Template-Type: ReDIF-Article 1.0
Author-Name: Luke Miller
Author-Name: Mark Bertus
Title: AN EXPOSITION ON THE MATHEMATICS AND ECONOMICS OF OPTION PRICING
Abstract: The application of options pricing theory to value irreversible investment decisions has witnessed a
marked increase over the last decade. For instructional and simplified applications, the Black-Scholes
model is commonly demonstrated due to its tractability and acceptance in the finance community. This
paper provides a detailed mathematical exposition of the Black-Scholes model. The main contribution of
this paper is the step-by-step instructional account of the Black-Scholes model that can be used directly in
the classroom to introduce stochastic calculus, arbitrage-free valuation, and option-pricing theory. In
contrast with most Black-Scholes derivations found in the pedagogical literature, this paper develops the
fair option price from an economic equilibrium perspective. Through this approach, it is hoped the
reader will comprehend both the mathematics and economics underlying option pricing theory, as both
are equally important.
Classification-JEL: A22, A23, C02, G00, M19
Keywords: Options Pricing, Black-Scholes Model, Stochastic Calculus, Pedagogy
Journal: Business Education & Accreditation
Pages: 1-16
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-1.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:1-16

Template-Type: ReDIF-Article 1.0
Author-Name: Rita A. Franks
Author-Name: Albert D. Spalding, Jr
Title: BUSINESS ETHICS AS AN ACCREDITATION REQUIREMENT: A KNOWLEDGE MAPPING
APPROACH
Abstract: Most of the more prominent and highly ranked business and management schools in the United States
and elsewhere are accredited by one of two international accrediting organizations, the Association to
Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools &
Programs (ACBSP). Both of these organizations require the inclusion of business ethics in the
curriculum of each accredited institution. Business ethics, however, is a concept that includes,
overlaps or integrates with such notions as social issues in management, corporate social responsibility,
corporate citizenship and sustainability. Larger disciplines such as philosophy, psychology, the social
sciences and even religion can also impact and interact with business ethics. This paper uses knowledge
mapping to organize the various pockets of knowledge that comprise the business ethics domain, relying
in part on traditional library science classification systems. The paper concludes that the accreditation
regime would benefit from a more carefully constructed articulation of the content of business ethics.
Classification-JEL: A2, M14, Z12
Keywords: Business Ethics, Accreditation, Knowledge Mapping, Philosophy, Religion.
Journal: Business Education & Accreditation
Pages: 17-30
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-2.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:17-30

Template-Type: ReDIF-Article 1.0
Author-Name: Diah Hari Suryaningrum
Author-Name: Sri Hastuti
Author-Name: Dwi Suhartini
Title: ACCOUNTING STUDENT AND LECTURER ETHICAL BEHAVIOR: EVIDENCE FROM INDONESIA
Abstract: Research on ethical behavior has been conducted to understand human behavior in their environment. It
became an issue in Indonesia since there are many issues related to accountant behavior in their
professional role. This study provides empirical evidence on an ethical behavior issue related to
accounting student and lecturers in a private university in Surabaya, East Java-Indonesia. We added a
personal variable of gender and locus of control to identify how women differ from men. Women in
Indonesia have been treated as second citizen, not only in education but also in the working environment.
This has held despite efforts of emancipation undertaken for many years. The locus of control as an
individual factor represents how individuals react to making decision. About half of 23 private
universities in Surabaya and 548 respondents engaged in the survey. The universities were separated by
accounting program accreditation. Using analysis of variance and Pearson correlation the result of this
study show women’s ethical attitudes were better than men’s. Second, it was concluded that individuals
with internal lotus of control are more reluctant to do unfair and unethical acts than individual with
external locus of control. Finally, accounting programs with better accreditation revealed better ethical
behavior, even though the difference was statistically insignificant.
Classification-JEL: M49
Keywords: Ethical Behavior, Gender, Locus of Control.
Journal: Business Education & Accreditation
Pages: 31-40
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-3.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:31-40

