scholarly journals Uncertainty shocks and policymakers’ behavior: evidence from the subprime crisis era

2015 ◽  
Vol 42 (4) ◽  
pp. 578-607 ◽  
Author(s):  
Michael Donadelli
Keyword(s):  
Empirical Evidence ◽  
Design Methodology ◽  
House Prices ◽  
Theoretical Framework ◽  
Subprime Crisis ◽  
Content Type ◽  
Uncertainty Shocks ◽  
The Us ◽  
Lehman Brothers ◽  
The Usa

Purpose – The purpose of this paper is to examine the effects of the 2007-2009 uncertainty shocks on policymakers’ behavior. Design/methodology/approach – Uncertainty shocks in the US credit, financial and production markets are represented by extraordinary events. As in Bloom (2009), these events are associated with significant economic and political shocks (e.g. Lehman Brothers’ collapse). Credit markets uncertainty shocks, which played a crucial role in the aftermath of the house prices collapse in the USA, are first analyzed in a bivariate VAR context, and then, embodied in a simple theoretical framework. Findings – The empirical evidence suggests that the US credit, financial and production markets have been affected by a relative large number of uncertainty shocks (i.e. rare events). In a Brainard’s (1967) uncertainty scenario, it is shown that a bizarre money-liquidity relationship exacerbates the “policymakers’ cautiousness-aggressiveness trade-off.” In addition, the model suggests that a “double” dose of policy, in presence of a global credit crunch, might be useless. Originality/value – This paper improves the existing literature in two main directions. First, it provides novel empirical evidence on the unusual dynamics of the US credit market and its effects on the real economic activity during the crisis. Second, in a very simple theoretical framework accounting for parameter uncertainty, it addresses whether a bizarre money-credit relationship affects policymakers’ behavior (i.e. cautiousness vs aggressiveness).

From persuasive to authoritative speech genres

2014 ◽  
Vol 27 (8) ◽  
pp. 1271-1307 ◽  
Author(s):  
Hanne Nørreklit ◽  
Robert W. Scapens
Keyword(s):  
Design Methodology ◽  
Original Version ◽  
Research Papers ◽  
Content Type ◽  
Speech Genres ◽  
The Us ◽  
Academic Researchers ◽  
The Usa ◽  
Speech Genre ◽  
Persuasive Speech

Purpose – The purpose of this paper is to contrast the speech genres in the original and the published versions of an article written by academic researchers and published in the US practitioner-oriented journal, Strategic Finance. The original version, submitted by the researchers, was rewritten by a professional editor in the USA before it was published. Design/methodology/approach – The paper analyses the “persuasive” speech genre of the original version and the “authoritative” speech genre of the published version. Findings – Although it was initially thought that the differences between the two versions were due to differences in the forms communication used by academics and practitioners, as the analysis progressed it became clear that the differences the authors were observing could be traced to more profound differences in philosophical assumptions about the “way of understanding and constructing a world”. Research limitations/implications – The choice of language and argumentation should be given careful attention when the authors craft the accounting frameworks and research papers, and especially when the authors seek to communicate the findings of the research to practitioners. However, the authors have focused on just one instance in which a text written by academics was re-written for publication in a practitioner journal. Originality/value – The paper contrasts the rationalism of the persuasive speech genre and the pragmatism of the authoritative speech genre. It cautions academic researchers against uncritically adopting specific speech genres, whether they are academic or practitioner speech genres, without carefully reflecting on their relevance and implications for understanding the nature of the phenomenon being discussed.

A dream deferred: interdisciplinary accounting in the US

2014 ◽  
Vol 27 (8) ◽  
pp. 1265-1270 ◽  
Author(s):  
Timothy J. Fogarty
Keyword(s):  
North American ◽  
Design Methodology ◽  
Content Type ◽  
Research Perspective ◽  
Accounting Research ◽  
Policy Practice ◽  
The North ◽  
Current State ◽  
The Us ◽  
The Usa

Purpose – The purpose of this paper is to set out to examine and critique the current state and future trajectory of interdisciplinary accounting research in the USA. Design/methodology/approach – The analysis is based on the author's involvement in and research into accounting research and publication contexts, drivers and patterns in the accounting discipline. Findings – In all likelihood, research will continue established traditions that prevent the explorations of economics and finance from material broadening. This paper identifies how that which everyone believes to be such a good idea cannot bear fruit. Research limitations/implications – Conventional economics-based accounting research has proliferated in volume but has largely exhausted its potential for significant contributions to knowledge. Failure to embrace broadened interdisciplinary perspectives risks a crisis of accounting research contribution to policy, practice, and society. Originality/value – This critique reveals the serious weaknesses and serious risks to international accounting scholarship of the continuance and global mimicking of the North American pursuit of an exclusively economic accounting research perspective.

