What’s the use of a transatlantic free trade area? Jean Monnet Policy Brief 05/2014

For many of those who remember the hostile EU-US trade relations of the 1980’s and the various trade disputes that have emerged between these two trade partners since then, the opening of negotiations on a joint free trade area would be good news. Strengthened trade cooperation between the partners holds the promise of expanding their mutual exchange of goods and services, not the least by solving obstacles to integration on less transparent issues such as the extent to which product characteristics should be defined by their regional characteristics (e.g. can Budweiser be produced outside the Budweis region in the Czech Republic?).

The European Union Multiannual Financial Framework 2014-2020: How to do more for less? IES Policy Brief Issue 2013/05 • May 2013

The European Council meeting on 7 and 8 February 2013 attracted an unusual level of attention from media and citizens. For a couple of days, Europe played a more important role in national politics and news. Sensation-frenzied media and excited politicians spouted notions of ‘a battle’, ‘winners’, ‘losers’ or ‘striking deals’, as if Europe had gone back to the time when its military powers still conflicted. After more than 24 hours of intense negotiations, the respective Member States leaders left Brussels with ‘good news’ for their citizens. However, those with more Euro-federalist feelings were left with a sense of non-accomplishment and missed opportunities, not only because the EU budget for the first time in history was set for a net decrease, but also because the European Council’s conclusions did not contain any ground-breaking changes to this system. Nevertheless, the European Parliament (EP) immediately reminded Europe about its role and outlined its conditions for further negotiations. Thus, the supporters of a modern and stronger EU budget still see a chance in the consent procedure and hope to shift the focus of the debate from the juste retour spirit to the consideration of the European common good. Is there still a chance for such a shift? What issues are at stake?

China’s slowdown: When the dragon catches the flu, Europe sneezes. CEPS Commentary, 25 September 2015

Notwithstanding the erratic stock market responses around the world, this CEPS Commentary argues that while a slowdown of the world’s second-largest economy may not be good news for Europe, its effects will not be as bad as headlines would have us believe. In the short term, it finds that the biggest risks from the Chinese slowdown may be political, stemming from a weakening of the Renminbi, either from actions taken by China’s central bank and/or from large capital outflows.

The story of the Pilgrim fathers, 1606-1623 A. D.;

Introduction.--Dr. Cotton Mather's life of Governor William Bradford.--The Bradford manuscript.--Scrooby.--Amsterdam.--Leyden.--The resolution to migrate to America.--The negotiations of the Pilgrim church.--The voyage to America.--A relation, or journal, of the beginning and proceedings of the English plantation, settled at Plymouth.--The complaint of certain adventurers and inhabitants of the plantation in New England.--E. W. [Edward Winslow] Good news from New England.--A brief relation of a credible intelligence of the present state of Virginia.--A postscript.--Index.

Crowds;

Crowds and machines -- Letting the crowds be good -- Letting the crowd be beautiful -- Crowds and heroes -- Good news and hard work.

COMUNICAÇÃO E CULTURA LOCAL NA RÁDIO COMUNITÁRIA BOA NOVA FM EM SENHORA DE OLIVEIRA, MG

Estudo sobre a Rádio Comunitária Boa Nova FM do município de Senhora de Oliveira-MG, no que se refere às suas configurações e as relações com a comunidade local. Os objetivos são identificar o sistema de funcionamento da rádio comunitária como forma de compreender até que ponto ela se insere no cotidiano oliveirense e articula a movimentação local, sobretudo em períodos eleitorais; averiguar o tipo de informação veiculada; observar o sentimento dos ouvintes em relação à mesma. O estudo se baseia em pesquisa bibliográfica para tecer as teorias e nortear todo o processo de pesquisa e no estudo de caso por meio de procedimentos metodológicos como a pesquisa documental, a pesquisa participante e entrevistas semi-estruturadas, além de uma pesquisa de recepção junto aos ouvintes. Conclui-se que a rádio Boa Nova, que convive harmoniosamente com a comunicação comunitária estabelecida também pelo alto falante, articula de forma simplória a informação e a cultura local em suas práticas, pois há reprodução de conteúdo da mídia convencional, além de não haver uma participação ampla da associação comunitária que é sua mantenedora. Apesar da falta de conhecimento técnico da maioria dos locutores e da relação político partidária presente na emissora, há compatibilidade entre o que a rádio veicula e o interesse dos ouvintes.

