bluuebunny/crossref_metadata_2025_split huggingface dataset:
A review of the risks, costs and benefits of defined contribution and defined benefit pension schemes
Authors: Watson Robert 
Published: August 2008

PurposeThe purpose of this paper is to evaluate the relative risks and benefits associated with defined contribution (DC) and defined benefit (DB) pension schemes. New regulatory and governance requirements and demographic changes have all significantly raised the costs and reduced the expected benefits to employers of operating DB schemes. In response, many employers have either closed down their DB schemes, closed the scheme to new members and/or to capped any further accruing of benefits for existing members. This decline in DB schemes and their replacement by less generous DC schemes, has been overwhelmingly seen by employees, the general public and Government as an unwelcome development that shifts significant pension risks from the employer onto the employee.Design/methodology/approachThe paper evaluates claims that DB schemes are less risky than DC schemes and, whether their passing ought to be such a cause of concern.FindingsThe paper finds that DC schemes are not inherently riskier than DB schemes. Indeed, it is argued that the low operational, governance and regulatory costs and flexibility of DC schemes provide employers and employees with the most cost‐effective means of saving for a pension. In contrast, despite the appearance that the employer rather than the employee is the primary risk bearer in respect of DB schemes, it is shown that this is largely a fallacy. Such an arrangement merely substitutes an employer's covenant for some portion of an independent (of the employer) investment portfolio. This reliance upon an employer's promises to continue to support and fund the pension scheme imposes a raft of additional firm‐specific (i.e. non‐diversifiable) risks and regulatory and governance costs upon the members of both DB and DC schemes.Originality/valueThe paper provides a topical and useful review of the risks, costs and benefits of DC and DB pension schemes in the UK.
The 2001‐2005 price convergence in the A‐ and H‐shares of Chinese state‐owned enterprises
Authors: Birtch Thomas A. , McGuinness Paul B. 
Published: August 2008

PurposeThe purpose of this paper is to examine the population of Chinese state‐owned enterprises (SOEs) listing A‐ (Chinese Mainland) and H‐ (Hong Kong) shares with a view to explaining differential pricing across the two stock types.Design/methodology/approachDespite the fact that both A‐ and H‐shares carry ostensibly the same shareholder benefits, when issued by a given SOE, major pricing differences are apparent. The behaviour of such prices for 20 quarters spanning January 2001 to December 2005 was examined. During this period, a marked contraction in the mean A‐ to H‐price relative occurred, whereby A‐prices generally softened and H‐prices soared.FindingsIt was noted that that the principal factors relevant to the contraction in the A‐ to H‐share price relative relate to two issues: first, an enveloping risk premium centring on state‐share disposal fears, and second, the firming of expectations surrounding the likely deployment of a qualified domestic institutional investor (QDII) scheme.Research limitations/implicationsModelling of changing expectations, especially in relation to uncertain policy deployment, is an invidious task. Measurement of such expectations is obviously strewn with difficulties.Originality/valueAs pertinent factors largely hinge on the deliberations of the PRC state, the analysis herein provides useful input into how policy can either wittingly or unwittingly shape general share price movements. Such insights are especially important given the evolving nature of the Chinese economy.
Macro stress tests and history‐based stressed PD: the case of Hong Kong
Authors: Chak‐sham Wong Michael , Lam Yat‐fai 
Published: August 2008

PurposeThe purpose of this paper is to discuss issues relating to stress testing methods for credit risks in banks. Also, it suggests a solution to bank supervisors on evaluating stress test results.Design/methodology/approachDiscussion is based on cases analysis on a stress period of the Hong Kong banking sector.FindingsThe paper finds that econometric modeling does not work well modeling stress scenarios. The stressed probability of default (PD) provided by Basel II would be much higher than stressed PD observed in the history.Practical implicationsBank supervisors should develop cost‐effective methods to monitor the stress test results reported by banks.Originality/valueThe paper addresses the issues of stress testing and provides a practical solution for bank supervisors to monitor stress test results reported by banks.
Patterns of disclosure and volatility effects in speculative industries
Authors: O'Shea Phillip D. , Worthington Andrew C. , Griffiths David A. , Gerace Dionigi 
Published: August 2008

