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In this study, we examine regulated public accessibility to municipalities’ financial reports and bond interest cost. In particular, we examine whether there is information content in a component of a constrained filing period that is useful to municipal bond market participants. The component of a filing period that we focus on is the period of time between an audit report date and a regulated public accessibility date.

To explore our research question, we collect a sample of observations from municipalities that: (1) are required to post annual/audit financial reports on a centralized state-level repository that includes a “transparent” date stamp on when reports are made publicly available and (2) have issued general obligation bonds. Our sample is limited to one observation per municipality. The sample period is 2006–2019. In terms of approach, we use an ordinary least square (OLS) regression model to empirically test whether the time period between municipalities’ audit report date and state-required repository filing date is associated with general obligation bond interest cost.

We find support for the idea that there is information content in a component of a constrained filing period. In particular, we hypothesize and find a positive association between the time period between an audit report date and a state filing date and general obligation bond interest cost. Seemingly, this component of time may provide something unique or not available in other components of a constrained filing period (e.g. the fiscal year-end date to the audit report date). In post hoc analyses, we also find that both components of the constrained filing period in our setting (i.e. the audit report date to state filing date and the fiscal year-end date to audit report date) need to be considered for either of the components to be significant. Moreover, although both components are necessary, the audit report date to state filing date component appears to have a slightly stronger association (in terms of statistical significance) with general obligation bond interest costs.

To our knowledge, Illinois is the only state that provides a date stamp on when municipalities’ financial information is made publicly available on a centralized repository. As such we focus on municipalities in Illinois. While this increases the internal validity of our research, it potentially limits generalizability across other states. Also, as a reflection of the sample constraint, the number of observations in our study is relatively small. As part of post hoc analyses, we take a closer look at our sample, model and variables used to test our hypothesis.

For stakeholders, each component of a constrained filing period may provide unique information. For example, the time period between an audit report date and a regulated filing date may send a positive signal about the quality of financial management to investors. For regulators, requiring some sort of centralized public access to municipal financial reports that have transparent time constraints may help states provide stronger governance and help lower municipalities’ borrowing costs.

We use a novel approach (with the Illinois date stamp filing information) to examine our research question. Most prior research has often relied on an assumption that the time between fiscal year-end and the audit report date is the component of time that provides useful information to investors (e.g. Henke and Maher, 2016). In our setting, we explore and find that a component of a constrained filing time period (i.e. the date from an audit filing to a required public accessibility filing) may also provide impactful information to investors.

X = multiple interpretations

I review the burgeoning literature on applications of Markov regime switching models in empirical finance. In particular, distinct attention is devoted to the ability of Markov Switching models to fit the data, filter unknown regimes and states on the basis of the data, to allow a powerful tool to test hypotheses formulated in light of financial theories, and to their forecasting performance with reference to both point and density predictions. The review covers papers concerning a multiplicity of sub-fields in financial economics, ranging from empirical analyses of stock returns, the term structure of default-free interest rates, the dynamics of exchange rates, as well as the joint process of stock and bond returns.

Analyses the evolution of China’s telephone and cable systems, in terms of the public interest, discussing current bureaucratic conflicts and policy debates over convergence, and construction of an independent broadband cable network. Looks in depth at China’s problems and the different problems for its citizens with regard to poverty levels and access to the Web.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

This work aims to identify the characteristics of the coproduction of the common good, or public services, from the models of public administration found in projects awarded by the United Nations, specifically in the 2014 United Nations Public Service Award (UNPSA) category of “encouraging participation in public policy decisions through innovative mechanisms.” This multicase documentary analysis uses a typology of coproduction adapted from Salm and Menegasso (2010), which integrates several typologies of public participation. The revised typology includes five models of coproduction – community-led coproduction, state-led coproduction, self-interested coproduction, symbolic coproduction, and manipulative coproduction. The typology is used in the analysis of two United Nations award-winning projects in 2014: a community participation project for the effective management of malaria at Tha Song Yang in Thailand and the Intercouncil Forum in Brazil. This first case displays a preponderance of the self-interested coproduction ideal type, due to its focus on efficiency and delivery effectiveness of the service. The second case displays a preponderance of the symbolic coproduction ideal type due to its use of consultation practices to give the impression that there is direct participation in the decision-making, without substantive effect on the outcomes. Based on this analysis, recommendations are made for revising the criteria used by the UNPSA to ensure that projects with similar participation to those in the state-led and community-led coproduction models are awarded in the future.

New institutionalisms in economic and organizational sociology need grounding in theories of capitalism. Comparative studies show that multiple, viable forms of capitalism have been constructed through the interplay of institutions, mobilizations of political power, and state policies. Further theoretical development requires attention to the contradictions of capitalism. Promising theoretical sources for this task are examined. The political process produces new forms of capitalist institutions, but contradictions built into those institutions cannot be fully resolved and provide the basis for new acts of social construction and power mobilization. The power and cultural arguments of the comparative institutionalists are joined, at least in aspiration, to theories of capitalist contradictions.

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

This paper explores, using information theoretic concepts, the problem of how organizations should be structured in order to minimize the loss and distortion of information. Account is taken of the fact that the objectives of the collectors of information may be different from those who need the information to help them make decisions. The benefits to be obtained from such innovations as liaison roles, task forces, etc., have been explained and the advantages and disadvantages of a product‐based organization over a functional‐based organization examined.