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Daniel and Titman (1997) contend that the Fama‐French three‐factor model’s ability to explain cross‐sectional variation in expected returns is a result of characteristics that firms have in common rather than any risk‐based explanation. The primary aim of the current paper is to provide out‐of‐sample tests of the characteristics versus risk factor argument. The main focus of our tests is to examine the intercept terms in Fama‐French regressions, wherein test portfolios are formed by a three‐way sorting procedure on book‐to‐market, size and factor loadings. Our main test focuses on ‘characteristic‐balanced’ portfolio returns of high minus low factor loading portfolios, for different size and book‐to‐market groups. The Fama‐French model predicts that these regression intercepts should be zero while the characteristics model predicts that they should be negative. Generally, despite the short sample period employed, our findings support a risk‐factor interpretation as opposed to a characteristics interpretation. This is particularly so for the HML loading‐based test portfolios. More specifically, we find that: the majority of test portfolios tend to reveal higher returns for higher loadings (while controlling for book‐to‐market and size characteristics); the majority of the Fama‐French regression intercepts are statistically insignificant; for the characteristic‐balanced portfolios, very few of the Fama‐French regression intercepts are significant.

Accreditation as a mean to improve the position of the university has become one of the major illustration of non-price competition. Three major accreditation bodies, known as the “big three”, dominate the market of business schools’ accreditation in the world, namely, AACSB, EQUIS and AMBA. This paper aims to explore the current of accreditation of business schools in Lebanon, and to test for the difference of tuition fees between accredited institutions by any of the “big three” and other business schools.

Using a desktop research approach, the paper provides the list of the accredited business schools from the “big three” in the Arab region and Lebanon and compiles data about the number of business schools in Lebanon since 1960, their tuition fees, and their accreditation status. Using a parametric and nonparametric procedure, the paper compares the tuition mean difference between accredited and non-accredited business schools.

The paper reveals an alarming slow progress in the Arab world when it comes to accreditation. In Lebanon, the paper finds that only seven out of 37 business schools are accredited and only three hold an accreditation from the “big three”. The two samples t-test and the Mann–Whitney U-test show that accredited schools charge tuition fees that are three times the average of other schools.

This paper can be improved by using a larger sample and investigate the effect of accreditation on tuition fees.

The results highlight the existence of a gap when it comes to accreditation in the Arab region and the importance of policy-making in promoting accreditation. Moreover, business schools in Lebanon should be aware that accreditation with the “big three” could be associated with substantial increase in tuition fees.

This paper is the first to investigate the state of accreditation of business schools in Lebanon and its association with tuition fees.

This study aims to explore the audit quality supplied by the Big 4, large indigenous Chinese (LIC) and five largest second-tier international network (Tier 2) audit firms in China during the second phase of their audit market development.

Ordinary least squares regression is used on an archival sample of firm-year observations. Endogeneity and self-selection bias are addressed by creating a propensity score matched sample and using two-stage regression with the inverse Mills’ ratio.

Strong evidence is found for higher levels of actual audit quality for the Big 4 relative to both LIC and Tier 2 audit firms. Weak evidence is found regarding the audit quality superiority of Tier 2 relative to LIC audit firms. Furthermore, the actual audit quality differential between the Big 4 relative to the LIC and Tier 2 firms widens after adopting International Financial Reporting Standards, which is contrary to the intention of Chinese regulators.

To the best of the authors’ knowledge, this is the first known empirical study to trisect Big N and non-Big N audit firm proxies into the Big 4, LIC and Tier 2. Currently, only qualitative studies have fully appreciated the unique regulatory roles of these three firm structures in developing China’s audit market, which reflect tensions between reliance on foreign expertise and self-determination. In addition, this study adds to the ongoing global dialogue on Tier 2 as an alternative to the Big 4 and the benefits of international accounting network membership.

This study aims to examine the International Standards on Auditing (ISA) number 520 relating to analytical procedures (APs) and adapt relevant aspects of prior studies on APs to the Egyptian audit context. The study investigates the extent of use of APs in Egypt during the three main stages of an audit by size of firms and level of staff. It examines auditors' perceptions of the frequency and effectiveness of different types of APs in achieving a selected set of audit objectives. The study also identifies the types of assurance provided by APs and their influence on detailed testing as well as analyzing the role of auditing standards in the context of the use of APs.

The design and research method are empirical using a questionnaire survey to collect information on actual uses of APs from 14 audit firms in Egypt which audit the 100 actively traded companies on the Egyptian Stock Exchange (EGX) as measured by the EGX 100 index. The survey was carried out between 2008 and 2009.

The results of the study showed relatively low use of APs by Egyptian auditors with wide variations in its use by Big 4 and other auditing firms. Auditors from Big 4 firms are found to use APs to a greater extent than auditors from non‐Big 4 firms. Also, the reliance on APs tends to differ by auditors rank and position. The majority of auditors consider APs useful in achieving audit objectives. Audit firms of all size continue to emphasize judgment‐based compared to quantitatively based procedures. The results also indicated a lack of confidence in the use of APs as substantive procedures. Finally, the study confirmed prior research findings in that auditing standards are regarded as most effective in codifying existing large firms practice. It was found that ISA 520 has been least effective in stimulating change in the Egyptian audit practice.

The different economic, political, educational, and culture environment in Egypt may restrict the generalisability of this study results.

