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Leveraged exchange traded funds (ETFs) have become increasingly popular since their introduction in 2006. In recent years, options on leveraged ETFs have been promoted as a means of enhancing returns and reducing risk. The purpose of this paper is to examine the interchangeability of S & P 500 ETF options with leveraged S & P 500 ETF options and to what extent these options allow investors to manage their risk exposure.

With increasing liquidity for these fund’s options, simple option strategies such as covered calls and protective puts can be implemented. This study derives call-call and put-put parity between options on the underlying index and the associated leveraged ETFs. The paper examines comparative measures of return and risk on the underlying indices, along with covered call and protective put positions.

Using the formulations derived, this study shows options on non-leveraged ETFs or on the underlying index can be substituted for leveraged ETF options. Empirical results suggest substituting options on leveraged ETFs with options on the underlying index or index ETF give comparable results, but can differ as the realized leverage ratio over time differs from projected values.

This study is the first to the authors’ knowledge that investigates option strategies on leveraged and inverse ETFs of equity indices. It is also the first to derive call-call and put-put parity relations between options on ETFs and related leveraged and inverse ETFs. The results contribute to securities issuance, investment strategies, and option parity relations.

The high yield debt market has evolved into a $1 trillion market over the last 25 years. The purpose of this paper is to analyze the risk‐adjusted performance of individual mutual funds that investors use to invest in this asset class.

Conditional excess returns are calculated for individual high yield bond mutual funds. Performance persistence over time is measured and size, asset growth, asset duration, the expense ratio, turnover, and manager tenure are used to determine if differences across funds can be explained.

Overall, high yield bond funds significantly underperform the CSFB high yield index by 1.6 percent on an annualized basis which is 0.5 percent more than the average expense ratio. Individually, funds do exhibit performance persistence and top ranked funds in one period outperform bottom ranked funds over the proceeding period by an average of 2.7 percent annually. However, except for the expense ratio, commonly used explanatory variables do not appear useful for explaining risk‐adjusted excess return differences across funds leaving 86 percent of the variation unexplained.

This paper examines only no‐load mutual funds that have at least ten years of return data. Historical data for the explanatory variables used to explain alpha differences are limited which constrains any long‐term definitive conclusions.

For investors wishing to invest in this asset class, it appears that past performance does indicate future success, and investors should concentrate on the top performing funds with the lowest expense ratios.

This paper usefully reaffirms previous evidence on the persistence of high yield bond mutual funds, but casts doubt on the viability of using standard variables other than the expense ratio to explain risk‐adjusted returns across funds.

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and detect fraud, domestically and abroad. Specifically, it focuses on the role played by the US Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), the Institute of Management Accountants (IMA), the Association of Certified Fraud Examiners (ACFE), the US Government Accounting Office (GAO), and other national and foreign professional associations, in promulgating auditing standards and procedures to prevent fraud in financial statements and other white‐collar crimes. It also examines several fraud cases and the impact of management and employee fraud on the various business sectors such as insurance, banking, health care, and manufacturing, as well as the role of management, the boards of directors, the audit committees, auditors, and fraud examiners and their liability in the fraud prevention and investigation.

Earthquake stressful events cause many consequences and need for survivors. Housing reconstruction is one of the most urgent needs; due to traumatic experiences, dialectical changes in people–place relationships occur.

The present study uses the Poe method and Q methodology to identify the hidden dimensions of trauma-informed housing reconstruction. A questionnaire with 74 items on the Likert scale was developed based on indicative Poe. It was completed by the purposive sampling method by Bam households. The influential factors in housing reconstruction with a psychological recovery approach were extracted by q-factor analysis in communities with different traumatic experiences.

According to the findings, first, people who had experienced complete home destruction; severe physical injuries; loss of family members and relatives; and were trapped under the earthquake rubble have different place-based needs in housing reconstruction for coping with fears and environmental concerns, protective behaviors, safety perception and as result safety reassurance. Second, regardless of the traumatic experience and losses, reconstruction acceleration and economic-social dignity have a positive effect on the communities’ psychological recovery.

