Flight to Quality in International Markets: Investors’ Demand for Financial Reporting Quality during Political Uncertainty Events

We examine whether international equity mutual fund managers shift their portfolios toward stocks with higher financial reporting quality (FRQ) during periods of high political uncertainty. Our study is motivated by two primary factors. First, prior research shows evidence of fund managers’ “flight to quality” (e.g., to less risky securities) during periods of uncertainty. Second, recent theoretical research concludes that stocks with higher FRQ are assessed as less sensitive to systematic risk (such as political uncertainty). We employ national elections as exogenous increases in systematic risk in the local markets and accordingly use an international sample of mutual funds that focus on local markets. We find that mutual fund managers shift their equity holdings to stocks with higher FRQ during election periods when political uncertainty is higher. Such a flight‐to‐quality effect is less pronounced for elections with larger expected electoral margins in the pre‐election period (i.e., when the incumbent is more likely to win the election) and for countries with higher transactions costs. In contrast, the effect is more pronounced when governments have greater involvement in the local economy. Our inferences are robust to alternative proxies for political uncertainty and FRQ and to numerous other sensitivity analyses.     

Configuring designers? Using one agile project management methodology to achieve user participation

The aim was to examine the possibilities and limits of involving end‐users in applied knowledge‐producing settings. Is it possible to have user participation as a part of the design process? The agile method DSDM supposed to enhance user participation as well as improve other aspects of the management of computer system design projects.     

Family decision-making for educational expenditure: new evidence from survey data for Nigeria

This study examines the determinants of educational expenditures by households in Nigeria. Data from the Nigerian General Household Survey, Panel 2012/2013, Wave 2 was used and a double-hurdle model was employed for the analysis. The results suggest household income, the age, education, gender of the household heads and urban versus rural residence have a significant impact on the decision to spend on education. Such expenditures are income elastic overall, but are very different in magnitude for low income compared to higher income families. It is found that the income elasticity of education expenditures are approximately four times greater for households in the bottom two-thirds of the income distribution than for those on the top one-third of the income distribution.     

Large shareholders and accounting research

Large shareholders are a potentially very important element of firms’ corporate governance system. Whereas analytical research is typically vague on who these large shareholders are, in practice there are important variations in the types of large owners (and the different types of large owners could play very different governance roles). After briefly reviewing the standard agency cost arguments, in this article I emphasize the heterogeneity of concentrated ownership and in particular focus on the roles of families, institutions, governments, and employee ownership. I also discuss the role of large shareholders in private (i.e., unlisted) firms, where ownership tends to be more concentrated than in publicly traded firms. Finally, I briefly discuss variations in ownership structures across selected countries.     

The HR department's role in organisational performance

Research into how HR contributes to organisational performance is plentiful yet plagued by challenges. Alongside the ‘black box’ issue between HRM and performance, the time‐lag effect and the range of performance indicators applied, the role of the HR department in this relationship is critical although often ignored. A longitudinal case study is presented here that focuses particularly on this issue, and shows a complex picture of improving HR department importance alongside high‐level financial performance, but declining employee commitment and morale. The article suggests that the tensions between the rhetoric of HRM strategy, the grim reality of the employee experience and a lack of focus on human capital meant the outstanding financial performance was not sustainable in the longer term. The inherent conflict in serving both management and employees in process‐and peopleorientated roles is highlighted.     

Mainstreaming Sustainable Development-A Case Study: Ashton Hayes is going Carbon Neutral

The Parish Council of Ashton Hayes in Cheshire voted in November 2005 to try to become England's first carbon neutral village. This grass roots project has grown rapidly in its first year and has engaged a large proportion of village residents. The project has produced a number of impacts on the community and the wider region and these are being evaluated in terms of their environmental, economic and social dimensions. This paper describes the process of project development and implementation and draws some general conclusions from this experience before going on to consider some of the findings of the initial evaluation of the project. We conclude by suggesting that Ashton Hayes provides an interesting case study of a community-led attempt to bring sustainable development into the mainstream and that the challenge remains, as with many community-led initiatives, of how to translate the considerable early momentum of the project into sustainable forms of participation and behaviour.     

Growth and impact of the subterranean economy in the third world

This article traces the growth of the subterranean sector in the Third World, analyses its impact on the economies and lives of the citizens of those countries, provides conclusions about its future dimensions, and advocates policy reforms for improving its future contributions to the development process in Third World nations     

Sowing Seeds of Displacement: Gentrification and Food Justice in Oakland,CA

Green gentrification is the process through which the elimination of hazardous conditions or the development of green spaces is mobilized as a strategy to draw in affluent new residents and capital projects. Based on observations and interviews in Oakland, California, we argue that food justice organizations seeking to promote access to healthy food in low-income communities can unwittingly create spaces that foster this process. Despite a desire to serve long-term residents, activists embody a hip green aesthetic that is palatable to affluent whites and can be appropriated by urban boosters to promote the neighborhood. We use this process as a lens to theorize links between food and green gentrification, highlighting the importance of food to cities’ efforts to brand themselves as ripe for redevelopment, and understand green gentrification as a racialized process tied to cultural foodways. We also attend to the practical stakes for food justice activism, arguing that a clear understanding of green gentrification and food justice activists’ unwitting role in it can help the latter to attempt to mitigate their culpability and seek to develop broad inclusive strategies for locally led development without displacement.