Tick Size and Financial Reporting Quality in Small-Cap Firms: Evidence from a Natural Experiment

Using a natural experiment (the SEC's 2016 Tick Size Pilot Program), we investigate the effects of an increase in tick size on financial reporting quality. The tick size pilot program reduces algorithmic trading (AT) and increases fundamental investors’ information acquisition and trading activities. This in turn increases the scrutiny of managers’ financial reporting choices and reduces their incentives to engage in misreporting. Using a difference-in-differences research design, we find a significant decrease in the magnitude of discretionary accruals, a significant reduction in the likelihood of just meeting or beating analysts’ forecasts, and a marginally significant decrease in restatements for the treated firms in the pilot program. Furthermore, we find that the change in financial reporting quality is concentrated in treated firms experiencing decreases in AT and increases in information acquisition activities. We also find that the mispricing of accruals is significantly lower for treated firms. Taken together, our results suggest that an increase in tick size has a causal effect on firms’ financial reporting quality.     

The micro-foundations of strategic ambidexterity: Chinese cross-border M&As,Mid-View thinking and integration management

Chinese cross-border mergers and acquisitions (M&As) display several unique properties in relation to the ways in which their international business operations are organised and managed. Their seemingly puzzling ‘light-touch’ integration approach can be significantly understood from a strategic ambidexterity perspective: on the one hand, the ‘light-touch’ enables the exploitation of the targets’ existing knowledge bases; on the other hand, elements of the ‘light-touch’ facilitate the exploration of the new knowledge arising from the collaboration between targets and acquirers. However, an important theoretical gap remains: why do Chinese companies deploy such a strategic ambidexterity approach in their post-acquisition integrations? This paper aims to fill this gap by proposing Mid-View thinking as a micro-foundation of strategic ambidexterity in integration management from a cultural and philosophical perspective. To illuminate our conceptualization and argument, we conducted qualitative in-depth interviews with CEOs/high-level managers of acquired German companies. Communication approach and organizational control—as two critical aspects in integration management—reveal how Mid-View thinking can serve as a micro-foundation of strategic ambidexterity. We conclude this paper by presenting its theoretical contributions, managerial implications, and future research directions.     

“How does customer perception of salespeople influence the relationship? A study in an emerging economy”

Sales and sales force management is a complex activity that largely determines a company's commercial success. Customer perception of the salespeople in terms of expertise, trust, interaction, and risk can drive the establishment of long-lasting ties, making customer portfolio management profitable in the long-term. Yet to date, while much work has been done on company-customer relational issues, very few studies have taken customer perception of salespeople as their reference. Moreover, most existing studies have taken western countries and developed economies as their reference of analysis.The present study, in contrast, provides an analysis of an emerging economy context, Peru. Using a sample of more than 400 consumers and structural equations analysis, this article presents a model based on the Social Exchange Theory. The final part of the study presents the theoretical discussion together with key implications and recommendations for management.     

论《土地管理法》修改对集体土地征收行政诉讼案件的影响

研究目的：分析新修改的《土地管理法》对中国集体土地征收行政诉讼案件的影响，厘清相关案件的审判思路。研究方法：立法目的解释、实证研究和原理论证。研究结果：征地批准行为将随着公共利益的明确、征前程序的完善以及征地审批权限的下放逐渐具备可诉性；预征收公告行为不可诉，但是不公告行为如果对被征收人的权利义务产生影响则可诉；预征收过程中，与被征收人签订补偿安置协议的主体，原则上应当是县级以上人民政府及其工作部门，但在制度设计上可以考虑参照《国有土地上房屋征收与补偿条例》的做法，对乡镇人民政府以相关单位进行授权和委托；预征收协议签订后，除补偿安置标准改变，一般不能因市场行情变化而申请变更协议内容；农民住宅的补偿应更多体现出财产属性。研究结论：此次修法使得集体土地征收从以行政权运作为主的模式演化为一种通过公共参与模式对集体土地进行开发利用的活动，拓宽了公私权力（利）交汇的领域，为相关领域司法审查预设了合理性。     

Landslide risk perception survey in Angra dos Reis (Rio de Janeiro,southeastern Brazil): A contribution to support planning of non structural measures

The increasing magnitude and frequency of landslide-related disasters exposes weaknesses in disaster risk reduction (DRR) policy. One of the underlying reasons is that DRR policies tend to focus only on the physical aspects of the problem (i.e. mass movement processes) while neglecting the level of vulnerability of exposed populations to landslide threats, which affects the types and magnitude of adverse consequences. This neglect is a typical symptom of the remoteness that can exist between public administrators and local communities and undermines the implementation of participatory risk management. Certain dimensions of vulnerability depend on how communities relate to the issue of disasters based on their intuitive or rational judgment, i.e. their perception of risk. This paper seeks to shed light on the need for an understanding of risk perception based on the findings from a survey of residents in the city of Angra dos Reis, Rio de Janeiro, Brazil, to be taken into account in aiming at a more efficient landslide risk management policy. The survey was carried out through semi-structured face-to-face interviews with residents of three typical hillside communities in this municipality. In general, the study found that residents will often weigh landslide risks against other threats and opportunities existing where they live. It also found that community members find it difficult to see themselves as agents of change in the environment where they live and in mitigating landslide risks, and that better communication is needed between the government agencies involved in risk management and local residents.     

