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This study aims to examine the relationship between auditor tenure and conservatism for firms in Greece. Greece not only has a high incidence of earnings management but is also required under the new European Commission (EC) regulation to comply with mandatory auditor rotation. Therefore, Greece is an ideal setting in which to study the association between auditor tenure and accounting conservatism.

Similar to Jenkins and Velury (2008), this paper uses Basu’s (1997) asymmetrical timeliness of earnings as a measure of conservatism. Following Li (2010), the regression is re-estimated for subsamples based on client importance as measured by the ranking of client sales among all clients audited by the firm.

In contrast to Li (2010), the results of this study, which used a sample of firms in Greece, indicate that conservatism decreases as the auditor–client relationship lengthens. Client importance does not appear to affect the relationship between auditor tenure and conservatism, as measured by asymmetric timeliness of earnings. However, when using the accrual–cash flow measure of conservatism (Ball and Shivakumar, 2005), it is found that auditor tenure is positively (negatively) associated with conservatism for less (more) important clients. The results suggest that longer auditor tenure may have a negative impact on audit quality in certain countries where accounting quality has been found to be poor. Therefore, the new EC regulation requiring mandatory auditor rotation may in fact improve audit quality for firms in Greece.

This study’s sample consists of firms on the Athens Stock Exchange for the period of 1998-2011. This sample was purposely selected because of the unique conditions of rampant earnings management and low incentive in Greece for the auditors to exert effort to detect such practices. Moreover, Greece is subject to the new EC regulations requiring mandatory auditor rotation beginning in 2014. Future studies could examine this issue in alternate settings and over different time periods. Also, other cross-sectional variations among firms which affect the association between auditor–client tenure and audit quality may exist.

The findings are important to regulators such as the EC and indicate that Greece may be an appropriate setting in which to require mandatory auditor rotation. These results are also useful to auditors who wish to improve the audit quality and the public’s perception of their work.

Auditor tenure has been the subject of considerable debate, and regulators contend that long auditor tenure reduces audit quality. There may be a valid argument in favor of mandatory auditor rotation in countries particularly susceptible to low accounting quality due to issues such as rampant earnings management. Greece appears to be one such example, and this study provides support in favor of that argument by demonstrating that longer auditor tenure may lead to lower accounting quality in terms of conservatism. Therefore, the recent EC regulation may result in improved audit quality for firms in Greece.

Financial blogs provide an online platform whereby retail investors effortlessly gain access to an abundant array of investment guidance. Prior studies find that the market reacts to financial blogs and similar online venues but results are inconsistent and financial blogs, a growing area in new media and distinct from other online venues, have received little attention. The purpose of this paper is to examine the particular conditions in which financial blogs serve an infomediary role in capital markets; when information asymmetry is high, earnings quality is low, and during economic uncertainty. These are conditions in which retail investors may seek easily accessible advice for their investment decisions.

Abnormal returns for firms mentioned in blog posts on the SeekingAlpha.com financial blog are examined using a multivariate regression to determine whether or not the market reaction associated with these posts is related to information asymmetry, earnings quality, and economic uncertainty.

Results indicate that abnormal returns are associated with the SeekingAlpha.com financial blog when information asymmetry is high and during bearish market conditions, and in particular when buy recommendations are posted on the blog for firms with high information asymmetry. This association is strengthened for firms with low institutional ownership, a proxy for unsophisticated or retail investors.

Results are based on a sample collected during a specific time period in order to detect whether financial blogs serve an infomediary role during uncertain market conditions.

Results of this study can be useful to company executives who may want to monitor investment advice posted about their firm on financial blogs. Financial blogs and other forms of social media such as Twitter and Facebook are becoming the “new normal” in the investor information environment, a trend that is likely to continue.

Financial blogs provide an abundance of supplemental information demanded by investors. Financial blogs represent a form of “new media,” now considered a key component of firms’ information environment (Saxton, 2012). In contrast to prior studies which primarily investigate only whether the market reacts to financial blogs or similar online platforms such as stock message boards, this study attempts to understand the specific conditions in which the market reacts to financial blogs. The results provide a rationale as to when and why investors rely on financial blogs and whether financial blogs serve an infomediary role in capital markets.

