33 Multicultural nonfiction literature: Current and verifiable resources that enlighten The Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon Lode Vol. 19 • No. 2 • Spring, 2001...   [More]

33
Multicultural nonfiction literature:
Current and verifiable resources
that enlighten
The Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon Lode
Vol.
19 • No.
2 • Spring, 2001
©2001 IRA Children’s Literature and Reading Special Interest Group
Elaine Vilscek
Yvonne Siu-Runyan
University of Northern Colorado, CO
eaders of all ages can enrich and extend
their cultural understanding and experiences by exploring the domain of factual
multicultural books.
Meritorious nonfiction multicultural books activate readers’
interests and the need for enlightenment.
The numbers of nonfiction multicultural books published,
diversity of topics available, and quality of authorship in this domain have increased notably in recent years.

Quality nonfiction literature is well written:
“Authors consider the audience, highlight the selected information, organize it appropriately, use
a suitable format, and include visuals” (Goforth,
1998, p.
171).
Tunnell and Jacobs (2000) elaborate further on the nature of good informational
books.
They submit that authors of good informational books instruct in the ways of good teachers:
“They examine a subject, think about things, make
discoveries, and then share a personal view about
what they have learned” (p.
138).
These characteristics of quality authorship are also evident as
truths are presented in good multiculturally oriented books.
Students and their teachers recognize their value and use them as tools of inquiry
and knowledge acquisition.

Nonfiction multicultural books include a wide
range of categorical facets.
In this article, we have
chosen to focus on photographic essays, biographies
and biographical sketches, factual narratives, language, and around the world.

PHOTOGRAPHIC ESSAYSPHOTOGRAPHIC ESSAYSPHOTOGRAPHIC ESSAYSPHOTOGRAPHIC ESSAYSPHOTOGRAPHIC ESSAYS
Arnold, Caroline.
(2000).
Easter Island:Easter Island:Easter Island:Easter Island:Easter Island:
Giant stone statues tell of a rich andGiant stone statues tell of a rich andGiant stone statues tell of a rich andGiant stone statues tell of a rich andGiant stone statues tell of a rich and
tragic pasttragic pasttragic pasttragic pasttragic past.
Clarion.
48pp.
U.
S.
$15.
00.

ISBN 0-395-87609-5.
Ages 9-11.

Giant “living stone faces”, that hold puzzles
yet to be solved, line the shores of Easter Island
today.
Caroline Arnold, the author/photographer
of the book, dramatically describes this mysterious
island in the Polynesian area of the Pacific Ocean.

Her awe inspiring photographs complement the
text.
The history of the island, its legendary early
and present day settlers, how and why stone statues and altars were likely constructed, woodcarvings and drawings on stone that archeologists
found, and the island’s continuing attraction to
thousands of tourists are highlighted.
Though the
island’s ancient and ongoing human and natural
history has been studied since 1914, Arnold also
identifies some questions still being asked about the
origin and lives of the first settlers and what caused
the end of the island’s early thriving community.

After reading or listening to the information
in the book and viewing the photographs, students
can create Travel Brochures that reflect their recall of main ideas presented by the author.
Contacting travel agencies to obtain any published brochures available is an option for extending details
in the book.
As students design their own broR
33   [Less]

26 THE DRAGON LODETHE DRAGON LODETHE DRAGON LODETHE DRAGON LODETHE DRAGON LODE Spring, 2001 19/2 The Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon Lode Vol. 19 • No. 2 • Spring, 2001...   [More]

26 THE DRAGON LODETHE DRAGON LODETHE DRAGON LODETHE DRAGON LODETHE DRAGON LODE Spring, 2001 19/2
The Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon LodeThe Dragon Lode
Vol.
19 • No.
2 • Spring, 2001
©2001 IRA Children’s Literature and Reading Special Interest Group
Margaret A.
Harkins
Ohio State University, OH
Work” (Secretary’s Commission, 1991).
Blue-collar occupations, once an economic mainstay, will
be replaced by service sector jobs that draw on very
different skills (Rifkin, 1997).
Educators will then
face the monumental task of preparing children
for a future that has little resemblance to society’s
current ideas about work.
Because young adults
must make important choices about their futures,
career guidance has long been part of the middleand high-school curriculum.
However, life-shaping decisions are not made quickly, and in fact,
many adults can trace their career choices to favorite childhood activities.
Therefore, it makes
sense to begin career guidance in the primary
grades ( Jalongo, 1989).

Elementary school career guidance is framed
by significant questions about “The World of
Work.
” These may be organized under five broad
themes:
1) Information: What is the range of careers
available? What qualifications, duties, and
working conditions are related to specific
jobs?
2) Self-awareness: What talents and abilities
does each child possess, and how can those
attributes translate into suitable careers in
adulthood?
3) Good habits and attitudes: Which habits and
attitudes foster success in school, and how
will they be important for career success
in later life?
4) Equity issues: Why should career potential
not be limited by gender, age, race, ethnicity,
26
Literature extension activities:Literature extension activities:Literature extension activities:Literature extension activities:Literature extension activities:
Connecting with careers in primaryConnecting with careers in primaryConnecting with careers in primaryConnecting with careers in primaryConnecting with careers in primary
grade classroomsgrade classroomsgrade classroomsgrade classroomsgrade classrooms
he second-grade teacher was reading aloud
from a brightly-colored book, If You GiveIf You GiveIf You GiveIf You GiveIf You Give
a Mouse a Cookiea Mouse a Cookiea Mouse a Cookiea Mouse a Cookiea Mouse a Cookie (Numeroff, 1985).

In this story, a boy’s decision to share his
snack with a mouse created a chain of ongoing aftereffects.
“What do you think the boy will
do next?” the teacher asked.

There were several suggestions-that the tired
boy should take a nap, go out to purchase more
cookies, or clean up the kitchen “before his mom
sees that mess.
” The teacher extended the conversation to decisions children sometimes make and
the good or bad consequences that may follow, then
helped the class understand that adult decisions
have far-reaching outcomes as well.
After a lively
discussion, the children began writing about what
might happen if the mouse tried to help them with
their homework.
Later they would make finger
puppets and share their stories through dramatization.

