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International Tax and Public Finance - The Tax Cuts & Jobs Act (TCJA) introduced the most significant changes to the US international tax system in decades. The law changes have been... 相似文献
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This article examines whether USDA announcements and commodity index fund rolling activity have an impact on liquidity costs, measured by the bid‐ask spread. Using Huang and Stoll's (1997) model of liquidity costs, we estimate whether changes to liquidity costs are driven by its adverse selection, inventory, or order processing components. Commodity index fund roll activity reduces the asymmetric information cost component of liquidity cost due to an increased proportion of noninformation‐based trading, but the inventory cost component increases as (mostly long only) commodity index funds sell their nearby positions and buy the first deferred contract—raising liquidity providers’ risk of building a position. The sum of these two effects is that liquidity costs remain low during index fund roll periods, averaging one “tick” (0.25 cents). On USDA report release days, we find that informed traders raise the asymmetric information component of liquidity costs in the first hour after release, but the inventory cost component is reduced due to the increase in volume. Similar to index fund roll activity, liquidity costs on USDA report release days remain low, averaging one “tick”. Our findings that liquidity costs are minimally changed during USDA report releases and commodity index fund roll periods is consistent with other recent research on liquidity costs, but we show that what drives liquidity costs differs substantially depending on the circumstances surrounding daily trading. 相似文献
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Mindy K. Shoss Dustin K. Jundt Allison Kobler Clair Reynolds 《Journal of Business Ethics》2016,137(3):571-587
Employee counterproductive work behavior (CWB, e.g., theft, production deviance, interpersonal abuse) is costly to organizations and those who work within them. Evidence suggests that employees are motivated to engage in CWB because they believe that these behaviors will make them feel better in response to negative workplace events. However, research has yet to consider the situational and individual factors that shape the extent to which employees view CWB in such a manner. In order to provide insight into the decision-making process surrounding the use of CWB as a coping strategy, this study leverages coping theory to examine the factors (both situational/within-person and individual/between-person) that contribute to employees’ beliefs that CWBs will be instrumental for emotion regulation aims in response to workplace stressors. In a repeated measures scenario-based study of 297 employees, we found that individuals’ perceived coping instrumentalities for CWBs are a function of the controllability and source of the stressor as well as a more stable learned response to stressful situations at work. 相似文献
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