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Determined effects on sobriety of two follow-up treatments, self-management and letter and telephone, for alcoholics (N=60) who had completed an alcohol treatment program. Results showed significant difference for the letter and telephone group after one month in comparison to the self-management and the control groups, but no significant difference after three to six months. (Author/ABL)

The article focuses on the incremental information content of the going-concern's audit opinion. The study examines only firms for which a going-concern assumption can reasonably be questioned. In an efficient market, only new or unexpected information conveyed by the audit-report would affect aggregate security prices. However, classifying going-concern audit opinions as expected or unexpected inherently involves the potential for measurement error. The studies provides evidence that the market distinguishes ex ante between firms that are deteriorating in financial condition and those that are not. This market expectations approach uses cumulative market-adjusted security returns to proxy for the market's assessment of the trend in each firm's expected cash flows, either improving or deteriorating. The study hypothesized that unexpected auditors' going concern qualifications are associated with abnormal security returns. Using two methods, financially troubled firms were classified.

This study develops and tests the hypothesis that the quality and quantity of municipal financial information are positively associated with increased competition in the primary market for new issues of general obligation bonds. A measure of market competition, the number of underwriter bids tendered, is regressed on several market-related and issue-specific control variables and a group of financial reporting test variables. A sample of 224 new issues of municipal general obligation bonds sold by competitive bid between 1978 and 1983 is examined. The results generally support the hypothesis. Employment of an independent CPA firm auditor and more extensive disclosure increase competition, as expected. However, no support was found for the argument that holding a Government Finance Officers Association Certificate of Conformance increases the level of underwriter competition. [ABSTRACT FROM AUTHOR]

Our study provides evidence of the association between accrual-based financial information provided by the GASB Statement No. 34 reporting model and new issue municipal bond borrowing costs. Given the controversy that surrounded the implementation of the GASB Statement No. 34 reporting model, questions that continue to be raised about the usefulness of the model, and recent calls for research on Statement No. 34 by the GASB, our study into the informativeness of the GASB Statement No. 34 model is timely and helpful in informing the GASB decision process. The findings of our study indicate that the Statement No. 34 model provides incremental information to the new issue market beyond that provided by the pre-Statement No. 34 model. Our results indicate that the Statement No. 34 model may allow creditors to better assess issuers' longer-term performance. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to describe a study which examined the effects of underwriter reputation market segments on the value relevance of firm specific risk measures in the pricing of initial public offerings (IPOs). Design/methodology/approach – The study abandons the notion of a homogenous market for IPOs and focuses instead on the differential demand for information across identifiable segments of the IPO market in the pre-market offering period leading to the first day trading closing prices. Ordinary least square (OLS) regressions were used to test the two hypotheses developed in the paper. Findings – It was found that firm-specific risk measures are associated with the initial trading day returns of IPOs managed by low reputation underwriters, but not those by high reputation underwriters. However, as expected, these risk measures are impounded in initial trading day returns only for a sub-sample of high-risk junk IPOs that were marked down in price by the underwriter prior to the offering in order to make them more attractive to investors. Research limitations – As with all empirical studies the tests are joint tests of the hypotheses stipulated and econometric assumptions underlying OLS. The findings of the study may not be generalized to an unrelated domain. Practical implications – The findings suggest that ex ante risk measures are useful in picking among junk IPOs those with the best chances of survival, and thus earning an initial trading return on those IPOs. Originality/value – This is the first study to look at junk IPOs in a systematic manner using a quasi-experimental design. [ABSTRACT FROM AUTHOR]

This article explores the implications of the new Government Accounting Standards Board (GASB) Statement No. 34 reporting model for municipal bond analysts and managers. Bond analysts and state and local government managers have overlapping objectives for the use of governmental financial information, but managers also face the costly task of implementing the new model. The new and improved financial information provided by the new reporting model will permit users of the information to better understand a government's long-term and short-term financial position and changes in financial position. The new model also has important ramifications for evaluating performance, particularly regarding the reporting of net costs for each program or function. [ABSTRACT FROM AUTHOR]

