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This paper aims to highlight certain comments made by US Securities and Exchange Commission (SEC) officials, which may provide insight into compliance and enforcement issues that may be important for market participants, including broker-dealers, investment advisors and reporting companies, in the future.

This paper explains comments made by SEC officials and highlights potential regulatory issues based on past experiences of attorneys within the firm, past comments made by the SEC and Financial Industry Regulatory Authority and past regulatory exam results.

This paper summarizes remarks from the recent SEC Speaks 2018 Conference conducted by SEC officials related to the Commission’s regulatory and enforcement priorities. Issuers, brokers, advisors and other financial organizations should familiarize themselves with the themes and guidance discussed at the Conference to prepare for regulatory compliance challenges in the upcoming year.

Practical guidance from experienced securities and financial services lawyers.

This chapter analyzes the link between the digital divide, infrastructure regulation, and disaster planning and relief through a case study of the flood in San Jose, California triggered by the Anderson dam’s overtopping in February 2017 and an examination of communication failures during the 2018 wildfire in Paradise, California. This chapter theorizes that regulatory decisions construct social and disaster vulnerability. Rooted in the Whole Community approach to disaster planning and relief espoused by the United Nations and the Federal Emergency Management Agency, this chapter calls for leadership to end the digital divide. It highlights the imperative of understanding community information needs and argues for linking strategies to close the digital divide with infrastructure and emergency planning. As the Internet’s integration into society increases, the digital divide diminishes access to societal resources including disaster aid, and exacerbates wildfire, flood, pandemic, and other risks. To mitigate climate change, climate-induced disaster, protect access to social services and the economy, and safeguard democracy, it argues for digital inclusion strategies as a centerpiece of community-centered infrastructure regulation and disaster relief.

KUBIK is aimed to the development of new concepts, products and services to improve the energy efficiency of buildings. The main characteristic of KUBIK is the capability to built realistic scenarios to analyse the energy efficiency obtained from the holistic interaction of the constructive solution for the envelope, the intelligent management of the climatisation and lighting systems and the supply from renewable energy sources.

The R&D infrastructure consists of a building able to provide up to 500 m2 distributed in an underground floor, a ground floor and up to two storeys; the main dimensions are 10,00 m. width x 10,00 m. length x 10,00 meter high (plus and underground floor 3,00 m. depth). The supply of energy is based on the combination of conventional and renewable energy (geothermic, solar and wind). In addition, the building is equipped with a monitoring and control system which provides the necessary information for the R&D activities.

KUBIK's main structure provides an experimental, adaptable and reconfigurable infrastructure to create the indoor environments to analyse and to allow the assembly of the constructive solutions for the envelope, floors and partitions which performance must to be assessed under realistic conditions.

The purpose of this paper is to analyse how the nutritional traffic light can reduce consumers’ intention to purchase unhealthy food by eliciting negative emotions (i.e. fear and guilt). The work also examines the moderating role of income in the above-mentioned relationships.

The empirical study was conducted in Ecuador. In an initial phase, exploratory research was carried out with two focus groups. Then a quasi-experiment was conducted with 330 participants following a 3×2 design, in which the nutritional traffic light for a dairy product (green, yellow, red) and the variable income (high and low income) were manipulated.

Traffic light colours (red, yellow and green) significantly influence consumers’ levels of fear and guilt as well as their intention to purchase. Income has also been found to have a moderating effect on the above relationships.

Further understanding of how nutritional labels influence consumer behaviour may have beneficial effects for public authorities attempting to improve citizens’ health and for society as a whole. It may also help firms that produce and market packaged foods to be aware of what type of foods new consumers want and adapt their offering in consequence.

The main contribution of this work is the analysis of the influence of the nutritional traffic light on emotions, namely, fear and guilt and how these emotions lead consumers to control their consumption of unhealthy foods. In addition, the present work proposes the moderating effect of income on the influence of colour on emotions and purchase intention.

