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We investigate whether municipal financial manager turnover is associated with accounting restatements. This analysis is motivated by the notion that suspect financial reporting could limit the ability of stakeholders to assess the use of public resources (GASB, 2006). The evidence suggests that municipalities disclosing accounting restatements are more likely to see changes in the top financial manager position than a control sample of non-restatement municipalities. Overall, our findings are consistent with associations between financial reporting quality and the labor market for municipal financial managers, and imply that governments should consider adding the prevalence of accounting failures as an input in the evaluation of top financial managers.

We investigate whether council audit committees relate to municipal fiscal policies. We find that municipalities with audit committees are associated with greater levels of own-source revenue, in that they finance municipal operations with locally raised revenues driven by charges and fees compared to municipalities without audit committees. Furthermore, municipalities with audit committees are associated with less new debt than those without audit committees, indicating more conservative use of external financing. Overall, our results are consistent with municipal audit committees, in addition to monitoring the financial reporting function, playing an advisory role in fiscal decisions, especially when the cost of local government to citizens is high.

As the management discussion and analysis (MD&A) section contains discretionary narrative disclosures regarding a government's yearly financial changes and status, the authors investigate several municipal debt market consequences of linguistic tone within these disclosures.

The authors textually analyze municipal MD&As with Linguistic Inquiry and Word Count (LIWC) software and develop narrative tone measures based on existing financial-specific dictionaries. Using a final sample of 446 municipal bond issuances from 2012 to 2016, the authors modify the current bond regression models to examine the association between MD&A disclosure tone and future bond interest costs or rating disagreements.

This study’s empirical analysis suggests that more negative MD&A tone is associated with higher future debt costs and greater future disagreements among bond rating agencies.

Overall, the evidence implies that municipal bond stakeholders use the information in narrative disclosures when evaluating risk, but that the qualitative nature can introduce differences in interpretation between users. Furthermore, additional training in MD&A writing and further standard guidance in MD&A disclosures could improve the MD&A's informativeness for bond market decision-making and state-level monitoring.

This study is first to incorporate narrative tone measures into bond models in a governmental context.

For some years now, Cameroon has seen a significant increase in its electricity demand, and this need is bound to grow within the next few years owing to the current economic growth and the ambitious projects underway. Therefore, one of the state's priorities is the mastery of electricity demand. In order to get there, it would be helpful to have reliable forecasting tools. This study proposes a novel version of the discrete grey multivariate convolution model (ODGMC(1,N)).

Specifically, a linear corrective term is added to its structure, parameterisation is done in a way that is consistent to the modelling procedure and the cumulated forecasting function of ODGMC(1,N) is obtained through an iterative technique.

Results show that ODGMC(1,N) is more stable and can extract the relationships between the system's input variables. To demonstrate and validate the superiority of ODGMC(1,N), a practical example drawn from the projection of electricity demand in Cameroon till 2030 is used. The findings reveal that the proposed model has a higher prediction precision, with 1.74% mean absolute percentage error and 132.16 root mean square error.

These interesting results are due to (1) the stability of ODGMC(1,N) resulting from a good adequacy between parameters estimation and their implementation, (2) the addition of a term that takes into account the linear impact of time t on the model's performance and (3) the removal of irrelevant information from input data by wavelet transform filtration. Thus, the suggested ODGMC is a robust predictive and monitoring tool for tracking the evolution of electricity needs.

This chapter proposes semiparametric estimation of the relationship between growth rate of GDP per capita, growth rates of physical and human capital, labor as well as other covariates and common trends for a panel of 23 OECD countries observed over the period 1971–2015. The observed differentiated behaviors by country reveal strong heterogeneity. This is the motivation behind using a mixed fixed- and random coefficients model to estimate this relationship. In particular, this chapter uses a semiparametric specification with random intercepts and slopes coefficients. Motivated by Lee and Wand (2016), the authors estimate a mean field variational Bayes semiparametric model with random coefficients for this panel of countries. Results reveal nonparametric specifications for the common trends. The use of this flexible methodology may enrich the empirical growth literature underlining a large diversity of responses across variables and countries.

The purpose of this paper is to find the optimal production and setup policies for a manufacturing system that produces two different types of parts. The manufacturing system consists of one machine subject to random failures and repairs. Reconfiguring the machine to switch production from one type of product to another generates a non-production time and a significant cost.

This paper proposes an approach based on the development of optimal production and setup policies, taking into account the possibilities of undertaking the setup for all modes of the machine, and covering them at the end of setup. New optimality conditions are developed in terms of modified Hamilton-Jacobi-Bellman (HJB) equations and recursive numerical methods are applied to solve such equations.

