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Articles 1 - 17 of 17
Full-Text Articles in Business
The Impact Of Urban Sprawl On Journey To Work Times For Mass Transit And All Other Commuters In The United States: A Research Note, Thomas E. Lambert, Hokey Min, Kyle Dorriere
The Impact Of Urban Sprawl On Journey To Work Times For Mass Transit And All Other Commuters In The United States: A Research Note, Thomas E. Lambert, Hokey Min, Kyle Dorriere
Faculty Scholarship
As government budgets get tighter, there has been considerable public outcry about the continued investment in public mass transit systems and their financial viability. Amid this outcry, a number of studies have been conducted to determine which factors influence the use and efficiency of publicly-funded mass transit systems. These factors include population density and less sprawl (or greater urban compactness). However, their impact on mass transit usage is somewhat contradictory in that the heavy concentration of populations in the urban area and greater compactness is believed to increase mass transit usage due to a bigger number of potential passengers. In …
Impact Of Assurance Level And Tax Status On The Tendency Of Relatively Small Manufacturers To Manage Production And Earnings, Benjamin P. Foster, John M. Mueller, Trimbak Shastri
Impact Of Assurance Level And Tax Status On The Tendency Of Relatively Small Manufacturers To Manage Production And Earnings, Benjamin P. Foster, John M. Mueller, Trimbak Shastri
Faculty Scholarship
The number and importance of private companies in the United States indicates that reliable quality of financial accounting reports (QFAR) of private companies that are useful for decision making is likely to be important for economic growth. Most previous research examining QFAR addressed earnings management among publicly-traded companies. This study extends prior literature by examining whether abnormal production of public and private companies is impacted by (i) assurance type (PCAOB-audit, GAAS-audit, and SSARS-Review), (ii) tax status (separately taxed versus pass-through entity) of private companies, and (iii) relative size. An audit of financial statements provides a high degree of assurance, whereas …
Family Law And Entrepreneurial Action, D. Gordon Smith
Family Law And Entrepreneurial Action, D. Gordon Smith
Faculty Scholarship
In "The Contractual Foundation of Family-Business Law," Benjamin Means aspires to lay the groundwork for a law of family businesses. In this brief response essay, I suggest that a workable family-business law along the lines suggested by Means is consistent with an overarching policy in the United States of promoting entrepreneurial action, and I evaluate the proposal against this policy goal, with particular attention to Means’s arguments in favor of “family-business defaults” and his concern over the potentially disruptive role of fiduciary law.
Understanding The Global In Global Finance And Regulation, Lawrence G. Baxter
Understanding The Global In Global Finance And Regulation, Lawrence G. Baxter
Faculty Scholarship
No abstract provided.
Generational Growing Pains As Resistance To Feminine Gendering Of Organization? An Archival Analysis Of Human Resource Management Discourses, Kristen Lucas, Suzy D'Enbeau, Erica P. Heiden
Generational Growing Pains As Resistance To Feminine Gendering Of Organization? An Archival Analysis Of Human Resource Management Discourses, Kristen Lucas, Suzy D'Enbeau, Erica P. Heiden
Faculty Scholarship
Guided by a feminist communicology of organization framework, we examine generational growing pains by analyzing discourses appearing in HR Magazine at three different points in time, which approximately mark the midpoint of Baby Boomers’, Gen Xers’, and Millennials’ initial entry into the workplace. We reconstruct historically situated gendered discourses that encapsulate key concerns expressed by human resource management professionals as they dealt with younger generations of workers: Personnel Man as Father Knows Best (1970), Human Resource Specialist as Loyalty Builder (1990), and Talent Manager as Nurturer (2010). We propose that frustrations expressed by older generations about Millennials may not be …
Modern-Day Monitorships, Veronica Root
Modern-Day Monitorships, Veronica Root
Faculty Scholarship
When a sexual abuse scandal rocked Penn State, when Apple was found to have engaged in anticompetitive behavior, and when servicers like Bank of America improperly foreclosed upon hundreds of thousands of homeowners, each organization entered into a "Modern-Day Monitorship”. Modern-day monitorships are utilized in an array of contexts to assist in widely varying remediation efforts. This is because they provide outsiders with a unique source of information about the efficacy of the tarnished organization's efforts to resolve misconduct. Yet, despite their use in high profile and serious matters of organizational wrongdoing, they are not an outgrowth of careful study …
Can Sharing Be Taxed?, Shu-Yi Oei, Diane M. Ring
Can Sharing Be Taxed?, Shu-Yi Oei, Diane M. Ring
Faculty Scholarship
In the past few years, we have seen the rise of a new model of production and consumption of goods and services, often referred to as the “sharing economy.” Fueled by startups such as Uber and Airbnb, sharing enables individuals to obtain rides, accommodations, and other goods and services from peers via personal computer or mobile application in exchange for payment. The rise of sharing has raised questions about how it should be regulated, including whether existing laws and regulations can and should be enforced in this new sector or whether new ones are needed.
