bluuebunny/crossref_metadata_2025 huggingface dataset:
Investors’ Herding on the Tokyo Stock Exchange
Authors: Iihara Yoshio , Kato Hideaki Kiyoshi , Tokunaga Toshifumi
Published: March 2003

Herding occurs when a group of investors intensively buy or sell the same stock at the same time. This study examines the tendency of individual, institutional and foreign investors to herd in Japan, where the yearly change in ownership is used as a proxy for investor herding. Using 20 years of aggregate data, we examine how investor herding is related to stock return performance around the herding interval. Both institutional and foreign investor herding impact stock prices. Further, Japanese institutional investors seem to follow positive‐feedback trading strategies, and subsequent return reversals imply that these investors’ trades destabilize stock prices. On the other hand, foreign investors’ trades are related to information. Our results are robust to the effect of firm size, to portfolio formation methods, to initial ownership levels, and to the chosen time period.
Trends in International Migration in the Asian and Pacific Region
Authors: Skeldon Ronald
Published: March 2003

While recognising the antiquity of population migration in the Asian and Pacific region, this article focuses upon the patterns of migration over the last half‐century. The causes of the migration are divided into four clusters of factors: immigration policies of potential destination countries; developments in the Middle East; the political involvement of external powers; and the economic development of parts of East, Southeast and South Asia itself. The principal consequences of the recent migrations are considered in terms of their economic, social and political impacts. The current issues in Asian migration revolve primarily around questions of sovereignty in a globalising worldand the emergence of transnational communities and illegal migration are identified as being of particular concern to the state in Asia. It is suggested that the economic reversals in parts of East and Southeast Asia had relatively little impact on the overall patterns of population movement in the region and that international migration will persist as one of the principal forces for the transformation of Asian and Pacific societies in the twenty‐first century.
The Growth and Activities of Organised Crime in Bombay
Authors: Charles Molly
Published: March 2003

The port of Bombay (Mumbai) gained prominence by smuggling opium to China since the 1790s. Currently, it is both the financial capital and the nerve centre of organised crime groups (OCGs) of India. The structure of OCGs evolved by changing their form to meet the exigencies of different periods in the post‐independence period. OCGs are run on the principle of profit. They change their articles of trade according to avenues opened up by government policies. Geopolitical changes among neighbouring countries created an atmosphere favourable to trade in narcotics. Their strength has enabled them to enter institutions of governance. Lenient penalties imposed on white‐collar crimes have given them opportunities to act as agents in a number of areas, enlarging the base of their earnings well beyond “street taxes”. Globalisation has widened the scope of their operations and increased opportunities for money laundering. Some of them are “new age international businessmen”. Their networking is on both national and international levels and hence the feeble efforts on the part of the government to control OCG activities has limited impact. This paper, based on primary and secondary data, describes the growth and activities of a few groups and provides some policy suggestions.
Categorical Benefits in Welfare States: Findings from Great Britain and Israel
Authors: Gal John
Published: March 2003

This paper examines the role of categorical benefits; i.e. non‐means‐tested and non‐contributory cash benefits, in Great Britain and Israel. After introducing a more rigorous definition of the term and differentiating between various types of categorical benefits, it looks at the role and recent development of these benefits in the two countries. It finds that they play a growing and significant role in the social security systems of Great Britain and Israel. An examination of the decision‐making process surrounding the adoption of these benefit programmes indicates why this is so. On the basis of these findings, initial conclusions relating to changes in the nature of social security are presented.
Germany’s Social Long‐term Care Insurance: Design, Implementation and Evaluation
Authors: Schneider Ulrike
Published: March 2003

Across all industrialized countries, issues surrounding population ageing have captured the attention of policymakers. Among its manifold ramifications, disability‐related poverty and the projected growth in public funding of long‐term care demand close attention. Comparative studies have revealed distinct policy approaches to long‐term care across different countries, but a shared interest in market‐oriented policy design and cost containment. In Germany, legislation on mandatory and universal dependency care insurance came into force recently. The 1994 Dependency Insurance Act responded to limited market insurance against the financial risk of long‐term care, deficiencies in servicing long‐term care dependants and the fiscal crisis of German communities, which had to provide social assistance to a growing number of destitute care clients. The new social long‐term care insurance scheme adopts basic features of existing German social insurance schemes even as it challenges the country’s social insurance legacy in terms of cost containment strategies and consumer‐directed provision. After three years of operation, the new programme is technically in place and financially healthy. However, critics point to its tight screening procedures, persistent shortages in the supply of formal care, and fraud. Equity issues, quality of care and consumer direction have also drawn critical attention. A variety of scenarios for programme improvement are conceivable. Coverage could be extended and payments offered to family caregivers. A comprehensive "cash and counselling" concept should be developed. Finally, programme efficiency depends on public accountability and quality auditing. Choice should be informed by ongoing research into long‐term care and the broader impacts of long‐term care policy.
Ageing and the changing role of the family and the community: An African perspective
Authors: Apt Nana Araba
Published: March 2003

