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Earnings Management To Minimize Superfund Cleanup And Transaction Costs
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Book Synopsis Earnings Management to Minimize Superfund Cleanup and Transaction Costs by : Derek Johnston
Download or read book Earnings Management to Minimize Superfund Cleanup and Transaction Costs written by Derek Johnston and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether firms identified as potentially responsible parties (PRPs) under the Comprehensive Environmental Response, Compensation, and Liability Act (more commonly known as Superfund) appear to manipulate earnings to minimize their exposure to Superfund cleanup and transaction costs. We analyze the discretionary accrual behavior of 612 PRPs from 1981 to 1995 and increase the power of our tests by identifying those PRPs with the most incentive to manage earnings during PRP identification years. The results provide robust evidence consistent with the hypothesis that these PRPs use income-reducing discretionary accruals during PRP identification years in an attempt to minimize Superfund cleanup and transaction costs. We also consider whether PRPs' incentives to manage earnings change in response to a change in the EPA regulatory regime and find modest evidence consistent with our conjecture.
Book Synopsis Private-sector Cleanup Expenditures and Transaction Costs at 18 Superfund Sites by : Lloyd S. Dixon
Download or read book Private-sector Cleanup Expenditures and Transaction Costs at 18 Superfund Sites written by Lloyd S. Dixon and published by RAND Corporation. This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report will be of interest to those evaluating Superfund's liability-based approach to cleaning up the thousands of abandoned or inactive sites across the U.S. that are contaminated with hazardous substances.
Book Synopsis The Routledge Companion to Accounting, Reporting and Regulation by : Carien van Mourik
Download or read book The Routledge Companion to Accounting, Reporting and Regulation written by Carien van Mourik and published by Routledge. This book was released on 2013-10-01 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting, reporting and regulation is a vast subject area of huge global importance, with interest rising significantly in the light of the ongoing global financial crisis. The authors begin with a broad overview of the subject of accounting, setting the stage for a discussion on the theoretical and practical issues and debates regarding financial reporting, which are expanded on in the second part of the book. This includes how to define the reporting entity, recognition and measurement of the elements of financial statements, fair values in financial reporting and the costs and benefits of disclosure. The third part assesses the interest, need and theories behind the accounting, reporting and regulation industry, while parts four and five look at the institutional, social and economic aspects; with issues such as accounting for environmental management and, accounting regulation and financial reporting in Islamic countries, both issues of ever increasing importance. This authoritative Companion presents a broad overview of the state of these disciplines today, and will provide a comprehensive reference source for students and academics involved in accounting, regulation and reporting.
Book Synopsis Superfund by : U S Government Accountability Office (G
Download or read book Superfund written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO discussed the Environmental Protection Agency's (EPA) Superfund program, focusing on methods to reduce the costs of resolving liability for hazardous waste site cleanups. GAO noted that: (1) EPA has used settlement tools at only 12 percent of the nonfederal Superfund sites; (2) EPA has not promoted the use of settlement tools at regional offices, since restrictive administrative procedures make the tools difficult to implement; (3) de minimus settlements have the greatest potential for resolving liability and reducing transaction costs when large numbers of parties are involved, and are only effective if EPA removes small contributors early in the process; (4) EPA has concentrated on getting as many responsible-party-financed cleanups started as soon as possible and believes that settlement efforts draw enforcement resources away from that effort, conflict with the Superfund liability doctrine, and are expensive; (5) EPA has given settlement tools a higher priority and improved some administrative procedures in response to complaints about high transaction costs, but it has not addressed all problems associated with their use; (6) increased use of mixed funding settlements could increase government costs and complicate settlement negotiations; and (7) proposals to eliminate retroactive liability are not justified because tools to reduce transaction costs would not be fully utilized, responsibility for contamination would be limited, fund expenditures would increase, the clean-up rate would decrease, and incentives for voluntary cleanups would be removed.
Book Synopsis Routledge Handbook of Environmental Accounting by : Jan Bebbington
Download or read book Routledge Handbook of Environmental Accounting written by Jan Bebbington and published by Routledge. This book was released on 2021-03-30 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook showcases the broad spectrum of diverse approaches to environmental accounting which have developed during the last 30 years across the globe. The volume covers a range of physical issues such as water, carbon and biodiversity, as well as specific accounting matters such as management control, finance and audit. Moreover, seven chapters present environmental accounting issues that arise in the regions of Africa, Asia, Europe, MENA, North America, the Pacific and South America. The handbook also highlights future challenges in all the topic areas addressed as well as introducing new topics, such as links between environmental accounting and the circular economy, and the issues associated with animal rights. Edited by leading scholars in the area and with key contributions from across the discipline, and covering a diverse range of perspectives and locations, the volume is divided into five key parts: • Part 1: Framing the issues • Part 2: Financial accounting and reporting • Part 3: Management accounting • Part 4: Global and local perspectives • Part 5: Thematic topics in environmental accounting This handbook will act as a significant publication in drawing together the history of the field and important reference points in its future development, and will serve as a vital resource for students and scholars of environmental accounting and environmental economics.
