Mixing political, historical, economic, social and cultural analyses and approaches, these essays reflect on the local, regional and transnational dynamics together with the long and short term ...factors that, when combined, set in motion the Tunisian revolution and the Arab uprisings.
This paper studies how the conflict of interest between shareholders and creditors affects corporate payout policy. Using mergers between lenders and equity holders of the same firm as shocks to the ...shareholder-creditor conflict, I find that firms pay out less when there is less conflict between shareholders and creditors, suggesting that the shareholder-creditor conflict induces firms to pay out more at the expense of creditors. The effect is stronger for firms in financial distress.
This study investigates whether a firm’s cost of equity capital is influenced by the extent of a firm’s real activities management. Using a large sample of U.S. firms, we find that our proxy for the ...cost of capital is positively associated with the extent of earnings management through the real activities manipulation after controlling for the effect of the accrual-based earnings management. We also provide evidence suggesting that this positive association stems from managerial opportunism rather than from the measurement errors in our real earnings management proxies. The main findings are robust to a battery of sensitivity tests. Collectively, our results suggest that real earnings management activities exacerbate the information quality of earnings used by outside investors, and thus the market demands a higher risk premium for these activities, which is incremental to the risk premium for the accrual-based earnings management.
The purpose of this article is to create a snapshot of 25 years' quality movement. The creation process of the snapshot, as well as the result of the study, aims to help in diagnosing the current ...status of quality management (QM) and further contribute in understanding and shaping its future direction. For this purpose, all published articles during the last 25 years' period (1987-2011) under the subject of Total Quality Management (TQM), Business Excellence (BE), quality tools, techniques as well as core values/principles have been collected through the ABI/INFORM complete periodical database. The collected data were analysed and reflected in order to show the current status, evolution trends of the past, and the predicted future directions. The results show that the total number of articles under the subject of TQM has been decreasing after having reached its peak in 1995. However, papers focusing on techniques and tools within the QM framework in terms of Lean, Just-in-Time/Toyota Production System, Benchmarking, and Six-Sigma Quality have been increasing. In addition, papers focusing on core values/key principles needed to build a quality culture in terms of leadership, people-based management, continuous improvements, management based on facts, and focus on the customer have been slightly increasing during the last decade. The findings indicate that QM is now at a more mature stage where focuses have shifted from being initially on TQM to tools, techniques, and core values which are needed for building a quality and BE culture. Based on its evolution, it is concluded that TQM can be understood as a management innovation, if not a management revolution.
The Arab Uprisings of 2010 and 2011 had a profound effect on labor politics in the region, with trade unions mobilizing to an extent never before seen. How did these formerly quiescent trade unions ...become militant? What linkages did they make to other social forces during and after the revolutions? And why did Tunisian unions emerge cohesive and influential while Egyptian unions were fractured and lacked influence? Following extensive interviews, Ian M. Hartshorn answers these questions and assesses how unions forged alliances, claimed independence, and cooperated with international groups. Looking at institutions both domestically and internationally, he traces the corporatist collapse and the role of global labor in offering training and new possibilities for disgruntled workers. With special attention to the relationship with rising Islamist powers, he also examines the ways in which political parties tried to use labor, and vice versa, and provides a detailed study of the role of labor in ousting the first Islamist governments.
Commercial agriculture in the United States is comprised of several hundred thousand farms, and these farms continue to become larger and fewer. The size of commercial farms is sometimes ...best-measured by sales, in other cases by acreage, and in still other cases by quantity produced of specific commodities, but for many commodities, size has doubled and doubled again in a generation. This article summarizes the economics of commercial agriculture in the United States, focusing on growth in farm size and other changes in size distribution in recent decades. I also consider the relationships between farm size distributions and farm productivity growth and farm subsidy policy.
We examine the effect of second-generation state antitakeover laws (ATLs) on accounting conservatism. We adopt a novel methodology that corrects for selection bias resulting from firms’ endogenous ...incorporation decision. Focusing on the period from when these ATLs became constitutional, we find a negative association between ATLs and conservatism. Our results suggest that ATLs decrease debtholder demand for conservatism by reducing agency costs of debt.
We investigate the effect major catastrophes are expected to have on equilibrium price and quantity in the insurance market. In particular, we examine whether investors expect total industry revenue ...to increase following a disaster's shock to insurers' financial capital. Rather than examine insurers directly, we study insurance brokers, who earn commissions on premium revenue but do not pay losses following a disaster. We conduct an event study on insurance broker stock returns surrounding the 43 largest insured-loss catastrophes since 1970. We find that brokers earn positive abnormal returns on the day of the event, and that these returns are sustained following the top 20 largest events. We then investigate factors influencing these returns and find that returns are positively related to the size of the loss and negatively related to existing insurer capital. From this, we conclude that catastrophe shocks are expected to increase net industry revenue, benefiting brokers most immediately. This investor response is consistent with economic theories of a negative relationship between capital and insurance prices and price-inelastic demand for commercial insurance.
This paper examines how an incumbent's patent protection acts as an implicit subsidy toward non-infringing substitutes. I analyze whether classes of pharmaceuticals whose first entrant has a longer ...period of market exclusivity (time between approval and generic entry) see more subsequent entry. Instrumenting for exclusivity using plausibly exogenous delays in the development process, I find that a one-year increase in the first entrant's market exclusivity increases subsequent entry by 0.2 drugs. The effect is stronger for subsequent entrants that are lesser clinical advances, suggesting it is driven primarily by imitation.
PDF
