The Price of Being Foreign: Stock Market Penalties Associated with Accounting Irregularities for U.S.-Listed Foreign Firms

We examine the stock market consequences of disclosing accounting irregularities for U.S.-listed foreign firms. After controlling for the severity of the irregularity and other firm characteristics, we find that foreign firms experience significantly more negative short-window stock market reactions following irregularity announcements than do U.S. firms. Moreover, for a subsample of 64 irregularities of foreign firms that are listed on both a U.S. and home country stock exchange, we find evidence that restating firms' U.S. investors react more negatively to the same irregularity than their home country investors. This differential market reaction appears related to firm-specific information risks that are greater for foreign firms than U.S. firms. Collectively, consistent with the reputational bonding hypothesis in prior literature, our results suggest that accounting irregularities cause U.S. investors to reassess the information risk associated with foreign firms.     

A psychometric assessment of the Lennox and Wolfe self-monitoring scale in the sales force

In today's turbulent business environment, salespeople and sales managers must constantly adapt to changes. Self-monitoring, i.e., the cognitive ability to adapt one's own behavior in response to the behavior of others, may be a meta-KSA (knowledge, skill, or ability) that influences adaptive selling behavior. To assist researchers and practitioners seeking to identify and improve the self-monitoring skills of salespeople, this study investigates Lennox and Wolfe's (1984) self-monitoring scale with a sample of salespeople and one with sales managers. Although a hypothesized relationship between self-monitoring and job performance was supported partially, our results highlight potential problems with the measure. Further investigations are needed to determine whether or not the problems lie with the scale or the concept of self-monitoring in a selling context.     

On the benefits of allowing CEOs to time their stock option exercises

This article examines the costs and benefits of permitting executives to use inside information to time their stock option exercises. Whereas prior research has focused on the negative effects of timing discretion, I show that such discretion can have beneficial incentive effects in that it leads to improved project abandonment decisions. This result follows because at‐the‐money options used to induce managerial effort tilt the CEO's preferences toward project continuation. When the CEO is free to unload stock options at will, he will do so exactly in those states where the continuation bias is most detrimental (i.e., in the event of bad news), making the CEO willing to abandon the project.     

Land Market Interactions between Heterogeneous Agents in a Heterogeneous Landscape—Tracing the Macro-Scale Effects of Individual Trade-Offs between Environmental Amenities and Disamenities

Heterogeneity in both the spatial environment and economic agents is a crucial driver of land market dynamics. We present an agent‐based land market model where land from agriculture use is transferred into urban. The model combines the microeconomic demand, supply, and bidding foundations of spatial economics models with the spatial heterogeneity of spatial econometric models in a single methodological platform. Heterogeneous agents exchange heterogeneous spatial goods via simulated bilateral market interactions. We model a coastal city where both coastal amenities and flooding or erosion disamenities drive land market outcomes, facilitating separate analysis of the effects of each driver on land rents and land development patterns. We also analyze the implications of homogeneous versus heterogeneous but unbiased flood risk perceptions. Since buyers with low risk perceptions drive market outcomes, spatial development under heterogeneous risk perceptions differs qualitatively, with more expansion into risky areas. Our results highlight the shortcomings of policy models based on representative agent assumptions and the importance of including agent‐level data in empirical modeling. L'hétérogénéité de l'environnement spatial et des agents économiques constitue un élément moteur crucial de la dynamique du marché foncier. Nous présentons un modèle multi‐agent du marché foncier dans lequel des terres agricoles ont été transférées pour des fins urbaines. Le modèle combine les fondements microéconomiques de la demande, de l'offre et des enchères de modèles de l'économie spatiale avec l'hétérogénéité spatiale des modèles de l'économétrie spatiale dans une plateforme méthodologique unique. Les agents hétérogènes échangent des biens hétérogènes par le biais du jeu des forces du marché bilatéral simulé. Nous avons modélisé une ville côtière où les agréments côtiers et les désagréments causés par les inondations ou l'érosion influent sur le marché foncier, facilitant l'analyse individuelle des effets de chaque élément moteur sur les loyers fonciers et les modèles d'aménagement de terrain. Nous avons également analysé les répercussions des perceptions homogènes et hétérogènes mais non biaisées à l'égard du risque d'inondation. Étant donné que les acquéreurs qui ont de faibles perceptions du risque motivent les effets du marché, le développement spatial selon des perceptions hétérogènes à l'égard du risque varie qualitativement, avec plus d'expansion dans les zones à risque. Nos résultats ont mis en lumière les lacunes des modèles de politiques fondés sur les hypothèses d'un agent représentatif et l'importance d'inclure des données sur l'hétérogénéité des agents dans la modélisation empirique.     

