Factors Affecting the Probability of Bankruptcy: A Managerial Decision Based Approach

The majority of classification models developed have used a pool of financial ratios combined with statistical variable selection techniques to maximize the accuracy of the classifier constructed. Rather than follow this approach, this article seeks to provide an explicit economic basis for the selection of variables for inclusion in bankruptcy models. This search to develop an economic theory of bankruptcy augments the existing bankruptcy prediction literature. Variables which occur in bankruptcy probability expressions derived from the solution of a stochastic optimizing model of firm behaviour are 'proxied' by variables constructed from financial statement data. The random nature of the lifetime of a single firm provides the rationale for the use of duration or hazard-based statistical methods in the validation of the derived bankruptcy probability expressions. Results of the validation exercise confirm that the majority of variables included in the empirical hazard formulation behave in a way that is consistent with the model of the firm. The results highlight the need for developments in the measurement of earnings dispersion.     

Tattoo: marketplace icon

ABSTRACT

The tattoo may be considered iconic in terms of its ability to reflect and contribute to consumer culture. It encapsulates contemporary tensions between the paradigm of plasticity that has engulfed the body and skin and a disavowal of that paradigm by marking the body in a permanent fashion. Tattoos also manage to articulate discourses of deviance and the mainstream, difference and sameness. Further, the “invariant processual contour” of tattoo remains the same across cultures and histories while also managing to evidence differences in emphasis. Similarly, the functions of tattoo in terms of decoration, ritual, identification, and protection continue to trace the boundaries of their possibilities. Ultimately, in a culture that values individuality, these coordinates of tattoo offer a clear opportunity to (re)story the self in infinitely customizable ways.     

On the marketing implications of place narratives

Abstract

Acknowledging that ‘locals’ are recognised as an important (yet neglected) dimension of place marketing and following critiques of places as ‘products’, the purpose of this paper is to give voice to ‘local people’. Drawing on local narratives of Santorini, Greece, we call attention to places as culturally significant and discursively produced and consumed. Local narratives provide multiple meanings constructed around the diverse and contested experiences of living and making a living in a place. Our analysis employs the metaphors of ‘harsh beauty’, ‘service business’ and ‘home’ to capture these perspectives. The paper has implications for the development of generative metaphors of ‘place’ and ‘local’ within place marketing and contributes to the dialogue over the continued relevance of our discipline to the public sphere.     

The Role of Planning and Workplace Support in Returning to Work after Maternity Leave

The paper reports a longitudinal study of the post‐pregnancy work outcomes for full‐time working women who were pregnant with their first baby. Regression analyses revealed that women who did not return to work as intended were differentiated from those who did return to work by the amount of planning they had done in pregnancy, as well as having lower pre‐natal income and less anti‐cipated support within the workplace. Almost one third of those who returned to work part‐time reported reduced job status. The study shows the importance of workplace planning and support in return to work after maternity leave.     

Capital and labor misallocation in the Netherlands

Journal of Productivity Analysis - Using firm-level panel data we analyze the misallocation of capital and labor for the Netherlands in the period 2001–2017. We use the dispersion in marginal...     

The effect of compulsory face mask policies on community mobility in Germany*

There is an ongoing debate about face masks being made compulsory in public spaces to contain COVID-19. A key concern is that such policies could undermine efforts to maintain social distancing and reduce mobility. We provide first evidence on the impact of compulsory face mask policies on community mobility. We exploit the staggered implementation of policies by German states during the first wave of the pandemic and measure mobility using geo-located smartphone data. We find that compulsory face mask policies led to a short-term reduction in community mobility, with no significant medium-term effects. We can rule out even small increases in mobility.     

Determinants of financial worry

Grounded in the transactional stress-coping theory and the Tallis and Eysenck (1994) model of nonpathological worry, the present study sought to advance the conceptual and empirical understanding of financial worry (FW). We positioned objective financial stressors (OFS), subjective financial stressors (SFS), and coping resources as key variables in understanding the determinants of financial worry (FW). The cross-sectional data consisted of responses from a representative sample of 19,385 adults, aged 18 and older, drawn from a large U.S. survey. Hierarchical linear regression results revealed that OFS, SFS, household income, and financial capability (FC) are all key determinants of FW. Furthermore, the results revealed adverse effects of OFS and SFS on FW. These effects were moderated by household income, FC, age, and gender. Implications for future research, employers, practitioners, and policymakers are discussed.