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In April and May of 2010 Moody's recalibrated its municipal bond ratings to a global scale, the system they use for other asset classes and the same scale used by Standard and Poor's (S&P). The authors investigate the impact of Moody's recalibration on true interest cost (TIC) of competitively-sold, uninsured, new bond issues with split bond ratings, by looking at a sample of bond issues before recalibration (1997–2010) and after recalibration (2010–2017).

Two different hypotheses are tested for each period to estimate whether TIC remains the same when the S&P rating is higher (H1) than Moody's rating or lower (H2) compared to bond issues for which the S&P and Moody's rating are the same. Further, two additional hypotheses are tested. H3 tests whether the impact of having a higher rating from S&P is the same as having a lower rating from S&P. H4 tests whether the impact of having a split rating is the same in the pre- and post-recalibration period.

Tests suggest that before recalibration a higher S&P rating leads to significantly lower interest costs, but a lower S&P rating does not lead to significantly higher costs. After recalibration, a higher S&P rating leads to significantly lower interest costs; however, a lower S&P rating leads to significantly higher interest costs for the bonds in the sample. The findings also suggest that the rating systems of Moody's and S&P became more similar to each other after recalibration and that the impact on interest cost of a higher S&P rating is reduced after the recalibration.

It appears that a given Moody's rating (which used higher credit standards in the period before recalibration) was more influential than the S&P rating prior to recalibration because investors “ignored” a lower S&P rating during this period. After recalibration, the lower S&P rating was no longer ignored by investors. Therefore, Moody's recalibration seems to have had the intended effect of moving the credit standards of the two rating agencies more into parity. This provides value to investors since they may now assume, unlike the situation in the pre-recalibration period, that similar ratings from the two companies provide similar information about the probability of default and loss that would occur following a default. From the standpoint of regulators, the municipal credit information is easier to understand and is more transparent for investors.

Explains the rating system for US municipal bonds and its effect on borrowing costs, reviews relevant research and provides a study of the factors affecting grading by rating agencies in Virginia using 1995 data. Explains the methodology and presents the results, which identify five significant determinants of favourable ratings. Shows that net interest costs are lower when other rates of interest are low, real estate taxes are high (though not excessive), total municipal debt levels are low and credit risks are low. Confirms that bond ratings capture additional information and that a drop in ratings will raise net interest costs substantially. Considers consistency with other research and the implications of the findings for participants in the municipal bond market.

This chapter provides a theoretical and empirical examination of young people’s role in identifying and solving problems in their communities from a social justice perspective. The complex political processes in South Africa stymie a top-down approach for advancing social justice. Therefore, this study focuses on a bottom-up stance to nurture social justice efforts by concentrating on the role of the youth, younger than 18 years, in initiating change in their communities. Such engagement aligns with the principles outlined in the United Nations Convention on the Rights of the Child adopted in 1989 that aims to enrich both the individual and the community (Dirsuweit & Mohamed, 2016; Office of the United Nations High Commissioner for Human Rights, 1989). The University of South Africa is involved in a community outreach program of this nature, commissioned by Empowervate Trust, a South African non-profit organization that manages the Youth Citizen’s Action Campaign (Y-CAP), which equips learners with the skills to solve societal issues in their respective communities. This chapter thus attempts to clarify what active citizenship means to the youth, by focusing on the findings from focus-group interviews with South African learners who are involved with community development projects that advance social justice initiatives in their communities through the Y-CAP endeavor.

IF SONS DID NOT EXTOL, many a worthy father would sink into oblivion and forever go unsung. As filial biographers, however, sons customarily meet with intimidating scorn and derision. There is a generally accepted notion that consanguineous biography is fraught more with fealty and filial frailty than with disinterested depiction. The best way to disprove this false assumption is to muster meritorious biographies written by scions and compare them with representative biographies of the ‘blame and blemish’ variety. Sympathetic assessment always stands up stronger than ostensible objectivity, for writers of the ‘warts and all’ kind of biography lose track of virtues and nearly always become engrossed in the imperfections of their victims.

