Search results

The purpose of this study is to explore factors correlated with police cadets' perceived commitment to the police profession – whether or not personal attitudes and demographic characteristics can make a difference.

The study used two-year longitudinal data collected from a population of 207 Chinese police cadets. Survey research based on pre-designed instruments was employed to collect the data.

The results from panel data analysis found that personal interest in adolescence and attitudes toward styles of policing were significant predictors. Specifically, attitudes toward community policing were positively related to the cadets' commitment to the police profession.

Police occupational commitment is essential since the commitment is closely linked to voluntary retention and organizational effectiveness. However, limited empirical research has been available regarding the factors associated with officers' identification and commitment to the occupation. This study provides insight into police officer training and recruitment and offers suggestions for future research.

The purpose of this study is to examine the effect and duration of supervised field training on police cadets' worldview of police work in China.

The four-wave longitudinal data were collected from graduate students who were pursuing their master's degree in a national Chinese police university from 2016 to 2018. Independent variables including demographic characteristics and knowledge along with experience gained from the internship were used to explain police cadets' attitudes toward police work. Ordinary least square (OLS) regression models were used in the current study.

Findings derived from multiple regression analyses suggest that police cadets' attitudes toward police work are conducive to the “shock” of the real-world experience after three-month field training. However, the effect of the field training on police cadets' attitudes toward police work is temporary, not enduring.

The data for this study were collected from one national police university, and the findings reported here may not be generalized.

Police field training is important for cadets to develop positive view of police work. It provides practical knowledge for police training and socializes cadets before entering into the law enforcement filed, avoiding the financial cost of resignation. However, the influence of field training is temporal. Hence, it is more appropriate for police administrators to arrange police cadets' field training close to their graduation date, the third year of their college education.

This study can be considered as an extension of relevant research on law-enforcement-related field training reported in the United States. However, it goes beyond the existing literature by using longitudinal data to answer a long-overdue question: Does supervised field training change the worldview of cadets concerning police work?

The purpose of this paper is to empirically investigate universal banks as an important source of external funding and their effects on borrowing firms’ innovation outputs.

The authors employ regression analyses including a difference-in-difference approach and a two-sided matching method to ensure the robustness of the findings. The authors further explore some potential channels and boundary conditions for the main findings.

The authors find that borrowing from universal banks is negatively associated with the quantity of firm innovation, but not the quality of firm innovation. The authors document that borrowing firms reduce their R&D expenditures and rely more on external partners to produce innovation outputs after loan originations from universal banks. The negative relation between universal bank lending and the quantity of firm innovation is more prominent for unrelated innovation and for financially constrained firms.

The evidence reveals that universal banks may use their informational advantage and market power to limit their corporate borrowers’ investment in innovation activities.

The paper extends the line of research on the source of financing and firm innovation, and establishes a robust relationship between capital market and product market.

This paper aims to present a simple, yet accurate and efficient, formulation for computing the vertical soil stresses due to arbitrarily distributed surface pressures or loads over an arbitrarily shaped area.

By leveraging on the strength of Green’s theorem, the present approach is based on the formulation of the classical Boussinesq solution as a boundary-type problem over an arbitrarily shaped simply- or multiply-connected loaded region. The accuracy of the developed formulation was exemplified through a number of illustrative examples, which included both simply- and multiply-connected loaded areas.

The results of the test examples presented in this work indicated a high degree of accuracy and flexibility of the developed approach despite its simplicity.

The main contribution of the present work is the introduction of an efficient meshless approach and an algorithm that can be implemented in few lines of code on any programing platform, as either a stand-alone program or a computational module in larger engineering software packages.

We investigate the interaction of debt covenants and tax accounting on the adoption of Financial Interpretation No. 48 (FIN 48). We examine how firms respond to the potential tightening of covenant slack upon FIN 48 adoption and whether these actions are penalized by creditors and anticipated by equity markets. We find that upon FIN 48 adoption, the majority of sample corporate borrowers increase their tax reserves and reduce equity. Firms close to debt covenant violation were even more likely to increase tax reserves upon FIN 48 adoption; however, the size of the adjustment was relatively smaller, suggesting that the FIN 48 standards limited, but did not eliminate, firms use of discretion in reporting uncertain tax positions to avoid costly covenant violations. For firms near net worth debt covenant violation, the act of decreasing equity upon FIN 48 adoption imposes real economic costs, as the average cost of debt increased by 43 basis points. Finally, we extend prior research on the market response to FIN 48 by showing how the market response to FIN 48 adoption is a function of debt covenant slack and tax aggressiveness. Specifically, the cumulative abnormal return at the FIN 48 exposure draft release date is negative only for tax aggressive firms that are close to debt covenant violation.

The authors examine how the major board reforms recently implemented by countries around the world affect firms' choice of debt.

Using a quasi-experimental setting of major board reforms around the world that aim to improve board-related governance practices in various areas, this study investigates the impact of effective board monitoring on corporate debt choice. The authors employ difference-in-differences-type quasi-natural experiment method and path analysis for hypotheses testing.

The authors find that the implementation of board reforms is positively associated with firms' preference for public debt financing over bank debt. However, this effect tends to weaken after the fourth year following the implementation of board reforms. In additional analyses, the authors find that “rule-based” reforms have a more pronounced effect on firms' choice of debt than do “comply-or-explain” reforms. Both (1) strengthened firm-level internal governance practices that address concerns about the agency cost of debt and (2) reduced information asymmetries play important roles in facilitating firms' debt choice, but the evidence suggests that the former is the economic mechanism through which country-level reforms affect corporate debt choice.

