An investigation of cultural cohesion in a community bank

This study examines the culture of a medium-sized community bank based in the Western United States. The study aims to identify the organization's culture and then measure the level of cultural cohesion that exists three years after a major cultural campaign was launched. The cultural characteristics the organization valued most highly were integrity, willingness to serve the customer and teamwork - all components of the official bank document on culture. Interestingly, the analysis uncovered some significant value differences among different employee groups and also employees and management; differences which can affect firm performance levels. The analysis also revealed that changing the culture in an organization does not necessarily lead to cultural cohesion.     

The winner-loser anomaly: recent evidence from Greece

This article finds evidence of significant reversals in returns over the medium term in Greek stocks. In contrast with previous research, return reversals are more pronounced for past winners, suggesting that the market overreacts to a greater extent to good news. These contrarian returns are particularly elevated when portfolios are formed using quartiles and during tranquil and bull markets. The optimum contrarian strategy involves skipping the first 6 months of the holding period and implementing the contrarian strategy for a period of 18 months, as returns exhibit continuation followed by reversal. The profitability of the contrarian investment strategy is robust to adjustments for risk and seasonalities. It is the tranquil times and not the crisis/volatile times that generates a significant and profitable contrarian strategy. The recent credit crisis and resulting stock market falls, resulted in extreme movements in some Greek stocks and testing of the contrarian strategy problematic, especially when portfolios are decile ordered. Our findings also highlight the importance of survivorship bias and also suggest that contrarian strategies that just use market beta may be ill-equipped to take into consider extreme market movements, illiquidity and short-sales constraints.     

REASSESSING THE IRISH POUND REPORT OF 1804 1

The 1804 report of the Select Committee on the Irish Currency remains a somewhat neglected classic in the history of economics. Its forceful statement of the classical monetary approach towards exchange rate determination and the balance of payments anticipates the main findings of the more famous Bullion Report of 1810. This paper reassesses the empirical underpinnings of the Report and associated literature. Your Committee must refer to the confirmation and sanction which all their reasonings receive from the labours of the Committee…appointed…to examine into the causes of the great depreciation of the Irish exchange with England in 1804. [The Bullion Report, 1810]     

The fertility of the Irish in the United States in 1910

The relatively high marital fertility of the Irish in the United States in the 19th century has long been interpreted as evidence for the persistence of a distinctive Irish culture in the United States. This claim echoes a similar view of Irish-American marriage patterns. Recent work has shown that the marriage patterns of the Irish in the United States were similar to native-born whites with similar occupational and other characteristics. This paper studies the reasons for the high fertility of Irish-Americans in 1910. Irish-born women in that year had much larger families than the typical native-born woman, and little of the difference can be attributed to other characteristics. Second-generation Irishwomen were less distinctive in this regard, although even they differed from the natives primarily because of a different proclivity to have a large family. Our results signal the complexity of immigrant adjustment to a new environment; the Irish largely abandoned one aspect of Irish demographic behavior while clinging to another.     

New Corporate Forms: One Viable Solution to Advancing Environmental Sustainability

There is a clear trend in corporate governance toward increased attention to the environmental and social impacts of business operations. Major consulting firms are advising Fortune 500 companies on how to become more environmentally sustainable, private equity and “impact” investors are measuring environmental, social, and governance (ESG) factors, and voluntary reporting and shareholder resolutions on issues of environmental sustainability are on the rise. While traditional corporate forms allow companies to embrace social and environmental responsibility with some measure of success, various real and perceived risks encourage directors to focus on short‐term profitability. Even if a company has a strong social mission at inception, founders often have difficulty “anchoring their mission” over time. And the lack of required disclosure of social and environmental performance makes it more difficult for investors to evaluate and compare companies. Many believe that the institutionalized mispricing of natural resources and the continued failure to price externalities, combined with the progressive nature of climate change, require the transformation of both business and law. This article discusses social and environmental sustainability within the traditional corporate form and then explores three emerging alternatives that are now being used by businesses in California: limited liability corporations (LLCs); benefit corporations (B corps); and flexible purpose corporations (FPCs). Of these three alternatives, FPCs—a corporate form that requires shareholders to agree on one or more social missions with management and the board—may be best suited to meet the needs of the many small private firms (as well as some large public companies) that, whether for purely economic or altruistic reasons, plan to integrate ESG into their operations.     

Speed under sail during the early industrial revolution (c. 1750–1830)

This article measures technological progress in oceanic shipping directly by using a large database of daily log entries from British, Dutch, and Spanish ships to estimate daily sailing speed in different wind conditions from 1750 to 1850. Against the consensus among economic (but not maritime) historians that the technology of sailing ships was fairly static during this time, we find that average sailing speeds of British East India Company and Navy ships in moderate to strong winds rose considerably after the 1770s. Driving this progress was the introduction of coppering in the 1780s, but subsequent rises are probably due to a continuous evolution of sails and rigging, and improved hulls that allowed a greater area of sail to be set safely in a given wind. By contrast, the speeds of Dutch and Spanish vessels were stagnant. Using separate data on the crossing times of Atlantic mail packets, we find gradual progress from the 1750s, followed by marked improvements when American packets appeared in the 1820s.     

Intertemporal variation in the information content of aggregate earnings and its effect on the aggregate earnings-return relation

Review of Accounting Studies - We develop and test explanations for sources of intertemporal variation in the information content of aggregate earnings and how that variation explains variation in...     

Wellbeing and flow in sample of male and female office workers

The paper examines research into wellbeing and flow, considered as enjoyable challenging experiences. A questionnaire study is reported of the association between wellbeing in both work and leisure and flow in a sample of male and female office workers. Based on previous research it is hypothesized that flow is associated with wellbeing; flow is experienced more in work than in leisure; gender differences occur in the activities which give rise to flow. The results support all three hypotheses. The importance of flow for wellbeing is discussed, and a critique of the concept flow is presented. While the complex nature of the concept of quality of life is recognized, it is concluded that research into flow and wellbeing is important.     

Entropy-balanced accruals

Review of Accounting Studies - This study assesses whether the accrual-generating process is adequately described by a linear model with respect to a range of underlying determinants examined by...