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The authors investigate the implications of environmental, social and governance (ESG) practices of firms for the pricing of their credit default swaps (CDS). In doing so, the authors compare European and US firms and consider nonlinear and indirect effects. This complements the previous literature focusing on linear and direct effects using bond yields and credit ratings of US firms.

For this purpose, the authors apply fixed effects regressions on a comprehensive panel data set of US and European firms. Further, nonlinear and indirect effects are investigated utilizing quantile regressions and a path analysis.

The evidence indicates that higher ESG ratings mitigate credit risks of US and European firms from 2007 to 2019. The risk mitigation effect is U-shaped across ESG quantiles, which is consistent with opposing effects of growing stakeholder influence capacity and diminishing marginal returns on ESG investments. The authors further reveal a mediating indirect volatility channel that substantially amplifies the direct effect of ESG on credit risk. A one-standard-deviation improvement in ESG ratings is estimated to reduce CDS spreads of low, medium and high ESG firms by approximately 4%, 8% and 3%, respectively.

This is the first study to examine whether credit markets reflect regional differences between Europe and the US with regard to the ESG-CDS-relationship. In addition, this paper contributes to the existing literature by investigating differences in the response of CDS spreads across ESG quantiles and to study potential indirect channels connecting ESG and CDS spreads using structural credit risk variables.

The purpose of the study is to explain why there is a conflict in the meaningfulness of integrated reporting (IR) between International Integrated Reporting Council (IIRC) and analysts and institutional investors using framing theory and suggest a way forward for a meaningful IR to analysts and institutional investors.

The study used qualitative research design in which data was collected from IIRC's document and 21 semi-structured interviews of analysts and fund managers conducted between 2014 and 2015 after the introduction of IIRC framework. This period coincided with prior studies that provide conflicting evidence over the meaningfulness of IR between IIRC and analysts and fund managers.

The findings show that the IIRC from inception uses a preparer-centred frame where it predominantly interprets IR as meaningful from the perspective of preparers of information under ideal conditions, and as such also meaningful to fund managers and analysts. On the other hand, the fund managers and analysts from the onset use a user-centred frame where they interpret IR as not meaningful from their perspective as users of the information under pragmatic conditions. The context making it difficult to reconcile the differentiated frames are the timeframe; absence of trust relationship and balance in reporting.

The study is limited by its qualitative nature meaning that generalisation of findings may not apply. Its data is also limited to IIRC IR Framework, analysts and fund managers as opposed to wider stakeholders.

The practical implication of the findings suggests that if IR is to be made meaningful to analysts and fund managers, the promoters must reconcile the differentiations in frames employed by both the IIRC, analysts and institutional investors. Without this reconciliation IR may not serve the information needs of the intended primary users.

The study uses framing theory to show that time frame, emotional connectedness and data financialisation are attributes that make IR to be considered meaningful to analysts and fund managers. In addition, it provides insight into how the use of organisational and market context influences the framing of the meaningfulness of IR.

The FDIC Improvement Act of 1991 sets out five categories of capital and mandates corrective action for banks. Each bank based on its capital amount fall in the certain categories or states. The purpose of this paper is to consider the effect of banking regulations and supervisory practices on capital state transition.

First, the authors investigate how much the practices influence banks' capital adequacy using a dynamic panel data method, the generalized method of moments. Then, to scrutinize the results of the first phase, the authors estimate the effect of practices on some characteristics of capital state transition such as transition intensity, transition probability and state sojourn time using multi-state models for panel data in 107 developing countries over the period 2000 to 2012.

The dynamic regression results show that capital guidelines, supervisory power and supervisory structure can have significantly positive effects on the capital adequacy state. Moreover, the multi-state Markov panel data model estimation results show that the significantly positive-effect practices can change the capital state transition intensity considerably; for example, they can transmit the critical-under-capitalized (the lowest) capital state of banks directly to a well or the adequate-capitalized (the highest) capital state without passing through middle states (under-capitalized and significantly-undercapitalized). Moreover, the results present some new evidence on transition probability and state sojourn time.

The main contribution of this paper, unlike the existing literature, is to consider the power of banking regulations and supervisory practices to improve the capital state using a multi-state Markov panel data model.

This study aims to investigate whether ownership compositions effect credit risk profiles of banks prior to and during the financial crisis. In detail, this study examines whether more powerful owners of a bank impact the credit risk profile.

