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Book part
Publication date: 12 June 2017

Mike Vuolo, Christopher Uggen and Sarah Lageson

This paper tests whether employers responded particularly negatively to African American job applicants during the deep U.S. recession that began in 2007. Theories of…

Abstract

This paper tests whether employers responded particularly negatively to African American job applicants during the deep U.S. recession that began in 2007. Theories of labor queuing and social closure posit that members of privileged groups will act to minimize labor market competition in times of economic turbulence, which could advantage Whites relative to African Americans. Although social closure should be weakest in the less desirable, low-wage job market, it may extend downward during recessions, pushing minority groups further down the labor queue and exacerbating racial inequalities in hiring. We consider two complementary data sources: (1) a field experiment with a randomized block design and (2) the nationally representative NLSY97 sample. Contrary to expectations, both analyses reveal a comparable recession-based decline in job prospects for White and African American male applicants, implying that hiring managers did not adapt new forms of social closure and demonstrating the durability of inequality even in times of structural change. Despite this proportionate drop, however, the recession left African Americans in an extremely disadvantaged position. Whites during the recession obtained favorable responses from employers at rates similar to African Americans prior to the recession. The combination of experimental methods and nationally representative longitudinal data yields strong evidence on how race and recession affect job prospects in the low-wage labor market.

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Emerging Conceptions of Work, Management and the Labor Market
Type: Book
ISBN: 978-1-78714-459-0

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Article
Publication date: 15 August 2018

Sedefka V. Beck and Donka Mirtcheva Brodersen

The purpose of this paper is to examine wealth dynamics through the Great Recession along a dimension previously not studied, religious affiliation. Specifically, this…

Abstract

Purpose

The purpose of this paper is to examine wealth dynamics through the Great Recession along a dimension previously not studied, religious affiliation. Specifically, this paper analyzes wealth differentials and relative wealth losses among religious groups at the mean and along the wealth distribution before and after the Great Recession.

Design/methodology/approach

Drawing on data from the Panel Study of Income Dynamics and including a wide array of control variables, the paper analyzes the impact of religious affiliation groups on wealth pre- and post-Recession, using OLS, generalized least squares and quantile regression models.

Findings

The findings show that wealth differentials among religious groups exist both before and after the Recession and that wealth disparities are greater for people at the low end of the wealth distribution, who lost disproportionately more wealth across religious groups.

Social implications

The results suggest that the Great Recession further increased wealth inequality yet along another dimension, religious affiliation. These findings imply that in order to decrease wealth inequality and minimize other harmful effects of adverse macroeconomic events, religious institutions may provide education on financial management strategies, especially to those at the low end of the wealth distribution.

Originality/value

This paper is the first of its kind to build upon two bodies of literature: the research on religion and wealth and the research on wealth losses and the Great Recession. It is also the first paper to explore the religion–wealth relationship after the Great Recession and along the wealth distribution.

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International Journal of Social Economics, vol. 45 no. 9
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 7 November 2017

Sheena Chhabra, Ravi Kiran, A.N. Sah and Vikas Sharma

The purpose of this paper is to focus on examining the first day returns of initial public offerings (IPOs) and the role of information on their performance. The study…

Abstract

Purpose

The purpose of this paper is to focus on examining the first day returns of initial public offerings (IPOs) and the role of information on their performance. The study tries to optimize the returns of the new issues during 2005-2012 with risk as a constraint.

Design/methodology/approach

The initial returns are measured through the market-adjusted excess return and the risk associated with the new issue is measured through underwriters’ reputation. The returns have been optimized through a mixed integer linear problem using the Maple software.

Findings

The previous studies show that various informational variables affect the listing day returns significantly. The results of the present study indicate that the mean of initial returns for IPOs during 2005-2012 is 18.03 and the mean risk for these issues is 0.46. The findings also suggest that the optimal returns are obtained in the pre-recession era (2005-2008) and the value for the same is 50.02 percent.

Originality/value

The current study contributes in the investment decisions for global investors as every investor wants to maximize his/her returns. The optimal returns with risk as a constraint will help the investors in improving their investment decision as a prudent investor does not aim solely at maximizing the expected return of an investment but is also interested in optimizing with the minimization of risk.

