Microfinance institutions,financial intermediation and the role of deposits

Microfinance institutions (MFIs), widely regarded as bankers to the poor, have extended their financial functions beyond lending to managing deposits. We empirically examine the influence of MFI deposit-taking on MFI financial performance. Using data of 1,301 MFIs worldwide, we find that an MFI's deposit level is an important determinant of its financial viability. However, the relationship is influenced by MFIs’ institutional type (for-profit or nonprofit) and the legal environment (common law or civil law). The results suggest that the positive financial impact of deposits has not been fully realised, reflecting the need to further improve cost management and revenue generation.     

Pointing fingers across the tracks: an examination of strategic messages in the Lac-Mégantic rail disaster

The oil industry transports crude oil via rail due to increasing demand. Though convenient, this can be dangerous, as many railways travel through populated regions, placing individuals in close range at risk of danger and death during a train derailment. In 2013, the deadliest rail disaster to happen in Canada in 140 years occurred when a Montreal, Maine & Atlantic (MMA) train carrying 7.7 ml of petroleum crude oil broke loose in Nantes, Quebec, and traveled towards Lac-Mégantic, Quebec. The train derailed and exploded in the city’s center, instantly killed 47 people, destroyed downtown, and forced the evacuation of over 2000 residents. The disaster prompted safety and criminal investigations, and litigation for personal, economic, and ecological reparations. This study uses dialectical tensions of strategic communication decision-making to examine the crisis and post-crisis stages of the event to determine how the tensions of organizational responsibility and emotional connection intersected during the crisis. Further, the impact of the crisis at an industry level and the resulting industry-wide lessons learned are revealed. Results were twofold: The tensions intersected with one another; and in socially stigmatized industries, organizational learning can occur on an industry-wide level. Tensions intersected when insensitive communication and messages disowning responsibility for the event initially occurred, and also later, when sensitive communication and taking ownership of the event were communicated. Learning occurred via observation, and actions were implemented in similar organizations in direct response of the event. In addition, regulations were created in direct response and implemented in both Canada and the United States. The study offers implications, discusses the complexity of transnational crises, and calls for future study of interacting tensions of strategic communication decision-making in order to understand how inherent tensions in a crisis situation prompt certain organizational responses to crises.     

Rules of engagement: the joint influence of trainer expressiveness and trainee experiential learning style on engagement and training transfer

We investigated the joint effect of trainer expressiveness and trainee experiential learning style on training transfer intentions. Extending prior research where trainer expressiveness has been established as a positive predictor of transfer, we show that trainer expressiveness is more impactful for trainees with high (vs. low) experiential learning styles. Based on our findings, trainees' experiential styles – also related to one's intuition – emerge as important enhancers of transfer intentions, and should be considered in future research and when assigning trainees to learning. In addition, we found that the effect of trainer expressiveness on transfer intentions is mediated by trainee engagement.     

Old stocks,new owners: Two cases of ownership change in China's stock market

During the 1990s, ownership of China's listed firms remained stable: state entities remained in control of restructured state-owned enterprises since only a minority of shares were allowed to trade publicly and to be owned privately. However, since 1999, the ownership of China's listed firms has become more fluid due to the development of an off-exchange market in ‘legal person’ shares. This paper examines two such cases of ownership change. The case of Taitai's take-over of Lizhu shows that transfer of control is now occurring on a commercial basis. However, the Baiwen case shows that buy-outs are still being organized by government entities to support failing state firms. The deals suggest that while the government is using all means to restructure listed firms, rather than de-list them, it is also moving to create a competitive market in control.     

The promise (and pitfalls) of ICT for agriculture initiatives

The widespread growth of information and telecommunication technologies (ICTs) in rural areas of developing countries offers new opportunities to provide more timely and low‐cost information services to farmers, as well as assist in coordinating agricultural agents. Over the past decade, the number of public and private sector initiatives in this space has increased substantially, with over 140 deployments worldwide in 2015. While there is substantial potential for such services to address farmers’ and traders’ information and credit market constraints, economic research suggests that the impacts of such services on agricultural adoption, behavior and welfare is mixed. While this can, in part, be explained by the degree of the information asymmetry and the presence of other market failures in different contexts, research from other disciplines provides additional insights into these findings. In particular, work in the domain of human–computer interaction (HCI) focuses heavily on users’ interaction and experience with a given technology, thus explaining why users may not fully engage with ICT‐based agricultural interfaces. Furthermore, sociological and anthropological approaches study the provision of information and trust and how these may be altered by ICT platforms. Drawing upon these disciplines, we suggest that future ICT for agriculture initiatives should first seek to better understand the information and complementary market failures in a given context, in order to better understand whether information is a binding constraint. Second, even if information is missing, the information services provided should be of high quality and from a trusted source, which can be a challenge with some ICT platforms. Finally, such services should be delivered via platforms that build upon local ICT access and usage, paying particular attention to the gender digital divide.     

