Canadian Manager Perceptions of the US Exchange Listings: Recent Evidence

This study reports recent evidence of Canadian manager perceptions of the benefits and costs of listing in US markets, their attitudes toward listing in the US market, and their opinions regarding the importance of using alternative reporting and disclosure requirements, such as Canadian GAAP or international standards, in lieu of US GAAP for US listings. Manager perceptions of firms listing in the US ("listers") are compared to those of firms that have not listed in the US ("nonlisters") as well as to listers' perceptions collected prior to the implementation of the Multijurisdictional Disclosure System (MJDS). Our results do not unambiguously support expectations that implementation of the MJDS would result in cost savings for Canadian listers. We find strong similarities in the perceived benefits of listing as previously reported, but in a significantly higher proportion of our post–MJDS sample. Responses from listers and nonlisters reflect differences between the two populations. Listers appeared concerned with US GAAP reconciliations and disclosure requirements while non–listers are more concerned with the overall difficulty of listing, the costs of listing, and US litigation. Most strongly, however, nonlisters perceive it as unnecessary to list in the US market. Contrary to expectations, we find that US accounting disclosure and reporting requirements are not perceived to be barriers to US market entry for Canadian firms, but instead appear to be post–entry irritants. Finally, we also find evidence that perceptions of nonlisters differ between those firms that list on the Vancouver Stock Exchange and those that list on the Toronto Stock exchange. This suggests that future studies may require finer partitions than on a national basis.     

Immediate Disclosure or Secrecy? The Release of Information in Experimental Asset Markets

This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In some markets, no information is released as trading starts, and in others, an imperfect pre‐announcement is disclosed. The reliability of the pre‐announcement varies across markets. Our data indicate under‐reaction to a pre‐announcement that is highly reliable and over‐reaction to one with much lower reliability. Price volatility is higher and allocational efficiency is lower with a pre‐announcement that reflects substantial uncertainty. Furthermore, when the reliability of the pre‐announcement is low, traders extract a smaller proportion of the total attainable profit. Thus, in a highly uncertain environment better outcomes may result when information is withheld. These results have important policy implications regarding the disclosure of information by the Federal Reserve. In a highly uncertain environment, better outcomes may actually result with less information.     

Designing and implementing global staffing systems: Part I—Leaders in global staffing

The creation of global HR systems remains a real challenge. This article provides an indepth look at six organizations—Agilent Technologies, Dow Chemical Company, IBM, Motorola, Procter and Gamble, and Shell Oil—that have instituted globally standardized staffing tools and systems. The systems they have created and the challenges they have faced are described. © 2003 Wiley Periodicals, Inc.     

Parental eating messages and dietary guideline compliance of college students

The purpose of this study was to identify parental eating messages from the point of view of 340 college students and the relationship of these messages to dietary guideline practices. Four types of parental eating messages were identified: (1) threat or guilt, (2) picky eater, (3) food as health, (4) critical weight. Five types of dietary guide practices were identified: (1) fat meals and snacks, (2) vegetable–fruit, (3) sugar‐salt convenience food, (4) fitness–protein–carbohydrate, (5) fat add‐ons. The lack of association of parental eating messages with any of the dietary guideline factors suggests that messages are not affecting the food choices of these college students. Parental messages may in fact represent the way different cultures address eating, parenting and caring.     

Australian Student Loans

The Australian Government introduced the so-called ‘AUSTUDY Supplement’ in the 1992–93 budget. The scheme gives AUSTUDY recipients the option of trading in up to $2000 per year of their grant for $4000 of an income-contingent loan, to be paid back according to the current HECS arrangements, implying that the Government is acting as an insurer against future default by students. This article addresses the theoretical basis of the scheme, and explores two related questions: will it be in the financial interests of average students to take up the option? and what is likely to be the take-up rate of loans? Through the use of both cross-sectional data and the HARDING microsimulation model it is demonstrated that for many students the loan option will result in financial advantages, and that the take-up rate is likely eventually to be high.     

The Significance of Enterprise Anthropology in Asia

Abstract

Anthropology is known for its qualitative methods and its body of theory which is based on 150 years of study of human origins and cultures. This vast body of knowledge provides a base for the continuing study of humans in all contexts and twenty-first-century anthropology includes an array of subfields specializing in human behavior in diverse contexts. Enterprise anthropology is one of these subfields and this volume captures some of the valuable work being conducted in this field in Asia. It is a welcome addition to the literature on business anthropology not only for the quality of the research but also because it demonstrates the growth of the field in Asia. In this chapter, I first discuss enterprise anthropology and its relation to the field of business anthropology. Then I provide a brief history of the field’s development to put the importance of this current volume in context.     

Stable Laws and the Present Value of Fixed Cash Flows

Abstract

In this paper, the authors consider the present value of a series of fixed cash flows under stochastic interest rates. To model these interest rates, they don’t use the common lognormal model, but stable laws, which better fit in with reality. Their main intention is to derive a result for the distribution function of such a present value. However, due to the dependencies between successive discounted payments, the calculation of an exact analytical distribution is impossible. Therefore, use is made of the methodology of comonotonic random variables and the convex ordering of risks, introduced by the same authors in some previous papers.

The present paper starts with a brief overview of properties and features of stable laws, and of the possible application of the concept of convex ordering to sums of risks, which is also the situation for a present value of future payments. Afterwards, the authors show how, for the present value under investigation, an approximation in the form of a convex upper bound can be derived. This upper bound has an easier structure than the original present value, and they derive elegant calculation formulas for the distribution of this bound. Finally, they provide some numerical examples that illustrate the precision of the approximation. Due to the design of the present value and the construction of the upper bound, these illustrations show great promise concerning the accuracy of the approximation.     

Comparing the dialogue of experts and novices in interdisciplinary teams to inform design education

International Journal of Technology and Design Education - Design education has moved towards a collaborative practice where designers work in teams and with other disciplines to solve unstructured...