Search results

Three approaches to the problem of determining buffer stocks to protect against uncertainty in product mix are presented. Each approach can be adapted to recognise the total cost, rather than the total size of component safety stock. Uncertainty in product mix arises because of forecast errors within the total manufacturing lead time. This may be too short to allow for changes in volume but the creation of component safety stock will permit changes of product mix. Examples of the approaches described are given.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

The authors study the explanatory power of investor rationality and irrationality for value and momentum portfolios. We also examine the relationships during financial crisis events, namely, the US subprime mortgage crisis (2007–2009) and the European debt crisis (2011–2013).

This study examines the influence of investors’ rationality and irrationality on the US stock market, using the multiple linear regression model and the stepwise regression model. Technically, the stepwise regression uses the machine-learning technique, with specific testing methods — forward selection, backward selection and stepwise selection — to find the best-fit model, according to Akaike’s Information Criterion (AIC). Thus, in this study, we will show the best model, as tested by the stepwise regression model.

Our empirical results contribute to the importance of reasons and emotions for stock-market returns and conclude that rationality and irrationality simultaneously explain the value and momentum portfolios, as well as the ETF portfolios. Also, the rational and irrational explanatory powers differ, depending on portfolios and different periods. Rational factors usually explain the volatility of the return to a greater extent than irrational factors. Moreover, during a financial crisis, the irrational factors remarkably increase their importance in explaining returns, especially for the ETF portfolios.

We expect this study’s contribution will show not only academic contribution but also benefit many stakeholders in the financial market. Investors and traders can identify various irrational factors of trading — for example, taking a long position during the panic in the market following the indicators in the models. Managers also reconsider the cost of the company by adding irrational factors when computing the equity’s expected return. Similarly, stock exchanges can adequately adjust their circuit breaker during a pessimistic-investor period. Finally, regulators can evaluate a complete picture of the stock market by adding irrational factors into their considerations.

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Britain's Present Plight: The Manpower Services Commission (MSC) note that “The last few years have seen a steep decline in output and employment. Between mid 1979 and mid 1981 national out‐put fell by about 8 per cent and manufacturing output by nearly 20 per cent… Employment has fallen by 1.8 million…, total unemployment has risen to… 12.5 per cent of the work force compared with 5.5 per cent in the autumn of 1979”.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

This article presents a pedagogical model that utilizes students as primary researchers in the identification, interviewing, and then reporting on women entrepreneurs as a major component of a multidisciplinary entrepreneurship course. The purpose of the course is to attract students who may not be familiar with the entrepreneurship concept itself, the role of women in such economic ventures, or the possibilities for people like themselves in such a career avenue. Students are exposed to the accomplishments of women entrepreneurs throughout U.S. history in the broad categories of agriculture and mining; construction; communication; manufacturing; service (both for profit and not-for-profit); transportation; and wholesale and retail trade. This content experience is then enhanced by the studentsʼ own direct interaction with and interviewing of women entrepreneurs. The implementation, potential outcomes, and possible adaptations of the course are described, and this transformational learning process model is illustrated.

“Streets broad and narrow”. In terms of shops and retail trade, it was always the narrow streets of town centres which attracted the trade, although the shops were small cramped for space, but always a cosy, friendly air. Few ever became vacant and although interspersing chain shops seemed to break the rhythm, most were privately owned, run through the years by generations of the same family. The shops removed the proverbial meanness of narrow streets; the lights, the shopping crowds, especially on Saturday nights; shop frontmen bawling their prices, the new boys calling the late editions—all this made shopping an attractive outing; it still does. There were the practical advantages of being able to cross and re‐cross the street, with many shops on both sides within the field of vision. The broad highway had none of these things and it was extremely rare for shops to exist both sides of the street, and still less to flourish. It is much the same to this day. Hygiene purists would find much to fault, but it was what the public wanted and curiously, there was very little food poisoning; it would be untrue to say outbreaks never occurred but they were extremely rare.