This well-constructed lesson included all of
the arts of language.
The children were engaged
in the topic, the conversation was productive, and
the activities nicely extended the story.
However,
the teacher had an additional objective that did not
center on language or literacy.
The emphasis on
decision making and related consequences also
supported career education goals.

CAREER GUIDANCECAREER GUIDANCECAREER GUIDANCECAREER GUIDANCECAREER GUIDANCE
FOR THE PRIMARY GRADESFOR THE PRIMARY GRADESFOR THE PRIMARY GRADESFOR THE PRIMARY GRADESFOR THE PRIMARY GRADES
Experts suggest that the next few decades will be
marked by significant changes in “The World of
T   [Less]

Plants&Seeds Prior Knowledge The student can 1. group by 10s 2. add and subtract with sums to 18 3. name geometric shapes such as square, circle, rectangle, oval (ellipse). Mathematics, Science and Language...   [More]

Plants&Seeds
Prior Knowledge
The student can
1.
group by 10s
2.
add and subtract with sums to 18
3.
name geometric shapes such as square, circle, rectangle, oval (ellipse).

Mathematics, Science and Language Objectives
Mathematics
The student will
1.
collect and summarize data on a graph
2.
skip-count by twos and fives
3.
demonstrate multiplication of four and five
4.
measure length using standard and nonstandard units
5.
construct geometric shapes
6.
estimate the area of irregular shapes
7.
find symmetry of objects
8.
use addition and subtraction to summarize data
9.
classify according to size, color and shape
10.
write the cardinal numbers of sets less than 50.

Science
The student will
1.
list, describe and identify plant parts
2.
explain photosynthesis
3.
measure time in days
4.
compare and contrast changes in root and stem functions
5.
identify cause and effect relationships of plant growth
6.
describe a plant’s reproductive system
7.
list and describe growth of plants without seeds
8.
describe growth of parasitic plants that don’t require sun
9.
predict results of phenomena.

Language
The student will
1.
refer to favorite plant and seed books for information
2.
describe experiments with plants and seeds
3.
write or verbally describe a plant process
4.
follow written directions to plant a seed
5.
describe plants and seeds, verbally and in writing.

u n i t
1   [Less]

What Are Easy Readers? Do you have a new reader at home who is struggling to find the right level of book? Check out the Easy Reader collection at any Madison Public Library location. Easy Readers...   [More]

What Are
Easy
Readers?
Do you have a new
reader at home
who is struggling to
find the right level
of book? Check out
the Easy Reader
collection at any
Madison Public
Library location.

Easy Readers are
divided into three
different levels.

Pink dots on the
books indicate
the easiest books
with the simplest
sentence structure
and biggest font.

Purple dots are on
slightly more
difficult books (with
harder words and
slightly smaller
font).
Blue dots
can be found on
the most
challenging books
in the Easy Reader
collection.

Want to know more
about using Easy
Readers? Visit any
Madison Public
Library location
and talk with your
Librarian!
Fun for Families
CRITTERrrr MAN
CRITTERrrr MAN uses music, singing, life-like animal puppets and
humor to entertain and educate.
The fast-paced performance is a
wild ride!
Pinney Library, Saturday, January 3, 10:30 a.
m.

Registration begins 12/20.

Sequoya Library, Saturday, January 3, 2:00 p.
m.

Registration begins 12/20.

Chess at the Library
Are you interested in the game of chess? Come to the Library and
play.
Any level of experience, all ages and beginners welcome.

Lakeview Library, 2nd
and 4th
Mondays of the month, 6:00 p.
m.

Knitting at South Madison Branch
Library
A free knitting workshop.
Come and learn to knit or bring your
current project to work on.
Children under the age of 8 must have
an adult with them in the class.

South Madison Library, Mondays, January 5 – April 27,
6:00 – 7:30 p.
m.

Evening Family Storytime
Wind down at the end of your day with some stories and songs
for the whole family.
All ages welcome.

Alicia Ashman Library, Mondays, January 5 – January 26 (Note:
No Storytime January 19), March 2 – March 30, 6:30 p.
m.

Donuts with Dad
Saturday morning fun with stories,
movies and snacks, especially for
dads and their kids.

Alicia Ashman Library, Saturdays,
January 10, February 14, March 14,
April 11, May 9, 10:00 a.
m.

Sweets and Stories on Second
Saturdays
Bring the family for Saturday morning fun with stories, movies,
donuts, coffee, juice and more.

Lakeview Library, Saturdays, January 10, February 14,
March 14, April 11, 10:00 a.
m.

Juggling Jamboree
Join local juggler extraordinaire Truly Remarkable Loon and
celebrate the joy of juggling.
You will be manipulated, deceived,
baffled, amazed and astounded.

Hawthorne Library, Saturday, January 10, 1:30 p.
m.

Family Movie Matinee
Bring your family and friends and enjoy a feature-length movie
at the Library! Mary Poppins 1/24, Shrek 2/28, Charlotte’s Web
3/28, WALL-E 4/25.
Popcorn and juice provided!
Hawthorne Library, Saturdays, January 24, February 28,
March 28, April 25, 2:00 p.
m.

• • • Free Programs for Youth and Families at the Madison Public Libraries • • •
Winter/Spring 2009
For programs which require registration, please call the host library (see telephone numbers on back page) or register
online at www.
madisonpubliclibrary.
org.
Space is limited, so call or visit the website early! Registration for each program
begins two weeks in advance of the program.

Check Out a Book Discussion Kit!
Are you looking to start up a book group, but don’t know how to get going? Check out one of
our Book Discussion Kits! Kits include at least 5 copies of a title and a set of questions to
help you get the discussion under way.
For a complete list of titles, visit
www.
madisonpubliclibrary.
org/youth/kits.   [Less]

Curriculum Map for Alignment Grade Level: KINDERGARTEN Subject/Content Area: SCIENCE Timeframe: August 2002 - June 2003 CONTENT: The CONTENT Section is “what” we teach. Content can be: Discipline-based...   [More]

Curriculum Map
for Alignment
Grade Level:
KINDERGARTEN
Subject/Content Area:
SCIENCE
Timeframe:
August 2002 - June 2003
CONTENT:
The CONTENT Section is “what” we teach.

