Journal of Financial and Quantitative Analysis197813(4), 627
Jonathan E. Ingersoll, Jr., Jeffrey Skelton, Roman L. Weil, Duration Forty Years Later, The Journal of Financial and Quantitative Analysis, Vol. 13, No. 4, Proceedings of Thirteenth Annual Conference of the Western Finance Association, June 20-26, 1978 (Nov., 1978), pp. 627-650
The continuation of low rates of fertility and reductions in mortality rates of the elderly have revived the interest of economists in the examination of the economic impacts of aging populations. These concerns combined with the analysis of the income status of the elderly and their activities from the broad framework of the economics of aging. The rapid growth of support programs for the aged also has been the focus of considerable economic analysis. This review highlights the most important areas of research in the literature on aging. The first section discusses the determinants of population age structure changes and their impact on the size and composition of the dependent groups. The following section provides a review of the economic status of the elderly and the sources of income in old age. Section III incorporates the economic characteristics of the elderly into a life-cycle context while Section IV examines the empirical evidence concerning labor supply decisions of the aged. Social Security and private pensions and their influence on the economy are analyzed in Section V. The final section of this article reviews evidence on the interaction between aging and macroeconomic variables. (excerpt)
A knowledge-recognition social exchange model is proposed in this article to conceptualize academic research as a sequential interdependent process. The importance of peer evaluation and feedback to the researcher is emphasized. University goals and their inter-relationships with resource allocation decisions are discussed. The paper reports the results of a survey to ascertain organizational consensus regarding the relative importance of research output indicators in the evaluation of the effectiveness of academic engineering departments' research programs. There is a general consensus among faculty members and between faculty and administrators to attribute the highest importance to papers published in scholarly journals. The regard for the importance of research proposals, however, is not widely shared. The study recommends published papers, invited papers and dissertations as output indicators to be measured by a university's system.
In the January, 1977, issue of "The Accounting Review," detailed flow charts to assist in the computation of earnings per share (EPS) was presented. Intent was to provide an organized and understandable approach for teaching a complicated topic to students who often become hopelessly confused by the many details and computations required. The purpose of the present note is to point out that an important potential complication concerning the modified treasury stock method of handling options and warrants has been ignored, and its omission may lead to erroneous EPS calculations. The complication involves the use of the 20 percent test, and which options and warrants should be considered in making this test. The first test specifies that all options and warrants are to be combined and the total tested to see if the shares that could be issued through exercise exceed 20 percent of the shares outstanding. When the shares that would be issued through the exercise of all options and warrants do not exceed 20 percent of the outstanding shares, the regular treasury stock method is applicable, and each series of warrants and options would be considered individually for its dilutive effect.
Enough of this "glory," as Humpty Dumpty might call it. Eckel has served for years on the Canadian analogue to the APB. This makes it all the more gratifying that, despite our differences, we agree the main points: Financial accounting's allocation theory is a wretched mess, and things won't improve until we accountants radically revise our notion of income. A reading of [Kuhn, 1970, pp. 12-22, 47-48, 84, 162-65, 178-79] suggests that such a mess is just what one should expect of a pre-paradigmic19 discipline like financial accounting. If enough accountants of Eckel's professional eminence come to share his recognition of our intellectual crisis, our discipline may someday begin to prosper in the way the physical sciences have. Let's hope that these accountants do, for, as [Thomas, 1974, pp. 156-57] pointed out, this mess is also an ethical one. Meanwhile, to paraphrase the movie ad of a few years back, we can only continue to pray for Pacioli's Baby.
I. Introduction, 653. — II. Preferences for sure and risky consumption bundles, 654. — III. Saving under certainty and under capital risk, 659. — IV. Comparison with the literature, 665.