Whether they are in a leadership program, participate in an organization, or engage in school-based extra-curricular activities, there does not appear to be a shortage of leadership development opportunities for youth. Despite the prominence of these experiences, the lack of youth leadership development models available for educators can pose a challenge in creating opportunities intentionally designed to enhance leadership learning and development. This study uncovers prevalent leadership competencies embedded in four professional preparation frameworks, three research studies, and objectives of four large national youth leadership organizations to create a holistic youth leadership competency development model.

A successful component of programs designed to deliver youth leadership develop programs are youth educators who understand the importance of utilizing research-based information and seeking professional development opportunities. The purpose of this study was to determine youth educator’s perceived confidence in leading youth leadership development programs. Study objectives included describing types of youth leadership development training received by youth educators, describing the number of hours of youth leadership development training received by youth educators, describing the perceived importance of youth leadership development training received by youth educators, describing youth leadership development training delivery mode preferences of youth educators, determining if the addition of hours of training received and the perception of the importance of youth leadership training improved the prediction of perceived confidence beyond that provided by differences in selected demographic variables (gender, age, years of service, education level, office location). The target population for this study was southern region 4-H youth development educators. Results of this study indicate that perceived importance of youth leadership development training is predictive of youth educator’s confidence level in teaching youth leadership development.

Youth leadership development programs are a cornerstone of many youth serving organizations. The importance of youth leadership development to the core goals of programs is illustrated by its explicit inclusion in program logic models as well as its implicit presence when older youth serve in teaching and mentoring roles for younger youth. The success or failure of a youth leadership development program may be linked to many factors, one of which is the educator who leads the program. Youth educators influence program success in many ways. The focus of this study is to explore educators’ prior experiences as well as their perceived confidence in delivering youth leadership development programming. Given the strong connections between a person’s beliefs and behaviors, it is important to understand youth educators’ beliefs within the context of their prior experiences (Ajzen, Joyce, Sheikh, & Cote, 2011). This study seeks to expand the literature about youth educators’ youth leadership development training beliefs. It has practical implications for developing professional development trainings for youth educators as well as theoretical implications for advancing a deeper understanding of educators’ core beliefs about training specifically related to youth leadership development.

One of the commonest excuses put forward in defence of the practice of treating milk, butter, meat, and other foods with ‘preservative’ drugs no longer possesses even the appearance of validity. Several of the large railway companies are adding refrigerator vans in considerable numbers to their rolling‐stock, and this fact should make it no longer possible for defendants to plead that the necessity of sending food‐products a long distance by rail involves the necessity of mixing preservative chemicals with them. Although the excuse referred to will not bear examination, it is a very specious one, and in those instances where evidence has not been brought forward to refute it, it has produced some effect on the minds of magistrates and others. It cannot be too often pointed out that such substances as boracic acid, salicylic acid, and formaldehyde are dangerous drugs, and that their unacknowledged presence in articles of food constitutes a serious danger to the public. Such substances are not foods, and are not natural constituents of any food. In most instances they are purposely introduced into food‐products to avoid the expense attending the proper production, preparation, and distribution of the food, or to conceal the inferior quality of an article by masking the signs of commencing decomposition or incipient putrefaction, and thus to enable a dishonest producer or vendor to palm off as fresh and wholesome an article which may be not only of bad quality, but absolutely dangerous to the consumer. The use of these substances, in any quantity whatsoever, and the sale of articles containing them, without the fullest and clearest disclosure of their presence, is as gross and as dangerous a form of adulteration as any which has at any time been exposed. In no single instance can it be shown that these drugs are, to quote the words of the Act of 1875, matters or ingredients “required for the preparation or production of a food as an article of commerce,” nor, of course, can it be contended that such substances are “extraneous matters with which the food is unavoidably mixed during the process of collection or preparation.” In reality, even under our inadequate and unsatisfactory adulteration laws, through which the proverbial coach‐and‐four can be so easily driven in so many directions, there ought to be no loophole of escape for the deliberate and dishonest drugger of foods. While the presence of preservative chemicals in any quantity whatever in articles of food constitutes adulteration, wherever the quantity is sufficient to allow the production of the specific “preservative” effect of the substance added, that fact alone is enough to make the food so drugged a food which must be regarded as injurious to the health of the consumer—in view of the inhibitory effect which, by its very nature, the antiseptic must produce on the process of digestion. To our knowledge the food market in this country is flooded with all sorts of inferior food‐products which are rarely dealt with under the Adulteration Acts, and which are loaded with so‐called preservatives. There will be no adequate protection for the public against the consumption of this injurious rubbish until the consumer sees the advantage of insisting upon an authoritative and permanent guarantee of quality with his goods, and until manufacturers of the better class at length find it to be a necessity for their continued prosperity that they should supply, apart entirely from their own statements, an independent and powerful guarantee of this kind.

