European Market Reaction to Audit Reforms

Abstract

This paper investigates European stock market reaction to events associated with the proposed EU audit reforms that were ultimately implemented in 2016. These include, inter alia, mandatory audit firm rotation, prohibition of non-audit services, and fee caps. We find that investors react positively to the proposals, lifting aggregate market value by approximately €108,630 million. In cross-sectional analysis at both country and firm level, we find that these net benefits arise from the prohibition of non-audit services and the placing of a cap on total fees charged by the auditor. Furthermore, we find investors in firms with low earnings quality appear to perceive the greatest benefits from the proposed reforms.     

Cost effectiveness of a medical vigilance system to reduce patient falls

Patient falls are a serious problem in hospitals, resulting in substantial morbidity, mortality, length of stay, and costs. The results of a small trial of a patient vigilance system in a post-neurosurgery unit of a large acute care hospital are reported. The system includes two components: (a) passive sensor array placed under the patient in a hospital bed, and (b) a bedside unit that connects to the nurse call system already in place at the hospital. This trial demonstrated the overall effectiveness of the vigilance system in reducing the rate of patient falls. The cost-effectiveness analysis found that use of this system was associated with somewhat higher measured costs. It is likely that the system was cost-saving, due to unmeasured costs.     

Genomics and proteomics: the next generation of health care

Biotechnology research will dramatically impact health care, and the pharmaceutical industry in particular, in the coming decade. Health outcomes may be improved in a cost-effective manner through the ability to selectively prescribe medications; safer, more effective treatment may reduce long-term health care costs. As genetic testing becomes the standard of care, new challenges will surface around how genetic information will be used or misused, and how and where health care dollars are spent.     

Mobility and the middle classes: a case study of Manchester and the North West

While much is known about the mobility patterns of the middle classes in London and the South East, far less is certain about middle‐class migration patterns in other regions of the country. Nor has the importance of other regional centres in providing opportunities in the professions and management been acknowledged. This article rectifies these omissions by drawing on research with young professionals employed in Manchester in the North West. It explores the migratory patterns of the ‘migrant’ interviewees. The article will show that the majority of young professionals were ‘migrants’ in having been geographically mobile at some point in their lives. Different types of migrants are identified: (1) those with family affiliations; (2) those with university roots; and (3) those with (seemingly) no connections to the city or the region. These migratory practices are shaped by different factors: namely, the close proximity of family and friends, attractive job opportunities in Manchester, the role of universities in establishing roots and a sense of belonging and, finally, an identification with the North — widely defined and straddling the Pennines. These factors also shaped the residential patterns of the sample. Si l'on connaît l'essentiel des schémas de mobilité des classes moyennes à Londres et dans le Sud‐Est, on a bien moins de certitudes quant aux modèles migratoires de ces populations dans d'autres régions britanniques. Pas plus que n'a été reconnue l'importance d'autres centres régionaux concernant l'offre d'opportunités pour les professions libérales et les cadres. Cet article corrige ces omissions à partir d'une étude réalisée auprès de jeunes diplômés travaillant à Manchester dans le Nord‐Ouest. Il étudie les schémas migratoires des ‘migrants’ interrogés. En majorité, ces jeunes sont des ‘migrants’, car ils ont été mobiles géographiquement à un moment de leur vie. Parmi eux, différents types sont identifiés: ceux qui ont des attaches familiales, ceux qui ont des racines universitaires, et ceux qui n'ont (en apparence) aucun lien avec la ville ou la région. Plusieurs facteurs façonnent ces pratiques migratoires, à savoir: proximité de famille ou d'amis, propositions d'emploi attirantes à Manchester, fonction d'enracinement et de sentiment d'appartenance des universités et, enfin, identification au Nord — selon une définition large s'étendant de part et d'autre des Pennines. D'après l'échantillon, ces facteurs structurent également les schémas résidentiels.     

危机处理之道

危机是无法彻底避免的,但企业可以预见危机,并且在危机发生后,有效管理、控制危机,最终让危机消弭于无形。如今,明智、负责的企业都建立了危机应对制度,以帮助自己未雨绸缪,并且在出现危机局势后更加有效地做出反应,这样的制度包含以下要素：