A Unifying Model of How the Tax System and Generally Accepted Accounting Principles Affect Corporate Behavior

This paper models the impact of the tax system and GAAP on the real and financial reporting decisions of corporations. It provides a first step toward joint evaluation of taxation and financial reporting in the standard economic analyses of corporate behavior. The key finding is that value arises from real decisions that provide firms with discretion in their tax and financial reporting. This desire for flexibility modifies the optimal decisions of firms, in theory, and we provide examples that illustrate this behavior in the real world.

Copycat Funds: Information Disclosure Regulation and the Returns to Active Management in the Mutual Fund Industry

Mutual funds must disclose their portfolio holdings to investors semiannually. The costs and benefits of such disclosures are a long-standing subject of debate. For actively managed funds, one cost of disclosure is a potential reduction in the private benefits from research on asset values. Disclosure provides public access to information on the assets that the fund manager views as undervalued. This paper tries to quantify this potential cost of disclosure by testing whether 'copycat' mutual funds, funds that purchase the same assets as actively-managed funds as soon as those asset holdings are disclosed, can earn returns that are similar to those of the actively-managed funds. Copycat funds do not incur the research expenses associated with the actively-managed funds that they are mimicking opportunity to invest in assets that managers identify as positive return opportunities between disclosure dates. Our results for a limited sample of high expense funds in the 1990s suggest that while returns before expenses are significantly higher for the underlying actively managed funds relative to the copycat funds, after expenses copycat funds earn statistically indistinguishable, and possibly higher, returns than the underlying actively managed funds. These findings contribute to the policy debate on the optimal level and frequency of fund disclosure.

Dynamic modelling to predict the likelihood of plant species persisting in fragmented landscapes in the face of climate change

Many species are threatened by global climate change, but plants are particularly vulnerable because, as sessile organisms, they are unable to move to areas with more suitable conditions as the climate changes. Instead they must rely on their seeds dispersing far and often to keep pace with a changing climate. This problem is exacerbated by the fragmentation of natural landscapes by clearing for agricultural or urban development, or similarly by a species requirement for particular soil types or topography. Models can help predict how different species will be affected by climate change. Most previous modelling work on predicting the persistence of plant and other species under climate change has been static, regression style modelling, known as climate envelope modelling. This has focussed on predicting where suitable environments for a species will likely occur under possible future climatic conditions, based on the species’ distribution under current conditions. While the existence of suitable environments in a new climate is a necessary condition for a species’ persistence, for sessile organisms such as plants, the ability of a species to move and colonise these suitable environments is also likely to be a major limitation. There is therefore a need for models that account for the dynamic processes involved in plant species’ migration and colonisation in changing climates. This paper presents such a dynamic model, called PPunCC (Plant Persistence under Climate Change). We describe how the PPunCC model represents the important factors and processes likely to affect a plant species’ capacity to migrate across a landscape fast enough to keep pace with a changing climate, such as the rate of climate change, the degree of landscape fragmentation, and the plant species’ life history, seed production, dispersal, and establishment. We also discuss how the model could be used to inform management decisions regarding adaptation options such as assisted migration or the creation of large-scale corridors that increase the connectivity of fragmented landscapes in order to help species migrate naturally and find suitable environments in new climates

Dietary Acid Load and Bone Turnover During Long-Duration Spaceflight and Bed Rest

Background Bed rest studies document that a lower dietary acid load is associated with lower bone resorption. Objective We tested the effect of dietary acid load on bone metabolism during spaceflight. Design Controlled 4-d diets with a high or low animal proteinto-potassium (APro:K) ratio (High and Low diets, respectively) were given to 17 astronauts before and during spaceflight. Each astronaut had 1 High and 1 Low diet session before flight and 2 High and 2 Low sessions during flight, in addition to a 4-d session around flight day 30 (FD30), when crew members were to consume their typical in-flight intake. At the end of each session, blood and urine samples were collected. Calcium, total protein, energy, and sodium were maintained in each crew member's preflight and in-flight controlled diets. Results Relative to preflight values, N-telopeptide (NTX) and urinary calcium were higher during flight, and bone-specific alkaline phosphatase (BSAP) was higher toward the end of flight. The High and Low diets did not affect NTX, BSAP, or urinary calcium. Dietary sulfur and age were significantly associated with changes in NTX. Dietary sodium and flight day were significantly associated with urinary calcium during flight. The net endogenous acid production (NEAP) estimated from the typical dietary intake at FD30 was associated with loss of bone mineral content in the lumbar spine after the mission. The results were compared with data from a 70-d bed rest study, in which control (but not exercising) subjects APro:K was associated with higher NTX during bed rest. Conclusions Long-term lowering of NEAP by increasing vegetable and fruit intake may protect against changes in loss of bone mineral content during spaceflight when adequate calcium is consumed, particularly if resistive exercise is not being performed. This trial was registered at clinicaltrials.gov as NCT01713634