Stemming from substantial criticism during the late twentieth and early twenty‐first century, the UK government and HM Prison Service developed a number of policies and protocols aimed at improving the state of prison mental healthcare. While it is difficult to fault the purpose of the government's intentions, criticism has continued relating to problems with the implementation of government led change within the prison system. Existing research leads people to question whether policies are being implemented as intended; and if not, why not? The only clear way to answer these questions is to ask those involved in the actual implementation of these recommendations within the prison service. This paper aims to answer these questions.

This paper documents findings from a national survey of senior mental healthcare staff working in prisons in England and Wales. Staff were surveyed about their views on the implementation of recommendations from recent key government documents, their perceptions of prison mental healthcare versus community mental healthcare, and their views on the relationship between HM Prison Service and the National Health Service.

While many staff report improvements in prison mental healthcare, many have struggled with the implementation of new ways of working and the findings here suggest there is still some way to go towards providing offenders in prison with effective and appropriate care. Where effective ways of implementing change were identified, these are discussed.

Listening to the experiences of the staff involved in prison healthcare has helped identify where implementation of changes could be improved and thus highlights where support might best be targeted in future.

Through the energetic initiative of “The Globe” newspaper a Middle Classes Union has been formed for the purpose of organising that great body of people into an Alliance that shall be capable of making its power felt. A preliminary meeting was held recently under the presidency of Major J. R. Pretyman Newman, M.P., of gentlemen interested in the scheme recently outlined in “The Globe” for combining the Middle Classes in a Union for their own protection. All present were unanimous as to the necessity for the formation of such an organisation, and after discussion it was provisionally agreed that its title should be—

