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This paper aims to examine the capital market effects and predominance of unregulated embedded value (EV) financial reporting in the life insurance industry in foreign domestic markets, and US markets for foreign firms that cross-list in the USA.

Recent empirical archival data are analyzed and evaluated to determine the incremental and relative value relevance of an unregulated valuation metric that is disclosed by life insurers.

The findings support the proposition that EV is valuable supplemental information in foreign domestic markets, and in US markets for foreign life insurers that cross-list in the USA. Given that International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are engaged in projects to improve accounting standard for insurance companies, and have faced criticism with the existing drafts on this issue, the two institutions ought to consider the valuation relevance of EV disclosures. Moreover, this analysis strongly suggests that financial analysts in the USA should consider EV in valuing life insurers’ stocks.

The findings discussed in this paper are of special interest to financial reporting policy makers, financial analysts, firm compensation committees and managers, and academics.

This paper contributes to the extant literature by providing recent evidence that suggests that EV, an unregulated fair value market-driven metric, is more value-relevant than traditional earnings metrics such as earnings and book value. It is the only study that we are cognizant of that critically examines the recent empirical literature on this evolving issue.

This paper aims to examine the characteristics of firms that voluntary disclose generally accepted accounting principals (GAAP)-compliant statements of income, statement of cash flows (SCF) and balance sheet (BS) concurrently with quarterly earnings releases. Cardinal motivation of the paper stems from the increasing demand over the past decade by professional analysts and the Securities and Exchange Commission for concurrent disclosure of GAAP-compliant financial statements with earnings’ announcements.

Using hand-collected archival data, a random sample was identified as disclosing GAAP-compliant SCF and BS with their quarterly earnings releases compared to a control sample identified as non-GAAP-compliant disclosing firms during the 36-month period of 2009-2011, and several hypotheses are tested to determine managements’ incentives to disclose GAAP-compliant versus non-GAAP financials with their earnings releases.

The results in this paper suggest that debt financing, corporate governance, operating performance, earnings volatility, industry membership (such as technology and more research and development-intensive) and complexity of operations (number of segments) are significant characteristics of firms electing to concurrently disclose GAAP-compliant SCF and BS with earnings releases.

The findings discussed in this paper are of special interest to financial reporting policymakers, financial analysts, firm managers and stakeholders and academics.

The voluntary disclosure literature on quarterly earnings releases is extended by differentiating between GAAP-compliant and non-GAAP-compliant voluntary disclosers. The specific findings of this study may provide valuable input to policymakers as they study prevailing voluntary disclosure rules and practices.

The National Commission on Fiscal Responsibility and Reform recently released a preliminary report with recommendations on cutting costs in the federal government, and one of its recommendations included the elimination of the Baldrige Performance Excellence Program, formerly known as the Malcolm Baldrige Nationality Quality Award Program. Established by an act of Congress in 1987, during the Reagan Administration, the goal of the Malcolm Baldrige Nationality Quality Award Program was to stimulate and reward product quality excellence. Since the inception of the award, however, there has been a long‐standing controversy among industry leaders and academics on whether winning this award does enhance future financial performance and ultimately shareholders' wealth. This debate has again been recently fueled by the possible elimination of the program by the US government. This study, aims to shed further light on this subject by examining the academic research on the financial performance of the Baldrige Award winners.

The paper examines academic and professional research on whether the Award adds value to firms and their investors.

The conclusion, perhaps not surprisingly, is somewhat mixed; although there is parsimonious evidence to suggest that Award winners do witness an increase in market value. By and large, the authors feel that when all the benefits of the Baldrige Performance Excellence Program are considered and given the short‐term focus of studies in this area, the elimination of the program would be a terrible mistake.

The paper offers an original review and synthesis.

In this article, we discuss the role of the internet in cultural changes and transformation. The traditional view is that inherent cultures affect business operations so corporations must be cognizant of the prevalent cultures in their operating environments. Frequently, failures of multinational corporations in new environments are often blamed on corporate lack of knowledge and understanding of these prevalent cultures. While this may still be true in today’s environment, the influence of technology, particularly the internet in the 21st century, has been so significant that the world may be approaching a “unification of cultures”. Thus, this paper argues that the internet will lead to a global cultural transformation that will enhance global business operations by removing cultural barriers that lead to sub‐optimal business operations.

The purpose of this paper is to investigate the impact of the US Securities and Exchange Commission (SEC) accelerated deadline on foreign firms, and the 20-F filing practices and factors relating to the filing lags.

The authors identified 338 firms that file 20-F reports with the SEC during the period of 2010 and 2011. The authors then used multivariate regressions to examine the effects of the shortened deadline on foreign firms’ filing practices and the factors associated with these practices. In the regression models, the authors also control for other firm characteristics that have shown to affect the filing lags of US firms such as firm performance, size, mergers and restructures, audit firm, compliance with internal control requirements under Sarbanes Oxley Act, internal control weaknesses, going concern audit opinion and operating complexity.

