光启之国:第54届“威尼斯国际艺术双年展”中各国的身影

第54届威尼斯国际艺术双年展,可谓当代艺术的百年之约(1895年设立至今),今次又以美丽的河湾沟汊为无声的见证,在2011年6月4日和11月27日之间向广大观众敞开怀抱。今年的展事由《镶木地》艺术杂志(Parkett)的编辑、苏黎世市立美术馆(Kunsthaus)的策展人比奇·库里格(Bice Curiger)担纲,首先在命名上就擦出了火花:光启之国,ILLUMInations。这是一个仿佛在朝你眨眼的文字游戏,一方面集中于光的概念(词根为拉丁语lux光明),比喻全球化时代对创新的追求;     

Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)

Abstract:   Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long‐run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long‐run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long‐run abnormal stock returns, in line with the international literature. Long‐run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of Allen and Faulhaber (1989) , Welch (1989) and Grinblatt and Hwang (1989) .     

Stakeholder influence on corporate strategies over time

Modern management reporting on its company's performance is influenced by individuals ethical considerations. Stakeholders philosophies have continued to change over the last 75 years affecting reporting systems for companies reporting information internally and externally. These fundamental changes in philosophy have affected how information is conveyed. We are not claiming that only one philosophical viewpoint dominates companies reporting practices, but there does appear to be a changing trend of philosophies building on one another. We use resource dependence theory in relationship to a decision-making model to explain changing stakeholders positions over time. This paper argues that six dominant philosophical theories have influenced the way individuals and organizations report financial and other information. Further, these philosophies then are depicted in a model that helps us to understand what influences companies to present themselves to the outside world. A vignette is used to depict changing philosophical views for several companies management report over 75 years.     

Cultural and Ethical Effects on Managerial Decisions: Examined in a Throughput Model

Financial and cost accounting information is processed by decision-makers guided by their particular need to support decisions. Recent technological advances impacting on information as well as organizations such as the European Community mandating financial reporting requirements for many countries is rapidly changing the landscape for decision making using accounting information. Hence, the importance of individuals' decision making is more important than it was previously. These decisions are also influenced by individuals' ethical beliefs. The Throughput Modeling approach to cultural and ethical concerns provides a way of dealing with accounting information processed through various pathways by decision-makers. This modeling approach captures different philosophical perspectives from which to understand what is involved in "thinking scientifically." In the Throughput Modeling approach, pathways highlight the importance of how different philosophical perspectives may be used by individuals in arriving at a decision. This paper highlights key concepts involved in rethinking the basis of moral decision making in terms of an underlying process, rather than focusing on the application of principles or the development of a virtuous character. Examples are provided from both English and Spanish settings to help emphasize the importance of modeling ethical decision making globally.     

Consumer and retailer perceptions of hypermarkets and traditional retail stores in Portugal

Since its appearance in the mid 1980s, the hypermarket is a symbol of the modernisation of Portugal. It has dramatically changed not only the retailing structure in this country but also Portuguese buying behaviour. To better understand these changes, personal interviews were conducted with 500 Braga consumers. In addition, a mailed survey was administered in the same market to 204 traditional retailers. The results show that, for consumers, the hypermarket is the preferred type of retail store for frequently purchased packaged goods, due to its low prices and convenient one-stop shopping. The perception of traditional retailers is that the hypermarkets affected them negatively. The comparative analysis suggests that, although consumers do not have a negative opinion about traditional retail, they do not share the same favourable opinion that traditional retailers have about themselves.     

Coordination of capital taxation among asymmetric countries

This paper studies international fiscal coordination in a world of integrated markets and sovereign national governments. Mobile capital and immobile labor are taxed in order to finance a fixed budget. This generates productive inefficiency. Two fiscal reforms are considered: a minimum capital tax level and a tax range, i.e., a minimum plus a maximum capital tax level. It is shown that the introduction of a lower bound to the capital tax level is never preferred to fiscal competition by all countries while there always exists a combination of both a lower and an upper bound (i.e., a tax range) which is unanimously accepted.     

Victims' and observers' perceptions of sexual harassment: implications for employers' legal risk in North America

The way in which victims and observers perceive potentially harassing behaviours and employers' responses to sexual harassment complaints significantly affect organizations' liability risk under sexual harassment law in North America. This article examines studies in the sexual harassment literature that focus on the perceptions of sexual harassment victims and observers, and identifies legal and extra-legal factors that influence their harassment judgments. The implications of research findings for employer liability and future research are discussed.     

A cointegration analysis of seafood import demand in Caribbean countries

This article re-examines the relationship between growth in per capita income and environmental degradation using econometric techniques appropriate for smooth transition regressions with panel data. This is a more intuitive and flexible methodology than the polynomial models widely used in the literature, and it can reconcile some of the mixed results found previously. The methodology is applied to carbon dioxide emissions from nonOECD countries over the period 1971 to 1997. Although there is no evidence of environmental Kuznets curve, we find two regimes, namely a low-income regime where emissions accelerate with economic growth and a middle to high-income regime associated with a deceleration in environmental degradation.     

Determinants of the acquisition of listed versus unlisted firms in different legal and institutional environments

The aim of this article is to analyse the determinants of the decision to acquire unlisted rather than listed firms in different legal and institutional environments. We estimate a probit model considering the mergers and acquisitions (M&As) announced by European listed firms (19 countries) that acquires worldwide listed or unlisted firms (36 countries) in the period 2002–2007. Our results show that managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in acquiring countries with low shareholder and minority shareholder protection. Information asymmetry is another relevant determinant that promotes the acquisitions of unlisted firms. Furthermore, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of unlisted firms. This article contributes to the M&A literature by showing that in addition to managerial opportunism and information asymmetry, the legal and institutional environments in both the acquiring and the target countries are also relevant aspects explaining the decision of whether to acquire listed or unlisted firms.     

The accountability demand for information in China and the US – A research note

This study replicated Evans, Heiman-Hoffman and Rau’s (hereafter, EHR) [Evans, J. H., III, Heiman-Hoffman, V. B., & Rau, S. (1994). The accountability demand for information. Journal of Management Accounting Research, 6, 24–42] US study, using Chinese MBA students as participants. The Chinese students acted as owners and selected one of two control systems. One control system requires truthful reporting and the other control system permits the manager to falsify the report. The two systems have the same expected payoff to the owner if the owner believes that the manager will always lie when given the opportunity. If the owner believes that there is any probability that the manager will tell the truth, then the more Lenient System has the higher expected payoff. We compared the US versus Chinese control system choices, and examined whether the Chinese owner-participants would be willing to sacrifice wealth to get accountability. The results indicate that a significant proportion of Chinese participants do have an accountability demand for information, and that this proportion is at least as high as that of the US participants in EHR.