Book Synopsis Superfund by : United States. General Accounting Office
Download or read book Superfund written by United States. General Accounting Office and published by . This book was released on 1995 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Superfund written by J. Dexter Peach and published by . This book was released on 1992 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Implications of Releasing Small Firms and Small-volume Contributors from Superfund Liability by : Lloyd S. Dixon
Download or read book The Financial Implications of Releasing Small Firms and Small-volume Contributors from Superfund Liability written by Lloyd S. Dixon and published by RAND Corporation. This book was released on 2000 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent congressional proposals to reform the federal Superfund program release potentially responsible parties (PRPs) that are small in size or that only played a minor role at the site from liability for cleanup costs. These reforms transfer the cleanup costs of parties released to the Superfund Trust Fund. This report estimates the number of PRPs that would be released and the cleanup costs that would be transferred to the Fund by recent proposals. It also estimates the costs transferred to the Fund per firm released and the financial consequences for those PRPs that remain liable. Releasing from liability firms that contributed only a small proportion of the waste to a site appears to be more cost-effective than releasing small firms. In addition, although there is evidence that large firms will benefit from the transfer of small firms' costs to the Fund, the effect of such a transfer is ambiguous. Implementing reforms that would release small firms or small-volume firms and transferring their volume-based cleanup costs to the Fund may prove costly in terms of additional transaction costs.
Book Synopsis Superfund and Transaction Costs by : Jan Paul Acton
Download or read book Superfund and Transaction Costs written by Jan Paul Acton and published by . This book was released on 1992 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lloyd Dixon, a RAND economist, recently testified before the U.S. House of Representatives Committee on Public Works and Transportation regarding transaction costs involved in the cleanup of hazardous waste sites. Transaction costs are those that do not contribute directly to the understanding or cleanup of a site. Insurer transaction costs, he stated, were high: 88% of the total expenditures. They were split between coverage disputes and defense of policyholders. For large firms who were potentially responsible parties (PRPs), transaction costs, primarily for legal counsel, averaged 21% of total outlays, but decreased proportionally as cleanup progressed. These costs varied across sites, averaging 7% of the total where only a single PRP was involved and 39% were multiple PRPs were. Dixon concluded his testimony by suggesting that these facts may not tell much about the future, since insurance coverage issues are still unresolved, PRPs involved in cleanup may yet sue non-participating PRPs, and insurers may pursue their reinsurers as their own losses mount.
Book Synopsis Footing the Bill for Superfund Cleanups by : Katherine N. Probst
Download or read book Footing the Bill for Superfund Cleanups written by Katherine N. Probst and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the difficulties associated with Superfund—the federal government's program for cleaning up toxic waste sites in the United States—is the poor understanding we have about who is actually bearing its costs. While it is known that the tax on chemical and petroleum feedstocks raises about $570 million annually for the Superfund Trust Fund and the corporate environmental tax raises another $460 millino each year, further reliable data are only now becoming available. Researchers are beginning to understand how much potentially responsible parties and their insurers are spending on both transaction costs and on-site cleanups. Unfortunately, this is only the first part of the puzzle. Ultimately, these costs are borne by individuals--as consumers of the products or services provided or as share- or bond-holders, employees, or managers of the company. To date, no one has attempted to estimate the distribution of initial costs under the Superfund liability system or examined carefully the indirect effects of the costs of the Superfund program on other industries. In this book, the authors develop information on who pays the costs and who bears the burden under the current liability scheme in Superfund on a site-by-site basis. They look at short-term financial implications of changes in liability and taxes on key sectors affected by Superfund: chemicals, oil, mining, wood preserving, and commercial property-casualty insurers. They analyze the incidence of different taxing mechanisms and compare and contrast the financial effects on specific industries of the current Superfund program and of several alternative lability and tax-based funding mechanisms available. The alternative liability approaches examined include a scenario in which liability is eliminated for all sites created before Superfund was enacted, as well as a scenario in which parties are released from liability at sites where municipal and industrial wastes were codisposed. Because any change in liability will require a corollary change in trust fund revenues, the authors also assess the economic implications of a variety of taxes that could be used to finance the creation of a larger trust fund for site cleanups. These include an increase in the corporate environmental tax and the implemenation of new taxes, such as an excise tax on commercial insurance. Don Fullerton is a professor of economics and public policy at Carnegie Mellon, H. John Heinz III School of Public Policy and Management. Robert E. Litan, is a senior fellow at Brookings, and formerly was deputy assistant attorney general in the Antitrust Division of the U.S. Department of Justice. Paul R. Portney is vice president and senior fellow at resources for the Future. Katherine N. Probst is a fellow in the Center for Risk Management at Resources for the Future.