The impact of the introduction and use of an informational website on offline customer buying behavior

Do customers increase or decrease their spending in response to the introduction of an informational website? To answer this question, this study considers the effects of the introduction and use of an informational website by a large national retailer on offline customer buying behavior. More specifically, we study a website's effects on the number of shopping trips and the amount spent per category per shopping trip. The model is calibrated through the estimation of a Poisson model (shopping trips) and a type-II tobit model (the amount spent per category per shopping trip), with effect parameters that vary across customers. For the focal retailer, an informational website creates more bad than good news; most website visitors engage in fewer shopping trips and spend less in all product categories. The authors also compare the characteristics of shoppers who exhibit negative website effects with those few shoppers who show positive effects and thus derive key implications for research and practice.

Editorial

Readers may have noted that a short but very important announcement was made in the last issue of CLAE, at the top of the contents page. CLAE has been accepted by Thomson Reuters for abstracting and indexing in its SciSearch, Journal Citation Reports, and Current Contents services. This will ensure a greater visibility to the international research community. In addition, in June 2012 CLAE will receive its very first official Impact Factor – a measure of journal influence of importance to authors and readers alike. The impact factor value has not yet been decided but internal estimates by Elsevier estimate it will be around 1, and it will be applied to all CLAE issue back to January 2009 (volume 32). I would guess readers at this stage would have one of two responses – either ‘that's good news’ or perhaps ‘what's an impact factor?’ If you are in the latter camp then allow me to try and explain. Basically the impact factor or citation index of a journal is based on how many times in the previous year papers published in that journal in the previous two years were cited by authors publishing in other journals. So the 2012 impact factor for CLAE is calculated on how many times in 2011 papers that were published in CLAE in 2010 and 2009 were cited in other journals in 2011, divided by the number of papers published in CLAE 2010 and 2009. Essentially authors will try and get their work published in journals with a higher impact factor as it is thought that the paper will be cited more by other authors or the paper will have higher visibility in the arena. For universities having its published output in higher journals is one of the markers used to judge esteem. For individual authors publishing in journals with a higher impact factor or the number of times one of their papers is published is something that they are likely to add to their CVs or demonstrate the importance of their work. Journals with higher impact factors tend to be more review journals or journals with a wider spectrum so for a relatively small journal with a specialised field like CLAE it is great to be listed with a citation index. The awarding of a citation index crowns many changes that CLAE has undergone since the current Editor took the reins in 2005. CLAE has increased from four issues (in 2004) to six issues per year with at least one review article per issue and one article with continuing education per issue. The rejection rate has gone up significantly meaning that only best papers are published (currently it stands at 37%). CLAE has been Medline/Pubmed indexed for a few years now which is also a very important factor in improving visibility of the journal. The submission and reviewing process for CLAE in now entirely online and finally the editorial board has changed from being merely a list of keynote people to being an active group of keynote people who are enthusiastically involved with the journal. From the editorial board one person is appointed as a Reviews Editor plus we have two additional editors who work as Regional Editors. As ever, on behalf of CLAE I would like to thank the BCLA Council for their continued support (especially Vivien Freeman) and Elsevier for their continuing guidance (in particular Andrew Miller and Rosie Davey) and the excellent Editorial Board (Christopher Snyder, Pauline Cho, Eric Papas, Jan Bergmanson, Roger Buckley, Patrick Caroline, Dwight Cavanagh, Robin Chalmers, Michael Doughty, Nathan Efron, Michel Guillon, Nizar Hirji, Meng Lin, Florence Malet, Philip Morgan, Deborah Sweeney, Brian Tighe, Eef van Der Worp, Barry Weissman, Mark Willcox, James Wolffsohn and Craig Woods). And finally, a big thanks to the authors and reviewers who work tirelessly putting manuscripts together for publication in CLAE. Copyright © 2012 Published by Elsevier Ltd.

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.

