No. 175 Alan B. Eisner, Quintus Jett, and Helaine J. Korn
Does Cyber David Have Paper Goliath on the Run? An Examination of Newcomer and Incumbent Entrants into a Subfield of the Magazine and Newspaper Publishing Industry: June 1998
The recent emergence of the online publishing subfield allows magazines and newspapers to be accessible in new media and form. This paper compares and contrasts the concurrent development of two types of online publishing: online publications available exclusively via the Internet from publishing industry newcomers and online versions of print publications from publishing industry incumbents.

No. 174 Raymond H. Lopez and Surendra K. Kaushik
Profitability of Credit Unions and Commercial Banks in the 1990s: A Comparative Analysis: June 1998
This study provides a critical comparative analysis of the financial performance of credit unions and commercial banks in the mid-1990s. It extends an earlier paper by the same authors comparing the profitability of credit unions, commercial banks, and savings banks. Trends and patterns identified during the late 1980s and early 1990s have continued to impact depository institutions in the financial environment of the mid-1990s. In this period an expanding divergence of activities performed and services offered to the marketplace by these two industry segments has been observed. In addition, there is a strong convergence observed in the performance of credit unions and commercial banks in the United States in the 1990s. Competitive market forces are producing these results for these highly uneven sized industries operating in different markets and under different regulatory rules.

No. 173 Robert Isaak
Cultural Resistance to Globalization: June 1998
Although Americans in general warmly embrace globalization, with all of its advantages and disadvantages, the process has been met with substantial resistance by a number of other societies. At first glance, this resistance may be viewed as simply a reaction to change. However, this paper, while stating its benefits, exposes the negative social and cultural ramifications of globalization on these reluctant societies, and it emphasizes that what some may view as resistance is really a country's attempt to maintain its cultural integrity. The author offers some ideas on how the whole concept of globalization can be slowed down and steered in the direction of democratic sustainability.

No. 172 Kwang-Hyun Chung
Utility Firms' Accounting for Income Taxes: Preference and Adoption Decisions Under Regulatory Environment: June 1998
Many firms have eagerly adopted a new accounting treatment for inter-period income tax allocation because of its positive effect on financial statements. However, utility firms hesitate to change their accounting procedures because the regulatory commission sets their rates charged for service. This paper discusses how the regulatory environment affects utility firms' preference decision regarding the accounting procedure for inter-period income tax allocation, and why utility firms would or would not adopt this new procedure.

No. 171 Thomas J. Webster
American Depository Receipts, Listing, and Market Efficiency: Three Case Studies: May 1998
American Depository Receipts (ADRs) facilitate domestic trading in foreign securities by reducing the risk of fraud while providing foreign markets with access to U.S. capital markets without having to comply with strict disclosure and costly listing requirements. Although many foreign companies are content with this arrangement, others opt to list their shares on a major U.S. stock exchange partly in the belief that this will enhance market efficiency and liquidity. By applying the Dickey-Fuller unit-root test to the daily closing prices of three foreign companies, this paper tests the hypothesis that the secondary market for foreign shares traded directly on the New York Stock Exchange is more efficient than when these shares are indirectly traded in the form of ADRs.

No. 170 Gerald Wohl
Teaching the Statement of Cash Flows (Direct Method) in Intermediate Accounting: A Direct Approach: February 1998
This paper describes a fairly simple method for teaching the Statement of Cash Flows in Intermediate Accounting. The direct method is illustrated and analyzed. It has been class-tested for several years with excellent results.

No. 9 Joseph A. Russo, Jr.
Assessments of Progress Toward More Expert-Like Behavior While Performing Audit Tasks in the Field: December 1997
The author presents a model and methodology for examining the process by which individual auditors progress toward more expert-like behavior. Findings reported in this paper show that by combining the observable and unobservable aspects of an auditor8217;s task behavior, it becomes possible to explore new dimensions of the processes by which expertise develops. Several lines of inquiry are suggested for further research.

No. 8 Ira Morrow
Instrumentation for the Evaluation of Performance in Behavioral Simulations: November 1997
This paper presents three instruments for providing participants with quantitative and qualitative feedback from peers and for self-assessment both immediately before and after the performance of a large-scale behavioral simulation. There is a discussion of how the utilization of these instruments helps participants develop self-insight and the information needed to improve their managerial performance.

