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The purpose of this paper is to perform a comparative study of prediction performances of an artificial neutral network (ANN) model against a linear prediction model like a linear discriminant analysis (LDA) with regards to forecasting corporate credit ratings from financial statement data.

The ANN model used in the study is a fully connected back‐propagation model with three layers of neurons. The paper uses a comparative approach whereby two prediction models – one based on ANN and the other based on LDA are developed using identically partitioned data set.

The study found that the ANN model comprehensively outperformed the LDA model in both training and test partitions of the data set. While the LDA model may have been hindered by omitted variables; this actually lends further credence to the ANN model showing that the latter is more robust in dealing with missing data.

A possible drawback in the model implementation probably lies in the selection of the various accounting ratios. Perhaps future replications of this study should look more carefully at choosing the ratios after duly addressing the problems of collinearity and duplications more rigorously.

The findings of this study imply that since ANN models can better deal with complex data sets and do not require restraining assumptions like linearity and normality, it may be overall a better approach in corporate credit rating forecasts that uses large financial data sets.

This study brings out the effectiveness of non‐linear pattern learning models as compared to linear ones in forecasts of financial solvency. This goes on to further highlight the practical importance of the new breed of computational tools available to techno‐savvy financial analysts and also to the providers of corporate credit.

In July 2008 the U.S. Securities and Exchange Commission (SEC) published three proposals relating to the use of credit ratings in its rules and forms. The proposals were designed to address concerns that the misuse of credit ratings may have contributed to the current crisis. The SEC sought market feedback regarding the effect the removal of credit rating references may produce on the markets.

This article examines the use of ratings by various market constituents, analyzes the details of the SEC proposals, and reviews the provided feedback. The main finding is that the majority of the market participants opposed the SEC proposals. Fiduciaries and regulated entities are looking to regulators to offer a common measure of risk, stable, accurate and free of conflict of interests.

As the pervasiveness of blogging becomes comingled in personal and corporate lives, companies are harvesting useful information from user-generated media. It appears that user-generated media (e.g. blogs, among others) has become an increasingly important way for companies to connect with customers. Though blogging activity is a fast emerging phenomenon, however, to date only a handful of research has been done by scholars about blogging activity. The little research done on blogging has focused on the company perspective; how companies can use blogs to interact with their customers, but did not examine the individual blogger ' s viewpoint. Hence, the main objective of this study is to help fill that void in the literature and ascertain the following: to lay the groundwork for understanding the factors that enhance bloggers ' attitudes toward participating in blogging activity and how bloggers ' attitudes influence their propensity to blog.

A structural model was developed depicting the relationships among key constructs of research interest. This model reflects theories drawn from social psychology and the literature on marketing and information systems. Structural equation modeling (SEM) methodology was used to empirically validate the model and its hypotheses.

Results of the SEM analysis indicated that bloggers ' knowledge, bloggers ' responsiveness to their readers, bloggers ' market mavenism, and bloggers ' social network optimization had a strong influence on attitude which in turn influenced propensity to blog.

This research has certain limitations. First, resource constraints limited the collection of data to only US consumers, so the analysis of this study may only be generalized over population groups within the USA. A future replicating study of this kind would help to verify if the final model of this study holds true in different countries and cultures. A second limitation is that in this study the unit of analysis is at the individual level. Future studies could examine these effects at multiple levels of analysis such as network and business group level, firm level, and country and region level to understand the behavior of bloggers in those settings.

In this paper the two germane theories (e.g. theories of network effect and diffusion of innovation) are presented. Related theoretical rationales form the bases for hypotheses underlying the model framework. The second section discusses the empirical tests and validation of the model and presents the results of the SEM methodology. The final section discusses implications of the findings, summarizes limitations, and offers suggestions for future research.

Major findings of a project, Investigating The Markets Of Denim Wear In Hong Kong And China, sponsored by Institute of Textiles and Clothing, Hong Kong Polytechnic University, are discussed. The project was conducted in Hong Kong and six other major cities in China, including Beijing, Shanghai, Guangzhou, Harbin, Xi'an and Chengdu. Total sample size was 3,623. Three aspects of denim wear consumption were investigated and are discussed in the paper: dressing habit of Chinese consumers in denim wear, their consumption pattern, and brand awareness. Based on the findings, marketing implications are discussed as well. This information should be of use to manufacturers and retailers of denim wear and denim products for more effective marketing.

This paper aims to study the determinants of the sovereign debt ratings provided by the 3 main rating agencies for 32 European countries. It verifies the clusters of countries existing for each of the agencies, considering regional bias, and then analyzes whether the determinants were different before and after the global financial crisis. It also aims to explain how the determinants are taken into account for rich and developing countries, using a sample for the period between 2001 and 2008 and the period between 2009 and 2016.