Global ageing, the major social issue of the twenty‐first century, will have greater social repercussions for developing countries. The fastest increase of older persons in terms of ratio in relation to younger people is happening in developing countries, and in Africa segregation of older people in rural areas will become manifest. While beneficial changes for women have accompanied modernization in many of the developing countries, the situation of older women appears to be particularly precarious. Social changes brought about by modernization are also profoundly affecting the traditional systems of care for older people. Even though most older people requiring care are still looked after within the informal structures of the family, this can no longer be taken for granted as we move into the new century. This paper critically reviews social protection systems and the resource constraints which characterize developing countries and warns against blind development of social security systems based on those of the industrialized countries. The paper argues for the design of intergenerational support back into mainstream social relations so that older persons are not marginalized and put at risk through social protection programmes which reinforce physical vulnerability stereotypes and stress welfare needs over and above older people’s social and economic contributions to society
The evolving concept of “retirement”: Looking forward to the year 2050
Authors: Schulz James H.
Published: March 2003

Economic growth, more than demography, will determine the nature of future retirement. With growth has come a steady increase in retirement years. Now, however, there is increasing interest in “rolling back” these gains. Alternatively, some scholars propose a different framework for evaluating “work” late in life — one that includes altruism, citizenship, stewardship, creativity, and the search for faith. Attitudes toward retirement in the future are likely to move sharply away from the simplistic view of all work before retirement and no work after. Some of the resulting changes we can expect to see are more part‐time work, expanded “citizen participation,” and an older workforce with more training and retraining.
Frauen in der Ökonomie und Frauenökonomik: Zur Erklärung geschlechtsspezifischer Unterschiede in der Wirtschaft und in den Wirtschaftswissenschaften
Authors: Weck-Hannemann Hannelore
Published: March 2003

There are substantial differences in the specialisation within the family, the economy and academics by sex. In order to explain such gender effects, the economic approach focuses on differences in the economic and political constraints and not on gender-specific dispositions and preferences. The division of labour in the family, the education decision and the wage gap, as well as the career choice concerning the occupational structure within the labour market and universities, are discussed using standard economic theory. The paper concludes with some tentative suggestions as to how these decisions by women and men could be influenced in a sensible way.
Abbau von Inflexibilitäten auf dem Arbeitsmarkt – Ist die Wirtschaftspolitik auf dem richtigen Weg?
Authors: Berthold Norbert
Published: March 2003

The situation on the German labour market is still a catastrophe. The institutional set-ups on the labour market and the welfare state obviously no longer fit the fundamentally changed economic environment. There is next to no competition on the labour market and unions and employers' associations use the generous welfare state to transfer the burden of adjustment to changes in the economic environment onto the public at large. Institutional mismatch is prevalent. The red-green coalition government has not only realized that persistently high unemployment inflicts tremendous economic damage but that it is also politically destabilizing. It has therefore announced that the performance on the labour market during its term of office shall be its own measure of success or failure. This paper discusses whether the regulatory steps taken by the red-green coalition government, like implementing stricter employment protection legislation, reintroducing full pay when sick, and changing the law concerning low-paid jobs, are suitable for reducing this institutional mismatch.
Nutzentransfer: Das Sparmodell der Umweltbewertung
Authors: Ahlheim Michael , Lehr Ulrike
Published: March 2003

Cost-benefit analysis of environmental projects often requires economic valuation procedures that are time-consuming and costly. Therefore, the wish to short-cut these procedures comes naturally, e.g. using the so-called „benefit transfer“. This method enables the researcher to use results from previous studies to calculate expected benefits of a planned project. In this paper we discuss the chances and limits of this approach from theoretical and empirical points of view. Starting from the welfare theoretical fundamentals of economic valuation we show that the road to any empirical measure is already marked by various assumptions. Taking a detailed look at the techniques of benefit transfers the paper arrives at recommendations for future benefit transfer studies.
Lohnpolitik und Beschäftigung – Debatte ohne Ende?
Authors: Jerger Jürgen , Landmann Oliver
Published: March 2003

