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Article
Publication date: 16 March 2010

Kevin J. Campion and Arik Hirschfeld

The purpose of this paper is to summarize and provide excerpts from a two‐day roundtable on securities lending and short selling hosted by the Securities and Exchange Commission…

Abstract

Purpose

The purpose of this paper is to summarize and provide excerpts from a two‐day roundtable on securities lending and short selling hosted by the Securities and Exchange Commission (SEC) on September 29‐30, 2009.

Design/methodology/approach

The paper provides summaries and participants' comments from two days of SEC commissioner's questions and panel discussions. Day one – securities lending: Panel 1 – overview of securities lending; Panel 2 – securities lending and investor protection concerns; Panel 3 – improving securities lending for the benefit of investors; Panel 4: the future of securities lending and potential regulatory solutions. Day two – short selling: Panel 1 – controls on “naked” short selling; Panel 2: making short sale disclosure more meaningful.

Findings

Many pension and mutual funds view securities lending as an investment activity. Securities lenders see cash collateral as an important risk. FINRA and the SEC have considered the need for increased transparency and the possible benefits of a central counterparty for securities lending. The securities lending market is highly regulated, including through requirements imposed by Regulation T, 15c3‐3, 15c3‐1, Regulation SHO, and ERISA guidelines. The SEC has considered “hard locate” and “pre‐borrow” requirements for short sales, which some market participants believe would be uneconomical. An estimated 50 percent of fails are from ETFs. The SEC has considered enhanced disclosure requirements for short sales, both anonymous and public, their possible effects on fraud prevention and market efficiency, and any harm they could do to market makers.

Originality/value

The paper provides a discussion by regulators and industry experts on the most important current regulatory issues related to securities lending and short selling.

Details

Journal of Investment Compliance, vol. 11 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

Content available
2077

Abstract

Details

Employee Relations, vol. 22 no. 4
Type: Research Article
ISSN: 0142-5455

Keywords

Article
Publication date: 9 January 2007

Rowan Bosworth‐Davies

The paper seeks to provide an alternative and possibly controversial examination of the contemporary anti‐money laundering regulatory phenomenon. It is intended to challenge…

1755

Abstract

Purpose

The paper seeks to provide an alternative and possibly controversial examination of the contemporary anti‐money laundering regulatory phenomenon. It is intended to challenge existing givens and to pose an alternative and challenging view of the reasons and the motives behind the imposition of the international laws and regulations dealing with money laundering.

Design/methodology/approach

The paper contains the views of one man who has spent most of his working life examining the money laundering question and it is a single alternative view based upon personal experience.

Findings

The findings are not enunciated in the sense that there are research outcomes. It is a question for the reader to interpret and accept or reject the writer's viewpoint.

Practical implications

The paper seeks to encourage a more questioning and agnostic view of current anti‐money laundering practice, with the aim of stimulating more debate on a topic which has for too long been the captive of a small coterie of government agencies.

Originality/value

The paper is challenging in that it represents a complete counter‐blast to every accepted conventional wisdom on money laundering. It is a viewpoint piece.

Details

Journal of Money Laundering Control, vol. 10 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Book part
Publication date: 15 December 2005

Henry Kamerling

This essay engages the work of sociologist George Herbert Mead and political theorist William E. Connolly, applying a reading of their understanding of the criminal other to the…

Abstract

This essay engages the work of sociologist George Herbert Mead and political theorist William E. Connolly, applying a reading of their understanding of the criminal other to the development of Illinois’ and South Carolina's penal systems at the turn of the nineteenth century. Despite an influx of European immigrants, Illinois politicians and prison officials fashioned an approach to corrections that relied on rehabilitation through assimilation as the core component of disciplining its convict population. In contrast to this approach, South Carolina fashioned a penology based upon the principle of exclusion, one that enshrined retribution over rehabilitation in the paradigm of punishment. The essay concludes by comparing the importance of racial and ethno-cultural politics in shaping regional and national debates over correctional policy and by examining the primary function race plays in explaining the current backlash against the rehabilitative ideal informing so much of contemporary penology.

