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This paper aims to investigate the informational content of earnings surprises and accounting information in credit default swap (CDS) markets.

This paper analyzes a sample of 444 US firms and 6,907 earnings announcements. By means of parametric and non-parametric event study analysis, the paper assesses the informational value and the timeliness in the assimilation of earnings surprises by CDS rates.

This paper shows that earnings surprises contain material information and that CDS rates are affected by the disclosure of obligors’ financial statements. There is also supporting evidence that positive and negative surprises induce asymmetric reactions on CDS rates, especially after accounting for the credit risk of the obligor and the liquidity of the CDS contract. Finally, and perhaps the most interesting conclusion of the study, there is evidence that earnings disclosed during unstable periods lack informational value, in opposition to normal periods.

As compared with similar studies, this paper presents three novel contributions. The first concerns the use of non-parametric analysis in parallel with parametric tests to achieve robust conclusions. The second novel contribution resides in assessing whether the liquidity of the CDS contracts affects the information value of earnings surprises or the timeliness at which the information is assimilated into CDS rates. Finally, this paper also contributes to improve our understanding on the relationship between the business cycle and the informativeness of accounting information.

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Given that size, status and power are so widely coveted nowadays, it's heartwarming to learn of instances where the smaller guy has outwitted a more eminent rival. Thanks to globalization, the issue is especially pertinent in the business world where encounters between corporate versions of David and Goliath are becoming ever more frequent. On the face of things, the outcome of these gladiatorial mismatches seems inevitable. Transnational organizations muscle their way into new markets wielding advantages in the shape of superior technologies, brand reputation and economies of scale. In response, domestic incumbents have little choice than to wave the white flag and accept their fate with dignity. Or do they?

Identifies measures and strategies local firms can take to defend their position against global entrants into the domestic market. Points out actions taken to implement a companywide focus on innovation and design. Notes effective strategies for increasing demand for new products.

Points out the threat global firms pose to local culture and traditions. The potential for exploitation of labor and negative impact on employment is likewise noted.

Provides insights and practical thinking about the role of ethical values and sustainability in today's business environments.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

The objective of this chapter is to outline an integrating picture of the situation, representativeness, contradictions, and challenges that the treatment of diversity assumes in Brazilian society and in its organizations. The aim is to reply to the research question: “How are public policies and organizational practices constructing ways of inserting and valuing the diversity of Brazilians?” We provide a brief background of the changes in the global and Brazilian contexts over the last few decades and analyze the demographic data presented in the 2010 Census and in studies on diversity that were published in the main periodicals in the Administration area in Brazil, between 2000 and 2014 with regard to the segments most widely studied in the academic literature: Afro-descendants, homosexuals, the elderly, Indians, women, and people with a disability. The conclusion reached is that, in a short period of time, Brazil has made great strides in constructing the mechanisms and legal devices for recognizing the rights of its diverse population and that private companies are in the initial stages of introducing diversity programs.

This chapter examines the professional identities of Brazilian journalists. It does so through an analysis of the growing professional autonomy of journalism from 1950 to 1990 through the life stories of 10 intellectual-journalists, individuals whose journalistic activities have crossed over into other intellectual fields.

This study applies a symbolic interactionist framework to understand how these actors managed their reputations and careers within the intellectual world. The narratives were taken from qualitative semi-structured interviews, and supported by additional research such as interviews, biographies, and articles which have been published about their lives.

The life stories were compared to the extensive structural changes affecting the world of journalism and the world of intellectuals in Brazil. This comparison revealed gaps between these two spheres of practice, within which the ambivalent form of journalists’ identities have been constructed.

This chapter offers two contributions to the study of Brazilian journalists. From a theoretical and methodological viewpoint, it advances beyond other studies that focus more on the prevailing representations of journalists’ professional identities and their role in society. From an empirical standpoint, it describes the complex negotiations between the worlds of journalism, culture and politics. This chapter also reexamines the current dominant explanation for the changes in Brazilian journalism. It shows that building careers and new levels of interpersonal cooperation for intellectuals and journalists has been a slow process. Ultimately, this development has left some behind, especially those actors stretched between multiple professional identities such as those who self-identify as intellectual-journalists.

This chapter historicizes the social construction of racism in Brazilian society and its relation to the development of the library and information science (LIS) field. It is a theoretical-reflective research built on the scientific literature of the field of LIS and related areas that aims at reflecting on social justice in Brazilian libraries and creating strategies to confront institutional racism. The authors develop five main points to understand Brazilian racism: the myth of racial democracy, structural and institutionalized racism, the whitening ideology, whiteness, and the epistemicide of black knowledge. The authors then discuss racism and the promotion of white supremacy in library teaching and professional action in libraries. Black US American and Black Brazilian Librarianship movements show that the activism and political action of black librarians advance the development of informational counter-narratives. Finally, the authors recommend three strategies for social, racial, and informational justice in the LIS field: including ethnic-racial studies in basic university courses curricula; building diverse, inclusive collections that account for ethnic-racial themes and authors; and considering “Pretuguese” keywords while indexing, in order to counter exclusion and promote epistemic repair. The authors conclude by advocating for these strategies to steer LIS professional and educational spheres toward contributing to forward an anti-racist society.

The establishment of partnerships between companies, government and universities aims to enhance innovation and the technological development of institutions. The biotechnology sector has grown in recent years mainly driven by its cooperative business model. Compared to other countries, this sector is slowly advancing in Brazil, with delays in science, technology and innovation, especially in the private sector. This paper aims to examine, through social network analysis, the collaborative networks between institutions that filed patents in biotechnology – medicinal preparations from plants – whose inventions had Brazil as the priority country.

The study of technological cooperation using patent documents is a reliable approach as they serve as good indicators of the interactions between organizations that focus on innovation and development of new product. Social network analysis of cooperation networks helps to understand the connections between patent assignees, and how they establish relationships.

Results show that public universities are the institutions that most deposit patents, as well as those that co-operate the most, especially Universidade of Campinas. The study also reveals the critical role of Research Support Agencies in stimulating research and technological development, which result in new technologies.

The study applied the social network analysis to provide an overview of the interactions among Brazilian institutions with the purpose of helping in decision-making and inciting public policies to leverage the biotechnology sector.

The chapter seeks to reflect on the dynamics of the reconstruction of family farming and peasant agriculture in agrarian reform settlements (“assentamentos”) in Brazil, exploring the limits and potential of government food purchases from family farming, particularly the Food Acquisition Program (Programa de Aquisição de Alimentos – PAA), in the creation of alternative paths of rural development. The work analyzes the different strategies through which farmers and their organizations mobilize public policy instruments and market connections, expanding their room for maneuver and agency capacity. Research was conducted in the Baixo Sul Territory of the state of Bahia, focusing the heterogeneous web of social organizations involved in the implementation of the Food Acquisition Program in this setting.