This paper takes a fresh look at the often confused - and therefore confusing - debate on the role of wage policy in tackling Germany's unemployment problem. The key issues in this debate are the relative importance of wages and aggregate demand in the determination of employment, the appropriate behavior of wages in relation to productivity growth, and the significance of the purchasing power effect of wages. We argue that the most useful tool to address and resolve these issues is the basic textbook model of aggregate supply and aggregate demand. Most importantly, the model predicts that employment is governed by the ratio of aggregate nominal demand and the nominal wage level. The empirical picture strongly supports this assertion. In contrast, the relation between the rate of wage growth and the rate of productivity growth does not play the causal role in determining employment that is widely attributed to it.
Exploratory second‐order analyses for components and factors
Authors: Ogasawara Haruhiko
Published: March 2003

Abstract: Exploratory methods using second‐order components and second‐order common factors were proposed. The second‐order components were obtained from the resolution of the correlation matrix of obliquely rotated first‐order principal components. The standard errors of the estimates of the second‐order component loadings were derived from an augmented information matrix with restrictions for the loadings and associated parameters. The second‐order factor analysis proposed was similar to the classical method in that the factor correlations among the first‐order factors were further resolved by the exploratory method of factor analysis. However, in this paper the second‐order factor loadings were estimated by the generalized least squares using the asymptotic variance‐covariance matrix for the first‐order factor correlations. The asymptotic standard errors for the estimates of the second‐order factor loadings were also derived. A numerical example was presented with simulated results.
Effects of translational background motion on visual localization
Authors: Honda Hitoshi
Published: March 2003

Three subjects were asked to judge the position of small spots of light flashed before, during or after rapid translational motion of the background grating pattern. Mislocalization of the spots was observed when the background moved during or immediately after presentation of the spot. In both cases, mislocalization always occurred in the direction of the fixation point. Furthermore, this mislocalization occurred only when the background moved in the opposite direction to the visual half‐field in which the spot appeared. That is to say, a spot to the right of the fixation point was mislocalized when its background moved to the left, but not when it moved to the right, and the converse was also true. This finding was interpreted as reflecting a long‐term adaptation to the optokinetic stimulation that we experience during forward and backward locomotion.
Walking in an environment of moving ground texture
Authors: Baumberger Bernard , Flückiger Michelangelo , Roland Martin
Published: March 2003

The visual control of global body movements has mainly been studied in terms of the maintenance of balance. The present experiment examined the effect of moving visual surroundings on the speed of locomotion. A virtually boundless optical environment was generated by the projection of a dotted texture on the ground that was reflected on large vertical mirrors fixed along the walls of the room. Subjects' head velocity was recorded over a walking path of about 10 m along the projection surface. In the experimental sessions, the texture was animated and moved at different speeds in the same direction as the subject or in the opposite direction. In the control condition, the projected texture remained motionless and therefore appeared to pass by at the subjects' walking speed. The subjects' task was to maintain a constant walking speed as far as possible over the different conditions. Changes in walking speed give indications of how the processing of optical flow modulates locomotor activity.
Talking about Homosexuality: The Views of Mainline Protestant Clergy
Authors: Olson Laura R. , Cadge Wendy
Published: March 2003

Homosexuality is one of the most divisive issues within mainline Protestantism today. In this article we portray the many sides of mainline Protestantism’s debates about homosexuality through the lens of statements clergy made about the issue in early 2000. In interviews with 62 mainline Protestant clergy across the United States, 40 volunteered their views on homosexuality without being prompted. We describe the frames through which clergy understand and articulate issues related to homosexuality in the midst of contentious denominational debate about the subject. The majority of clergy who discussed homosexuality focused on the issue in their churches instead of in society at large, and in their denominations rather than in their own congregations. Moreover, virtually none of the clergy interviewed took hard and fast stands on the issue of homosexuality. Most approach the issue in a pragmatic, rather than prophetic, way. Our interviews also show that pastors who choose to speak on homosexuality tend to frame the issue in terms of the diffuse notion of “homosexuality,” rather than talking about gay men and lesbians as people.
Religious Diversity in America: The Emergence of Muslims, Buddhists, Hindus, and Others
Authors: SMITH TOM W.
Published: March 2003

America has always been a religiously diverse nation, but this has increased in recent decades. Changes in the non–Judeo–Christian population in the United States in general and the market share held by Muslims, Buddhists, and Hindus in particular are examined. While the share of the population following these faiths has increased appreciably in recent decades, both the size of these groups and their growth has often been exaggerated.
The Relative Influence of Youth and Adult Experiences on Personal Spirituality and Church Involvement
Authors: O'CONNOR THOMAS P. , HOGE DEAN R. , ALEXANDER ESTRELDA
Published: March 2003

