The effect of additional guidance on fair value measurement and disclosure in illiquid or inactive markets

This paper examines fair value accounting – specifically, the application of FASB FSP 157-4 in the US. Data is analyzed from financial firms before and after FSP 157-4 was implemented to examine how this standard changed fair valuations and disclosures. We consider whether managers took advantage of the flexibility in the new standard by classifying their assets at level 3. We find that there is no significant change in the amount of assets that are transferred into level 3 after FSP 157-4 as compared to before. We also find a significant increase in the extent of disclosures as measured by word count. Fair value disclosures increased by an average of 52%. After further partitioning the sample based on size, we find that both main results hold for small and big firms in our additional sample. There is no evidence managers used the flexibility of the new standard to classify more financial assets at level 3; however, managers responded to the new standard with a significantly longer disclosure.     

De Moivre's Poisson Approximation to the Binomial

In his first work on probability, written in 1711, Abraham De Moivre looked at the problem of finding the number of trials required in a binomial experiment to achieve a probability of 1/2 of finding at least some given number of successes. He looked at two cases: when the probability of success  p  = 1/2 and when  p  is small but  n , the number of trials, is large. In the latter case, unlike other problems that he solved in probability, De Moivre never revealed his method of solution. We explore the solution that De Moivre originally suggests and find that his method does not work. We explore other numerical solutions and put forward the suggestion that De Moivre relied on a very cumbersome and tedious method of solution based on his earlier work on series in the 1690s. Since his method was neither quick nor mathematically elegant, he never revealed the method that he used to obtain his numerical solutions.     

The contribution of organic farming to rural development: An exploration of the socio-economic linkages of organic and non-organic farms in England

Organic farming has experienced considerable growth in recent years. Proponents of organic farming point to the environmental and nutritional benefits of organic systems, although these are contested by some. More recently, it has been argued that organic farming can provide rural development benefits through enhanced employment and through closer connections with the local economy, reconnecting consumers with producers and stimulating positive economic multipliers. Against the background of claims made for the rural development potential of organic farming, this paper considers the generation and retention of income, purchasing patterns, and direct employment impacts of a large sample of organic and non-organic farmers in England. The paper reveals some important distinctions between the characteristics of organic and non-organic farms and farmers. It is argued that most of these differences do not stem directly from differences in farming systems but, rather, reflect considerable differences in the people who operate organic farms as well as the distinctive business configurations they frequently adopt.     

Smartphones Could Make Keys Obsolete

Front pockets and purses are slowly being emptied of one of civilization's most basic and enduring tools: the key.It's being swallowed by the cellphone.New technology lets smartphones unlock hotel, office and house doors and open garages and even car doors. It's a not-too-distant cousin of the technology that allows key fobs to remotely unlock automobiles or key cards to be waved beside electronic pads at office entrances.What's new is that it is on the device more people are using as the Swiss Army knife of electronics, in equal parts phone, memo pad, stereo, map, GPS unit, and camera and game machine.     

Native Land Rights in Australia

How do aboriginal traditional land rights fare in the face of modern business? “Belatedly, Australia is dealing with a major human rights issue it has attempted to sweep under the rug for 200 years”. The author is completing his MBA at London Business School and is a mining engineer of Australian origin.     

Religiosity and Moral Identity: The Mediating Role of Self-Control

The ethics literature has identified moral motivation as a factor in ethical decision-making. Furthermore, moral identity has been identified as a source of moral motivation. In the current study, we examine religiosity as an antecedent to moral identity and examine the mediating role of self-control in this relationship. We find that intrinsic and extrinsic dimensions of religiosity have different direct and indirect effects on the internalization and symbolization dimensions of moral identity. Specifically, intrinsic religiosity plays a role in counterbalancing the negative impact of extrinsic religiosity on the internalization of moral identity. Further, intrinsic religiosity also counterbalances the negative and indirect impact of extrinsic religiosity on symbolization of moral identity via self-control. Lastly, self-control does not play a mediating role in the impact of religiosity on the internalization dimension of moral identity. We conclude that this study presents important findings that advance our understanding of the antecedents of moral identity, and that these results may have implications for the understanding of ethical decision-making.