PurposeThere is conjecture that small and mid‐cap companies in highly speculative industries use frequent and repetitive disclosure to promote price volatility and heighten market interest. Excessive disclosure could indicate instances of self‐promotion or poor disclosure practices, and these habits could mislead investors. The purpose of this paper is to quantitatively investigate the impact of firm disclosure on price volatility in the Australian stock market.Design/methodology/approachThis paper considers the effect of information disclosure on the daily stock price volatility of 340 Metals & Mining industry entities listed on the Australian Securities Exchange over the period 2005‐2007 using regression analysis.FindingsThe results indicate the number of disclosures, the number of price and non‐price sensitive disclosures and the number of disclosures by category has a significant influence on daily price volatility. Moreover, the volatility impact of disclosure is greater for small and mid‐sized firms than large firms.Research limitations/implicationsPrice volatility is calculated using daily data; intra‐day stock prices could provide measures that are more accurate. There is also no attempt to allow for asymmetry in disclosure; categorizing news as “good” or “bad” would allow better insights.Practical implicationsThere is support for the conjecture that disclosure could serve as a self‐promotion tool through fabricated and repetitive announcements. Inadvertent poor disclosure practice could also result in excessive price volatility. Disclosure practice requires ongoing consideration by regulatory bodies.Originality/valueThis analysis complements basic work by the Australian regulator to establish a quantitative link between disclosure practice and price volatility.
High court rules negligence claim in relation to pension advice in relation to income draw down scheme is time barred
Authors: Gray Joanna 
Published: August 2008

PurposeThe purpose of this paper is to report and comment on the High Court of Justice ruling on Shore v. Sedgwick Financial Services Ltd & Others.Design/methodology/approachThe paper outlines the facts surrounding the case and comments on the ruling.FindingsThe claim for breach of duty against the defendants was time barred.Originality/valueAn interesting feature of this judgment is that one theme that runs its entire course in terms of judicial finding of fact and of law is the degree to which the defendants did or did not adequately explain the risks associated with income drawdown and the degree to which the claimant either understood or failed to understand or indeed voluntary undertook the extra risk of taking maximum income under income drawdown pension schemes in his desire to for flexibility and retention of control over pension capital.
Financial services compensation scheme's claim for legal privilege upheld
Authors: Gray Joanna 
Published: August 2008

PurposeThe purpose of this paper is to report and comment on Financial Services Compensation Scheme Ltd v. Abbey National Treasury Services plc.Design/methodology/approachThe paper outlines the facts surrounding the case and comments on the decision.FindingsThe Court agreed with the FSCS's view and upheld its claim to legal advice privilege for both the questions and answers and the relevant narrative commentaries that appeared on the investor claim checklists.Originality/valueThis decision represents an interesting consequence of the rationalisation and assignment to the FSCS of private investors' claims for redress in the wake of firms' default triggering regulatory compensation payments.
Do European procurement rules generate or prevent crime?
Authors: Dorn Nicholas , Levi Michael , White Simone 
Published: August 2008

PurposeThe purpose of this paper is to explore whether opportunities for fraud and corruption might be reduced or increased by rules governing public procurement. The focus is on specific European legislation – Procurement Directive 2004/18 on the coordination of procedures for the award of contracts for public works, public supply and public services by public bodies within all EU Member States – however similar issues would arise in other jurisdictions.Design/methodology/approachThe procurement process is examined in relation to three stages of procedure: preparation of specifications, selection of tenderers, and execution of contracts, within each of which some specific risks (red flags) are identified.FindingsParticular risks that may not have been sufficiently addressed, in terms of research or legislation, arise at the first of these stages; accordingly this paper focuses there. Generally, risks are summarised in terms of insider‐driven specifications, low visibility of procurement processes, and ample opportunities for renegotiation of terms. Risks may be increased by innovative procurement practices that have the effect of extending the manoeuvring between tenderers and public bodies, such as competitive dialogue.Research limitations/implicationsFraud and corruption risk in public procurement is an area deserving detailed and comparative study, with special attention to the pre‐contracting stage. Research on this topic within EU Member States should go hand in hand with enquiry into international procurement, and into the EC's own rules as applied by its institutions and bodies.Practical implicationsSuggestions for risk‐reduction are put forward in relation to quality standards and pre‐award publicity.Originality/valueAfter some time as the Cinderella of crime policies, large‐scale frauds attract greater interest. This paper gives grounds for asking whether, in relation to procurement fraud, a combination of traditional practices and modernisation may outpace anti‐fraud measures.
Measuring market integrity: a proposed Canadian approach
Authors: Fodor Bryan 
Published: August 2008

