Intelligent financial news digest system

We present an agent-based system Intelligent Financial News Digest System (IFNDS) for analyzing online financial news articles and associated material. The system can abstract, synthesize, digest, and classify the contents, and assesses whether the report is favorable to any company discussed in the reports. It integrates artificial intelligence technologies including traditional information retrieval and extraction techniques for the news analysis. It makes use of keyword statistics and backpropagation training data to identify companies named in reportage whether it is, evaluatively speaking, positive, negative or neutral. The system would be of use to media such as clipping services, media management, advertising, public relations, public interest, and e-commerce professionals and government non-governmental bodies interested in monitoring the media profiles of corporations, products, and issues.

Defining corporate citizenship : evidence from Australia

This study reports the results of a survey of the attitudes to corporate citizenship and practices of corporate citizenship of 93 of the largest private and publicly listed corporations in Australia. The results suggest there was considerable hesitation in positioning corporate citizenship as a proactive, long term, internal culture process. Instead, corporate emphasis was generally on short-term community activities. Also, there was little variation in these results when respondents were classified by industry, international involvement and legal structure. Clearly, significant links have yet to be made by corporate Australia to connect the financial, social and environmental bottom lines.

Green products and corporate strategy : an empirical investigation

Purpose – The purpose of the study is to examine the influence of multiple factors on the green purchase intention of customers in Australia.

Design/methodology/approach – A conceptual model is proposed and was subjected to empirical verification with the use of a survey of metropolitan and regional households in Victoria, Australia. The data were analyzed using both descriptive measures and exploratory factor analysis to identify and validate the items contributing to each component in the model. AMOS structural modeling was used to estimate the measure of respondents' overall perception of green products and their intention to purchase.

Findings – The results indicate that customers' corporate perception with respect to companies placing higher priority on profitability than on reducing pollution and regulatory protection were the significant predictors of customers' negative overall perception toward green products. The only positive contribution to customers' perception was their past experience with the product. Other factors including the perception of green products, product labels, packaging, and product ingredients did not appear to influence customers' perception. The results also indicate that customers are not tolerant of lower quality and higher prices of green products.

Research limitations/implications – The knowledge of the overall perception formation about green products and its predictors provides management with the facility to identify and implement strategies that may better influence the change of attitude by customers. Corporations can also benefit from the identification of the types of information required to enable management to influence this process of perception formation.

Originality/value – The present findings contributes to an understanding of the antecedents of green purchasing and highlight that green customers rely more on personal experience with the product than the information provided by the marketer.

The Determinants of Recovery Rates on Defaulted Corporate Securities: Why do Fallen Angels recover more than Original High Yield Issues?

Regression analysis has shown that recovery rates are determined by a variety of conditions at the time of default. These conditions can be broken into five major categories: (1) a security's seniority within the capital structure of the defaulting firm, (2) the type of default event, (3) firm-specific factors, (4) industry-specific factors, and (5) macroeconomic factors. Expectations of these inputs determine the expected recovery rate if default were to occur, thereby determining credit ratings and security prices. Although it is widely understood how recovery rate estimates influence credit rating assignments (the higher the expected recovery rate, the higher the assigned credit rating), no research, to the best of my knowledge, has investigated the reasons why higher rated securities recover more than lower rated securities in the event of default. Specifically, this paper will empirically investigate why securities originally rated investment grade, fallen angels, recover more than securities originally rated high yield in the event of default.

Too Many Bad Cooks Spoiling the Broth? Effectiveness of NGOs in Addressing Child Labour in El Salvador

The reaction of the first world to the persevering plight of a large part of the third world varies. In response to the sometimes glaring disparities, many international organizations and multinational corporations have recently adopted a pro-development rhetoric with relation to the problem of global poverty. However, the rhetoric rarely translates into action. As David Bacon discusses, leaders of corporations and organizations now tend to conclude their speeches by expressing a desire to reduce the suffering of the third world. However, when it comes to agreeing on specific concessions that could indeed improve the world-wide economic situation, first world countries are reluctant to act. A good example of this type of behavior is the current negotiation of the WTO, the “development round of Doha,” in which the United States along with the European Union pressure countries of the developing South to open up their markets, while at the same time refusing to remove or even decrease their own agricultural subsidies. The first world civil society observes the behavior of international organizations and western based multinational corporations as ineffectual. Taking the matter in its own hands, especially in the past couple of decades, this civil society has created a countless number of development-oriented nongovernmental organizations. These are supposed to compensate for the lack of action by international organizations. Development NGOs are believed to be more locally responsive as well as free of business or political considerations in choosing their strategies, and thus generally more efficient than IOs. However, if they really were how they are alleged to be, the problems of the third world would already be ameliorated by a significant amount, if not completely eradicated. Do development-NGOs indeed possess the characteristics that they claim to possess? What is their real affect on human rights? And how effective are they in their work?

