The partial adjustment of IPO prices to public information and issuing methods in Taiwan

Using 1997 to 2009 exchange-listed data, we examine the treatment of public information by underwriters throughout the entire initial public offering (IPO) price-setting process in Taiwan. We find that regardless of which mechanism (fixed-price, auctions, or book-building) an issuer has chosen, the partial adjustment of the IPO offer prices to public information is evident in our study. Although both fixed-price and book-built issues show a modest but statistically significant relationship between market returns and the level of initial returns, we find economically meaningful effects for both issuing methods. Our findings also demonstrate that auctioned IPOs exhibit strong evidence of partial adjustment to market returns. That is to say, the estimated effect is statistically and economically significant. Therefore, we attempt to provide rational explanations for such phenomena.     

A Human Capital-Based Theory of Postmarital Residence Rules

In premodern societies, the residence of a newly wedded coupleis often decided by custom. We formulate a theory of optimalpostmarital residence rules based on contracting problems createdby the nature of premarriage human capital investments. We arguethat a fixed postmarital residence rule may mitigate a holdupproblem by specifying marriage terms and limiting possibilitiesfor renegotiation; the trade-off is that the rule may prohibitbeneficial renegotiation of postmarital location. A point ofinterest of our approach is that the magnitude and directionof transfers accompanying marriage are endogenous. We applyour theoretical results to understanding cross-cultural postmaritalresidence patterns. We find some predictive ability in variablesrelated to outside options, control over the environment, andpotential degree of social control.     

Does the adoption of IFRS affect corporate social disclosure in annual reports?

In this exploratory study we investigate the impact of the implementation of IFRS on corporate social disclosures (CSD) within the context of stakeholder theory. We measure the level of CSD in annual reports using a disclosure instrument based on the United Nations Conference on Trade and Development report “Guidance on Corporate Responsibility Indicators in Annual Reports”. We find that IFRS adoption had a differential effect on CSD based on a firm's institutional setting i.e., the stakeholder–management relationship prevalent in their institutional environment. Firms in the stakeholder countries did not have a significant change in the level of CSD following the mandatory adoption of IFRS while firms from the shareholder countries experienced a significant increase over the same period resulting in shareholder countries providing an overall higher level of CSD after IFRS adoption than stakeholder countries. These findings suggest that firms' reactions to the requirements of IFRS and the stakeholder pressure to provide additional CSD are influenced by institutional environment. Further, our results provide support for the use of stakeholder theory to predict the level of CSD.     

Earlier financial literacy and later financial behaviour of college students

This study examined the association of earlier financial literacy and later financial behaviour of college students. Financial literacy was measured by both subjective and objective knowledge and financial behaviours were categorized into risky paying and borrowing behaviours. Based on data collected at two time points from a panel of college students at a major state university in the USA, the results showed that the association between earlier knowledge and later financial behaviours differed by the specific type of knowledge (subjective vs. objective), with stronger effect of subjective knowledge, compared with objective knowledge on both composite and individual measures of risky borrowing and paying behaviours. We found that only subjective knowledge was correlated with a reduction in both composite behaviours. Both subjective and objective knowledge, however, reduced some specific risky paying and borrowing behaviours. Finally, we found consistent differences for two of the control variables: higher GPA (Grade Point Average) was associated with fewer risky paying behaviours; and gender (male vs. female) was associated with more of both types of risky behaviours.     

The economic impact of acute coronary syndrome on length of stay: an analysis using the Healthcare Cost and Utilization Project (HCUP) databases

Objective:

To assess the economic impact of initial and repeat hospitalizations associated with acute coronary syndrome (ACS) over 1 year (2009).

Design and methods:

National- and state-level data on length of stay (LOS) and related charges for ACS-associated hospital admissions were assessed using two Healthcare Utilization Project databases. The first, the Nationwide Inpatient Sample (NIS), provided clinical and resource use information from ～8 million hospital stays, representing a 20% stratified sample of ～40 million annual hospital stays in the US in 2009. The second, the State Inpatient Databases, provided 100% of inpatient data from nine states that included both patient age and linked information on multiple patient admissions within the same calendar year. For patients with repeat admissions, the LOS, primary diagnosis, and total charges between the first and subsequent admissions were evaluated. All patients ≥18 years of age with at least one diagnosis of ACS, defined using the International Classification of Diseases, 9th Revision, were included (code 410.xx [except 410.x2], 411.1x and 411.8x). Variables evaluated for each discharge included demographics, cardiovascular events and procedures, LOS, discharge status, and total charges.

Results:

The NIS reported 1,437,735 discharges for ACS in 2009. In this dataset, mean LOS for an initial ACS event was 5.56 days. Patients >65 years of age had the highest numbers of admissions; this group also had the most comorbidities. Approximately 40% of ACS patients with data on repeat visits had more than one admission, >70% of these within 2 months of the primary discharge. Mean charges were $71,336 for the first admission and $53,290 for the second admission.

Conclusion:

Despite a variety of new therapies to prevent ACS, it remains a common condition. Better therapies are called for if the clinical and cost burden of ACS is to be alleviated.     

