The gender wage gap among China’s rural–urban migrants

In this study, we present new empirical evidence on gender wage differences among rural–urban migrants in China. We use a data set that includes migrants residing in urban communities and those living at their workplaces—the latter were not included in the previous studies. We find that the gender wage gap among migrants is 16%–18% and does not differ between migrants living at workplaces and those living in urban communities. However, gender differences in industry sorting play a more important role for migrants living at their workplaces, whereas differences in education and experience are of importance for those living in urban communities. Overall, differences in the returns to characteristics are the main driver of the gender wage gap, especially for migrants living in urban communities.     

The role of corporate governance in shaping accruals manipulation prior to acquisitions

Based on stock swap transactions involving public acquirers originating from the UK between 1998 and 2011, this paper investigates the role of corporate governance in shaping accruals manipulation prior to stock swap deals. In contrast to common claims that strong corporate governance constrains accruals manipulation, my results show that well-governed acquirers engage more aggressively in income-increasing accruals manipulation than those with weak governance. This finding is consistent with a role of corporate governance that incentivises managerial actions in the interests of firms’ shareholders. Overall, this finding highlights the setting-specific nature of the earnings management and corporate governance relation. My results are robust to different discretionary accrual models, differences in the firm's growth structure, merger and acquisition control variables, a control group of 100% cash acquirers, an analysis of buy-and-hold abnormal returns, and potential sample selection problems.     

After the "Bubble": Valuation of Telecommunications Companies by Financial Analysts

In this article, we present the results of a series of interviews given by financial analysts specializing in the European telecommunications industry. Our objective is to gain an insight into their approaches to analysis and valuation (information sources, valuation methods, determinants of recommendations, etc.). We also consider whether analysts' approaches have changed since the “high‐tech bubble”. We find that today they rely much more on the discounted cash flow analysis method than at the end of the 1990s, when valuation was largely based on multiples. In line with this, analysts have changed their focus from revenue‐oriented measures towards an assessment of profitability and cash flow generation. Further, analysts claim to have become more diligent and more critical in their analysis.     

The effect of land tenure governance on technical efficiency: evidence from three provinces in eastern China

This study aims to identify the mechanisms through which land tenure governance affects the technical efficiency of grain production in an integrated framework and to examine the impacts of the public governance, village self-governance, and relational governance of land tenure on the technical efficiency of contracted land and rented-in land. Farm-level survey data collected from Liaoning, Jiangxi, and Jiangsu provinces covering the years of 2014 and 2015 is used for the empirical analysis. The findings indicate that (i) public governance associated with land certification significantly increases the technical efficiency of grain production; (ii) village self-governance and administrative land reallocations can serve as substitutes for the land rental market in optimizing the distribution of land resources and improving technical efficiency; and (iii) compared to multi-year transfer contracts, both annual and open-ended transfer contracts have negative impacts on technical efficiency.     

The role of off-farm employment in the rural energy consumption transition — A village-level analysis in Jiangxi Province, China

Energy consumption in rural areas in China is characterized by high consumption of fuelwood, straw and other biomass. Off-farm employment can play an important role in the transition towards more sustainable sources of energy by increasing rural household incomes and reducing the amount of labor available for biomass collection. The purpose of this paper is to examine the impact of off-farm employment on rural household energy consumption choices, and to disentangle the various causal relationships that play a role in this respect. To this end, a hybrid farm household/village computable general equilibrium (CGE) model is used that has been calibrated for a remote village in Northeast Jiangxi Province where fuelwood is the main source of energy. The model takes into account nonseparability of farm household production and consumption decisions as well as linkages within the village between households involved in off-farm employment and households with no members working off-farm. Contrary to previous research for a richer region in rural China, we find that fuelwood is not an inferior good. The positive impact of more food consumption on fuelwood collection more than compensates the higher leisure demand associated with higher incomes. Shifts in production activities and in prices on village factor markets caused by increased labour scarcity (the lost-labour effect of off-farm employment), on the other hand, cause a reduction in fuelwood collection and consumption. This lost-labour effect is much stronger for migration than for local off-farm employment, because the latter can more easily be combined with on-farm work and fuelwood collection. For local off-farm employment the income effect dominates the lost-labour effect, resulting in a positive overall impact of higher off-farm participation on fuelwood consumption. For migration, on the other hand, the income effect and the lost-labour effect are almost equal in size. Hence, the amount of fuelwood collected and consumed does not change much when households participate in migration. The final conclusion is therefore that increased off-farm employment opportunities do not promote the transition of rural energy use in the poorer regions of rural China.     

PERSPECTIVES ON ADVERTISING RESEARCH: Views from Winners of the American Academy of Advertising Outstanding Contribution to Research Award

To gather insights about the current state and future directions of advertising research, as well as to obtain a glimpse of its evolvement over time, testimony was compiled from experts in the field. The experts were selected from individuals who have won the American Academy of Advertising Outstanding Contribution to Research Award. Their responses provide a chronicle of advertising research that is marked by thoughtful observation, personal introspection, and careful speculation. This paper represents a snapshot of advertising research that is panoramic and clear due to the diversity and contemporaneous comments of the participants. Summary comments are offered that bring attention to general themes that emerge from the contributors' thoughts. It is hoped that this paper will serve as a signpost and catalyst for advertising research both now and in the years to come.     

Observational data collection methods for services marketing: An overview

Applications of observational data collection methods to services marketing research are explored. Three key dimensions that distinguish the various forms of observational methods are presented. General applications of observational research to services marketing phenomena are posited. Specific applications of observational research to services quality are suggested. Issues concerning the implementation of direct human observation are considered.     

Combining results of different models: the case of a levy on the Dutch nitrogen surplus

Economic instruments, such as levies are considered by the Dutch government for reducing the harmful effects of the production and application of manure. To analyse these levies a framework which makes it possible to combine and to choose among different types of research is developed. The results are integrated along the line of the marginal abatement cost curve. The problems related to integrating different types of research are taken into account. The method developed allows every farmer to react to a levy differently. A levy turns out to be more effective to reduce the nitrogen surplus on farm level in the pig fattening sector when compared to the pig breeding sector. But even a levy of 2 guilderd/kg of nitrogen does not remove the total manure surplus in the pig sector and results in large profit losses. Further research is needed to underpin the empirical input required by the model.     

Interest rate swaps

This instructional case is intended to introduce graduate and undergraduate financial accounting and finance students to derivatives using interest rate swaps. The major learning objective is to understand derivative accounting methods, using interest rate swaps, as proposed by the Financial Accounting Standards Board's recent Exposure Draft. A secondary learning objective is to understand key features of a management control system for derivatives' activities. Both matched and unmatched interest rate swap examples are used in this case. The matched swap is based on an actual swap done by a bank for one of its customers. The case is written from the perspective of an audit partner writing a report summarizing interest rate swap accounting and related management controls for a client who wanted to recognize all gains and losses related to its interest rate swaps immediately in current earnings.     

Short- and long-term participation tax rates and their impact on labor supply

Generous income support programs as provided by European welfare states have often been blamed to hamper employment. This paper investigates the importance of incentives inherent in the tax-benefit system for the individual decision to take up work. Using German microdata over the period 1993–2010, we find that recent reforms in Germany increased work incentives at the extensive margin measured by the participation tax rate (PTR), particularly for low-income individuals. Work incentives are even higher if the time horizon is extended to more than one year, pointing at an overestimation of the disincentives by standard measures. Regression analysis reveals that a decrease in the PTR increases the probability of taking up work significantly.