Details

Crime and Punishment: Perspectives from the Humanities
Type: Book
ISBN: 978-0-76231-245-0

Article
Publication date: 1 March 1975

William Walsh and ACIS MISM

No one needs help to get into trouble At the beginning of 1975 that is a quotation to be remembered by people as far apart as ex‐President Nixon, ex‐Lord Mayor of London Sir Dennis

Abstract

No one needs help to get into trouble At the beginning of 1975 that is a quotation to be remembered by people as far apart as ex‐President Nixon, ex‐Lord Mayor of London Sir Dennis Lowson, and Fred who cleans our offices—but never satisfactorily.

Details

Education + Training, vol. 17 no. 3
Type: Research Article
ISSN: 0040-0912

Article
Publication date: 30 August 2011

Thomas H. Thompson

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out parent…

Abstract

Purpose

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out parent initial and three‐year returns for the period 1988‐2006.

Design/methodology/approach

Using five primary variables: the percentage of the subsidiary retained by the parent, the ratio of offering size to parent market capitalization, filing range adjustments, the percentage of the offering used to retire subsidiary debt or to pay dividends, and the CBOE volatility index to predict initial and three‐year returns, the paper shows that ex ante variables can predict carve‐out parent initial and three‐year returns.

Findings

The paper shows that public information known prior to the offer date influences 7.52 percent of the variation in announcement, 5.57‐38.31 percent of the variation in ex‐date and 6 percent of the variation in three‐year market‐adjusted equity carve‐out parent returns.

Originality/value

This study makes several contributions to the literature. Although prior studies focus on ex post determinants of equity carve‐out returns, this study is the first to explore ex ante predictors of equity carve‐out parent returns. The implications of these results are that publicly available information known prior to the carve‐out offering date can influence market‐adjusted initial and three‐year parent carve‐out returns and can explain 6‐17 percent of the variation.

Details

Managerial Finance, vol. 37 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 27 October 2016

Alexandra L. Ferrentino, Meghan L. Maliga, Richard A. Bernardi and Susan M. Bosco

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in…

Abstract

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.

Details

Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-1-78560-973-2

Keywords

Book part
Publication date: 23 November 2016

Sylvie Berthelot and Janet Morrill

We document the relationship between size, the presence of a full-time accountant, strategy, and the adoption of management control systems (MCSs) in small- and medium-sized…

Abstract

Purpose

We document the relationship between size, the presence of a full-time accountant, strategy, and the adoption of management control systems (MCSs) in small- and medium-sized Canadian manufacturing enterprises (SMEs).

Methodology/approach

Using survey results from 247 Canadian SMEs, we use partial least squares to holistically test our model and also present data for each MCS.

Findings

We find that the presence of a professional accountant is strongly associated with the adoption of MCSs and is a significant explanatory variable more often than either size or strategy.

Research limitations/implications

While the impact of organization and strategy has been extensively studied within large organizations, we investigate these relationships within SMEs. Additionally, we investigate the impact of having a full-time accountant, a constraint unique to SMEs due to their limited resources.

Limitations include the fact that we likely have a significant survivor bias as the average age of our sample firms was 30 years. Our analysis of nonresponse bias does not allow us to conclude that such a bias did not exist. Also, it is possible that some respondents believed they had a certain MCS when others might think they did not.

Practical implications

This study will be of interest to owners/managers of manufacturing SMEs, their advisors, and economic development agencies. Our study also has implications for accounting education as most students will work for SMEs.

Originality/value

Few studies have documented the MCSs adopted by North American SMEs, and none have considered the impact of the presence of a full-time accountant.

Book part
Publication date: 29 August 2018

Paul A. Pautler

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and…

Abstract

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

Details

Healthcare Antitrust, Settlements, and the Federal Trade Commission
Type: Book
ISBN: 978-1-78756-599-9

Keywords

Abstract

Details

Creative Social Change
Type: Book
ISBN: 978-1-78635-146-3

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