Terence Healy, Amy J. Greer and Daniel Z. Herbst
To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the…
Abstract
Purpose
To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the practice was called into question by a federal district court judge.
Design/methodology/approach
Explains the background on the practice of no-admission, the challenge by Judge Rakoff to the practice, and the ruling of the Second Circuit and its practical approach on enforcement matters.
Findings
The ruling should resolve much of the uncertainty that has surrounded court approval of SEC settlements since Judge Rakoff’s decision to question the practice of no-admit or deny settlements. However, recent comments from SEC Chair Mary Jo White and Senior Enforcement Staff suggest that the SEC may continue to seek admissions in certain cases.
Originality/value
Practical guidance from experienced securities and financial services lawyers.
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Stephen O’ Reilly, John Flannery, Terence O’ Donnell, Andrew Muddiman, Gerard Healy, Michael Byrne and Sean Cian Ó Mathúna
Multilayer aircore inductors fabricated in a range of interconnection technologies which are MCM compatible are presented and compared. These consist of thick‐film, low…
Abstract
Multilayer aircore inductors fabricated in a range of interconnection technologies which are MCM compatible are presented and compared. These consist of thick‐film, low temperature cofired ceramic (LTCC), printed circuit board (PCB) and fine‐line plated copper on ceramic (copper plating). From a comparison of simulated and measured results, it can be concluded that a predictive design capability has been achieved for inductance and self‐resonant frequency (SRF). Modelling of AC resistance and Q requires further investigation.
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Rajib Hasan and Abdullah Shahid
We highlight two mechanisms of limited attention for expert information intermediaries, i.e., analysts, and the effects of such limited attention on the market price discovery…
Abstract
We highlight two mechanisms of limited attention for expert information intermediaries, i.e., analysts, and the effects of such limited attention on the market price discovery process. We approach analysts' limited attention from the perspective of day-to-day arrival of information and processing of tasks. We examine the attention-limiting role of competing tasks (number of earnings announcements and forecasts for portfolio firms) and distracting events (number of earnings announcements for non-portfolio firms) in analysts' forecast accuracy and the effects of such, on the subsequent price discovery process. Our results show that competing tasks worsen analysts' forecast accuracy, and competing task induced limited attention delays the market price adjustment process. On the other hand, distracting events can improve analysts' forecast accuracy and accelerate market price adjustments when such events relate to analysts' portfolio firms through industry memberships.
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Terence E. Cooke, Kevin P. McMeeking and Stephen A. Zeff
The purpose of this paper is to open a debate on the interrelationship between categorisation, labelling, disclosure and enforcement. The extant literature on the accounting…
Abstract
Purpose
The purpose of this paper is to open a debate on the interrelationship between categorisation, labelling, disclosure and enforcement. The extant literature on the accounting reporting environment explores the provision of both mandated and voluntary disclosures. Often disclosure is defined in a less than rigorous manner, mislabelled, misclassified and uses a strict dichotomy that limits information fineness.
Design/methodology/approach
The authors advance a non-dichotomous continuum of disclosure from voluntary and innovative at one end of the spectrum, to mandatory at the other, that helps reduce mislabelling and miscategorisation.
Findings
Firms’ voluntary disclosures cannot be properly interpreted without reviewing their interrelationship with mandatory disclosures and vice versa. Definitions of voluntary disclosure that have been used in empirical studies are examined, including the mislabelling and misclassification of voluntary disclosures and the authors provide examples of truly voluntary and innovative disclosures by companies.
Originality/value
This paper constructs, and provides evidence consistent with, a reporting continuum rather than the dichotomous disclosure measure that dominates decades of prior literature.
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Terence Tai‐Leung Chong, Daniel Wai‐Hong Wong and Venus Khim‐Sen Liew
There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior studies…
Abstract
There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior studies are confined to the US and the European cases. The spinoff problems in Hong Kong are surprisingly under‐studied despite its important role as a global center of capital formation. In this paper, we find that there is a short‐run value creation for the Hong Kong spinoffs. However, the financial health of the spinoff companies, measured by various financial ratios, tends to deteriorate in the long‐run. In general, Hong Kong spinoffs generate negative returns to investors.
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Maria Gabaldon-Parish and Kate Cartwright
Across the United States (US), COVID-19 vaccination coverage was lower in rural counties compared to urban counties, exacerbating rural health inequities. While rural communities…
Abstract
Purpose
Across the United States (US), COVID-19 vaccination coverage was lower in rural counties compared to urban counties, exacerbating rural health inequities. While rural communities fall short of the public health goal to vaccinate all who are eligible, most rural residents have chosen to vaccinate for COVID-19. The aim of this study was to better understand rural New Mexicans' attitudes and beliefs about COVID-19 vaccines.
Methodology
We conducted and analyzed 51 in-depth, semi-structured interviews with adults living in rural New Mexican counties, covering a range of topics related to the pandemic, including vaccines. These interviews were conducted in the Summer of 2021 after the vaccines were widely available to all adults over the age of 18 and youth between the ages of 12–17, but not yet available for children under 12 years.
Findings
Two major perspectives were identified: (1) the idea that COVID-19 vaccinations are a tool that individuals can use to achieve freedom and protection and (2) the view which regarded vaccines as an infringement of personal rights and one's autonomy of health. For people who viewed the vaccine as a tool for freedom, several themes emerged, including (1) a preference for vaccine manufacturers, specifically a preference for Pfizer, and (2) frustrations related to vaccine access, specifically, older adults expressed frustrations with the difficulty of scheduling vaccination appointments. However, most participants felt as though they had enough vaccination resources. For people who viewed vaccines (and vaccine mandates) as limiting their freedom, additional themes emerged: (1) overarching distrust of government and the perception that vaccines were an extension of government and (2) distrust in the vaccines themselves, including a perceived lack of research on the vaccines and a perception that the vaccine was developed in too short of a period. Some of the people who hold these beliefs are also vaccinated. We draw from social psychology theories to better understand how people who hold a rural identity come to establish different beliefs and practices compared to larger metropolitan regions. While political identity is a contributor, of our participants, the group who were most likely to report not being vaccinated were the “independent” or “unaffiliated voters.” Our findings can help craft culturally responsive vaccine initiatives for rural communities.
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In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still…
Abstract
In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still be covered by the Act if she were employed on like work in succession to the man? This is the question which had to be solved in Macarthys Ltd v. Smith. Unfortunately it was not. Their Lordships interpreted the relevant section in different ways and since Article 119 of the Treaty of Rome was also subject to different interpretations, the case has been referred to the European Court of Justice.
In a full blaze of comings and goings, it is unnecessary to remind ourselves that the holiday season is upon us; mass travel to faraway places. The media have for months, all…
Abstract
In a full blaze of comings and goings, it is unnecessary to remind ourselves that the holiday season is upon us; mass travel to faraway places. The media have for months, all through the winter, been extolling a surfeit of romantic areas of the world, exspecially on television; of colourful scenes, exotic beauties, brilliant sunshine everywhere; travel mostly by air as so‐called package tours — holidays for the masses! The most popular areas are countries of the Mediterranean littoral, from Israel to Spain, North Africa, the Adriatic, but of recent years, much farhter afield, India, South‐east Asia and increasingly to the USA.