Distress risk, growth and earnings quality

We extend and complement prior work by investigating the earnings quality of firms with different financial health characteristics and growth prospects. By using three alternative measures of default likelihood and two alternative measures of growth options, without being limited to a specific event, we provide a more comprehensive setup for analysing the earnings characteristics of the universe of firms than examining distressed firms with persistent losses, dividend reductions or bankruptcy-filings. Our dataset consists of 15,049 healthy U.S. firms over the period 1990-2004. Results show that the relation between earnings quality and financial health is not monotonic. Distressed firms have a low level of earnings timeliness for bad news and a high level for good news, and manage earnings toward a positive target more frequently than healthy firms. On the other hand, healthy firms have a high level of earnings timeliness for bad news. Growth aspects play an important role in a firm's ability to manage earnings. In contrast to the findings of prior studies, growth firms have greater earnings timeliness for bad news, whereas value firms manage earnings toward a positive target more frequently than growth firms. © 2011 The Authors. Abacus© 2011 Accounting Foundation, The University of Sydney.

On realizing the principles of Gaudium et spes in a post-communist country: Searching for christian entrepreneurs and roots of individuals in Hungary at the time of globalization

Due to the communist regime in Hungary the values and principles of the Second Vatican Counsil could hardly achieve their goal in the region and the situation is almost the same even today. This paper examines two levels of society where the thoughts of Gaudium et spes might have appeared: we have explored that there are Christian companies existing about 15 years since the political transition in 1990 and we made a research among individuals in rural environment, how could they preserve their human wholeness described in GS, in other words, how could they keep their social, cultural, natural, religiuos and local roots amongst the consumer society that has been developped in Hungary at the time of capitalism. Regarding the Christian companies our research could produce a positive result: we have explored that although the Christian companies survayed hardly know the Church’s social doctrine, they live and operate according to it. At the same time in the realm of individuals we cannot tell good news of this kind. Most of the persons interviewed have already lost or are near to loose their roots, that is their human wholeness. Our final conclusion is that our hope for preserving even strenghtening the values of GS in the Hungarian society is in the communities, be it work communities, as John Paul II. mentioned in his encyclical Sollicitudo rei Socialis. The paper presents the details and conclusions of our researches.

Lan American Coups: Have They Vanished or Taken New Shapes?

In the following pages, three well-known Latinoamericanists share their views on the current prospects for coups in Latin America. They are: Rut Diamint of the University Torcuatto de Tella in Buenos Aires, Argentina; Pablo Policzer of the University of Calgary in Canada; and Michael Shifter of the Inter-American Dialogue in Washington, DC. Each looks at the potential for coups from different perspectives but, all three come to similar conclusions. That is, that despite substantial gains in democracy, the threat of coups in Latin America remains latent. The authors agree that democracy is growing in the region. Opinion surveys such as the Americas Barometer consistently show that citizens in Latin America have gradually incorporated democracy as part of their core value system. Yet, the authors argue convincingly that Latin America faces new types of interruptions to its democratic process that should be considered coups, even if not following the traditional style of military coup that predominated in the past. Situations that have taken place in Peru, Ecuador, Nicaragua, Honduras and other countries serve to illustrate the new trends. More specifically, Professor Diamint argues that in Latin America a culture of intolerance, demonization of the opposition, and the utilization of any method to achieve power prevails. In a region with a very high threshold of violence, governments fail to set an example of establishing a culture of debate, consensus, and transparency. This culture is inclined to uncontrollable political expressions, preferring confrontational means to resolve conflict. Within this scenario, “messianic” solutions are promoted and coups cannot be discarded as an option that would never transpire. Professor Policzer looks more closely to the constitutional loopholes that allow for a transformation of limited into absolute power. He argues that coups can be constitutional or unconstitutional, and that a constitutional coup can occur when violations to democracy actually stem from the constitutions themselves. In Honduras, for example specific provisions in the Constitution itself created conditions for a constitutional crisis; similar provisions have also led to constitutional authoritarianism in Venezuela and other countries. Dr. Policzer stresses that when a head of state or the military take absolute power, even temporarily, based on provisions in their constitutions; they are in essence staging a constitutional coup. These blind spots in constitutions, he argues, may be more serious threat to democracy than that of traditional coups. Lastly, Dr. Shifter argues that some kind of coup should be expected in Latin America in coming years, not only because fundamental institutions remain weak in some countries, but because the regional political environment is less prepared to respond effectively to transgressions than it was a few years ago. The good news, however, is that only a handful of countries, show no interest in governing. The bad news is that in those few countries where situations are indeed shaky, they are also in some cases aggravated by rising food and fuel prices, and spreading criminality, which pose serious risks to the rule of law and democratic governance.