The board of directors appoints the audit committee to assess the financial performance of the firm. The audit committee uses reports provided by audit firms, such as Form 10Ks, and annual reports to assess firm financial performance. The degree of audit oversight quality is a governance measure, which, if effective, may reduce firm risk. This study measures the effect of three measures of audit oversight quality on insolvency risk, systematic risk, and volatility of return on assets for a sample of U.S. pharmaceutical firms and energy firms from 2010 to 2022. All measures of audit oversight quality reduced firm risk, with the first measure reducing both systematic risk and volatility of return on assets, the second measure reducing systematic risk, and the third measure reducing volatility of return on assets. As institutional ownership is also a governance measure, we tested whether its joint effect with audit oversight quality reduced firm risk. This hypothesis was supported for all three measures of audit oversight quality for systematic risk and for the third audit oversight quality measure for volatility of assets. Robustness was established by replicating the regressions with an alternate governance measure, which yielded similar results. Endogeneity of all audit oversight quality measures was absent due to lack of significance of leverage, firm size, equity multiplier, and firm value in reducing risk through their effect on audit oversight quality. [ABSTRACT FROM AUTHOR]

Investigates the relationship between accounting measures and mayoral election outcomes. Comparison of accounting measures between cities with high and low political competition; Voters' reliance on information intermediaries for accounting information; Role of accounting numbers in local politics; Socio-demographic factors affecting accounting.

The majority of public employee pension plans in the USA are substantially underfunded relative to private plans. While municipalities are unlikely to default and may be able to reallocate resources to satisfy pension claims, severe underfunding may stimulate indirect consequences. For example, it is commonly held that underfunding might increase the cost of bonded debt (Standard and Poor's, 1979; Lamb and Rappaport, 1980; and Public Securities Association, 1981). The amount of money spent by a city in a given year to fund employee pensions is a fiscal policy decision. Pension contributions are but one of many competing demands for available funds. How resources are allocated to these competing demands is a function of the political, socioeconomic, and financial circumstances unique to each municipality. Unfortunately, these issues have received but scant attention in the accounting, budgeting and finance literature. Thus, the primary purpose of this paper is to evaluate policy alternatives affecting municipal officials' pension funding decisions. The paper also identifies linkages among underfunding, capital expenditure, and bond borrowing costs. Unlike in previous research, it is assumed that the decision to underfund may be the optimal decision given existing policy constraints. [ABSTRACT FROM AUTHOR]

This study provides evidence that market segmentation affects the strength of the association between financial disclosure and net interest cost for new issues of municipal bonds. Previous studies (see, e.g., Amershi and Ramamurtie 1990; Cook 1982; Hendershott and Kidwell 1978; Kidwell et al. 1983) show that the geographic segmentation of primary markets for municipal bonds along regional and national lines is characterized by different sources and costs of information. Because little information is available from alternative sources for the less marketable bonds of smaller issuers which use regional markets, financial reporting variables are hypothesized to be associated more strongly with interest costs for these issues than for those of larger municipalities, whose bonds are typically issued in the national bond market. Cook (1982) argues that the costs of obtaining information about small issuers from alternative sources are relatively high. For these issuers, who also do not issue bonds frequently, regional underwriters may be the only informational intermediaries (other than rating agencies if the bonds are rated) between the issuers and investors (Kidwell et al. 1983). Thus, financial and other entity-specific information contained in the offering statement are expected to be weighted more heavily in pricing these bonds than for bonds of larger issuers. Although this differential-information hypothesis is analogous to Atiase's (1985) argument regarding differential predisclosure of information, our study assumes differential availability of information across market segments, and size alone is not likely to be an adequate proxy for segmentation. Our main analysis uses the nature of the underwriting syndicate, whether it is managed by a national or regional underwriter, to proxy for the relevant market segment. Previous studies of municipal accounting (see, e.g., Ingram and Cope- land 1982; Wallace 1981; Wilson and Howard 1984) have provided evidence of an association between bond measures and accounting and auditing variables. However, the results were mixed and inconsistent, which may be attributable to differences in the entities examined (cities, counties, and school districts), the time periods examined, or definitions of variables. Also, differences in the mix of bonds issued in each segment may have contributed to the inconsistent results. By examining the relationship between accounting and auditing variables and bond interest costs separately for each segment of the primary bond market, our study provides useful evidence on the potential effect of different information environments on this relationship. Regression results based on a sample of 119 new municipal bond issues, partitioned on a measure of segmentation (regional vs. national underwriter), are consistent, with the hypothesis that the association between the quality and quantity of financial disclosure and interest costs is stronger for municipalities that issue bonds in local or regional markets than for those that issue bonds in the national market. Our results suggest that future research in this area should consider the potential effects of market segmentation when testing the association between accounting or auditing variables and bond interest costs. [ABSTRACT FROM AUTHOR]

