Why are aggregate equity payouts pro-cyclical?

We use two general equilibrium models to explain why changes in the external economic environment result in pro-cyclical aggregate dividend payout behavior. Both models that we consider endogenize low elasticity of investment. The first model incorporates capital adjustment costs, while the second one assumes that risk-averse managers maximize their own objective function rather than shareholder wealth. We show that, while both models generate pro-cyclical aggregate dividends, a feature consistent with the observed business-cycle pattern of payouts from well-diversified portfolios, the second model provides a more likely explanation for this effect. Our findings emphasize the importance of incorporating agency conflicts when considering the relationship between the external economic environment and the financial behavior of businesses.

Pre-adoption market reaction to IFRS 9:a cross-country event-study

We are the first to examine the market reaction to 13 announcement dates related to IFRS 9 for over 5400 European listed firms. We find an overall positive reaction to the introduction of IFRS 9. The regulation is particularly beneficial to shareholders of firms in countries with weaker rule of law and a smaller divergence between local GAAP and IAS 39. Bootstrap simulations rule out the possibility that sampling error or data mining are driving our findings. Our main findings are also robust to confounding events and the extent of the media coverage for each event. These results suggest that investors perceive the new regulation as shareholder-wealth enhancing and support the view that stronger comparability across accounting standards of European firms is beneficial to international investors and outweighs the costs of poorer firm-specific information.

Women in Europe between the wars:politics, culture and society

The central aim of this interdisciplinary book is to make visible the intentionality behind the 'forgetting' of European women's contributions during the period between the two world wars in the context of politics, culture and society. It also seeks to record and analyse women's agency in the construction and reconstruction of Europe and its nation states after the First World War, and thus to articulate ways in which the writing of women's history necessarily entails the rewriting of everyone's history. By showing that the erasure of women's texts from literary and cultural history was not accidental but was ideologically motivated, the essays explicitly and implicitly contribute to debates surrounding canon formation. Other important topics are women's political activism during the period, antifascism, the contributions made by female journalists, the politics of literary production, genre, women's relationship with and contributions to the avant-garde, women's professional lives, and women's involvement in voluntary associations. In bringing together the work of scholars whose fields of expertise are diverse but whose interests converge on the inter-war period, the volume invites readers to make connections and comparisons across the whole spectrum of women's political, social, and cultural activities throughout Europe.

Bevezetés a lean menedzsmentbe – a lean stratégiai alapjai = Introduction to lean management – basic strategic elements of lean

A lean menedzsment az értékteremtő folyamatok stratégiai és operatív szintjének meghatározó formálójává vált az elmúlt évtizedekben. Jelen tanulmány stratégiai nézőpontból tárgyalja a lean menedzsment teljes bevezetését. Részletes áttekintést ad a Womack és Jones (2003) által lefektetett lean alapelvekről. Az operatív teljesítményjavulásból származó vevői értékteremtés mellett foglalkozik a tulajdonosi értékteremtéssel, az MRP és a lean szinergikus összekapcsolásával, valamint a lean ideális szervezeti környezetével is. A lean a kapcsolódó területek illesztését is megköveteli, a műhelytanulmány röviden kitér az emberi erőforrás, a teljesítménymérés, az ellátási lánc és a termékfejlesztés legfontosabb kérdéseire. = Lean management has become the dominant strategic and operative framework of value creating processes in the last decades. The working paper describes the strategic approach of full lean implementation. It is mainly built on Womack and Jones’s (2003) lean principles. Beside the five lean principles the study is concerned with customer and shareholder value creation, touches upon the relationship of lean and MRP, and describes ideal lean organizational environment. Lean redesigns value creating processes and requires functional fit of related departments, so the most important issues of human resource, performance, supply chain management and product design are discussed as well.

Anatomy and lessons of the global financial crisis. Is US consumption financed by Chinese savings?

Savings and investments in the American money market by emerging countries, primarily China, financed the excessive consumption of the United States in the early 2000s, which indirectly led to a global financial crisis. The crisis started from the real estate mortgage market. Such balance disrupting processes began on the American financial market which contradicted all previously known equilibrium theories of every school of economics. Economics has yet to come up with models or empirical theories for this new disequilibrium. This is why the outbreak of the crisis could not be prevented or at least predicted. The question is, to what extent can existing market theories, calculation methods and the latest financial products be held responsible for the new situation. This paper studies the influence of the efficient market and modern portfolio theory, as well as Li’s copula function on the American investment market. Naturally, the issues of moral risks and greed, credit ratings and shareholder control, limited liability and market regulations are aspects, which cannot be ignored. In summary, the author outlines the potential alternative measures that could be applied to prevent a new crisis, defines the new directions of economic research and draws the conclusion for the Hungarian economic policy.