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Program, vol. 51 no. 4
Type: Research Article
ISSN: 0033-0337

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Article
Publication date: 24 October 2019

MV Shivaani, P.K. Jain and Surendra S. Yadav

This paper aims to gauge the quality of risk disclosure in 3,872 annual reports of Indian corporates, using a risk disclosure index (RDI) developed to capture both quality…

Abstract

Purpose

This paper aims to gauge the quality of risk disclosure in 3,872 annual reports of Indian corporates, using a risk disclosure index (RDI) developed to capture both quality and quantity of risk disclosures.

Design/methodology/approach

Focussing on 69 risk items, the paper uses manual textual analysis and scores risk items using an ordinal scale, as opposed to the general practice of using a dichotomous scale.

Findings

The average risk index is low, but greater in the post-recession period than in the pre-recession period. Most disclosures are qualitative, both backward and forward-looking, and exhibit a negative tone. In addition, company age and industry sector have a significant impact on disclosure levels.

Research limitations/implications

The choice and weighting of semantic qualities used to construct RDIs used in disclosure studies are inherently subjective. This exploratory study uses univariate analysis and does not explore the reasons for poor disclosure.

Practical implications

In addition to its usefulness for investors and companies’ management, the findings of non-compliance with certain mandatory provisions and a low average RDI is particularly relevant for policymakers and regulatory bodies.

Originality/value

Development of a summary measure/RDI that is novel in its differential weighting of the semantic qualities pertaining to quantification, time-orientation and tone. Further, it serves as an exploratory study about risk disclosure practices in the Indian context that reveals notable differences from findings of previous risk disclosure research. Moreover, the study examines the relationship between firms’ age and risk disclosure levels, a largely ignored aspect in disclosure research.

Details

Managerial Auditing Journal, vol. 35 no. 1
Type: Research Article
ISSN: 0268-6902

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Abstract

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Dynamic Linkages and Volatility Spillover
Type: Book
ISBN: 978-1-78635-554-6

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Article
Publication date: 25 February 2020

Maoyong Zheng and Cesar L. Escalante

This is a comparative study of the nature of operating decisions made by agricultural and non-agricultural banks, affecting their actual growth plans in the years around…

Abstract

Purpose

This is a comparative study of the nature of operating decisions made by agricultural and non-agricultural banks, affecting their actual growth plans in the years around and during the Great Recession of 2008. The main empirical question is whether banks under greater economic stress shortly before, during, and immediately after the recession made deliberate adjustments in their growth decisions vis-à-vis predetermined sustainable levels.

Design/methodology/approach

Higgins' sustainable growth challenge is employed to evaluate banks' growth decisions involving four growth levers (profitability, earnings retention, asset management, and financial leverage). Actual growth trends are related to business growth rates deemed sustainable given available financial capability as prescribed by Higgins' model.

Findings

Both banking groups made cautious growth decisions during the sample period. Actual growth rates were below sustainable levels. Agricultural banks registered steadily increasing sustainable growth rates from the pre-recession years until the recovery period, while non-agricultural banks were more constrained to grow given their declining sustainable growth levels. Notably, agricultural banks showed relatively more aggressiveness in raising slightly actual revenue growth to levels much closer to sustainable levels. This could have resulted from their less volatile profit margin trends and usual pressure to maintain acceptable liquidity conditions in order to gain access to external funds.

Originality/value

This study presents an additional application of Higgins' model to agricultural finance. The comparative analysis of banking groups becomes even more relevant these days as recent economic discussions focus on indicators of an imminent recessionary period.

Details

Agricultural Finance Review, vol. 80 no. 3
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 14 November 2016

Danielle McCluskey, Lay Cheng Lim, Michael McCord and Peadar Thomas Davis

The purpose of this paper is to analyse the changing nature of commercial leases with specific reference to the landlord and tenant relationship, lease lengths and…

Abstract

Purpose

The purpose of this paper is to analyse the changing nature of commercial leases with specific reference to the landlord and tenant relationship, lease lengths and incentivisation in the post-recessionary UK property market.