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

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

The objective of this experiment was to evaluate alternative sources of tropically adapted cattle germplasm and compare them with Angus- (AN) and Hereford- (HE) sired steers. Carcass, yield, and longissimus thoracis palatability traits from F1 steers (n = 621) obtained from mating AN and U.S. Meat Animal Research Center III cows to HE, AN, Brangus (BR), Beefmaster (BM), Bonsmara (BO), or Romosinuano (RO) sires were compared. Data were adjusted to constant age (426 d), carcass weight (340 kg), fat thickness (1.0 cm), fat trim percentage (25%), and marbling (Small00) endpoints. For Warner- Bratzler and slice shear force and trained and untrained sensory panel traits, data were obtained on LM from ribeye steaks stored at 2°C for 14 or 15 d postmortem. The following comparisons were from the age-constant endpoint. Carcasses from BM-, AN-, and BR-sired steers (358, 355, and 351 kg, respectively) were heavier (P \u3c 0.05) than carcasses from steers from HE (343 kg) and BO (331 kg) sires; RO-sired steers (318 kg) had the lightest (P \u3c 0.05) carcasses. Adjusted fat thicknesses for AN- and BM-sired steers (1.3 and 1.2 cm, respectively) were greater (P \u3c 0.05) than for steers from BR (1.0 cm) and BO (0.9 cm) sires; RO-sired steers (0.8 cm) had the least fat thickness. Longissimus areas were larger (P \u3c 0.05) for BO- and BR-sired steers (84.4 and 84.1 cm2, respectively) than for BM- and HE-sired steers (80.8 and 80.2 cm2, respectively). A greater (P \u3c 0.05) percentage of carcasses from AN-sired steers graded USDA Choice (69%) than other sire breeds (17 to 47%) except HE (52%). Carcass yield of boneless, totally trimmed retail product was least (P \u3c 0.05) for AN-sired steers (60.1%) and greatest (P \u3c 0.05) for RO- and BO-sired steers (64.4 to 63.5%). Considering all measurements, AN LM tended to be more tender and BM LM tended to be least tender. American composite breeds BM and BR were heavier, fatter, lesser yielding, with similar marbling scores but less tender LM than BO and RO. Angus carcasses were similar in size, fatter, lesser yielding, with more marbling and more tender LM compared with BM and BR. Bonsmara and RO provide tropically adapted germplasm and produce carcasses that are lighter, leaner, greater yielding, with similar marbling and LM that tend to be more tender than carcasses from BM and BR

Effects of breed of sire on carcass composition and sensory traits of lamb

This experiment was conducted to compare meat quality and carcass composition of a diverse sampling of sheep breeds. Finnsheep, Romanov, Dorper, White Dorper, Katahdin, Rambouillet, Suffolk, Texel, Dorset, and Composite (½ Columbia rams to ¼ Hampshire × ¼ Suffolk) rams were mated to mature Composite ewes. Lambs (n = 804) were reared intensively, grain fi nished, and serially harvested over a 63-d period. Average harvest age was 216 d and average HCW was 30.7 kg. At a common harvest age, progeny of Suffolk sires were heavier than progeny of all other breeds (P \u3c 0.05) and their carcasses were heavier (P \u3c 0.05) than progeny of all other breeds, except White Dorper and Dorper. Progeny of Finnsheep and Romanov sires had lighter (P \u3c 0.05) carcasses than progeny of all other breeds. Progeny of Texel, Suffolk, White Dorper, and Dorper sires had larger (P \u3c 0.05) LM area than all other breeds. Progeny of Finnsheep and Romanov sires had smaller (P \u3c 0.05) LM area than all other breeds. Fat thickness at the 12th rib was greater (P \u3c 0.05) for progeny of Dorper sires than those of all other breeds, except White Dorper and Katahdin. Fat thickness at the 4th sacral vertebrae was greater (P \u3c 0.05) for progeny of White Dorper and Dorper sires than those of all other breeds. On a carcass weight-constant basis, progeny of Suffolk sires had a lesser (P \u3c 0.05) percentage of ether-extractable carcass fat than progeny of all other breeds, except Texel. Regardless of harvest endpoint (age-constant or HCW-constant), LM of progeny of Finnsheep and Romanov sires contained a greater (P \u3c 0.05) percentage of intramuscular fat and received greater (P \u3c 0.05) marbling scores than Rambouillet, Suffolk, Texel, Dorset, or Composite. Regardless of harvest endpoint, progeny of Finnsheep, Romanov, and Katahdin sires had smaller LM slice shear force values and greater trained sensory panel tenderness ratings at 7 d postmortem than did progeny of Composite, Suffolk, and Dorset sires (P \u3c 0.05). At an age-constant basis, small differences (P \u3c 0.05) were observed among breeds for lamb flavor intensity scores; however, when means were adjusted to a carcass weight-constant basis, breed of sire did not affect flavor intensity or off-flavor scores. These results document that each breed has relative strengths and weaknesses across traits, and that no single breed excels for all growth, carcass, and sensory traits

