Thinking Styles and Financial Characteristics of Selected Canadian Farm Managers

The thinking styles of selected Canadian farm managers are identified using the life styles inventory (LSI). The farmers'LSI scores are compared with those of a base sample of nonfarmers, and correlations between the farmers'LSI scores and financial indicators are examined. Results indicate that farmers do thinking differently than nonfarmers and that there are significant correlations between thinking styles and financial measures.     

THE ECONOMIC EXPOSURE OF U.S. MULTINATIONAL FIRMS

In this paper we find that the exchange rate exposure of individual firms increases with the return horizon. Also, the cross-sectional differences in the magnitude of exposure of individual firms are significantly related to firm size but not to the relative portion of foreign sales to total sales. The empirical evidence is consistent with the hypothesis that hedging activities exhibit economies of scale, and, consequently, the magnitude of economic exposure is less for larger firms than for smaller firms.     

Tax and Regulatory Motivations for Issuing Non-voting, Non-convertible Preferred Stock

This paper extends prior studies that attempt to explain the existence of unique securities, particularly Engel, Erickson, and Maydew [1999], by investigating why firms issue non-voting, non-convertible preferred stock (PS) instead of other securities. We find that the choice of PS is influenced by tax and regulatory changes imposed by the Tax Reform Act of 1986 (TRA86) and the 1989 Basle Banking Accord as well as various firm specific incentives. We find that industrials issue PS to preserve tax attributes by avoiding an ownership change and to maximize foreign tax credit utilization. In addition, we find that the regulatory requirements of the Basle Accord influence the choice by banks to issue PS. Finally, we show that although firms could have issued alternative securities that would have allowed them to achieve the same tax or regulatory goals, firm specific factors limit their ability to do so. For example, firms can also avoid triggering an ownership change by issuing straight debt, however, financial distress considerations may constrain their ability to issue additional debt. Therefore, we demonstrate that the final choice of PS is influenced by a combination of tax, regulatory, and firm specific incentives.     

Quality of working life in the automobile industry: A Canada-UK comparative study

The paper examines the impact of lean production on indicators of the quality of life at work in the automotive industry and finds that it varies across companies and to a lesser extent between countries. The paper explains this by arguing that lean production seeks to impose new employment standards. This is a contested process where management's capacity to shift to new standards and labour's ability to protect its interests vary across workplaces.