Job perceptions and turnover behavior of tenure-track accounting educators

This paper compares the job-related need fulfillment of academic accountants in 1994 with that reported nearly a quarter of a century earlier by Carpenter and Strawser (1971. A study of the job satisfaction of academic accountants. The Accounting Review (July), 46, 509-518). We also investigate whether job dissonance (dissatisfaction resulting from unmet needs) foreshadowed turnover of faculty respondents during the 2-year period following our survey. Results suggest that fulfillment for most job-related needs was lower for 1994 accounting educators than for their 1970 counterparts. Within the 1994 sample, certain perceptual differences were attributed to both race (black versus non-black) and gender. Regardless of demographics, however, reported job dissonance in 1994 was strongly associated with subsequent job turnover, particularly among assistant professors. Taking steps to reduce or eliminate job dissonance is arguably more important in today's environment than in 1994. Accounting faculty members today enjoy a greater number of opportunities and thus can more readily remove themselves from situations that create perceived job dissonance.     

Is cooking dead? The state of Home Economics Food and Nutrition education in a Canadian province

High population rates of obesity and nutrition‐related chronic diseases warrant an examination of the role of food and nutrition education in health promotion. Using a mixed‐methods approach, this study explored student enrolment trends in, and perceptions of, Home Economics Food and Nutrition education in a Canadian province. Enrolment in Home Economics Food and Nutrition courses for grades 7–12 was examined from 2000 to 2010 using administrative data. Perceptions of Home Economics Food and Nutrition education by home economics teachers and superintendents were investigated through in‐depth interviews using a grounded theory approach. Results revealed that, although enrolment, including boys, increased slightly over the study period, the majority of children do not take Home Economics Food and Nutrition classes. Further, enrolment decreased significantly from grades 7 (45.77%) to 12 (7.61%). Home Economics Food and Nutrition education faces significant challenges to its future viability. These include: many school administrators, non‐home economics teachers and some parents do not value Home Economics Food and Nutrition education; Home Economics Food and Nutrition education is seen as less valuable than math and science for future career planning; outdated curriculum and teaching infrastructure; reduced numbers of new home economics teachers; decreasing student food knowledge and skills; and changing social norms regarding food and eating (increased use of convenience foods across population groups, a youth ‘fast food culture’ and fewer family meals). Results also indicated that Home Economics Food and Nutrition education is seen as critically important for youth, given that one third of Canadian children are now overweight or obese, fast and highly processed foods make up an increasing proportion of Canadians' diets, and there are increasing dilemmas being faced with food production and food safety. These results signal a growing tension between societal trends towards technological solutions in education and everyday living, and the growing acknowledgement of the externalities associated with these trends including poor health and environmental impacts. Consequently, evidence‐based food and nutrition education that is relevant for today's food environment and busy lifestyles is warranted to improve the health of current and future generations. This should be based on a comprehensive food and nutrition framework including functional, interactive and critical ‘food literacy’. Policy measures are urgently required to ensure all youth have access to food literacy education.     

Interdisciplinary integration in Europe: the case of the Fifth Framework programme

This paper describes an investigation into the experience of researchers and research managers involved in the European Union Fifth Framework Programme (FP5) with its ambitious encouragement of more integrated problem-oriented approaches to research. We used a series of workshops, a questionnaire survey, individual telephone interviews and six detailed case studies to examine the extent to which these ambitions for ‘interdisciplinary integration’ were being met and the issues involved. Various models of disciplinary integration were identified, which may be appropriate in particular settings. Whilst we found disappointingly few projects that seemed by our criteria to be clearly interdisciplinary, particularly in crossing the boundary between natural and social sciences, we did find a great deal of learning taking place about how to conduct interdisciplinary research and how to overcome some of the difficulties experienced. Researchers emphasised in particular the importance of careful consortium development and team building as a basis for effective interdisciplinary research, and the time and effort needed to establish effective communication between different specialisms. The paper identifies barriers to collaboration between disciplines and some strategies and measures through which closer integration, and its associated benefits, might best be secured.     

The California Nurse Mentor Project: every nurse deserves a mentor

In the rush to fill positions, newly hired and transitioning RNs are increasingly put into demanding roles without adequate clinical or organizational preparation. One approach that has shown promising preliminary success in enhancing nursing job satisfaction and increasing long-term retention is the use of trained nurse mentors who are paired with newly hired or new graduate nurses to provide ongoing support, guidance, and assistance. The California Nurse Mentor Project was a 3-year pilot project whose goal was to create a replicable program designed to improve the quality, sensitivity, and effectiveness of patient care through enhanced retention of nurses, including multicultural, multilingual, and male nurses. The pilot implementation of the California Nurse Mentor project has been extremely successful. Attrition rates are lower for nurses who are enrolled in the program than those who did not. Both mentors and mentees report that the program has impacted several areas, including their job satisfaction and professional confidence. Preceptor training, according to participant feedback, shows lasting effects on their pedagogy even a year after attending the training.