Stakeholder-defined corporate responsibility for a pre-credit-crunch financial service company: lessons for how good reputations are won and lost

This paper presents a study that identifies a stakeholder-defined concept of Corporate Responsibility (CR) in the context of a UK financial service organisation in the immediate pre-credit crunch era. From qualitative analysis of interviews and focus groups with employees and customers, we identify, in a wide-ranging stakeholder-defined concept of CR, six themes that together imply two necessary conditions for a firm to be regarded as responsible— both corporate actions and character must be consonant with CR. This provides both empirical support for a notable, recent theoretical contribution by Godfrey (in Acad Manag Rev 30:777–798, 2005) and novel lessons for reputation management practice.

Stress testing credit risk: the Great Depression scenario

By employing Moody’s corporate default and rating transition data spanning the last 90 years we explore how much capital banks should hold against their corporate loan portfolios to withstand historical stress scenarios. Specifically, we will focus on the worst case scenario over the observation period, the Great Depression. We find that migration risk and the length of the investment horizon are critical factors when determining bank capital needs in a crisis. We show that capital may need to rise more than three times when the horizon is increased from 1 year, as required by current and future regulation, to 3 years. Increases are still important but of a lower magnitude when migration risk is introduced in the analysis. Further, we find that the new bank capital requirements under the so-called Basel 3 agreement would enable banks to absorb Great Depression-style losses. But, such losses would dent regulatory capital considerably and far beyond the capital buffers that have been proposed to ensure that banks survive crisis periods without government support.

The information content of REIT credit rating actions and transparency

We examine the short-run and long-run price reaction of equity REIT shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to prior literature examining the broader U.S. equity market. An examination of trading volume revealed a significant increase in trading in reaction to downgrade credit rating changes, with a more subdued response to upgrades. The findings support the notion that REITs are more publicly forthcoming about the expectation of positive news in comparison to negative news.

Cronaca, narrativa, and the unstable foundations of the Institution of Neorealism

The author contends that many of the conventions of Italian film studies derive from the conflicts and the critical vocabulary that shaped the Italian reception of neorealism in the first decade after the Second World War. Those conflicts, and that critical vocabulary, which lie at the foundation of what has been called the ‘institution of neorealism,’ established an irreconcilable binary: Cronaca and Narrativa. For the neorealists and their critics, Cronaca stood for the effort to record data faithfully, while Narrativa represented the effort to employ the shaping force of human invention in the representation of information. This essay’s first section analyzes the earliest reviews of Rossellini’s Roma città aperta alongside the contemporaneous literary debates over Cronaca and Narrativa. The second section reconsiders the reception of Pratolini’s Metello and Visconti’s Senso, which similarly centered upon the conflict between Cronaca and Narrativa. The third section proposes that the concepts which have often been employed to unify neorealism are destabilized by the Cronaca/Narrativa binary. In search of a solution to neorealism’s conceptual instability, this essay proposes more critical and purposeful appropriations of the movement’s problematic genealogy.