Design/methodology/approach

The research applies data analysis utilising the Estates Gazette Interactive database coupled with survey analysis conducted across three UK cities to investigate and compare the changing nature of the commercial property leasing market and the landlord and tenant relationship.

Findings

The empirical analysis highlights that recessionary conditions prevalent in the market from the 2007 global crisis has caused a reassessment of lease structures, leading to shorter lease terms and increased use of incentives, as tenants have been empowered to negotiate more flexible leases due to their stronger market position.

Originality/value

This paper builds upon previous research conducted back in 2005, investigating commercial leases in the market up-cycle. The recent volatility in the commercial property sector requires fresh insights and in-depth analysis of lease patterns, length and covenant strength, which is fundamental for investor decision-making. In addition, past research has tended to consider solely landlord or occupier perspectives, whereas this research offers new insight into the landlord–tenant lease negotiation process.

Details

Journal of Corporate Real Estate, vol. 18 no. 4
Type: Research Article
ISSN: 1463-001X

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Expert briefing
Publication date: 15 July 2015

The impact of the housing sector on US growth.

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DOI: 10.1108/OXAN-DB200971

ISSN: 2633-304X

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Geographic
Topical
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Article
Publication date: 14 October 2019

Saji Thazhugal Govindan Nair

The purpose of this paper is to investigate the recession effects in market efficiency of natural rubber futures contracts traded in India.

Abstract

Purpose

The purpose of this paper is to investigate the recession effects in market efficiency of natural rubber futures contracts traded in India.

Design/methodology/approach

The research draws inferences from Granger causality and Engle–Granger cointegration tests, which are administered separately on 14 year daily price data spanning into two distinct, non-overlapping time series of 2004–2008 and 2009–2017.

Findings

Analysis shows that rubber futures market is informationally efficient in price discovery. The results of cointegartion tests indicate that a long-term relationship does exist between futures and spot prices of the natural rubber in India. The recession effects in the market efficiency of rubber futures contracts are evident from the increase in optimal hedge ratios estimated with the cointegration methodology.

Research limitations/implications

The study pursues a simple cointegration methodology to assess the causal relations between spot and futures market prices in the Indian context. Future studies investigating the long-run causal relations, with error correction framework, between spot and future prices of rubber from other leading rubber producing countries can validate the findings more on this issue.

Practical implications

The research expects to pass on vital information inputs on the implications of future contracts to rubber traders for managing their portfolios. The study of this kind definitely will be a great help to farmers and exporters who are potentially interested in gaining access to a hedging vehicle.

Originality/value

The paper is unique in terms of understanding the effects of economic recession in information efficiency of futures market. Moreover, a limited number of studies have explored the functional utilities of rubber futures in emerging market context.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 9 no. 5
Type: Research Article
ISSN: 2044-0839

Keywords

Content available
Article
Publication date: 7 November 2019

Eamonn O'Connor, Stephen Hynes, Amaya Vega and Natasha Evers

The purpose of this paper is to examine performance change in the Irish state-owned port sector over the 2000-2016 period using a case study approach.

Abstract

Purpose

The purpose of this paper is to examine performance change in the Irish state-owned port sector over the 2000-2016 period using a case study approach.

Design/methodology/approach

For analysis, qualitative sources are used to construct an explanatory account for the quantitative measures of productivity, profitability and traffic shift-share change across the major ports within the system.

Findings

The results show that overall change in performance largely follows that of the macro-economic performance of the region, characterised by pre-recession growth, decline during the recession and post-recession recovery. Across the ports, however, there was a notable divergence in performance post-recession. Identified factors affecting performance change across the period include demand-side structural change, labour rationalisation and degree of private sector participation.

Originality/value

This study addresses a gap in the formal evaluation of port performance in Ireland. The study further demonstrates the potential of in-depth case study analysis for uncovering insights into the drivers of performance across a number of dimensions, thus allowing for the contextualisation of results. The study of a small number of cases enables the use of rich qualitative sources to create strong narratives, which combined with quantitative measures of performance, can lead to new insights.

Details

Maritime Business Review, vol. 4 no. 4
Type: Research Article
ISSN: 2397-3757

Keywords

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