Purpose – Although scholars have long been interested in how social movements use mass media to forward their goals, sociological research almost exclusively focuses on the ability of activist groups to get their ideas and organizations in general audience, mainstream media coverage. This paper contributes to a more systematic understanding of media coverage outcomes by broadening the range of outlets considered relevant to political discourse. In addition to mainstream venues, we consider conservative and liberal/left outlets in our analysis of social movement organization media coverage.

Method – Using negative binomial regression, we analyze how organizational characteristics, organizational frames, political elites, and event type affect the rates of social movement organization media coverage in mainstream and partisan news venues.

Findings – We find that the independent variables play very different roles in mainstream and partisan media coverage outcomes. Specifically, while organizational characteristics and frames often enhance the media coverage outcomes of activist groups in mainstream venues, political elites have no effect at all. In contrast, organizational characteristics and frames do not affect social movement media coverage in partisan outlets, whereas political elites and event type do.

Originality of the paper – Conceptually, this research broadens how scholars think about the relationship between social movement groups and mass media as well as the factors that influence media outcomes.

Purpose – To theorize and research the conditions under which a high-profile social movement organization (SMO) receives newspaper coverage advantageous to it.

Design/methodology approach – To explain coverage quality, including “standing” – being quoted – and “demands” – prescribing lines of action – we advance a story-centered perspective. This combines ideas about the type of article in which SMOs are embedded and political mediation ideas. We model the joint influence of article type, political contexts and “assertive” SMO action on coverage. We analyze the Townsend Plan's coverage across five major national newspapers, focusing on front-page coverage from 1934 through 1952, using fuzzy-set qualitative comparative analyses (fsQCA).

Findings – We find that only about a third of the Townsend Plan's front-page coverage was initiated by its activity and very little of it was disruptive. The fsQCA results provide support for our arguments on coverage quality. Disruptive, non-institutional action had no specific influence on standing, but its absence was a necessary condition for the SMO expressing a demand; by contrast, assertive action in combination with movement-initiated coverage or a favorable political context prompted the publication of articles with both standing and demands.

Research limitations/implications – The results suggest greater attention to a wider array of SMO coverage and to the interaction between article type, SMO action, and political context in explaining the quality of coverage. However, the results are likely to apply best to high-profile SMOs.

Originality/value – The paper provides a new theory of the quality of newspaper coverage and finds support for it with fsQCA modeling on newly collected data.

Focusing upon British retailing, the purpose of this paper is to review what is known both about the importance of different supply networks at different points in time, and about the attitudes of different groups of consumers towards these networks.

Relying primarily upon secondary sources, the paper discusses the ways in which the literature on retailing beyond the shop has developed during the past 40 years, and particularly during the past ten years or so.

The paper shows that although it is difficult to delineate the scale and importance of retailing beyond the shop, there is a growing consensus that shops were by no means the sole, or necessarily dominant, source of supply. It shows too that consumers' attitudes towards both commercial and non‐commercial exchanges were complex and sometimes contradictory, with non‐commercial transactions particularly difficult to disentangle and interpret. However, it should not be assumed, it is suggested, that notions of value and ties of reciprocity inevitably fell victim to the growing forces of industrialisation and urbanisation.

The paper adopts a broad chronological perspective and introduces readers to sources, evidence, ideas and concepts that shed light on British retail development and change.

OWING to the comparatively early date in the year of the Library Association Conference, this number of THE LIBRARY WORLD is published so that it may be in the hands of our readers before it begins. The official programme is not in the hands of members at the time we write, but the circumstances are such this year that delay has been inevitable. We have dwelt already on the good fortune we enjoy in going to the beautiful West‐Country Spa. At this time of year it is at its best, and, if the weather is more genial than this weather‐chequered year gives us reason to expect, the Conference should be memorable on that account alone. The Conference has always been the focus of library friendships, and this idea, now that the Association is so large, should be developed. To be a member is to be one of a freemasonry of librarians, pledged to help and forward the work of one another. It is not in the conference rooms alone, where we listen, not always completely awake, to papers not always eloquent or cleverly read, that we gain most, although no one would discount these; it is in the hotels and boarding houses and restaurants, over dinner tables and in the easy chairs of the lounges, that we draw out really useful business information. In short, shop is the subject‐matter of conference conversation, and only misanthropic curmudgeons think otherwise.