Expected corruption and business formation

2014 ◽  
Vol 3 (2) ◽  
pp. 292-305
Author(s):  
Noel Campbell ◽  
Adriana S. Cordis
Keyword(s):  
Standard Model ◽  
Design Methodology ◽  
Entrepreneurial Activity ◽  
Content Type ◽  
The Us ◽  
New Business ◽  
Public Corruption ◽  
The Usa ◽  
The Impact ◽  
Business Venturing

Purpose – The purpose of this paper is to investigate whether public corruption influences entrepreneurial activity in the USA. Because the true underlying level of corruption is inherently unobservable, it cannot be factored into business venturing decisions. The authors hypothesize, therefore, that new business venturing should be related to the expected corruption level. Design/methodology/approach – The authors follow Cordis (2009) to calculate the expected rate of public corruption given observed levels of public corruption. The authors embed the expected level of corruption in a relatively standard model of business venturing, which the authors estimate using a cross section of the US states covering the period of 1986-2009. Findings – Using a relatively standard model of business venturing that accounts for variation in predicted corruption levels, the authors find that entrepreneurs launch more businesses in states with higher predicted corruption. Originality/value – To the knowledge, no one has previously tested the impact of expected corruption on entrepreneurial activity.

Course correction: an emerging US strategy for countering China

2020 ◽  
Vol 16 (2) ◽  
pp. 81-97
Author(s):  
John Calabrese
Keyword(s):  
Design Methodology ◽  
Foreign Affairs ◽  
Secondary Source ◽  
China Policy ◽  
Content Type ◽  
Strategic Competition ◽  
The Us ◽  
Fresh Perspective ◽  
The Usa ◽  
Belt And Road

Purpose The purpose of this paper is to investigate a significant course correction in US–China policy. It examines the increasingly broad dissatisfaction with China policy, which has resulted in an apparent end the era of intensive engagement and led to a hardening of the US approach to China across the policy spectrum, as exemplified by the critique of and incipient efforts to counter China’s Belt and Road Initiative (BRI). Design/methodology/approach The research draws on primary and secondary source material to identify evidence of and examine the rationale behind the shift from the USA’s decades-long “engagement” approach toward an in intensifying strategic competition with China. Findings A course correction in US–China policy has been years in the making, and as most now argue is long overdue. The idea that China has emerged as America’s foremost strategic competitor is widely accepted, and indeed deeply ingrained in the thinking of most US foreign affairs professionals. It is also starkly evident in current US declaratory policy and increasingly in its operational policy as well. Research limitations/implications The research offers a fresh perspective on the domestic and diplomatic dimensions of China’s rising. Originality/value The research builds on the latest scholarship on the growth of China’s geopolitical challenge to the USA to explore the development of China–US tensions and rivalries at all levels from the Bush and Obama eras to the present.

The politics of margin squeeze in telecommunications: diverging paths of the US and EU

Info ◽  
2015 ◽  
Vol 17 (2) ◽  
pp. 1-15 ◽  
Author(s):  
Fuat Oğuz
Keyword(s):  
Competition Policy ◽  
Design Methodology ◽  
Case Law ◽  
Extensive Literature ◽  
The European Union ◽  
Content Type ◽  
Socialist Calculation Debate ◽  
The Us ◽  
The Usa

Purpose – This paper aims to study the historical origins of margin squeeze cases in the USA and Europe. Design/methodology/approach – The author compares and contrasts major margin squeeze investigations in the USA and the European Union (EU) in terms of the role of efficiency and fairness and shows their roots in the socialist calculation debate of the 1940s. Findings – It was found that the USA and EU diverge in their approaches towards margin squeeze claims. While the USA case law focuses more on efficiency, the European Commission makes decisions based more on fairness and “protection of rivals”. This shows that political and ideological preferences influence legal decision-making. Research limitations/implications – The paper is limited to major cases in telecommunications. It leaves aside cases in other areas. Thus, the author cautions that the generalization of the findings of the paper to all margin squeeze cases, or competition policy in general, may be difficult. Originality/value – While there is extensive literature on margin squeeze cases in the USA and EU, there is little work on the historical and ideological connections. The paper contributes to the literature by drawing attention to political influences over technical decisions.