Content can be:
Discipline-based topics
Interdisciplinary concepts
Often expressed with nouns
SKILLS/BENCHMARKS:
The SKILLS/BENCHMARKS Section gives us more specific information
about what we teach.

Skills/Benchmarks are
Specific
Assessable
Often expressed with verbs
ASSESSMENTS:
The ASSESSMENTS Section provides tools, strategies, and techniques to
analyze each student’s demonstration of accomplishments of specific goals
and criteria.
Good assessment requires variety to ensure opportunities for
success for all students.

Assessments are:
Demonstrations of learning
Tangible products or performances
Aligned with the standards of learning
Often expressed with nouns
The School Board of Broward County
Curriculum & Instruction/Student Support
Dr.
Earlean Smiley, Deputy Superintendent
Core Curriculum Department
Diane Carr, Executive Director   [Less]

ELEMENTARY ACADEMIC FAIR PRIMARY SCIENCE PROJECT BOOKLET

1 UNIVERSITY OF ALBERTA INCLUDING STUDENTS WITH DEVELOPMENTAL DISABILITIES IN SECONDARY SCHOOL LIBRARIES BY BRENDA DILLON This Capping Course Document is Submitted in Partial Fulfillment of the Requirements for...   [More]

1
UNIVERSITY OF ALBERTA
INCLUDING STUDENTS WITH DEVELOPMENTAL DISABILITIES IN SECONDARY
SCHOOL LIBRARIES
BY
BRENDA DILLON
This Capping Course Document is Submitted in Partial Fulfillment of the Requirements for
the degree of
MASTER OF EDUCATION
DEPARTMENT OF ELEMENTARY EDUCATION
EDMONTON, ALBERTA
WINTER 2008   [Less]

Journal of Business & Economics Research – May 2008 Volume 6, Number 5 125 Import Response And Inflationary Pressures In The New Economy: The Quantity Theory Of Money Revisited Emmanuel I. S. Ajuzie, Lincoln...   [More]

Journal of Business & Economics Research – May 2008 Volume 6, Number 5
125
Import Response And Inflationary Pressures
In The New Economy: The Quantity
Theory Of Money Revisited
Emmanuel I.
S.
Ajuzie, Lincoln University
Felix M.
Edoho, Lincoln University
Wensheng Kang, University of Missouri
Matthew N.
Uwakonye, Grambling State University
Ghebre Y.
Keleta, Grambling State University
ABSTRACT
Contending with the rationale for rate increases to counter inflationary pressures, this study
revisits the quantity theory of money and the equation of exchange developed in the sixteenth
century by the likes of John Locke, John Law, etc.
, and popularized over the years by economists,
such as Adam Smith, David Ricardo, and Irvin Fisher to predict the response of some variables,
especially imports of goods and services, on the rate of inflation.
The vector autoregression
(VAR) process was used to estimate the model.
Results show that import is significant in its
impact in the reduction of the growth rate of CPI inflation, thereby dampening the weight of
inflationary pressures on economic policy formulations.
Because of present economic
environment, coupled with author’s fulfilled seven-year prediction, the urgency of incorporating
this into our economic policy determination cannot be overemphasized.

Keywords: Inflation, inflationary pressure, response, import response, interest rate, consumer price index, quantity
theory of money, vector-autoregression, impulse response function, equation of exchange
INTRODUCTION
he concept of the Quantity Theory of Money (QTM) began in the 16th
century.
Writing at the time,
Jean Boldin (reprinted 1924) argued that among the reasons for the rise in French prices were
abundance of gold and silver, monopolies, scarcity, the pleasure of princes, and debasement of the
coinage.
He contended that prices had risen higher than they were in France fifty years earlier.
He was primarily
interested in determining the causes of the price rise.
Boldin believed that the amount of gold and silver, which was
used as currency in his time had increased substantially and that, consequently, prices had risen.
His was one of the
first statements that linked price movement to movements in money stock (Klein, 1970).
He noted that the increase
in the supply of money caused an increase in demand for French goods, resulting in the increase of prices at home
and abroad.

In the 1690s, John Locke advanced monetary theory beyond Boldin (Locke, 1692).
He extended the
discussion by examining the effects of money on trade, the role of the demand for money, and the importance of
interest rate on the economy.
He believed that money is a medium of exchange in trade (Klein, 1970) and that the
amount needed depended on the “quickness of circulation”, which we today refer to as “velocity” of circulation.
He
went on to define interest as the price for the hire of money, noting that the level of money depended on the
relationship between demand and supply of money.
Thus, when demand for money exceeded the supply, interest
rate was higher and vice versa.

In Money and Trade Considered (Law, 1705), John Law argued that “trade depends upon money”.
In
effect, the more money there is in the economy, the more 1ikley we are to have full employment (Klein, 1970).
Law
extended his argument from coin to bank notes by claiming that the more “credit money” in circulation, the more
people will be employed.
It followed then that in a period of less than full employment, the monetary authority
could put more money into circulation to induce full employment.
He did not advocate unlimited issue of paper
T   [Less]

The Journal of Applied Business Research Volume 19, Number 4 49 Fixed Or Variable Rate Choice In The Commercial Bank Business Loan Market Manoj Athavale, Ball State University Robert O. Edmister, University of...   [More]

The Journal of Applied Business Research Volume 19, Number 4
49
Fixed Or Variable Rate Choice
In The Commercial Bank
Business Loan Market
Manoj Athavale, Ball State University
Robert O.
Edmister, University of Mississippi
Abstract
We study the choice available to business borrowers and lenders between fixed rate and variable
rate bank loans.
Unlike previous studies that examine residential mortgage loans, this analysis
examines commercial and industrial loans.
Business loans differ in attributes from mortgage loans
and hence provide an opportunity to test determinants of the mortgage loan choice decision for
other loan types.
The diversity of business loans also permits tests of any effect which lender size
and borrower size may have on the choice decision.
Using a continuous index of preferences for
the variable rate commercial loan, we find that the determinants of the business loan choice
decision are different from the determinants of the mortgage loan choice decision.
In contrast to
prior research, we find strong evidence contradicting the proposition that variable rate loans are
merely a response to high and variable interest rates.
Further, this the first study to reveal size as
a determinant of loan choice.
Larger banks and larger borrowers have a greater preference for
variable rate loans.
Our results combined with the consolidation occurring among banks leads to
the conclusion that the observed shift to variable rate bank loans is not transitory, and poses a
significant risk for businesses with asset returns uncorrelated with short-term loan rates.

