Search results

The purpose of this paper is to study the relation between financial analysts’ ratings of firms’ disclosure policies and the intraday pattern in spreads between specialists’ bid and ask price quotes.

Measure of the disclosure policy is based on financial analysts’ ratings of the quality of firms’ annual reports, quarterly and other information, and investor relations activities. The bid‐ask spread is the ask price minus the bid price. Time‐weighted bid‐ask spreads were measured over half‐hour trading intervals. Generalized method of moments is used to estimate regressions of bid‐ask spreads on disclosure policy ratings and controls for trading volume, price volatility, and share price.

It was found that spreads are uniformly lower for firms with higher‐rated disclosure policies in all half‐hour trading intervals during the day. In addition, increases in spreads in the first two half‐hours of trading are smaller for firms with higher‐rated disclosures. Finally, our evidence suggests spreads increase more in the last half‐hour of trading for firms with better disclosure policies, and subsequent tests suggest this is due to greater end‐of‐day liquidity trading.

These results suggest that disclosure policy is a determinant of both the level and pattern of intraday bid‐ask spreads. Firms with higher‐rated disclosure policies have a more liquid market for their shares, which is theoretically linked to a lower cost of capital. In addition, better disclosure mitigates the decrease in market liquidity typically observed at the open of daily trading.

Better disclosures can help reduce market frictions.

This paper is the first to study the relation between disclosure policy and intraday spread patterns.

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

FINANCIAL fears are only less cruel than those of war, and lead men into extravagances which they would repudiate indignantly in their cooler moments. If the doings of the Economy Committee at Manchester in relation to children's libraries, as described in the article by Mr. Lamb in our last issue, are true, we have in them an example of a kind of retrenchment at the expense of the young which we hope is without parallel and will have no imitators. Some reduc‐tion of estimates we hear of from this or that place, but in few has the stupid policy which urges that if we spend nothing we shall all become rich been carried into full effect. Libraries always have suffered in times of crisis, whatever they are; we accept that, though doubtfully; but we do know that the people need libraries.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Despite considerable empirical evidence to support the existence of the Pygmalion effect, studies that focus on the role of gender within this phenomenon have produced varied results. Whereas the research has consistently demonstrated the Pygmalion effect with male leaders, less research evidence exists to support this phenomenon among female leaders. This paper aims to present a conceptual framework for understanding the potential role gender can play in the Pygmalion effect and why women may face obstacles in their efforts to serve as Pygmalion leaders. Research propositions are presented with the intent of guiding future research in this area.

For the purpose of this theoretical paper, elements of the sociological, structural and psychological perspectives are drawn to present an understanding of the potential influence a leader’s gender has on the facilitation of the Pygmalion effect. A brief background to the Pygmalion effect is first provided followed by research related to this phenomenon. Then the underlying elements of the Pygmalion effect are revisited and attention is drawn to those factors affecting subordinate receptiveness to leader influence. Following that, these ideas are integrated with gender-based research to present the theoretical framework and research propositions.

This paper’s framework offers a fuller understanding of the role of a leader’s gender in facilitating the Pygmalion effect by identifying factors that can influence subordinate perceptions of leader efforts. Gender-based cues influence subordinate perceptions of leader expertise and power. In turn, this will influence subordinate receptiveness to leader elicited expectations and supportive behaviors.

The theoretical framework of this paper suggests that under certain conditions, gender differences can impact subordinate receptiveness to leader behaviors and performance expectations. Managers need to be aware of the gendered-nature of the work context and how it can influence subordinate perceptions of leaders. Otherwise, gender-based cues can unwittingly undermine women who endeavor to elevate follower self-efficacy beliefs.

Stereotypes regarding women in managerial roles can undermine the capacity of women to effectively mentor and inspire others. These biases must be explicitly confronted and challenged. Moreover, given the global nature of the workforce it is critical to understand how national cultures can differ in their attitudes toward women in management in ways that can impede the ability of a woman to facilitate this transformative process.

The theoretical framework of this paper broadens the understanding of gender differences in the Pygmalion effect. This paper attempts to explain the lack of consistent findings for women who attempted to serve as Pygmalion leaders. It is asserted that rather than a leader’s gender, it is gender-based contextual cues that influence the leader’s capacity to trigger the Pygmalion effect. Thus far, no systematic effort has been made to identify the conditions under which subordinates are receptive to the influence of Pygmalion male or female leader expectations and behaviors.

LIBRARIANSHIP is an established profession, international in scope, and currently passing through a period of acute shortage of trained personnel. The City of Liverpool, situated at the gate‐way of the New World, has given its School of Librarian‐ship some of the elements of its international character, while the current dearth of librarians has given it the opportunity to expand.

Shortly after I agreed to take part in this symposium, I realized that I knew very little about the acquisition of second‐hand periodicals, my experience being limited almost entirely to exchanges through the British National Book Centre. I did not remember ever reading an account of the principles on which one should base one's practice, apart from the suggestion that the librarian should wait for a long run, rather than buy odd volumes; and this questionable assertion does not seem an adequate basis for action. Further, I had no recollection of a thorough exposition of periodical selection practice in general (as distinct from the processing and use of periodicals). I did not check my memory by searching the literature, but fortunately Mr. Vickery has done so, and it seems true to say that though the principles of book selection have been formulated and expounded, periodical selection has only been subjected to preliminary investigation. Surveys, such as those quoted by Mr. Vickery, have been carried out, both on the statistical and qualitative aspects of the problem; but the investigators have usually been concerned with one point only, rather than with policy as a whole.

Current issues of Publishers' Weekly are reporting serious shortages of paper, binders board, cloth, and other essential book manufacturing materials. Let us assure you these shortages are very real and quite severe.