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The purpose of this study is to investigate the effect of corruption on stock returns in the USA. In particular, this study examines the relationship between corruption in a state (i.e. local corruption) and stock returns of firms headquartered in that state (i.e. local returns).

This paper uses the Fama–MacBeth two-step regressions. In the first step, the authors estimate the coefficients on the market, size, value and momentum factors for individual stocks. In the second step, they use those coefficients along with the corruption score of the state where stocks are headquartered to explain stock returns.

This paper finds that corruption in a state adversely affects stock returns of firms headquartered in that state. It further documents that the effect of corruption on stock returns is limited to geographically concentrated firms.

To the best of the authors’ knowledge, this paper is the first to document the effect of state-level corruption on individual stock returns in the USA using the Fama–MacBeth regressions. This study contributes to the literature by documenting the effect of local corruption on local stock returns in a low corruption country.

The theme of this keynote address is conceptual puzzles raised by empirical research on conflict management and resolution. Three types of puzzles are highlighted: those that deal with processes, identities, and situations. The process puzzles include some counter‐intuitive implications of negotiating strategies and interaction process dynamics. The identity puzzles include the ways in which identity is negotiated, perceptions of ingroups and outgroups, and the connection between loyalty to groups and collective action. The situation puzzles address attribution issues, the distinction between passive actors and active agents, and the role of history. An attempt is then made to juxtapose the puzzles toward a larger conception of a field that emphasizes change in the phenomena we analyze in research and shape through practice. A number of these ideas are found also in the research of previous IACM lifetime award recipients, with whom connections are made.

The Open University (OU) United Kingdom manages two platforms for hosting Open Educational Resources (OER): OpenLearn, delivering the OU’s OER, reaching over10 million learners a year, attracting a mostly UK audience, and OpenLearn Create, reaching 3 million learners a year, where anyone can create and share OER, attracting a mostly international – non-UK – audience. Both platforms release OER using a Creative Commons license and afford accessibility to learning materials specifically catering to the needs of underserved groups, in other words, individuals or groups who may have limited access to education or continuing professional development (CPD) either as recipient or as educator. Using case studies, research data analytics and survey data, this chapter reveals how the approach to delivering OER on OpenLearn Create fosters community engagement and outreach across a broad spectrum of projects in a range of languages and format often to those with restricted access to professional development within organizations. The chapter discusses weaknesses in the platform’s usability for delivering online courses, but strengths and recommendations for its use as an adaptable project-based tool. Research data also reveal that where an institution is prepared to minimally support the provision of such a platform, the contribution to humanizing education for OER projects globally is great.

The increased use of checks in nonlocal payments at the end of the nineteenth century presented problems for their clearing and collection. Checks were required to be paid in full (at par) only when presented directly to the drawn-upon bank at its counter. Consequently, many, primarily rural or small-town, banks began to charge remittance fees on checks not presented for collection in person. Such fees and the alleged circuitous routing of checks in the process of collection to avoid them were widely criticized defects of the pre-Federal Reserve payments system. As the new Federal Reserve established its own system for check clearing and collection, it also took as an implicit mandate the promotion of universal par clearing and collection. The result was a bitter struggle with non-par banks, the numbers of which initially shrunk dramatically but then rebounded. A 1923 Supreme Court decision ended the Fed’s active (or coercive) pursuit of universal par clearing, and non-par banking persisted thereafter for decades. Not until the Monetary Control Act of 1980 was universal par clearing and true monetary union, in which standard means of payment are accepted at par everywhere, achieved.