In order to increase the use of APs by Egyptian auditors in the various stages of the audit engagement, auditors need to understand the requirements of the Egyptian Auditing Standards regarding their use. Auditors also need to be aware of the application of various APs techniques, especially those associated with statistics and mathematical models. Educational institutions and the Egyptian Association of Accountants and Auditors must play significant role in educating auditors about APs techniques and their use in planning, testing and final review of the financial statements.

This paper contributes to an understanding of the nature and uses of APs within the Egyptian culture and economic context. The study will stimulate further research in understanding the importance of the use of APs in audit engagements in different perspectives.

Because of the special “State of the States” issue of Library Hi Tech and other circumstances beyond my control, the four quarterly “Comp Lit” compilations for 1996 appear here in a single and possibly peculiar chunk. A lot changes in a year of personal computing, but on reflection it seemed useful to include the citations and comments as I originally wrote them.

Introduction: The Internet has tremendously transformed the computer and networking world. Information reaches our fingertips and adds data to our repository within a second. Big data was initially defined as three Vs, where data come with greater variety, increasing volumes and extra velocity. Big data is a collection of structured, unstructured and semi-structured data gathered from different sources and applications. It has become the most powerful buzzword in almost all the business sectors. The real success of any industry can be counted based on how the big data is analysed, potential knowledge is discovered and productive business decisions are made. New technologies such as artificial intelligence and machine learning have added more efficiency to storing and analysing data. This big data analytics (BDA) becomes more valuable to those companies, focusing on getting insight into customer behaviour, trends and patterns. This popularity of big data has inspired insurance companies to utilise big data at their core systems and advance the financial operations, improve customer service, construct a personalised environment and take all possible measures to increase revenue and profits.

Purpose: This study aims to recognise what big data stands for in the insurance sector and how the application of BDA has opened the door for new and innovative changes in the insurance industry.

Methodology: This study describes the field of BDA in the insurance sector, discusses the benefits, outlines tools, architectural framework, the method, describes applications in general and specific and briefly discusses the opportunities and challenges.

Findings: The study concludes that BDA in insurance is evolving into a promising field for providing insight from very large data sets and improving outcomes while reducing costs. Its potential is great; however, there remain challenges to overcome.

The paper presents a benchmarking analysis that investigates the efficiency gap in relation to spot welding robots in automotive body shops at foreign and domestic companies in North America. The main purpose of this paper is to determine body shop efficiency improvement opportunities for the domestic companies or the Big Three, therefore reducing the competitive gap and improving business performance.

The following paper is an extension of an earlier dissertation study conducted by EL-Khalil that focused on improving body shop overall efficiency. The Harbour Report was utilized to determine the best in class facilities that must be visited for benchmarking purposes. The data and information presented were obtained from the facilities visited through observations and interviews. The research utilized the corresponding facilities' labs in order to perform measurements and inspect product welding efficiency. The data obtained were a result of a two-year benchmarking study.

The inspection results of spot welds applied on the door flange do not justify the utilization of additional spot welding arm designs and/or robots for the domestic companies. The data presented provide a good opportunity for improving business performance at the body shop Big Three facilities. In order to reduce the current competitive gap, decrease cost, and improve utilization, the Big Three must adopt new strategies (i.e. communization of specific vehicles parts).

The benchmarking study was limited to the aperture area. Researchers are encouraged to test the propositions further on different types of vehicles and different areas of the vehicle body.

Based on the actual findings, this paper presents a case that impacts the improvements of the body shop overall performance in relation to reducing the number of spot welding arm and robot designs at the automotive industry in North America.

The presented gap analysis on body shop spot welding efficiency for automotive companies in North America was not conducted previously. Therefore, the data can be utilized as a benchmark target to drive improvements at the domestic automotive body shops.

The paper examined big data and academic libraries and emphasized whether it is big for something or nothing.

A conceptual and review analysis of documents was adopted to determine the concept of big data, the sources, the features, the relevance to academic libraries, specific case studies from around the world that have made use of big data, uses of big data in academic libraries, a review of best practices in the use of big data in academic libraries and the challenges.

The paper reports that although big data is indeed very big in academic libraries because there are evidences of its adoption and best practices in its use in academic libraries across the world, available challenges can render it big for nothing.

This study is limited in terms of using literature review approach to discuss big data and academic libraries. The study is also limited in terms of focusing academic libraries and not taken other types of libraries into consideration.

The study has created awareness on the part of academic libraries stakeholders including authorities, librarians and users on the relevance of big data in academic and how big indeed it is in academic library landscape. The study also implied future related studies can borrow ideas from the current studies, which will inform whether an empirical evaluation is possible on the subject matter.

The paper is the original idea by the author, and it is to emphasize the relevance of big data in academic libraries and to prepare academic libraries that have not been tapping the opportunities of big data to get ready.

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

In this chapter, we will review the history, deregulation, policy reforms, and airline consolidations and mergers of the Chinese airline industry. The measurement of airline competition in China’s domestic market will also be discussed. Although air deregulation is still ongoing, the Chinese airline industry has become a market-driven business subject to some mild regulations. Then, we will review the impressive development of the high-speed rail (HSR) network in China and its effects on the domestic civil aviation market. In general, previous studies have found that the introduction of HSR services has a significant negative impact on airfare and air travel demand in China. The rapidly expanding network of HSR has important policy implications for Chinese airlines.