Consumer behaviour and lifestyle patterns of Hungarian students in view of environmental awareness

The aim of this paper is to describe the consumer behaviour and everyday lifestyle patterns of Hungarian university and college students. The results are gained from an international survey, carried out by the Department of Environmental Economics and Technology at the Corvinus University of Budapest, supported by the Norwegian Financial Mechanism. As background literature, characteristics of the consumer society and the development of sustainable consumption as a concept are interpreted in the paper. The empirical analysis aims to describe the most important clusters of students, based on the factors of their consumer behaviour, environmental activism and pro-environmental everyday habits. Our results identify two extreme clusters which most significantly differ from each other: the environmental activists and the indifferent group. However, a third cluster has the most modest consumer behaviour, namely the group which considers product features, energy consumption and the behaviour of producers. They spend the least on consumer goods. The three other clusters show quite mixed lifestyle patterns.

Eden in the age of the fifth sun: The narrative work of Homero Aridjis

Homero Aridjis (b. 1940) is a major Mexican poet, novelist, essayist and ecological activist whose prolific body of work, ranging over forty years and including more than eleven volumes of poetry and thirteen novels, has yet to be studied as a coherent literary corpus in the context of recent Latin American fiction. The purpose of this dissertation was to analyze the narrative works of this author as both illustrative of the changes that have occurred in Latin American fiction since the 1960s when it first burst onto the world scene, as well as to study the uniqueness of this particular author's view of literature as it relates to historical discourse, apocalypticism. and social commitment. ^ Research showed that in the case of the narrative style of Aridjis, major trends in the contemporary Latin American novel were present in such a profuse and model manner as to confirm this author's importance as a prime example of what is commonly known as “Post-Boom” fiction. However, beyond the mere presence of literary elements, this study showed that the author's unique approach to narrative style has altered and expanded the aesthetic and thematic possibilities of the contemporary novel. The area where this is most clearly seen is in his experimentation with the historical genre. By manipulating the referential techniques of what has lately come to be known as the “new historical novel,” Aridjis has written both a cycle of purely historical novels and a cycle of futuristic ones that attempt to transcend the temporal limits traditionally imposed by these narrative forms, fusing them into one constant questioning of the nature of love, hate and identity. In this manner, he has developed a “simultaneist” narrative approach where distinct historical and imagined periods, places, people, things, and texts coexist and interact, widening almost to delirium the interpretative possibilities of the work. ^ This unique view of time and narrative, together with the author's political activism and millenarian view of history, make the novels of Homero Aridjis an important element in understanding the continuing development and evolution of Latin American fiction at the turn of the century. ^

Consequences of financial restatements for auditors and top executives

This dissertation consists of three essays and investigates issues related to the impact of financial restatements on auditor change, shareholder actions, and executive turnover in the post-Sarbanes Oxley Act (SOX) period. For the first essay, we examined auditor change at 569 restatement firms and 5,605 control firms for 2004. We found that restatement announcements significantly increased the likelihood of auditor resignation and dismissal in the post-SOX period. The second essay examines shareholder voting on auditor ratifications in 2006 following restatement announcements by SEC registrants in 2005. The proportion of votes not supporting auditor ratification is low even in the presence of a restatement. However, we find that shareholders are more likely to vote against auditor ratification after a restatement when compared to votes at (a) films without restatements, or (b) restating firms in the preceding period. The third essay examines the consequences of financial restatements on the turnover of chief financial officers (CFO). We find that restatement announcements do significantly increase the likelihood of CFO turnover no matter whether the departure is voluntary or forced in nature. Also, the significant relationship is present even after controlling for the effect of CEO turnover.

