Rahmi Erdem Aktug, Nandu (Nandkumar) Nayar and Jesus M Salas
This paper aims to determine the equity and debt market reactions of firms to the news of their hiring a credit rating agency (CRA) analyst. Due to recent controversies related to…
Abstract
Purpose
This paper aims to determine the equity and debt market reactions of firms to the news of their hiring a credit rating agency (CRA) analyst. Due to recent controversies related to CRAs, the US Securities and Exchange Commission (SEC) requires disclosure of the hiring of an analyst if the analyst recently worked for a rating agency that previously provided a rating for the hiring firm. The authors use those filings to estimate the market value of a credit rating analyst to the hiring firm.
Design/methodology/approach
This paper examines the impact of analyst transfers from rating agencies to financial firms in the USA between 2006 and 2014.
Findings
The authors find that the hiring of such analysts suggests a value increase for the debt securities of the hiring firm but no such value phenomenon for the equity of the employer firm.
Research limitations/implications
Thus, markets apparently perceive that credit analysts bring valuable inside knowledge about potential clients and about the credit rating formation process to their employer.
Practical implications
This study confirms the need for additional disclosure from CRAs. This study could help the SEC as it discusses ways to require additional disclosure (those discussions are already taking place. New regulations will come out some time in the next couple of years).
Originality/value
This study is the first to examine the impact of such transfers on the prices of marketed securities of firms hiring such analysts.
Details
Keywords
Gustavo Tietz Cazeri, Luis Antonio Santa-Eulalia, Andre Ricardo Fioravanti, Milena Pavan Serafim, Izabela Simon Rampasso and Rosley Anholon
The objectives of this study are twofold: identify the main challenges in performing training on Industry 4.0 concepts to managers operating in the manufacturing sector who are…
Abstract
Purpose
The objectives of this study are twofold: identify the main challenges in performing training on Industry 4.0 concepts to managers operating in the manufacturing sector who are not familiar with them but aspire for an Industry 4.0 broad view and validate training practices that can be adopted to reduce managerial knowledge differences.
Design/methodology/approach
A Delphi method was carried out in two rounds to identify the Industry 4.0 training challenges and a Fuzzy Delphi method was applied in one round to validate the training practices. Both methods used the same set of participants composed of experts in training for Industry 4.0. Results were discussed considering literature statements.
Findings
In total, 11 challenges in Industry 4.0 training were identified and grouped into: challenges associated with the necessary knowledge, challenges of breaking paradigm, challenges associated with training characteristics and challenges associated with expected results. In total, 11 training practices were directly validated, including actions to be adopted before, during, and after the training process.
Originality/value
The findings are relevant for professionals, academics, or consultants as the findings enable better training planning and execution. No similar papers were found in scientific databases, reinforcing this present study's originality and contribution.
Details
Keywords
Luis E. Ibarra-Morales, Mónica Blanco-Jiménez and Juan Patricio Galindo Mora
The Pacific Alliance (PA) arose from a project for economic integration and strategic cooperation between the four member countries – Mexico, Chile, Peru, and Colombia – with the…
Abstract
The Pacific Alliance (PA) arose from a project for economic integration and strategic cooperation between the four member countries – Mexico, Chile, Peru, and Colombia – with the hope of driving competitiveness in the region through specialized production and exportation of assets, and to an extent consolidating them, which would have a strong impact on the process of regional integration within Latin America. Considering this, the purpose of this chapter is to review the current economic scene for regional integration that promotes competition in the countries of the PA. A documentary and statistical investigation are carried out and presented to show the primary advances of the PA in different economic and strategic areas that propel competition among its member countries. The primary findings show that there are economic and commercial indicators that encourage the achievement of a unified perspective and stability between these member countries, which allows for more competitiveness with regard to economic and commercial development in other blocks or alliances. Today, the PA shows itself as an innovative process that seeks and promises to change the economic relations of both the countries involved in it and the region in general, which is the reason for the dynamism shown in decision making and the interest in the international community. It is concluded that the PA responds to the shared interests of the four member countries while being more competitive to take advantage of any opportunities that appear from the opening and incursion of new international markets.
