Debt and household finance: evidence from the Financial Diaries

The Financial Diaries data-set is a unique, new set of year-long daily income, expense and financial transactions for households from three different areas of South Africa. These data show that over-indebted households (those that spend 20 per cent or more of their gross monthly income on debt) do not fit one homogeneous profile. Formal debt tends to be responsible for over-indebtedness in the urban areas, while in the rural areas the cause tends to be informal debt. In the urban areas high indebtedness is more prevalent among medium-income and high-income households, whereas in the rural areas it occurs at all income levels. High indebtedness in grant-dependent rural households tends to be persistent, whereas in wage-dependent urban households it is often short-lived. These findings present a new financial picture of poor rural populations that is unlikely to be touched by recent policy measures to address over-indebtedness.     

The service sector of Cuba: An analysis and critique

The Cuban economy has experienced a significant increase in foreign direct investment over the past decade due to the end of the Soviet Union and the establishment of more liberal trade policies. Although the U.S. embargo of trade with Cuba still exists, there has been movement lately that suggests the end of the four‐decades‐old policy. The purpose of this article is to analyze the current Cuban business environment and to identify potential entrepreneurial opportunities in the service sector. Major trade partners are also reviewed and managerial implications discussed. © 2006 Wiley Periodicals, Inc.     

Tofacitinib in the treatment of moderate-to-severe rheumatoid arthritis: a cost-effectiveness analysis compared with adalimumab in Taiwan

Aims: Tofacitinib is an oral Janus kinase inhibitor for the treatment of rheumatoid arthritis (RA). This analysis investigated the cost-effectiveness of the second-line treatment with tofacitinib, compared with adalimumab, both plus methotrexate (MTX), in patients with moderate-to-severe RA and an inadequate response to the first-line MTX, from a Taiwan National Health Insurance Administration perspective.

Materials and methods: A patient-level simulation model was used to project lifetime costs and quality-adjusted life-years (QALYs). Base-case analysis compared second-line treatment with tofacitinib 5?mg twice daily plus MTX vs adalimumab 40?mg every 2?weeks plus MTX. Patients switched or discontinued treatment due to a lack or loss of effectiveness or a serious adverse event. Efficacy was measured by change in Health Assessment Questionnaire-Disability Index (HAQ-DI) score. HAQ-DI scores were used to predict mortality and resource utilization, and were mapped onto utility values to estimate QALYs. Efficacy and safety data were derived from clinical trials and other secondary sources. Uncertainty in model parameters was explored using one-way deterministic and probabilistic sensitivity analyses.

Results: Patients gained 0.09 more QALYs with second-line tofacitinib plus MTX compared with adalimumab plus MTX (5.13 vs 5.04, respectively) at an additional cost of New Taiwan Dollars (NT$) 12,881. The incremental cost-effectiveness ratio was NT$143,122/QALY. One-way sensitivity analysis confirmed the base-case result was robust.

Limitations: The lack of available clinical data, particularly for HAQ-DI scores, may introduce some bias in the analysis. No patients were in an early stage of RA, which may limit the generalizability of these results. Base-case results from our study are not necessarily generalizable to countries with healthcare systems that differ considerably from Taiwan.

Conclusions: From a payer perspective, second-line treatment with tofacitinib plus MTX is a cost-effective treatment strategy, compared with adalimumab plus MTX, in patients with moderate-to-severe RA in Taiwan.

Trial registration: ClinicalTrials.gov identifier: NCT00853385.     

Union recognition and partnership at work: a new legitimacy for Irish trade unions?

In the Irish context of national partnership and the promotion of workplace partnership at firm level, unions might be expected to have achieved, at least, a pragmatic acceptance by employers. Using a survey of full‐time union officials in eight trade unions organising in the private sector, this paper reports their experiences of recent recognition campaigns. Employer opposition appears to have intensified, and in a substantial percentage of cases has involved the victimisation of activists. In facilitating employees to make a free choice regarding union representation, the Codes of Practice and the Industrial Relations Amendment Act 2001 are regarded by the majority of officials as inadequate. A majority of officials favoured the introduction of a statutory right to recognition. Non‐union firms appear as ‘free riders’ that have enjoyed the benefits of national partnership but evaded the compromises and concessions that necessarily characterise such agreements. If left unchecked, the free‐rider phenomenon could undermine the institutional framework on which partnership is based.     

