In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymaker’s incentives and form their expeziations accordingly. Because the policymaker has the power to create inflation shocks ex pest, th...

BACKGROUND Accountable care organizations (ACOs) seek to reduce growth in healthcare spending while ensuring high-quality care. We hypothesized that accountable care organization implementation would selectively limit the use of discretionary cardiovascular care (defined as care occurring in the absence of indications such as myocardial infarction or stroke), while maintaining high-quality care...

We consider a model of strategic information transmission in which a firm can communicate its quality to consumers through informative advertising. Our main result is that informative advertising claims can be credible even when the firm faces consumers with ex ante homogeneous preferences. A fundamental assumption of our model is that whether the product is available for purchase is independen...

The study is an effort to fiind out the impact of earnings management on dividend payout policy for two coutries that is Pakistan and China. A set of listed Companies in both of the countries have been investigated to analyze the relationship for the year 2003 to 2007 in Pakistan and 2001 to 2007 in China. Dividend policy has been measured by dividend payout. Whereas earnings management has bee...

This study examines the role of pre-IPO discretionary accruals in the valuation and underpricing of IPOs. We find that IPO offer price is unaffected whereas market closing price is positively associated with the levels of pre-IPO discretionary accruals for issuers with aggressively reported earnings. We also find that this relative over-valuation of managed earnings by the markets explains a po...

Using a sample of banks, this study examines the capital market pricing implications of three components of loan fair values. We find that the nondiscretionary component is priced on a dollar-for-dollar basis, the discretionary component is assigned a significantly larger multiple than the nondiscretionary component and the noise component is not priced. This implies that the relevance and reli...

Existing non-discretionary access control systems (such as Security Enhanced Linux) are difficult to use by ordinary users. We identify several principles for designing usable access control system and introduce the Host Integrity Protection Policy (HIPP) model that adds usable non-discretionary access control to operating systems. The HIPP model is designed to defend against attacks targeting ...

With obesity reaching epidemic proportions in many countries around the world, the search for the causes of and potential solutions for this condition continues. It is noteworthy that the increase in the consumption of added or discretionary sugars has mirrored the dramatic rise in the prevalence of obesity over the past few decades. Although certainly not the only factor contributing to the ob...