Details
Keywords
The second decade of the twenty-first century finds Brazil racked by a series of scandals that are extreme even by world standards. This chapter presents an explanation for one of…
Abstract
The second decade of the twenty-first century finds Brazil racked by a series of scandals that are extreme even by world standards. This chapter presents an explanation for one of the behaviors that have produced these scandals. Specifically, it is the offering of bribes to public officials by individuals or companies that stand to benefit from contracts to perform public services and, furthermore, the paying of kickbacks to the officials if the contract is awarded. I liken this behavior to the making of vows to the saints in the “popular” or “folk” form of Catholicism – and other popular religions that accept its basic premises – and the fulfillment of the promise if and when the otherworldly being provides what the petitioner requested. Part 1 of the chapter examines an election for mayor of the city of Fortaleza in 2012 in which the office was “bought” for what seemed to be an exorbitant amount of money. I hypothesize that this is to be explained by the anticipation of the city receiving government contracts to build a soccer stadium, a rail system, and other projects related to the 2014 World Cup. In Part 2, I examine Brazil’s religions beginning with popular Catholicism, to show that the normative way of gaining something desired from a supernatural – be it the restoration of health or the recovery of a lost item – is to offer it something it values and then fulfilling the promise if and when the petitioner receives what was requested. I contend that this important religious pattern continues to provide the template for the secular behavior that is being judged to be corrupt by standards other than those found in the religiously based worldview of many Brazilians.
Details
Keywords
Margherita Masi, Piermichele La Sala, Benedetta Coluccia, Felice Adinolfi and Yari Vecchio
This study investigates the views of Italian aquaculture production science students, in their role of future operators, on the application of circular economy strategies.
Abstract
Purpose
This study investigates the views of Italian aquaculture production science students, in their role of future operators, on the application of circular economy strategies.
Design/methodology/approach
A key step in the development of professional knowledge is to solicit the opinions of the future operators in the aquaculture sector. The authors used the Q methodology to assess the perceptions of the students on four different knowledge dimensions of the CE: operations, culture and organization, products and services, and ecosystem.
Findings
Four discourses emerge from the results, representing the respondents' views on the CE. The first discourse considers CE as business strategy applicable to products and services, the second a corporate mission and the fourth an operational efficiency strategy. Finally, the third discourse views CE as a multidimensional concept.
Research limitations/implications
This study contributes to the scientific and institutional debate on how to accelerate the aquaculture's circular transition. First and foremost, it offers insights to guide policy makers in the development of appropriate knowledge and information systems. Second, it offers the opportunity to improve training programmes to enable current students to be prepared for the future challenges.
Originality/value
The results reflect a different perceived knowledge of CE among future operators, whose opinions are little explored in the literature.
Details
Keywords
Esther Laryea, Matthew Ntow-Gyamfi and Angela Azumah Alu
The purpose of this paper is to investigate the bank-specific and macroeconomic determinants of nonperforming loans (NPLs) as well as the impact of NPLs on bank profitability.
Abstract
Purpose
The purpose of this paper is to investigate the bank-specific and macroeconomic determinants of nonperforming loans (NPLs) as well as the impact of NPLs on bank profitability.
Design/methodology/approach
Using a sample of 22 Ghanaian banks over the period 2005-2010, the study employs a fixed effect panel model in estimating three different empirical models.
Findings
The study finds new evidence of bank-specific factors as well as macroeconomic factors determining NPLs. Inflation and industry concentration are not significant in determining NPLs, although both are positively related to NPLs.
Practical implications
The findings of this study have important implications for policy makers and bank managers.
Originality/value
The paper offers significant value in shaping and improving the banking sector of emerging markets.
