Home About us Contact
|
Home About us Contact | ||
|
|
||
Reform Act (reform + act)
Selected AbstractsTests of a Deferred Tax Explanation of the Negative Association between the LIFO Reserve and Firm Value,CONTEMPORARY ACCOUNTING RESEARCH, Issue 1 2000DAN S. DHALIWAL Guenther and Trombley (1994) and Jennings, Simko, and Thompson (1996) document a negative association between a firm's last-in, first-out (LIFO) reserve and the market value of its equity. In this paper, we test a deferred tax explanation of this negative association. Specifically, we argue that investors, conditional on adjusting inventory to as-if first-in, first-out (FIFO), estimate a firm's future LIFO liquidation tax burden as its LIFO reserve multiplied by the appropriate corporate tax rate and include this tax-adjusted LIFO reserve in the valuation of a LIFO firm's net assets. On the basis of this argument, the tax-adjusted LIFO reserve is in effect an estimate of an off-balance-sheet deferred tax liability and, as a result, we predict a negative association between the tax-adjusted LIFO reserve and market value of equity. We test our deferred tax explanation by estimating a valuation model in which a firm's market value of equity is expressed as a function of the firm's assets, liabilities, deferred tax liability, and tax-adjusted LIFO reserve; the model is estimated separately in years preceding and following the reduction of tax rates mandated by the US Tax Reform Act of 1986. Test results provide strong support for the deferred tax explanation of the negative association between a firm's LIFO reserve and the market value of its equity. [source] Changing Internal Governance: A Discussion of Leadership Roles and Management Structures in UK UniversitiesHIGHER EDUCATION QUARTERLY, Issue 4 2004Robin MiddlehurstArticle first published online: 13 DEC 200 A series of reviews over the past six years , from Dearing (NCIHE, 1997) to Lambert (Lambert, 2003) , have addressed the question of whether the structure and process of ,governance' in higher education is fit for modern times. This is a proper question to ask as operating environments change and pressures on institutional resources increase. Indeed, it is not coincidental that both the recent government-sponsored reports and those of the previous decade (Jarratt, 1985; NAB, 1987) were associated with significant financial changes in the sector. There are further parallels in that both the reports of the 1980s and those of the later period heralded legislative changes that produced , or will produce , new patterns of higher education provision in the UK (Education Reform Act, 1988; Further and Higher Education Act, 1992; Higher Education Act, 2004). The messages from the reports and White Papers (DES, 1987; DES, 1991; DfES, 2003) published in this twenty-year period have remained broadly similar, even though the wider environment has altered significantly. ,Increase efficiency, find new sources of income and improve performance across an ever-widening range of activities and services' have been the watchwords of successive governments. Given the consistency of the message, it is useful to analyse the changes that universities have been making to meet these requirements and to consider what further changes may be needed in the light of new external challenges. The first part of the paper offers a historical perspective before addressing the evolution of leadership roles and management structures from the late 1980s. The second part considers some of the current drivers of internal and external change before discussing the kind of changes in internal governance that are emerging and that should be considered for the future. I conclude by arguing for a shift in focus from structure and roles to people and processes in the task of leading change in universities. [source] The Screening Effect of the Private Securities Litigation Reform ActJOURNAL OF EMPIRICAL LEGAL STUDIES, Issue 1 2009Stephen J. Choi Prior research shows that the Private Securities Litigation Reform Act (PSLRA) increased the significance of merit-related factors in determining the incidence and outcomes of securities fraud class actions (Johnson et al. 2007). We examine two possible explanations for this finding: the PSLRA may have reduced the incidence of nonmeritorious litigation, or it may have changed the definition of merit, effectively precluding claims that would have survived and produced a settlement pre-PSLRA. We find no evidence that pre-PSLRA claims that settled for nuisance value would be less likely to be filed under the PSLRA regime. There is evidence, however, that pre-PSLRA nonnuisance claims would be less likely to be filed under the PSLRA regime. The latter result, which we refer to as the screening effect, is particularly pronounced for claims lacking hard evidence of securities fraud or abnormal insider trading. We find only limited evidence of a similar screening effect for case outcomes. [source] THE EFFECT OF INDIVIDUAL RETIREMENT ACCOUNTS ON HOUSEHOLD CONSUMPTION AND NATIONAL SAVING*THE ECONOMIC JOURNAL, Issue 481 2002Orazio P. Attanasio A major debate exists on whether expanding tax-favoured savings accounts such as Individual Retirement Accounts (IRAs) will increase national savings. Much of the empirical debate has centred on whether IRA