims: Differences by Product Category,Type of Claim and Advertising Medium

A sample of major advertisers of durable and nondurable consumer products were asked to provide substantiation of scientific and puffery product claims made in television and magazine advertising. The companies were asked to respond directly to an interested consumer and the responses were evaluated on an “average man” basis. The results indicated that many advertisers cannot or will not successfully substantiate their product claims despite the efforts of the Federal Trade Commission's advertising substantiation program. One proposed remedy is to require advertisers to substantiate claims directly to consumers, on request.     

Media Advocacy: A Case Study of Philip Sokolof's Cholesterol Awareness Campaigns

Elevated blood cholesterol has been identified as a major causal factor underlying heart disease. Through effective use of the mass media, Philip Sokolof was instrumental in increasing cholesterol awareness, forcing major changes in the food industry, and facilitating the passage of tough, new food labeling legislation. Drawing on a variety of published sources and a personal interview with Mr. Sokolof, this article describes his efforts to use the mass media to promote change in the public health domain.     

乡财“三管齐下”

随着社会主义新农村建设的推进和公共财政职能的不断加强,国家财政用于乡镇的资金大幅度增加。加强乡镇财政资金管理工作无疑成了基层财政人的新"课题"。为充分发挥乡镇财政职能,湖北省咸宁市咸安区农村财政管理局"三管齐下"大力推进乡镇财政资金监管,乡镇财政效能显著提高。     

Does the Scope of the Sell‐Side Analyst Industry Matter? An Examination of Bias,Accuracy, and Information Content of Analyst Reports

We examine changes in the scope of the sell‐side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst competition and have significant spillover effects on other analysts’ forecast accuracy, bias, report informativeness, and effort. These spillover industry effects are incremental to the effects of firm level changes in analyst coverage. Overall, a more significant sell‐side analyst industry presence has positive externalities that can result in better functioning capital markets.     

Use of 12 groups of foods in households differing in size,income and receipt of food stamps

Using data from the Nationwide Food Consumption Surrey, 1977–78, this study assessed the influence of household size and composition, household income, and eligibility/participation in the Food Stamp Programme (FSP) on the weekly money value of specified food groups used from the household food supply. Mean money values of foods by food groups were calculated for various sample partitions and proportions of total food value allocated to the 12 specified food groups were analysed using ordinary least squares regression. Results indicated that household size had a statistically significant impact on household food consumption patterns. As per capita household income increased, percentage allocations to high-cost meats and beverages generally increased while percentage allocations for the other 10 food groups decreased. The money value of food used per equivalent food energy need increased with decreasing household size and with increasing per capita household income. These relationships occurred for total food and for most of the specified food groups. Households that participated in the FSP used food with higher money value per-equivalent food energy need than did households who were eligible but did not participate in the FSP.     

Default Risk in Futures Markets: The Customer-Broker Relationship

The traditional view of the futures clearinghouse as an insurer that eliminates the need for customers to evaluate default risk is inaccurate. A clearinghouse member default in 1985 confirms that the clearinghouse only guarantees payment from member to member, not from customer to customer or member to customer. Thus, non-defaulting customers are subject to losses as a result of the action of individuals with whom thay have no contractual obligations. This study models the behavior of customers choosing a futures commission merchant (FCM) given the current legal position of the clearinghouse. In a single-period model with symmetric information, customers can eliminate their exposure to defaults of other customers or of their FCM only by choosing to trade through “boutique” (undiversified) FCMs. In practice, monitoring and rebalancing costs may impede the attainment of zero default risk. However, FCM diversification remains an important factor in customer choice of an FCM. When setting capital requirements, clearinghouses and government regulators need to consider the implications of diversification for both customer and market protection.