• The Impact of Women Managers on Firm Performance: Evidence from Large U.S. Firms

      Cordeiro, James J.; Stites-Doe, Susan; The College at Brockport (1/1/1997)
      Drawing on arguments from the management and human resource economics literatures, we hypothesise that the percentage of women managers employed in firms will be positively related to the performance of firms. A correlational research design is employed, and 1992 employment and performance data for 183 U.S. firms is utilised in data analysis. The hypothesis is strongly supported.
    • The Impact of Women Managers on Firm Performance: Evidence from Large U.S. Firms

      Cordeiro, James J.; Stites-Doe, Susan; The College at Brockport (1/1/1997)
      Drawing on arguments from the management and human resource economics literatures, we hypothesise that the percentage of women managers employed in firms will be positively related to the performance of firms. A correlational research design is employed, and 1992 employment and performance data for 183 U.S. firms is utilised in data analysis. The hypothesis is strongly supported.
    • The Office Makes a Difference: An Exercise on the Politics of Office Space

      Stites-Doe, Susan; Waite, Melissa L.; Pillai, Rajnandini; The College at Brockport (1/1/1998)
      In this article we report the benefits of a new case study that explores gender bias, organizational culture, and organizational politics. The case is based on true events, and centers on the assignment of office space to a newly-promoted female vice president at a savings and loan bank. Office space is argued by many to be symbolic of power in organizations. The experiences of the main character in the case point to power imbalances that result from gender-based cultural values and the character's inadequate attention to political behavior.
    • The Office Makes a Difference: An Exercise on the Politics of Office Space

      Stites-Doe, Susan; Waite, Melissa L.; Pillai, Rajnandini; The College at Brockport (1/1/1998)
      In this article we report the benefits of a new case study that explores gender bias, organizational culture, and organizational politics. The case is based on true events, and centers on the assignment of office space to a newly-promoted female vice president at a savings and loan bank. Office space is argued by many to be symbolic of power in organizations. The experiences of the main character in the case point to power imbalances that result from gender-based cultural values and the character's inadequate attention to political behavior.
    • The Fallacy of Cookie Cutter Asset Allocation: Some Evidence from 'New York's College Savings Program'

      Spitzer, John J.; Singh, Sandeep; The College at Brockport (1/1/2001)
      In this paper. we establish why ''prefabricated'' asset allocation schemes mandated by some education savings programs might be suboptimal. Then. using the New York's College Savings Program a an example, we simulate and then compare end of period wealth accumulated in both a tax preferred but regimented asset allocation plan, and in a nontax protected plan. We find. first. that the longer the child participates in the plan. the greater the benefit. Second. participants in higher tax brackets derive greater benefits; adherence to prespecified asset allocation for low tax bracket investors often results in return loss that overshadows the tax benefit.
    • The Fallacy of Cookie Cutter Asset Allocation: Some Evidence from 'New York's College Savings Program'

      Spitzer, John J.; Singh, Sandeep; The College at Brockport (1/1/2001)
      In this paper. we establish why ''prefabricated'' asset allocation schemes mandated by some education savings programs might be suboptimal. Then. using the New York's College Savings Program a an example, we simulate and then compare end of period wealth accumulated in both a tax preferred but regimented asset allocation plan, and in a nontax protected plan. We find. first. that the longer the child participates in the plan. the greater the benefit. Second. participants in higher tax brackets derive greater benefits; adherence to prespecified asset allocation for low tax bracket investors often results in return loss that overshadows the tax benefit.
    • An Analysis Of The Determinants Of MIS Faculty Salary Offers

      Tribunella, Thomas; Neely, M. Pamela; Hull, Clyde Elrikur; Rochester Institute of Technology; State University of New York at Oswego; The College at Brockport (1/1/2007)
      Much research has been published related to compensation in academic fields such as finance, accounting and economics; however, little attention has been paid to Management Information Systems (MIS). Conspicuously absent from the literature are in-depth studies of faculty compensation and its relationship to research productivity for MIS faculty. This study examines compensation, rank, and publication data collected from the Association for Information Systems (AIS) 2003-2004, 2004-2005 and 2005-2006 MIS Salary Surveys. MIS faculty who were newly employed or changed positions filled out the online survey at the AIS Web site on a self-selected basis. The relationships between compensation and its possible determinants such as research productivity and institutional teaching load are reported as well as analyzed. We find that compensation is significantly correlated with professors’ profiles as well as with the school profile at which the professor received a job offer.
    • An Analysis Of The Determinants Of MIS Faculty Salary Offers

      Tribunella, Thomas; Neely, M. Pamela; Hull, Clyde Elrikur; Rochester Institute of Technology; State University of New York at Oswego; The College at Brockport (1/1/2007)
      Much research has been published related to compensation in academic fields such as finance, accounting and economics; however, little attention has been paid to Management Information Systems (MIS). Conspicuously absent from the literature are in-depth studies of faculty compensation and its relationship to research productivity for MIS faculty. This study examines compensation, rank, and publication data collected from the Association for Information Systems (AIS) 2003-2004, 2004-2005 and 2005-2006 MIS Salary Surveys. MIS faculty who were newly employed or changed positions filled out the online survey at the AIS Web site on a self-selected basis. The relationships between compensation and its possible determinants such as research productivity and institutional teaching load are reported as well as analyzed. We find that compensation is significantly correlated with professors’ profiles as well as with the school profile at which the professor received a job offer.
    • Use of Humor as a Pedagogical Tool for Accounting Education