Applying the Ignatian Pedagogical Paradigm to the Creation of an Accounting Ethics Course

This article explains how and why the Ignatian Pedagogical Paradigm (IPP), a 450-year-old approach to education, can serve as a framework for a modern principles-based ethics course in accounting. The IPP takes a holistic view of the world, combining five elements: context, experience, reflection, action, and evaluation. We describe the components of the IPP and discuss how they align with suggestions from prior research for providing principles-based ethics instruction in accounting. We conclude by describing how we used the IPP as a framework to create a graduate-level accounting ethics course.     

Geschafft! – Bewertung der Pflege im DRG-System

Professionelle Erfassung und Dokumentation hochaufw?ndiger Pflege Mit Wirkung zum 1.1.2010 traten die pflegerelevanten OPS 2010 – die Weiterentwicklung der G-DRG um ein Instrument zur Ermittlung von hohem Pflegeaufwand – in Kraft. Der ermittelte OPS-Code führt zu einem h?heren Entgelt für die Krankenh?user. Zudem wurde eine neue Aufwandsstufe geschaffen. Damit ist es weltweit erstmals dem Deutschen Pflegerat gelungen, Pflege als Ertragsposition im Rahmen der DRG zu deklarieren.     

Agricultural sustainability of small-scale farms in Lacluta,Timor Leste

Despite the trend of dwindling productivity, tribal people of the Chittagong Hill Tracts (CHT) still practise shifting cultivation as a dominant hill farming system to support their livelihood. Drawing on an empirical study in Khagrachari district of the CHT, this research examined how far the production from present shifting cultivation supports the tribal people's livelihood and what alternative livelihood strategies they have adopted for subsistence by using data on input/output and income/expenditures, and analysing current government policies. The findings showed that productivity declined markedly, yields were almost equal to input values and farmers experienced food shortages for at least two to six months in a year. To make a living, farmers have adopted new occupations such as wage labour, animal husbandry, cultivation of annual monocrops and extraction and selling of forest products. Policy analysis indicates that previous policies were unable to reduce shifting cultivation intensity or improve tribal people's livelihoods or the region's forest resources. Reorientation of government policies, easy access to institutional support and the active participation of local people in development intervention are of the utmost importance in order to find alternative land uses for sustainable hill farming, to improve the farmer's living standards and to conserve forests and protect watersheds.     

Retail Demand for Natural Dye Plants and Dye Plant Products: A Conjoint Analysis

Herbalists, fiber artists, and herb growers are increasingly interested in growing, marketing, and using local plants as natural dyes. As the market in the United States and Canada develops, fiber art and quilting stores are the primary retail market outlets for natural dye plants and dye plant products. Conjoint analysis was used to evaluate U.S. and Canadian retailer interest in natural dye plants/dye plant products and to estimate market shares. The largest retail market share was for dyed materials, such as yarn or fabric, that are dyed in primary colors, using certified organic plants, and grown on farms in the United States or Canada.     

Perceptions of Ethics Across Situations: A View Through Three Different Lenses

This paper examined three approaches for understanding perceptions of ethics: moral philosophies, cognitive moral development, and ethical value systems. First, the dimensionality of the moral philosophy approach was examined. Next, an attempt was made to integrate the models. Finally, each of the model's various components were used in a regression equation to isolate the best predictors of ethicality. Results indicated that the moral philosophies can be considered distinct entities, but the common underlying theme between the approaches was not as predicted. Also, individuals used a variety of approaches, not always the same ones, to determine the ethicalness of situations.