No. 7 Mary Ellen Oliverio and Bernard H. Newman
Investigation of an Alleged Audit Failure: The McKesson & Robbins Case: October 1997
Beginning in the 1970s, there have been a number of alleged audit failures. Yet, none has been investigated with the thoroughness of the McKesson & Robbins fraud case of 1938. The authors examine the process of that investigation in an attempt to offer some clues that would be useful in an objective, fully disclosed investigation of some contemporary alleged audit failures.

No. 6 Rosario J. Girasa
Hong Kong 1997: Constitutional and Legal Aspects of Its Transition: September 1997
For the past decade many of Hong Kong8217;s inhabitants have feared the consequences of the impending transfer of rule. This paper places the transition into its historical context and analyzes the significant constitutional and legal components.

No. 5 Susanne O'Callaghan, John P. Walker, and Jeri B. Ricketts
Conservative Response Bias in Assessing Internal Controls Over Operations, Financial Reporting, and Compliance Under SAS Nos. 55 and 78 Guidelines: September 1997
This paper examines external auditors—responses to internal control assessments made under SAS No. 55 "Consideration of Internal Control in a Financial Statement Audit" guidelines, as amended by SAS No. 78. The purpose of the research is to use an integrated internal control framework to examine response biases and sensitivity of external auditors in making assessments of internal control effectiveness over operations, financial reporting, and compliance with laws and regulations.

No. 4 Samir El-Gazzar and John Aheto
Financial Characteristics as Predictors of the Going-Concern Audit Report Modification: July 1997
Using financial variables, this paper develops a model to predict which firms would receive a going-concern audit uncertainty. The results indicate that severe decline in sales and operating losses, poor asset utilization, and higher than industry leverage ratios are significantly associated with going-concern audit qualifications for sample firms. Consequently, it is suggested that auditors use financial ratios to analyze the client8217;s ability to continue as a going-concern business.

No. 3 Michael Szenberg
Scientists at Work: June 1997
The underlying notion in this paper is that understanding what economists actually do and what they think they do when they engage in research is important. By getting to know how scholars work, our understanding of the true nature of art and science and of ourselves can be enhanced.

No. 2 Joseph Russo, Jr.
Behavioral Research and Auditor Expertise: Time to Broaden the Focus:
January 1997
This paper reviews and assesses recent behavioral research in auditing and auditor expertise and makes suggestions for a change in paradigm and focus for the future. The author urges researchers studying auditor behavior and expertise to adapt broader concepts of neobehavioral philosophy in psychology in their analysis, allowing for consideration of unobservable and covert processes as explanatory devices. Specifically, a redefinition of expertise research in auditing and adoption of a negative research paradigm are recommended.

No. 1 Anthony R. Pustorino, CPA and Allan M. Rabinowitz, CPA
Non-CPA Ownership of CPA Firms: December 1996
Critical and widespread discussion, debate, and controversy have been going on for many years concerning the ownership of CPA practices by individuals or organizations who are not CPAs. This issue is of paramount importance since the public relies on the opinions expressed by CPA firms regarding their client organizations and many have expressed fears that the involvement of non-CPA owners might diminish the value of the auditors-attest function. Pustorino and Rabinowitz state the pros and cons of the discussion, give the 1994 resolution of the American Institute of CPAs (AICPA) on the issue, and outline additional significant issues the various state CPA societies and boards of accountancy will have to consider as non-CPA ownership is put to a vote in many places over the next several years. In addition, they further offer the status and results of deliberations by other professional groups on the issue of ownership of practices by non- licensed individuals or entities.

No. 0 Roy J. Girasa
Intellectual Property Rights Protection Under NAFTA: November 1996
This paper specifically discusses the treatment of Property Rights, Trademarks, Patents, and other types of Intellectual Property Rights under NAFTA as outlined in Chapter Seventeen of the agreement. Furthermore, the author provides thorough explanations of definitions contained in the agreement and briefly discuss the general provisions and the meaning of "national treatment" as discussed in NAFTA.