A youth vision of the city: The socio-spatial lives and exclusion of street girls in Bogota, Colombia

This dissertation documents the everyday lives and spaces of a population of youth typically constructed as out of place, and the broader urban context in which they are rendered as such. Thirty-three female and transgender street youth participated in the development of this youth-based participatory action research (YPAR) project utilizing geo-ethnographic methods, auto-photography, and archival research throughout a six-phase, eighteen-month research process in Bogotá, Colombia. ^ This dissertation details the participatory writing process that enabled the YPAR research team to destabilize dominant representations of both street girls and urban space and the participatory mapping process that enabled the development of a youth vision of the city through cartographic images. The maps display individual and aggregate spatial data indicating trends within and making comparisons between three subgroups of the research population according to nine spatial variables. These spatial data, coupled with photographic and ethnographic data, substantiate that street girls’ mobilities and activity spaces intersect with and are altered by state-sponsored urban renewal projects and paramilitary-led social cleansing killings, both efforts to clean up Bogotá by purging the city center of deviant populations and places. ^ Advancing an ethical approach to conducting research with excluded populations, this dissertation argues for the enactment of critical field praxis and care ethics within a YPAR framework to incorporate young people as principal research actors rather than merely voices represented in adultist academic discourse. Interjection of considerations of space, gender, and participation into the study of street youth produce new ways of envisioning the city and the role of young people in research. Instead of seeing the city from a panoptic view, Bogotá is revealed through the eyes of street youth who participated in the construction and feminist visualization of a new cartography and counter-map of the city grounded in embodied, situated praxis. This dissertation presents a socially responsible approach to conducting action-research with high-risk youth by documenting how street girls reclaim their right to the city on paper and in practice; through maps of their everyday exclusion in Bogotá followed by activism to fight against it.^

Urban Education Research: A Paradigm Shift

Significantly due to the institutional separation of theory and practice, the gap between academia and society continues to broaden, arguably pointing towards the failure of traditional educational research and, to an extent, the university’s neglect to authenticate alternate epistemologies and methodologies that seek to elicit mobilization, activism, and reform.

S Corporations Can Benefit Many Closely-Held Hospitality Firms

In his discussion - S Corporations Can Benefit Many Closely-Held Hospitality Firms - by John M. Tarras, Assistant Professor, School of Hotel, Restaurant & Institutional Management at Michigan State University, Assistant Professor Tarras initially offers: “Organization as an S corporation has many advantages for hospitality firms since passage of the Tax Reform Act of 1986. The author discusses those advantages and lists the disadvantages as well.” In the opening paragraphs Tarras alludes to the relationship between hospitality firms, S corporations, and the Tax Reform Act of 1986, and then defines what an S corporation is. “An S corporation is a form of business entity that combines many of the tax advantages of partnerships with the legal attributes of a corporation, including limited liability for its shareholders. Its name is obtained from a subchapter of the Internal Revenue Code. Except for tax purposes, the S corporation is treated in the same manner as any regular corporation. Like a partnership, income and losses for an S corporation are generally passed through directly to shareholders for inclusion on their individual returns. An S corporation thus avoids the double tax problem facing regular corporations.” There are certain criteria to be met and caveats to be avoided in qualifying for S corporation status. Tarras lists and cites these for you. “Due to the complicated nature of S corporations, the election may be inadvertently terminated if the eligibility requirements are violated,” Tarras expands and cites. As the article suggests at the outset, there are advantages and disadvantages to S corporation status; the author outlines some examples for you. “Traditionally, the S corporation has been used by hospitality firms wishing to avoid the "double tax" problem of a regular corporation,” Tarras informs you. “Regular corporations are taxed once at the corporate level, and again at the shareholder level when income is distributed to shareholders in the form of dividends.” Tarras advises you as to why an S corporation is an advantage in this situation. “Since the S corporation generally is not subject to any corporate taxes, it generally makes no difference whether distributions to shareholders of S corporations are characterized as compensation or dividends,” thus the double tax is avoided. This is just one such positive illustration. Assistant Professor Tarras wants you to know: “Perhaps the most important reason to consider the S corporation has to do with the downward revision of tax rates for both individuals and corporations.” He highlights a case study for you. Some of the disadvantages of S corporation affiliation are the caveats alluded to earlier. They include, “the limitation of an S corporation of 35 shareholders,” Tarras cites. “Also, there are limits as to who may own stock in an S corporation.” These are but two of the limitations of an S corporation. Tarras closes with a further glimpse of the down-sides of an S corporation.