Codes of ethics in corporate Sweden

Purpose – The purpose of the study is to examine and describe the use of codes of ethics in the top 100 companies operating in the Swedish corporate sector. This paper reports on the responses of those companies that possessed a code of ethics.

Design/methodology/approach – A three-stage research procedure was used. First, a questionnaire was sent to the public relations managers of the top 100 companies operating in the Swedish corporate sector (based on revenue). Companies were asked to answer up to 29 questions and to supply a copy of their code of ethics. The second stage involved content analysis of the codes of ethics supplied by survey respondents. The third stage involved a more detailed follow-up of a smaller group of firms that appeared to be close to best practice. Findings for Stage 1 of the research are reported in this paper. The areas of questioning were: how common are codes of ethics? Who was involved in the development of these codes? What are the reasons for the codes? How are they implemented? Do companies inform internal and external publics of the codes? What are the prescribed benefits of the codes?

Findings – It would appear that business ethics has only recently become a topic of interest in corporate Sweden and that many companies are in the early stages of code development and assimilation into company policies. The incidence of codes in the population (of 100) suggested by this survey (56 per cent) is lower than a US study finding (in 1995) that over 84 per cent of comparable US companies had codes of ethics. It would appear that Sweden today lags behind the US situation of 1995. When one investigates the special measures to support the inculcation of ethical values at the organizational level, there appears to be some shortfall. The supporting measures of ethics committees, ethics training committees, ethics training, ombudsman, an ethical audit and procedures to protect whistleblowers appear to be under-utilized in companies that possess codes. This lack of utilization tends to suggest that companies in Sweden, as yet, either have not developed a high commitment to supporting business ethics in their corporations, or they may have developed other methods to support their codes in their organizations that they view are as beneficial as the traditional methods practised in other western industrial democracies.

Research limitations/implications – This research was limited to internal ethical expectations. The commitment to business ethics is usually explored in terms of internal ethical expectations, but the simultaneous consideration of the external ethical expectations in the marketplace (e.g. among suppliers and customers or other publics) is desirable. A dyadic approach considering a company's internal ethical expectations and the external ethical expectations of a company's business activities may give a more balanced and in-depth approach.

Practical implications – Evidence is now available to show that codes of ethics are well developed in many of Sweden's largest corporations: organizations that, from their responses, appear to see a diverse range of benefits in developing the area of business ethics. Companies are beginning to implement not only a code of ethics, but other complementary initiatives that reinforce the need for the culture of the organization to be ethical. Codes of ethics are perceived by organizations to have assisted them in their dealings in the marketplace and many companies use their ethical values to underpin their strategic planning process. It appears that many companies now see the formalisation of business ethics as an integral part of their commercial practices.

Originality/value – This study is the first one of its kind on codes of ethics in corporate Sweden. It will enable all sectors of Swedish business to benchmark their efforts against the major companies in the Swedish corporate sector.

Soft money : private foundations of party politics

In the area of campaign financing in federal elections, one of the most controversial issues is that of soft money. Soft money refers to those funds raised by the national party organizations for use on various grassroots and party-building activities. but which are not subject to the restraints of federal campaign finance law. Critics contend that these party-building activitie, such as generic television advertising, voter registration and get-out-the vote drives, provide ancillary benefits to federal candidates and should, therefore, be subject to federal contribution and expenditure limits. Critics further argue that because these funds are not subject to federal law and do benefit federal candidates, the national parties raise monies in amounts and from sources, such as corporations and unions, that are prohibited under federal law. Efforts to gain a better understanding of soft money have been hampered by a lack of data, as the national parties were not required to disclose their soft money receipts and transactions until 1991. The purpose of this study is to analyze data recently made available in an attempt to add the import of empirical evidence to the debate over soft money. The nature, size and timing of soft money contributions are investigated and national party soft money disbursements are examined. The findings suggest that any attempts to reform the soft money system must first consider its compensatory benefits. Most prominently, this includes the extent to which soft money has promoted the resurgence of the national party organizations in the context of election politics.