No. 159 Roy J. Girasa
Immigration Aspects of NAFTA: October 1996.
This paper examines the provisions in The North American Free Trade Agreement (NAFTA) between the U.S., Mexico, and Canada, relating to temporary immigration, specifically focusing on the entry categories of business persons of each party state that are allowed entry into the other states. Girasa discusses Canadian implementation, Mexican implementation, and miscellaneous provisions of NAFTA.

No. 158 Walter Joyce
The Judicial World of Ruth Bader Ginsburg: October 1996
This paper describes the opinions of Ruth Bader Ginsburg during her first term on the Supreme Court and compares these opinions with those of the other justices. Although Ginsburg stands in the middle in terms of the number of opinions she wrote for the Court, the author finds that she is fact-oriented, analytical, and bases her decisions on legal reasoning and a careful non-ideological assessment of each case rather than in pursuit of a particular philosophical goal.



No. 22 Robert R. Cangemi and Raymond H. Lopez
The Battle for Paramount - C (1993): April 1998
This case discusses QVC Network, its history, its acquisition (CNV Companies, Inc.), and implications of its potential merger with Paramount. QVC was established in 1986 as a nationwide general merchandise retailer and, at the time of the Paramount battle, was operating as one of the leading televised shopping retailers in the United States. Barry Diller, a recognized leader in the U.S. entertainment industry, recently took managerial control of QVC and was planning to significantly diversify its activities. This case presents QVC's vision of electronic retailing and provides the rationale for a QVC - Paramount merger.

No. 21 Robert R. Cangemi and Raymond H. Lopez
The Battle for Paramount - B (1993): April 1998
Part B of this study provides a detailed background of the Viacom offer for Paramount from the time the CEOs discussed the possibility of a business combination between their respective companies, through the court battle between Viacom and QVC to take over Paramount. The paper gives a history of Viacom, from its inception in 1970 as a wholly-owned subsidiary of CBS to its present existence. At the time of the study, Viacom, Inc. was a diversified entertainment and communications company with operations in four principal business segments: Networks; Entertainment; Cable Television; and Broadcasting. In addition, the authors discuss the rationale for the merger and plans for the company from Viacom's perspective. Lastly, the case addresses the financial implications of both Viacom's and QVC's bids for Paramount from all shareholders' perspectives.

No. 2016 Robert R. Cangemi and Raymond H. Lopez
The Battle for Paramount - A (1993): April 1998
This case study outlines the epic struggle for ownership and control of Paramount by two formidable opponents, Viacom and QVC. It provides pertinent information on the various divisions of Paramount: Paramount Communications, Inc.; Paramount Entertainment Activities; Entertainment Operations; and Paramount Publishing Operations. Furthermore, it offers a brief description of Viacom and the potential merger agreement between the two companies. The authors also detail QVC's challenge to the merger, including proposals, counter proposals, legal rulings, and the auction process, as well as the interesting effects the merger process has on the shareholder positions of all three firms.


No. 107 Surendra Kaushik
India8217;s Democratic Economic Transformation: May 1997
(Challenge, September/October 1996)
Through an analysis of India8217;s recent economic history, this paper delineates the process of major economic and financial reform that India embarked on in 1991. Kaushik explores how the new policies and programs implemented since then, including an opening up of the trading and monetary system that links domestic and foreign markets through a convertible currency and tariff and commercial policies consistent with the World Trade Organization, significant banking reforms, an increase in tax compliance, and numerous infrastructure reforms have succeeded in increasing confidence in India as an emerging and viable player on the world market stage.

No. 106 Samir M. El-Gazzar and Alexander J. Sannella
The Effects of Airline Deregulation on Shareholder Wealth: Some Additional Evidence: June 1997
(Atlantic Economic Journal, vo. 24, No. 2, June 1996)
This paper extends the prior research on the effects of deregulation on shareholders8217; wealth by measuring the market reaction to the events that led to the Airline Deregulation Act of 1978. The research design employs a model similar to that used by Beneish [1991] that conditions the return-generating function on the event announcement and the market index.

No. 105 Robert Isaak
Making "Economic Miracles": Explaining Extraordinary National Economic Achievement: April 1997.
(The American Economist, vol. XXXXI, No. 1, Spring 1997)
Using annual GDP growth statistics over the past 50 years and the percent of GDP growth that goes for investment, Isaak identifies and then subsequently characterizes "economic miracle" countries. Furthermore, he argues that the critical dynamic in creating the perception of an "economic miracle" is to target collective learning processes upon applied economic objectives that coordinate internal factors with external opportunities in order to position a nation to catch waves of global economic growth.