1.
0 Introduction
ariable rate loans are contracts that adjust the interest rate concurrently with an open market index.
Other
contract terms, including repayment, remain independent of interest rate.
The variable rate contract
commits the business to an uncertain future interest expense and transfers interest rate risk from the lender
to the borrower.
The alternative choice, a fixed rate contract, has exactly the opposite effect on banks and
businesses.
Thus, the interesting issues arising from the choice between fixed and variable rate loans is discerning
the determinants of this choice decision.
However, previous empirical tests of the determinants of the fixed rate
versus variable rate loan decision have only analyzed mortgage loans.
The purpose of this paper is to model and test
factors that determine the choice for variable rate business loans.
Business loans differ from mortgage loans with
respect to maturity term, repayment terms, purpose, collateral, and securitization.
Mortgage loans are for long
periods, often ranging up to thirty years while business loans extended by banks are for shorter periods.
Mortgage
loans are generally amortized over the life of the loan while business loans often remain outstanding for the initial
amount.
The purpose of the loan is fairly standard in the case of mortgage loans but may vary widely for business
loans, introducing greater complexity in the valuation of collateral.
In the absence of standardized contracts, the
scope for securitization of business loans and the creation of an efficient secondary market is limited.
These and
other differences in the characteristics of mortgage and business contracts might result in differential risk
assessments and may influence the fixed rate and variable rate loan choice decision.

Participants in financial markets do not all have the same ability to accept or transfer risk and this might
influence their loan choice decision, for example, Berkovec, Kogut and Nothaft (2001) find that the market for
___________________
Readers with comments or questions are encouraged to contact the authors via email.

V   [Less]

Journal of Applied Business Research – Second Quarter 2007 Volume 23, Number 2 47 Changes To Accounting For Defined Benefit Postretirement Plans: Discussion And Illustration Norman H. Godwin, Auburn University...   [More]

Journal of Applied Business Research – Second Quarter 2007 Volume 23, Number 2
47
Changes To Accounting For Defined
Benefit Postretirement Plans:
Discussion And Illustration
Norman H.
Godwin, Auburn University
Arlette C.
Wilson, Auburn University
INTRODUCTION
equests that the Financial Accounting Standards Board (FASB) address issues related to employers’
accounting for defined benefit postretirement plans have increased in recent years.
Those requests
have been made by users of financial statements and others, including the Securities and Exchange
Commission (SEC) staff and representatives of the Pension Benefit Guaranty Corporation.
Constituents are interested
in improved transparency and understandability.

Agreeing that the accounting for defined benefit postretirement plans should be reconsidered, the FASB
added the project to its agenda in November 2005.
The first phase of the project is complete and addresses the
reporting of a plan’s funded status.
Under current rules, a plan’s underfunded (overfunded) status is disclosed in the
footnotes while only a portion of the liability (asset) is recognized on the balance sheet.
Statement of Financial
Accounting Standards No.
158 “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans”
requires that the entire underfunded (overfunded) status of a plan be reflected on the balance sheet.
This reporting is
accomplished by requiring all changes in unrecognized prior service costs (credits), actuarial losses (gains), and
transition obligation (asset), which are currently disclosed in the notes, to flow through other comprehensive income
(OCI) and be reported as part of a pension liability (asset).

The purpose of this paper is threefold.
First, it identifies the basic changes from current accounting.
Second,
it provides comparative illustrations.
Third, it discusses the potential impact on the financial statements.

BASIC CHANGES
Current pension accounting allows for delayed recognition of three items: actuarial gains/losses, prior
service cost/credits associated with plan amendments, and transition obligation/asset remaining from the adoption of
SFAS 87 and SFAS 106.
The purpose of the delayed recognition is to create a smoothing effect on the pension
expense reported in current earnings.
When accumulated actuarial gains/losses exceed a calculated threshold, a
portion of the amount exceeding the threshold is recognized in pension expense.
Any remaining unrecognized
balance is disclosed in the notes.
Unrecognized prior service cost or transition obligation is recognized in pension
expense as it is amortized.
Any unrecognized balance is also reported in the notes.
Accumulated actuarial
gains/losses, unamortized prior service cost, and unamortized transaction obligation are included in a table reconciling
the underfunded or overfunded status of the plan with the liability (asset) reported on the balance sheet.

The new requirements increase the visibility of the economic effects of postretirement benefits by including
the previously unrecognized amounts on the balance sheet.
In particular, any changes in actuarial gains/losses and
prior service cost that are not included in pension expense will flow through Other Comprehensive Income (OCI).
As
you will see in the examples below, this has the effect of showing the plan’s entire net obligation or asset on the
financial statements rather than in the notes.
Transitioning from the current approach to the SFAS 158 requires that
Accumulated Other Comprehensive Income (AOCI) be adjusted for the balances in any unrecognized actuarial
gains/losses, prior service cost/credits and transition obligation/asset as of the end of the fiscal year of initial
application.
If any of these unrecognized amounts is subsequently included in pension expense, those amounts will be
reclassified from AOCI into current earnings.