      Romal, Jane B.; The College at Brockport (1/1/2008)
      This article focuses on the use of humor to increase the effectiveness of teaching accounting by conducting a meta-analysis on the use of humor by business executives and professors in other fields. Exclusively for this study, the meta-analysis quantitatively synthesizes the results of similar studies that meet predetermined criteria on a variable of interest, the effectiveness of humor, by summarizing their common statistic, called their effect size. Results support the hypothesis that humor is more effective today than it was in the early eighties. No articles were found on the use of humor in the accounting classroom, but the results of this meta-analysis affirm that accounting professors may benefit as well. This article then goes on to provide strategies and illustrations related to the use of humor that may enable interested accounting teachers t0 develop humor consistent with their personal styles and the needs of their students
    • Use of Humor as a Pedagogical Tool for Accounting Education

      Romal, Jane B.; The College at Brockport (1/1/2008)
      This article focuses on the use of humor to increase the effectiveness of teaching accounting by conducting a meta-analysis on the use of humor by business executives and professors in other fields. Exclusively for this study, the meta-analysis quantitatively synthesizes the results of similar studies that meet predetermined criteria on a variable of interest, the effectiveness of humor, by summarizing their common statistic, called their effect size. Results support the hypothesis that humor is more effective today than it was in the early eighties. No articles were found on the use of humor in the accounting classroom, but the results of this meta-analysis affirm that accounting professors may benefit as well. This article then goes on to provide strategies and illustrations related to the use of humor that may enable interested accounting teachers t0 develop humor consistent with their personal styles and the needs of their students
    • What influences salary: A study of MIS faculty job offers

      Neely, M. Pamela; Tribunella, Thomas; Tang, Zhi; Hull, Clyde Elrikur; Rochester Institute of Technology; State University of New York at Oswego; The College at Brockport (1/1/2008)
      What matters when you’re negotiating a job offer? We address this and other questions using data from the Association for Information Systems (AIS) Salary Surveys on compensation, rank, publication data, and similar data associated with MIS Faculty job offers. Our study has three primary findings. First, school and individual factors influence the position and salary offered, but individual factors have a stronger impact. Second, we find the position (i.e., associate/assistant professor and teaching load) offered by schools partially mediates the relationship between school and individual factors and the starting salary. Third, the direct impact of individual factors is also influenced by some school factors. Specifically, top tier publication is the most important individual factor in determining the salary level at PhD granting institutions.
    • What influences salary: A study of MIS faculty job offers

      Neely, M. Pamela; Tribunella, Thomas; Tang, Zhi; Hull, Clyde Elrikur; Rochester Institute of Technology; State University of New York at Oswego; The College at Brockport (1/1/2008)
      What matters when you’re negotiating a job offer? We address this and other questions using data from the Association for Information Systems (AIS) Salary Surveys on compensation, rank, publication data, and similar data associated with MIS Faculty job offers. Our study has three primary findings. First, school and individual factors influence the position and salary offered, but individual factors have a stronger impact. Second, we find the position (i.e., associate/assistant professor and teaching load) offered by schools partially mediates the relationship between school and individual factors and the starting salary. Third, the direct impact of individual factors is also influenced by some school factors. Specifically, top tier publication is the most important individual factor in determining the salary level at PhD granting institutions.
    • Is the Put Option in U.S. Structured Bonds Good for Both Bondholders and Stockholders?

      Tewari, Manish; Ramanlal, Pradipkumar; The College at Brockport; University of Central Florida (1/1/2010)
      The recent financial crisis has brought into spotlight various financially engineered products, their design parameters, and the impact of these design parameters on the bondholders and the common stockholders. We analyze the common stock performance of 134 firms issuing the callable-puttable bonds, a structured derivative security, issued between 1977 and 2005. We focus our study on the common stock performance of the issuing firms around the issue date and the put date. We use the Fama French (1993) four factor regression model to estimate the common stock performance of the issuing firms two years before and after the issue and the put date. We find that these firms underperform the market throughout. The firms perform worse after the issue date but improve their performance as we get closer to the put date. We find strong evidence that the presence of the put option in these securities provides protection to the bondholders as well as improved returns to the common stockholders. The deferred put option can mitigate the agency problem between the stockholders and the bondholders.
    • Is the Put Option in U.S. Structured Bonds Good for Both Bondholders and Stockholders?