We surveyed 206 young adults who had grown up in middle‐class churches in three denominations—Baptist, Catholic, and Methodist—who were first studied at age 16 in 1976. The goal was to assess the relative strength of youth and adult influences on their personal religious and institutional church involvement at age 38. The determinants of these two outcomes at 38 varied widely. For personal spirituality such as private prayer, attending Bible classes, and reading religious material, we found strong youth and adult determinants such as the denomination of one's youth, church youth group participation, having an experience since high school that changed their feelings about the church, and attending church with one's spouse. For church involvement, however, all but one of the determinants occurred after age 16, mainly the experiences of being inactive in church after high school, switching denominations, having children, and going to church with one's spouse. Social learning theory was the best theory for explaining these findings.
Revisiting the Social Sources of American Christianity 1972–1998
Authors: Park Jerry Z. , Reimer Samuel H.
Published: March 2003

We examine the relationship between demographics and adherence to certain religious traditions within American Christianity. Starting with Niebuhr's Social Sources of Denominationalism, we interact with a long scholarly tradition that connects demographics and religious groups, particularly the abiding “class‐sect” relationship. Included in this literature are works by Roof and McKinney (1987), and the particular profiles of evangelicals by Hunter (1983) and more recently by Smith et al. (1998). Findings indicate slow convergence on certain demographics highlighted by Niebuhr (social class, region, population size), and slow divergence on other demographics (age, percent female, percent married, number of children). Contrary to previous research, evangelical Protestantism is not very distinct demographically; however, black Protestantism is, and this reflects the continued demographic significance of race. Our findings lead us to question accepted theoretical links between demographics and religious groups. We end with some preliminary recommendations for future theorizing in this area.
Biological Structure and Embodied Human Agency: The Problem of Instinctivism
Authors: Varela Charles R.
Published: March 2003

Charles R. Varela, Biological Structure and Embodied Human Agency: The Problem of Instinctivism, pp. 95–122.

Hebb's conception of instinctive behavior permits the conclusion that it is just not human nature to be instinctive: while the ant brain is built for instinctive behavior, the human brain is built for intelligent behavior. Since drives cannot be instincts, even when a human driver becomes driven, human motives are not instincts either. This understanding allows us to dismiss the determinism of the old instinctivism found in Freud's bio‐psychological unconscious, and of the new instinctivism, exemplified by Wilson's sociobiology. The latter entails an explanatory shift from instincts to genes, in which the deterministic character of instincts is carried over to genes. Since genes are not instincts this is a mistake.
A Reply to Some Standard Objections to Euthanasia
Authors: Shand John
Published: March 2003

The purpose here is to cast doubt on some utilitarian non‐rights‐based arguments that are generally thought to be decisive objections to voluntary and non‐voluntary euthanasia. The aim is not to prove that euthanasia is morally vindicated (although I think rights‐based arguments can do this) but rather to contend that such arguments, far from being decisively anti‐euthanasia, can be made to point equally in the opposite direction.
The Situated but Directionless Self: The Postmetaphysical World of Benhabib’s Discourse Ethics
Authors: Hepburn Elizabeth R.
Published: March 2003

Drawing on the work of Jurgen Habermas, Seyla Benhabib has developed a system of communicative or discourse ethics. Her approach is said to respect differences and to count context as important but she also claims that it is postmetaphysical. I dispute this claim on two grounds. First, I argue that any system of ethics must be grounded by metaphysical commitments. Second, I show that in using elements of both Kantian and Aristotelian theory, Benhabib has imported metaphysical underpinnings into her theory and that these implicit understandings of what the moral enterprise is about, ought to be made explicit. Finally, a brief exploration of some contemporary ethical reflection and problem solving suggests that a shared metaphysical foundation is essential to ethical discourse.
Advocacy, Resources, Teachers: Continuing Challenges for Art Education
Authors: Stankiewicz Mary Ann
Published: March 2003

Industrial art education entered nineteenth century Massachusetts schools as an educational reform, but was not completely successful for a variety of reasons. Key factors contributing to this failure included, first, conflicting rationales used in advocating art education. Second, discrepancies between authoritative taste and early consumer choice in art reproductions threatened the power of reformers, notably Walter Smith. Third, differing assumptions about art among art specialists and classroom teachers, compounded by growing distinctions between men’s and women’s sphere of action, made it difficult for teachers to fully participate in the reform process. Late twentieth century reform policies may also fail without recognition of multiple justifications, with over‐reliance on top‐down expertise, or with lack of attention to teachers’ beliefs and needs.
Artemisia and Her Mentors: Partnership and Legacy
Authors: Calvert Ann
Published: March 2003

