Jack Murphy, Brenden Carroll, Stephen Cohen, Joshua Katz and Justin Goldberg
To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain…
Abstract
Purpose
To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain frequently asked questions (FAQs) regarding the July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (1940 Act).
Design/methodology/approach
In July 2014, the SEC adopted sweeping amendments to Rule 2a-7 and other rules that govern money market funds under the 1940 Act (Amendments). The Amendments (i) require “institutional” money funds to operate with a floating net asset value (NAV), rounded to the fourth decimal place (e.g. $1.0000) and (ii) permit (and, under certain circumstances, require) all money funds to impose a “liquidity fee” (up to 2 per cent) and/or “redemption gate,” once weekly liquidity levels fall below the required regulatory threshold. The article briefly discusses the background and the events leading up to the FAQs and describes key responses from the Staff on a variety of issues.
Findings
The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. The FAQs provide clarity on a number of issues that are relevant to the money fund industry.
Practical implications
Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.
Originality/value
Practical guidance from experienced financial services lawyers.
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Jack Murphy, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag and Justin Goldberg
To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules…
Abstract
Purpose
To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940.
Design/methodology/approach
Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates.
Findings
The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately.
Practical implications
Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.
Originality/value
Practical guidance from experienced financial services lawyers.
Details
Keywords
This chapter analyses the Norwegian Twitter-sphere during and in the aftermath of the terrorist attack in Norway on 22 July 2011. Based on a collection of 2.2 million tweets…
Abstract
This chapter analyses the Norwegian Twitter-sphere during and in the aftermath of the terrorist attack in Norway on 22 July 2011. Based on a collection of 2.2 million tweets representing the Twitter-sphere during the period 20 July–28 August 2011, the chapter seeks answers to how the micro-blogging services aided in creating situation awareness (SA) related to the emergency event, what role hashtags played in that process and who the dominant crisis communicators were. The chapter is framed by theories and previous research on SA and social media use in the context of emergency events. The findings reveal that Twitter was important in establishing SA both during and in the aftermath of the terrorist attack, that hashtags were of limited value in this process during the critical phase, and that unexpected actors became key communicators.
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Leon Schjoedt and Justin B. Craig
Given the nature of entrepreneurship, a domain-specific self-efficacy scale should pertain to venture creation, be unidimensional, and be developed and validated using nascent…
Abstract
Purpose
Given the nature of entrepreneurship, a domain-specific self-efficacy scale should pertain to venture creation, be unidimensional, and be developed and validated using nascent entrepreneurs – persons for whom self-efficacy may be most important. Extant measures employed in entrepreneurship research do not meet all these criteria. The purpose of this paper is to develop and validate a unidimensional entrepreneurial self-efficacy (ESE) scale based on samples of nascent entrepreneurs.
Design/methodology/approach
Data from a sample of nascent entrepreneurs and items from PSED I were used to develop and assess the validity of a new ESE scale. To further establish scale validity, a comparison group from PSED I along with a sample of nascent entrepreneurs from PSED II were employed.
Findings
A unidimensional three-item self-efficacy scale for assessing a person’s belief that s/he can create a new business successfully is developed and validated using samples of nascent entrepreneurs and a control group.
Research limitations/implications
The scale offers opportunity to enhance research-based assessment using a parsimonious, reliable, and valid unidimensional measure of ESE. The scale may enhance future research findings, as well as promoting reconsideration of past research findings, on many issues in the entrepreneurship literature.
Originality/value
This research uses a sample of nascent entrepreneurs to provide a new three-item scale for assessment of ESE that is parsimonious, valid, and unidimensional.
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Purpose – This chapter responds to interdisciplinary debates regarding studies of sex, sexuality, and gender. I briefly examine how the sex/gender paradigm of the 1960s shaped…
Abstract
Purpose – This chapter responds to interdisciplinary debates regarding studies of sex, sexuality, and gender. I briefly examine how the sex/gender paradigm of the 1960s shaped feminist theory in the social sciences and explore two feminist frameworks that have contested the sex/gender paradigm: West and Zimmerman's “doing gender” and Butler's performativity. I situate this literature, and related debates about intersectionality, in the context of Margaret Andersen's (2005) Sociologists for Women in Society (SWS) feminist lecture.
Methodology/approach – Using empirical analyses of brief television excerpts, I develop an ethnomethodological study of practice and poststructural analysis of discourse to demonstrate how trenchant forms of cultural knowledge link together gender, sex, and sexuality.
Findings – Sex and gender function as disciplinary forces in the service of heterosexuality; consequently studies of gender that do not account for sexuality reproduce heterosexism and marginalize queer sexualities. These findings, considered in relationship to Andersen's analysis of intersectionality, illustrate both a narrow conceptualization of the field rooted to a 19th century European model and a methodological mandate that must be examined in relationship to the politics of social research.