How does interactive use of budgets affect creativity?

2020 ◽  
Vol 32 (2) ◽  
pp. 197-215 ◽  
Author(s):  
Eddy Mayor Putra Sitepu ◽  
Ranjith Appuhami ◽  
Sophia Su
Keyword(s):  
Least Squares ◽  
Empirical Evidence ◽  
Survey Data ◽  
Design Methodology ◽  
Role Clarity ◽  
Content Type ◽  
Direct Association ◽  
The Usa ◽  
The Uk ◽  
The Relationship

Purpose The purpose of this paper is to examine the relationship between the interactive use of budgets, role clarity and individual creativity. Design/methodology/approach Survey data was collected from mid-level managers in publicly listed Indonesian companies. The data was analysed using partial least squares. Findings The findings indicate that while there is no direct association between an interactive use of budgets and individual creativity, an interactive use of budgets can affect individual creativity via role clarity. Originality/value This study is one of only a few studies that provide empirical evidence on the relationships between individual creativity, role clarity and the interactive use of budgets. While previous studies have been undertaken in Western countries such as the USA and the UK, this study focuses on an emerging economy – Indonesia in which firms have been trying to improve individual creativity.

Outsourcing as symptomatic: class visibility and ethnic scapegoating in the US IT sector

2007 ◽  
Vol 11 (1) ◽  
pp. 71-83 ◽  
Author(s):  
Shiv Ganesh
Keyword(s):  
Design Methodology ◽  
Rhetorical Criticism ◽  
White Collar ◽  
Content Type ◽  
Ethnic Tensions ◽  
Critical Commentary ◽  
The Us ◽  
The Usa

PurposeThis paper aims to analyze recent debates about outsourcing in the USA, using examples from IT sector, especially in the context of India.Design/methodology/approachThe paper is a critical commentary and uses methods based in rhetorical criticism.FindingsThe author argues that to fully understand the outsourcing issue, it has to be considered a symptomatic discourse rather than a causative one. Specifically, it is argued that the outsourcing debate in the context of IT work evidences class issues in as much as it involves white collar visibility. Moreover, the debate is also symptomatic of ethnic tensions in the form of ethnic scapegoating. Some implications of the debate are discussed.Originality/valueThe paper is of value to those interested in debates about outsourcing, and highlights the importance of a communication‐oriented perspective.

Between ideal and reality

2014 ◽  
Vol 8 (1) ◽  
pp. 13-30 ◽  
Author(s):  
Sungae Yoo ◽  
Hye Jeong Kim ◽  
So Young Kwon
Keyword(s):  
Online Learning ◽  
Design Methodology ◽  
College Instructors ◽  
Content Type ◽  
The Us ◽  
Learner Interaction ◽  
National Comparison ◽  
The Usa ◽  
Cross National

Purpose – The purpose of this study is to examine similar and/or different perspectives on, and practices of online-learning interaction as projected by the participating educators who are from either Korea or the USA. Design/methodology/approach – In this study, the authors analyzed how college instructors from two countries, Korea and the USA, consider the role of online-learning interaction in their students' learning by interviewing nine instructors from both countries. The authors examined the educators' responses using constructivism and Confucianism as the frame of reference. Findings – The analysis showed that the US instructors tend to focus on learner-to-learner interaction, whereas Korean instructors emphasized teacher-to-learner interaction. Korean instructors perceived a gap between ideal and reality in integrating interaction as a part of online activities in the course. Originality/value – This study focuses on a cross-national comparison of online-learning interaction between Korea and the USA. Thus, it will provide practical ideas for global or multicultural user experiences on online-learning courses.