Through a comprehensive exhibition and study project, a group of high school students and women artists worked together to document the artists’ work, explore the values and issues of women’s art, envision careers, and create an exhibition and permanent teaching resources. The project’s purpose was to test a model curriculum designed to promote gender equity and positive identification among young women in art, and to make the students’ discoveries available for other students in the community. Research confirmed needs for curriculum reform: the need to present art as an appropriate and desirable career choice, to present curriculum content that relates positively to the experiences of female students, and to raise awareness of values and assumptions about women’s art‐making.
Drawing on the Artist Outside: Towards 1999
Authors: Coutts Glen , Dawes Mark
Published: March 2003

This paper gives a summary of a presentation made by Glen Coutts and an exhibition organised by Mark Dawes at the InSEA conference held in Glasgow during July 1997. It concerns recent developments and initiatives using artists, designers and students in Scottish schools. The presentation at InSEA was supported by slides of the students’ work and an outline of the processes used in each of the workshop sessions. During the presentation the conference had the opportunity to view the results of collaboration between artists, students and school children aged between 10 and 14 years. These projects took place over a period of five to six months, and have resulted in an ambitious project which will be completed during 1999, Glasgow’s year as UK City of Architecture and Design. The projects used visual artists to expand and enhance the art activities normally taking place in the schools. This paper reports on the following areas: developments in Art & Design Education in Scotland – the context for artists in schools, Artists and Education – two case studies and future developments – towards 1999.
Discourse as Representation of Design Thinking and Beyond: Considering the Tripod of Architecture–Media, Education, & Practice
Authors: Senturer Ayse , Istek Cihangir
Published: March 2003

Discourse is often considered as a taken‐for‐granted notion, however, it is already a representational genre of design thinking whether written/ unwritten, spoken/unspoken, designed/ undesigned, realised/unrealised. This article explores current architectural discourse to understand its relations with the design thinking transmitted through various modes of representations in media, education and practice, and to find out how such discourse might implicitly influence design ideas. The article argues that discourse, in this context, will stand as a product in itself in architectural culture. Moreover, a cross‐view of today's architectural discourses will inform us about the present state of architecture, how contemporary architects express themselves or communicate from such points of view, and what might be the emergent issues and possibilities in architecture and design representation.
How Art Education Can Contribute to the Globalisation of Culture
Authors: Duncum Paul
Published: March 2003

This paper begins by defining globalisation and discussing the major issues that globalisation raises in the cultural sphere. This includes the relationships of global culture to national and local cultures, the disorientation caused by the compression of time and space, the characterisation of global culture as Americanisation, and the consumer orientation of global culture. The paper then examines the ways in which art education can contribute to these changing social dynamics. These include a celebration of place, addressing heritage and tourist issues, creating hybrid works, discussing commercial choices, examining one‐world images, and creating with one‐world technologies.
Using Multimedia to Introduce Young People to Public Art in Glasgow
Authors: Coutts Glen
Published: March 2003

This paper is based on a presentation at the NSEAD/AAIAD Millennium Conference in Bristol, April 2000 and takes as its focus a recent multimedia publication, a CD‐ROM, commissioned by Glasgow 1999, entitled ‘Scanning the City’. The commission was to find effective ways that students in schools could interrogate the diverse urban fabric of Glasgow. The electronic revolution has shifted the paradigms of teaching and learning by creating the opportunity to engage interactively with visual and textual data in ways that permit investigation of the built environments at a number of levels of intensity. The paper explains the background to the CD‐ROM, describes the design, content and theoretical underpinning of ‘Scanning the City’ and discusses ways it might be used in a variety of educational contexts. It concludes by looking forward to the next stages of the research including a study of how young people and teachers are using the CD‐ROM and other related multimedia publications.
Negotiating Cross‐cultural Education in the Visual Arts
Authors: Crouch Christopher
Published: March 2003

This paper looks at the problems posed by a Eurocentric Visual Arts education in Australia. It illustrates the cultural circumstances that created an environment sympathetic to a move away from an Euro‐American cultural emphasis towards a more Asian centred programme. It describes how the Western Australian School of Visual Arts chose a conceptual model appropriate to the task of re‐aligning the objectives and content of the teaching of visual art theory at the School. The debates considered essential to the development of a course of study appropriate to the evolving of a post‐colonial, multi‐cultural Australia are examined. The benefits and problems of the Modernist agenda in Australia are discussed alongside proposals that promote understanding of cultural difference. The intention is to produce graduates who are aware of the relevance of cross cultural negotiation in contemporary Australian art and design practice, and who have a familiarity with current theoretical models of cross cultural negotiation and exchange.
Motivation and Meaning in Contemporary Art: From Tate Modern to the Primary School Classroom
Authors: Dear Jacqueline
Published: March 2003

