Understanding the Determinants of RiskMetrics/ISS Ratings of the Quality of UK Companies' Corporate Governance Practice

We examine the determinants of RiskMetrics/ISS Ratings of the quality of UK companies' corporate governance practice and investigate whether corporate governance mechanisms and firm specific characteristics affect these ratings. We also investigate the association between firms' financial distress and these ratings. Using data for nonfinancial Financial Times Stock Exchange (FTSE) 250 firms over the 2003 to 2009 period, we find that board independence, managerial ownership, institutional ownership, firm size, and profitability are associated with firms' corporate governance ratings. In addition, we find that more independent directors on the board, more institutional ownership, and larger size lead to a high level of board‐related ratings. Finally, we find no association between corporate governance ratings and financial distress. Copyright © 2012 ASAC. Published by John Wiley & Sons, Ltd.     

Positioning museums on an authenticity continuum

This research was designed to contribute to scholarly and applied understanding of how curators define authenticity and how those perspectives fit into the contemporary role of museums today. The study was drawn from a sample of curators based in the heritage museums of the state of Iowa, United States. A complex cross-section of ideologies behind the museum curtains is unveiled. This study positions the curators on an authenticity continuum and suggests a negotiation model reflecting active citizenship and social capital for the museum audience seeking a cultural tourism experience.     

Tourism data processing: Elementary methodology

The aim of this paper is to give a method of rationally analyzing touristic data. The development of this method is a parallel of the solution of a survey on tourism promotion in a French region which uses concrete support for the various theoretical elements presented. The proposed proceeding can be applied to every touristic problem in which data are very numerous and are, in fact, impossible to interpret. The aim is to distill from a mass of information the most striking tendencies, the most evident propositions, and briefly, the greatest number of relationships possible. Toward these purposes, the following techniques apply: organizing the data by following criterions and structuring data in hierarchical or non-hierarchical groups; data visualization by the statistical scatter; and data reduction. Linear factorial analysis has been applied in the solution of the concrete case presented at the beginning of this paper.     

一种单天线同频混合信号幅度的估计算法

针对非协作通信中平坦衰落条件下单天线接收两路MSK混合信号分量的幅度估计问 题,提出了一种基于max-min思想的幅度盲估计算法。该算法采用混合信号幅值序 列中多个极大极小幅值的估计值来进行混合信号分量的幅度估计,并采用加窗局部极值平均 的方法来获得多个极大极小幅值的估计值。仿真结果表明：在信噪比大于10 dB条件下 ,该 算法 对MSK混合信号幅度估计较为准确,并且该算法对混合信号分量功率比和相对时延差的变化 具有较强的鲁棒性,具有不需要数据辅助、计算量较小的优点,能够满足后续盲信号处理的 需要。     

Differential multipliers

A modified version of the Archer tourism multiplier model is used to derive differential multipliers, at both the sectoral and firm scale, for the Cook Islands tourist industry and ancillary sectors. Firm level analysis is shown to be necessary if factors of industrial organization, such as size and ownership characteristics, are not to be overlooked. The results reveal that smaller, locally owned establishments generate more local income, employment, and gross government revenue than their larger, overseas controlled counterparts. The model is shown to be a highly suitable surrogate for conventional input-output models, which, due to factors such as cost and lack of data, cannot always be used in small nations or regions to develop a data base suitable for the planning of tourist development.     

Headline Impression Management in the Earnings Press Releases of TSX Venture Exchange Firms*

This paper explores firms traded on the Toronto Stock Exchange (TSX) Venture Exchange and their voluntary disclosure practices by focusing on earnings press releases (EPRs). We compare the characteristics of EPR issuers and non-issuers and investigate how the former group uses headline impression management in their EPRs to highlight firm performance. More precisely, we examine emphasis and tone management techniques in the headlines of over 1,300 EPRs by TSX Venture Exchange (TSX-V) firms. Our results show that the main determinants of the EPR disclosure choice are the achievement of positive revenue, an increasing trend in firm market value, and industry type. We find that EPR issuers reinforce and repeat positive results in the headlines of EPRs and use positive tone management to highlight positive financial performance. Our results confirm the association between firm performance and strategic placement of performance results, while illustrating that the strength of this association varies by industry and by EPR characteristics such as EPR length and numerical intensity. Overall, this paper sheds light on TSX-V firms, their disclosure practices, and potential violations of recommendations from regulators regarding avoiding exaggerated or promotional language in press releases.     

Did the PCAOB's 2009 Office Expansion Improve Audit Quality?*

We investigate whether the PCAOB's decision to expand the number and location of its inspection offices in 2009 improved the reliability of US audits. We use a difference-in-differences empirical design to consider the impacts of the expansion on audit quality and find that audit quality significantly improved following the PCAOB's expansion in markets where new offices opened relative to markets without an office opening. We find that the improvement in audit quality appears to be driven by auditors' reaction to real changes in PCAOB oversight and that triennially inspected auditors appear to be impacted the most by this office expansion. Our findings provide new insights into the PCAOB's operational decision-making and suggest that the regulator's additional investment in audit oversight was effective in improving audit quality.     

Goode Food Trucks Inc.*

This fictional case centers around a young Dutch couple who emigrated to Canmore, Alberta. Upon arriving, Saul and Rens opened two successful food trucks and are now looking to promote each truck's main chef to truck manager. They plan to offer a performance bonus based on the net income of each truck and have requested a local accounting student to advise them on the new bonus structure. Goode Food Trucks Inc. presents an opportunity for students to demonstrate technical competence in managerial accounting (rate methods, period cost allocation, and data visualization); strategy and governance (employee performance incentives); and financial reporting (reporting needs) while incorporating enabling competencies (communicating and adding value). The case and teaching notes were adapted from principles used to train and evaluate Chartered Professional Accountant (CPA) candidates and tailored to an appropriate level for undergraduate learners. MBA instructors may also use this case to apply multiple concepts in a defined context, thus enhancing a course's “real-life” applicability.