To this purpose, this paper performs panel data estimation using an ordered Probit approach.

This method shows that for developing countries after the crisis, the relevant explanatory variables are the unemployment rate and the presence in the Eurozone. For rich countries, the inflation rate is pivotal after the crisis period.

This paper is the first to use a clustering methodology within sovereign debt rating literature, grouping the countries into cohesive clusters according to their sovereign debt ratings along with the proposed time frame. Moreover, it explains, which countries belong to strong or weak groups, according to the rating agencies under discussion; and, in these groups, it identifies the sovereign rating determinants.

Wherever one meets farmers, in a representative or private capacity, the same impression is left upon one's mind. The business of farming cannot go on long as things are. In solemn tones, one is assured that “something must be done to help matters.” A close survey of past experiences leads agriculturists to expect little from Parliament, and there is an increasing disposition to explore what little fresh ground may remain in an attempt to obtain relief from an impossible position—impossible because of its prolongation rather than its passing severity. The idea seems to be to turn to the markets and systems of marketing, without, of course, neglecting the basic business of production. It is on the farms that the foundations of success are laid, and that fact will not be overlooked. But recent years have shown that something more than a foundation is necessary to ensure prosperity, or even to permit of endurance. The few adverse farming years, marked by a lack of sun, that preceded 1928 tended to obscure the issue, but the brilliant summer and autumn of the present year disclosed the fact that production was not the root cause of trouble in British farming, and showed that it was in the markets that the difficulties originated and developed. The lessons of the current year are clear and definite and, recognising the force of this exposure of crippling evils, and the possible line for remedial measures, agriculturists, with a unanimity that gives weight and encouraging significance to the suggested action, have resolved to direct their energies and inquiries into new channels. Instead of confining their attentions to their own deficiencies, and striving to discover on the farm remedies for the troubles that afflict them, they are determined to extend their investigations into the markets. They have not acted in haste in resolving upon this line of procedure. On the contrary, they have long been blamed for not paying greater attention to their markets—for not studying more carefully what the best buyers required, and for not establishing facilities for reaching the best markets more directly and at less cost to themselves. There appears to be no one supreme authority through which a move could be made to establish better and more equitable conditions for the marketing of home‐grown produce. In the absence of such a body or Department, it is suggested that the Empire Marketing Board might be induced, or enabled, to come to the assistance of farmers in their efforts to improve their position in their own markets. The Ministry of Agriculture has done good service already, and may achieve still better results; but greater concentration is needed in some directions than has yet been attempted. The Empire Marketing Board may be restricted in the manner in which it can render help, but if its sphere of action could be extended to permit of its giving definite information concerning the relative values of alternative supplies of food, the Board would do a great work both for home agriculture and the consuming public. Existing institutions have not given satisfaction to British farmers in so far as their inquiries into matters of this kind have been directed and carried out up till now. Producers and consumers are left in ignorance regarding the relative merits of home and oversea foods of various kinds. The idea that obtains among thinking farmers is that such inquiries as have been made have been planned to favour their competitors. Whether or not such an impression has any justification may be disputed, but it is surely unwise to allow the impression to remain for want of evidence to the contrary. The Ministry of Health has not disproved this view of things, and home producers are becoming impatient with the manner in which their interests are considered in high quarters. The Ministry of Agriculture, it is believed, is working with diligence and wisdom to the limit of its powers, but the opinion is gaining ground that the Empire Marketing Board is the only hope of straightening out things on an equitable basis that would give justice to the producers in the home country. Marketing business need not be interpreted too literally or narrowly. The realisation of produce does not consist merely in placing goods on the market. The grading and classification of commodities would certainly come within the scope of prudent trade development. The suggestion is that the Empire Marketing Board might devote attention to investigations into the nutritive values of foods from different sources, not as they leave the country of production but as they are delivered to consumers in this country. There is wide scope for useful inquiry in this direction. No strong case for investigation might exist concerning articles such as wheat, which presumably do not deteriorate in transit. But in the case of meat, dairy produce, and other perishable commodities, it is believed that the treatment to which the articles have to be subjected to permit of travel affects their food value. It may be contended that chemical evidence exists to satisfy the authorities on this point already. But experienced stockowners, for instance, who have studied the feeding of their herds and flocks, will not accept analytical results as infallible proof. They insist that there should be actual demonstrations of food values. The Empire Marketing Board would do a great service if it could make good this deficiency on the part of the older authorities in respect to human food. It would be easy to suggest suitable lines for research and practical trials. There is, for example, the difference between fresh and chilled or frozen meat; between fresh and tinned milk; between fresh and synthetic cream. The question is far more urgent than appears to be imagined in Government centres. If the results should be different from what home producers expect or could wish, the position would be so much the worse for them. But they have reached a point in their fight against what they believe to be unequal opposition when they prefer to know the worst.—“The Times.”

