The Differential Impact of IFRS Adoption on Aspects of Seasoned Equity Offerings in the UK and France

We examine the potential for IFRS to influence the market for SEOs in the UK and France. The divergence between the UK domestic accounting standards and IFRS is minor (low-divergence firms) whereas domestic accounting standards in France differ materially from IFRS (high-divergence firms); however, both countries have similar legal enforcement and institutional settings that might confound the effect of IFRS adoption. We argue that IFRS adoption serves to mitigate information asymmetry and improve accounting quality. Accordingly, we find that, following IFRS adoption, earnings management activities decrease among high-divergence firms prior to issuing SEOs. As a result of the lower levels of earnings management and information asymmetry, we predict and find that the market reaction to issuing SEOs improves significantly for high-divergence firms following IFRS. Given that equity financing becomes less costly, we find that the propensity to issue new SEOs increases among high-divergence firms after IFRS adoption. We find no similar changes among low-divergence firms. The results persist after running a matched-sample analysis and controlling for potential self-selection bias.     

Blockchain for tracking serial numbers in money exchanges

Money exchange is one of the most common day‐to‐day activities performed by humans in the daily market. This paper presents an approach to money tracking through a blockchain. The proposed approach consists of three main components: serial number localization, serial number recognition, and a blockchain to store all transactions and ownership transfers. The approach was tested with a total of 110 banknotes of different currency types and achieved an average accuracy of 91.17%. We conducted a user study in real‐time with 21 users, and the mean accuracy across all users was 86.42%. Each user gave us feedback on the proposed approach, and most of them welcomed the idea.     

Sustainable tourism development and residents’ perceptions in World Heritage Site destinations

Set in Malaysia’s Lenggong Valley World Heritage Site (WHS), this paper uses stakeholder theory to explore the heterogeneity of positive and negative perceptions among residents and their effects on residents’ support for and participation in sustainable tourism development. Data from 221 completed questionnaire surveys revealed heterogeneous negative perceptions across residents’ age, level of education and economic involvement in tourism. Moreover, residents’ positive perceptions had a positive effect on their support for and participation in tourism development. This study contributes to the resident perception literature by using stakeholder theory to conceptualise the heterogeneity of residents’ perceptions and by examining the effects of those perceptions on their support for and participation in tourism development in a rural WHS destination in the developing world. Furthermore, the findings of this study have practical implications for local authorities aiming to improve residents’ support and participation in tourism planning for sustaining tourism development.     

High-Performance HR Practices,Work Stress and Quit Intentions in the Public Health Sector: Does person–organization fit matter?

Drawing on the attraction–selection–attrition (ASA) framework, this paper examines a mechanism, namely person–organization (P–O) fit, through which high-performance HR practices (HPHRPs) affect two negative employee outcomes: work-related stress and quit intentions. Using a sample of Egyptian public health sector workers, a mediation model is tested empirically using structural equation modelling. The study results show that HPHRPs positively affected P–O fit, which in turn had significant negative associations with work stress and quit intentions. P–O fit also explained a high proportion of mediation in the relationship between HPHRP and both outcomes.     

Market Risk Disclosures and Investment Efficiency: International Evidence from the Gulf Cooperation Council Financial Firms

This study examines the association between market risk disclosures (MRDs) and the investment efficiency of financial firms from six emerging markets in the Gulf Cooperation Council (GCC) region. Based on a sample of 553 firm‐year observations over the 2007–2011 period, we find that MRDs are significantly and negatively associated with both under‐investment and over‐investment and that this association is more pronounced for larger firms. We also find that the association between MRDs and under‐investment is moderated during periods of economic distress such as the Global Financial Crisis of 2008 and that the association between MRDs and over‐investment is magnified during periods of reduced financial distress. Our results are consistent with the idea that MRDs reduce information asymmetry, which ultimately improves investment efficiency. We contribute to the literature in an emerging market context by providing empirical evidence on the association between MRDs and investment efficiency across six emerging GCC capital markets. This study also fills a gap in the literature by providing evidence on the factors affecting the investment efficiency of financial firms.     

Trade skirmishes safeguards: A theory of the WTO dispute settlement process

I propose a framework within which to interpret and evaluate the major reforms introduced to the GATT system in its transition to the WTO. In particular, I examine the WTO Agreement on Safeguards that has amended the GATT escape clause (Article XIX), and the Dispute Settlement Body (DSB) that resembles a court of law under the WTO. Using this framework, I interpret the weakening of the reciprocity principle under the Agreement on Safeguards as an attempt to reduce efficiency-reducing trade skirmishes. The DSB is interpreted as an impartial arbitrator that announces its opinion about the state of the world when a dispute arises among member countries. I demonstrate that the reforms in the GATT escape clause should be bundled with the introduction of the DSB, in order to maintain the incentive compatibility of trade agreements. The model implies that trade agreements under the WTO lead to fewer trade skirmishes but this effect does not necessarily result in higher payoffs to the governments. The model also implies that the introduction of the WTO court, which has no enforcement power, can improve the self-enforceability of trade agreements.     

What happened to complex product systems literature over the last two decades: progresses so far and path ahead

Complex product systems (CoPS) industries largely contribute to industrial development, economic growth and creation of national wealth in both developed and developing economies. CoPS also show a number of specific characteristics as a distinctive category of industrial products in comparison with mass-produced consumer goods. These aspects have attracted the attention of scholars to study CoPS over the last two decades, resulting in a fairly extensive body of literature on the subject. However, there is a further need to connect research findings in this area, to illustrate a macro view of the development in the field, explore common themes, and identify possible paths into the future. This study aims to contribute to these ends by: (i) exploring the quantitative aspects of the CoPS literature; (ii) illustrating topical classification of CoPS studies and their findings; and (iii) suggesting opportunities for future research through examining common trends and unresolved issues in the literature.     

Ten years after UNCOD

Ten years ago the United Nations Conference on Desertification (UNCOD) formally recognized an intricate process of land degradation that had been plaguing mankind for thousands of years. The term desertification was given to this process. In earlier times man adapted to desertification by moving to better places. This is rarely possible today and communities are more often forced to suffer the consequences — in the worst cases, starvation and uncontrolled migration into camps and urban slums. UNEP is charged with following up the implementation of UNCOD's Plan of Action to Combat Desertification. This article looks at UNCOD and gives an overview of what UNEP has been doing — and plans to do — to combat desertification.     

A hierarchical analysis of the green consciousness of the Egyptian consumer

This study investigates the influence of various cultural values and psychological factors on the green purchase behavior of Egyptian consumers. Using a large sample of 1093 consumers, a conceptual model has been developed. The survey results provide reasonable support for the validity of the proposed model. Specifically, the findings from the structural equation model confirm the influence of the consumers' natural environment orientation, ecological knowledge, and environmental concern on their attitudes towards green purchase. Consumers' attitudes toward green purchase, in turn, are also found to affect their actual green purchase behavior via the mediator role of green purchase intention. However, one of the other important findings suggests that the link between intention and actual purchase is weak. In other words, on a declarative level, more and more consumers in Egypt express their concern over the ecological situation and declare their willingness to contribute somehow to the protection of environment by buying green products. However, in reality this concern may not be manifested consistently. © 2007 Wiley Periodicals, Inc.