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To introduce and analyze recent amendments to the rules of three US securities exchanges to add specific continued listing standards applicable to exchange-traded funds (ETFs).

Provides an introduction and summary overview of the topic, summarizes the scope of the rule changes, discusses the industry reaction to the proposed rule changes and the regulator’s response, notes the applicability of the rule changes to ETFs relying on their own fund-specific regulatory relief, and identifies compliance dates.

Each of three US securities exchanges filed separate proposals to amend their listing standards to add specific continued listing standards for ETFs. Notwithstanding various concerns expressed in comment letters from key industry participants, by March 2017 the Securities and Exchange Commission (SEC) approved all three proposals in substantially the form proposed.

ETF sponsors should note that significant compliance enhancements may be required to ensure proper and continuous testing of securities in an ETF’s underlying index and/or portfolio in lieu of testing for compliance solely at the time of initial listing or at the time of an investment decision. The rule changes are scheduled to take effect by October 1, 2017.

Practical analysis from a premier financial services law firm on the issues presented by the ETF rule changes.

Reducing wear of undercarriage track propulsion systems used in heavy construction equipment decreases the maintenance costs and increases the equipment's life. Therefore, understanding key factors that affect the wear rate is critical. This study is an attempt to predict undercarriage wear.

This research analyzes a sample of track-type dozers in the eastern half of North Carolina (NC), USA. Sand percentage in the soil, precipitation level, temperature, machine model, machine weight, elevation above sea level and work type code are considered as factors influencing the wear rate. Data are comprised of 353 machines. Machine model and work code data are categorical. Sand percentage, elevation, machine weight, average temperature and average precipitation are continuous. ANOVA is used to test the hypothesis.

The study found that only sand percentage has a significant impact on the wear rate. Consequently, a regression model is developed.

The regression model can be used to predict undercarriage wear and bushing life in soils with different sand percentages. This is demonstrated using a hypothetical scenario for a construction company.

This work is useful in managing maintenance intervals of undercarriage tracks and in bidding construction jobs while predicting machine operating expense for each specific job site soil makeup.

Leader self-efficacy (LSE) is associated with leader emergence and effectiveness, and is a strong predictor of both individual and group performance. While some research exists related to the connection between LSE and adult leadership, more studies are required to better understand the details surrounding LSE as it relates to adolescents. This mixed methods study examines the effects of a leadership development intervention on LSE in an eighth-grade student population. Results indicate strong support for the effectiveness of the intervention and its potential to increase youth LSE. This finding holds significant implications for educational practice, research, and the future of leadership development.

The authors examine the relation between noise trading in equity markets and stochastic volatility by estimating a two-factor jump diffusion model. Their analysis shows that contemporaneous price deviations in the derivatives market are statistically significant in explaining movements in index futures prices and option-market volatility measures.

To understand the impact noise may have in the S&P 500 derivatives market, the authors first measure and evaluate the influence noise exerts on futures prices and then investigate its influence on option volatility.

In the period from 1996 to 2003, this study finds significant changes in the volatility and mean reversion in the noise level and a significant increase in its relation to implied volatility in option prices. The results are consistent with a bubble in technology stocks that occurred with significant increases in noise trading.

This study provides estimates for this model during the periods preceding and during the technology bubble. The study analysis shows that the volatility and mean reversion in the noise level are much stronger during the bubble period. Furthermore, the relation between noise trading and implied volatility in the futures market was of a significantly larger magnitude during this period. The study results support the importance of noise trading in market bubbles.

Bloomfield, O'Hara and Saar (2009) find that noise traders lower bid–ask spreads and improve liquidity through increases in trading volume and market depth. Such improved market conditions could have positive effects on market quality, and this impact could be evidenced by lower implied volatility when noise traders are more active. Indeed, the results in this study indicate that the level and characteristics of noise trading are fundamentally different during the technology bubble, and this noise trading activity has a larger impact during this period on implied volatility in the options market.