In this Article, we explore …
Benefit-Cost Analysis And Distributional Weights: An Overview, Matthew D. Adler
Benefit-Cost Analysis And Distributional Weights: An Overview, Matthew D. Adler
Faculty Scholarship
Standard cost-benefit analysis (CBA) is insensitive to distributional concerns. A policy that improves the lives of the rich, and makes the poor yet worse off, will be approved by CBA as long as the policy’s aggregate monetized benefits are positive. Distributional weights offer an apparent solution to this troubling feature of the CBA methodology: adjust costs and benefits with weighting factors that are inversely proportional to the well-being levels (as determined by income and also perhaps non-income attributes such as health) of the affected individuals.
Indeed, an academic literature dating from the 1950s discusses how to specify distributional weights. And …
Shadow Banking And Regulation In China And Other Developing Countries, Steven L. Schwarcz
Shadow Banking And Regulation In China And Other Developing Countries, Steven L. Schwarcz
Faculty Scholarship
The rapid but largely unregulated growth in shadow banking in developing countries such as China can jeopardize financial stability. This article discusses that growth and argues that a regulatory balance is needed to help protect financial stability while preserving shadow banking as an important channel of alternative funding. The article also analyzes how that regulation could be designed.
Keynote Address, Regulating Corporate Governance In The Public Interest: The Case Of Systemic Risk, Steven L. Schwarcz
Keynote Address, Regulating Corporate Governance In The Public Interest: The Case Of Systemic Risk, Steven L. Schwarcz
Faculty Scholarship
There’s long been a debate whether corporate governance law should require some duty to the public. The accepted wisdom is not to require such a duty—that corporate profit maximization provides jobs and other public benefits that exceed any harm. This is especially true, the argument goes, because imposing specific regulatory requirements and making certain actions illegal or tortious can mitigate the harm without unduly impairing corporate wealth production. Whether that is true in other contexts, this paper—delivered as the keynote address at the June 2016 National Business Law Scholars Conference at The University of Chicago Law School—questions if it’s true …
Fiduciary Breach, Once Removed, Deborah A. Demott
Fiduciary Breach, Once Removed, Deborah A. Demott
Faculty Scholarship
No abstract provided.