PurposeThe purpose of this paper is to provide a conceptual viewpoint of the appropriate theoretical framework for measuring the integrity of capital markets from a regulatory/law‐enforcement perspective.Design/methodology/approachThis paper discusses the metrics involved with the abstract concept of measuring the integrity of capital markets. References include measurement tools and measurement principles issued by academic institutions and relevant international organizations. Primary research was conducted by way of the Royal Canadian Mounted Police's Market Integrity Index research project.FindingsThe paper finds that there is an interplay of forces that determine the relative integrity of a given market over time.Originality/valueThis paper suggests that critiques of the efficacy of systemic market structure can be evaluated on a quantitative basis.
The case of income tax evasion in Jordan: symptoms and solutions
Authors: Malkawi Bashar H. , Haloush Haitham A. 
Published: August 2008

PurposeThe purpose of this paper is to examine income tax evasion in Jordan and set forth various cures for this problem.Design/methodology/approachThe paper investigates the phenomenon of income tax evasion. In doing so, the paper reviews reports from academics and statistics from the Income Tax Department. The paper begins with an overview of the Income Tax Law, distinguishes between tax evasion and tax avoidance and provides empirical data on the size of income tax evasion in Jordan. A study of article 42 of the Income Tax Law, the anti‐tax evasion provision, is made. In the final analysis, the paper suggests several means that can be used to address income tax evasion.FindingsThe paper concludes that, in so far as the Jordanian Government is concerned with the issue of income tax evasion, several legal and non‐legal techniques can be experimented.Originality/valueIn reacting to huge non‐compliance by Jordanians, the paper tells the story of how to create an income tax compliance culture. The government can utilize various practices, techniques, and discourses to create such a culture.
Identity theft complaints: exploring the state‐level correlates
Authors: Higgins George E. , “Tad” Hughes Thomas , Ricketts Melissa L. , Wolfe Scott E. 
Published: August 2008

PurposeIdentity theft is an emerging form of criminal behavior, with complaints about the behavior rising. However, little research has explored the correlates of these complaints, especially state‐level correlates. The purpose of this paper is to examine the state‐level characteristics correlated with identity theft complaints.Design/methodology/approachThe present study uses data collected from the 2000 US census and the Federal Trade Commission's 2002 through 2005 reports on identity theft. Regression is used to determine explain identity theft complaints through state‐level characteristics from social disorganization to routine activities theory.FindingsThe results indicate that states with more males, higher residential mobility, and more entertainment establishments are likely to have more identity theft complaints. States with more populations that are age 15 and below are less likely to have as many identity theft complaints.Research limitations/implicationsThe present study only examines state‐level, macro data and does not take into account individual, micro‐level factors that are associated with identity‐theft. This study provides an important advance in understanding identity theft complaint reports. This will aid policy makers in implementing strategies to reduce incidences of identity theft.Originality/valueThis paper is valuable to sociologists, criminologists, politicians, policy makers, and the general public. It contributes to the current understanding of identity theft by examining state‐level correlates.
Ethical leadership and crime prevention in the organizational setting
Authors: Dion Michel 
Published: August 2008

PurposeThe purpose of this paper is to show the qualitative shift from a “traditional way”, to understand the conditioning factors of corporate crime to a “principled” approach.Design/methodology/approachThe paper analyzes the conditioning factors elaborated by the traditional approach and the basic crime prevention strategies that followed from such an approach; also, the basic concepts of the “principled” approach are analyzed as they give a qualitatively new understanding of crime prevention strategies.FindingsThe paper finds that a qualitative shift emerged from 1990 to 2006, insofar as the basic conditioning factors have substantially been modified (the “principled approach”). The most relevant concepts for crime prevention are now national culture, transformational leadership, moral courage and organizational transparency.Originality/valueThe paper presents a principled approach to crime prevention strategies as adding relevant ideas and concepts to the traditional approach.
The exploitation of pregnant workers in apparel production
Authors: Barnes Wendy D. , Kozar Joy M. 
Published: August 2008

PurposeThe purpose of this commentary is to examine the prevalence in which pregnant women are exploited in the production of apparel goods.Design/methodology/approachThe labor laws of four countries, including China, Mexico, Nicaragua and the Philippines, are assessed and discussed in relation to cases of documented abuse occurring against pregnant women working in the garment industry in these four countries.FindingsAn analysis and consensus of the literature reveals that although all four countries have established labor laws to protect workers, pregnant women continually face abuse and discrimination in the garment industry. Many forms of exploitation occur, including forced abortions, unpaid and/or required overtime, lack of adequate benefits, unfair hiring and promotion practices, and forced job assignments requiring intense physical labor which proves detrimental to the health and well‐being of the worker and unborn child.Originality/valueLabor abuses in the production of apparel goods are often widely espoused as a result of media campaigns executed by human rights and labor organizations. The focus of such movements, however, is often on the disregard for child labor laws, workers' rights to join unions, and minimum wage violations. Less focus has centered on the treatment of pregnant women in the production of apparel goods. In an attempt to educate consumers, industry and academic professionals, this paper addresses the issue of discriminatory abuses occurring against pregnant women in the garment industry.
An analysis of factors affecting fashion opinion leadership and fashion opinion seeking
Authors: Goldsmith Ronald E. , Clark Ronald A. 
Published: August 2008