This paper uniquely analyzes derivatives on the S&P 500 Index in order to detect the presence and influence of noise traders. The authors derive and implement a two-factor jump diffusion noise model. In their model, noise rectifies the difference of analysts' opinions, market information and beliefs among traders. By incorporating a reduced-form temporal expression of heterogeneities among traders, the model is rich enough to capture salient time-series characteristics of equity prices (i.e. stochastic volatility and jumps). A singular feature of the authors’ model is that stochastic volatility represents the random movements in asset prices that are attributed to nonmarket fundamentals.

The purpose of this paper is to test the effects of augmenting an evidence-based physical activity intervention within an existing commercial weight loss program to assess effects on increasing physical activity and reducing psychological distress.

The CONSORT guidelines were adopted for the study. In total, 49 women with overweight or obesity (M age=39.5, SD:12.4; M Body Mass Index=31.02, SD: 2.10) enrolled in a six week commercial weight loss program were randomized to an intervention or a control group. Participants in the control group received care as usual; participants in the intervention group additionally received an evidence-based intervention to increase physical activity that included behavior change techniques including implementation intentions, goal-setting and self-monitoring.

Weekly steps increased in the intervention group (M=31,516.25; SD=9,310.17 to M=62,851.36; SD=13,840.4) significantly more (p<0.001, η p 2=0.32) than in the control group (M=30,207.67; SD=7,833.29) to M=46,969.33 (SD=9,470.96), along with experiencing significantly lower anxiety (p<0.001, η p 2=0.15), social dysfunction (p<0.001, η p 2=0.16) and depression symptoms (p<0.05, η p 2=0.08) at follow-up.

This intervention warrants extension to those seeking to improve mental health through physical activity.

This study took a novel approach of augmenting a commercial weight loss program with a theory-based physical activity module, showing positive effects for physical activity behavior and psychological health.

This analysis aims to examine the role of pre-release, HIV-related, peer-based rehabilitation program attendance on post-release linkage to community-based HIV care in South Africa.

During a post-release linkage-to-care prospective study, participants from six correctional facilities who had an HIV-positive diagnosis and were taking anti-retroviral medications at release (N = 351) self-reported rehabilitation program participation. Linkage-to-care status 90 days post-release was verified by medical chart review.

In a binomial regression model, HIV-related, peer-based rehabilitation program attendance was insignificant (relative risk [RR] 1.1, 95% confidence interval [CI] [0.8, 1.4], p-value = 0.7), but short-/long-term incarceration site (RR 1.5, 95% CI [1.0, 2.1], p-value = 0.04) and relationship status pre-incarceration (RR 1.9, 95% CI [1.0, 3.6], p-value = 0.05) were significantly associated with linkage to HIV care post-release.

Rehabilitation and peer-based HIV programs have had demonstrated benefit in other settings. Assessment of current programs may identify opportunities for improvement.

The purpose of this paper is to examine the origins and development of the “Accounting, Auditing & Accountability Journal (AAAJ) Community”, a flourishing international interdisciplinary accounting research community. This scholarly community has emerged over some 30 years from the publication in 1988 of the inaugural issue of AAAJ under the joint editorship of James Guthrie and Lee Parker. This historical account discusses the motivation for establishing the journal and the important publishing initiatives, developments and trends across this period. The study positions the journal as a key thought leader, the catalyst for other Community activities such as the Asia-Pacific Interdisciplinary Research in Accounting conference.

The investigation involved a selective review of the contents of AAAJ, particularly the annual editorials published since inception, and other relevant literature, analysis of the main research themes and the most cited papers, and oral history interviews with the joint editors. The future prospects for the AAAJ Community are addressed.

The AAAJ Community has shaped and led developments in interdisciplinary accounting research. Recognised for innovation and with a reputation for nurturing scholars, AAAJ continues to grow in stature as one of the world’s leading accounting journals, challenging the status quo and fostering inclusive scholarship.

The study does not examine the journal’s publication patterns nor assess in detail the research studies that have been published in the journal.

The study recognises AAAJ as central to the development of an interdisciplinary accounting research community, firmly located in the sociological, critical and interpretative tradition also associated with some other leading accounting journals.

Examines the effects of service offered on the success of new customer financial services in the United Kingdom. Shows that previous research has concentrated on the new product process ignoring what are termed direct factors (characteristics that affect the interaction between the service offered and the consumer). Finds that a number of characteristics describing the service core and the augmented service offering are highly correlated with success.