Following a decade of rampant inflation and, more recently, severe economic recession, numerous cities in the U.S. are facing serious fiscal stress. The ability of cities to cope with their current budgetary problems is closely related to the quality of their financial management and budgeting practices. Indeed, a study by the Advisory Commission on Intergovernmental Relations concluded that "unsound financial management stands out as one of the most important potential causes of financial emergencies in local governments. " One aspect of a city's financial problems is likely to be an increase in the interest cost on its bonded debt. While shrinking financial reserves are forcing cities to rely increasingly on the capital markets for financing of capital projects, their weakened financial condition has made it more difficult and costly for them to issue long-term debt. In view of the expected market conditions, financially weaker cities, especially those showing a recurring pattern of poor budget performance, may find it costly to attract capital funds. To examine whether cities with budget problems are incurring higher borrowing costs, this article examines the degree of association between measures of budget performance and yield differentials on new issues of general obligation bonds.

Key message: Sucrose in soybean seeds is desirable for many end-uses. Increased sucrose contents were discovered to associate with a chromosome 16 deletion resulting from fast neutron irradiation. Soybean is one of the most economically important crops in the United States. A primary end-use of soybean is for livestock feed. Therefore, genetic improvement of seed composition is one of the most important goals in soybean breeding programs. Sucrose is desired in animal feed due to its role as an easily digestible energy source. An elite soybean line was irradiated with fast neutrons and the seed from plants were screened for altered seed composition with near-infrared spectroscopy (NIR). One mutant line, G15FN-54, was found to have higher sucrose content (8–9%) than the parental line (5–6%). Comparative genomic hybridization (CGH) revealed three large deletions on chromosomes (Chrs) 10, 13, and 16 in the mutant, which were confirmed through whole genome sequencing (WGS). A bi-parental population derived from the mutant G15FN-54 and the cultivar Benning was developed to conduct a bulked segregant analysis (BSA) with SoySNP50K BeadChips, revealing that the deletion on Chr 16 might be responsible for the altered phenotype. The mapping result using the bi-parental population confirmed that the deletion on Chr 16 conferred elevated sucrose content and a total of 21 genes are located within this Chr 16 deletion. NIR and high-pressure liquid chromatography (HPLC) were used to confirm the stability of the phenotype across generations in the bi-parental population. The mutation will be useful to understand the genetic control of soybean seed sucrose content. [ABSTRACT FROM AUTHOR]