The identification of customer needs through relationship management and their transformation into marketing innovation are two key processes in customer value creation. When combined, they can improve a firm’s competitive position, not only in terms of profitability but also by reducing costs and promoting the use of technology. The purpose of this paper is to analyze the link between managerial relational capability and marketing innovation in customer value creation, and to look at how that value creation affects competitiveness.

We analyze 450 small- and medium-sized enterprises (SMEs) in the furniture industry in the metropolitan area of Guadalajara (Mexico). To this sample is applied a confirmatory factor analysis and a structural equation model to analyze the impact of management capabilities in relationships and marketing innovation on customer value creation and to determine how the value created affects competitiveness.

The results show that management capabilities in customer relationships and in the way they convert knowledge of customer needs into specific choices in the market have a positive effect on customer value creation, as well as on financial performance, cost optimization and the use of technology, all of which can be used as indicators of competitiveness.

The study covers customer value creation in an emerging economy, that of Mexico, and relates it to business competitiveness from a holistic point of view which goes beyond profitability by also including cost reduction and the use of technology.

Japanese American philosopher Magoroh Maruyama (1969) proposed the Mindscape theory, a macro model of cultural differences identification. The theory suggests inter-and intra-cultural heterogeneity and four major Mindscapes of H, I, S and G. He and his colleagues designed 64 graphic geometric patterns based on redundant and non-redundant complexity to recognize the Mindscapes in cultures. However, there is no method of identifying each Mindscape individually/separately. In other words, specificity is missing in this theory. Without such identification, the applicability of the Mindscape theory in international business is limited. This study aims to provide the needed specificity.

The present study applies Harvey’s (1966) four epistemological systems to identify each of the four Mindscapes. According to Maruyama and Harvey, three of Harvey’s four systems are identical to the three Mindscapes of H, I and G. If the authors can match the three Mindscapes with the three Harvey’s systems, what remains the authors assume to be the fourth Mindscape.

The current study determined various graphic and geometric patterns associated with each of the four Mindscapes. In doing so, the study expanded the applicability of the theory in international business.

Harvey (1966) administered nine psychological tests (instruments) to many subjects over nearly two decades to determine the four systems. Using nine major instruments is very challenging, demanding and time-consuming. For ease of application and saving time, the authors used one of these instruments as an example. Ideally, the authors should use all.

Mindscape theory suggests that each of the four salient Mindscapes is more relevant to a specific situation, such as human resource management, motivation, leadership, conflict resolution and others. By identifying each Mindscape, this study expands the use of Mindscape theory.

The purpose of this paper is to analyze the tax aggressiveness among family firms considering their different levels of family involvement. Based on the family influence on power, experience, and culture approach proposed by Astrachan et al. (2002), this study examines to what extent the heterogeneity among family firms generates distinctive (and unique resource) combinations of family involvement that explain different levels of tax aggressiveness.

A sample of 282 small and medium-sized family enterprises and a structural equation modeling approach have been used to study simultaneously the effects of family influence through the power, experience, and culture dimensions of tax aggressiveness in family firms.

The family influences the business’ tax aggressiveness in different ways. As such, the greater the family experience, by the incorporation of second and subsequent generations, the greater the tax aggressiveness; in contrast, greater family power in terms of firm ownership and management negatively affects tax aggressiveness. Additionally, greater alignment of the family and business culture does not exert a significant effect on tax behaviors of family firms.

Tax aggressiveness is a complex activity that should be managed from a global point of view in family firms. Managers should compensate for the negative influence of family governance on tax aggressiveness with the positive effect of the family generations in order to obtain proper and balanced tax management that contributes to the sustainability of family firms.

This study contributes to the understanding of tax behavior heterogeneities among family firms by going further than most research (usually based mainly on comparative ownership aspects between large, publicly quoted family and non-family firms), considering some other more representative factors of family small and medium-sized enterprises, where the influence of characteristics of family management, family generation, and family values can be the main determinants of the firm taxation policies.