Agency Costs In Law-Firm Selection: Are Companies Under-Spending On Counsel?, Elisabeth De Fontenay
Agency Costs In Law-Firm Selection: Are Companies Under-Spending On Counsel?, Elisabeth De Fontenay
Faculty Scholarship
A growing body of literature examines whether corporate clients derive sufficient value from the law firms that they engage. Yet little attention has been paid to whether clients optimally select among law firms in the first place. One entry-point is to identify discrepancies in the quality of counsel selected by different corporate clients for the very same work. Using a large sample of loans, this Article finds that major U.S. public companies select lower-ranked law firms for their financing transactions than do private equity-owned companies, controlling for various deal characteristics. While some of this discrepancy can be attributed to value-maximizing …
Misalignment: Corporate Risk-Taking And Public Duty, Steven L. Schwarcz
Misalignment: Corporate Risk-Taking And Public Duty, Steven L. Schwarcz
Faculty Scholarship
This article argues for a “public governance duty” to help manage excessive risk-taking by systemically important firms. Although governments worldwide, including the United States, have issued an array of regulations to attempt to curb that risk-taking by aligning managerial and investor interests, those regulations implicitly assume that investors would oppose excessively risky business ventures. That leaves a critical misalignment: because much of the harm from a systemically important firm’s failure would be externalized onto the public, including ordinary citizens impacted by an economic collapse, such a firm can engage in risk-taking ventures with positive expected value to its investors but …
Perspectives On Regulating Systemic Risk, Steven L. Schwarcz
Perspectives On Regulating Systemic Risk, Steven L. Schwarcz
Faculty Scholarship
This book chapter, which synthesizes several of the author’s articles, attempts to provide useful perspectives on regulating systemic risk. First, it argues that systemic shocks are inevitable. Accordingly, regulation should be designed not only to try to reduce those shocks but also to protect the financial system against their unavoidable impact. This could be done, the chapter explains, by applying chaos theory to help stabilize the financial system. The chapter then focuses on trying to prevent excessive corporate risk-taking, which is one of the leading triggers of systemic shocks and widely regarded to have been a principal cause of the …
Comment To The Sec In Support Of The Enhanced Disclosure Of Patent And Technology License Information, Colleen V. Chien, Jorge Contreras, Carol Corrado, Stuart Graham, Deepak Hedge, Arti K. Rai, Saurabh Vishnubhakat
Comment To The Sec In Support Of The Enhanced Disclosure Of Patent And Technology License Information, Colleen V. Chien, Jorge Contreras, Carol Corrado, Stuart Graham, Deepak Hedge, Arti K. Rai, Saurabh Vishnubhakat
Faculty Scholarship
Intangible assets like IP constitute a large share of the value of firms, and the US economy generally. Accurate information on the intellectual property (IP) holdings and transactions of publicly-traded firms facilitates price discovery in the market and reduces transaction costs. While public understanding of the innovation economy has been expanded by a large stream of empirical research using patent data, and more recently trademark information this research is only as good as the accuracy and completeness of the data it builds upon. In contrast with information about patents and trademarks, good information about IP licensing is much less publicly …
Public Sector Personnel Economics: Wages, Promotions, And The Competence-Control Trade-Off, Charles M. Cameron, John De Figueiredo, David E. Lewis
Public Sector Personnel Economics: Wages, Promotions, And The Competence-Control Trade-Off, Charles M. Cameron, John De Figueiredo, David E. Lewis
Faculty Scholarship
We model personnel policies in public agencies, examining how wages and promotion standards can partially offset a fundamental contracting problem: the inability of public sector workers to contract on performance, and the inability of political masters to contract on forbearance from meddling. Despite the dual contracting problem, properly constructed personnel policies can encourage intrinsically motivated public sector employees to invest in expertise, seek promotion, remain in the public sector, and develop policy projects. However, doing so requires internal personnel policies that sort "slackers" from "zealots." Personnel policies that accomplish this task are quite different in agencies where acquired expertise has …
Communicating Entrepreneurial Passion: Personal Passion Vs. Perceived Passion In Venture Pitches, Kristen Lucas, Sharon Kerrick, Jenna Haugen, Cole J. Crider
Communicating Entrepreneurial Passion: Personal Passion Vs. Perceived Passion In Venture Pitches, Kristen Lucas, Sharon Kerrick, Jenna Haugen, Cole J. Crider
Faculty Scholarship
Research problem: Entrepreneurial passion has been shown to play an important role in venture success and therefore in investors’ funding decisions. However, it is unknown whether the passion entrepreneurs personally feel or experience can be accurately assessed by investors during a venture pitch. Research questions: (1) To what extent does entrepreneurs’ personal passion align with investors’ perceived passion? (2) To what cues do investors attend when assessing entrepreneurs’ passion? Literature review: Integrating theory and research in entrepreneurship communication and entrepreneurial passion within the context of venture pitching, we explain that during venture pitches, investors make judgments about entrepreneurs’ passion that …