‘Art Now in the Classroom’, was a joint venture between Goldsmiths College Education Department, Tate Modern and six Primary Schools in and around the London area (Sandhurst, Pilgrim's Way, Hawesdown, Hawkesmoore, Lauriston and Myatt Garden.) It ran from September to November 2000, beginning initially with the placement of two Goldsmiths students at each school then continuing with school visits to Tate Modern, and four Fridays spent working in the classroom, culminating in an exhibition at Tate Modern where the children from all six primary schools got to see their own work publicly displayed. This paper is an account of the work produced by the children from Sandhurst Primary School and an assessment of both the educational opportunities it provided for the primary classes involved and for the Goldsmiths students involved. The aims of the project were to demonstrate effective ways to work collaboratively with contemporary art, to support the development of teaching strategies at KS2 and KS3 and to offer possible approaches for working with contemporary material in the classroom.
Censorship in Contemporary Art Education
Authors: Emery Lee
Published: March 2003

This study draws upon interviews with fifteen secondary art teachers in Australia and England and focuses on the selection and censorship of artists and art works for student study. Given that cutting edge art must shock if it is to change artistic sensibility it would seem that the study of contemporary art must present students and teachers with many ethical dilemmas. The violent, sexually explicit, disgusting and psychologically disturbing, nature of many contemporary arts works make them potentially offensive, disturbing, provocative and confusing to young impressionable minds. While wishing to be open‐minded and to teach inclusive curricula, art teachers are also aware of their accountability in the community and their responsibility for the well being of their students. The study examines ways in which art teachers achieve postmodernist plurality in their programs yet also respectfully stay within the parameters of modernist school charters which define curriculum limits.
Cultivating the Critical Mind in Art
Authors: Carroll Tony
Published: March 2003

This article raises the problem of how to teach and research the critical and historical study on an A level art course. I have recently completed my doctoral study on this area of the art curriculum, which was conducted during the period of change to all post sixteen qualifications after the 1996 Dearing report. In this article I show how personal and critical knowledge was a necessary part of the practical investigation and helped to foster inquiry learning among my two research groups of sixth form students. The experience has given me renewed hope that students are able to problematise meaning in art and communicate what values and positions they adopt in the course of their investigations into the work of others.
The Effect of Bond Rating Changes and New Ratings on UK Stock Returns
Authors: Barron M.J. , Clare A.D. , Thomas S.H.
Published: March 2003

This is the first study to use daily data from a major capital market outside of the US to examine the role of corporate bond and commercial paper rating changes on common stock returns. Using data published by Standard and Poors' credit rating agency between 1984 and 1992, we examine the impact of new credit ratings, credit rating changes and Credit Watch announcements on UK common stock returns. We find significant negative excess returns around the date of a downgrade and positive returns close to the date of a positive CreditWatch announcement. Hence, the financial markets would appear to place some importance on rating agency pronouncements in the UK. New ratings, whether short or long‐term, have no significant impact on returns. We also attempt to quantify the impact of a new credit rating upon firm cost of capital through measures of conditional volatility and systematic risk. However, we find only weak evidence to suggest that a stock's cost of capital is reduced after a long‐term credit rating is awarded for the first time.
Multi‐factor Risk‐return Relationships
Authors: Diacogiannis George P. , Diamandis Panayiotis F.
Published: March 2003

This paper derives three multi‐factor risk‐return relationships each of which employs macro‐economic variables in presenting the underlying factors that influence security returns. The first relationship holds if the underlying portfolio lies on the expected return‐standard deviation efficient frontier, the second is valid when the underlying portfolio lies inside the efficient frontier and the third characterises security markets in which no arbitrage opportunities are present. An attempt is also made to appraise critically previous multi‐factor risk‐return relationships which rely on an expected return‐standard deviation approach.
Terms Structure of Interest Rates and Implicit Options: The Case of Japanese Bond Futures
Authors: Yu Shang‐Wu
Published: March 2003

The quality option for Japanese Government Bond Futures contracts is analysed using a term structure approach based upon a two‐factor Heath, Jarrow and Morton (1990b) model. The option value is found to be 0.12%–0.2% of par three months prior to delivery. Also, analysis of variance confirms that the quality option has a negative theta.
Financial Ratio Cross‐section Dynamics: a Non‐parametric Approach
Authors: Konings Roodhooft Jozef, Filip
Published: March 2003