Organizations depend on multiple factors to maintain competitiveness and continuously adapt to the environment. Managers must know how to implement strategies while motivating the commitment of those involved. This study aims to present a model for prioritizing factors to promote effective strategy implementation in small- and medium-sized companies.

The authors adopted a systemic approach to articulate two instruments: social network analysis to identify the components that could affect strategy implementation, designing a conceptual model with this information, and analytical hierarchy process to validate the resulting construct.

The factors for effectively implementing strategies relate to the need for reinforcement, commitment, organizational culture, managerial skills, clear communication and involvement to reduce inconsistencies between the expected and current organizational state without neglecting coordination and management mechanisms.

This work is limited to organizational matters. This study was conducted in collaboration with medium-sized Mexican companies with the participation of 94 managers with 10 years of experience. Although the results are mathematically rigorous, increasing the number of participants could enhance the approach to the problem.

This study could encourage academics and practitioners to target resources more accurately and improve organizational relationships to bridge the gap between strategic planning and practical implementation.

This study contrasts with previous research in proposing a systemic perspective that integrates participants’ experiences, developing a construct to determine and prioritize the factors to be addressed in strategy implementation. Therefore, this work invites the adoption of the proposed method as a complementary path to enrich academic and professional exchange.

The purpose of this paper is to describe the specification language TML for adaptive mission plans that the authors designed and implemented for the open-source framework Aerostack for aerial robotics.

The TML language combines a task-based hierarchical approach together with a more flexible representation, rule-based reactive planning, to facilitate adaptability. This approach includes additional notions that abstract programming details. The authors built an interpreter integrated in the software framework Aerostack. The interpreter was validated with flight experiments for multi-robot missions in dynamic environments.

The experiments proved that the TML language is easy to use and expressive enough to formulate adaptive missions in dynamic environments. The experiments also showed that the TML interpreter is efficient to execute multi-robot aerial missions and reusable for different platforms. The TML interpreter is able to verify the mission plan before its execution, which increases robustness and safety, avoiding the execution of certain plans that are not feasible.

One of the main contributions of this work is the availability of a reliable solution to specify aerial mission plans, integrated in an active open-source project with periodic releases. To the best knowledge of the authors, there are not solutions similar to this in other active open-source projects. As additional contributions, TML uses an original combination of representations for adaptive mission plans (i.e. task trees with original abstract notions and rule-based reactive planning) together with the demonstration of its adequacy for aerial robotics.

The purpose of this paper is to analyze the occurrence of terms to identify the relevant topics and then to investigate the area (based on topics) of hospitality services that is highly associated with relationship quality. This research represents an opportunity to fill the gap in the current literature, and clarify the understanding of guests’ affective states by evaluating all aspects of their relationship with a hotel.

This research focuses on natural opinions upon which machine-learning algorithms can be executed: text summarization, sentiment analysis and latent Dirichlet allocation (LDA). Our data set contains 47,172 reviews of 33 hotels located in Las Vegas, and registered with Yelp. A component-based structural equation modeling (partial least squares (PLS)) is applied, with a dual – exploratory and predictive – purpose.

To maintain a truly loyal relationship and to achieve competitive success, hospitality managers must take into account both tangible and intangible features when allocating their marketing efforts to satisfaction-, trust- and commitment-based cues. On the other hand, the application of the PLS predict algorithm demonstrates the predictive performance (out-of-sample prediction) of our model that supports its ability to predict new and accurate values for individual cases when further samples are added.

LDA and PLS produce relevant informative summaries of corpora, and confirm and address more specifically the results of the previous literature concerning relationship quality. Our results are more reliable and accurate (providing insights not indicated in guests’ ratings into how hotels can improve their services) than prior statistical results based on limited sample data and on numerical satisfaction ratings alone.