Agency Costs, Bankruptcy Costs and the Use of Debt in Multinational Restaurant Firms

The purpose of this paper is to understand whether multinational restaurant firms (MNRF’s) have higher agency and expected bankruptcy costs. Given this expectation, this may have an impact on the amount of debt incurred by MNRF’s. Overall, the findings are consistent with the existing literatue in terms of the positive relationship between MNRF’s and agency and bankruptcy cost. However, it was found that MNRF’s also have more total debt. This is surprising given the higher agency and bankruptcy costs. The importance of this research is that there may be considerations other than agency and bacnkruptcy costs affecting the capital structure decisions of MNRF’s.

The costs and controls of flowering and fruiting in {\it Spondias purpurea\/}

Small potted trees of Spondias purpurea were monitored to determine the costs and controls of flowering and fruiting. The effect of photoperiod, extremes in moisture and temperature, and defoliation were examined. The carbon exchange rates of the leaves, shoots and fruits were determined. Light response curves and diurnal levels were also investigated. $\sp{13}$Carbon labeling was used to determine which plant parts are carbon sinks. Photoperiod induces dormancy and bud activity. Extremes in soil moisture and temperature induce leaf fall. Flowers, fruits, and roots are carbon sinks. The results were used to develop a phenological model with latitude, soil moisture, and air temperature as variables. ^

Linking herbivory and pollination: Costs and selection implications in Centrosema virginianum Bentham (Fabaceae: Papilionoideae)

This research first evaluated levels and type of herbivory experienced by Centrosema virginianum plants in their native habitat and how florivory affected the pollinator activity. I found that populations of C. virginianum in two pine rockland habitat fragments experienced higher herbivory levels (15% and 22%) compared with plants in the protected study site (8.6%). I found that bees (Hymenoptera) pollinated butterfly pea. Furthermore, I found that florivores had a negative effect in the pollinators visitation rates and therefore in the seed set of the population. ^ I then conducted a study using a greenhouse population of C. virginianum. I applied artificial herbivory treatments: control, mild herbivory and severe herbivory. Flower size, pollen produced, ovules produced and seeds produced were negatively affected by herbivory. I did not find difference in nectar volume and quality by flowers among treatments. Surprisingly, severely damaged plants produced flowers with larger pollen than those from mildly damaged and undamaged plants. Results showed that plants tolerated mild and severe herbivory with 6% and 17% reduction of total fitness components, respectively. However, the investment of resources was not equisexual. ^ A comparison in the ability of siring seeds between large and small pollen was necessary to establish the biological consequence of size in pollen performance. I found that fruits produced an average of 18.7 ± 1.52 and 17.7 ± 1.50 from large and small pollen fertilization respectively. These findings supported a pollen number-size trade-off in plants under severe herbivory treatments. As far as I know, this result has not previously been reported. ^ Lastly, I tested how herbivory influenced seed abortion patterns in plants, examining how resources are allocated on different regions within fruits under artificial herbivory treatments. I found that self-fertilized fruits had greater seed abortion rates than cross-fertilized fruits. The proportion of seeds aborted was lower in the middle regions of the fruits in cross-fertilized fruits, producing more vigorous progeny. Self-fertilized fruits did not show patterns of seedling vigor. I also found that early abortion was higher closer to the peduncular end of the fruits. Position of seeds within fruits could be important in the seed dispersion mechanism characteristic of this species. ^

Travel Marketing: Industry Relationships and Benefits

In the discussion - Travel Marketing: Industry Relationships and Benefits - by Andrew Vladimir, Visiting Assistant Professor, School of Hospitality Management at Florida International University, the author initially states: “A symbiotic relationship exists among the various segments of the travel and tourism industry. The author has solicited the thinking of 37experts and leaders in the field in a book dealing with these relationships and how they can be developed to benefit the industry. This article provides some salient points from those contributors.” This article could be considered a primer on networking for the hospitality industry. It has everything to do with marketing and the relationships between varied systems in the field of travel and tourism. Vladimir points to instances of success and failure in marketing for the industry at large. And there are points of view from thirty-seven contributing sources here. “Miami Beach remains a fitting example of a leisure product that has been unable to get its act together,” Vladimir shares a view. “There are some first class hotels, a few good restaurants, alluring beaches, and a splendid convention center, but there is no synergism between them, no real affinity, and so while visitors admire the Fontainebleau Hilton and enjoy the food at Joe's Stone Crabs, the reputation of Miami Beach as a resort remains sullied,” the author makes a point. In describing cohesiveness between exclusive systems, Vladimir says, “If each system can get a better understanding of the inner workings of neighboring related systems, each will ultimately be more successful in achieving its goals.” The article is suggesting that exclusive systems aren’t really exclusive at all; or at least they shouldn’t be. In a word – competition – drives the market, and in order for a property to stay afloat, aggressive marketing integrated with all attendant resources is crucial. “Tisch [Preston Robert Tisch, currently – at the time of this writing - the Postmaster General of the United States and formerly president of Lowe’s Hotels and the New York Visitors and Convention Bureau], in talking about the need for aggressive marketing says: “Never...ever...take anything for granted. Never...not for a moment...think that any product or any place will survive strictly on its own merits.” Vladimir not only sources several knowledgeable representatives in the field of hospitality and tourism, but he also links elements as disparate as real estate, car rental, cruise and airlines, travel agencies and traveler profiles to illustrate his points on marketing integration. In closing, Vladimir quotes the Honorable Donna Tuttle, Undersecretary of Commerce for Travel and Tourism, “Uniting the components of this industry in an effective marketing coalition that can compete on an equal footing with often publicly-owned foreign tourism conglomerates and multi-national consortia must be a high priority as the United States struggles to maintain and expand its share of a rapidly changing global market.”

The impact of *experience, industry characteristics, and individual differences on audit risk and the extent of testing decisions: An empirical investigation

The first part of the study examined the effect of industry risk changes on perceived audit risk at the financial statement level and whether these changes depended on individual differences such as experience and tolerance for ambiguity. ^ Forty-eight auditors from two offices of one of the “Big 5” CPA firms participated in this study. The ANOVA results supported the effect of industry risk in the assessment of audit risk at the financial statement level. Higher industry risk was associated with higher perceived audit risk. Tolerance for ambiguity was also significant in explaining the changes in the assessment of audit risk. Auditors with a high tolerance for ambiguity perceived lower audit risk than auditors with a low tolerance for ambiguity. Although ANOVA results did not find experience to be significant, a t-test for experience showed it to be marginally significant and inversely related to audit risk. ^ The second part of this study examined whether differences in perceived audit risk at the financial statement level altered the extent, nature or timing of the planned auditing procedures. The results of the MANOVA suggested an overall audit risk effect at the financial statement level. Perceived audit risk was significant in explaining the variation in the number of hours planned for the total cycle and the number of hours p1anned for the tests of balances and details. Perceived audit risk was not significant in determining the analytical review procedures planned, but assessed inherent risk at the cycle level was significant. The higher the inherent risk the more analytical procedures were planned. Perceived audit risk was not significant in explaining the timing of the procedures, but individual differences were significant. The results showed that experienced auditors and those with a high tolerance for ambiguity were less likely to postpone the performance of the interim procedures or the time at which the majority of audit work would be done. ^