The study extends the literature examining the heterogeneity of corporate debt choices in a global setting and the literature on the consequences of corporate governance reforms.

The findings demonstrate the effectiveness of the corporate board reforms implemented in countries around the world, addressing concerns from critics about their potential harm or ineffectiveness.

The results indicate that country-level board reforms reduce the extent to which shareholder–creditor conflicts harm shareholders.

The purpose of this paper is to give a comparison between different type of baffles for a better application. Computational analysis of heat transfer and fluid flow through plain, flower and perforated baffles for heat exchanger.

Numerical simulations for heat exchangers with plain, flower and perforated baffles are carried out with finite volume method. The thermal-hydraulic performance for the three types is presented in the same conditions.

The perforated baffles generate low shell pressure with high Nusselt number; transverse baffles give the best heat transfer with high pumping power. The overall performance coefficient of these three types of heat exchangers shows that the perforated baffles have a highest and the transverse baffles have the lowest. Analysis of the results show that perforated transverse baffles produce pressure drop lower by 6.68% than transverse baffles and 2.64% lower than flower baffles. The pumping power for perforated transverse baffles lower by 13.3% to the transverse baffles and 4.72% lower than that of flower baffles. The Nusselt number for perforated baffles higher by 4.16% to the flower baffles and 2.77% with transverse baffles. The overall performance factor in the heat exchanger with perforated baffles higher by 5.55% to that with transverse baffles and 3.46% with flower baffles. Recirculation areas are reduced in shell with perforated baffles and velocity distribution becomes more uniform.

Using of perforated baffles in heat exchanger give the best overall performance factor.

The survival rate of newly listed firms is low, and there is evidence of a surge of poorly performing new listed firms leading up to the crash of the dot.com bubble. The author investigates this phenomenon and analyzes investors' ability to understand the quality of accounting information and to adjust their expectations.

The author employs the dividend discount model in conjunction with clean surplus accounting discussed by Ohlson (1995) to compare the value relevance of earnings and research and development (R&D) expenditures for short and longer listed National Association of Security Dealer Automated Quotations (NASDAQ) firms between 1980 and 2014. The author also uses univariate tests and logistic regression to analyze both recently listed and short-listed firms. In this analysis, the author compares the differences in investors' expectations for the first five years for both types of firms.

The author provides convincing evidence that markets clearly placed lower valuation weights on accounting earnings and R&D expenditures for short-listed firms on NASDAQ. Market participants originally had high expectations for these ventures. But, they gradually understood the lower quality of accounting information and adjusted their expectations downward.

The author’s results show that optimistic expectations along with easy equity financing created a surge of new listings. My analysis of the interplay between the quality of accounting information and investors' expectations indicates a negative spillover effect where investors are overoptimistic about firms that rode on waves of new listings backed by liberal financing. The author shows that analysis of Tobin's Q and negative earnings can separate ill-prepared from longer-listed firms.

Prior research has documented a guilt by association phenomenon whereby instances of corporate misconduct generate a negative spillover to innocent firms due to their shared industry membership with the wrongdoing firm. However, research on competitive dynamics predicts a positive spillover whereby some firms benefit from the revelation of financial misconduct by an industry peer. This study lends support to both these effects by highlighting the role product similarity plays in the understanding of investors' perceptions surrounding corporate misconduct.

The study assesses the investors' valuation of cash using Faulkender and Wang's (2006) methodology. The difference-in-differences approach is employed to compare the market valuation of cash held by non-accused firms with higher and lower litigation spillover risk operating in industries with higher vs lower product similarity.

The findings show that an increase in the volume and severity of misconduct by industry peers is associated with an undeserved loss in the value of cash held by non-accused firms operating in industries with high product similarity. In contrast, firms that sell differentiated products stand to gain from the troubles of the accused peer. Moreover, non-accused firms in industries with high product similarity reduce capital expenditures more following misconduct accusations against peers to preserve cash in anticipation of future lawsuits.

This study contributes to the growing spillover literature that investigates how a crisis caused by one firm affects the valuation of its peers.

The purpose of this paper is to explore how variations in management’s tone within management’s discussion and analysis (MD&A) sections of 10-K reports can serve as an indicator of tax avoidance and highlight the complex relationship between such linguistic shifts and the tax avoidance decisions within firms.

The paper uses a textual analysis approach to identify linguistic cues in MD&A sections of 10-K filings related to tax avoidance, going beyond traditional quantitative measures. The study uses differences in negative word occurrences in MD&A to measure management’s tone change and examines various measures of tax avoidance. The sample covers the period from 1993 to 2017 and comprises all firms with 10-K filings available on EDGAR, totaling over 30,000 firm-year observations.

The findings indicate a complementary relationship between tax avoidance and other drivers of firm performance. When firms have more negative management’s tone, they are less willing to engage in tax avoidance and vice versa. The study’s approach with management’s tone change provides a different and statistically significant improvement in model fit for detecting tax avoidance.

This paper provides actionable insights for detecting tax avoidance through the analysis of management’s tone in corporate disclosures, offering a new tool for researchers, investors and tax authorities. It highlights the importance of linguistic cues as indicators of tax avoidance behavior, complementing traditional financial metrics.

The paper contributes to the literature by using management’s tone change as a time-varying factor to explain tax avoidance behavior. It uncovers a larger set of linguistic cues in MD&A that can be used to detect tax avoidance. This research provides a complementary approach to traditional quantitative tax avoidance measures and offers insights into the overall relationship between tax avoidance and firm performance, going beyond one-dimensional measures typically used in prior literature.