Book Synopsis Superfund Liability Reform by : Lloyd S. Dixon
Download or read book Superfund Liability Reform written by Lloyd S. Dixon and published by . This book was released on 1995 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Superfund by : U S Government Accountability Office (G
Download or read book Superfund written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO discussed the Environmental Protection Agency's (EPA) use of settlement tools to expedite Superfund settlements and reduce transaction costs for Superfund hazardous waste liability claims. GAO noted that: (1) EPA is unable to fully demonstrate the effectiveness of settlement tools because its use of them has been limited; (2) EPA has completed de minimus settlements at only 73 nonfederal sites, prepared nonbinding allocations of responsibility at 5 sites, and employed alternative dispute resolution techniques at 35 sites; (3) reasons for EPA limited use of settlement tools include a lack of effort to promote their use in EPA regional offices, other EPA enforcement priorities, and restrictive administrative procedures that make the tools difficult to implement; (4) although EPA has begun to give the settlement tools higher priority because of widespread complaints about high transaction costs, it needs to ensure that settlement tools become fully operational and an integral part of its operation; (5) the expanded use of one of the settlement tools could complicate settlement negotiations; and (6) EPA needs to focus on reducing Superfund transaction costs by assessing the potential applicability of settlement tools, creating regional accountability, targeting resources, reviewing administrative procedures, and making responsible parties aware of the availability of settlement tools.
Author :United States. Congress. Senate. Committee on Environment and Public Works. Subcommittee on Superfund, Waste Control, and Risk Assessment Publisher : ISBN 13 : Total Pages :904 pages Book Rating :4.:/5 (327 download)
Book Synopsis Superfund Reassessment and Reauthorization by : United States. Congress. Senate. Committee on Environment and Public Works. Subcommittee on Superfund, Waste Control, and Risk Assessment
Download or read book Superfund Reassessment and Reauthorization written by United States. Congress. Senate. Committee on Environment and Public Works. Subcommittee on Superfund, Waste Control, and Risk Assessment and published by . This book was released on 1996 with total page 904 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Superfund: Legal Expenses for Cleanup-Related Activities of Major U.S. Corporations by :
Download or read book Superfund: Legal Expenses for Cleanup-Related Activities of Major U.S. Corporations written by and published by . This book was released on 1994 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the Environmental Protection Agency's (EPA) Superfund program, the parties responsible for hazardous waste sites that are contaminating the environment are liable for the costs of cleaning up the sites. Responsible parties can include generators of hazardous waste deposited at the sites, transporters of the waste, and site owners and operators. In addition to paying for cleanup expenses, responsible parties also incur legal costs to allocate the cleanup expenses among themselves, to settle with the government, or to litigate liability for cleanups. Responsible parties have complained that the costs of these activities-called transaction costs-are high and represent too large a portion of their total Superfund expenditures. However, limited data have been collected on these transaction costs. To help fill this gap, you asked us to survey the Fortune 500 Industrial and Fortune 500 Service corporations' to determine how much responsible parties have spent for cleanup and legal costs at Superfund sites and to identify the factors that these parties believe have increased and decreased their legal costs. Approximately two-thirds of these 1,000 corporations responded to our survey, and about half of the respondents said that they had been involved at Superfund sites. (See app. I for a detailed discussion of our objectives, scope, and methodology.).
Author :British Library of Political and Economic Science Staff Publisher :Routledge ISBN 13 :9780415447171 Total Pages :664 pages Book Rating :4.4/5 (471 download)
Book Synopsis IBSS: Economics: 2006 Vol. 55 by : British Library of Political and Economic Science Staff
Download or read book IBSS: Economics: 2006 Vol. 55 written by British Library of Political and Economic Science Staff and published by Routledge. This book was released on 2007-10-31 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Superfund by : U S Government Accountability Office (G
Download or read book Superfund written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO discussed possible ways to reduce the costs of negotiating settlements or litigating liability for cleaning up hazardous waste sites in the Superfund program. GAO noted that: (1) the Environmental Protection Agency (EPA) has made little use of settlement tools; (2) EPA has not made an effort to encourage regional offices to use settlement tools or determined what resources regions need to implement settlement tools; (3) EPA has been concerned with getting as many responsible party-financed cleanups under way as possible; (4) the use of settlement tools has been limited by restrictive administrative procedures that make the tools difficult to implement; (5) EPA began to give settlement tools a higher priority following widespread complaints about high transaction costs; and (6) expanded use of mixed funding tools could be expensive for the government and complicate settlement negotiations.
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Transportation and Hazardous Materials Publisher : ISBN 13 : Total Pages :1044 pages Book Rating :4.0/5 ( download)
Book Synopsis Superfund Program by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Transportation and Hazardous Materials
Download or read book Superfund Program written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Transportation and Hazardous Materials and published by . This book was released on 1993 with total page 1044 pages. Available in PDF, EPUB and Kindle. Book excerpt:
