Stock Index‐linked Debt and Shareholder Value: Evidence from the Paris Bourse

French banks and non‐financial companies issue index‐linked debt whose value at maturity is indexed to the CAC 40 or to a basket of European indices. This paper examines stock announcement effects associated with these bonds on three dates: the date the issuer's General Assembly decides future capital needs, the publication in the journal of the COB (the stock market board), and the issue date. We find the issuance of index‐linked debt has significant positive announcement effects on the issue date, which we attribute to its market‐completion property. In order to examine further whether market completion is at play, we decompose the value of the bond at issue into its straight bond and option values. We determine that the bonds are overvalued again supporting market completion.     

Default- and call-adjusted duration for corporate bonds

Call and default can potentially alter the timing and amounts of promised cashflows for callable, corporate bonds. While prior research has indicated the theoretical importance of adjusting Macaulay duration for the impacts of default and call, the question of their relative impact remains a matter of debate [The High Yield Debt Market, Dow Jones Irwin, New York, 1990, p. 18; J. Finan. 53 (1998) 2225]. We develop a theoretical analysis incorporating both default and call effects on duration and test its implications employing a previously unexplored data base of Canadian, investment grade, corporate bond indices containing an unusual provision making it possible to identify callable and noncallable indices.     

闪存卡成为存储卡市场的佼佼者

SanDisk公司在快速发展的存储卡市场挺立潮头以前,如果SanDisk公司获得一笔价值10万美元的订单,就会有员工喜气洋洋地拿着铃铛在办公室里跑来跑去,告诉每一     

Managers’ segment disclosure choices under IFRS 8: EU evidence

We examine the impact of proprietary and agency cost motives on segment disclosure quality and quantity and how the adoption of the principle IFRS 8 affects this impact. By using hand-collected data, our results show that proprietary and agency costs play a relevant role in determining the quality and quantity of segment disclosure. We find that proprietary costs are a particularly relevant reason for providing lower segment disclosure quality post-IFRS 8. Our results also suggest that firms’ segment disclosure choice is dependent on disclosure dimension. These results contribute to the ongoing debate regarding IFRS 8 and have valuable implications for accounting regulators.     

Why Do People Leave? a Study Of Nonsupervisory Restaurant Employees’ Polychronic Time Use Preference and Turnover Intention

ABSTRACT

The purpose of the study was to present a comprehensive view on the associations among polychronicity, job satisfaction, work engagement, and turnover intention within a restaurant context. Using a sample of 252 servers in full-service restaurants, structural equation modeling results found that polychronicity positively linked with job satisfaction, work engagement, and turnover intention. An indirect effect from polychronicity to job satisfaction to turnover intention was found. Results can assist restaurant managers in selecting candidates that best fit their organization. It will also assist employees in determining which career path best matches their personality traits.     

Conservation finance and sustainable tourism: the acceptability of conservation fees to support the Tambopata National Reserve,Peru

Protected areas are key to the conservation of global biodiversity and ecosystem services; however, their success is contingent upon adequate funding. One possibility to increase funding for park management is to “sell” a wider suite of ecosystem services “produced” by protected areas, such as carbon sequestration. We conducted 420 tourist surveys to analyze willingness to pay (WTP) for ecosystem service benefits via a conservation fee in the Tambopata National Reserve in Peru. We also interviewed eight tour operators about their perceptions of the proposed fee. The average stated WTP was 15 USD. Sixty-six percent of tourists stated they would pay 10 USD or more, which, if actually paid, would have resulted in 318,000 USD for park management in 2015. Most respondents stated they would pay an additional fee if it supported biodiversity conservation or local ecosystem services, such as water, but less than 10% of tourists were motivated by carbon sequestration as a reason to pay the fee. Most tour operators supported the additional fee. Our findings suggest that tourists are willing to pay higher fees to support conservation but that interest in paying for additional ecosystem services from parks may not extend to global and intangible benefits such as carbon sequestration.     

A Review of Longitudinal Research in the Product Innovation Field,with Discussion of Utility and Conduct of Sequence Analysis

This paper examines how longitudinality is investigated in innovation research. A review of longitudinal methods in innovation articles, published between 2000 and 2011, is undertaken. Our findings show that longitudinal approaches to data collection are gaining some credence, in line with increased criticism of the overuse of positivist methods to study process‐based phenomena. However, results demonstrate a dearth of systematic longitudinal analytical methods employed in product innovation research. Static analytical methods are prominent. These inevitably lead to static presentation of results, and this is borne out in our findings. Second, the paper discusses the conduct and utility of a specific technique for product innovation research: sequence analysis. By drawing on two studies, which apply sequence analysis in product innovation research, sequence analysis is shown to be a useful technique to achieve rigor in analyzing longitudinal data. The paper concludes by discussing how such systematic methods for analyzing longitudinality in the innovation field demand greater usage and exploration.     

Negative externalities on property values resulting from water impairment: The case of the Pigeon River Watershed

The objective of this research was to determine whether willingness to bear the negative externality from water quality impairment differs between those who do and those who do not receive economic benefit from the impairment source. Differences were tested using a hedonic analysis of ambient water quality in two discrete housing markets in the Pigeon River Watershed, which have been polluted by the operation of a paper mill. The results suggest that North Carolina residents residing in subwatersheds with impaired portions of the Pigeon River, who experience economic benefit from the paper mill in addition to its harmful effects on water quality, do perceive the pollution as a negative externality. In contrast, the effects of both the degraded river and its contributing streams on property values are perceived as negative externalities by watershed residents in Tennessee who experience only harmful effects from the pollution. Differences in willingness to bear the water-impairment externality were not indicated by variables representing view of and proximity to impaired water bodies. The results suggest that the perception of water quality to which property owners implicitly apply value should be considered when establishing water-quality regulations.