Changes in analysts’ stock recommendations following regulatory action against their brokerage

Review of Accounting Studies - Despite the importance of sell-side analysts in the capital markets, we know little about the effectiveness of routine monitoring of the sell-side industry. We...     

Changes in tourists’ perception of well-being based on their use of emotion regulation strategies during vacation

ABSTRACT

Based on the theoretical foundation of emotion regulation, this exploratory study aimed to examine changes in tourists’ perceived well-being and to determine whether these changes were due to use of emotion regulation strategies (ERSs) during their vacation. This study used travel diaries to record tourists’ use of ERSs on a daily basis, and also measured tourists’ perceived well-being one day before and after their vacation. Results indicated that tourists had significantly higher perceptions of well-being after vacation, and those who used ERSs were more likely to indicate a higher sense of well-being after vacation. The results provide new insight into which aspects of tourists’ subjective and psychological well-being can be boosted by taking vacations and how these aspects may be enhanced by using different ERSs.     

Alternative Approaches to Compensation and Producer Rights

When policies are changed, it is not uncommon for losers to be compensated. Economic theory and quantitative analysis are useful in determining the efficiency gains/losses associated with a policy change, but are little help in deciding what the approach to compensation should be. The amount of compensation varies, depending on, in part, the political clout of the parties being negatively affected by a policy change—compensation is what politicians and the sector demanding compensation can agree on. We formulate four approaches to producer compensation within the context of the Ontario Tobacco Transition Program, where producers would have suffered losses in the absence of compensation. The approaches range from providing zero compensation to providing compensation based on the entire value of the tobacco quota. The Canadian government chose the latter and compensated producers for the termination of the tobacco quota program based on an approach that far exceeded other possible compensation approaches.     

Changing Perceptions of Maturity Mismatch in the U.S. Banking System: Evidence from Equity Markets

We use the sensitivity of bank holding company equity returns to market interest rates as an indicator of perceived maturity mismatch. Based on data from 1990 to 2009, there is only weak evidence that market participants perceived banks to be effectively short‐funded. However, looking at 1990–1996 and 1997–2009 subsamples separately, our results suggest that U.S. commercial banks were perceived as short‐funded during the earlier time period but not the later. During this time of changing perceptions of maturity mismatch, banks were increasing their holdings of real estate loans as a share of total assets. We present evidence that, subsequent to 1996, market participants perceived real estate loans as having become effectively shorter‐term.     

New development: Fundraising in UK charities—stepping back from the abyss

Fundraising techniques used by charities can enhance or diminish public trust. The dangers of questionable and over-aggressive fundraising practices are very real. In particular, in the UK, the ‘Olive Cooke affair’ in 2015 triggered a highlevel examination of fairly widespread dubious practices. In this article, the reflections of a key actor on the events surrounding the affair, and subsequent fallout, are examined. It is argued that this whole saga has the potential to encourage the development of a charity sector that is more trusted by the public; a sector that has stepped back from the abyss.     

Management accounting,performance measurement and strategy in English local authorities

This paper analyses the results of an extensive survey of UK local government which explored the relationship between strategy, management accounting practices (MAPs), and performance measurement techniques (PMTs). The research investigated a resource-based view of strategic capabilities and Porter’s strategic typologies. PMTs and MAPs were shown to be associated with strategic capabilities. Strategic typologies, however, were found to be only weakly associated with the use of PMTs and MAPs.