Planning Buy-Sell Agreements In The Hospitality Industry

In the article - Planning Buy-Sell Agreements In The Hospitality Industry - by John M. Tarras, Assistant Professor, School of Hotel, Restaurant and Institutional Management at Michigan State University, the author initially observes: “The vast majority of hospitality firms (restaurants, hotels, etc.) would be considered closely-held corporations. As such, they have unique planning problems compared to large, publicly-traded hospitality firms. One area of special concern to the closely-held hospitality firm is the planning and adoption of a buy-sell agreement.” The above thesis statement outlines the heart of the article; the buy-sell agreement in regard to smaller [closely held, as Tarras calls them] corporations. The theory is narrow and pro-active, spanning the gap between personal-to-corporate stock manipulations. “The primary purpose of a buy-sell agreement is to contribute to the orderly transfer of a shareholder's stock in a hospitality firm upon some future incident [typically retirement, withdrawal of a shareholder, disability, or death], as Tarras defines the concept. “The hospitality firm or the other shareholders would be committed to purchase the departing shareholder's stock at an agreed upon price and method, and to ensure that ample cash will be obtainable for such an impending sale. The buy-sell agreement provides a market for the shareholder or the shareholder's estate for the sale of otherwise illiquid stock,” the author further provides as canons of buy-sell agreements. In defining the buy-sell agreement with restrictive clauses, Tarras demonstrates, “…many closely-held hospitality firms desire to limit ownership to those individuals, either family or principal corporate employees, who are essential to the well-being of the firm.” Tarras says, another element of the buy-sell agreement is to furnish the departing shareholder with liquidity. “…there typically is some form of cash down payment with the remainder denoted by an interest-bearing promissory note [usually 5 to 15 years],” he informs. “The departing shareholders may require that the hospitality firm pledge the assets of the firm and that the remaining shareholders personally guarantee the promissory note.” “…the most frequent reason for establishing buy-sell agreements is for estate planning purposes,” Tarras says. There are tax advantages and liabilities for both the seller and buyer of stock via the buy-sell agreement, and the author enumerates many of these. One, big advantage of the buy-sell agreement is that it provides for the running of the company with a minimum of disruption through the stock-cash transition process, Tarras offers.

Cutting through paradise: A political history of the Cross -Florida Barge Canal

The Cross-Florida Barge Canal, synonymous with boondoggle and waste, became the cause celebre of environmental activism in Florida of the late 1960s. Dramatic changes in Florida's and the nation's politics doomed the CFBC to failure. My purpose is to place in national context the important developments and personalities of Florida's most important environmental controversy. ^ The methodology involved a series of interviews with the most important actors in the canal drama and the environmental movement. Also utilized were regional collections in Florida Public Libraries, the Florida State Archives, personal papers housed at the University of Florida and Corps of Engineers documents. Results showed a clear connection between Florida activism and national environmental policy through the influence of key individuals. I concluded that the CFBC acted as a catalyst to Florida's environmental movement, serving as an indicator of a larger political change from the New Deal coalition to the Republican realignment of 1968. ^

Animals, Plants, People, and Things: A Review of Multispecies Ethnography

This article defines multispecies ethnography and links this scholarship to broader currents within academia, including in the biosciences, philosophy, political ecology, and animal welfare activism. The article is organized around a set of productive tensions identified in the review of the literature. It ends with a discussion of the “ethnographic” in multispecies ethnography, urging ethnographers to bring a “speculative wonder” to their mode of inquiry and writing.

Resistance Performances: (Re)constructing Spaces of Resistance and Contention in the 2010-2011 University of Puerto Rico Student Movement

On the night of April 20, 2010, a group of students from the University of Puerto Rico (UPR), Río Piedras campus, met to organize an indefinite strike that quickly broadened into a defense of accessible public higher education of excellence as a fundamental right and not a privilege. Although the history of student activism in the UPR can be traced back to the early 1900s, the 2010-2011 strike will be remembered for the student activists’ use of new media technologies as resources that rapidly prompted and aided the numerous protests. This activist research entailed a critical ethnography and a critical discourse analysis (CDA) of traditional and alternative media coverage and treatment during the 2010 -2011 UPR student strike. I examined the use of the 2010-2011 UPR student activists’ resistance performances in constructing local, corporeal, and virtual spaces of resistance and contention during their movement. In particular, I analyzed the different tactics and strategies of resistance or repertoire of collective actions that student activists used (e.g. new media technologies) to frame their collective identities via alternative news media’s (re)presentation of the strike, while juxtaposing the university administration’s counter-resistance performances in counter-framing the student activists’ collective identity via traditional news media representations of the strike. I illustrated how both traditional and alternative media (re)presentations of student activism developed, maintained, and/or modified students activists’ collective identities. As such, the UPR student activism’s success should not be measured by the sum of demands granted, but by the sense of community achieved and the establishment of networks that continue to create resistance and change. These networks add to the debate surrounding Internet activism and its impact on student activism. Ultimately, the results of this study highlight the important role student movements have had in challenging different types of government policies and raising awareness of the importance of an accessible public higher education of excellence.