The effect of timeliness and credit ratings on the information content of earnings announcements

Abstract: This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.

Improving the management of behaviour that challenges associated with dementia in care homes:protocol for pharmacy-health psychology intervention feasibility study

INTRODUCTION: The inappropriate use of antipsychotics in people with dementia for behaviour that challenges is associated with an estimated 1800 deaths annually. However, solely focusing on antipsychotics may transfer prescribing to other equally dangerous psychotropics. Little is known about the role of pharmacists in the management of psychotropics used to treat behaviours that challenge. This research aims to determine whether it is feasible to implement and measure the effectiveness of a combined pharmacy-health psychology intervention incorporating a medication review and staff training package to limit the prescription of psychotropics to manage behaviour that challenges in care home residents with dementia. METHODS/ANALYSIS: 6 care homes within the West Midlands will be recruited. People with dementia receiving medication for behaviour that challenges, or their personal consultee, will be approached regarding participation. Medication used to treat behaviour that challenges will be reviewed by the pharmacist, in collaboration with the general practitioner (GP), person with dementia and carer. The behavioural intervention consists of a training package for care home staff and GPs promoting person-centred care and treating behaviours that challenge as an expression of unmet need. The primary outcome measure is the Neuropsychiatric Inventory-Nursing Home version (NPI-NH). Other outcomes include quality of life (EQ-5D and DEMQoL), cognition (sMMSE), health economic (CSRI) and prescribed medication including whether recommendations were implemented. Outcome data will be collected at 6 weeks, and 3 and 6 months. Pretraining and post-training interviews will explore stakeholders' expectations and experiences of the intervention. Data will be used to estimate the sample size for a definitive study. ETHICS/DISSEMINATION: The project has received a favourable opinion from the East Midlands REC (15/EM/3014). If potential participants lack capacity, a personal consultee will be consulted regarding participation in line with the Mental Capacity Act. Results will be published in peer-reviewed journals and presented at conferences.

Assessing the capability to acquire and absorb technology within the public sector in developing countries : the case of Kuwait

The aim of this research is to assess the acquisition and absorption technology capabilities of the public sector in developing countries, with specific focus on the State of Kuwait. The assessment process of these two capabilities was conducted using a model originally designed for the private sector. In addition, the research aims to propose a framework to enhance the technological capability of developing countries, as well as the performance of the public sector. To achieve these aims, an investigation of the technology process to three public ministries in Kuwait was conducted. The prime interest of this investigation was to evaluate the role of the transferred technology in enhancing the indigenous technological capability of the public sector. The research is based on a case study approach, comprising a main case study (Ministry of Electricity and Water) and three minor case studies. Based on the outcomes from an extensive literature review and the preliminary sectoral visits, the research question and four hypotheses were formulated. These hypotheses were then tested using interview-based survey and documentation. The findings of the research revealed the weakness of the acquisition and absorption technological capabilities of the public sector. Consequently, the public sector relies extensively on foreign contractors and expatriates to compensate for this weakness. Also, it was found that Kuwait Government has not taken the necessary measures to develop its technological capability. This research has proposed a framework which could lead, if properly managed, to the enhancement of indigenous capability. It has also proposed how to improve performance and productivity in the public sector. Finally, the findings suggest that the assessment model, with minor adjustment, is applicable to the public sector.

Effective leadership in salient groups:revisiting leader-member exchange theory from the perspective of the social identity theory of leadership

Two studies compared leader-member exchange (LMX) theory and the social identity theory of leadership. Study 1 surveyed 439 employees of organizations in Wales, measuring work group salience, leader-member relations, and perceived leadership effectiveness. Study 2 surveyed 128 members of organizations in India, measuring identification not salience and also individualism/collectivism. Both studies provided good support for social identity predictions. Depersonalized leader-member relations were associated with greater leadership effectiveness among high-than low-salient groups (Study 1) and among high than low identifiers (Study 2). Personalized leadership effectiveness was less affected by salience (Study 1) and unaffected by identification (Study 2). Low-salience groups preferred personalized leadership more than did high-salience groups (Study 1). Low identifiers showed no preference but high identifiers preferred depersonalized leadership (Study 2). In Study 2, collectivists did not prefer depersonalized as opposed to personalized leadership, whereas individualists did, probably because collectivists focus more on the relational self.

Promoting creativity at work:the role of problem-solving demand

We propose that problem-solving demand (PSD) is an important job attribute for employees' creative performance. Applying job design theory, we examined the relationship between PSD and employee creativity. The theorised model was tested with data obtained from a sample of 270 employees and their supervisors from three Chinese organisations. Regression results revealed that PSD was positively related to creativity, and this relationship was mediated by creative self-efficacy. Additionally, intrinsic motivation moderated the relationship between PSD and creative self-efficacy such that the relationship was stronger for individuals with high rather than low intrinsic motivation. We discuss our findings, implications for practice, and future research.

