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The purpose of this paper us to summarize the remarks of the Commissioners and participants in several panel sessions and workshops during the 2013 annual “SEC Speaks” conference held by the Practising Law Institute in cooperation with the US Securities and Exchange Commission, discussing the SEC's accomplishments in 2012 and its agenda for 2013.

The paper summarizes remarks by Chairman Walter and Commissioners Aguilar, Paredes, and Gallagher; provides highlights from panel sessions and workshops concerning the Division of Corporation Finance, the Division of Trading and Markets, the Division of Enforcement, the Division of Investment Management, the Office of Compliance Inspections and Examinations as well as highlights from the panel sessions relating to Accounting, Risk, Strategy and Financial Innovation. Judicial and Legislative Developments, and Ethics.

The summaries provide an overview of the SEC's most important current rulemaking, projects and policy priorities.

The paper presents current SEC issues and developments addressed by experienced SEC lawyers.

This chapter provides a conceptual framework for inclusive education for learners with low-incidence disabilities grounded in the argument that increased access and participation in socially valued roles, activities, and settings are both the most fundamental goals of the inclusive education process and also the primary means in which these goals are achieved. By challenging traditional views of learning development as merely the acquisition of skills, the proposed framework largely considers the social contexts in which the development of new skills takes place. Through the presentation of three case illustrations, the authors describe ways in which the framework may be relevant to designing and evaluating programs of inclusive education that are responsive to the needs of diverse communities, including those in a variety of international contexts.

Major changes of an aircraft configuration are conducted during the early design stage. It is important to include the airworthiness regulations at this stage while there is extensive freedom for designing. The purpose of this paper is to introduce an efficient design framework that integrates airworthiness guidelines and documentation at the early design stage.

A new design and optimization process is proposed that logically includes the airworthiness regulations as design parameters and constraints by constructing a certification database. The design framework comprises requirements analysis, preliminary sizing, conceptual design synthesis and loads analysis. A design certification relation table (DCRT) describes the legal regulations in terms of parameters and values suitable for use in design optimization.

The developed framework has been validated and demonstrated for the design of a Federal Aviation Regulations (FAR) 23 four-seater small aircraft. The validation results show an acceptable level of accuracy to be applied during the early design stage. The total mass minimization problem has been successfully solved while satisfying all the design requirements and certification constraints specified in the DCRT. Moreover, successful compliance with FAR 23 subpart C is demonstrated. The proposed method is a useful tool for design optimization and compliance verifications during the early stages of aircraft development.

The new certification database proposed in this research makes it simpler for engineers to access a large amount of legal documentation related to airworthiness regulations and provides a link between the regulation text and actual design parameters and their bounds.

The proposed design optimization framework integrates the certification database that is built of several types of legal documents such as regulations, advisory circulars and standards. The Engineering Requirements and Guide summarizes all the documents and design requirements into a single document. The DCRT is created as a summary table that indicates the design parameters affected by a given regulation(s), the design stage at which the parameter can be evaluated and its value bounds. The introduction of the certification database into the design optimization framework significantly reduces the engineer’s load related for airworthiness regulations.

In cities with high density, heat is often trapped between buildings which increases the frequency and intensity of heat events. Researchers have focused on developing strategies to mitigate the negative impacts of heat in cities. Adopting green infrastructure and cooling pavements are some of the many ways to promote thermal comfort against heat. The purpose of this study is to improve microclimate conditions and thermal comfort levels in high-density living conditions in Seoul, South Korea.

This study compares six design alternatives of an apartment complex with different paving and planting systems. It also examines the thermal outcome of the alternatives under normal and extreme heat conditions to suggest strategies to secure acceptable thermal comfort levels for the inhabitants. Each alternative is analyzed using ENVI-met, a software program that simulates microclimate conditions and thermal comfort features based on relationships among buildings, vegetation and pavements.

The results indicate that grass paving was more effective than stone paving in lowering air temperature and improving thermal comfort at the near-surface level. Coniferous trees were found to be more effective than broadleaf trees in reducing temperature. Thermal comfort levels were most improved when coniferous trees were planted in paired settings.

Landscape elements show promise for the improvement of thermal conditions because it is much easier to redesign landscape elements, such as paving or planting, than to change fixed urban elements like buildings and roads. The results identified the potential of landscape design for improving microclimate and thermal comfort in urban residential complexes.

The results contribute to the literature by examining the effect of tree species and layout on thermal comfort levels, which has been rarely investigated in previous studies.

The purpose of this study is to construct composite index variables of credit attitude using six attitudinal variables. This study also examines the relationship between consumer credit attitude and credit card debt behaviors.

This study used the pooled dataset of the 2010 and 2013 Survey of Consumer Finances (SCF) released by the Federal Reserve Board. A total of 8,417 households were used as our analytic sample. The credit card indices were constructed using factor analysis with polychoric correlations. Factors of the credit card debt behaviors were estimated using hierarchical logistic regression models.

The results of factor analysis identified two credit attitude indices (wants and needs). The results of hierarchical logistic regression analyses show that the credit attitude indices have a positive influence on payment behaviors; households with more favorable attitudes about credit use for non-necessities (wants) were more likely to hold an outstanding credit card balance, have irregular payment practice and pay a revolving charge.