This study introduces a non‐parametric approach to study the cross‐sectional dynamic behaviour of financial ratios and to test their convergence. A non‐parametric Markov transition matrix approach is used to consider the evolution of the entire cross‐section distribution. Conclusions with respect to the convergence of financial ratios are derived from the ergodic distributions. The results demonstrate high intra‐distribution mobility with more persistence in the smallest and the largest size classes. Furthermore we find no convergence towards the industry average.
The Impact of Personal Taxes on the Firm’s Weighted Average Cost of Capital and Investment Behaviour: A Simplified Approach Using the Dempsey Discounted Dividends Model
Authors: Dempsey Mike
Published: March 2003

The discounted dividends model advanced by Dempsey (1996) is extended to provide a weighted average cost of capital (WACC) assessment of investment opportunities with irregular cash flows. Thereafter, the framework is extended to an assessment of the implications of government tax policy for the firm’s investment behaviour. The developed framework is consistent with the empirical evidence of Poterba and Summers (1985) which — over the period of UK tax history 1950–1983 encompassing four major tax on equity reforms — observes how the related dividend and investment politics of UK firms appear to be influenced by the level of dividend taxes.
Earnings Retention as a Specification Mechanism in Logistic Bankruptcy Models: A Test of the Free Cash Flow Theory
Authors: Dhumale Rahul
Published: March 2003

This paper explores the applicability of as a specification mechanism to improve forecasting methods in corporate bankruptcy. The study combines lessons from Jensen's Free Cash Flow Theory with a logisitic model of bankruptcy to improve forecasting accuracy. The model uses data from the Indian textile industry to show that data classification based on investment opportunities is yet another way of improving precision. The study also re‐examines the Free Cash Flow Theory and concludes that in applying it to a bankruptcy scenario, its initial findings regarding retention policy hold true; that is, low growth firms should retain less of their earnings than their high growth counterparts.
International Diversification and Firm Value
Authors: Garrod Neil , Rees William
Published: March 2003

In this paper the impact of multinationalism is examined using a valuation model incorporating geographically segmented accounting information. The results indicate that multinational companies are more highly valued than their domestic counterparts and that the valuation difference lies in all their operations and not just their foreign operations. The value advantage of MNCs appears too large to be realistically explained by cost of capital reductions and would support either that high value firms become multinationals, rather than MNCs gaining valuation benefits from foreign investments, or a pricing fad. Preliminary results support the latter explanation.
Majority and Minority Ownership of Publicly‐Traded Firms: A Test of the Value of Control Using Market Multiples
Authors: Graham Jr Roger C. , Lefanowicz Craig E.
Published: March 2003

Publicly‐traded companies that are controlled by other publicly‐traded companies provide a unique setting in which to test whether the market values of majority and minority ownership interests are proportionate to their ownership percentages. Test results indicate that the value of subsidiary net assets and net income are greater to majority shareholders than to minority shareholders. However, comparison of asset and income valuation with a sample of diffusely‐held firms indicates that this valuation asymmetry is not due to a wealth transfer from the minority to the majority owners but to a discounting of the portion of the subsidiary owned by the minority shareholders.
Earnings, Cash Flows and Security Returns Over Long Return Intervals: Analysis and UK Evidence
Authors: Charitou Andreas , Clubb Colin
Published: March 2003

The aim of this paper is to provide a fuller understanding of the process linking security returns and accounting data by focusing on the effect of long return intervals on the association between security returns and earnings and cash flow variables. First, we develop a theoretical basis for empirical analysis of the relationship between security returns and cash flow data over long return intervals. Second, we carry out empirical analysis of both the information content of cash flow variables and the incremental information content of accounting earnings and cash flows using UK data over the period 1985–92 for annual, two year and four year return intervals. Our results provide strong evidence of the valuation relevance of cash flow information for the dataset examined.
Systematic Measurement Error in the Estimation of Discretionary Accruals: An Evaluation of Alternative Modelling Procedures
Authors: Young Steven
Published: March 2003

This paper evaluates the extent of predictable measurement error induced by five alternative approaches to the estimation of discretionary accruals. The source and magnitude of the error is assessed by reference to the strength of the association between the discretionary accrual estimate and proxies for the non‐discretionary components of total accruals. Results indicate that discretionary accruals generated by the Healy model are associated with the highest level of predictable measurement error. While the remaining four models generate significantly lower error levels, the magnitude of error remains highly significant. Findings highlight the limitations of existing models and emphasise the need for further developments in relation to the measurement of earnings management activity.
Performance of UK Investment Trusts: 1980–1994
Authors: Bangassa Kenbata
Published: March 2003