Practical implications – A more fruitful conceptual starting point in thinking through intersectionality may be citizenship, rather than systematic exploitation of wage labor. In addition, a more full analysis of intersectionality would also require that we rethink our methodological orientations.
Originality/value of paper – The chapter illustrates some of the analytic effects and political consequences that commonsense knowledge about gender, sex, and sexuality holds for feminist scholarship and advances alternative possibilities for future feminist research.
Justin C. Strickland, Michele Staton, Carl G. Leukefeld, Carrie B. Oser and J. Matthew Webster
The purpose of this paper is to examine the drug use and criminal justice factors related to hepatitis C virus (HCV) antibody reactivity among rural women in the USA recruited…
Abstract
Purpose
The purpose of this paper is to examine the drug use and criminal justice factors related to hepatitis C virus (HCV) antibody reactivity among rural women in the USA recruited from local jails.
Design/methodology/approach
Analyses included 277 women with a history of injection drug use from three rural jails in Kentucky. Participants completed health and drug use questionnaires and received antibody testing for HCV.
Findings
The majority of women tested reactive to the HCV antibody (69 percent). Reactivity was associated with risk factors, such as unsterile needle use. Criminal justice variables, including an increased likelihood of prison incarceration, an earlier age of first arrest, and a longer incarceration history, were associated with HCV reactive tests. Participants also endorsed several barriers to seeking healthcare before entering jail that were more prevalent in women testing HCV reactive regardless of HCV status awareness before entering jail.
Originality/value
Injection and high-risk sharing practices as well as criminal justice factors were significantly associated with HCV reactivity. Future research and practice could focus on opportunities for linkages to HCV treatment during incarceration as well as during community re-entry to help overcome real or perceived treatment barriers. The current study highlights the importance of the criminal justice system as a non-traditional, real-world setting to examine drug use and related health consequences such as HCV by describing the association of high-risk drug use and criminal justice consequences with HCV among rural women recruited from local jails.
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Mohammad Amin Kuhail, Ons AL-Shamaileh, Justin Thomas, Erik Thornquist and Syed Jawad Hussain Shah
This study investigates the impact of emoji use and user personality traits (conscientiousness vs extraversion) on user behavior in the context of academic advising. It uniquely…
Abstract
Purpose
This study investigates the impact of emoji use and user personality traits (conscientiousness vs extraversion) on user behavior in the context of academic advising. It uniquely considers the interaction between these chatbot characteristics and human users' dominant personality traits (conscientiousness and extraversion).
Design/methodology/approach
A mixed-factor design experiment involving 153 university students was employed. Participants interacted with four different chatbot conditions: a conscientious bot and an extroverted bot, each with and without emojis.
Findings
The inclusion of emojis negatively influenced users' intentions to use the chatbots but did not affect trust, perceived authenticity or intended engagement with the bots. Additionally, the students' personality traits played a role in evaluating the different chatbot types.
Originality/value
This research introduces a novel approach by integrating emoji use and human personality traits into chatbot communication, focusing on academic advising. It examines the interaction effects of emojis and personality traits (conscientiousness and extraversion) on user behavior, also considering the user’s personality traits. This work enriches the human-computer interaction field and guides future chatbot development.
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Michael Collins, Yiqiong Li, Justin P. Brienza and Simon Restubog
We integrate trait, individual differences and substitutes for leadership theories to examine how leader trait anger influences leader vision and follower trust in the leader…
Abstract
Purpose
We integrate trait, individual differences and substitutes for leadership theories to examine how leader trait anger influences leader vision and follower trust in the leader across high versus low levels of organizational formalization.
Design/methodology/approach
We obtained data from two independent multi-source samples from different occupations and countries. Sample 1: leader–follower dyads (n = 179) collected over three measurement periods from the Philippines; Sample 2: cross-correlational sample of leaders (n = 166), their manager (n = 166) and their followers (n = 610) from Australia.
Findings
We tested our hypotheses using PROCESS (Hayes, 2018) and found that leader trait anger influenced follower trust in the leader both directly and indirectly through leader vision (Samples 1 & 2). We also found that organizational formalization neutralized the effect of leader vision on follower trust in the leader (Sample 2).
Research limitations/implications
While we used a time-lagged design in Sample 1, we cannot make strong causal claims as might be the case in an experimental study, for example.
Practical implications
Our results highlight the adverse effect of leader trait anger on perceptions of leader vision and follower trust in the leader, which we suggest should be considered in recruitment and promotion decisions. Our findings also suggest that high levels of organizational formalization may undermine the motivational effect of leader vision on followers, which should be considered in relation to organizational rules and procedures.
Originality/value
This research enhances our understanding of a previously unexplored boundary condition (i.e. organizational formalization) that appears to neutralize the motivational effect of leader vision. In addition, it highlights the ubiquitous effect of trait anger, in this case undermining the effectiveness of leader vision and trust in the leader, from two different observer perspectives (i.e. leaders’ followers and managers).