The Use and Characteristics of Foreign Component Auditors in U.S. Multinational Audits: Insights from Form AP Disclosures*

This paper investigates the common, yet previously opaque, practice of using foreign audit firms (component auditors) to conduct portions of audit work for U.S. public companies. U.S. regulators have expressed concern for the transparency and quality of audits using component auditors. Employing data disclosed in the newly mandated PCAOB Form AP, we find that component auditor use is largely structural, determined by the size and complexity of clients' multinational operations. We do not find that the mere use of component auditors is detrimental to audit outcomes, but rather the amount of work conducted by component auditors is associated with lower audit quality (i.e., higher likelihood of misstatement), higher likelihood of nontimely reporting, and higher audit fees, which collectively suggest that component auditor engagements are associated with adverse outcomes. Furthermore, we find that only the work performed by less competent component auditors and those facing geographic and cultural/language barriers, including significant geographic and cultural distance, weak rule of law, and low English language proficiency, is associated with adverse audit outcomes. Overall, these findings provide initial archival evidence that the use of certain component auditors on U.S. multinational audits is associated with audit coordination issues, which suggests that PCAOB Form AP disclosures provide relevant information.     

关于投资美国不良贷款市场途径的分析

金融危机爆发以来,欧美市场（特别是房地产市场）资产泡沫破灭,资产价格大幅下跌。对银行业而言,不良贷款（NPL）规模快速膨胀。这极大地影响了银行的资产质量,     

Human resource management responsibilities in private clubs

ABSTRACT

Private clubs have long been considered a unique segment of the hospitality industry. Clubs are different than other types of hospitality enterprises in many respects, including their ownership, revenue sources, management, and specifically, in the management of human resources. This article focuses on how human resources are managed in one regional chapter of the national association of club managers (New England). First, a focus group of club managers in New England was conducted. Next, a survey was conducted of club managers belonging to the New England chapter of the Club Managers Association of America. Findings suggest that very few clubs have human resource directors; responsibilities tend to be delegated through the organization; clubs have certain human resource management challenges associated with not having a human resource director; and general managers are actively involved in the management of human resources.     

A literary human extinction scenario

Mary Wollstonecraft Shelly's (MWS) novel, The Last Man, published in 1826, is an epic narrative about the destruction of the human race. This paper provides a synopsis of this book and assesses its relationships to contemporary future studies. The paper also delves into the history of apocalyptic writing and thinking, using this book an entry point to past literature.     

The cost of warfarin treatment for stroke prevention in patients with non-valvular atrial fibrillation in Mexico from a collective perspective

Aims: To describe the collective costs of vitamin K antagonist (VKA) treatment for stroke prevention in non-valvular atrial fibrillation (NVAF). VKA drug costs are relatively low, but they necessitate frequent international normalized ratio (INR) monitoring. There are currently minimal data describing the economic impact of this in Mexico.

Materials and methods: Cardiologists provided data on their NVAF patients (n?=?400) to quantify direct medical costs (INR testing, appointments, drug costs). A sub-set of patients (n?=?301) completed a patient questionnaire providing data to calculate direct non-medical costs (travel and other expenses for attendance at VKA-associated appointments) and indirect costs (opportunity cost and reduced work productivity associated with VKA treatment).

Results: Estimated annual direct medical costs totaled $753.6 per patient. Annual direct non-medical and indirect costs were USD$149.8 and $132.1, respectively.

Limitations: Recruited patients were those who consulted with a cardiologist during the study period and selected due to inclusion criteria. All had received uninterrupted treatment for 12–24 months. Consequently, the results are not fully generalizable to all VKA treated NVAF patients.

Conclusions: The true cost of VKA treatment cannot be appreciated by a consideration of drug costs alone. Ongoing monitoring appointments incur additional expenses for both patients and the healthcare system.