Journal Article The Demand for General and Specific Education with Occupational Mobility Get access William R. Johnson William R. Johnson University of Virginia Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 4, October 1979, Pages 695–705, https://doi.org/10.2307/2297036 Published: 01 October 1979 Article history Received: 01 August 1977 Accepted: 01 October 1978 Published: 01 October 1979

Journal Article Class Behaviour and the Distribution of Wealth Get access R. N. Vaughan R. N. Vaughan Economic and Social Research Institute, Dublin Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 3, July 1979, Pages 447–465, https://doi.org/10.2307/2297013 Published: 01 July 1979 Article history Received: 01 April 1976 Accepted: 01 April 1978 Published: 01 July 1979

Disclosures, Line-of-business reporting, Segment reporting, Risk

Robert Capettini, Richard A. Grimlund, Howard R. Toole, Comment: The Unique, Real Internal Rate of Return, The Journal of Financial and Quantitative Analysis, Vol. 14, No. 5 (Dec., 1979), pp. 1091-1094

Technical change in general milk processing is estimated within a homothetic frontier production function allowing neutrally variable scale elasticity. The results show that technical progress is characterized by a rapid increase in optimal scale and a small capital saving bias, increasing the marginal productivity of labour relative to capital. To characterize technical change, Salter's measures of bias and technical advance are utilized and interpreted within the framework of the efficiency cancepts of Farrell.(This abstract was borrowed from another version of this item.)

[We study a team with many processes; the output process depends on the resources allocated to it by the resource manager, on a local decision by the process manager, and on a (random) parameter of the process. We compare two communication patterns: (1) resource allocations are based on full information, but local decisions are based only on corresponding local information; (2) all decisions are based on full information. We show that, if the criterion is expected average output per process, and if the process parameters are independent and identically distributed, then (under certain regularity assumptions) for "large" teams the additional communication among process managers in (2) over (1) has approximately no value.]

The tax concept of earnings and profits is a complex and little understood subject. Part of the complexity can be explained by (1) the concept of earnings and profits is not well-defined in the tax law, and (2) its components are spread throughout the Internal Revenue Code. This paper presents a flowchart approach to analyze and integrate the essential elements of earnings and profits of corporate taxpayers for determination of the taxability and character of corporate distributions to shareholders. The flowcharts should be useful in helping students and professional accountants understand this concept.

Canning's book "The Economics of Accountancy-After 50 Years," is the result of a "comprehensive study of accounting theory and practice," even though from the viewpoint of "the professional student of economics." Accounting is necessarily aggregative. Canning found that its literature and practice abounded with examples of different competing formulas or techniques of valuing. Little attention had been given to the effects of this on the meaning of financial statements and almost nothing had been done "to discover to what extent a common, general method might be expected to enhance the usefulness of the principal statements." This condition needed rectifying. The time-schedule of the money valuations of "successive desirable events proceeding from a wealth source" constitutes a measure of gross realized income. Direct valuation is possible only when "a realized money income exists and is statistically determinable." Realized money income is here used of calculated present value, which entails setting off the series of expected money outflows against the series of expected money inflows and discounting the net inflows to a present date.

This article focuses on the validity of a prior study of the primary conclusion that "expectancy models were generally weak predictors of audit staff performance" as analyzed by Professor W. Bruce Johnson. He begins his comment by claiming that, while misquotation is an interesting way to develop one's position, it is clearly unacceptable in academic journals. He then appears to suggest that, since the expectancy models were found to perform poorly in the accounting environment and since these results compare favorably to those obtained in prior research efforts, one can only logically conclude that expectancy models are weak predictors of performance in all environmental settings. Johnson further argues that the methodology utilized a between subjects design, provides at best, a weak test of the theory's predictive ability. All in all, Johnson's comment does make a valid contribution, namely to clarify the secondary relationship between the expectance model and job satisfaction. However, his arguments are clearly insufficient to counter the primary study finding.

One of the remarkable features of the mean-variance capital asset pricing model is its robustness with respect to changes in assumption (Jensen [1]). An example of this property is given by David Mayers [4], who shows that the structure of prices of marketable assets is unaffected by relaxing the assumption that all risky assets are marketable. The result has been used in the analysis of public sector investments by Stapleton and Subrahmanyam [6]. However, although relative prices are unaffected, the general level may be due to the effect of marketability on the market price of risk.