The Changing Role of Auditors in Corporate Tax Planning

This paper examines changes in the role that auditors play in corporate tax planning following recent events, including the well-known accounting scandals, passage of the Sarbanes-Oxley Act, and regulatory actions by the SEC and PCAOB. On the whole, these events have increased the sensitivity to and scrutiny of auditor independence. We examine the effects of these events on the market for tax planning, in particular the longstanding link between audit and tax services. While the effects are recent, they are already being seen in the data. Specifically, there has already been a dramatic shift in the market for tax planning away from obtaining tax planning services from one's auditor. We estimate that the ratio of tax fees to audit fees paid to the auditors of firms in the S&P 500 decline from approximately one in 2001 to one-fourth in 2004. At the same time, we find no evidence of a general decline in spending for tax services. In sum, the evidence indicates a decoupling of the longstanding link between audit and tax services, such that firms are shifting their purchase of tax services away from their auditor and towards other providers.

Complex permittivity measurements of lunar samples at microwave and millimeter wavelengths

The relative dielectric constant and loss tangent of lunar sample 14163,164 (fine dust) were determined as a function of density at 9.375, 24, 35, and 60 GHz. In addition, such measurements have also been performed on lunar sample 14310,74 (solid rock) at 9.375 GHz. The loss tangent was found to be frequency independent at these test frequencies and had a value of 0.015 for the lunar dust sample

Utilization of fish for constitutional and acquired chromosomal abnormalities for diagnostic and prognostic purposes

ABSTRACT Utilization of FISH for Constitutional and Acquired Chromosomal Abnormalities for Diagnostic and Prognostic Purposes Amy L. Shackelford Fluorescence in-situ hybridization (FISH) is a useful molecular cytogenetics technique for counting chromosomes and identifying specific chromosomal sequences of interest. FISH probe targets include centromeres, single loci, subtelomeres, and telomeres, using DNA or peptide nucleic acid (PNA) probes. FISH probes were used to determine chromosome number, copy loss or gain, and signal size in four studies involving acquired chromosomal changes in malignancy, mosaicism, and aneuploidy in pre- and postnatal constitutional abnormalities. In the first series of experiments, subtelomere probes for 5p and 5q were used to evaluate paraffin embedded patient samples for a 5q deletion and compare that to pathological and clinical characteristics of small cell lung carcinoma (SCLC). The correlation between del(5q) and spindle cell morphology was found to be significant (p\u3c0.025), but of unknown relevance. In the second study, FISH was used in conjunction with microarray analysis to define the karyotype of a patient with a Pallister-Killian (PKS) phenotype, a tissue-limited mosaic condition. Her karyotype was determined to be 46,XX,dup(12)(p11.2p13.2),trp(12) (p13.2pter)[5]/46,XX[15], with the abnormal cell line remaining at 25% from 6 to 19 months of age. PNA telomere length studies were performed on this same patient to determine if there was a difference between the normal and abnormal cells lines, shorter telomeres explaining loss of abnormal cells, however, no difference was found. In the third series of studies, samples from pregnancy losses that failed to grow in culture were investigated using FISH. Two of the five culture failure samples identified a mosaic trisomy 9 female and a mosaic tetraploid female using FISH probes in interphase cells. In the fourth and final study, PNA FISH probes were used to assess the difference between telomere lengths in newborns with trisomy 21 and normal chromosomes. Telomere lengths in cells with trisomy 21 were significantly shorter than those with normal chromosomes in both metaphase (p\u3c0.05) and interphase (p\u3c0.01) cells. Cell senescence with shortened telomeres, would correlate with shorter lifespan of individuals with trisomy 21. Overall, FISH is an important tool that can enhance the diagnostic capabilities of conventional cytogenetics testing, particularly when used in conjunction with traditional karyotyping. FISH offers a more rapid alternative when turn around times are critical and allows for more specific resulting, particularly in cases where an abnormality of interest is unable to be visualized within a karyotype, specimens are nonliving, or the study of interphase cells is necessary

Former African-American Male Football Student-Athletes at Southeastern Conference Institutions and Their Transition From Athletics to Non-Athletic Careers

The problem of practice for this dissertation will address the perceived deficiencies in the cultivation of workplace readiness and the projection of career success among former African-American football student-athletes at Southeastern Conference institutions. The focus of this dissertation in practice will be to examine the perceived lack of development of academic, social and psychological skills in order to achieve a successful transition from athletics to non-athletic careers. This study will identify the applicable career and academic developments, discussed and articulated by former African-American male football student-athletes, which directly influence their employability qualities. Manuscript two will review data generated from the semi-structured interviews that will be conducted in order to identify best-practices that were important in assisting these former student-athletes with their transition from collegiate athlete to early career success. Manuscript three will discuss non-athletic career development considerations for former African-American student-athletes and how universities could better prepare such students for non-playing careers. The various experiences, the relationships and programs that influence early career success and methods of implementation for scholastic frameworks will be discussed and explained within an institutional context

Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?