COMUNICAÇÃO E CULTURA LOCAL NA RÁDIO COMUNITÁRIA BOA NOVA FM EM SENHORA DE OLIVEIRA, MG

Estudo sobre a Rádio Comunitária Boa Nova FM do município de Senhora de Oliveira-MG, no que se refere às suas configurações e as relações com a comunidade local. Os objetivos são identificar o sistema de funcionamento da rádio comunitária como forma de compreender até que ponto ela se insere no cotidiano oliveirense e articula a movimentação local, sobretudo em períodos eleitorais; averiguar o tipo de informação veiculada; observar o sentimento dos ouvintes em relação à mesma. O estudo se baseia em pesquisa bibliográfica para tecer as teorias e nortear todo o processo de pesquisa e no estudo de caso por meio de procedimentos metodológicos como a pesquisa documental, a pesquisa participante e entrevistas semi-estruturadas, além de uma pesquisa de recepção junto aos ouvintes. Conclui-se que a rádio Boa Nova, que convive harmoniosamente com a comunicação comunitária estabelecida também pelo alto falante, articula de forma simplória a informação e a cultura local em suas práticas, pois há reprodução de conteúdo da mídia convencional, além de não haver uma participação ampla da associação comunitária que é sua mantenedora. Apesar da falta de conhecimento técnico da maioria dos locutores e da relação político partidária presente na emissora, há compatibilidade entre o que a rádio veicula e o interesse dos ouvintes

2000 Seat Belt Usage Survey, September 13, 2001

The good news is that safety belt usage on municipal road systems (city streets) increased 1.07 percent. This is encouraging since more than 45 percent of all motor vehicle crashes occur on city streets, and usage on the municipal road system has consistently been the lowest of the road systems studied. In communities where usage is good, enforcement and public education must be maintained in order to improve usage further; in communities where usage is still low, enforcement and public education must both be increased. Usage on the primary system (U.S. or state highways) rose 1.01 percent from the previous year. This is also welcome news because almost half of all fatalities (49 percent) occur on the primary road system. There was a decline in interstate belt use (-1.45 percent). Despite this decrease interstate usage is still traditionally the highest of all roadway categories presumably because the longer trips, higher travel speeds and large number of vehicles cause drivers to assume there is greater risk.

As reações do mercado acionista e obrigacionista dos GIPSI às notícias da Troika durante o período de crise financeira: 2010-2013

A zona euro e mais concretamente o conjunto de países constituído por Grécia, Itália, Portugal, Espanha e Irlanda chamado de GIPSI, atravessam uma das maiores crises desde a Grande Depressão. De forma a ajudar estes países mais afetados, um conjunto de organizações internacionais (FMI/BCE/CE) apelidado de Troika, tem unido esforços para debelar as dificuldades de financiamento e criarem políticas de reforma com o objetivo de devolver a independência e potenciar o crescimento económico dos mesmos. As ações e comunicados destas organizações passaram assim a gozar de uma maior visibilidade e interesse por parte dos investidores. Tendo isso em conta, neste trabalho estudamos o impacto das notícias da Troika nos mercados acionista e obrigacionista dos GIPSI, com um maior foco no mercado português. Em Portugal não encontramos evidência de que as notícias diretamente relacionadas com as ações e comunicações da Troika têm efetivamente impactos significativos, quer no mercado acionista, quer no obrigacionista. No entanto, as notícias de carácter internacional sobre a crise, respeitantes aos outros países afetados, impactaram de forma significativa o PSI 20, especialmente quando estas foram boas, assim como outras notícias relativas a avaliações, anúncios de apoio ou críticas de outras organizações europeias e mundiais, bem como como de líderes de países intervenientes na ajuda aos países afetados e anúncios macroeconómicos, sendo que aqui esse impacto foi mais sentido nas más notícias. No mercado obrigacionista, voltamos a ter impactos significativos dos mesmos tipos de notícias juntando-se aqui as notícias relativas às medidas tomadas pelo Governo português e outros agentes governamentais. Os restantes mercados, Espanha e Grécia apresentaram impactos significativos no mercado acionista e obrigacionista, o que nos leva a confirmar estudos anteriores de que notícias relacionadas com a crise têm efeitos para além do país visado e impactam de forma significativa outros mercados, em especial os mais afetados.