This Order, which is made under Regulation 2 of the Defence (Sale of Food) Regulations, 1943 (S.R. & O. 1943 No. 1553; item No. 1605), and will come into force on January 1st, 1945, specifies the information which must be given on the labels of pre‐packed foods when sold by retail. These requirements also apply on sales otherwise by retail but alternatively the food must be sold unlabelled and the purchaser supplied with a statement giving the required information. Special requirements apply to the disclosure of the vitamin or mineral content of food for which claims are made in labels or advertisements. The Order also provides appropriate defences in cases of infringement, including a defence similar to that provided by the Food and Drugs Act, 1938, where some other person is responsible for the commission of the offence charged. Retail Labelling Requirements.—Subject to the exemptions specified in the First Schedule, pre‐packed food must not be sold (or displayed for sale) by retail unless the label bears a true statement as to the matters mentioned below. The label must be marked on the wrapper or container or securely attached to it. The statement must be clearly legible and placed in a prominent position on the label. If the food is pre‐packed in more than one wrapper or container, the label must be placed on the inner package. A second label must be placed on the outer wrapper or container if the first label is not clearly legible throughout it. (a) Name and Address of Packer or Labeller.—The statement must specify the name of either the packer or the labeller and one of his business addresses. The name and address of another trader may be substituted if the food is packed or labelled for him or on his instructions and he carries on business at any address in the United Kingdom. The above requirement may also be satisfied by placing a trade mark (but not a certification trade mark) prominently on the label. The trade mark must be one of those entered on the Trades Mark Register kept under the Trade Marks Act, 1938 (1 & 2 Geo. 6, c. 22), for that food and the words “Registered Trade Mark” must be associated with it on the label. Table A of the First Schedule provides that the following foods shall be wholly exempt from this requirement: beef or pork sausages or sausage meat and slicing sausage (other than canned); sugar; yeast; unfermented apple juice and soft drinks in solid, semi‐solid or powder form. (b) Names of Foods and Ingredients.—The statement must also specify the common or usual name (if any) of the food and of each ingredient, if the food is made of two or more ingredients. The ingredients must each be given a specific, not a generic, name and must be named in the order of the proportion in which they were used. The ingredient used in the greatest proportion (by weight) must be the first on the list. If the food contains an ingredient made from two or more constituents, the statement must specify those constituents and it will not be necessary to name the ingredient. [See also (vi) below.] It is not necessary to state that the food contains water. The following exemptions from this requirement are given in Table A of the First Schedule: (i) Spices and flavouring essences, whether pre‐packed for sale as such or forming an ingredient of another food, may be designated as spices, etc., without further specifying their common or usual name or their composition. This exemption also applies to colourings, except those pre‐packed for sale as such. (ii) In the case of speciality flour, whether pre‐packed for sale as such or forming an ingredient of another food there is no need to specify ingredients or constituents which are authorised ingredients of National or “M” flour. (iii) Preservatives, as defined in the Public Health (Preservatives, etc., in Food) Regulations, are wholly exempt if the label complies with the requirements of those Regulations, whether the preservatives are pre‐packed for sale as such or form an ingredient of one of the foods specified in paragraph 1 of the Second Schedule to the Regulations. (iv) It is not necessary to specify the ingredients used in the foods specified in Table C. The food must, however, be pre‐packed for sale as such and must comply with the composition requirements of the relevant Control Order listed in the Table. Table C specifies the following foods: Foods for which a standard is prescribed under a Food Standards Order; specified canned fruit; Christmas puddings; fish cakes; jam and marmalade; meat or fish paste; meat roll or galantine; canned ready or prepared meals; canned soup; beef or pork sausages or sausage meat and slicing sausage (not canned); standard saccharin tablets; and sweetening tablets. (v) There is no need to specify the ingredients of the following foods when pre‐packed for sale as such; biscuits, condensed milk as defined by the Public Health (Condensed Milk) Regulations, 1923 and 1927; curry powders; pickles and sauces (except salad cream, mayonnaise and sandwich spread). (vi) When a food mentioned in (iv) or (v) above or in Table B (see below) forms an ingredient of some other food, it may be designated by its common or usual name, without specifying the ingredients. (c) Minimum Quantity.—The statement must also specify the minimum quantity of food in the wrapper or container. This quantity must be expressed according to trade custom in terms of net weight, measure or number. In cases where Section 4 of the Sale of Food (Weights and Measures) Act, 1928, permits the weight of the wrapper or container to be included in the weight sold, the above provision may be complied with by specifying the minimum weight of the food with its wrapper or container. Table A of the First Schedule provides that the following foods shall be wholly exempt from this requirement: biscuits, when sold by the packet or piece at not more than 3d. per unit; condensed milk, as defined above; and dried milk, as defined by the Public Health (Dried Milk) Regulations 1923 and 1927, including sweetened or modified dried milk but not compounded dried milk. (d)Exemptions.