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Abstract

OBJECTIVE

To explore the role of various factors in the wage gap between male and female veterinarians in the United States in 2016 and 2017.

SAMPLE

2,760 veterinarians across the United States.

PROCEDURES

Data from the Census of Veterinarians Survey administered by the AVMA Economics Division in 2016 and 2017 were analyzed. The Kolmogorov-Smirnov 2-sample test was used to determine whether a difference existed between male and female income distributions at various levels of experience. Quantile regression was performed separately for male and female respondents to determine the direct effects of individual factors on incomes and compare the effects of practice ownership versus nonownership on income.

RESULTS

Income distributions of men and women were unequal at lower experience ranges but equal at higher experience ranges. Income increased for men with each additional year of experience and with practice ownership. For women, practice owners in the lowest income quantile had a negative return to income; overall, their income benefited most from ownership in the form of partnerships. For certain groups, incomes of both genders were lower when they had absences from the workforce.

CONCLUSIONS AND CLINICAL RELEVANCE

Findings suggested that the largest source of gender income disparity for veterinarians was attributable to female practice owners earning less than their male counterparts. Indeed, women earned more from specialty certifications than from owning a clinic. To decrease income disparities between genders, ways should be identified to support women-owned practices and promote equal pay.

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in Journal of the American Veterinary Medical Association

Abstract

OBJECTIVE

To identify factors associated with financial performance of independently owned companion and mixed animal veterinary practices.

SAMPLE

Financial statements (ie, annual balance sheets and income statements for 3 consecutive years) were obtained from 45 practices.

PROCEDURES

Ratio analysis of financial statements was performed with the DuPont Model, and practices were grouped into 4 financial performance groups on the basis of return on equity. Liquidity and solvency ratios and debt management and asset investment practices were then compared among financial performance groups

RESULTS

Financial liquidity was low across all financial performance groups, but most practices were solvent, with assets exceeding liabilities. Debt management was found to be a limiting factor for financial success, with lower-performing practices using credit cards and lines of credit to purchase capital assets. Practices that were not solvent owed debts on the purchase of intangible assets and had higher owner withdrawals, compared with other practices. Practices that built productive capacity by borrowing and investing in productive assets had higher long-term returns.

CONCLUSIONS AND CLINICAL RELEVANCE

Results suggested that proper debt management coupled with prudent asset investment was associated with higher financial performance for independently owned companion and mixed animal veterinary practices.

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in Journal of the American Veterinary Medical Association

Just about every week, a new article appears in a local paper, national journal, or magazine that speaks to educational debt accumulated by today's college graduates. Many of these stories highlight individuals, to provide a personal touch, but almost all emphasize how one graduate after another borrowed more than he or she realized, with one eye closed to the terms of the loan and the other eye opened just enough to receive the checks. According to authors from the Federal Reserve Bank of New York, 1 even though the number of active student loan borrowers decreased from about 12

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in Journal of the American Veterinary Medical Association

Economics is a social science that, among other things, attempts to describe human behavior. An important concept in this regard is utility, which economists define as the total satisfaction received from consuming a good or service. Utility can perhaps be most easily understood as a measure of happiness and consists of a combination of tangible and intangible benefits.

A basic assumption underlying many economic analyses is that people attempt to maximize utility. Consider, for example, an individual who is trying to decide whether to pursue a veterinary degree. The primary tangible benefit of this additional schooling is the increased income

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in Journal of the American Veterinary Medical Association
Author: Michael Dicks

Few things affect the supply of goods and services as much or as frequently as technology. In the 1960s, for example, I first began developing least-cost rations for livestock. This involved developing a ration formulation on the basis of available feedstuffs that would provide minimum nutritional requirements for a specific group of animals being raised for a specific purpose (eg, growth, maintenance, or finishing) while maintaining the lowest cost per pound for the ration. I accomplished this task by solving a series of simultaneous equations by hand with pencil and paper. The process was laborious, taking up to a week,

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in Journal of the American Veterinary Medical Association
Author: Michael Dicks

During a trip to Africa years ago, I received the following bit of advice from a missionary I met there: “When you go to the market, don't haggle with the vendors; just pay them what they ask, because they really need the money.” Although he was well intentioned, I found his suggestion to be problematic. As I had learned in my youth at the local sale barn, both buyers and sellers want to know they got the best deal they could. Sellers want to know that the items they have sold could not have been sold for 1 penny more,

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in Journal of the American Veterinary Medical Association

Three years ago, I adopted a Cocker Spaniel, and since then, walking has become my favorite activity. This has been great exercise and a great way to meet the neighbors. But, during my walks, I have come across few other Cocker Spaniels and, therefore, was surprised to learn that for decades, the Cocker Spaniel was the most popular breed in the United States. This got me thinking about the implications of changes in breed preferences on the demand for veterinary services. In economics, when a widespread change like this occurs over time, we refer to the phenomenon as a change

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in Journal of the American Veterinary Medical Association

On a plane from Denver to Des Moines, we met a successful entrepreneur who had established a well-known chain of convenience stores that seemed to be in every town across the Midwest. “Economics?!” he responded when we told him what we did for a living. “What a terrible waste of time. I had to take two semesters of it. Too much useless jargon. I slept through it all.”

He continued, “There are just two things a businessperson needs to know. First, there are some things, if you raise their price, people will still buy pretty much the same amount, so

Full access
in Journal of the American Veterinary Medical Association