Details
Keywords
Thespina J. Yamanis, Ana María del Río-González, Laura Rapoport, Christopher Norton, Cristiana Little, Suyanna Linhales Barker and India J. Ornelas
Purpose: Fear of deportation and its relationship to healthcare access has been less studied among immigrant Latinx men who have sex with men (MSM), a population at risk for HIV…
Abstract
Purpose: Fear of deportation and its relationship to healthcare access has been less studied among immigrant Latinx men who have sex with men (MSM), a population at risk for HIV and characterized by their multiple minority statuses. The first step is to accurately measure their fear of deportation.
Approach: We used an exploratory sequential mixed methods design. Eligibility criteria were that research participants be ages 18–34 years; Latinx; cisgender male; having had sex with another male; residing in the District of Columbia metro area; and not a US citizen or legal permanent resident. In Study 1, we used in-depth interviews and thematic analysis. Using participants' interview responses, we inductively generated 15 items for a fear of deportation scale. In Study 2, we used survey data to assess the scale's psychometric properties. We conducted independent samples t-test on the associations between scale scores and barriers to healthcare access.
Findings: For the 20 participants in Study 1, fear of deportation resulted in chronic anxiety. Participants managed their fear through vigilance, and behaviors restricting their movement and social network engagement. In Study 2, we used data from 86 mostly undocumented participants. The scale was internally consistent (α = 0.89) and had a single factor. Those with higher fear of deportation scores were significantly more likely to report avoiding healthcare because they were worried about their immigration status (p = 0.007).
Originality: We described how fear of deportation limits healthcare access for immigrant Latinx MSM.
Research implications: Future research should examine fear of deportation and HIV risk among immigrant Latinx MSM.
Details
Keywords
Mariela Rendón Belmonte, José Trinidad Pérez Quiroz, Benjamín Valdez Salas, Miguel Martínez Madrid, Andrés Torres Acosta, Jesús Porcayo Calderón and Miguel Schorr Wiener
The purpose of this paper is to characterize the surface of steel under cathodic protection while submerged in seawater, to understand the mechanism that controls the operation of…
Abstract
Purpose
The purpose of this paper is to characterize the surface of steel under cathodic protection while submerged in seawater, to understand the mechanism that controls the operation of the protection system.
Design/methodology/approach
Steel rods were immersed in seawater and NaCl solution with applied cathodic protection. The experimental methodology included monitoring of corrosion potential (Ecorr), galvanic current (Igalv) protection potential (Eprotection) and the depolarization potential of steel during the time of exposure. In addition, the chemical composition of the steel surface was assessed using a Scanning Electron Microscope (SEM).
Findings
In this research it was determined that the effectiveness of the CP system was mainly attributable to the formation of an iron oxide film on the steel surface.
Research limitations/implications
It is necessary to carry out analysis of the chemical composition of deposits formed on the steel surface, perhaps using X‐ray diffraction (XRD), to verify the presence of a protective oxide.
Practical implications
Deposits on the steel surface have the beneficial effect of reducing the current required for efficient protection. Deposit formation therefore is of economic interest, as it decreases the cost of protection.
Originality/value
A unique feature of cathodic protection in seawater is the formation of calcareous deposits on metal surfaces. Advantageous aspects of these deposits, such as decrease in cathodic current requirement, have been investigated by various authors from various viewpoints. However, very little attention has been paid to the impact of any iron corrosion product films; the present paper contributes useful understanding and explains the importance of the mechanism that controls the operation of the protection system.
Details
Keywords
This paper aims to find out the “state of the art” of research into tourism enterprises in Spain and the work carried out over the last thirty years. The methodology proposed to…
Abstract
This paper aims to find out the “state of the art” of research into tourism enterprises in Spain and the work carried out over the last thirty years. The methodology proposed to make this assessment is an analysis based on the research programmes, theoretical approaches and basic principles which make up the body of current Business Economics teaching. Once this has been accomplished, the contributions of the selected works — a total of ten — are subsequently analysed. These works reflect the main lines of research followed and take up the characteristic theoretical approaches and conceptual principles that comprise current knowledge of the area, particularly from the most classical perspective.