This study investigates the selectivity and timing performance of a large sample (79) of UK investment trusts over a long period (15 years) by applying a number of models. There are few studies in this area in the UK. It is often argued that investors hold investment trust shares to obtain diversification and managerial skills. Managerial skill, if present, should be observed in the form of superior selectivity and timing performance measures. The general decline in the level of discount observed in the industry over the sample period suggests that excess returns could be obtained by holding investment trusts shares. We use single index and multifactor models for the analysis. Positive but statistically insignificant, selectivity estimates and negative, and at times significant, timing estimates are observed.
Corporate Reorganizations: Changes in the Intensity of Labor and Capital Expenditures
Authors: Ballesta Marta , Livnat Joshua , Sinha Nishi
Published: March 2003

Using a new measure that indirectly captures a firm's restructuring efforts on the basis of changes in its labor and capital expenditure patterns, this study examines the link between restructuring and financial performance for an international sample of firms during the years 1989–1997. Results show that firms that curbed the growth in labor expense intensity (labor expense relative to sales), regardless of the accompanying changes in sales or in capital expenditure intensity, had significantly higher annual returns (despite having lower profitability) than firms that expanded their labor intensity. Financial market's response to a reduction in labor expense intensity appears to be more favorable if this reduction is accompanied by a reduction in capital expenditure growth when firms face declining sales, and an increase in capital expenditure growth when firm sales are growing.
Explaining Intraday Pattern of Trading Volume from the Order Flow Data
Authors: Lee Yi‐Tsung , Fok Robert C.W. , Liu Yu‐Jane
Published: March 2003

Based on a comprehensive order flow data from the Taiwan stock market, this study examines directly how the intraday pattern of trading volume is related to the trading behavior of both informed and uninformed traders. The results indicate that both informed and uninformed investors have a strong desire to place orders at the market open and the close. Most of the orders at the market open are conservative and hence are waiting orders for price priority. The findings show that intraday trading volume as well as the real orders from both types of investors are J‐shaped. In addition, both information and liquidity trading can explain the intraday pattern of trading volume. However, the impact of liquidity trading on volume is slightly higher than that of information trading.
Stock Dividend Announcement Effects in an Imputation Tax Environment
Authors: Anderson Hamish , Cahan Steven , Rose Lawrence C.
Published: March 2003

A key question in asset pricing is the extent to which tax effects are passed through market prices or are capitalised in them. New Zealand stock dividends provide a useful window into this debate because of (1) the existence of both taxable and non‐taxable stock dividends, and (2) the particular form of imputation tax system which allows the full pass through of corporate taxes to the investor on the proportion of profits which are distributed either as cash or taxable stock dividends. We present evidence that investors value future tax benefits associated with imputation tax credits.
The Reversal of the Monday Effect: New Evidence from US Equity Markets
Authors: Mehdian Seyed , Perry Mark J.
Published: March 2003

This article re‐examines the Monday effect in the US stock market from 1964–1999 using daily returns from three large‐cap indexes and two small‐cap indexes. In the period before 1987, Monday returns are significantly negative in all five US stock indexes, confirming previous empirical findings. In the post‐1987 period, we uncover a significant reversal of the Monday effect in the large‐cap indexes (NYSE, S&38;P500 and DJCOMP), since Monday returns are significantly positive. Furthermore, significant differences in the persistence and reversal of the Monday effect are found between large‐cap and small‐cap stock indexes.
Dividend Imputation and Shareholder Wealth: The Case of New Zealand
Authors: Prevost Andrew , Rao Ramesh P. , Wagster John D.
Published: March 2003

On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.
The Effect of Multinationality on Security Analyst Underreaction
Authors: Riahi–Belkaoui Ahmed
Published: March 2003

Previous research presented evidence of bias and positive serial correlation in forecast errors suggesting that analysts do not properly recognize the time–series properties of earnings when setting expectations of future earnings. A reason for the security analyst underreaction is the level of multinationality of the firm’s activities. This study shows that analysts underreact to prior information more as the level of multinationality of the firm examined increases.
Achieving Personal Data Protection in the European Union
Authors: Pearce Graham , Platten Nicholas
Published: March 2003

Actions aimed at exploiting the benefits of information and communication technologies have become a major focus of European Community (EC) policy.The new technologies offer considerable benefits to consumers, businesses and governments, but there is growing concern that their widespread use may threaten the privacy of personal information. Increases in transborder data flows, within the EC and globally, imply that a EC‐wide, and ultimately a global, approach is more appropriate than one based upon national rules. This article examines the evolution of EC personal data protection policies and concludes that, whilst considerable progress has been made towards establishing a regulatory framework, advances in technology and continuing variations in national responses seeking to protect personal privacy, are major obstacles to achieving data protection equivalence, both within the EC and in third countries.