Although there is ample documentation in the literature of credit behavior, the current literature is deficient in some areas for not addressing unobserved consumer attitudinal dispositions. Further, the separate treatment of selected survey items or an additive scale of survey items has been widely used; however, this approach cannot capture multidimensional characteristics among attitudinal items if credit attitude is not necessarily unidimensional. In response to the shortfall in the extant literature on credit card behavior, this study examined multidimensional aspects of credit attitude as a determinant of credit card debt behavior through methodological justification. Implications for future research and practitioners are provided.

The support of host country nationals (HCNs) is a key determinant of expatriate adjustment and performance. The purpose of this paper is to explore underlying motivations for their support to expatriates. Previous research has shown that HCNs with pro-social motivation are more likely to help expatriates. Drawing upon motivated information processing in groups (MIP-G) theory, the authors test whether epistemic motivation moderates the observed relationship between pro-social motivation and HCNs’ support toward expatriates.

The authors ran two correlational studies (N = 267) in the USA (Study 1) and South Korea (Study 2). Across two studies, epistemic motivation and social motivation were measured using their multiple proxies validated in previous research. The authors also measured HCNs’ willingness to offer role information and social support to a hypothetical expatriate worker.

Results lend support to our hypotheses that pro-social HCNs are more willing than pro-self HCNs to provide role information and social support to the expatriates, but this occurs only when they have high rather than low epistemic motivation.

The current paper contributes the literature on HCNs helping expatriates by qualifying the prior results that a pro-social motivation (e.g. agreeableness and collectivism) increases the willingness of HCNs to help expatriates. As hypothesized, this study found that that case is only true when HCNs have high, rather than low, epistemic motivation. Also, previous research on MIP-G theory has mainly focused on the performance of small groups (e.g. negotiation, creativity and decision-making). To the best of the authors’ knowledge, this research is the first attempt to test MIP-G theory in the context of HCNs helping expatriates.

Integrating conceptual perspectives from social exclusion, thinking style and context effects, this study aims to examine how different types of social exclusion influence attraction and compromise effects.

Eight studies were conducted. To establish the causal relationship between social exclusion types and context effects, this study uses experimental designs in all studies.

The attraction effect is stronger when consumers feel rejected than ignored, whereas the compromise effect is stronger when they feel ignored than rejected. Consumers who feel rejected increase their propensity to think holistically, which in turn leads to their choice preferences for asymmetrically dominant options. Conversely, those who feel ignored increase their propensity to think analytically, which in turn leads to their choice preferences for compromise options.

The findings show that consumer preferences for one option over the other alternatives in choice contexts are susceptible to subtle differences in the manner that exclusion is communicated. The studies are limited to recall tasks and scenarios that previous research has shown to be effective. Future research may use actual exclusion to corroborate this study’s findings.

Marketing practitioners may benefit from this study’s findings when it comes to an increase in the relative share of their target brand against their competitor brands by introducing a third option.

To the best of the authors’ knowledge, this research is the first to provide evidence that exclusion communicated in an explicit manner produces the attraction effect, whereas exclusion communicated in an implicit manner produces the compromise effect. Given that threatening situations often influence individuals’ preferences and choices, how social exclusion shapes cognitive processes is an empirical question worthy of investigation.

The purpose of this study is to examine the influences of creativity, psychological ownership (PO) and perceived organizational support (POS) on knowledge creation, using the integrative systems model of creativity.

A survey was used to collect data from 188 workers in Korean public service organizations. Analyses, including bootstrapping and hierarchical regression analysis, were performed to determine the mediating effect of PO and also the moderating and the moderated mediating effects of POS.

The results showed that PO mediates partially between creativity and knowledge creation and that POS moderates the relationship between PO and knowledge creation. Notably, the moderated mediating effect of POS was only significant when employees had a high level of POS.

The findings suggest that creativity dissemination requires employees’ social consciousness, collaborative interactions and organizational support. The results imply that human resource development (HRD) practitioners need to cultivate the creativity capacity in the organization.

This study discusses the effects of PO and POS on creative performance, which HRD professionals and organizational leaders draw attention to for organizational development. Implications for organizational composition and interventions to enhance creative performance are provided.

The purpose of this paper is to compare customer experience (CE) between digital and traditional South Korean bank users and its relationship with customer satisfaction (CS).

A survey of bank customers was conducted, and an ANOVA test was performed to compare the means of CS between digital and traditional bank (TB) users as well as four dimensions of CE, such as usefulness, convenience, employee-customer engagement (ECE) and security. The ordinal regression analysis was also performed to test the moderation effect of digital bank (DB) use on the relationship between CE and satisfaction.

The means of usefulness were higher among DB users than TB users. By contrast, ECE and security means were lower for digital than TB users. The ordinal regression analysis indicated that DB use had a moderating effect on the relationship between convenience and CS and the relationship between ECE and CS. DB use encouraged increased positive relationships between convenience and CS, and moderated the relationship between ECE and CS in a negative direction.

ECE and security for DBs is weak. Therefore, bank executives need to improve these areas through real-time customer services and adding authentication procedures.

Unlike previous studies, this study proposed a model that reveals differences in CE between traditional and DB users. It explored the effects of CE on CS to contribute to the continued development of South Korean DBs.