Ethics in a capitalistic society

The problem of semantics is inherent in any discussion of ethics. The general term "ethics" is itself commonly confused. In addition, systems of ethics must be built upon assumptions, and assumptions are necessarily subject to lengthy debate. These two problems are encountered in my investigation of the ethical practices of the modern business community and to remedy the situation I have taken two steps: the first being an attempt to clarify the meaning of terms used therein;-and the second being a clear description of the assumptions utilized to further my analysis. To satisfy those who would disagree with these assumptions, I have attempted to outline the consequences of differing premises. The first assumption in my discussion is that the capitalistic economy is powered by the motivation supplied by man's self-interest. We are conditioned to basing our courses of action upon an orientation toward gratifying this self-interest. Careers are chosen by blending aptitude, interest, and remuneration. of course, some people are less materially inclined than others, but the average member of our capitalistic society is concerned with the physical rewards derived from his employment. Status and happiness are all-important considerations in pursuing a chosen course of action, yet all too often they are measured in physical terms. The normal self-interest natural to mankind is heightened in capitalism, due to the emphasis placed upon material compensation. Our thinking becomes mechanistic as life devolves into a complex game played by the rules. We are accustomed to performing meaningless or unpleasant duties to fulfill our gratifications. Thought, consequently, interferes with the completion of our everyday routines. We learn quickly not to be outspoken, as the outspoken one threatens the security of his fellow man. The majority of the people are quite willing to accept others views on morality, and indeed this is the sensible thing to do as one does not risk his own neck. The unfortunate consequence of this situation has been the substitution of the legal and jural for the moral and ethical. Our actions are guided by legal considerations and nowhere has this been more evident than in the business community. The large legal departments of modern corporations devote full time to inspecting the legality of corporate actions. The business community has become preoccupied with the law, yet this is necessarily so. Complex, modern, capitalistic society demands an elaborate framework of rules and regulations. Without this framework it would be impossible to have an orderly economy, to say nothing of protecting the best interests of the people. However, the inherent complexities, contradictions, and sometimes unfair aspects of our legal system can tempt men to take things into their own hands. From time to time cases arise where men have broken laws while acting in good faith, and other cases where men have been extremely unethical without being illegal. Examples such as these foster the growth of cynicism, and generally create an antagonistic attitude toward the law on the part of business. My second assumption is that the public, on the whole, has adopted an apathetic attitude toward business morality. when faced with an ethical problem, far too many people choose to cynically assume that, if I don't do it someone else will. "The danger of such an assumption lies in that it eliminates many of the inhibitions that normally would preclude unethical action. The preventative factor in contemplating an unethical act not only lies in it going against the "right course of action", but also in that it would display the actor as one of the few, immoral practitioners. However, if the contemplator feels that many other people follow the same course of action, he would not feel himself to be so conspicuous. These two assumptions underly my entire discussion of modern business ethics., and in my judgment are the two most important causal factors in unethical acts perpetrated by the business community. The future elimination of these factors seems improbable, if not futile, yet there is no reason to consider things worse than they ever have been before. The heightened public interest in business morality undoubtedly lies in part in the fact that examples of corporate malpractice are of such magnitude in scope, and hence more newsworthy.

The use of codes of ethics in the corporate marketplace: the case of Australia and Sweden

Business ethics is a subject that recently has been thrust again into prominence in industrialised economies around the world, due to the revelations of the practices of some of the major corporations operating within the USA. In Australia, corporate collapses such as HIH and Onetel and in Sweden, the scandals with the top executives of Skandia and also Systembolaget have brought in to sharp focus that these practices are not confined to the USA. Since the early 1960s, codes of ethics have been in evidence in many organisations in the USA, whilst in Australia, as in Britain, the interest in codes of ethics was piqued by the stock market crash of 1987. In Sweden, however, this concept of the use of codes of ethics in the corporate sector had not been investigated prior to this study. This paper examines the use of codes of ethics in the marketplace by the top companies operating in corporate Australia and corporate Sweden. The outcome of this research shows that in both Australia and Sweden that large organisations indicate a substantial interest in codes of ethics and value the use of their codes in the marketplace. There are, however, differences in the ways that the companies in each country implement their codes of ethics in the marketplace and the benefits that they see as being derived from them.

Readings in auditing

Offers a collection of new topical and contemporary readings in audit. With many subjects on audit and assurance offering a practical industry perspective to the audit process, this volume presents a range of audit topics that will contextualise the audit discipline and introduce a range of professional issues.

Corporate accounting in Australia

"The third edition of Corporate Accounting in Australia presents a comprehensive and contemporary explanation of Australian corporate accounting. Previous editions of the book, published in 1998 and 2001, established the book's reputation for excellence, with its user-friendly approach, keenly appreciated by both students and lecturers. This edition retains the accessible writing style and logical chapter format and sequence of its forerunners, and has been revised to reflect current developments, particularly with regards to the international harmonisation of accounting standards."

Corporate accounting in Australia

Retains the accessible writing style and logical chapter format and sequence of its forerunners,, and has been extensively revised to reflect current developments, particularly with the adoption in Australia of international accounting standards.

Purchase commitments : Big business bias or solution to the 'neglected diseases' dilemma?

Miniscule research resources are allocated to researching the diseases of developing countries such as malaria, tuberculosis (TB), dengue fever, river blindness, Chagas disease and leishmaniasis, and the strains of HIV prevalent in Africa. Plainly, the patent system and the commercial model of drug research fail to respond to the needs of the poor for the simple reason that the poor exercise little purchasing power. But pressures are mounting on governments and corporations to tackle the ‘neglected diseases’ calamity. An important argument in an intense global debate is that corporations would respond to the needs of developing countries if the diseases of the poor could be made profitable. This is the idea developed by Kremer and Glennerster in a crisply written book, Strong Medicine: Creating Incentives for Pharmaceutical Research on Neglected Diseases.