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

Carcass (n = 568) and longissimus thoracis palatability (n = 460) traits from F1 steers obtained from mating Hereford (H), Angus (A), and U.S. Meat Animal Research Center (U.S. Meat Animal Research Center) III cows to H, A, Norwegian Red (NR), Swedish Red and White (RW), Friesian (F), or Wagyu (W) sires were compared. Data were adjusted to constant age (471 d), carcass weight (356 kg), fat thickness (1.0 cm), percentage of fat trim (24%), and marbling (Small35) end points. For Warner-Bratzler shear force and trained sensory panel traits, data were obtained on longissimus thoracis steaks stored at 2°C for 14 d postmortem. The following comparisons were from the age-constant end point. Carcasses from H- and A-sired steers (377 and 374 kg, respectively) were the heaviest (P \u3c 0.05) and carcasses from W-sired steers (334 kg) were the lightest (P \u3c 0.05). A greater (P \u3c 0.05) percentage of carcasses from Aand W-sired steers graded USDA Choice (88 and 85%, respectively) than carcasses from other sire breeds (52 to 71%). Adjusted fat thickness for carcasses from Asired steers (1.3 cm) was highest (P \u3c 0.05), followed by H-sired steers (1.1 cm) and W- and F-sired steers (0.9 cm); NR- and RW-sired steers (0.8 cm) had the lowest (P \u3c 0.05) adjusted fat thickness. Longissimus thoracis area was not different (P \u3e 0.05) among sire breeds (mean = 80.6 cm2). Carcass yield of boneless, totally trimmed retail product was least (P \u3c 0.05) for A-sired steers (60.1%), intermediate for H-sired steers (61.5%), and similar (P \u3e 0.05) for all other sire breeds (62.5 to 62.8%). Longissimus thoracis steaks from carcasses of A- (3.7 kg) and W-sired (3.7 kg) steers had lower (P \u3c 0.05) shear force values than longissimus thoracis steaks from other sire breeds (4.1 to 4.2 kg). Trained sensory panel tenderness, juiciness, or beef flavor intensity ratings for longissimus thoracis steaks did not differ (P \u3e 0.05) among the sire breeds. Sire breed comparisons were affected by adjusting data to other end points. Heritability estimates for various carcass, yield, and palatability traits ranged from very low (h2 = 0.06 for percentage of kidney, pelvic, and heart fat) to relatively high (h2 = 0.71 for percentage of retail product yield). Relative to the other sire breeds, Wsired steers had the highest percentage of USDA Choice, Yield grade 1 and 2 carcasses, but their carcasses were the lightest

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

Carcass (n = 568) and longissimus thoracis palatability (n = 460) traits from F1 steers obtained from mating Hereford (H), Angus (A), and U.S. Meat Animal Research Center (U.S. Meat Animal Research Center) III cows to H, A, Norwegian Red (NR), Swedish Red and White (RW), Friesian (F), or Wagyu (W) sires were compared. Data were adjusted to constant age (471 d), carcass weight (356 kg), fat thickness (1.0 cm), percentage of fat trim (24%), and marbling (Small35) end points. For Warner-Bratzler shear force and trained sensory panel traits, data were obtained on longissimus thoracis steaks stored at 2°C for 14 d postmortem. The following comparisons were from the age-constant end point. Carcasses from H- and A-sired steers (377 and 374 kg, respectively) were the heaviest (P \u3c 0.05) and carcasses from W-sired steers (334 kg) were the lightest (P \u3c 0.05). A greater (P \u3c 0.05) percentage of carcasses from Aand W-sired steers graded USDA Choice (88 and 85%, respectively) than carcasses from other sire breeds (52 to 71%). Adjusted fat thickness for carcasses from Asired steers (1.3 cm) was highest (P \u3c 0.05), followed by H-sired steers (1.1 cm) and W- and F-sired steers (0.9 cm); NR- and RW-sired steers (0.8 cm) had the lowest (P \u3c 0.05) adjusted fat thickness. Longissimus thoracis area was not different (P \u3e 0.05) among sire breeds (mean = 80.6 cm2). Carcass yield of boneless, totally trimmed retail product was least (P \u3c 0.05) for A-sired steers (60.1%), intermediate for H-sired steers (61.5%), and similar (P \u3e 0.05) for all other sire breeds (62.5 to 62.8%). Longissimus thoracis steaks from carcasses of A- (3.7 kg) and W-sired (3.7 kg) steers had lower (P \u3c 0.05) shear force values than longissimus thoracis steaks from other sire breeds (4.1 to 4.2 kg). Trained sensory panel tenderness, juiciness, or beef flavor intensity ratings for longissimus thoracis steaks did not differ (P \u3e 0.05) among the sire breeds. Sire breed comparisons were affected by adjusting data to other end points. Heritability estimates for various carcass, yield, and palatability traits ranged from very low (h2 = 0.06 for percentage of kidney, pelvic, and heart fat) to relatively high (h2 = 0.71 for percentage of retail product yield). Relative to the other sire breeds, Wsired steers had the highest percentage of USDA Choice, Yield grade 1 and 2 carcasses, but their carcasses were the lightest

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