Banking crises and market discipline: International evidence

This paper analyzes the effect of banking crises on market discipline in an international sample of banks. We also evaluate how bank regulation, supervision, institutions, and crisis intervention policies shape the effect of banking crises on market discipline. We control for unobservable bank, country, and time specific effects using a panel data set of banks from 66 countries around 79 banking crises. The results suggest that on average market discipline weakens after a banking crisis. This weakening is higher in countries where bank regulation, supervision, and institutions promoted market discipline before the banking crisis, and where a more accommodative approach is adopted to resolve it.     

Content Analysis of the ‘Clean Your Plate Campaign’ on Sina Weibo

ABSTRACT

At the beginning of 2013, a Beijing non-profit group launched a ‘Clean Your Plate Campaign’ on Sina Weibo, a Chinese Twitter-like microblogging site, with aims to reduce food waste. This paper examines social media users’ reactions during two periods of the first three years of the campaign. Upon examination of topic content, supporting participation was the most popular topic in January 2013 and showcasing individual achievement was the most frequently discussed topic in March 2016, with socialising as the common purpose for posting in both months. Users mentioning the campaign most in January 2013 belonged to private organisations, with posts from ordinary people becoming more predominant by March 2016. This study sheds light on the use of social media to raise public awareness regarding food waste in China. The findings will help campaigns aiming to promote food waste reductions or other social movements that use social media as a platform for citizen involvement.     

Do parental decision-making patterns predict compliance with use of child booster seats?

Booster seat use for 4–9 year olds remains the lowest of all age groups in many countries. The objective of this study is to examine whether parents’ decision-making patterns, as measured by the Melbourne Decision Making Questionnaire, relate to car booster seat use. Israeli parents of 4–7 years old children (n = 398) answered a questionnaire about car safety and decision-making habits. Ninety per cent of parents reported having a booster seat; 70.5% reported consistent booster seat use in general and on short drives during the last month (booster seat use compliance index). Greater compliance index was positively related to a vigilant decision-making pattern, passenger compliance with rear seat belts and families with fewer children. Lower booster seat use compliance index was associated with buck-passing decision-making pattern. Health professionals and policy-makers should take into account parents’ habitual decision-making patterns when designing interventions for car booster seat compliance.     

How bank capital buffers vary across countries: The influence of cost of deposits,market power and bank regulation

This paper analyzes the bank and country determinants of capital buffers using a panel data of 1337 banks in 70 countries between 1992 and 2002. After controlling for adjustment costs and the endogeneity of explanatory variables, the results show that capital buffers are positively related to the cost of deposits and bank market power, although the relations vary across countries depending on regulation, supervision, and institutions. Their impact is the result of two generally opposing effects: restrictions on bank activities and official supervision reduce the incentives to hold capital buffers by weakening market discipline, but at the same time they promote higher capital buffers by increasing market power. Institutional quality has the two opposite effects. Better accounting disclosure and less generous deposit insurance, however, have a clear positive effect on capital buffers by both strengthening market discipline and making charter value better able to reduce risk-taking incentives.     

Information Asymmetry Around Earnings Announcements

This study examines bid-ask spreads to determine how the anticipation and release of earnings announcements affect information asymmetry in the stock market. I use regression analysis and find that bid-ask spreads are negatively related to public information availability and positively related to earnings variability and the market reaction to prior unexpected earnings. The results suggest that firms for which earnings is expected to yield a relatively larger stock market reaction have greater information asymmetry than firms for which earnings are expected to yield a smaller market reaction.I also find that bid-ask spreads gradually increase in the four days prior to earnings announcements, and increase sharply the day prior to, the day of and the day after the earnings announcements. Bid-ask spreads seven to ten days after earnings announcements are not significantly different from bid-ask spreads seven to ten days prior to earnings announcements.     

Consumer creativity: Effects of gender and variation in the richness of vision and touch inputs

This study investigates the influence of vision and touch inputs and gender on the creativity of consumer-derived product concepts. Manipulating vision and touch richness affects how much information is apprehended from product components. Tests include solid three-dimensional components (rich inputs) and line-diagram two-dimensional components (impoverished inputs). In a controlled laboratory setting, consumers imagined products, and the product concepts' creativity was assessed on functionality and novelty. Results show that higher vision levels and touch inputs enhance the product concept's functionality, while lower levels of vision and touch inputs enhance novelty. Gender modestly affects both functionality and novelty, with women generally more creative in designing products than men.     

Academics' organizational characteristics and the generation of successful business ideas

This paper deals with the generation of Business Ideas (BI) by academics. It investigates organizational factors affecting the process through which new ventures are established by academics and are likely to affect their performance. The BI Market Attractiveness and the BI Articulation are addressed as two characteristics of academic spin-off companies which are likely to lead to their success. Two research hypotheses are formulated: (a) that the BI Market Attractiveness at the time of establishment of the new venture is positively influenced by the market orientation of the academic founders, and by their frequency of interaction with external agents; (b) that the BI Articulation at the time of establishment of the new venture is positively affected by the articulation of roles, and by the degree of prior joint experience of the academic founders. We test our hypotheses on a sample of 42 Italian academic start-ups. Implications for both universities and academic entrepreneurs are discussed.     

A sustainable governance model to prevent corporate corruption: Integrating anticorruption practices,corporate strategy and business processes

Our paper investigates the integration of anticorruption practices, corporate strategy and business processes of contemporary organisations to provide a new and emerging sustainable governance model. Using the single case study approach to answer our research question, we provide novel evidence from the analysis of the Italian manufacturing company Acciai Speciali Terni Spa. Our case study interprets a consolidated entrepreneurial experience, constructing an integrated meta‐management framework of anticorruption practices. Enriching existing literature, we have adopted the frameworks by Asif et al., (2010) and Asif et al., (2011) to test results and obtain general perspectives and practical implications for organisations, regulators and governments, proposing a sustainable governance model to prevent corruption and bribery.     

An analysis of innovation in textile companies: An efficiency approach

The elimination of trade contingency measures in 2005 triggered a process of renewal in the textile sector, requiring major investments. The divide between efficiency and innovation has become an issue of major importance for decision-making in the Spanish textile sector. This study provides quantitative data on the efficiency levels of innovative Spanish textile companies. The aim is to identify their distinguishing features and establish a possible pattern to follow. In addition, truncated regression is used to estimate the determinants of efficiency, in order to check the significance of innovation processes for firms.     

The Ex-Dividend Day Stock Price Behavior: The Case of Portugal

This paper examines the ex-dividend day behavior of stock prices in the Lisbon Stock Market over the period 1990–1998, extending on international evidence and discussing the adequacy of competing theories, considering the Portuguese institutional environment. We find that on the ex-day stock prices fall by less than the dividend, which is in line with the findings of several studies based on US and non-US data. The main contributions of this paper are: (1) the rejection of a tax explanation for the stock price drop, because it is inconsistent with the Portuguese tax regime; (2) considering the very small stock price tick and the fact that dividends are always integer multiples of tick size, the discreteness hypothesis of Bali and Hite (Journal of Financial Economics 47(2):127–159, 1998) is also ruled out as a possible explanation for ex-day price movements. We find no evidence of tax related clientele effects. We propose that ex-day price behavior may be an anomaly, reflecting a less than efficient market with low liquidity levels, price stickiness, and insipid arbitrage trading.