Patterns emerging from the TQM paradigm in relation to the 21st century complex context within TQM journal

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Everard van Kemenade
Keyword(s):  
21St Century ◽  
Design Methodology ◽  
Stakeholder Participation ◽  
Scientific Journal ◽  
Theoretical Framework ◽  
Total Quality ◽  
Content Type ◽  
The Past ◽  
The Usa

PurposeThe purpose of this research is to explore the deployment of the total quality management (TQM) paradigm in the TQM Journal in relation to the context of the 21st century. The study builds on the theoretical framework of the four quality paradigms that together compose TQM. The four paradigms differ in their effectiveness based on the context in which they are used. In a complex context, one would expect the reflective and the emergence paradigm to flourish. The TQM Journal is one of the leading scientific journals on TQM. If the assumption that the reflective and emergent paradigm would flourish in a complex environment is correct, one will see that represented in the past five years of scientific research in that magazine.Design/methodology/approachThe TQM Journal articles of the past five years from January 2016 till January 2021 have been chosen as the scope of an exploratory review. The author assessed the title and abstract of all articles based on the characteristics of the four quality paradigms, as described in the theoretical framework. If the title and abstract did not provide enough data to take the decision for the assessment, the whole article has been taken into account. The results have been collated, summarized and reported. Based on the results, the author explores the possible patterns.FindingsIn total, 283 articles from 2016 to 2021 (from Volume 28, Issue 1 to Volume 33, Issue 1) were included in this study. In total, 45 were read fully to be able to characterize the article. Most of the studies relate the tertiary (33.3%) and secondary (27.9%) sectors. Healthcare was the sector in 32 of the cases (11.3%). Most studies have been conducted in Europe (n = 82, 28.9%) and Asia (n = 58, 20.5%). Within Europe, Italy was the most prolific country with, respectively, 25 (30.8%) of the articles. The USA and Canada only had five articles in these five years (1.8%). Many articles did not specify the region. More than half of the articles (52.4%) worked with surveys, questionnaires or other methods to involve the customer in the research; 16 articles (5.6%) used experts in the field through expert panels and such to collect data from. In total, 107 articles (37.8%) did involve no other stakeholders than the researchers themselves. Eight studies (2.8%) used action research or co-design methodology to create optimal stakeholder participation. Based on the data, four patterns can be discovered: the context sensitivity of the articles, reflexivity, coping with uncertainty and co-creation.Research limitations/implicationsIt is acknowledged that the articles in the study were published in just one scientific journal. One can expect that this will be represented in other journals on TQM. Still, it would be interesting to conduct a follow-up study in other journals on TQM and compare the results. The research is done by one subjective researcher.Practical implicationsResearch on TQM should take the complexity of the context into account. For that purpose, researchers should focus more on the emergence paradigm within TQM.Originality/valueThis study is the first to investigate TQM as a holistic paradigm, including the empirical, reflective, reference and emergence paradigm in TQM research.

scholarly journals Uncertainty, agency costs and investment behavior in the Euro area and in the USA

2018 ◽  
Vol 25 (1) ◽  
pp. 122-143
Author(s):  
Johannes Strobel ◽  
Kevin D. Salyer ◽  
Gabriel S. Lee
Keyword(s):  
Business Cycles ◽  
Euro Area ◽  
Risk Premium ◽  
Agency Cost ◽  
Investment Behavior ◽  
Credit Channel ◽  
Content Type ◽  
Uncertainty Shocks ◽  
The Us ◽  
The Usa

Purpose The purpose of this paper is to analyze the credit channel effects on investment behavior for the US and the Euro area. Design/methodology/approach This paper uses the dynamic stochastic general equilibrium model and calibrates a version of the Carlstrom and Fuerst’s (1997) agency cost model of business cycles with time-varying uncertainty in the technology shocks that affect capital production. To highlight the differences between the US and European financial sectors, the paper focuses on two key components of the lending channel: the risk premium associated with bank loans and the bankruptcy rates. Findings This paper shows that the effects of minor differences in the credit market translate into large, persistent and asymmetric fluctuations in real and financial variables and depend on the type of shocks. The results imply that the Euro areas supply elasticities for capital are less elastic than that of the USA following a technology shock. Finally, the authors find that the adverse impact of uncertainty shocks is heterogeneous across countries and amplified by the steady-state bankruptcy rate and risk premium. Originality/value This paper quantifies the effects of uncertainty shocks when there is a credit channel due to asymmetric information between lenders and borrowers for the Euro area countries, and then compares the results to that of the USA. This paper shows that financial accelerator mechanism could potentially play a significant role in business cycles in the Euro area. This result directly lends one to conclude the following: the credit channel that affects the financial sector does indeed matter for macroeconomic behavior, and that policy makers should be attentive in smoothing out uncertainties if the economic policies are to lower the business and financial cycle volatilities.

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