The effects of the ownership structure on credit risk are estimated using credit default swap (CDS) spreads. Therefore, 86 global privately held and publicly listed banks from 23 countries are considered in a panel analysis for the period 2005-2008.

The results indicate that banks with a more concentrated ownership structure tend to be riskier, as they have larger CDS spreads. Furthermore, we observe that bank regulation has a negative impact on banks’ credit risk. Larger banks exhibit significantly lower risk than smaller banks.

These findings are of high relevance for the respective national regulative environment and for the respective financial institutions themselves. Regulatory bodies have to be aware of whether certain ownership compositions lead to a significant risk factor and which risk indicators exhibit the risk more precisely and in timely fashion.

In this chapter, my aim is to describe and analyse conceptually and provide direction for the identification, selection and use of assistive technologies (ATs) to support the education and development of young children with disabilities. The chapter discusses the quality of early intervention practices and the pragmatic role of ATs in delivering effective early intervention impacts. In making this case, the chapter draws upon Vygotsky's cultural-historical theory to illuminate how ATs can be selected and used effectively in schools to enable all young children to thrive in their learning and development in inclusive classrooms.

To examine the impacts experiential learning can have on student learning in and out of the classroom. Models of experiential learning are presented including the experiential learning theory.

The historical roots of experiential learning are reviewed before a new experiential learning theory is presented, VAKT-enhanced, to demonstrate the many unique paths that learners take toward content learning, retention, and synthesis.

Apprenticeship experience is universally recognized as an effective method of learning; we learn from doing. Yet, the field of literacy has maintained for decades that reading skills must be taught, often carried out in a drill fashion, also known as the proverbial skill-and-drill technique

A multisensory approach that involves experiencing literature through hands-on and e-learning environments can promote reading acquisition efficiently, bridging the gap between diverse student bodies. Students must be rejuvenated to become interested or maintain interest in literacy, and using technology and experiential learning should be of central focus.

Drastic reductions in financial and personal support for public education over the last years in Germany seem to open gateways to ‘new’ acceptance of punishment in the realm of pedagogy. This ‘discourse’ is clandestine in theory, hidden from the public but real in institutions of the child and young people welfare system. They intensify the penalisation of their ‘drop-out’ clientele. The special schools for pupils with social, emotional and behavioural difficulties (SEBD) tend to act in that way, too. Particularly children and young people living in poverty are on the agenda of this new trend to penalise ‘deviant’ behaviour.

Programmes, trainings and drills are available. They are meant to help social workers and teacher in their position with new aims and functions. In their daily routine, most of them are overburdened and overloaded, because classes are overfilled and the number of families in the communal welfare system is growing rapidly, due to the so-called ‘Hartz IV’ legislative for unemployed families. This new trend is also a market place for the media; they launched an emergency call on education.

Some punitive praxis is contradictory to the human rights and the children rights, so that all professors for SEBD in Germany published a public declaration against the breaking up of the agreement of an education without violence. There is no empirical evidence for any positive outcome of such ‘pedagogy’. Despite all ‘modern’ promises, working with fear, anxiety, shame and punishment doesn't pay in the long run.

This chapter clarifies the relationship between socio-economic development and this ‘law and order’ pedagogy, the loss of professional standards and the psychodynamic consequences for pupils labelled as ‘deviant’.

Extant research suggests that consumers value the pursuit, attainment and retention of income security and financial well-being (FWB). The authors aim to expand the relevant literature by examining how consumers' psychosocial characteristics affect and are affected by the pursuit of those objectives.

The authors utilize partial least squares structural equation modeling (PLS-SEM) to evaluate the authors' hypotheses based on a sample of USA and Canadian consumers (n = 619).

The authors' PLS-SEM results provide support for the authors' hypotheses, indicating that individuals' insecure attachments – anxious and avoidant – relate negatively to their income security and FWB. The authors' results also show that these two desirable states relate positively to individuals' undesirable state of social loneliness.

The authors' methodology and findings illuminate the positioning of psychosocial factors as antecedents to and outcomes of income security and FWB. This research also provides a basis for understanding the linear vs curvilinear influences of income security on an individual’s social life.

In the present empirical study, the authors present a rare empirical examination of individuals' income security and FWB as outcomes of their psychosocial profile vis-à-vis insecure attachments. Drawing on established psychometric scales, this study expands the consumer psychology and FWB literature, showing significant linkages between insecure attachments, income security, FWB and social loneliness.