Wealth Effects of Seasoned Equity Offerings: A Meta‐Analysis

We use meta‐analysis to review studies on announcement effects associated with seasoned equity offerings. Our sample includes 199 studies from 38 leading finance journals and Social Sciences Research Network working papers. The studies cover different countries, but the US is particularly well‐represented with 131 studies. We find a statistically significant mean cumulative abnormal return of −0.98%. Abnormal returns are more negative for equity issues by US companies and for non‐US rights issues and are less negative for private placements. In addition, wealth effects are more negative when the proceeds are used for debt reduction, when the SEO is issued shortly after IPO, and for issues by nondividend‐paying companies and industrial companies. We identify important avenues for future research.     

Utopian community football? Sport,hope and belongingness in the lives of refugees and asylum seekers

Refugees and asylum seekers have become increasingly demonised as part of anti-migrant sentiment leading to social exclusion. Sport has been utilised as a tool for social cohesion though evidence as to its efficacy in such a task is limited. Based on a three-year research programme exploring the role of football in the lives of refugees and asylum seekers in the U.K., this paper examines the concept of belonging, provides evidence for the role of community-based sport in social development and concludes with a call for practitioners to maximise their belief in concrete utopian ideals without losing the inherent critical approach needed to positively develop the industry in which they work.     

The Impact of a Rising Dollar on the U.S. Economy

Since June 2014, the dollar has strengthened dramatically. The effects of such a rise—and its likely continuation—on the U.S. economy are many, complex, and often obscure and could affect a number of business decisions. In this paper, the authors investigate the impact of a 10 percent rise in the value of the dollar against all other currencies through the use of a macroeconometric model. They examine direct effects and the full range of indirect effects and find that through a number of negative feedback the indirect effects will significantly offset the direct effects on GDP, interest rates, and many other macroeconomic variables—including the value of the dollar itself.     

Moral Emotions and Corporate Psychopathy: A Review

While psychopathy research has been growing for decades, a relatively new area of research is corporate psychopathy. Corporate psychopaths are simply psychopaths working in organizational settings. They may be attracted to the financial, power, and status gains available in senior positions and can cause considerable damage within these roles from a manipulative interpersonal style to large-scale fraud. Based upon prior studies, we analyze psychopathy research pertaining to 23 moral emotions classified according to functional quality (positive vs. negative signal) and target (self vs. other). Based upon our review, we suggest that psychopaths are high in moral emotions associated with other-directed negative signals, low in self-directed negative signals, and low in other-directed positive signals. We found no empirical articles related to self-directed positive signals. This understanding of the specific moral emotion deficits of corporate psychopaths provides greater theoretical understanding and practical implications of knowing which individuals not to promote, though more research is needed on moral emotions that are faked for manipulative reasons.     

The Institution of Hukou‐based Social Exclusion: A Unique Institution Reshaping the Characteristics of Contemporary Urban China

This conceptual article contributes to institutional analysis and the neo‐institutional theory literature by identifying and analysing the linked rules, values, norms and patterned practices that surround and structure the way rural migrant workers are treated in urban areas of China in terms of Scott's integrated model of institutions. It argues that these hukou‐based rules, values, norms and patterned practices that discriminate against rural migrants can be considered to be a unique institution — the institution of hukou‐based social exclusion (IHSE). IHSE has dominated Chinese urban society for 3 decades and significantly shaped the lives of millions of rural migrant workers, the character of contemporary China and the nature of managerial practices among Chinese firms. This is the first article to examine the social exclusion of rural workers from the perspective of neo‐institutionalism, providing the first systematic analysis of the regulative, normative and cognitive dimensions that together socially exclude migrants in urban areas of China. It presents a holistic picture of the newly identified institution that offers new insights into China's urban society and management, and a new starting point for research.     

Right anterior thoracotomy aortic valve replacement is associated with less cost than sternotomy-based approaches: a multi-institution analysis of ‘real world’ data

Background:

Large institutional analyses demonstrating outcomes of right anterior mini-thoracotomy (RAT) for isolated aortic valve replacement (isoAVR) do not exist. In this study, a group of cardiac surgeons who routinely perform minimally invasive isoAVR analyzed a cross-section of US hospital records in order to analyze outcomes of RAT as compared to sternotomy.

Methods:

The Premier database was queried from 2007–2011 for clinical and cost data for patients undergoing isoAVR. This de-identified database contains billing, hospital cost, and coding data from >600 US facilities with information from >25 million inpatient discharges. Expert rules were developed to identify patients with RAT and those with any sternal incision (aStern). Propensity matching created groups adjusted for patient differences. The impact of surgical approach on outcomes and costs was modeled using regression analysis and, where indicated, adjusting for hospital size and geographical differences.

Results:

AVR was performed in 27,051 patients. Analysis identified isoAVR by RAT (n?=?1572) and by aStern (n?=?3962). Propensity matching created two groups of 921 patients. RAT was more likely performed in southern hospitals (63% vs 36%; p?p?p?p?p?Conclusions:

Outcomes analyses can be performed from hospital administrative collective databases. This real world analysis demonstrates comparable outcomes and less cost and ICU time with RAT for AVR.     

Ethical consumption behaviours in supermarket shoppers: determinants and marketing implications

Understanding how consumers make ethical purchases has numerous benefits for firms and other stakeholders. Although several ethical decision-making frameworks seek to explain such purchasing behaviour, they typically focus on the content of such decisions, rather than considering how such decisions unfold in a given context. Yet, the complexities of consumer choice suggest that greater insight into how consumers make ethical purchases in store can enhance understanding. We report our findings from a survey of a geographically disperse sample of 688 UK shoppers and argue that a naturalistic theory of decision making, image theory, enhances our ability to explain consumer behaviour in this setting. As well as contributing to theoretical understanding of consumer choice, this has implications for the merchandising of ethical products, such as Fair Trade and ‘green’ goods.     

The Vietnam reforms,change in wage inequality and the role of the minimum wage

The Vietnam ‘renovation’ reforms were implemented during the 1990s, but their full effect was only felt several years later. We present evidence on the developments in real wage growth and inequality in Vietnam from 1998 to 2008. Using a variety of approaches (traditional measures of inequality, comparison of density functions, decomposition of the change in real wage by sector as well as a detailed decomposition of the change in the Gini), we present a consistent picture: contrary to what one might have expected given the nature of the reforms, inequality declined sharply in the private sector (but not in the state sector). This study links these developments to the policy of aggressively increasing the minimum wage over the past several years, differences in implementation by sector as well as variation in the over‐time changes in minimum wage.