A consumer education programme based on the Transtheoretical Model of Change

MONEY 2000? is a successful consumer education programme that was implemented by Cooperative Extension personnel in over two dozen states of the USA between 1996 and 2002. One of the unique features of this programme is that it was based on the Transtheoretical Model of Change (TTM), a framework that has been widely used to study health‐related behaviour changes such as smoking cessation. This paper first describes how the MONEY 2000? programme was developed around major constructs contained within the TTM. Findings are reported from a survey conducted with participants in the first two states that delivered the programme. The findings suggest that several change processes used by MONEY 2000? participants are associated with specific stages of change. In addition, there may be differences in behavioural changes between participants who increased their savings and those who reduced their debts.     

中国金融控股集团发展：分业还是混业？

中国的金融控股集团可界定为跨业经营,再加上金融企业资产的弱专用性,因此现有金融管理体制下存在金融控股集团发展的空间。但本文分析认为金融控股集团的经营前景不能确定,应积极、审慎地发展。     

The rise of defensive engineering: how personal liability considerations impact decision-making

Abstract

Based on a survey of Australian engineers (n = 275) this paper examines the impact of personal liability considerations on engineering decision-making. Almost all respondents who make high-stakes decisions saw questions of liability as having both positive (90%) and negative (87%) impacts. Our analysis shows that awareness of personal liability acts to focus the attention of many engineers on the moral dimension of their work. However, it also encourages more expensive decision-making, inhibition of innovation and professional paralysis. We argue that while personal legal liability is a legitimate way to focus engineers’ attention on the potential impact of their work, a problem arises when decision-makers are held responsible for disasters over which they had little control. The focus then shifts to ‘defensive engineering’ practices that are aimed at limiting individual liability rather than disaster prevention. Legal processes that are seen to unfairly allocate blame do not encourage practices that support future disaster prevention.     

Political patronage and analysts’ forecast precision

We test whether the channel by which the government plays the role of political patron to selected firms influences analysts’ forecast precision in Malaysia. Correcting for analysts’ self-selection bias, we find a negative relation between analysts’ forecast errors and the social dimension of political patronage, as proxied by government-controlled institutional ownership. The reverse is found for the economic dimension of political patronage, as proxied by the percentage shareholding of government-linked corporations. We find no evidence that the personal dimension of political patronage influences analysts’ forecast precision.     

The Incredible Shrinking Black Woman: Implications of Health Policies

Black American women are shrinking in height at a faster rate than other groups, a phenomenon that has consequences for the physical health and economic well-being of black females. Relative to the cohort born from 1955 to 1974, the most recent cohort (1970–1986) of black American women and girls have lost more than half an inch (approximately 0.56) in height. Adult height is a measure of net nutrition acquired during childhood and adolescence and is correlated with a wide variety of economic and health outcomes. Simultaneously, the body mass index (BMI) among blacks has also increased at a faster rate than whites in both the periods of 1988–1994 (1.06 kg/m2) and 1999–2002. Black women and girls, in particular, experienced the greatest increase in BMI since the 1990s. Evidence that black American women are shrinking and BMI is growing highlights the need to examine the nutritional intake of black girls during childhood and adolescence; early nutritional deficiencies have persistent impact over their life course. In this policy brief, we consider several public health policy interventions that affect black girls’ nutritional intake across the life course, particularly during childhood and adolescence.     

The use of the comparable firm approach in valuing Australian IPOs

Despite the difficulty of finding comparable firms in a less populated market, we provide evidence on the usefulness of the comparable firm approach using 275 Australian industrial IPOs from 1993 to 2000. We show that, without adjustments, IPO price-earnings (P/E) and market-to-book (P/B) multiples based on management forecasts of earnings and book values of equities provided in prospectuses are strongly associated with the average P/E and P/B multiples of two comparable firms (matched on industry, growth and size). Additional tests show that the value estimated using the comparable firm approach (in the form of a P/V ratio, where P is the offer price and V is the estimated firm value) is associated with IPO underpricing.