— The above provisions do not apply to: (i) foods packed by a retailer for sale on the premises, but there must be no reference to the food on the wrapper or container or on any label printed on, attached to or given with it; (ii) food imported on Government account which is still in the original container or wrapper; (iii) food packed specially for consumption by H.M. Forces or the Forces of H.M. Allies or Co‐Belligerents; (iv) assortments of foods packed for sale as a meal and ready for consumption without cooking, heating, etc.; (v) food intended for export or for use as ships‘ stores; (vi) foods specified in Table B of the First Schedule when pre‐packed for sale as such. Table B specifies the following foods: bread (not including breadcrumbs); butter and milk blended butter; cakes; cheese (including processed cheese, blue vein, soft curd or cream cheese and cheese made from milk other than cow's milk); compound cooking fat; intoxicating liquor, i.e., spirits, wine, beer, porter, cider, perry and sweets and other fermented, distilled or spirituous liquors which cannot be sold with‐out an excise licence; liquid milk; margarine (not including vegetarian butter); meat pies; National Flour and “M” flour; soft drinks if specified in Part I of the First Schedule to the Soft Drinks Order, 1943; still spa water; sugar confectionery, chocolate and chocolate confectionery. (e) Small Packages.—If the wrapper or container holds less than ½ oz. or ½ fluid oz. and, owing to insufficient space it is not reasonably practicable for all the above particulars to be given on the label, it will only be necessary to give those particulars which it is reasonably practicable to specify. The particulars required in (b) must be specified first and those required in (c) must be specified next, in order of priority. The foods specified in Table B of the First Schedule (see above) are exempt from this provision when pre‐packed for sale as such. Labelling Requirement on Other Sales.—On sales of pre‐packed food otherwise than by retail, the seller must either: (a) deliver the food labelled in the manner prescribed for retail sales; or (b) deliver the food unlabelled and furnish the purchaser an invoice or other document within 14 days of delivery. The invoice, etc., must contain a statement of any particulars that may be necessary to enable a retail trader to comply with provisions (b) and (c) of the retail labelling requirements (see above). Pre‐packed food will be regarded as unlabelled only if there is no reference to it on the wrapper or container or on any label printed on or attached to it. The food will not, however, be regarded as labelled merely because the wrapper or container has been marked at packing with reasonable words or marks of identification. This provision, however, does not apply to foods exempted from the retail labelling requirements, including foods specified in Table B of the First Schedule (see (d) above). Defacement of Labels.—Statements on labels placed on a wrapper or container under the above provisions must not be removed, altered or defaced. It will, however, be a defence for the defendant to prove: (a) that the food was in his possession otherwise than for sale; and (b) that there was no intent to deceive. Claims for Vitamins and Minerals in Food.—(a) General Claims: No one, except under certain conditions, may (i) sell any food with a label making a general claim that vitamins or minerals are present in it; (ii) stock pre‐packed food with a similar label; or (iii) publish, or be a party to publishing, an advertisement making a general claim as above. The above provisions apply whether the label is attached to or printed on the wrapper or container or not. The conditions referred to above are as follows: (i) If a claim that vitamins are present is made, the food must contain one or more of the substances specified in Part I of the Second Schedule, i.e. Vitamins A, B1, B2 (Riboflavin), C and D; Carotene; or Nicotinic Acid, Nicotinic Acid Amide and the active derivatives. (ii) If a claim that minerals are present is made, the food must contain one or more of the substances specified in Part II of the Second Schedule, i.e., Calcium, Iodine, Iron or Phosphorus. (iii) The label or advertisement must specify the minimum quantity of each substance in each oz. or fluid oz., expressed in the appropriate units specified in Parts I and II of the Second Schedule. (b) Particular Claims.— The Order also provides that no one shall: (i) sell any food with a label which claims or in any way suggests that a particular substance specified in the Second Schedule is present in it; (ii) stock pre‐packed food with a similar label; or (iii) publish, or be a party to publishing, an advertisement making a particular claim or suggestion as above. These claims or suggestions may, however, still be made if the label or advertisement specifies the minimum quantity of each substance contained in each oz. or fluid oz., expressed in the appropriate units specified in the Second Schedule. The above provisions apply whether the label is attached to or printed on the wrapper or container or not. (c) Exemptions.—These provisions do not apply to: (i) fruit or vegetables, excluding those which have been canned or bottled or those preserved otherwise than by freezing, gas or cold storage or other storage methods; (ii) food served by a caterer as a meal or part of a meal; (iii) food imported on Government account which is still in the original wrapper or container. In case (iii), however, the provisions relating to advertisements are still applicable. (d) Defences.—In proceedings relating to the publication of an advertisement, it will be a defence for the defendant to prove that his business is to publish or arrange for the publication of advertisements and that he received it for publication in the ordinary course of business. In similar proceedings against the manufacturers, producers or importers of the advertised food the onus of proving that he did not publish, and was not a party to publishing, the advertisement is on the defendant. In proceedings for a failure to specify the required particulars in an advertisement, it will be a defence for the defendant to prove that he took all reasonable steps, by pre‐packing, to see that it would not be sold without an appropriate label. Deficiencies of Weight or Measure.