PurposeThis paper aims to test hypothesized relationships of consumer need for uniqueness, attention to social comparison information, status consumption, and role‐relaxed consumption with opinion leadership and opinion seeking for new fashionable clothing.Design/methodology/approachThe authors surveyed 598 consumers between the ages of 18 and 83 years using a self‐administered questionnaire. Correlation and linear regression analyses showed that all four independent variables were related to both dependent variables.FindingsConsumer need for uniqueness was related positively to opinion leadership, but negatively with opinion seeking for younger consumers. Attention to social comparison information was positively related more highly to opinion seeking than to opinion leadership. Status consumption had the largest overall positive association, followed by role‐relaxed consumption, which was negatively related.Research limitations/implicationsSome findings confirm earlier studies and some break new ground. The findings are limited to US consumers and the convenience sample. Other limitations include the specific measures used and the cross‐section survey method precludes making causal statements. The effects of other, unmeasured variables could be assessed.Practical implicationsApparel marketers seeking to encourage opinion leaders to promote their lines of new clothing might devise appeals emphasizing the social significance and status of the new fashions and how they bestow uniqueness on their wearers.Originality/valueThe study not only confirms previous findings regarding consumer need for uniqueness and attention to social comparison information, but expands the description of motivating factors with status and role‐relaxed consumption.
How are supply chains coordinated?
Authors: Cao Ning , Zhang Zhiming , Man To Kin , Po Ng Keng 
Published: August 2008

PurposeThe purpose of this paper is to reveal the empirical issues of the implementation of coordination for textile‐apparel supply chains.Design/methodology/approachEmploying case study, the paper examines three different types of coordination practice in three different structures of textile‐apparel supply chains: vertical integration chain, efficiency oriented chain and 3P‐hub chain. The coordinators are three leading Hong Kong based international textiles and apparel companies in these cases. The case sources are published articles, company web sites and some open seminars offered by the case companies.FindingsIn textile and apparel industries, brand owners generally coordinate the supply chain. There are also other coordination practices in industries. Through the research observations and analyses in the cases it is found that the integrated company, powerful garment manufacturer and trade agent play the role of coordinators in vertical integration chain, efficiency oriented chain and 3P‐hub chain, respectively. No matter what type of coordination practice, information sharing and product flow coordination should be comprehensive. Coordinators are the information centers of the whole supply chain. They should have power to manage the supply chain. They should actively integrate the whole chain for maximum total profitability.Research limitations/implicationsThis paper is just an overview of coordination practice in textile‐apparel supply chains. The case sources are published articles, company web sites and some open seminars made by the case companies. The methodology should be more systematic.Originality/valueCoordination in textile‐apparel supply chains is still an unresolved question both from the theoretic and practical points of view. This paper fills in some of the gaps.
Fashion designers as business: London
Authors: Malem Wendy 
Published: August 2008

PurposeThis paper aims to provide an insight into how fashion designer businesses work and survive in London, with an understanding of business techniques and the survival strategies of British fashion designers.Design/methodology/ approachThe initial research demonstrated a need to define “innovation” as well as recognise the approach of “creative people” in business by exploring existing literature. This was followed by a series of structured interviews with nine British Fashion Designers in London, and three with intermediaries aimed at putting the designers' activities within a business context: a fashion PR; a lawyer specialising in fashion business and a creative director of a fashion distributor.FindingsThe research suggests ten survival strategies employed by fashion designers. The five fashion designers in a sustainable business all operated all of these principles. Those no longer in business operated between one and five of these principles. As designers gain experience and realise their “value“, there is evidence that they can get leverage for contractual agreements with licensors, which has led to financial growth of the designers' businesses. Strategies for diversification and consultancy, if managed without diluting design values, have also led to business growth and stability.Research limitations/implicationsFurther research is required to consider innovation and entrepreneurship in the different creative and cultural industries, particularly concerning issues and challenges for the creative person.Practical implicationsThe implications are that designers need to be quick to understand the business and wider environment in which they are operating. More published material needs to be widely available to them concerning role models and business models relevant to this unique and problematic industry.Originality/valueThe value of this original research is to share experience and inform designers and practitioners of current practices.