It is noteworthy that housing reconstruction with a psychological recovery approach has two basic aspects. Although some independent factors of traumatic experiences will be efficient in this approach, it was found that the type of earthquake traumatic experiences will also be effective in the survivors’ place-based needs and biases.

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.

Although special education was built upon the foundation of the Civil Rights Act of 1964, the discrimination that many racialized students receiving special education services experience cannot be denied. Many culturally, ethnically, and linguistically diverse students receiving special education services encounter labels that perpetuate racism and ableism and lead to inequitable access to services and resources necessary for more positive postsecondary outcomes. By honoring intersectionality and dismantling the singular identity, educators can become change agents and shift the historic oppressive narrative to create a system of empowerment as these individuals transition from transitional kindergarten to age 21 special education programs (TK-21) schools into adulthood.

The purpose of this study is to examine how technology overload (system feature, information, and communication overload) influences salespeople’s role stress (role conflict and role ambiguity), effort to use technology and performance. This research examines whether these relationships are linear or quadratic. It also examines the moderating effect of salespeople’s technology self-efficacy.

Salespeople at a national company providing services to small and medium companies were surveyed via an online instrument to measure key constructs and control variables. Over 200 usable responses resulted; structural equation model was used to analyze the data.

Results show that dimensions of technology overload had linear and/or quadratic relationships with role stress, effort to use technology and performance. Salesperson’s technology self-efficacy moderated the relationship between technology overload, effort to use the technology and performance.

The benefits from new technology are not always linear. Managers should regulate the timing of technology improvements, as well as the availability of information, communication and system features, to reduce role stress and enhance efforts to use technologies.

Drawing on the job demand and resource model, this research demonstrates that technology used as a job resource will aid the salesperson and company; however, when technology overload exists, it becomes a job demand with the potential to enhance role stress and decrease salesperson performance.

The purpose of this paper is to examine salespersons’ adoption and usage of mobile sales configuration tools (MSCT) and to identify areas for further development in this realm. Another objective is to offer a conceptualization of MSCT adoption.

For this purpose, a qualitative case study approach was selected as the research method to better understand acceptance of a mobile configuration tool used by business-to-business (B2B) salespersons. Primary data were collected through semi-structured interviews, which included a series of open-ended questions to gain more detailed and contextual data.

The results obtained from the interviews indicated several important determinants of adoption of sales configuration tools, and three different personal innovativeness types were identified.

The current study has certain limitations that should be considered in future studies. First, the results of this study cannot be generalized in other contexts because of small number of participants (nine salespersons) included. Second, social desirability might have affected the results in a way that caused the salespersons to have been tempted to talk positively about MSCT.

Based on the findings several suggestions for managers and software developers are made such as further technical development of MSCT, development of common sales routine for all salespersons, mentoring new salespersons and establishing social media channels for salesperson to interact with each, share experience/knowledge.

Current paper can serve as pathway toward understanding of MSCT adoption and usage as it opens new avenues as a source of hypotheses for a quantitative analysis of certain phenomena such as the correlation between MSCT usage and sales performance.

This chapter evaluates the effectiveness of states' research and development (R&D, used to represent creditable research expenses) tax credits. Prior studies report mixed results on the effect of state R&D tax credit incentives. Generally, such studies consider the influence of state R&D tax credits by applying the statutory income tax and R&D credit tax rates. We reexamine the effect of a state's entire tax burden instead of the statutory tax rates in moderating the effectiveness of a state's R&D tax credit incentives. After controlling for several nontax factors, such as the workplace environment, political environment, and workforce education levels in a regression analysis during the 2010–2013 period in 50 states, we find that statewide private-sector R&D spending is a positive function of the R&D tax credit and this effect increases with the overall level of the state tax burden. We attribute this finding to the fact that high tax burdens increase the present value of the R&D tax credits.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).