Mundane heterosexism: understanding incidents of the everyday

In this article, discourse analysis, combined with lesbian feminist politics, are used to explore subtle forms of heterosexism in language, a social phenomenon that I have termed "mundane heterosexism," because of its everyday nature. Drawing on feminist understandings of subtle sexism and discursive psychology I analyse three forms of mundane heterosexism derived from (predominantly) tape-recorded antiheterosexism training session data: (1) prejudice against the heterosexual, (2) nonheterosexuality as a deficit and (3) refusing diversity. Two levels for challenging mundane heterosexism are discussed. interactional counterarguments, and broader societal campaigns. I conclude by advocating the necessity of further detailed analyses of the construction of mundane heterosexism, and stress the importance of heterosexism for feminist research. © 2001 Elsevier Science Ltd. All rights reserved.

Color categories: confirmation of the relativity hypothesis

The question of whether language affects our categorization of perceptual continua is of particular interest for the domain of color where constraints on categorization have been proposed both within the visual system and in the visual environment. Recent research (Roberson, Davies, & Davidoff, 2000; Roberson et al., in press) found substantial evidence of cognitive color differences between different language communities, but concerns remained as to how representative might be a tiny, extremely remote community. The present study replicates and extends previous findings using additional paradigms among a larger community in a different visual environment. Adult semi-nomadic tribesmen in Southern Africa carried out similarity judgments, short-term memory and long-term learning tasks. They showed different cognitive organization of color to both English and another language with the five color terms. Moreover, Categorical Perception effects were found to differ even between languages with broadly similar color categories. The results provide further evidence of the tight relationship between language and cognition.

Safety culture during major organisational change

This research examines the effect of major changes, in the external context, on the safety culture of a UK generating company. It was focused on an organisation which was originally part of the state owned Central Electricity Generating Board and which, by the end of the research period, was a self-contained generating company, operating in a competitive market and a wholly owned subsidiary of a US utility. The research represents an attempt to identify the nature and culture of the original organisation and to identify, analyse and explain the effects of the forces of change in moulding the final organisation. The research framework employed a qualitative methodology to investigate the effects of change, supported by a safety culture questionnaire, based on factors identified in the third report of the ACSNI Human Factors Study Group; Organising for Safety, as being indicators of safety culture. An additional research objective was to assess the usefulness of the ACSNI factors as indicators of safety culture. Findings were that the original organisation was an engineering dominated technocracy with a technocentric safety culture. Values and beliefs were very strongly held and resistant to change and much of the original safety culture survived unchanged into the new organisation. The effects of very long periods of uncertainty about the future were damaging to management/worker relationships but several factors were identified which effectively insulated the organisation from any of the effects of change. The forces of change had introduced a beneficial appreciation of the crucial relationship between safety risk assessment and commercial risk assessment.Although the technical strength of the original safety culture survived, so did the essential weakness of a low level of appreciation of the human behavioural aspects of safety. This led to a limited, functionalist world view of safety culture, which assumed that cultural change was simpler to achieve than was the case and an inability to make progress in certain areas which were essentially behavioural problems.The factors identified by ACSNI provided a useful basis for the site research methodology and for identifying areas of relative strength and weakness in the site safety arrangements.

The effect of metastereotyping on judgements of higher-status outgroups when reciprocity and social image improvement motives collide

Two experiments examined the effect of metastereotype valence on high and low identifiers' judgments of an outgroup. As high identifiers are strongly emotionally invested in the ingroup, we expected that such group members would feel angry when they activate negative metastereotypes which would correspondingly lead to less favourable evaluation of the outgroup. We further expected this pattern to be particularly visible when high identifiers could communicate their dissatisfaction to an outgroup (but not an ingroup) audience presumably to persuade the outgroup to reevaluate their attitudes toward the ingroup. We did not expect low identifiers to reflect the valence of metastereotypes in their outgroup attitudes and judgments, given their weak emotional ties with the ingroup and because such members are likely to feel that metastereotypes do not apply to them personally. Results from two experiments (Study 1, N = 78; Study 2, N = 80) supported these predictions and are discussed in light of the implications of metastereotyping for intergroup relations. © 2012 Canadian Psychological Association.

