阿灵顿的独立往事

每个互联网创业公司后面都有一群看上去无所不知的窥探者。     

Conference Presentations and the Disclosure Milieu

Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior beliefs about the firm with information signals obtained through interactions with management and other informed participants. While the average abnormal stock return and volume reactions to presentations are positive, there is a great deal of cross‐sectional variation as indicated by negative median reactions. We find that conference characteristics that determine the nature of the audience and its interactions, such as sponsor, location, size, and industry‐focus, are significantly associated with the market reaction, consistent with the disclosure milieu explaining the cross‐sectional variation in the information content of the presentation. We also find that conference characteristics explain changes in subsequent analyst and institutional investor following, consistent with the disclosure milieu creating differences in access to management by potential new investors and analysts.     

AN EMPIRICAL NOTE ON CRITICAL COMMENTARY IN AUSTRALIAN ECONOMICS JOURNALS

A substantial empirical literature exists on ranking the published research output of individual academic economists and individual university Economics departments, including Australian work in Economics. However, very little corresponding effort has been directed at examining trends in the nature of published articles, and this embryonic literature is exclusively focused on a handful of top-ranked journals to the exclusion of Australian Economics journals. This note seeks to fill this gap by adopting the methodology developed by Coelho et al. (2005) in their analysis of the decline in critical commentary and applying it to Australian Economics journals for the period 1962 to 2005.     

Leveraging FDA Health Claims

Although past research has investigated different aspects of various health claims, relatively little effort has been directed toward synthesizing the reasons why some Food and Drug Administration (FDA) health claims are more successful than others. After outlining two necessary conditions for a health claim's success, currently approved FDA health claims are examined to explain both the diet–health relationship and its effect on the widespread awareness and adoption of the claim. Understanding what makes health claims successful provides useful nutrition education and product‐labeling lessons for policy makers in all countries.     

Product Market Competition and Human Resource Practices in the Retail Food Sector

In the wake of Wal‐Mart and other mass merchandisers’ entry into food retailing, the nature of competition in the industry has changed radically. Using longitudinal data on workers and firms to construct measures of compensation and churning for traditional food retailers, this paper examines how these measures change in response to mass merchandiser entry. While there is considerable heterogeneity across retail food establishments, human resource practices are persistent even in the face of new external competition.