      Tewari, Manish; Ramanlal, Pradipkumar; The College at Brockport; University of Central Florida (1/1/2010)
      The recent financial crisis has brought into spotlight various financially engineered products, their design parameters, and the impact of these design parameters on the bondholders and the common stockholders. We analyze the common stock performance of 134 firms issuing the callable-puttable bonds, a structured derivative security, issued between 1977 and 2005. We focus our study on the common stock performance of the issuing firms around the issue date and the put date. We use the Fama French (1993) four factor regression model to estimate the common stock performance of the issuing firms two years before and after the issue and the put date. We find that these firms underperform the market throughout. The firms perform worse after the issue date but improve their performance as we get closer to the put date. We find strong evidence that the presence of the put option in these securities provides protection to the bondholders as well as improved returns to the common stockholders. The deferred put option can mitigate the agency problem between the stockholders and the bondholders.
    • Effectiveness of Event Risk Covenants in High Yield Bonds: Evidence from Long-Run Stock Performance

      Tewari, Manish; Ramanlal, Pradipkumar; The College at Brockport; University of Central Florida (1/1/2012)
      We examine the post-issue long-run performance of the common stock of the firms issuing nonconvertible high yield bonds with event risk covenants (ERCs) over the period five years after the issue date. Using Fama French (1993) four factor regression model to analyze a sample of 217 issues issued between 1986 and 2004, we find statistically and economically significant monthly average abnormal returns between 0.36% and 0.55%, which compounds to 24% to 39% over the five year period. The evidence suggests strong long-run overperformance after the issuance. This result is in contrast to the evidence of underperformance after the straight debt issues (Speiss and Affleck-Graves, 1999). Our results support the evidence that the ERCs in bonds issued by the firms closer to financial distress or with low credit rating, help significantly reduce the agency problem between the common stockholders and the bondholders resulting in direct cost benefit to the firm in terms of reduced yields. This benefit seems to far outweigh the costs to the stockholders in terms of agency cost of potential management entrenchment and/or potential loss of takeover premium. The net result is the higher returns for the shareholders. The full impact of this benefit is only realized in the long-run.
    • Effectiveness of Event Risk Covenants in High Yield Bonds: Evidence from Long-Run Stock Performance

      Tewari, Manish; Ramanlal, Pradipkumar; The College at Brockport; University of Central Florida (1/1/2012)
      We examine the post-issue long-run performance of the common stock of the firms issuing nonconvertible high yield bonds with event risk covenants (ERCs) over the period five years after the issue date. Using Fama French (1993) four factor regression model to analyze a sample of 217 issues issued between 1986 and 2004, we find statistically and economically significant monthly average abnormal returns between 0.36% and 0.55%, which compounds to 24% to 39% over the five year period. The evidence suggests strong long-run overperformance after the issuance. This result is in contrast to the evidence of underperformance after the straight debt issues (Speiss and Affleck-Graves, 1999). Our results support the evidence that the ERCs in bonds issued by the firms closer to financial distress or with low credit rating, help significantly reduce the agency problem between the common stockholders and the bondholders resulting in direct cost benefit to the firm in terms of reduced yields. This benefit seems to far outweigh the costs to the stockholders in terms of agency cost of potential management entrenchment and/or potential loss of takeover premium. The net result is the higher returns for the shareholders. The full impact of this benefit is only realized in the long-run.
    • An Empirical Assessment Of The Determinants Of Bank Branch Manager Compensation

      Stites-Doe, Susan; Cordeiro, James J.; The College at Brockport (10/1/1999)
      A model of branch-management compensation based on human capital and performance measures is tested using data on managers from eighty-two branches of a large, Eastern United States bank. Human capital factors such as managerial rank, gender, years of schooling, experience in the industry, and age are found to explain branch manager pay levels, after controlling for competition, and branch size.
    • An Empirical Assessment Of The Determinants Of Bank Branch Manager Compensation

      Stites-Doe, Susan; Cordeiro, James J.; The College at Brockport (10/1/1999)
      A model of branch-management compensation based on human capital and performance measures is tested using data on managers from eighty-two branches of a large, Eastern United States bank. Human capital factors such as managerial rank, gender, years of schooling, experience in the industry, and age are found to explain branch manager pay levels, after controlling for competition, and branch size.
    • Delaying Social Security Payments: A Bootstrap

      Spitzer, John J.; The College at Brockport (10/1/2006)
      This paper reconciles previous research outcomes and explains why prior studies offer conflicting recommendations regarding the decision to delay Social Security payments. Using a bootstrap, this paper determines the age at which a retiree is better off deferring Social Security payments when rates of return are not constant. The expected rate of return affects the breakeven age and the rate of return is a function of asset allocation. When life expectancy and realistic investment returns are incorporated into the analysis, there are few circumstances that warrant postponing Social Security payments for early retirees.
    • Delaying Social Security Payments: A Bootstrap

      Spitzer, John J.; The College at Brockport (10/1/2006)
      This paper reconciles previous research outcomes and explains why prior studies offer conflicting recommendations regarding the decision to delay Social Security payments. Using a bootstrap, this paper determines the age at which a retiree is better off deferring Social Security payments when rates of return are not constant. The expected rate of return affects the breakeven age and the rate of return is a function of asset allocation. When life expectancy and realistic investment returns are incorporated into the analysis, there are few circumstances that warrant postponing Social Security payments for early retirees.