Determinants of stock returns: Factors or systematic co-moments? Crisis versus non-crisis periods

In this paper we evaluate the intertemporal pricing performance of stock return determinants over the periods surrounding, and outside of, financial crises. The analysis focuses on the variables of size, book-to-market ratio, momentum, liquidity, and higher-order systematic co-moments. The evidence reveals that over non-crisis periods the market beta plays an important role in determining the cross-section of stock returns. Size, value, momentum, and liquidity also exhibit associations with the cross-section of stock returns. However, over crisis periods most of the variables we examined lose their explanatory power, suggesting that their usefulness is limited for investment purposes when financial markets experience crises. There is some evidence of coskewness pricing surrounding market crashes. Practitioners may consider coskewness over crisis periods.

Liquidity creation, regulatory capital, and bank profitability

We examine the interrelationships among liquidity creation, regulatory capital, and bank profitability of US banks. We find that regulatory capital and liquidity creation affect each other positively after controlling for bank profitability. However, this relationship is largely driven by small banks and primarily during non-crisis periods. It is also sensitive to the level of banks' regulatory capital and how it is measured. Furthermore, we find that banks which create more liquidity and exhibit higher illiquidity risk have lower profitability. Finally, the relationship between regulatory capital and bank performance is not linear and depends on the level of capitalization. Regulatory capital is negatively related to bank profitability for higher capitalized banks but positively related to profitability for lower capitalized banks. Therefore, a change in regulatory capital has differential impacts on bank performance. Our findings have various implications for policymakers and bank regulators.

The implementation of OECD corporate governance principles in post-crisis Asia

The recent OECD Principles on Corporate Governance provide a framework for the convergence of global corporate governance practice. This paper considers the implementation of these global ‘best-practice’ standards of governance as part of the continuing post-economic-crisis reform throughout Asia. These initiatives have explicitly acknowledged that no single model of governance can exist, and instead have focused on those elements apparently common and, therefore, applicable to all countries. Notwithstanding the existence of these elements, this paper investigates the difficulties involved when attempting to implement general rules across countries at different stages of economic and legal development. While implementation will be hindered by obvious cultural disparities, long-term change in practice requires a cultural shift in the philosophical and financial bases of the firm.

Universities in crisis? Knowledge economies, emancipatory pedagogies, and the critical intellectual

Discrimination against women in public sector organisations has been the focus of considerable research in recent years. While much of this literature acknowledges the structural basis of gender inequality, strategies for change are often focused on anti-discrimination policies, equal employment opportunities and diversity management.Discriminatory behaviour is often individualised in these interventions and the larger systems of dominance and subordination are ignored. The flipside of gender discrimination, we argue, is the privileging of men. The lack of critical interrogation of men’s privilege allows men to reinforce their dominance. In this paper we offer an account of gender inequalities and injustices in public sector institutions in terms of privilege. The paper draws on critical scholarship on men and masculinities and an emergent scholarship on men’s involvement in the gender relations of workplaces and organisations, to offer both a general account of privilege and an application of this framework to the arena of public sector institutions and workplaces in general.

Getting below the surface of the principal recruitment 'crisis' in New Zealand primary schools

Since 1989 in New Zealand, the work of the primary school principal has been transformed in official policy texts from that of leading professional to chief executive officer. Surveys document the changing nature of the role and the workload and other pressures that have resulted, particularly for principals with teaching responsibilities in smaller schools. There is a generally accepted crisis of preparation, recruitment, development and retention. Below the surface, however, are deeper-seated, structural difficulties: women comprise the majority of teachers, yet are a minority of principals and their career advancement is largely limited to small schools and those in poorer socioeconomic areas. This article reviews the situation and examines the reasons why dominant images of the primary school principalship may be both partial and counterproductive.

"Disturbing practices":dehumanizing asylum seekers in the refugee "Crisis" in Australia, 2001-2002

Throughout late 2001 and 2002, the Australian Government, seeking re-election, campaigned on a tough line against so-called "illegal" immigrants. Represented as "queue jumpers," "boat people," and "illegals," most of these asylum seekers came from Middle Eastern countries, and, in the main, from Afghanistan and Iraq. This paper explores the way particular representations of cultural difference were entwined in media and government attacks upon asylum seekers. In particular, it analyzes the way key government figures articulated a negative understanding of asylum seekers' family units--representing these as "foreign" or "other" to contemporary Australian standards of decency and parental responsibility. This representational regime also drew upon post-September 11 representations of Middle Eastern people, and was employed to call into question the validity of asylum-seekers' claims for refugee status. Manufactured primarily through the now notorious "children overboard" incident, these images became a central motif of the 2001 election campaign. This paper concludes by examining the way these representations of refugees as "undeserving" were paralleled by new Temporary Protection Visa regulations in Australia.

Fighting a tobacco rollback : a political analysis of the 1994 contraband crisis in Canada

We identify factors that led a regional government (Quebec, Canada) to opt for a reduction of its tobacco tax to combat tobacco smuggling. Then we explore the fallout of Quebec's tobacco-tax rollback on its tobacco control policy. We conducted qualitative research using a case-study design and multiple sources of data. We applied the Advocacy Coalition Framework in respect of data collection and analysis. Advocates of the tobacco-tax rollback framed the contraband problem in a way that won the support of an array of actors. However, anti-tobacco activists succeeded in convincing the government to invest more in tobacco control. The new resources were instrumental in enhancing the activists' ability to promote legislative measures. Our approach sheds light on the tobacco industry's strategy to have governments reducing their tobacco tax. Quebec offers an example of how tobacco control activists can transform defeat into the cornerstone of a comprehensive tobacco control policy.

The phenomenon of resilience in crisis care mental health clinicians

The purpose of this study, undertaken in 2003, was to explore the phenomenon of resilience as experienced by Australian crisis care mental health clinicians working in a highly demanding, complex, specialized and stressful environment. For the purpose of this research, the term 'resilience' was defined as the ability of an individual to bounce back from adversity and persevere through difficult times. The six participants for this study were drawn from Melbourne metropolitan mental health organizations – the disciplines of nursing, allied health and medicine. A number of themes were explicated from the participants' interview transcripts – Participants identified the experience of resilience through five exhaustive descriptions, which included: 'The team is a protective veneer to the stress of the work'; Sense of self; Faith and hope; Having insight; and Looking after yourself. These exhaustive descriptions were integrated into a fundamental structure of resilience for clinicians in this role. The study's findings have the potential to inform organizations in mental health to promote resilience in clinicians, with the potential to reduce the risk of burnout and hence staff attrition, and promote staff retention and occupational mental health.

Criticisms of auditors and earnings management during the Asian economic crisis

Auditors were criticised during and after the Asian economic crisis for supplying variable quality across global audit markets. This study examines
the level of earnings management as measured by discretionary accruals in the pre-crisis compared to the post-crisis periods as they impacted Malaysia. Both the Jones (1991) and earnings per share frequency distribution methods are used to examine earnings management behaviour. As hypothesised, the pre-crisis period is associated with significantly higher levels of absolute discretionary accruals and increased propensity to meet or beat the prior year earnings per share, whereas the post-crisis period is not. This finding is consistent with auditors responding to the criticisms that were made. However, the propensity to avoid losses is found to be higher in the post-crisis period, indicating that earnings management is not fully constrained.