—In proceedings for infringement of the labelling requirements relating to the weight or measures of pre‐packed articles of food, the Court must disregard inconsiderable variations in the weight or measure of single articles and take into account (a) the average weight or measure of a reasonable number of other articles of the same kind (if any) sold or stocked by the defendant on the same occasion and (b) all the circumstances of the case. In similar proceedings relating to weight, measure or number, it will be a defence for the defendant to prove: (a) that the offence was due to a bona fide mistake or accident or to other causes beyond his control and that he took all reasonable precautions to prevent it; or (b) that the alleged deficiency was due to unavoidable evaporation, although due care had been taken to avoid it. Proceedings for a deficiency in the weight or measure of any pre‐packed food or in the number of articles in a wrapper or container may be instituted, in England, by the local Weights and Measures Authority, and, in Northern Ireland, by the Ministry of Commerce. Inaccurate Statements, etc.—In prosecutions relating to the inaccuracy or omission of a particular required to be shown on a label or statement, it will be a defence for the defendant to prove: (a) that he bought the food in the wrapper or container in which it was sold from a person carrying on business at an address in the United Kingdom, and that the wrapper or container had remained unopened; (b) that the particular in question was shown on (or omitted from) the label or statement at the time of purchase; and (c) that he had no reason to believe that there was any infringement. The defendant, within fourteen days of the service of the summons (or in Scotland, the complaint), must send the prosecutor a copy of the label or statement with a notice stating that he intends to rely on it and giving the name and address of the person from whom he received it. A similar notification must be sent to the person who gave him the label or statement and he is entitled to appear in Court and give evidence. A defendant who is an employee may also rely on the above defence. Act or Default of Another.—A defendant who is prosecuted under the Order may allege that the offence was due to the act or default of another person. He is entitled to make this person a party to the proceedings but must first lay an information and give at least three clear days' notice to the prosecution. If the original defendant's allegation is proved, the second defendant may be convicted of the offence. The original defendant will then be entitled to an acquittal if he can prove that he used all due diligence to comply with the provisions in question. Both the prosecution and the second defendant will have the right to cross‐examine the original defendant and his witnesses and to call rebutting evidence. The Court may make any order it thinks fit for payment of costs by one party to another. If the Minister or other enforcing authority is reasonably satisfied that an offence for which one defendant might be prosecuted is due to the act or default of a second defendant and that the first defendant could establish the above defence, he may prosecute the second defendant without taking a preliminary prosecution against the first. The second defendant may then be convicted of the offence with which the first defendant might have been charged and may be awarded similar punishment. Special provision is made for a similar procedure under the Law of Scotland. Analysts' Certificates.—In proceedings for infringement, the production by one of the parties of a certificate from a Public Analyst or the Government Chemist will be sufficient evidence of the facts stated in it, unless the other party requires that the Analyst shall be called as a witness. A copy of the Analyst's certificate supplied by one party to the other is admissible in evidence without further proof. If the prosecution intends to produce a certificate, a copy must be served with the summons (or, in Scotland, the complaint). A defendant who intends to produce a certificate or require the Analyst to give evidence must give the other party at least three clear days' notice of his intention. The Court is entitled to adjourn the hearing on such terms as it thinks proper if there is any failure to comply with these requirements. In Northern Ireland, “Government Chemist” means the Government Chemist for Northern Ireland. Other Provisions.—The Order also contains various provisions for securing its application under the law of Scotland and Northern Ireland. The provisions of the Order are subject to any directions, licences or authorisations given by the Minister. Holders of licences or authorisations must comply with every condition imposed. The Order will come into force on January 1st, 1945. Definitions.—“Food” means any article used as food or drink for human consumption and includes any substance intended for use in the composition or preparation of food, any flavouring, sweetening matter or condiment and any colouring matter intended for use in food. An article is not to be deemed not to be food merely because it can also be used as a medicine. Save as otherwise provided, the description or definition of food given in an Order of the Minister will apply for the purposes of this Order. If described or defined in more than one Order, the description or definition given in a Price Control Order will be applicable. “Pre‐packed” means packed or made up in advance ready for retail sale in a wrapper or container. Wrapped or packed food found on premises where that food is packed, kept or stored for sale will be deemed to be pre‐packed unless the contrary is proved. The contrary cannot, however, be proved merely by showing that the food had not been labelled in accordance with the provisions of the Order. “Pre‐pack” is to be correspondingly interpreted. “Retail Sale” means any sale to a person buying otherwise than for resale but does not include a sale to a caterer for his catering business or a sale to a manufacturer for his manufacturing business. “Advertisement” includes any notice, circular, label, wrapper or other document and any public announcement made orally or by a means of producing or transmitting light or sound. References to a label marked on a wrapper or container include references to any legible marking, however effected. “Food Imported on Government Account” means food imported into the United Kingdom for defence purposes, which was the property of, or consigned directly to, His Majesty or a Government Department, or their agents. “Public Analyst” has the same meaning as in the Food and Drugs Act, 1938, [and the corresponding Acts in force for Scotland and Northern Ireland.] References to Orders or Regulations refer to those Orders or Regulations as subsequently amended or replaced.