A game theoretic approach to optimize multi-stakeholder utilities for land acquisition negotiations with informality

To combat the critical stresses of rising urbanization, the government acquires land from private owners using the power of eminent domain. This land assembly causes negative externalities such as increasing social tension and injustice that may impose a long-term threat to stability and sustainable development. Therefore, there is a need to make the land acquisition process more transparent and just. Considering the unique Indian context where informality has a strong presence, we propose an approach based on game theory that models the bargain through a three-stage Nash equilibrium game. Four agents – the government, the private developer, the landowner, and the free rider – are considered. We provide conditional solutions for the generalizable Case and proceed to model different stakeholder behavior patterns through two utility functional forms – linear and exponential. In the linear case, we find that the free rider obtains half of the revenue of the project, whereas the landowner gains between one-fourth and one-half of the revenue. Thus, we highlight the undeniably crucial role free riders play in land acquisition negotiations. However, closed form solutions cannot be obtained for the exponential form, due to which we use simulations to demonstrate a solution procedure. We conclude by stating that the proposed model can be useful in formulating future land policies in a sustainable and inclusive manner, with optimal utility derivations for all concerned stakeholders. Our model can also be extended to other spatial contexts where informality features heavily in the land market, especially in the Global South.     

The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter?

This paper examines the association between the managerial ability of acquiring firms and their long-term performance after mergers and acquisitions (M&As). Based on M&A data for U.S. firms from 2000 to 2012, we find that acquiring firms with higher managerial ability achieve better long-term operating performance and stock returns. We also find that the positive effect of managerial ability on long-term performance is more pronounced when acquirers and target firms belong to the same industry. The result suggests that managers who have higher ability to manage their firms, i.e., to generate higher revenues for given resources, are more capable of achieving higher synergy benefits and better post-acquisition performance in same-industry acquisitions than in cross-industry acquisitions.     

Comparison of public perception and risk management decisions of aircraft noise near Taoyuan and Kaohsiung International Airports

This study uses multiple linear regression to identify factors contributing to perceived risk among residents near Taoyuan and Kaohsiung International Airports, the effect of perceived risk on their willingness to reduce risk, and consumption preferences that can reduce risk. Results indicated that residents' risk perception near Taoyuan Airport is lower than that near Kaohsiung Airport. Noise pollution experience, perceived probability of environmental contamination and negative effects, and perceived severity of catastrophic consequences significantly increase residents' perceived risks. Residents are willing to recognize and participate in mitigating the risks of aircraft noise pollution. The more risk residents perceive, the more willing they are to participate in disaster reduction and investigate means of improving the risk environment.     

Perception of tourism development and subjective happiness of residents in Mashhad,Iran

Tourism development affects various aspects of a populace’s life, such as environmental, social, economic, and other areas. This study examines the effect of perceived tourism development on subjective happiness and quality of life among residents of Mashhad City, Iran. A sample size of 384 residents completed a survey. Data analysis was performed using WarpPLS. Results indicated that tourism development had an effect on the residents’ subjective happiness and quality of life (QOL) and the effects of social and micro economic factors on the residents’ subjective happiness and the effects of cultural, environmental, and macroeconomic factors on the resident’s QOL.     

An explorative study of corporate travellers’ perception at a German airport

The modern working environment is changing at a fast pace due to factors such as globalisation, digitalisation, and demographic trends. Taking an exploratory approach, this study examines how prevailing factors shaping the working world may influence the perception of business air travellers. Relevant factors are identified through a literature review, which results are confirmed by expert interviews (N = 11). Business travellers are surveyed (N = 67) at Munich Airport regarding their personal experiences and their evaluations of these identified factors. Their perceptions concerning the psychological and physical experience, digitalisation, age, and gender are examined in detail.Findings provide insights into the development of business air travel, with a focus on German business travellers. Despite the influence of advanced information and communications technology, survey results reveal that air travel might stay an essential part of the working world, as face-to-face meetings are not fully replaceable. Increasing multi-partner project work and flexible work structures could even lead into an increase of air travel. The study also delineates recommendations and research potential, such as the extension of the study in the light of the global COVID-19 pandemic. The question of how trends within the working world influence the perception of business related air travel is rarely studied. This study contributes to this gap in the scientific community.