The growth of unfunded pension liabilities has raised concern over states' fiscal sustainability and threatens their ability to access the capital market. Over the past decade, many states have implemented different types of pension reforms to reduce pension costs, improve funding levels, and mitigate the risks of default on unfunded pension obligations. However, have these reforms enabled states to enhance their credit quality? This study uses state-level data from 2004 to 2018 to examine the relationship between state pension reforms and assigned credit ratings and outlooks. The findings show that the impact of pension reforms on a state's credit quality is tangible and differs by reform type and the government's financial capacity and debt level. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The present research aims to assess the potential impact of audit adjustments on the audit quality for the listed companies on the Iraqi Stock Exchange. In other words, this research attempts to answer whether the audit adjustments can improve the audit quality or not. To achieve the objectives, a multivariate regression model was employed to test the hypotheses. The research hypotheses were tested using a sample of 35 listed firms on the Iraqi Stock Exchange for 2014–2020 by exploiting a multiple regression model based on the panel data technique. The research findings indicate a positive and significant relationship between audit adjustments and quality. Such findings demonstrate that audit adjustment might be considered a quality factor for audit services. Since no research has addressed such a subject in Iraq, the study can provide helpful information for the equity owners, board of directors, and audit firms, contributing to developing science and knowledge in the auditing field of study. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Administration & Economics is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article profiles Frank Sinatra. Let it be assumed that Sinatra was as bad as various biographers and reporters have said. He left his wife and kids for another woman. He managed to get that first marriage annulled, and even Sinatra's fiercest fans do not want to look too closely into that one. In the 1940s, he tacked a gold star on his dressing-room door for each new starlet he bedded. He punched reporters. He berated friends. He even ate ham and eggs from a prostitute's chest. Granted also that Sinatra did some good things. Columnist Earl Wilson recalls the story of a woman in Hollywood whose husband just died and left her with bills. They owned the Mocambo, a club in Hollywood. Sinatra heard of her misfortune and called to ask if he might bring Nelson Riddle's orchestra with him to her club for a couple of weeks. All bills paid. Better instead, to understand Sinatra as a package deal: devil, saint, and for many, the greatest singer of the century. New Deal Democrat and Reagan supporter, he scandalously took Lena Horne to dinner at the Stork Club, asked a Jew to stand as godfather to one of his Roman Catholic children, made bad-taste racial jokes on stage in Chicago, and brought a dozen or more bodyguards into Las Vegas to provide protection for Count Basie's band.

Copyright of Journal of Economics & Administrative Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Managerial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Test weight (TW) is a primary indicator of soybean grain quality and measure of bulk density (mass/volume). The objectives of this research were to evaluate the effects of genotype, environment and planting date on TW, and determine the relationship of TW with agronomic and seed composition traits. Six experiments (Exp) were conducted using diverse sets of cultivars/experimental lines. Significant negative linear correlations between TW and seed moisture in each of five genotypes were observed (P < 0.0001). A linear regression model using both measured TW and moisture were developed to normalize TW on a 13% moisture basis for comparison across genotypes and environments. Significant genetic variations (P < 0.01) of TW among genotypes were observed, ranging from 70.0 to 75.3; 70.3 to 74.3; and 66.4 to 74.3 kg hL−1 in Exp-1, 2, and 3, respectively. Locations and G x E interactions also had significant effects on TW (P < 0.01) in these EXPs. Soybean yield was significantly negatively correlated with TW in Exp-1 and 3 (P < 0.01). Seed protein and sucrose contents, and maturity days were significantly, positively correlated with TW, while seed oil content and seed size were significantly, negatively correlated with TW in most or all experiments (P < 0.05). Effects of planting dates on TW were inconsistent for both Exp-4 and 5 between 2 years. There was no correlation between TW of the cultivars and their releasing years in MG VII. To our knowledge, this is the first report on test weight in soybean and the results could be used to guide future genetic improvement of TW. [ABSTRACT FROM AUTHOR]

This study posits a theory that a country’s capacity to resolve information problems directly relates to the development of subnational government (SNG) capital markets. Based on a sample of fifty-two countries with various degrees of market-based approaches to public debt finance, we evaluate how the capacity to resolve information problems covaries with alternative measures of SNG debt in 2007 to 2014. Empirical findings show that transparency and depth of credit information resolution and extent of disclosure in the private sector positively relate to SNG debt levels, other institutional capacities held constant. [ABSTRACT FROM AUTHOR]