The value of tax benefits and the cost of liquidating versus selling failed thrift institutions

This paper examines the 205 insolvent thrifts that were resolved in 1988 and assesses the cost savings obtained by selling 179 of the institutions through assisted acquisitions rather than liquidating them. It is hypothesized that the cost savings were determined by factors related both to the future viability of the acquired institution and the particulars of the deal arranged by the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation. The added value by selling a thrift is determined primarily by the level of core deposits obtained by the acquired thrift. However, the branch structure and purchased mortgage-servicing rights should also add franchise value to the firm. In addition to these factors, the analysis accounts for the tax benefits and other regulator forbearances associated with the deals. Other characteristics of the deals are also considered. It is found that core deposits, tax benefits, purchased mortgage-servicing rights, average branch size, and type of acquirer, as well as some other factors, were significant determinants of the cost savings obtained through selling an institution rather than liquidating it.     

Organizational climate factors and the evaluation of technical ideas

Based on data obtained from 359 idea evaluators, canonical correlation analysis was used to examine the relationship between several organizational factors and a set of criteria used in the evaluation of technical ideas. In contrast to other studies, it was found that organizational factors—assessed in terms of organizational climate—could be explained in terms of two dimensions: organizational clarity and risk. Technical evaluation criteria could be explained in terms of professional self-gratification and organizational responsibility. In light of the multivariate relationship among the two sets of factors, a number of organizational design implications are outlined.     

Market Effects of Recognition and Disclosure

Our recognition and disclosure model reveals that price informativeness is determined by the interaction of the qualities of three information sources—the recognized amount, the disclosed information, and the information revealed by price—and accounting expertise acquisition. It also reveals that recognition of an accounting amount alters each of these, thereby affecting price informativeness. Perhaps surprisingly, we find that recognition of a highly unreliable accounting amount, rather than simply disclosing it, can result in greater price informativeness. Likewise, recognition of a highly reliable amount can result in lower price informativeness. Our findings suggest that, because of the effects of aggregation, basing recognition decisions on reliability alone is too simplistic. Reliability relative to relevance is key, not reliability per se. We also find that recognition and disclosure affect the coefficients in a regression of price on accounting amounts.     

Small and Medium Enterprise Financing in Transition Economies

This paper studies the financing status of small and medium enterprises (SMEs) in transition economies. Factors causing financing obstacles are indentified and further analyzed to determine their influence over financing patterns. Bank regulatory practices relevant to SMEs’ access to bank loans and their influence over loan structures are identified. This study contributes to the existing body of knowledge by exploring the impact of specific bank regulatory practices on credit lending to SMEs in transition economies.     

Monopsonistic discrimination, worker turnover, and the gender wage gap

Motivated by models of worker flows, we argue in this paper that monopsonistic discrimination may be a substantial factor behind the overall gender wage gap. Using matched employer–employee data from Norway, we estimate establishment-specific wage premiums separately for men and women, conditioning on fixed individual effects. Regressions of worker turnover on the wage premium identify less wage elastic labour supply facing each establishment of women than that of men. Workforce gender composition is strongly related to employers' wage policies. The results suggest that 70–90% of the gender wage gap for low-educated workers may be attributed to differences in labour market frictions between men and women, while the similar figures for high-educated workers ranges from 20 to 70%.     

A model of diffusion and implementation: An exploratory study of managerial innovation in Colombia

The focus of this paper is characterized by (1) an examination of the factors related to the “anticipation” of potential innovations in any organizational setting and (2) the identification of strategies for the diffusion and implementation of operations research/management science (OR/MS) techniques in a particular developing region. Based on the methodology used in studying change (innovation) in health care systems, a managerial innovation model incorporating four main components [the executive, the organization, the task environment of the organization and change agent(s), including the OR/MS manager and outside consultants] is developed and examined in terms of data obtained from top executives and other managers in forty industrial firms in Cali, Colombia. In the model developed the process of innovation is decomposed into the levels of; (a) attitudes and motivations of the executive, (b) “readiness” to take action, (c) action characteristics, (d) triggering cues and (e) actions taken and evaluation (feedback loop). The model was found useful for providing predictions indicating areas to which intervention and “marketing” of OR/MS strategies should be devoted. Overall, the study provides a base for comparative and longitudinal studies.     

Analyst Earnings Forecast Revisions and the Pricing of Accruals

We investigate the relation between two market anomalies to provide insights into analysts role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms with consistent accrual and forecast revision signals have less persistent accruals and earnings. We also find that accruals can be used to refine the forecast revision strategy—high accruals are associated with overoptimism in analyst forecasts. Our findings indicate that although forecast revisions reflect information about accrual and earnings persistence beyond that reflected in the level of current year accruals, investors do not fully incorporate this information into their valuation assessments.     

共同会计价值观导向下的全球财务报告教育与研究——以美国为例

本文从考察全球财务报告与美国公认会计原则(GAAP)的关系入手,讨论了全球财务报告课程中应涵盖的内容以及业界对财务报告普遍存在的一些误解。探讨了会计理论研究如何发挥对准则制定的指导作用,以及为什么理论研究能对准则制定有重要指导作用,在此基础上,提出了与国际会计准则理事会的技术议程以及与财务报告全球化相关的研究课题。     

Valuation-based accounting research: Implications for financial reporting and opportunities for future research

This paper discusses the relation between financial reporting research and practice, particularly standard setters. Many studies addressing financial reporting issues use a valuation approach. The paper describes alternative approaches to valuation research and summarises the findings relating to four major current issues: fair value accounting for financial, tangible, and intangible assets, cash flows versus accruals, recognition versus disclosure, and international harmonisation of accounting standards. The summaries include identifying what standard setters and others would like to learn from research, what we have learned, and what is left to learn. The paper concludes with observations about future financial reporting academic research.     

Research note sport tourism versus event tourism: Considerations on a necessary distinction and integration

Abstract

Interest in sport-related tourism increased perceptibly around the millennium, however, a comprehensive conceptual framework for a classification of sport (event) tourism is still missing. The predominant focus of sport tourism encompasses event-related touristic endeavors, such as mega sport events; however, an holistic approach to sport tourism suggests the need for further integration of other sub-areas such as nonevent-related components. This research note, therefore, provides a sport tourism perspective and a methodological approach to establishing the sport tourism cube as a necessary tool for the further distinction and integration of sport and event tourism. The research aim is, therefore, to build a foundation for further scientific research in sport tourism.