7. The cowsheds in Denmark are very similar in design to the more modern cowsheds in this country. They are, however, in general structurally superior to the average English cowshed and even to the Dutch cowsheds. In Denmark the flooring, standings, mangers, water supply, electric lighting, drainage from the cowsheds and devices for securing the cows are similar to what we observed in Nederland and equally satisfactory, but the Danish cowsheds were superior in respect of air space, windows and ventilation. In all the cowsheds which we visited the ceilings were high, the air space was ample, lighting by means of windows was good and adequate, cross ventilation was invariably provided. The gutters in Danish sheds are, however, much shallower than those in Dutch sheds, and are consequently not so effective, though movement of the cows is easier and safer.

This paper aims to examine potential causes of bankruptcy as they relate to hurricane damage. Investigate whether hurricanes result in personal bankruptcy filings due to real property damages. Strengthen existing descriptive results by using fully modified ordinary least squares (FMOLS).

Lagged FMOLS model is used with data from states that suffered hurricane damage between 2000 through 2020. FMOLS controls for various financial distresses that can cause bankruptcy filings.

Bankruptcy is usually filed for within one year of a hurricane. Changes in house prices and hurricane severity were significant indicators of bankruptcy filings. However, the divorce rate, commonly thought of as a primary reason for bankruptcy, is insignificant.

Data was available on a state level for the independent variables. Hurricane damage needed to be financially significant enough for inland flooding to be measurable and influential.

Establishes that financial distress comes from several sources, not just home damage. Financial distress is highly correlated with whether a home was insured. Divorce does not cause bankruptcy filings.

Federal flood insurance programs should be reexamined. Having a broader all-risk homeowner policy could reduce the number of households that file for bankruptcy after a hurricane.

Existing research uses descriptive statistics and obtains mixed findings regarding the association between hurricane damage and bankruptcy filings. The FMOLS approach provides clarity about this association.