contributions before the Tax Reform Act of 1986 represented new savings or merely reshuffled assets. We find no evidence that households financed their IRA contributions from reductions in consumption, at least initially. We find evidence that households financed their IRA contributions from existing savings or from saving that would have been done anyway. Our results indicate that, at most, 9% of IRA contributions represented net additions to national saving. [source] "It's doom alone that counts": can international human rights law be an effective source of rights in correctional conditions litigation?,BEHAVIORAL SCIENCES & THE LAW, Issue 5 2009Michael L. Perlin J.D. Over the past three decades, the U.S. judiciary has grown increasingly less receptive to claims by convicted felons as to the conditions of their confinement while in prison. Although courts have not articulated a return to the "hands off" policy of the 1950s, it is clear that it has become significantly more difficult for prisoners to prevail in constitutional correctional litigation. The passage and aggressive implementation of the Prison Litigation Reform Act has been a powerful disincentive to such litigation in many areas of prisoners' rights law. From the perspective of the prisoner, the legal landscape is more hopeful in matters that relate to mental health care and treatment. Here, in spite of a general trend toward more stringent applications of standards of proof and a reluctance to order sweeping, intrusive remedies, some courts have aggressively protected prisoners' rights to be free from "deliberate indifference" to serious medical needs, and to be free from excessive force on the part of prison officials. A mostly hidden undercurrent in some prisoners' rights litigation has been the effort on the part of some plaintiffs' lawyers to look to international human rights doctrines as a potential source of rights, an effort that has met with some modest success. It receives support by the inclination of other courts to turn to international human rights conventions,even in nations where such conventions have not been ratified,as a kind of "best practice" in the area. The recent publication and subsequent ratification (though not, as of yet, by the United States) of the UN Convention on the Rights of Persons with Disabilities (CRPD) may add new support to those using international human rights documents as a basis for litigating prisoners' rights claims. To the best of our knowledge, there has, as of yet, been no scholarly literature on the question of the implications of the CRPD on the state of prisoners' rights law in a U.S. domestic context. In this article, we raise this question, and offer some tentative conclusions. Copyright © 2009 John Wiley & Sons, Ltd. [source] Legal dilemmas for clinicians involved in the care and treatment of children and young people with mental disorderCHILD: CARE, HEALTH AND DEVELOPMENT, Issue 4 2010M. Bowers Abstract Background The 2008 revised Mental Health Act Code of Practice describes the legal framework governing the admission to hospital and treatment of children and young people for mental disorders as complex. Clinicians are required to be conversant with common law principles as well as the Mental Health Act (MHA), Children Act, Mental Capacity Act (MCA), Family Law Reform Act, Human Rights Act, and the United Nations Convention on the Rights of the Child. Professionals working with the MHA and the MCA have a legal duty to have regard to the respective Codes of Practice (MHA Code and MCA Code). In addition there is a need to keep up-to-date with developments in case law. The recent guidance from the National Institute for Mental Health in England, ,The Legal Aspects of the Care and Treatment of Children and Young People with Mental Disorder' draws all of the legal regimes together and suggests pointers on the most appropriate course of action when the regimes overlap. Discussion This paper will aim to highlight legal dilemmas relating to the care and treatment of under 18-year-olds for mental disorder and to discuss the impact of these on clinical practice. The new legal framework will be discussed with reference to hypothetical cases. Key issues include age and maturity, capacity, deprivation of liberty and the zone of parental control (ZPC). Conclusions It is essential that clinicians are aware of their responsibilities within the new legal framework in order to avoid becoming a target for litigation. This paper is aimed at meeting the recommendation for clinicians to be aware of their responsibilities and engage in appropriate training. [source] Small Town Politics in Mid-Victorian BritainHISTORY, Issue 293 2004Edwin Jaggard Electoral politics in the small towns of England and Wales between the First (1832) and Second (1867) Reform Acts have been dismissed by historians as corrupt or controlled by influential patrons. This article uses qualitative and quantitative data to reveal that voters in these small boroughs demonstrated a surprising degree of party loyalty, with the politics of influence less obvious that those of principle. The article concludes that these towns, which elected almost one-third of the membership of the House of Commons, exhibited a far more vibrant political milieu than was previously thought. [source] | |||||||||||||