When Do Analysts Adjust for Biases in Management Guidance? Effects of Guidance Track Record and Analysts’ Incentives

Prior research indicates that analysts do not fully adjust for the general downward bias in earnings guidance issued by management. We report the results of two experiments designed to investigate how guidance track record and analysts’ incentives jointly explain the extent to which analysts adjust for guidance bias. Our results suggest that analysts with accuracy incentives adjust for management’s track record of downwardly biased guidance when the bias is relatively small (one cent), but those with relationship incentives do not. Furthermore, the difference in adjustment is larger when the bias track record is inconsistent than when it is consistent. Also, when guidance bias is larger (two cents) relative to smaller (one cent), analysts with relationship incentives partially adjust, as they appear to strike a balance between accuracy and their desire to please management. These findings hold implications for investors, regulators, and the interpretation of prior research.     

The face of the un‐consumer: An empirical examination of the practice of voluntary simplicity in the United States

The practice of voluntary simplicity is inextricably linked to consumer behavior and has attracted the attention of researchers in a number of disciplines, including psychology and marketing. Yet the daily practice of voluntary simplicity in the United States remains largely unexamined. The research presented here is the first to look at voluntary simplicity with the use of a nationwide sample of American consumers. A more refined application of Maslow's theory of human motivation to the understanding of this social phenomenon is proposed. The practices considered most important to this lifestyle are identified, as are key impediments to its consistent practice. Factor analysis is used to identify the underlying dimensions of U.S. voluntary simplicity: ecological and social responsibility; community; and maintaining a spiritual life. Findings indicate that people of moderate income are more likely to practice voluntary simplicity than was previously believed. This research also compares highly committed simplifiers to those who are less committed, finding that more committed practitioners are more likely to be consistent in practices requiring ongoing effort, such as composting. © 2005 Wiley Periodicals, Inc.     

THE USE OF SOCIAL MEDIA IN THE SUPPLY CHAIN: SURVEY AND EXTENSIONS

This paper investigates the capabilities of social media, such as Facebook, Twitter, Delicious, Digg and others, for their current and potential impact on the supply chain. In particular, this paper examines the use of social media to capture the impact on supply‐chain events and develop a context for those events. This paper also analyses the use of social media in the supply chain to build relationships among supply‐chain participants. Further, this paper investigates the of use of user‐supplied tags as a basis of evaluating and extending an ontology for supply chains. In addition, using knowledge discovery from social media, a number of concepts related to the supply chain are examined, including supply‐chain reputation and influence within the supply chain. Prediction markets are analysed for their potential use in supply chains. Finally, this paper investigates the integration of traditional knowledge management along with knowledge generated from social media. Copyright © 2011 John Wiley & Sons, Ltd.     

BUILDING AND EVOLVING DATA WAREHOUSING AND BUSINESS INTELLIGENCE ARTEFACTS: THE CASE OF SYSCO

This paper investigates use of data warehouse and business intelligence capabilities to integrate with customers in the supply chain and improve insights into customer sales. By making internal data warehouse sales information available to customers, additional value to those customers is created, eliminating asymmetries of information in the supply chain. In addition, the evolution of data warehousing into business intelligence is investigated, expanding sales information to include marketing associate performance analysis generated for internal use. Further, a methodology that was used for building a business intelligence system is also examined. Finally, what appears to be a business‐intelligence‐driven focus on enterprise resource planning systems is analyzed. These issues are illustrated using real‐world data warehousing and business intelligence artefacts developed at SYSCO. Copyright © 2012 John Wiley & Sons, Ltd.     

Explorations in intercultural work integrated learning: Educational process for a Topsy-Turvy world

This paper investigates how work integrated learning (WIL) can be re-imagined/re-enacted as collaborative playgrounds of networks. To do this we first establish the working context for these reflections by exploring fragments of biography and the immediate catalyst which was a recent seminar held over 5 days, beginning in the rural Swedish town of Ed and, for the last 2 days, at University West in Trollhättan. We then set out to explore the normative and theoretical context of our approach before finally moving to an exploration of the concept of WIL via CLA and scenarios. Our overall goal is to describe some features of an expanded concept of WIL as it relates to intercultural learning. In doing this we hope to generate processes that facilitate the kind of learning necessary if we are to enable teachers and students to build sustainable futures they can realistically aspire to.     

A Good Walk Foiled: Monopoly Power and Barriers to Entry into the PGA Tour

In order to explore whether the PGA Tour's 2013 qualifications amendments represent a meritocratic evolution or simply a monopolistic barrier to entry, this study compares the results of the 2014 PGA Tour to those of the Web.com Tour. Upon empirical examination of each tour's earnings, scoring characteristics, and course characteristics, we are able to predict the marginal skill differences between players on the two tours. In doing so, we illustrate that sufficiently talented Web.com Tour golfers are being excluded from participation in the PGA Tour. As such, the changes made by the PGA Tour regarding qualification perhaps run counter to welfare maximization in terms of tour participants and fans of professional golf. Copyright © 2015 John Wiley & Sons, Ltd.     

Reserves and Baskets

We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes’ Bancor, the SDR and the Ecu(predecessor to the euro).The latter two of these reserve substitutes were institutionalized but neither replaced the dollar as the principal medium of international reserve.     

Did Hayek have a monetary theory of business cycles?

Joseph Schumpeter, a careful reader of Hayek, categorized Hayek??s theory of economic cycles as non-monetary. Almost every other source, including Hayek himself, categorized the theory as monetary. The issue turns on the concept of causality being used. The question of what causality concept to apply to complex phenomena has substantive implications for economic theory. A simple concept of causality, appropriate to the study of some physical phenomena, will mislead when applied to complex phenomena. We provide examples of errors in analysis that follow from the wrong choice of a causal paradigm.