No. 104 Samir El-Gazzar and Bikki L. Jaggi
Transition Period of Mandated Accounting Changes - Timing of Adoption and Economic Consequences: The Case of SFAS No. 13: April 1997.
Journal of Business Finance & Accounting, vol. 24, No. 2, March 1997)
This paper studies the impact of the expected debt covenant violations on the timing of adoption of the Statement of Financial Accounting Standards (SFAS) No. 13, Accounting for Leases by Lessees. In addition, the study examines whether late adoption helped the lessees in alleviating the expected negative effects of compliance with SFAS No. 13.

No. 103 Surendra K. Kaushik and Raymond H. Lopez
Profitability of Credit Unions, Commercial Banks and Savings Banks: A Comparative Analysis: September 1996
(The American Economist, vol. XXXX, No. 1, Spring 1996)
This study presents a comparative analysis of the financial performance of credit unions, commercial banks, and savings banks in the deregulatory environment of the 1980s. Using data primarily from the annual reports of the National Credit Union Administration from 1985 through 1992, Kaushik and Lopez assess the performance of depository institutions since enactment of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). They conclude that growth in the equity capital accounts of credit unions has been consistently more than double that of commercial banks since 1985, giving them a substantial advantage with regard to overall safety and soundness compared with commercial and savings banks during the period 1985-1992 covered in the study.



No. 05 Stephen Blank and Anne Taillandier
Atlantic Interdependencies and a Transatlantic Free Trade Agreement: January 1998
This paper examines one of the most important contradictions in exploring Atlantic interdependencies—the high levels of economic interdependence across the Atlantic despite the growing political distance, uncertainty, and reluctance among the Atlantic nations. It also reviews recent recommendations for the creation of some sort of transatlantic free trade area, or TAFTA.


No. 01 Robert J. Radway
International Business, Legal Dimensions of, March 1997.
(International Encyclopedia of Business and Management, 1996)
In this paper, Radway unravels some of the myriad of questions of the potential global marketer about the legal dimensions of international business such as, the exchange of goods and services, licensing technology abroad, and foreign direct investment. In particular, the paper provides a thorough discussion of current laws and treaties, common practice, and potential areas of risk in international business. In addition, the paper attempts to trace the evolution from nationalizations to restrictive laws to reforms, deregulation, and the current trend towards privatization.


June 1997
vol. XV

No. 1 Angel Garcia
Factors Affecting Day Care Employment in the United States in 1990: A Cross-Sectional Study, vol XV, No. 1: June 1997
Through statistical analysis and a review of the literature, this paper seeks to answer a number of questions about day care employment in the United States. The author examines how policymakers interested in increasing employment opportunities for low-income parents and entrepreneurs interested in developing day care establishments to meet the needs of people transitioning from welfare to work might consider influencing factors with genuine impact on the size of the day care industry.

No. 2 Carol M. Hasday
Death Rate - Lifestyle Effects, vol. XV, No. 2: June 1997
In the last several years, the public has been inundated with various studies indicating that lifestyle choices can affect life expectancy. In this paper, employing breakdowns by state, the following lifestyle choices are empirically examined to see if there is any statistical significance to the effect on the death rate: alcohol consumption, smoking, safety belt usage, drinking and driving, being overweight, no leisure time physical activity, and sedentary lifestyle. Per capita income and level of education (as measured by percent of population graduated from high school) are also analyzed, as they may have an impact on the death rate even though they are not "true" lifestyle choices. Furthermore, age is included as a variable to adjust for the differing age populations in the different states.

No. 3 Deb Sledgianowski
Supply Chain Management Utilizing Software Technology: A Case Study of a Chemical Manufacturer, vol. XV, No. 3: June 1997
Supply chain management is the administration of the functions of procurement of materials, transformation of these materials into intermediate and finished products, and the distribution of these products to customers. This paper examines the concept of supply chain management from an information technology viewpoint. A theoretical overview of supply chain management is discussed, including specific software information systems when applicable. A case study is presented describing how an international chemical manufacturer implemented a popular software package (SAP R/3).