Template-Type: ReDIF-Article 1.0
Author-Name: Robert D. Green
Author-Name: Farideh A. Farazmand
Title: APPLIED PROJECT LEARNING OUTCOMES: DIFFERENCES BETWEEN UNITED STATES AND
INTERNATIONAL STUDENTS
Abstract: The presence of international students on college campuses has been a significant source of cultural
diversity and globalization of college campuses. Therefore, determining factors for successful learning
experiences of international students on American campuses could result in better recruitment strategies.
This paper investigates the learning experiences of students in applied project courses and compares
learning outcomes of international and the U.S. students in applied courses. Results show positive
impacts of applied project courses on students’ learning outcomes with better results for international
students.
Classification-JEL: I21, M31, A22
Keywords: Applied Projects, Learning Outcomes, Global Business Education
Journal: Business Education & Accreditation
Pages:  41-51
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-4.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:41-51

Template-Type: ReDIF-Article 1.0
Author-Name: Richard Griffin
Author-Name: Angie MacKewn
Author-Name: Ernest Moser
Author-Name: K. W. VanVuren
Title: LEARNING SKILLS AND MOTIVATION: CORRELATES TO SUPERIOR ACADEMIC PERFORMANCE
Abstract: This paper describes a study that was conducted at a mid-sized public state-university in the mid-south,
USA, to examine various factors affecting student academic performance. In this study, the 10-scale
Learning and Study Strategies Inventory (LASSI) assessment device was administered. This set of scales
measures students’ receptivity to skills and strategies that purportedly enhance one’s ability to learn and
successfully perform in an academic setting. Results from this instrument showed that the single most
influential learning and study skill promoting positive academic performance was level of intrinsic
motivation. To explore the individual aspects of motivation, the 8-scale Downing Self-Assessment
Questionnaire was also administered. The Downing questionnaire examines motivational factors, for
example, behaviors and beliefs, which might maximize one’s potential for positive achievement in college.
Along with motivation, the subscale measuring an attitude of life-long learning significantly predicted
academic performance. The results of this study have pedagogical implications for helping students
maximize their academic performance in college.
Classification-JEL: I21; I23
Keywords: Learning Skills, Academic Performance, Student Success, LASSI 
Journal: Business Education & Accreditation
Pages: 53-65
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-5.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:53-65

Template-Type: ReDIF-Article 1.0
Author-Name: Richard T. Grenci
Title: POSITIONING COMPUTER LITERACY AS A VALUEADDED BUSINESS CORE COURSE
Abstract: Many business students are introduced to information systems via computer literacy coursework and or
assessment tests. Such an introduction can be less than ideal, particularly in a field that suffers from
declining enrollment. Introductory computing often is software skills-specific and tutorial-intensive and
thus may not offer an engaging view of the field or capture the larger relevance of information
technology. In addition, the mere existence of an assessment or test-out option can further trivialize
the perceived value of the course. This research develops a solid foundation for advancing beyond a
focus on computer literacy and software skills to tap the value-added potential of an introductory
computing course. The proposed approach ultimately frames the course content around the
documentation and presentation of a business plan. A business plan provides an integrative vehicle for
teaching information concepts and software applications in the larger context of business analysis and
communications. The importance of the framework goes beyond the teaching of skills – it provides for a
broadly relevant and engaging approach that promotes a higher level of learning. The direction and
implications of the approach are discussed.
Classification-JEL: I29, M15
Keywords: Introductory Computing, Computer Literacy, Business Plan, Pedagogical Framework,
Business Core
Journal: Business Education & Accreditation
Pages: 67-80
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-6.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:67-80 

Template-Type: ReDIF-Article 1.0
Author-Name: Ranjini L. Thaver 
Title: INTEGRATING THE OUTPUT AND SUBSTITUTION EFFECTS OF PRODUCTION INTO THE INTERMEDIATE MICROECONOMICS TEXTBOOK
Abstract: Intermediate microeconomics textbooks employ indifference curve analysis to explain the income and
substitution effects of a change in the price of a good x on the demand for it, holding other variables
constant. Further, they demonstrate how the shape and slope of the demand curve changes depending on
whether good x is defined as normal, inferior, or Giffen. This analysis in turn enables an evaluation of
public policies aimed to increase consumer welfare. Unfortunately, these textbooks do not apply a
parallel analysis in production theory, creating an analytical vacuum at the undergraduate level. This
paper develops a model to analyze the output and substitution effects in production when the price of one
input (labor) changes, holding technology, resource availability, and the price of the other input constant.
This study will also address the production equivalents of normal, inferior, and possibly Giffen inputs
affecting the shape and slope of the input demand curve. Such an exercise may allow students to gain a
better understanding of producer and consumer theories, and encourage them to employ these concepts
to real economic problems such as the effect of wage subsidies on labor demand. It should therefore be
included in intermediate microeconomics textbooks.
Classification-JEL: A22, D11, D24
Keywords: Substitution Effect, Output Effect, Isoquants, Consumer Theory, Producer Theory
Journal: Business Education & Accreditation
Pages: 81-90
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-7.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:81-90 