The role of working memory in compulsive checking and OCD:a systematic classification of 58 experimental findings

Despite the large body of research regarding the role of memory in OCD, the results are described as mixed at best (Hermans et al., 2008). For example, inconsistent findings have been reported with respect to basic capacity, intact verbal, and generally affected visuospatial memory. We suggest that this is due to the traditional pursuit of OCD memory impairment as one of the general capacity and/or domain specificity (visuospatial vs. verbal). In contrast, we conclude from our experiments (i.e., Harkin & Kessler, 2009, 2011; Harkin, Rutherford, & Kessler, 2011) and recent literature (e.g., Greisberg & McKay, 2003) that OCD memory impairment is secondary to executive dysfunction, and more specifically we identify three common factors (EBL: Executive-functioning efficiency, Binding complexity, and memory Load) that we generalize to 58 experimental findings from 46 OCD memory studies. As a result we explain otherwise inconsistent research – e.g., intact vs. deficient verbal memory – that are difficult to reconcile within a capacity or domain specific perspective. We conclude by discussing the relationship between our account and others', which in most cases is complementary rather than contradictory.

Misrepresentations and flawed logic about the prevalence of false memories

Brewin and Andrews (2016) propose that just 15% of people, or even fewer, are susceptible to false childhood memories. If this figure were true, then false memories would still be a serious problem. But the figure is higher than 15%. False memories occur even after a few short and low-pressure interviews, and with each successive interview they become richer, more compelling, and more likely to occur. It is therefore dangerously misleading to claim that the scientific data provide an “upper bound” on susceptibility to memory errors. We also raise concerns about the peer review process.

Understanding the factors affecting e-business adoption and impact on logistics processes

Purpose: The purpose of this paper is to conceptualize e-business adoption and to generate understanding of the range of factors affecting the adoption process. The paper also aims at exploring the perceived impact of e-business adoption on logistics-related processes. Design/methodology/approach: Case study research, by conducting in-depth interviews in eight companies. Findings: E-business adoption is not exclusively a matter of resources. Increased e-business adoption and impact are caused by increased operational compatibility, as well as increased levels of collaboration. In terms of e-business impact this mainly refers to cycle time reductions and quality improvements, rather than direct cost reductions as reported by other authors. Research limitations/implications: The intrinsic weakness of the research method and the way concepts are operationalized limits the ability to generalize findings. Practical implications: Managers should emphasize developing their relationships with theirsuppliers/customers, in an effort to do common e-business investments, and should aim to increase their partners' commitment to the use of these applications. Originality/value: This paper provides empirical evidence from a sector where limited research efforts have taken place. Explanations can be helpful to other researchers involved in the understanding of the adoption of e-business and its impact. © Emerald Group Publishing Limited.

Trade union policy and new technology: the Civil and Public Services Association

The introduction of a micro-electronic based technology to the workplace has had a far reaching and widespread effect on the numbers and content of jobs. The importance of the implications of new technology were recognised by the trade unions, leading to a plethora of advice and literature in the late 70s and early 80s, notably the TUC 'Technology and Employment ' report. However, studies into the union response have consistently found an overall lack of influence by unions in the introduction of technology. Whilst the advent of new technology has coincided with an industrial relations climate of unprecedented hostility to union activity in the post-war period, there are structural weaknesses in unions in coming to terms with the process of technological change. In particular was the identification of a lack of suitable technological expertise. Addressing itself to this perceived weakness of the union response, this thesis is the outcome of a collaborative project between a national union and an academic institution. The thesis is based on detailed case studies concerning technology bargaining in the Civil Service and the response of the Civil and Public Services Associations (CPSA), the union that represents lower grade white collar civil servants. It is demonstrated that the application of expertise to union negotiators is insufficient on its own to extend union influence and that for unions to effectively come to terms with technology and influence its development requires a re-assessment across all spheres of union activity. It is suggested that this has repercussions for not only the internal organisation and quality of union policy formation and the extent, form and nature of collective bargaining with employer representatives, but also in the relationship with consumer and interest groups outside the traditional collective bargaining forum. Three policy options are developed in the thesis with the 'adversarial' and 'co~operative' options representing the more traditional reactive and passive forms of involvement. These are contrasted with an 'independent participative' form of involvement which was a 'pro-active' policy option and utilised the expertise of the Author in the CPSA's response to technological change.

Hungarian international development cooperation:context, stakeholders and performance

This paper explores the domestic and international context of Hungary's emerging international development policy. Specifically, it looks at three factors that may influence how this policy operates: membership in the European Union (EU) and potential ‘Europeanization’, Hungary's wider foreign policy strategy, and the influence of domestic stakeholders. In order to uncover how these factors affect the country's international development policy, semi-structured interviews were carried out with the main stakeholders. The main conclusions are: (1) While accession to the EU did play a crucial role in restarting Hungary's international development policy, the integration has had little effect since then; (2) international development policy seems to serve mainly Hungary's regional strategic foreign policy and economic interests, and not its global development goals; and (3) although all the domestic development stakeholders are rather weak, the Ministry of Foreign Affairs (MFA) still seems to play a dominating role. Convergence with European requirements and best practices is, therefore, clearly hindered by foreign policy interests and also by the weakness of non- governmental stakeholders.