The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.     

Towards a complete real-time electricity market design

The general design for the real-time electricity market presented in this paper optimizes and prices both real and reactive power simultaneously in an AC setting, where all assets—generation, load and transmission—are allowed to bid and are financially settled at the locational price times energy consumed or produced. The result is that transmission lines are compensated for both capacity and admittance, providing incentives for efficient operation of transmission-related assets such as FACTS devices, if price-taking behavior is assumed. Losses are incorporated into the design and become an operating cost for transmission. The market design is shown to be revenue neutral and, under some assumptions, nonconfiscatory.      

Employers' Unfair Advantage in the United States of America: Symposium on the Human Rights Watch Report on the State of Worker's Freedom of Association in the United States, continued

Articles featured in the symposium:
Author's reply to Wheeler–Getman–Brody papers by Lance Compa, School of Industrial and Labor Relations
The Wagner Act Model: A Toxic System beyond Repair by Roy J. Adams De Groote, School of Business, McMaster University, Hamilton, Ontario
Choosing an Interpretation of the Right to Freedom of Association by Sheldon Leader, Department of Law and the Centre for Human Rights, University of Essex     

Evolution of the study and practice of personality at work

This article reviews the dynamic evolution of personality research and practice in work organizations from the early 1900s through the present. The article reveals steady‐state equilibrium in the world of practice. In contrast, the world of research is shown to be punctuated by rapid changes in conceptual foci, levels of analysis, and methodological approaches, as well as whether or not personality at work is even considered important. Explanations are offered for these trends, including the ways theory and research in the larger world of the study of personality have been reflected in personality research in and on work organizations. The article concludes with some thoughts about revisiting various branches in this evolution and suggestions for the future of personality research and practice in work organizations. © 2007 Wiley Periodicals, Inc.     

The Self-concept of Black and White Women: The Influences Upon Its Formation of Welfare Dependency, Work Effort, Family Networks, and Illnesses

Abstract . The concept of “self-efficacy” is used to test the hypothesis that the negative self-concept of welfare recipients coniributes to long term psychological and material dependency on such assistance. Self-efficacy focuses on the extent to which people are able to produce and regulate events in their lives and is associated with self-imposed performance expectations. The extent to which the minority status which Blacks occupy in this society decreases self efficacy relative to Whites is examined, using information generated from structured interviews with 290 low income Black and White women. Operationalizing the concept of self-efficacy with appropriate controls for socioeconomic status, family composition and other factors results in finding no racial differences in sense of self-efficacy between Black and White women. Observed differences in patterns of receipt of public assistance are found to be more directly related to the persistence of structural barriers to upward mobility that have differential impacts on Blacks and Whites. Long term receipt of public assistance is found to adversely affect both self-worth and work orientation/perceived efficacy for all women.     

Book Reviews

Anthony J. Whitten, Sengli J. Damanik, Jazanul Anwar and Nazaruddin Hisyam, The Ecology of Sumatra, Yogyakarta: Gadjah Mada University Press, Second Edition, 1987, pp. 583 + xx.

Christine Drake, National Integration in Indonesia: Patterns and Policies, Honolulu: University of Hawaii Press, 1989, pp. 354 + xvi. Cloth: US$ 35.00.

Geoffrey B. Hainsworth (ed.), Environmental Linkages, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1985, pp. 97.

R. Repetto et al., Wasting Assets: Natural Resources in the National Income Accounts, Washington DC: World Resources Institute, June 1989, pp. 69 + vi. Paper: US$10.00.

William E. James, Seiji Naya and Gerald M. Meier, Asian Development: Economic Success and Policy Lessons, Madison, Wisconsin: University of Wisconsin Press, 1989, pp. 281 + Xviii.

Robert B. Dickie and Thomas A. Layman, Foreign Investment and Government Policy in the Third World: Forging Common Interests in Indonesia and Beyond, London: MacMillan, 1988, pp. 240 + xxxi. £35.

Alan Gelb and Associates, Oil Windfalls: Blessing or Curse? New York: Oxford University Press, for the World Bank, 1988, pp. 357 + x. $32.50.

Benjamin Higgins, The Road Less Travelled: A Development Economist's Quest, History of Development Studies 2, Canberra: National Centre For Development Studies, the Australian National University, pp. 204 + x. Paper: A$20.00

BRIEFLY NOTED: Sarwar Hobohm, Indonesia to 1993: Breakthrough in the Balance, London: Economist Intelligence Unit, Special Report no. 2012, 1989, pp. 91, £190 for this Plus the Companion Report, Indonesia to 1991: Can Momentum be Regained?

Geoffrey Hainsworth and Hasan Poerbo (eds), Local Resource Management: Towards Sustainable Development, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1987, pp. 69 + xii.

H.W. Dick, Industri Pelayaran Indonesia: Kompetisi dan Regulasi, Jakarta: LP3ES, 1990, 306 + xxv.