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Article
Publication date: 29 November 2011

Edward L. Pittman, Christopher P. Harvey, Michael L. Sherman and Brenden P. Carroll

The purpose of this paper is to explain the SEC staff's web site responses to a series of frequently asked questions concerning SEC Advisers Act Rule 206(4)‐5.

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Abstract

Purpose

The purpose of this paper is to explain the SEC staff's web site responses to a series of frequently asked questions concerning SEC Advisers Act Rule 206(4)‐5.

Design/methodology/approach

The paper explains the SEC staff responses to FAQs on the ability to rely on prior Municipal Securities Rulemaking Board interpretations regarding MSRB Rules G‐37 and G‐38, determining who is an “official of a government entity,” determining who is a “covered associate,” payments of commissions or other compensation to brokers or others, the Rules' application to political action committees (PACs), and “effective dates” and “compliance dates” under the related recordkeeping rule.

Findings

Pay‐to‐play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts. The staff's answers to the FAQs announce cautious positions, do not address some of the more difficult issues advisers may face on a day‐to‐day basis, and are subject to change.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 12 no. 4
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 14 June 2011

Edward L. Pittman, Cheryl A. Krause, Thomas C. Bogle and Justin C. Danilewitz

The aim of this paper is to explain the provisions of the US Foreign Corrupt Practices Act that may be applicable to investment advisers seeking investments from foreign…

153

Abstract

Purpose

The aim of this paper is to explain the provisions of the US Foreign Corrupt Practices Act that may be applicable to investment advisers seeking investments from foreign governments.

Design/methodology/approach

The paper explains the background of the FCPA and its applicability to investment advisers, recommends policies and procedures for advisers to employ to reduce the risk of FCPA actions, recommends due diligence practices for third‐party relationships, and reminds advisers seeking business opportunities outside the USA of the importance of compliance with foreign anti‐bribery laws.

Findings

The FCPA applies to investment advisers whenever they seek a benefit, directly or indirectly, from a foreign official, as in the course of seeking investments in a sovereign wealth fund.

Practical implications

Given the SEC's increased interest in pay‐to‐play activities, investment advisers who are seeking investments outside the USA should carefully review their existing FCPA policies, or develop new policies if they have not done so already.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 12 no. 2
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 28 June 2013

Edward Pittman, Brenden Carroll and Sean Murphy

The purpose of this paper is to explain two recent actions by the US Securities and Exchange Commission (SEC), a “Settlement Order” and a National Examination Risk Alert, that…

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Abstract

Purpose

The purpose of this paper is to explain two recent actions by the US Securities and Exchange Commission (SEC), a “Settlement Order” and a National Examination Risk Alert, that highlight the importance of compliance controls with respect to political contributions and other political activities.

Design/methodology/approach

The paper explains Municipal Securities Rulemaking Board Rule G‐37, one of the earliest pay‐to‐play rules; the Settlement Order and how it addresses in‐kind campaign contributions, solicitation activities, and a municipal dealer's compliance failures; and the Risk Alert, including SEC staff observations and concerns based on examinations of the compliance programs of brokers and dealers engaged in the municipal securities business, practices the SEC staff has found problematic and in violation of Municipal Securities Rulemaking Board Rule G‐37, and certain practices firms have incorporated into their pay‐to‐play compliance programs.

Findings

The Settlement Order and Risk Alert provide an important reminder for investment advisers and municipal underwriters that are subject to pay‐to‐play restrictions, particularly highlighting issues relating to “in‐kind” contributions and solicitation activities, but also, beyond the municipal financing arena, may be of interest to investment advisers who have less guidance from the SEC on the application of Advisers Act Rule 206(4)‐5.

Practical implications

Because of the harsh consequences for not complying with the law, firms and their employees should be keenly aware of political activity that may cause violations of applicable pay‐to‐play restrictions.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

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Book part
Publication date: 14 August 2017

Galit Meisler, Eran Vigoda-Gadot and Amos Drory

This chapter builds on previous research that conceptualized organizational politics as an organizational stressor. After reviewing the studies that integrated the occupational…

Abstract

This chapter builds on previous research that conceptualized organizational politics as an organizational stressor. After reviewing the studies that integrated the occupational stress literature with the organizational politics literature, it discusses the negative implications of the use of intimidation and pressure by supervisors, implications that have generally been overlooked. Specifically, the chapter presents a conceptual model positing that the use of intimidation and pressure by supervisors creates stress in their subordinates. This stress, in turn, affects subordinates’ well-being, evident in higher levels of job dissatisfaction, job burnout, and turnover intentions. The stress also reduces the effectiveness of the organization, reflected in a high absenteeism rate, poorer task performance, and a decline in organizational citizenship behavior. The model also maintains that individual differences in emotional intelligence and political skill mitigate the stress experienced by subordinates, resulting from the use of intimidation and pressure by their supervisors. In acknowledging the destructive implications of such behavior in terms of employees’ well-being and the productivity of the organization, the chapter raises doubts about the wisdom of using it, and advises supervisors to rethink its use as a motivational tool. Implications of this chapter, as well as future research directions, are discussed.

