VES function, Productivity, Textiles, Scale elasticity,

A modified version of the partial-equilibrium gravity model, originally proposed by Fukao et al. (2003 ), is employed to investigate the changing pattern of US textile trade. We use US Bilateral Manufacturing Imports and Exports data for 1989-2001 to assess the impact of labor wages, tariffs, and exchange rates on the composition of US textile imports before and after the creation of NAFTA. The analysis is performed at the SIC two-digit industry level and the more disaggregated four-digit sector level. We find little evidence of trade diversion in textiles frequently attributed to NAFTA, while trade creation is clearly present. Furthermore, lower wages in some textile-exporting countries (e.g. countries in Asia) do not appear to significantly increase these countries' shares of US textile imports at the expense of other trading partners. However, variations in currency exchange rates and tariffs have substantial effects on the composition of US imports. Copyright © 2009 The Authors. Journal compilation © Blackwell Publishing Ltd 2009.

The Association to Advance Collegiate Schools of Business (AACSB) describes their accreditation as the hallmark of business education. According to information at BestBizSchools.com (n.d.), AACSB accreditation represents the highest standard of achievement for business schools worldwide. Being AACSB accredited means a business school is able to continuously pass a strict set of standards that ensure quality. As of December 2010, only 5%, or 607, of the academic business programs globally were accredited by AACSB. This number represents schools in 38 countries where the majority of programs incorporate both undergraduate and graduate education covering business, accounting, or both. An institution must be a member of AACSB in order to apply for accreditation. It is important to note, however, that membership does not imply that the program is accredited (The Association to Advance Collegiate Schools of Business, n.d.-a). Recent emphasis demanding external validation on the quality of Business Schools has resulted in the promotion of AACSB accreditation as the de facto quality standard. Earning this quality seal of approval, business programs can verify they have met the 21 AACSB standards that cover strategic, participant, and assurance of learning achievements and processes. Programs with AACSB accreditation are encouraged to promote the standard using it to externally validate their quality and to market their programs to external groups including students, employers, and contributors (The Association to Advance Collegiate Schools of Business, n.d.-b). Despite established standards, no single approach to meeting standards for accreditation is suggested by AACSB. Rather, varying approaches to meeting standards should be developed to fit individual programs of institutions (Bryant & Scherer, 2009). This position by AACSB underscores its recognition of the diversity across accredited programs and allows educators wide latitude in developing and implementing approaches to excellence. Small programs are not disadvantaged so long as their students, faculty, graduates, and the employers who hire them receive the quality outputs that help them meet the external competitive requirements (Olian, 2007). In recognition of member institutions diversity, the AACSB has established the Affinity Group program where school administrators from schools sharing similar characteristics can interact, exchange ideas, and present views on a wide range of issues (Olian, 2007). This allows AACSB member schools, who have varying missions and constituents, to find and link with other programs of a similar nature where creativity and synergy can more easily occur. The AACSB wants the accreditation process to help facilitate creativity in designing business school strategies rather than being viewed as an impediment to a programs push to quality (Romero, 2008).

The extent of structural relief obtained by the government in a Section 7 settlement is modeled as an outcome of a bargaining game between the antitrust agency and parties to the merger. This framework is applied to data from 73 Section 7 cases settled during 1990-2000. The fraction of competitive overlap subject to divestiture is shown to depend on the extent of merger-specific efficiencies, the anticompetitive potential of the merger, and the hostage effect facing the merging firms, as well as the degree of media coverage of the case, the workload of the agency, and the partisan composition of Congress. (JEL L44, C24) *I thank Erwin Blackstone for many thoughtful comments on earlier drafts as well as Donald Basch, Neelam Jain, and an anonymous referee for making useful suggestions.

PurposeThis paper analyzes the effects of the expiration of the Multi Fiber Arrangement (MFA), which ended quota restrictions on US textile and apparel imports in 2005, on the sourcing of US apparel. We test if the realignment in trade following the phase out of quotas can be explained by comparative advantage and market size.Design/methodology/approachWe use a gravity framework to investigate the role of comparative advantage (labor costs) and other factors such as exporter size, PTAs and tariff reductions on the pattern of US apparel imports. Detailed data on quotas by country-product pair are used for the purpose.FindingsOur empirical results show a significant increase in imports from large quota constrained countries once the MFA ended. Moreover, the pattern of trade seems to favor low wage countries that have a comparative advantage in producing apparel, which is highly labor intensive.Originality/valueThe end of quotas removed a major distorting factor in US apparel trade. This study examines the role of trade theory in the changing pattern of apparel imports that followed the end of the MFA. We use a gravity framework to test the theory of comparative advantage and the role of exporter size. Previous studies on the end of the MFA and its effects, do not examine the causal factors behind the realignment of US apparel trade.