R   [Less]

International Business & Economics Research Journal – October 2007 Volume 6, Number 10 89 Global Trends And Debt Relief For Asia, Latin America, And Africa: A Multiple Discriminant Analysis Farhad F. Ghannadian,...   [More]

International Business & Economics Research Journal – October 2007 Volume 6, Number 10
89
Global Trends And Debt Relief For Asia,
Latin America, And Africa:
A Multiple Discriminant Analysis
Farhad F.
Ghannadian, (E-mail: ghannadian_f@mercer.
edu), Mercer University
John R.
Miller, (E-mail: Miller_jr@mercer.
edu), Mercer University
ABSTRACT
Emerging country debt levels are at an all time high.
There seems to be a great need to find a
solution to the mounting level of external debt in the continents of Asia, South America and Africa.

Utilizing multiple discriminant analysis this study looks at whether indebted countries in the
various continents responded differently to macroeconomic factors and whether the level of debt
made those economies respond to macroeconomic measures.
This study supports the notion that
Asian countries are more affected by debt factors influencing their economies than countries in
Latin America or Africa.
The study further shows that various debt levels; e.
g.
; high, medium,
versus low have a significant influence on macroeconomic factors.
Therefore this article strongly
supports policies for country debt reduction worldwide.

INTRODUCTION
hile evidence suggests a growing trend in World debt patterns, countries in different categories
have benefited (suffered) differently.
The purpose of this study is to understand these patterns and
behaviors which may have a policy implication in countries involved in lending and receiving
these funds.

By the 1970’s sixty countries were classified as low income countries by the World Bank.
These countries
had a total debt of approximately $25 billion.
This amount had increased by twenty fold to over 523 billion by
2002.
For African countries, where a major bulk of this type of debt occurs, this amount had grown by almost thirty
fold in the same time period (1970-2002).
The three largest countries on the debt scale in the 1990’s were Brazil
with a debt of $116 billion, Mexico with over $90 billion, and Argentina with a $60 billion debt.
About a third of
these debts were owed to the IMF and the World Bank.
In the same three decades about $550 billion was paid in
principal and interest on these loans.
These loans are worth less than this amount and an equivalent amount is still
owed to the creditors.

Some of the highly indebted countries (HICs) made the situation worse by mismanagement of the funds
and many of the loans given to these countries escaped the country in the form of theft or capital flight.
In general,
sufficient funds were not invested in projects yielding enough to service the debt.
Some countries such as South
Korea with a high debt level stunned the world with their push for an export oriented economy.
With their GDP
growth rates in excess of 10%, the South Koreans were able to service and reduce their debt levels in the late 1980’s.

Solutions to remedy the debt problem have included forgiveness of the debt, debt restructuring,
repurchasing of the debt using market forces, the use of taxpayer resources to sponsor a settlement and other mixed
proposals.
The most famous of these plans became known as the Brady plan named after U.
S.
Secretary of Treasury
Nicholas Brady where the governments of creditor countries such as the U.
S.
and Europe would conduct large scale
debt reduction plans with the private banks hence subsidizing most of these loans.
In exchange the government of
these countries would engage in sound economic policies to further the growth of the country and its stability.
Some
W   [Less]

Journal of Business & Economics Research – August 2007 Volume 5, Number 8 91 New Equity Performance Following Chapter 11 Emergence Nicholas K. Wold, Colorado College Judith A. Laux, (E-mail:...   [More]

Journal of Business & Economics Research – August 2007 Volume 5, Number 8
91
New Equity Performance
Following Chapter 11 Emergence
Nicholas K.
Wold, Colorado College
Judith A.
Laux, (E-mail: jlaux@coloradocollege.
edu), Colorado College
ABSTRACT
This body of research investigates how the performance of exchange-traded common equity from
firms in Chapter 11 bankruptcy emergence compares with common stock from non-bankrupt
competitors and recently public peers in short and long-term time horizons.
Return data are
gathered for a sample of sixteen financially restructured companies, each paired with two nondistressed industry competitors and one recently-public peer.
Using the Capital Asset Pricing
Model as a primary analytical tool, empirical tests show a positive correlation in equity returns
among the samples of restructured and non-distressed market competitors and a stock
underperformance from the sample of IPO competitors.
These results suggest that markets are
better at judging the value of post-Chapter 11 companies relative to newly public companies and
refute the theory of IPO price momentum.

INTRODUCTION
he growth and overall health of an economic system rely on the success of its businesses and their
ability to effectively compete with rival firms.
One of the most fundamental aspects of a firm’s
success is its financial state.
Specifically, the fiscal stability of a company and its ability to stay
profitable are important to sustaining a competitive advantage within an industry and constitute ongoing concerns for
management and private and public investors.
In recent years, the American automakers’ struggle in maintaining
market share and the poor operating performance of domestic airlines have created considerable focus on the topic of
corporate bankruptcy and the outlook of firms in financial distress.
In 2005 alone, over 39,200 American-based firms
filed for some type of bankruptcy protection.
This volume of corporate bankruptcy filings is a non-trivial issue
concerning the American economy and a topic which deserves a closer look.

The purpose of this study is to look at the performance of exchange-traded common equity from firms in
Chapter 11 bankruptcy emergence compared to the common stock of non-bankrupt market competitors and recently
public peers in a short-term and long-term outlook, using the capital asset pricing model as the primary tool for
valuation and analysis.
The hypothesis is that the return of common stock issued by firms in Chapter 11 bankruptcy
emergence will outperform its market competitors and closely match the performance of its newly public competitors.

The first half of this paper reviews previous empirical research relating to both Chapter 11 bankruptcy and
stock performance and summarizes theoretical sources relating to the efficient market hypothesis, behavioral investing
trends in capital markets and price momentum in newly-traded equity.
The underlying purpose of this section is to
provide the reader an adequate background on the historical performance of financially distressed firms and related
concepts, creating a foundation of knowledge to help support or refute the current research and results.
The second
half of this study examines the results of this research, specifically looking at the implications for the performance of
financially restructured companies in comparison to their non-distressed peers in both a short-term and long-term time
span.

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Journal of Business & Economics Research – July 2008 Volume 6, Number 7 113 Nonlinearity And The Forward Premium Anomaly Apostolos Xanthopoulos, Illinois Institute Of Technology ABSTRACT Speculative efficiency...   [More]

Journal of Business & Economics Research – July 2008 Volume 6, Number 7
113
Nonlinearity And The Forward
Premium Anomaly
Apostolos Xanthopoulos, Illinois Institute Of Technology
ABSTRACT
Speculative efficiency (the ability to profit without bearing commensurate risk in foreign exchange
markets) is predicated on the forward premium anomaly.
Market efficiency still manifests itself in
the form of nonlinear adjustments, eroding excess profits.
The returns on foreign exchange
speculation may not behave in a market-efficient manner except at average values of interest-rate
differentials.
This study suggests that market efficiency holds as a result of a hedging relation
between linear and nonlinear responses of returns.

Keywords: Efficient-market hypothesis, speculative returns, hyperbolic-tangent response, hedging.

1 INTRODUCTION
mpirical evidence that contradicts anticipated economic relationships lead researchers to the exploration
of nonlinear systems.
Returns from foreign exchange speculation are one such relationship examined
here.
The forward premium anomaly partly explains excess profits from speculation in foreign
exchange markets.
Corrections abruptly reverse such profits, lending support to the original concept of efficient
markets.
This analysis captures both effects in a single equation, and ultimately lends support to market efficiency.

A nonlinear term is simply added to the common linear asset return estimation.
This is an ANN(1) system that
points to a relation between linear anomaly and nonlinear efficiency across currencies.

1.
1 The Efficient Market Hypothesis
The forward premium anomaly refers to the finding that changes in spot exchange rates are inversely
related to the premium of forward rates over future spot rates.
A large number of studies regress the percentage
change in spot against interest rate differentials and, instead of β=1, find a near-zero or negative coefficient.
These
studies run regressions of the log-return of the spot rate against the interest rate differential and test the hypothesis
that the intercept is zero, the slope is one and errors are serially uncorrelated, in the model:
ttt iiss *
1
The stipulation is that the expected returns on currency speculation based on available information are zero.

Based on Hansen and Hodrick (1980), the simple efficiency model is stated as follows:1
.
at timeagentstoavailablesetninformatiotheis
zero)be(shouldnspeculatioreturn toofrate
rateforwardtheoflogarithmthe,ln
ratespottheoflogarithmthe,ln
/:HypothesisMarketEfficient
,
,,
,
tI
fs
Ff
Ss
IsEf
t
ktkt
ktkt
tt
tktkt
1
Lars Peter Hansen and Robert J.
Hodrick, Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An
Econometric Analysis, Journal of Political Economy, Oct.
1980, 829-853.

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Journal of Business Case Studies – June 2008 Volume 4, Number 6 19 The Falkens: A Tax Case Lynda S. Livingston, University of Puget Sound ABSTRACT Personal finance students want to learn about taxes. Personal...   [More]

Journal of Business Case Studies – June 2008 Volume 4, Number 6
19
The Falkens: A Tax Case
Lynda S.
Livingston, University of Puget Sound
ABSTRACT
Personal finance students want to learn about taxes.
Personal finance texts, however, often
concentrate on an overview of the tax system; since rules and forms change annually, textbook
authors concentrate their short problems on the fundamentals.
The Falken case allows students to
use actual forms and schedules to complete a comprehensive example.
Instructors can include
only those “modules” that meet their students’ needs, and they easily can update the exhibits as
laws change.

INTRODUCTION
t is difficult for personal finance textbooks to provide comprehensive tax examples.
Laws and forms
change annually, and students‟ needs vary.
Once a comprehensive example is published, it is already
obsolete; it is much easier, then, for textbook authors to concentrate on big-picture concepts, such as
distinguishing among exemptions, deductions, and credits.

However, students may want more.
They will be much more confident and competent if they have the
chance to complete a full tax return.
The Falken case requires students to prepare the tax return for a married couple
with six children.
It is much more comprehensive than the example problems presented in most current personal
finance textbooks: it not only covers more aspects of tax planning and preparation, but it also uses realistic tax forms
and reports.
The project as presented here requires completion of Form 1040; Schedules A, B, and D; Forms 2441,
8863, and 8812; and supporting worksheets.
However, the instructor can tailor the project to her desired level of
difficulty and to her students‟ interests by adding or deleting “modules” (e.
g.
, tax benefits for higher education,
investment income).
She can also add new details that address issues unique to the current tax year (e.
g.
, the
telephone tax credit that is illustrated in the 2006 version).
Thus, the Falken case is a template that is highly flexible
and easily modified.

This project is intended for students in personal finance courses at the sophomore level and above.
Most of
the situations facing the Falkens are those that students are likely to encounter during their early years out of college.

Students in personal finance courses suggested many other details of the project, reflecting their immediate concerns
(e.
g.
, gifts of tuition from grandparents, identification of “dependent” children).
In the following sections, we
present the project, as it would be given to students.

THE PROJECT
You will be preparing the tax return for Persephone and Stephen Falken, a married couple.
Below is a full
list of the members of Persephone and Stephen‟s household, followed by information on various tax-related aspects
of their lives.

Name Family Member Date Of Birth SSN
Persephone wife/mother 12/5/63 765-33-1093
Stephen husband/father 6/9/54 453-02-2864
Joshua son 12/5/80 525-75-9684
Lawrence son 10/10/86 525-12-3925
Chamberlain son 10/10/86 525-00-1129
Xena daughter 2/3/95 525-13-3245
Artemis daughter 9/26/98 525-86-8564
Demeter daughter 7/8/06 525-86-9006
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The Journal of Applied Business Research – Spring 2005 Volume 21, Number 2 91 Away With SWOT Analysis: Use Defensive/Offensive Evaluation Instead Erhard K. Valentin, Weber State University ABSTRACT SWOT...   [More]

The Journal of Applied Business Research – Spring 2005 Volume 21, Number 2
91
Away With SWOT Analysis:
Use Defensive/Offensive Evaluation Instead
Erhard K.
Valentin, Weber State University
ABSTRACT
SWOT analysis, which delves into a business strengths, weaknesses, opportunities, and threats, is
used widely in firms and classrooms to distill fragmentary facts and figures into concise
depictions of the strategic landscape.
Yet despite its popularity and longevity, the SWOT
approach to situation assessment often is ineffective.
This article begins with a brief critique of
the SWOT framework and typical SWOT analysis guidelines.
Thereafter, Defensive/Offensive
Evaluation (DOE) is advanced as an effective alternative to SWOT analysis.
Because DOE is
more theory-driven, it poses keener questions and promises more illuminating answers.