Details

Power, Politics, and Political Skill in Job Stress
Type: Book
ISBN: 978-1-78743-066-2

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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

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Book part
Publication date: 18 September 2017

Sarah C. Lyon

I reexamine the conflicting results in Frank, Lynch, and Rego (2009) and Lennox, Lisowsky, and Pittman (2013). Frank et al. (2009) conclude that firms can manage book income…

Abstract

I reexamine the conflicting results in Frank, Lynch, and Rego (2009) and Lennox, Lisowsky, and Pittman (2013). Frank et al. (2009) conclude that firms can manage book income upward and taxable income downward in the same period, implying a positive relation between aggressive book and tax reporting. Lennox et al. (2013) conclude the relation is negative and aggressive book reporting informs users that aggressive tax reporting is less likely. I identify four key differences in the research designs across the two studies, including measures of aggressive book reporting, measures of aggressive tax reporting, sample time periods, and empirical models. I systematically examine whether each of these differences is responsible for the conflicting results by altering the key difference while holding other factors as constant as possible. I find the relation between aggressive book and tax reporting is driven by the measure of aggressive book reporting, as the relation is positive for some subsets of firms and negative for others. Firms accused of financial statement fraud have a negative relation while nonfraud firms exhibit a positive relation. Using discretionary accruals, I also look for, but do not find a “pivot point” in the relation between aggressive book and tax reporting. I provide a better understanding of the relation between aggressive book and tax reporting by identifying research design choices that are responsible for prior results. I show that measures of both discretionary accruals and financial statement fraud are necessary to gain a more complete picture of the relation between aggressive book and tax reporting.

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Article
Publication date: 1 February 1955

A contributor to the Financial Times recently observed that the rise of the package has temporarily outstripped the rise of the “ profession or calling ” of packaging. It was for…

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Abstract

A contributor to the Financial Times recently observed that the rise of the package has temporarily outstripped the rise of the “ profession or calling ” of packaging. It was for this reason that the Institute of Packaging organised the very interesting exhibition held at Olympia during the third week of January. The packaging of foodstuffs was necessarily one of the most important sections of the Exhibition—for reasons which are not hard to grasp. Not only has the consumption of bottled beer outstripped draught sales from barrels, but a whole host of foods have moved and continue to move into the domain of packed merchandise. For the moment it will suffice to mention sugar, flour, confectionery, bread, butter, cheese, bacon, vegetables, fruit, and even (occasionally) meat and fish. It has been estimated that the grocery trade sells nearly 80 per cent of its goods in packages. For the consumer, the packaging of food promises quality, purity and freshness, and, within certain limits, full weight and measure. In self‐service retailing, of course, the package is all‐important. Not only does the appearance of the package and its label take the place of the salesman in the retail shop, but the wrapping must also be a barrier which will be a safeguard against excessive evaporation, without inducing mould growth, and against decomposition and stateness. Conditions of moisture, humidity, temperature and pressure may be critical for the preservation of foods in the best possible state. There are dangers arising not only from the effect of the packaging material on the food but also from the reverse influence of the food on the container.

Details

British Food Journal, vol. 57 no. 2
Type: Research Article
ISSN: 0007-070X

Abstract

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

Details

The Law and Economics of Class Actions
Type: Book
ISBN: 978-1-78350-951-5

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Book part
Publication date: 14 August 2014

Julita Haber, Jeffrey M. Pollack and Ronald H. Humphrey

This chapter introduces the concept of “competency labor” and illustrates its important role in organizational life for both researchers and practitioners. In the contemporary…

Abstract

This chapter introduces the concept of “competency labor” and illustrates its important role in organizational life for both researchers and practitioners. In the contemporary workplace environment individuals face increasing expectations of competence. However, demonstrating competence is no simple task – rather, to demonstrate competence requires a concerted effort in terms of individuals’ affect, cognition, and behavior. Accordingly, new models are needed that can explain these emergent processes. The present work integrates the literatures related to emotional labor and impression management, and builds a theory-based framework for investigating the processes (affective, cognitive, and behavioral) of making desired impressions of competency at work and how these processes impact critical individual and organizational outcomes. Our conceptual model proposes how growing demands in the workplace for individuals to display competence affect how they think, feel, as well as act. In sum, our work advocates that a new research stream is needed to better understand the “competency labor” phenomenon and its theoretical as well as practical implications.

Details

Emotions and the Organizational Fabric
Type: Book
ISBN: 978-1-78350-939-3

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Article
Publication date: 2 November 2022

Porismita Borah, Sojung Kim and Ying-Chia (Louise) Hsu

One of the most prolific areas of misinformation research is examining corrective strategies in messaging. The main purposes of the current study are to examine the effects of (1…

427

Abstract

Purpose

One of the most prolific areas of misinformation research is examining corrective strategies in messaging. The main purposes of the current study are to examine the effects of (1) partisan media (2) credibility perceptions and emotional reactions and (3) theory driven corrective messages on people's misperceptions about COVID-19 mask wearing behaviors.

Design/methodology/approach

The authors used a randomized experimental design to test the hypotheses. The data were collected via the survey firm Lucid. The number of participants was 485. The study was conducted using Qualtrics after the research project was exempt by the Institutional Research Board of a large University in the US. The authors conducted an online experiment with four conditions, narrative versus statistics and individual versus collective. The manipulation messages were constructed as screenshots from Facebook.

Findings

The findings of this study show that higher exposure to liberal media was associated with lower misperceptions, whereas higher credibility perceptions of and positive reactions toward the misinformation post and negative emotions toward the correction comment were associated with higher misperceptions. Moreover, the findings showed that participants in the narrative and collective-frame condition had the lowest misperceptions.

Originality/value

The authors tested theory driven misinformation corrective messages to understand the impact of these messages and multiple related variables on misperceptions about COVID-19 mask wearing. This study contributes to the existing misinformation correction literature by investigating the explanatory power of the two well-established media effects theories on misinformation correction messaging and by identifying essential individual characteristics that should be considered when evaluating how misperceptions about the COVID-19 crisis works and gets reduced.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/OIR-11-2021-0600

Details

Online Information Review, vol. 47 no. 5
Type: Research Article
ISSN: 1468-4527

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