Price Gouging In A Hurricane: Do Free Market Forces Circumvent Price Controls?

This study analyzes gasoline prices in Florida and Georgia before and after Hurricane Irma, a major weather event that affected both states in 2017. The analysis reveals that gasoline prices in both states increased and stabilized well in advance of state of emergency declarations that triggered the states’ price gouging laws. Price gouging laws thus appear to be inconsequential. Free market forces determine prices unhindered by government price controls during hurricane emergencies.

The PCAOB Audit Quality Indicator Framework Project: Feedback From Stakeholders

Audit Quality Indicators (AQIs), as defined by the Center for Audit Quality, include four different elements:firm leadership and tone at the top; engagement team knowledge, experience, and workload; monitoring; and auditor reporting. AQIs are quantitative and qualitative measures designed to improve audit quality and help audit committees select the best audit firm for their current needs. They are intended to increase the reliability and accuracy of financial reporting. The Public Company Accounting Oversight Board (PCAOB) has issued a concept release proposing twenty-eight potential AQIs for use in the United States. The PCAOB release describes the AQI reporting framework and asks for public opinion on whether or not it should be implemented. This study reviews the comment letters in response to PCAOB Docket 041,Concept Release on Audit Quality Indicators, and the AQI reporting frameworks currently in place in the United Kingdom, Singapore, and other countries. After reviewing the PCAOB’s proposed AQI framework, response letters to Docket 041, and the AQI frameworks used in other countries, this paper provides an opinion on how the PCAOB should proceed with the AQI framework initiative in the U.S. The analysis suggests that AQI reporting should not be mandated in the U.S., but should become a flexible and voluntary framework that provides valuable information, enhances transparency in the audit profession, and establishes a commitment to the improvement of audit quality.

An Empirical Validation Of The Primary And Moderating Effects Of Income And Capital On Familiarity And Participation Of Limited Resource Farm Producers (LRFPs) In USDA Agricultural Programs

We present empirical findings on the problem of low participation rate of Limited Resource Farm Producers (LRFPs)[1] in USDA programs. Our analysis is based on survey data directly sourced from LRFP population spread across twenty counties in Southern Virginia. The findings revealed that familiarity with and participation in USDA programs varied by type of farmers. While familiarity was moderate, participation was low. These main effects were moderated by access to capital. Our results broadly agree with findings from similar studies done on the subject in the past with an additional empirical insight that access to capital can enhance participation in USDA programs. We conclude the study with several practical ways for improving LRFP participation in USDA agricultural programs[i] According to the USDA, a Limited Resource Farmer or Rancher or Forest Owner is a person/applicant with direct or indirect gross farm sales not more than $173,600 (for FY2016) in each of the previous two years AND a person with a total household income at or below the national poverty level for a family of four or less than 50 percent of county median household income in each of the previous two years. An entity or joint operation can be an LRFP if all individual members independently qualify. http://lrftool.sc.egov.usda.gov/LRP_Definition.aspx http://www.nrcs.usda.gov/wps/portal/nrcs/main/national/people/outreach/slbfr/

The Impact Of Organizational Factors On Implementation Outcomes Of Lean Manufacturing

Critical success factors for successful implementation outcomes of lean manufacturing remain an important area of research. This paper examines the correlation between organizational factors, organizational structure, and job design with implementation outcomes of lean manufacturing that impact quality, waste, and delivery. The effect of three moderating factors, the length of time that lean manufacturing has been implemented, the company’s size, and the type of manufacturing, on the relationship between organizational factors and implementation outcomes of lean manufacturing is also studied. The results of this research study indicate that except for the lack of a relationship between level of formalization with waste and delivery outcomes, there are significant positive correlations between organizational factors and implementation outcomes of lean manufacturing. The results also indicate that the moderating factors do affect the relationship between independent and dependent variables.

Foreign Direct Investments In Bangladesh: Some Recent Trends And Implications

For many developing nations, Foreign Direct Investment (FDI) has been viewed as a powerful instrument for economic development. In particular, FDI has become a major source of capital formation and an instrument for facilitating knowledge transfer. Expansion of FDI has led countries to build physical capital, increase employment, trade, and gross domestic product, and consequently helped to eradicate poverty. Using secondary data for Bangladesh, this paper investigates the effect of FDI on some major economic indicators of growth and examines the functional relationship between FDI and indicators.

Learning And Predicting Individual Preferences In Multicriteria Decision Making With Neural Networks Vs. Utility Functions

This paper reports an empirical investigation into the performance of neural network technique vs. traditional utility theory-based method in capturing and predicting individual preference in multi-criteria decision making. As a universal function approximator, a neural network can assess individual utility function without imposing strong assumptions on functional form and behavior of the underlying data. Results of this study show that in all cases, the predictive ability of neural network technique was comparable to the multi-attribute utility theory-based models.

The Positive Outlook Of The Last In First Out Inventory Methods

Until very recently, the Last In First Out method (LIFO) was under severe scrutiny from the financial community, and its repeal as an acceptable accounting method seemed imminent. There were pressures from the Securities and Exchange Commission and the International Financial Accounting Standards Board to standardize accounting standards worldwide. In addition, there were political pressures imposed by US Congress to raise additional revenues. Both groups strongly oppose LIFO. However, an SEC Report issued in July 2012 has greatly renewed the lifeline of LIFO indefinitely. In the unlikely case of its ultimate repeal, the author presents some tax opportunities available in this transition period.

Exploring Product Fit And Brand Fit In Brand Alliances: Establishing The Role Of Categorization Processes

The marketing strategy of brand alliance has received considerable attention in marketing literature. A significant factor in the study of how consumers process brand alliances is the concept of “fit”. Specifically, it has been shown that consumers evaluate the extent to which the brands and products in a brand alliance are congruent. While the concept of fit has been addressed in brand alliance research, little is known about what fit really is. This paper seeks to establish the processes by which consumers make evaluations of both product and brand fit. Based on a review of the relevant literature, it is proposed that consumers use higher-order categorization processes in evaluating brand alliances. A 2 x 2 experiment was conducted to test multiple hypotheses. Results confirm these hypotheses and confirm that consumers do indeed conduct a higher-order category search as they evaluate brand alliances. Based on this work, an entire field of research can now be applied to the study of this promotional strategy. While various studies in the recent past have examined factors affecting the processing of brand alliances, there remains a great deal to be learned about how brand alliance information is processed and what factors affect both cognitive and evaluative outcomes. Applications of categorization theories open new avenues in the study of this area of consumer research.

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Billions Lost Yearly To Earned Income Tax Credit: Errors Or Fraud?

The Earned Income Tax Credit is a refundable credit designed to assist working families with children; especially those who are considered to be living at or close to the poverty level. Over the last decade billions of dollars have been lost due to the improper application and fraudulent claims of the Earned Income Tax Credit (EITC). Critics believe that the program no longer serves its intended function because of the cumulative increase in the amounts lost each year; the legislation needs a major overhaul. The IRS have claimed that over 60 percent of the overpayments of EITC is due to manipulation of self-employed income and expenses, unqualified dependents being claimed, and misuse of single and head of household filing status. Even though the penalties for fraud and the lack of exercising due diligence are severe, these crimes continue to occur. While the tax authorities and other legislative bodies explore ways to combat these fraudulent claims, CPAs and other tax-preparers can assist in the fight against these crimes. As the de facto gatekeepers of the tax revenues, they are encouraged to exercise intensive due diligence and professional skepticism when claiming EITC for their clients.