1.
0 INTRODUCTION
WOT analysis entails portraying a business internal context in terms of strengths and weaknesses and
scouring its external context for opportunities and threats.
It is meant to spark strategic insight and distill
fragmentary facts and figures into coherent backdrops for strategic planning (Mintzberg 1994).
Superior
strategic insights are scarce intellectual assets that facilitate securing competitive advantages, while ignorance and
strategic misconceptions often comprise costly deficits (Barney 2002; Glazer 1991; Srivastava, Shervani, and Fahey
1998).

SWOT analysis is used widely in firms and classrooms; frequently it is the centerpiece of situation
assessment (Day 1984).
However, despite its popularity and longevity, SWOT analysis yields banal or misleading
results so frequently that Hill and Westbrook (1997) advised scrapping it.
Troublesome implicit premises that underlie
the SWOT framework and typical SWOT analysis guidelines are addressed briefly in this article.
Thereafter,
Defensive/Offensive Evaluation is advanced as a more systematic and more effective approach to situation assessment.

2.
0 THE TROUBLE WITH SWOT ANALYSIS
SWOT analysis has shallow theoretical roots.
They run no deeper than the tenet that, like any living
organism, a business can prosper only if it achieves a good fit between itself and its environment.
Although this
assertion is eminently plausible, SWOT analysis also rests on the rather shaky suppositions that every strategically
significant feature of a business internal and external context can be categorized neatly as favorable or unfavorable and
such categorizing affords strategic insight.
While neither the SWOT matrix, shown in Figure 1, nor its conceptual
underpinnings shed light on how noteworthy particulars are to be identified and classified correctly or how strategic
implications are to be derived, supplemental guidelines abound.
They usually are fortified with checklists, which enumerate myriad factors and forces that might affect a business.

Unfortunately, conventional SWOT guidelines offer little more than menus of assorted generic strengths,
weaknesses, opportunities, and threats (SWOTs).
Further:
Figure 1: The SWOT Matrix
Internal Factors External Factors
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Journal of Business & Economics Research – September 2006 Volume 4, Number 9 43 Capital Ownership And Its Impact On International Trade And Economic Growth: The Tunisian Experience Khalifa H. Ghali, Kuwait...   [More]

Journal of Business & Economics Research – September 2006 Volume 4, Number 9
43
Capital Ownership And Its Impact On
International Trade And Economic Growth:
The Tunisian Experience
Khalifa H.
Ghali, Kuwait University, The State of Kuwait
Hedi Trabelsi, Faculte des Sciences Economiques et de Gestion, Tunis - Tunisia
ABSTRACT
Despite the widespread belief that a privatized economy performs better than a centrally planned
one, there is no empirical evidence on whether changing the structure of capital ownership affects
trade and growth in developing countries.
This paper addresses this issue by analyzing and
comparing the distinctive effects of privately and publicly owned capital on international trade and
economic growth.
Based on a modified version of the neo-classical one-sector aggregate production
technology, we investigate the intertemporal interactions among the growth rate of real output,
private capital, public capital, international trade and labor.
The results of applying our
methodology to data from Tunisia suggest that private capital performs better than public capital in
promoting economic growth and international trade.
Despite the widespread belief that a privatized
economy performs better than a centrally planned one, there is no empirical evidence on whether
changing the structure of capital ownership affects trade and growth in developing countries.
This
paper addresses this issue by analyzing and comparing the distinctive effects of privately and
publicly owned capital on international trade and economic growth.
Based on a modified version of
the neo-classical one-sector aggregate production technology, we investigate the intertemporal
interactions among the growth rate of real output, private capital, public capital, international trade
and labor.
The results of applying our methodology to data from Tunisia suggest that private capital
performs better than public capital in promoting economic growth and international trade.

INTRODUCTION
he transition from centrally planned into decentralized market economies is one of the most important
economic issues of our time.
The failure of the socialist system to achieve an efficient allocation of
resources led to a strong belief that only an alteration of the economic structure could improve the well
being of a society.
The most important of these alterations is the privatization of state-owned enterprises, which in the
presence of working markets should improve the allocation efficiency of resources and the living standards.
This issue
is of particular interest to developing countries.
In the aftermath of the debt crisis, and upon recommendations by
international financial institutions, many developing countries are changing their overall development strategies to
rely more heavily on market forces.
Consequently, these countries are witnessing a large process of deregulation of
product and factor markets and the privatization of public enterprises1
.

However, while most economists believe that a privatized economy performs better than a centrally planned
one, the theoretical justification why this should be is still an open question.
This issue dates back to the famous
Hayek-Lerner-Lange debate of the 1940‟s.
The latter two authors argue that a planned economy could at least result in
as good an outcome as a market system, because it could always mimic it.
However, Hayek was convinced that the
beneficial thrives of the Schumpeterian entrepreneurship could only be exploited in a system of decentralized
individual decision making.
In addition, an important reason to privatize is that state owned firms are „politicized‟,
and the main objective of politicized firms is to satisfy interests of bureaucrats and politicians.
To prevent social
1
See Bennedsen (1998), Glaeser, Edward, and Sleifer (1998).