Based on a sample of 338 US-listed foreign firms, the results indicate that there is a significant reduction in the filing lags and a change in their distribution for fiscal year 2011, as compared to the preceding year, and as intended by the SEC. The authors also find that 20-F filing lags are negatively related to the use of International Financial Reporting Standards (IFRS) or US-GAAP in 20-F reports and use of the English language in foreign firms’ home countries.

The findings of this paper are of interest to accounting regulatory bodies including the SEC, US Financial Accounting Standards Board and the International Accounting Standards Board by showing that registrants respond positively to regulations intending to promote timeliness of accounting disclosures and reporting, although many firms may oppose them in the due process stage.

The authors contribute to the extant literature by providing new evidence that 20-F filing lags are negatively related to the use of IFRS or US-GAAP in 20-F reports, and the use of English language in foreign firms’ home countries.

The purpose of this study is to examine the change in audit fees for US‐listed foreign firms in their first year of providing Section 404 auditor attestation reports for fiscal years ending between July 15, 2006 and July 14, 2007.

During the sampling time period, foreign large accelerated filers had to provide both auditor and management Section 404 reports while the foreign accelerated filers only had to provide management Section 404 reports without the auditor attestation reports. Foreign non‐accelerated filers did not have to provide any Section 404 report. This research design and sample allows the authors to control for the general market‐wide increases in audit fees. The paper examines the annual change in audit fees from the preceding year to the first year of Section 404 compliance.

It is found that foreign large accelerated filers have an average increase of 74 percent in audit fees in this first year of Section 404 compliance, while the foreign accelerated filers and non‐accelerated filers only have increases in audit fees of 33 percent and 42 percent, respectively. Since this research design and sample allow the authors to control for the general market‐wide increases in audit fees, the authors are able to conclude that foreign large accelerated filers incurred, on average, a 30 percent increase in audit fees just to comply with Section 404. It is also found that the increase in audit fees among foreign large accelerated filers is negatively associated with the strength of their home countries' legal environment.

Arguably, Section 404 is perhaps the most controversial aspect of Sarbanes‐Oxley Act due to its high audit fees. The results of this study would provide interesting findings to regulators and researchers.

The purpose of this research is to describe organization members' attributions for managerial responses to obviously externally caused crises. The authors draw from attribution theory research and the actor-observer bias to argue that organization members' proximity to managerial crisis response is a key determinant of organization members' affective and behavioral outcomes following a crisis.

The authors develop a conceptual dual-process model of attributions that explains why organization members' judgments of managerial responsibility and associated outcomes differ depending on organization members' proximity to crisis response action.

The authors focus on organization members' attributions for the failure of managerial crisis responses to obviously externally caused crisis events. The authors present propositions regarding the impact of organization members' potential biases on their attributions for managerial crisis response. Then, the authors delineate how action proximity can assuage negative outcomes of managerial crisis response failure by encouraging an attitude of understanding and awareness of situational challenges.

The authors diverge from prior applications of attribution theory to crisis management by focusing on organization members' attributions of managerial crisis response failure, rather than attributions for the initial cause of the crisis itself. The authors also extend prior work that primarily focuses on crisis response strategies by instead elaborating on how organization members' attributions operate in the wake of their management's failure to effectively respond to an obviously externally caused crisis.

The Malcolm Baldrige Award was created in 1987 to curtail the US loss of market share to foreign producers and to encourage a focus on management of quality and customer satisfaction. However, since its inception there has been a long‐running controversy on whether winning this award does enhance future financial performance and ultimately shareholders' wealth. Examines how Baldrige Award winners perform with respect to several accounting and financial metrics. Specifically, assesses Baldrige Award winners' financial performance relative to industry benchmarks and a control group of similar firms. The results suggest that award winners are superior financial performers and are valued higher by investors compared with similar sized firms and industry benchmarks. However, no evidence was found that winning the award causes changes in firm value in the award year and subsequent years. The results suggest that the Baldrige Award winners are examples of firms that stand out as performance leaders in their industries. Since one of the purposes of the award is to stimulate quality awareness among US firms, the Baldrige recipients may be construed as a conspicuous centerpiece of the US quality management movement.

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

This research updates and expands upon Decker’s article “Citizen attitudes toward the police: a review of past findings and suggestions for future policy” by summarizing the findings from more than 100 articles on perceptions of and attitudes toward the police. Initially, the value of research on attitudes toward the police is discussed. Then the research pertaining to the impact of individual level variables (e.g. race) and contextual level variables (e.g. neighborhood) on perceptions of the police is reviewed. Studies of juveniles’ attitudes toward the police, perceptions of police policies and practices, methodological issues and conceptual issues are also discussed. This review of the literature indicates that only four variables (age, contact with police, neighborhood, and race) have consistently been proven to affect attitudes toward the police. However, there are interactive effects between these and other variables which are not yet understood; a finding which indicates that theoretical generalizations about attitudes toward police should be made with caution.