The Jobs and Growth Tax Relief Reconciliation Act of 2003 reduces the maximum statutory personal tax rate on dividends from 38.1 percent to 15 percent. This study analyzes dividend declarations in the quarter following passage. Aggregate dividends rose by 9 percent when boards of directors first met following enactment. Consistent with the dividend changes being tax-motivated, they are increasing in the percentage of the firm held by individuals. Dividend changes also increased with insider ownership, consistent with managers acting in their own interests. However, these results are limited primarily to firms that made large, special dividends. We find little evidence of an increase in regular, quarterly dividend payments.

Capital Gains Taxes and Stock Reactions to Quarterly Earnings Announcements

This paper examines the impact of capital gains taxes on equity pricing. Examining three-day cumulative abnormal returns for quarterly earning announcements from 1983-1997, we present evidence consistent with shareholders' capital gains taxes affecting stock price responses. To our knowledge, this is the first study to link shareholder taxes and share price responses to earnings releases. The results imply that shares trade at higher (lower) prices when individual investors face incremental taxes (tax savings) created by selling appreciated (depreciated) shares before they qualify for long-term treatment. Unlike prior studies that have focused on price reactions in settings where shareholder taxes are unusually salient (e.g., tax law changes, turn-of-the-year trading, or tax-sensitive transactions), this study finds the imprint of capital gains taxes in a more general setting.

Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?

This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend tax rates exceeded the reduction in the capital gains tax rates. As expected, we find substitution and find that it is increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation. These findings are consistent with boards of directors considering the tax preferences of individual stockholders (particularly officers and managers) when setting dividend and share repurchase policies.

Valuing Fed Cattle Using Objective Tenderness Measures

Beef tenderness is critical in consumer satisfaction with beef steak products. Current fed cattle valuation systems do not differentiate carcasses based upon tenderness variation. However, considerable research indicates consumers are willing to pay more for tender relative to tough beef steak. This article develops a tenderness-augmentation to current fed cattle grid pricing systems. Using a large set of actual carcasses, we determine that a tenderness-augmented price grid would reorder fed cattle value by on average nearly $5.00/cwt dressed relative to current valuation methods. Substantial opportunity is present to improve beef tenderness through new price signals to producers.beef quality, meat tenderness, cattle value, cattle price, Agribusiness, Farm Management, Food Consumption/Nutrition/Food Safety, Livestock Production/Industries, Q11, Q13, M31,

Characterization of biological types of cattle (Cycle VII): Carcass, yield, and longissimus palatability traits

The objective of this experiment was to provide a current evaluation of the seven most prominent beef breeds in the United States and to determine the relative changes that have occurred in these breeds since they were evaluated with samples of sires born 25 to 30 yr earlier. Carcass (n = 649), yield (n = 569), and longissimus thoracis palatability (n = 569) traits from F1 steers obtained from mating Hereford, Angus, and U.S. Meat Animal Research Center III cows to Hereford (H), Angus (A), Red Angus (RA), Charolais (C), Limousin (L), Simmental (S), or Gelbvieh (G) sires were compared. Data were adjusted to constant age (445 d), carcass weight (363 kg), fat thickness (1.1 cm), fat trim percent (25%), and marbling (Small35) endpoints. For Warner-Bratzler shear force and trained sensory panel traits, data were obtained on LM from steaks stored at 2°C for 14 d postmortem. The following comparisons were from the age-constant endpoint. Carcasses from L-, G-, and Hsired steers (361, 363, and 364 kg, respectively) were lighter (P \u3c 0.05) than carcasses from steers from all other sire breeds. Adjusted fat thickness for carcasses from A-, RA-, and H-sired steers (1.5, 1.4, and 1.3 cm, respectively) was higher (P \u3c 0.05) than for carcasses from steers from all other sire breeds (0.9 cm). Longissimus muscle areas were largest (P \u3c 0.05) for carcasses from L-, C-, S-, and G-sired steers (89.9, 88.7, 87.6, and 86.5 cm2, respectively) and smallest for carcasses from H- and RA-sired steers (79.5 and 78.4 cm2). A greater (P \u3c 0.05) percentage of carcasses from RA- and A-sired steers graded USDA Choice (90 and 88%, respectively) than from carcasses from other sire breeds (57 to 66%). Carcass yield of boneless, totally trimmed retail product was least (P \u3c 0.05) for RA- and A-sired steers (59.1 and 59.2%, respectively) and greatest (P \u3c 0.05) for G-, L-, C-, and S-sired steers (63.0 to 63.8%). Longissimus muscle from carcasses of A-sired steers (4.0 kg) had lower (P \u3c 0.05) Warner Bratzler shear force values than LM from carcasses of G- and C-sired steers (4.5 to 4.3 kg, respectively). Trained sensory panel tenderness and beef flavor intensity ratings for LM did not differ (P \u3c 0.05) among the sire breeds. Continental European breeds (C, L, S, and G) were still leaner, more heavily muscled, and had higher-yielding carcasses than did British breeds (H, A, and RA), with less marbling than A or RA, although British breeds have caught up in growth rate