There are a number of reference works that present man's past — or certain periods of it — in outline, tabular or sequential form, arranged chronologically to show the continuity and relationships among historical events in different parts of the world. An historical chronology can show, for example, what happened around the world in 1783, 1309 or 41 B.C. Some historical chronologies focus on a few centuries, while others try to record the major (and often minor) accomplishments of men and women from earliest times to the present day. Some chronologies focus on political and military affairs, other emphasize cultural developments, while still others attempt to combine both political and cultural events into a single panoramic timeline of human history. This review will look at some of the better‐known historical chronologies that focus on more than one country. For each, the scope, format, strengths, special features, and any recognizable bias will be examined, in the hope that the reader will gain a better understanding of these chronologies and their possible applications in reference work.

The Ministry of Health have issued a Circular (No. 2198, November 25th, 1940) reminding local authorities of the measures which can usually be taken to protect the public against the spread of the diseases commonly conveyed by food, i.e., diseases of the enteric group (typhoid and paratyphoid fevers), dysentery, food poisoning and intestinal parasitism. The Circular continues: One of the commonest causes of the spread of the enteric diseases is the contamination of food, including milk, by the hands of persons excreting the causal organisms of the disease, whether they are actually suffering from the disease, or are chronic carriers of the infection, or are persons temporarily excreting the causal organisms without themselves being ill. The Milk and Dairies Order, 1926, confers on medical officers of health in Articles 18 and 19 powers relating to infected milk supplies and to persons having access to the milk, milk vessels, etc., at registered premises whose employment may be likely to lead to the spread of infectious disease. It also requires generally under Article 15 that every person engaged in the milking of cows or the distribution or measuring of milk or otherwise having access to the milk or to the churns or other milk receptacles shall keep his clothing and person in a cleanly condition. Article 23 of the Order requires that in connection with the milking of cows the hands of the milker shall be thoroughly washed and dried before milking, and throughout the milking be kept free from contamination. With respect to food and drink in general, provision is made in Part III of the First Schedule to the Public Health (Infectious Diseases) Regulations, 1927, whereby on a report by the medical officer of health, the local authority can (1) in any case of enteric fever or dysentery occurring in the district by notice in writing require, in addition to other precautions, that the person specified in the notice shall discontinue any occupation connected with the preparation or handling of food or drink for human consumption and (2) require the medical examination by the medical officer of health or a medical officer acting on his behalf of a person suspected by the medical officer of health to be a carrier of enteric fever or dysentery infection who is employed in any trade or business connected with the preparation or handling of food or drink for human consumption, and can suspend such person from his employment for a specified period if as a result of the examination or from bacteriological or protozoological examination of material obtained at any such examination, of material obtained at any such examination, the medical officer of health is of opinion that the person is such a carrier. Apart, however, from conditions which can be dealt with by the temporary discontinuance of work by persons actually suffering from the disease or found to be carriers of it, experience shows that outbreaks of disease of the enteric group and of food poisoning are not uncommonly caused, or their range extended, by the handling of food by persons who have not previously been suspected to be suffering from or carrying disease, and the Minister is advised that a substantial number of consequential cases could be avoided if all persons engaged in the preparation or handling of food intended for sale were habitually to take the elementary precautions required by law. The relevant statutory provisions as regards food other than milk are those contained in Section 13 (1) of the Food and Drugs Act, 1938, which read as follows :—

Industrial feudalism is a socioeconomic formation that the Polish Marxists Ludwik Krzywicki and Oskar Lange associated with monopoly finance capital. Industrial feudalism arises in a socially static capitalism where mobility between hierarchically defined social strata is restricted. Krzywicki's account predates Hilferding's Finance Capital and outlines the functioning of the capital market-based finance capital that has become more common in capitalism. Seemingly unaware of Krzywicki's pioneering articles, Oskar Lange then presented his own account of monopoly finance capital in the United States with similar social consequences in the early 1940s with state support for monopolies. Krzywicki's work on monopoly finance capital was discovered in the 1950s by Tadeusz Kowalik.

This chapter examines the central role played by credit rating agencies in the production of “knowledge” about financial instruments. That “knowledge,” in the form of credit ratings, underpinned disintermediation in mortgage markets by giving investors confidence that they knew the risk-and-return properties of otherwise opaque collateralized debt obligations (CDOs) and mortgage-backed securities. Credit ratings helped to “standardize” structured financial products and create liquid markets. However, this cognitive machinery failed and liquidity collapsed during the current crisis. I use this failure to examine the role of institutionalized cognition in the production of market liquidity.