Template-Type: ReDIF-Article 1.0
Author-Name: Lynda S. Livingston 
Title: INTRAPORTFOLIO CORRELATION: AN APPLICATION FOR INVESTMENTS STUDENTS
Abstract: Intraportfolio correlation (IPC), a measure of portfolio diversification, is becoming increasingly popular
among investment practitioners. However, despite the assertions of these adherents, IPC is far from a
free lunch. Instead, it is a simplistic and flawed measure that ignores material information about the
relationships among portfolio assets. Deconstructing the IPC therefore can be a productive and
educational exercise (and a cautionary tale) for students of portfolio theory. In this paper, we describe
IPC and offer suggestions for incorporating it into an introductory investments course.
Classification-JEL: G10, G11
Keywords: Portfolio Theory, Diversification, Finance Pedagogy
Journal: Business Education & Accreditation
Pages: 91-105
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-8.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:91-105

Template-Type: ReDIF-Article 1.0
Author-Name: DeShea Simon
Author-Name: Kanata Jackson
Author-Name: Karen Maxwell 
Title: TRADITIONAL VERSUS ONLINE INSTRUCTION: FACULTY RESOURCES IMPACT STRATEGIES FOR COURSE DELIVERY
Abstract: Advances in communication technologies have provided alternative ways to deliver instruction to
learners. With the availability of the Internet as a learning tool, educators are able to use this instrument
for course delivery. This study takes an empirical look at course design and delivery factors that impact
student perceptions of learning and course satisfaction. Students completed surveys addressing a variety
of topics as they relate to traditional classroom and Internet courses. Results of the study suggest that
online learning is a viable alternative to traditional classes in the information systems discipline. Students
were active participants in the evaluation and comparative analysis of an undergraduate business course
delivered in an online format for the first time. Implications of the results are discussed.
Classification-JEL: I20
Keywords: Information Systems; Online Learning; Traditional Course
Journal: Business Education & Accreditation
Pages: 107-116
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-9.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:107-116 

Template-Type: ReDIF-Article 1.0
Author-Name: Chad Patrizi
Author-Name: Phil Ice
Author-Name: Melissa Burgess
Title: SEMANTIC MAPPING OF LEARNING ASSETS TO ALIGN CURRICULUM AND EVIDENCE LEARNING
EFFECTIVENESS IN BUSINESS EDUCATION
Abstract: Ensuring the alignment of course content against desired goals and objectives has always been at the
core of effective instructional course design—whether the instruction is delivered face-to-face, or via the
support of distance technologies. Nonetheless, with the latter delivery of instruction, two distinct
challenges have recently emerged, thus prompting the need to re-examine the term quality as it relates
to accreditation. The first challenge lies within the ability to locate and/or create and align digital
learning objects to course goals and objectives. The second challenge lies within the ability to
demonstrate learning effectiveness from learning management system metadata. A research and
development team at American Public University System addressed these challenges by employing an
open source repository and semantic engine for analysis and alignment of content, materials, and
learning activities to goals and objectives across all courses within the School of Business. The result was
a highly detailed, accurate mapping of the programs' knowledge base to established goals and objectives.
As an added benefit, resources were disaggregated to a very granular level and sorted into taxonomies
that can be independently referenced and utilized for cross-curricular consumption.
Classification-JEL: I23, O31, O32
Keywords: Accountability, Accreditation, Business Education, Quality, Excellence, Online Learning, Semantic Mapping, Semantic Analysis, Learning Assets, Learning Management Systems, Goals and Objectives
Journal: Business Education & Accreditation
Pages: 117-128
Volume: 5
Issue: 1
Year: 2013
File-URL: http://www.theibfr2.com/RePEc/ibf/beaccr/bea-v5n1-2013/BEA-V5N1-2013-10.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:beaccr:v:5:y:2013:i:1:p:117-128