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The purpose of this paper is to develop methods for inferring if crop insurance premiums imply yield distributions that are valid according to standard laws of probability…
The purpose of this paper is to develop methods for inferring if crop insurance premiums imply yield distributions that are valid according to standard laws of probability and broadly consistent with observed empirical evidence. The authors also survey current premium-implied distributions both before and after conditioning on the producer’s choice of coverage level.
Under an assumption of actuarial fairness, the authors derive expressions for upper and lower bounds for premium-implied yield cumulative distribution functions (CDFs) at loss thresholds for each coverage level. When observed premiums imply a CDF that exceeds one or is not non-decreasing, the authors conclude that premiums cannot be actuarially fair. The authors additionally specify very weak conditions for premium-implied yield CDFs to be consistent with two possible reasonable parametric distributions.
The authors evaluate premiums for the year 2018 for 19,104 county-crop-type-practice combinations, both before and after conditioning on producer’s choice of coverage level. The authors find problems in roughly one-third of cases. Problems are exhibited for all crops evaluated, and are strongly associated with areas with lower expected yields and higher yield variability. At least 40m acres are currently insured under premium schedules that cannot possibly be consistent with valid probability distributions.
The authors make two primary contributions. First, the premium-implied yield CDF bounds the authors derive requires fewer assumptions than previous similar work, while simultaneously placing more stringent conditions on premiums to be consistent with actuarial fairness. Second, the authors show that current US crop insurance premiums cannot possibly be actuarially fair for many cases, reflecting tens of millions of insured acres, which implies sub-optimal producer risk mitigation and inequitable expenditures for producers and taxpayers.
The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through…
The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through bankruptcy proceedings with a focus on firms receiving “Hold” or better recommendations. The authors attempt to answer questions such as what the common characteristics of the firms receiving stronger than expected recommendations one year prior to filing for bankruptcy reorganization or while in bankruptcy are, and how the market reacts to the issuance of stronger ratings for those firms.
The authors design various regressions and apply them to a total of 2,754 sell-side analyst recommendations and 325 firms that are either approaching bankruptcy filing or in the process of reorganizing. In each analysis, the authors control for several firm and performance characteristics.
The authors find that the probability of securing stronger ratings is higher for small firms and for those followed by a greater number of analysts than for large firms and firms followed by fewer analysts. The market becomes more skeptical of optimistic evaluations closer to the date of bankruptcy filing (perhaps reflecting some anticipation) and reacts more positively to rating upgrades issued during bankruptcy protection than to the upgrades issued before the bankruptcy filing.
The conclusions are based on the analysis of analyst recommendations issued shortly before Chapter 11 filings and during bankruptcy proceedings. The conclusions could be strengthened by further analysis of firms’ post-bankruptcy recovery and performance and examination of analyst recommendations issued for the firms after they emerge from Chapter 11..
Analyst security ratings that are more positive than expected are perhaps the result of superior expertise and access to private information. During bankruptcy proceedings, when information disclosure is limited, investors could greatly benefit from reports issued by security analysts.
This study contributes to the literature in a number of ways. First, the authors contribute to the literature on the analyst ratings of firms in distress by considering the period between bankruptcy filing and emergence, while the existing literature provides analysis of pre-bankruptcy recommendations and forecasts. Second, the authors focus on better than expected ratings rather than all types of ratings as the firms approach bankruptcy filings and proceed through reorganization. Finally, they evaluate how investors react to stronger than expected analyst ratings.
Often overlooked in discussions related to how to ensure accessible and affordable high-quality early childhood education is the heavy burden that has been carried by the…
Often overlooked in discussions related to how to ensure accessible and affordable high-quality early childhood education is the heavy burden that has been carried by the early childhood workforce; the data reveal a level of exploitation of this workforce that must be considered and addressed. This chapter will focus attention on the economic realities of the early childhood workforce as a key element to achieve equitable access to affordable high-quality early childhood services.
Purpose – To show the properties of performance measurement and management systems (PMMS) used dialogically and the association between the dialogic use of PMMS and the…
Purpose – To show the properties of performance measurement and management systems (PMMS) used dialogically and the association between the dialogic use of PMMS and the characteristics of the organizational relationships between parent companies and foreign subsidiaries.
Design/Methodology/Approach – Data were collected through a questionnaire e-mailed to large foreign subsidiaries of multinational firms operating in various industries. Hypotheses regarding factors associated with the extent to which PMMS are used dialogically between parent companies and foreign subsidiaries were tested based on responses to 136 usable questionnaires (45% response rate).
Findings – PMMS are used more dialogically within relationships between parent companies and subsidiaries characterized by subsidiary strategic role and organizational interdependence. Measurement diversity and perceived comprehensiveness of PMMS are higher if PMMS are used more dialogically. Finally, the dialogic use of PMMS is positively associated with subsidiary size and the emphasis on collaboration in the parent company’s national culture.
Originality/Value – In contrast to prior management accounting research that is focused on the outcomes of different styles of use of PMMS, this study shows organizational characteristics and PMMS properties associated with the dialogic use of PMMS. Moreover, this study advances the traditional view of the international business literature that conceives PMMS as bureaucratic systems employed by parent companies to coercively control foreign subsidiaries.
In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This…
In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This has seen a corresponding rise in media and crime reports of sexual harms facilitated through these services, including sexual harassment, unsolicited sexual imagery, and sexual assault. Emerging empirical research shows that experiences of sexual harms in this context are common and predominantly impact women and girls. The aim of this chapter is to examine the sociocultural and sexual norms that underpin online dating and which perpetuate a “rape culture” within which sexual harms become both possible and normalized. This chapter also considers how the discourses that minimize and legitimize sexual harms are encoded within the responses undertaken by dating and hook up apps to sexual harms. It is argued that together these norms and discourses may act to facilitate and/or prevent sexual harms, and may normalize and excuse these harms when they occur.
Discussions about conflict at work generally tend to revolve around examples of overt industrial action, taken against an employer by a group of well‐organised employees. As the service sector becomes increasingly prominent within the UK, this model is no longer adequate – if it ever was – since much action is covert and individualistic in nature. Moreover, managers themselves may also engage in activities designed to defy or subvert central policy initiatives. This monograph is concerned with an analysis of such activities in a night‐club environment, and is based on six years research during which one of the authors worked as an employee for a large service sector organisation. It illustrates graphically the way in which employees resisted management instructions, or sought to “get even” with individuals who had alienated them. The implications which this research suggests for improving systems of management in an environment such as this are assessed.
This paper considers the implications of mass communications theory on public relations (PR) evaluation and briefly reviews mass communication effects, persuasion, and…
This paper considers the implications of mass communications theory on public relations (PR) evaluation and briefly reviews mass communication effects, persuasion, and cognition, attitude and behaviour change theories. The implications for evaluation are then examined. Reliance on domino models is shown to be too simplistic. It is suggested that claims of PR behavioural effects may be unrealistic and it is argued that more moderate and/or alternative goals are needed if preordained failure is to be avoided. Evaluation results must be interpreted cautiously so that further significance that is not supported by theory is not assumed. This paper shows how the concept of PR evaluation could be widened to include formative evaluation and broad environmental monitoring, which are especially important in identifying and understanding why and how communication works, what its effects are, what factors restrict or facilitate effectiveness and under what conditions success can be maximised.