During the year 5,399 samples were taken under the Food and Drugs Act. Of these, 398 (7·4 per cent.) were against, as adulterated, below standard, or incorrectly labelled. The remainder, 1,173 samples, included water, 602, pasteurized milk 400—eight of these indicated a slight, technical error in preparation, and three “gross error.” Soot gauges 24. The total number of milk samples examined during the year was 2,844—excluding those just mentioned. Of these, 9·9 per cent. were found to be adulterated. This percentage of adulteration or for non‐compliance with the legal limit of 8·5 per cent. non‐fatty solids and 3 per cent. is the highest for six years. It is remarked that the freezing point test shows that the milks were naturally low in solids not fat. This would seem to be due to the cumulative effect during the last few years of feeding‐stuffs shortage, though the average annual composition of samples taken has varied but little during the war years and compares favourably with pre‐war milks. The Public Analyst points out that 9·9 per cent. does not mean that 9·9 per cent. of the Birmingham milk is adulterated, as more than one sample was taken from vendors whose milk was under suspicion. Tables given show that the average composition for all milks and farmers' milk were identical. The prosecutions call for no very extended comment. The milk cooler—that great source of surprises—was in each case found to be in working order. The cows were in “good heart.” In one case the cowman was fined £3 for adding water. The farmer, for not exercising due diligence under Section 83 of the Food and Drugs Act, was fined £20 on each of six summonses issued against him, £120 in all, with £1 costs. The farmer seems to have been, and probably still is, a hopeless case. He had been fined £30 and costs in 1940, and £580 with £46 costs in 1942. About £750 in all! We suppose he still carries on, but what about the consumers! Baking powder and self‐raising flour were reported against for carbon dioxide deficiency. This was apparently due to the use of old stock. The vendors were cautioned. Old stock—at least we suppose age to be the explanation—is also distinguished in other ways: cheese, infested with mites, unfit for consumption; cocoa, mouldy, and paper wrapper contained book lice; coffee, contained a mass of cobwebs; lentils, grubs and mite eggs; and so on. The immediate origin of another dealer's wrapping paper would seem to have been the coal scuttle since paper, lard and butter were speckled with coal particles. The Veterinary Inspector was requested to visit all the places of sale which would seem to be half‐way houses to the hospital for the consumer. An interesting point is raised in the matter of a sample labelled “lemon flavour.” This delicacy consisted of a 6 per cent. solution of citric acid, containing in suspension a small amount of starchy matter to make it look like lemon juice. It was flavoured with oil of lemon and contained 118 parts per million of sulphur dioxide. As the Preservatives Regulations forbid the introduction of sulphur dioxide into an article of this kind the firm was written, and replied that they considered the article to be “an unsweetened cordial, and that therefore sulphur dioxide was allowed up to 600 parts per million” (italics ours). The relevant Section referred to states: “Non‐alcoholic wines, cordials and fruit juices, sweetened and unsweetened, 350 (not 600) parts per million sulphur dioxide or 600 parts per million benzoic acid.” The Public Analyst points out that in the final report of the Departmental Committee on the use of preservatives in foods (1924) a comma appears after the word cordials in the above (italics ours) “making it clear that the words sweetened or unsweetened refer only to fruit juices, and that no such article as an unsweetened cordial is recognised. Such a description is a contradiction in terms, for the essential ingredient of a non‐alcoholic cordial is sugar.” The Ministry of Food was written and their attention called to the apparent omission of the comma in the published text of the Preservatives Regulations, and drawing attention to the fact that whether the omission were unintentional or deliberate the result was to permit the use of preservative in an instance where the committee of experts appointed do not choose to make such a recommendation. The Ministry in their reply did not reply to this question, but said the firm had no licence to manufacture the flavouring but asked for particulars of sale. The soot gauges show on the whole a steady decline in atmospheric smoke pollution. The average amount of insoluble matter expressed in tons per square mile per month. The Central Station figures are 13·5 in 1945. It was 37·6 in 1936. The West Heath Station 4·9 in 1945. It was 10·9 in 1938. Satisfactory as far as the reduction in atmospheric pollution goes. May it continue.

This chapter introduces how the built environment and walking are connected. It looks at the interrelationships within the built environment, and how those are changing given planning and policy efforts to facilitate increased walking for both leisure activity and commuting. Using a broad review and case-based approach, the chapter examines this epistemological development of walking and the built environment over time, reviews the connections, policies and design strategies and emerging issues. The chapter shows many cases of cities which are creating a more walkable environment. It also reveals that emerging issues related to technology and autonomous vehicles, vision zero and car-free cities, and increased regional policy may play a continued role in shaping the built environment for walking. This dialogue provides both a core underpinning and a future vision for how the built environment can continue to influence and respond to pedestrians in shaping a more walkable world.

Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.

Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.

TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.

The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.

Discusses the US 1952 presidential campaign, which was the first using television advertising and politics nationally. Observes the use of the differing advertising agencies used by the Democrats and Republicans for their campaigns, and gives a breakdown of the money spent on this. Shows that Eisenhower's party spent more on both radio and television, including network time, with the planning for this done by the TV Plans Board. Posits that Eisenhower's victory was certainly helped a little by the advertising, plus his own personality. Concludes that the medium of television will prove to be an important one in future campaigns in every area of the world, as it gave voters the chance to see close‐ups of candidates at work, at ease, under stress, on‐ and off‐guard in moments of triumph and defeat.

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation cost between 2 percent and 3 percent of Gross Domestic Product (GDP), whereas the Troubled Asset Relief Program (TARP) and the conservatorships of Fannie and Freddie actually made money for the US Treasury. But the direct cost of government remediation is largely irrelevant in judging macro significance. What matters is the cumulative output loss associated with and plausibly caused by failing financial institutions. I estimate output losses for 1981–1984, 1991–1998, and 2007–2026 (the latter utilizing forecasts and projections along with actual data through 2015) and, for a final comparison, 1929–1941. The losses associated with 2007–2009 have been truly disastrous – in the same order of magnitude as the Great Depression. The S&L failures were, in contrast, inconsequential. Macroeconomists and policy makers should reserve the word crisis for financial disturbances that threaten substantial damage to the real economy, and continue efforts to identify in advance financial institutions which are systemically important (SIFI), and those which are not.