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Journal of Business & Economics Research – November, 2008 Volume 6, Number 11 81 The Case For Emerging Market Funds Stuart Michelson, Stetson University, USA Elena Philipova, Stetson University, USA Petra...   [More]

Journal of Business & Economics Research – November, 2008 Volume 6, Number 11
81
The Case For Emerging Market Funds
Stuart Michelson, Stetson University, USA
Elena Philipova, Stetson University, USA
Petra Srotova, Stetson University, USA
ABSTRACT
This study investigates the performance of open-end actively managed emerging market mutual
funds during the time period 1999 to 2005.
Our analysis is cross-sectional and time series across
a wide range of emerging markets.
Previous research includes performance studies of
international mutual funds and emerging market funds, but none of the previous studies were as
broad nor as specific as the current study.
Monthly fund returns are compared to three indices
(emerging markets, MSCI, and S&P 500 Index), using annualized returns, Sharpe ratio and
Treynor ratio.
The results show that the emerging market funds outperform the MSCI Index and
the S&P 500 Index, but not the emerging market index.
During the study period, an investor would
have benefited by either investing in emerging market funds or the emerging market index.
There
is also a negative relationship between emerging market fund returns and turnover, and a positive
relationship between fund returns and size.

Keywords: Emerging Markets, mutual funds, index funds, Sharpe ratio, international funds
INTRODUCTION
n this paper, we examine the benefits of investing in emerging markets mutual funds.
Specifically, we
investigate whether or not open-end actively managed emerging market mutual funds outperform
selected market indices during the time horizon of the study, 1999 to 2005.
Our analysis is cross-sectional
and time series across a wide range of emerging markets.
Previous research includes performance studies of
international mutual funds and emerging market funds, but none of the previous studies were as broad nor as
specific as the current study.

Several previous studies have investigated the performance and behavior of emerging market funds.

According to Tkac (2001), emerging market funds have more heterogeneous volatilities than more developed
markets funds that are less volatile.
The study looked at the performance of a large sample of open-end international
mutual funds during the period 1990-1999 to determine whether there is a significant relationship between
international funds and performance.
Their results show that emerging markets funds do not outperform developed
markets funds and do not earn abnormal returns because of inefficiencies in the foreign capital markets.

Jones and Swanson (1995) analyzed market indices during the years 1980-1989 for both maturing and
emerging market funds and found no significant difference between mature and emerging funds, using the Sharpe
index.
Goetzmann, Ivkovic and Rouwenhorst (2001) studied daily returns of 391 international open-end equity
funds from 1990-1998 and found that the S&P 500 Index has outperformed all broad international indices during
this period.
They conclude that there is a clear positive correlation between international mutual funds and prior-day
S&P 500 Index returns, which indicates the S&P 500 Index can serve as a leading signal for international funds.

Fortin and Michelson (2002) examine the benefits of investing in actively managed mutual funds over
index funds during the 25-year time period 1976-2000.
Their results provide additional evidence that index funds
outperform actively managed funds for all fund categories, except for Small Company Equity and International
Stock funds.

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ASSISTIVE TECHNOLOGY: Supporting Learners in Inclusive Classrooms Andrew zooms into his seventh grade classroom using his power wheelchair. He rolls up to his universally designed computer desk, turns on the...   [More]

ASSISTIVE TECHNOLOGY: Supporting Learners in Inclusive Classrooms
Andrew zooms into his seventh grade classroom using his power wheelchair.
He rolls
up to his universally designed computer desk, turns on the computer using his head
enabler, and clicks the electronic mouse for e-mail.
Even though his
English/Language Arts class doesn t start for a few more minutes, he needs to check
his e-mail to see what the journalism sponsor of the school newspaper thought about
his latest article on the proposed school dress code.

As he begins responding to the e-mail using word prediction software, he thinks
back to what life had been like when he entered school as a kid with cerebral
palsy.
Although he cannot recall everything about the beginning of school, he
remembers the long hours of therapy and lying on the mat with adults looming over
him.

Since then, year-by-year and little-by-little, he learned that he could do what all
the other kids did, just in a different way.
He remembers his first "talker" that
enabled him to speak so everyone could understand him.
The power wheelchair and
computer came later, and now each year Andrew looks forward to seeing what new
technologies can help him do more independently.

Andrew is proud of the label "computer geek" and has a number of friends who are
also proud of earning this moniker.
He cannot wait to get home and chat with others
worldwide.
Now, however, it is time for English class.
He types the first letters
of the heading for his class notes and Ms.
Johnson, his English teacher, begins
talking about the story they will be reading next.
Andrew clicks on the icon for
the electronic book on the desktop so that he can follow along.
E-mail and chats
will have to wait until he gets home from school.

Over the past ten years, the numbers of students like Andrew who are being educated
in inclusive or universal design for learning (UDL) classrooms have been increasing
steadily.
These students are expected to complete grade-level assignments, but not
all of them are provided the supports they need to do so.
Many teachers in
inclusive classrooms are not even aware of or fully informed about the technologies
available to help these students become successful in their classes (Hasselbring
and Bausch 2005/2006).
Fortunately, there are schools, teachers, and assistive
technology (AT) specialists that can provide assistance so students like Andrew can
succeed in general education and co-taught classrooms.

Purpose of Assistive Technology
Though assistive technology can help students with disabilities participate in and
complete tasks they would not otherwise be able to complete, everyone involved in
the AT process needs to have the benefit of training.
Students like Andrew require
a team of educators who are well-versed in numerous types of technology so that
they can assist in multiple areas.
With the right types of assistive technologies,
students can become more independent in achieving academic success at their
enrolled grade level (Bausch et al.
2007; Hasselbring and Bausch 2005/2006).

AT can be used at all levels to promote academic success among students with
disabilities.
The use of such technologies by students of all ages can help promote
not only academic success, but also "independence, self-worth, and productivity"
(Bryant and Bryant 1 998, 42).
On a dairy basis, educators must adapt instruction
to meet the needs of students with disabilities.
The adaptations must align with
what is being presented and meet the individual needs of these students (Bryant and
Bryant 1 998).
Teachers must be able to find and use appropriate adaptations.
These
AT solutions can range from extremely low-cost, low-tech methods such as a pencil
grip, to high-cost, high-tech devices such as power wheelchairs operated by tonguetouch (Netherton and Deal 2006).   [Less]