WHOM YOU CONNECT WITH MATTERS: DIRECTOR NETWORKS AND FIRM LOCATION

We examine whether board members serve as a channel for remotely located firms to access the benefits from business‐dense areas due to economies of agglomeration. We find that geographically remote firms benefit from connections to firms in top metropolitan statistical areas (MSAs) for business density. After controlling for director compensation, we find connections to top MSA firms mitigate the negative effect of increased distance from business‐dense areas. We address concerns of endogeneity by exploring a sample of firms whose directors gain board seats at top MSA firms and find a similar positive impact of connections to top MSA firms.     

The kill programme: an ethnographic study of ‘dirty work’ in a slaughterhouse

It has been argued that ‘dirty work’ is characterised by strong occupational and workgroup cultures. This literature has mainly focused on direct workers, but this article largely attends to indirect ‘dirty’ workers, specifically meat inspectors, through ethnographic research conducted in a UK slaughterhouse. Four arguments are developed; the first is that ‘dirty workers’ may not all display group cohesiveness; indeed, individualisation may be more evident depending upon the technology used, internationalisation and employment conditions. Second, there is complexity and diversity within ‘dirty work’ and even single occupations can contain considerable variety, rendering generalisations problematic. Third, we argue that much greater attention needs to be given to the wider contextual issues affecting ‘dirty work’, specifically changing labour markets, itinerant labour, economic conditions and technologies. Finally, we argue that stigmatised work may become more so if it is equated with the low wage economy and/or undercutting conditions of employment through exploiting migrant labour.     

Why Do We Care What Others Pay? The Effect of Other Consumers’ Prices on Inferences of Seller (Dis)Respect and Perceptions of Deservingness Violation

Comparisons to other consumers have been identified as particularly meaningful in shaping price fairness judgments, but why they should be so is not clear. The current work argues that fairness judgments reflect both the extent to which consumers receive what they believe they deserve and inferences about seller respect. We suggest that comparisons to consumers paying lower prices are a particularly potent source of unfairness because they highlight the violation of deservingness and readily communicate information about sellers’ opinions of consumers. Three experiments investigate these ideas. Implications for fairness theory and marketing are discussed.     

Localism and the Big Society: the asset transfer of leisure centres and libraries – fighting closures or empowering communities?

This paper critically examines the ‘asset transfer’ of leisure services from the public to the voluntary sector. Asset transfer might be theorised as ‘austerity localism’, in which volunteers are obliged to fill the gaps left by retreating public provision, or as ‘progressive localism’, which represents new opportunities through the localism and Big Society agendas to develop more locally responsive, cooperative and mutualist visions. In this way, asset transfer might overcome the limitations of the United Kingdom policies in which ‘Big Government’ is replaced by civic society. Drawing on qualitative interviews with key personnel (volunteers, managers and local authority officers) at 12 leisure facilities, a grounded assessment of the nuanced balance between ‘austerity localism’ and ‘progressive localism’ is provided, including three observations. First, the main impetus for transfer was cuts in local authority budgets which stimulated the emergence of local groups of volunteers. Secondly, the transfers themselves required interaction between local government and the volunteer groups; however, the nature of the relationship and support given varied and support was limited by austerity measures. Thirdly, volunteers do not automatically fill a gap left by the state: without support transfer viability relies on the financial and social capital among volunteer groups, and this is unevenly distributed. These findings suggest that the capacity for a ‘progressive localism’ to emerge through asset transfer is limited. However, where transfer has occurred, there are some progressive benefits of volunteer empowerment and a more flexible service.     

U.S. Auditors' Perceptions of the PCAOB Inspection Process: A Behavioral Examination

This study examines U.S. auditors' observations of the PCAOB inspection process, and its impact on their work, in order to understand the current U.S. regulatory audit climate. Using 20 interviews with experienced auditors, we consider behavioral factors (e.g., perceived power of and trust in the PCAOB) that can impact the level and form of auditor compliance according to theory from the slippery slope framework on audit regulation (Kirchler et al. 2008; Dowling et al. 2018). Our participants described an audit climate with a powerful regulator. They reported that their desire to receive “clean” inspection reports has had a substantial impact on audit procedures and quality control. However, our participants do not appear to have high trust in the PCAOB, as they questioned aspects of the inspection process and its expectations. Accordingly, we conclude that U.S. public company auditors operate in an antagonistic environment in which auditors perceive the PCAOB has high coercive power. In other words, they comply due to fear of enforcement rather than agreement with the PCAOB's views on audit quality. Some auditors also indicated that they consider both the costs and benefits of compliance. Theoretical intuition implies that any future increases to perceived costs relative to perceived benefits of compliance could ultimately decrease the PCAOB's coercive power and reduce U.S. auditor compliance. Our findings have implications for regulators and researchers interested in understanding behavioral factors that may influence regulatory compliance.