The proposed approach led to determine more realistic production rates of both parts and setup sequences for the different modes of the machine that significantly influence the inventory and the system capacity. A numerical example and sensitivity analysis are used to determine the structure of the optimal policies and to show the helpfulness and robustness of the results obtained.

Following the steps of the proposed approach will provide the control policies for industrial manufacturing systems with setup permitted at all modes of the machine, and when the setup does not necessarily restore the machine to its operational mode. The proposed optimal policy takes into account the stochastic nature of the machine mode at the end of setup and we show that ignoring it leads to non-natural policies and underestimates significantly the safety stock thresholds.

Considering the assumptions presented in this paper leads to a new structure of the control laws for the production planning of manufacturing systems with setup.

Education policies in the United States reinforce social stratification by prioritizing and normalizing middle-class whiteness in schools (Leonardo, 2007; Picower, 2009). The teacher labor market has also become more feminized, making white middle-class women paragons of exemplary educators (Rury, 1989; Tolley & Beadie, 2006). These sociopolitical and historical factors continue to play out in the current U.S. education workforce where 80% teachers are white and 76% of teachers are female (Hussar et al., 2020). Meanwhile, student demographics are shifting with students of color comprising over 50% of the public student population (de Brey et al., 2019). Diversifying the educator pipeline is a well-documented strategy to improve educational outcomes for all students, specifically students of color, and to achieve greater equity and inclusion in public education. However, the retention and promotion of educators of color remains a critical and complex issue.

Thus, looking at the intersection of race and gender in the education workplace, the purpose of this chapter is to highlight the experiences and expertise of women K-12 educators of color to identify best practices for career development. Applying Psychology of Working Theory (PWT) and utilizing modified meta-synthesis methodology, the chapter highlights the experiences of Black, Latinx, Asian American, and Indigenous/Native American women K-12 principals and superintendents to (1) thematize and conceptualize how women of color define their work in education spaces through a PWT lens and (2) understand how PWT themes can illuminate ways to build more diverse and inclusive career pathways for women of color leaders.

Sustainable development is inseparable from rational and responsible use of resources and promotion of green entrepreneurship. The contemporary green development agenda encompasses climate, economic, technical, social, cultural, and political dimensions. International efforts to greening the global development are conducted by the major economies, including China as the world’s largest consumer of energy and the biggest emitter of greenhouse gases. China is aware of its environmental problems, as well as of its part of the overall responsibility for the accomplishment of the sustainable development goals. By means of the decarbonization efforts, the latter are integrated both into the national development agenda (the concept of ecological civilization) and China’s international initiatives (the greening narrative within the Belt and Road Initiative). Over the past decade, China has made a breakthrough on the way to promoting green entrepreneurship and greening of its development (better quality of air and water, renewable energy, electric vehicles, and organic farming). On the other hand, emissions remain high, agricultural land loses productivity, and freshwater resources degrade due to climate change. In conventional industries (oil, coal mining, and electric and thermal energy), decarbonization faces an array of impediments. In this chapter, the authors summarize fundamental provisions of China’s approach to building an ecological civilization and measures to reduce emissions and achieve the carbon neutrality status within the nearest decades. The analysis of obstacles to the decarbonization of the economy and possible prospects for the development of green entrepreneurship summarizes China’s practices for possible use in other countries.

This chapter is building conceptual background of psychological risk for international tourists. Drawing on Place Attachment Theory, Moral Disengagement Theory, Followership Theory, Job Demands-Resources, Acculturation Theory and Goal Progress Theory of Rumination, this chapter proposes a framework of psychological risks with six psychological risks that tourists could encounter in foreign destination: destination detachment risk, moral disengagement risk, risk of false risk assessment, burnout risk, risk of loneliness and risk of rumination. High destination detachment could lead tourists to behave less environmentally friendly, while high moral disengagement could lead tourists to behave less ethically friendly. Followership to the influencers in social media could lead tourists to engage in risk-taking behaviours and false risk assessment, leading to burnout risk, risk of loneliness and risk of rumination, where negative autobiographical memory is created and forming memory-related distress when they arrive homes. Place detachment and moral disengagement risk local environmental and social health, while burnout, loneliness and rumination pose risks for the tourists' psychological health. Several studies propose suggestions for the destination manager and tourists to manage the risk effectively and adequately, including place attachment and moral engagement campaign, careful travel planning and social support.