Compensation in the Post‐FIN 48 Period: The Case of Contracting on Tax Performance and Uncertainty

Academic and anecdotal evidence indicates that incentive systems often provide short‐term payouts without regard for long‐term consequences. New detailed disclosures mandated by FIN No. 48, Accounting for Uncertainty in Income Taxes, enable us to use a tax setting to investigate whether boards adjust performance‐based pay for uncertainty. We find managers’ bonus payouts are positively associated with tax performance; however, bonus payouts are lower when measures of ex ante tax uncertainty are higher. Our results are robust to tests of alternative explanations including financial reporting aggressiveness, overall firm risk, and other forms of compensation. Further, we document that the relation between bonus compensation and tax performance has changed in the post‐FIN No. 48 period. Specifically, we identify a significant association between bonus payout and GAAP ETR only in the pre‐FIN No. 48 period and a significant association between bonus payout and cash ETR only in the post‐FIN No. 48 period, suggesting that the relation between compensation and tax avoidance should be examined carefully with particular attention to the post‐FIN No. 48 period.     

Crisis Management and Resolution:Lessons from the Financial Crisis

The recent crisis was unusual in its speed and breadth and the type of countries affected.Systemic crises, situations of significant stress in the financial sector, followed by significant policy interventions, often affect several countries at the same time.In the past, though, crises have been largely limited to specific regions or types of economies, the Nordic countries in the early 1990s, Latin America in the mid-1990s, Asia in the late 1990s, and the emerging market economies of the early 2000s.The recent crisis has been unusual in its global nature, affecting countries with a speed and virulence not seen since the Great Depression, with major advance countries and countries recently integrating with the European Union (EU) most affected.     

Does antidumping stimulate FDI? Evidence from Japanese firms in the UK

Does Antidumping Stimulate FDI? Evidence from Japanese Firms in the UK. — This paper explores which factors influence the number of Japanese firms in the UK and the level of employment and fixed assets in those firms, at a highly disaggregated sector level. We are interested in whether trade policy has had a role to play in the entry and expansion of Japanese firms. The results give some support to the hypothesis that antidumping action has acted as an incentive for Japanese direct investment in the UK. However, it has a relatively modest effect —antidumping cases can explain a maximum of 8 per cent of the expansion in employment by existing Japanese firms in the UK, while they appear to have no influence on the arrival of new firms.     

责任金融：将原则付诸实践

小额金融具有双重底线的特征,近年来爆发的信贷危机凸显双重底线之间存在的矛盾j中突。基于此,有必要对双重底线进行重新平衡,而出路就是实施责任金融战略。文章首先界定了责任金融的内涵;随后从行业自我监管、政府监管、消费者能力提高三个方面探讨了责任金融对客户保护的三个战略;最后结合实践发展现状提出了推动责任金融发展的建议。     

Do Protected Areas Reduce Forest Fragmentation? A Microlandscapes Approach

Conservation policies influence both the amount of habitat loss and patterns of habitat fragmentation. This paper develops a “microlandscapes” approach that combines fragmentation measures with quasi-experimental evaluation methods in order to assess the effects of policy on habitat fragmentation. As an application, the paper estimates whether and to what extent wildlife sanctuaries and national parks in Thailand prevented forest loss and fragmentation. I find that both types of protected areas significantly increased forest cover, average forest patch size and maximum forest patch size. Comparisons between the two types indicate that wildlife sanctuaries were more effective than national parks in terms of protecting forest in the interior versus exterior areas of parks and preventing fragmentation conditional on the level of forest cover. The differences are consistent with predicted differences resulting from spatial patterns of enforcement that are uniform or core-focused in the wildlife sanctuaries versus boundary-focused or include agglomeration penalties in the national parks. Given the greater effectiveness of wildlife sanctuaries in preventing fragmentation and the suggestive link to enforcement types, these results reinforce existing theoretical work urging conservation managers to consider how the spatial distribution of enforcement may affect patterns of resource use.     

Petrophysical characterization and natural fracturing in an olivine-dolerite aquifer

As part of a study investigating the naturally-occurring fractures in mafic rocks, two holes were drilled 450 m apart through the Palisades dolerite sill in New York. Well-2 is 229 m deep and Well-3 was drilled to 305 m, both penetrating through the sill and into the underlying Triassic sediments of the Newark Basin. Both holes were logged with downhole geophysical tools, including the BHTV, which acoustically images fractures intersecting the well. Understanding the fracture pattern, density, and porosity in the sill is essential for identifying possible zones of active fluid flow and high permeability. Using the BHTV logs, 96 and 203 fractures were digitally mapped within the sill in Well-2 and Well-3, respectively. Most fractures appear to dip steeply (76-78°). There is a shift in fracture orientation, however, and these fractures may or may not be continuous over the short lateral distance between Well-2 and Well-3. The lithology of the sill as identified by drill chips is nevertheless continuous between the holes. Both intersect a 7 m thick olivine-rich layer about 15 m above the bottom of the sill. Several fractures identified in Well-2 have large apparent aperture (>6cm) which correspond to high porosity zones (6-14%) observed in the logs. Resistivity logs were used to compute porosity using Archie's law and match well with the neutron porosity log in Well-2. We use the relationship between porosity and fracture aperture within the sill at Well-2 to infer the porosity in Well-3. High-porosity, large-aperture zones, including the target olivine layer, are identified in both holes. Changes in the temperature gradient log indicate active fluid flow in the sill, although flow appears to be most active in the sediments. Direct field measurements of bulk permeability, hydrologic modeling of fluid flow and calibration of fracture and log porosity will be undertaken in the future.     

Children as Vulnerable Consumers in Online Environments

Children are seen as vulnerable consumers, yet little research has considered why they are more vulnerable than adults in an online context. This conceptual article uses an ecological paradigm to explore the underlying mechanisms that bring about vulnerability for children in general and specifically when interacting with online marketer created material. It does this by using the definition of a vulnerable consumer outlined by Baker, Gentry, and Rittenburg to focus on how marketing influence creates power imbalance, hinders consumption goals, and affects personal and social perceptions of self, leading children to be vulnerable consumers in online contexts. A social ecological conceptual framework is presented that demonstrates the interdependence of children's vulnerability with the social structure of their environments. Finally, in discussing how marketers are ultimately the agents in control of creating a fair marketplace for children online, policy implications are given.