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Our research empirically examines the relationship between tax avoidance and the likelihood of incurring a tax-related restatement, as well as the effects tax restatements have on future tax avoidance behavior. We predict and find that the association between tax avoidance and the likelihood of a tax-related restatement is nonlinear. Specifically, both relatively high levels and relatively low levels of tax avoidance compared to peer firms increase the likelihood of incurring a tax-related restatement. We consider whether the increased likelihood for high avoiders is attributable to obfuscation necessary to escape detection of tax avoidance or weak corporate governance. For high avoiders, we find evidence that both obfuscation and weak corporate governance may contribute to the likelihood of a tax-related restatement. As low avoiders should not need to obfuscate, we focus on corporate governance and find an increased likelihood when governance is weak. In response to a tax-related restatement announcement, we document a decline in tax avoidance for firms that have relatively high tax avoidance prior to the restatement announcement. We attribute this to the increased level of Internal Revenue Service (IRS) monitoring and strengthening of corporate governance that we observe post-restatement announcement. In contrast, we do not find evidence that low avoidance firms alter their tax avoidance after a tax-related restatement announcement, consistent with our finding that corporate governance does not improve post-restatement for low avoiders. [ABSTRACT FROM AUTHOR]

While the causal impact of limited attention to macroeconomic news is difficult to detect, this article proposes one solution: exploiting when foreign investors are "distracted" by risk factors in their home markets. I demonstrate that financial activity in the average foreign investor's home market decreases foreign attention paid to 21 emerging economies, measured using Google search volume for economy-specific financial terms that emanate from outside each economy's border. Exploiting this effect using an instrumental variables approach, I find that an exogenous increase in foreign attention preceding a scheduled monetary policy rate announcement raises preannouncement stock returns and announcement day turnover. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between a firm with a sufficient number of personnel in charge of its internal controls and post-earnings announcement drift (PEAD). Having enough internal control personnel is expected to increase the transparency and reliability of accounting information, reduce the delay in investors' decision-making, and ultimately reduce PEAD. The empirical results show that PEAD is reduced when the size of a firm's internal control workforce is adequate. This study contributes to the literature by finding that having a sufficient number of internal personnel responsible for a company's accounting information is an additional factor that influences PEAD. [ABSTRACT FROM AUTHOR]

We study a repeated principal–agent model with transferable utility, where the principal's evaluation of the agent's performance is subjective. Our focus is on equilibria that are robust to the addition of small privately observed shocks to the payoffs. Existing constructions of positive‐effort equilibria are not robust to such payoff shocks. Allowing for simultaneous cheap‐talk announcements makes some effort sustainable in a robust equilibrium, and payoffs can be arbitrarily close to fully efficient ones if players are sufficiently patient. In contrast to the existing literature, our near‐efficient equilibria exhibit realistic features: the bonus size is reasonable, the threshold for being paid a bonus is nontrivial, and the base wage need not be negative. [ABSTRACT FROM AUTHOR]

The Business Roundtable's "Purpose of a Corporation" letter announced a shift from stockholder primacy to stakeholder primacy. Interestingly, we contend the letter's language employed a technical efficiency emphasis, suggesting a firm's executives chose to make this shift because they believed doing so would improve the firm's financial performance, via improved corporate governance. We examine whether investors actually accepted the technical efficiency arguments at face value, or in contrast believed the announcements were merely a "rational myth," what management thought investors would want to hear. We employ a 2‐day cumulative abnormal return (CAR) event study for 140 publicly‐held firms. Overall, we find investor support for the announcement. In addition, we found how returns to firms with prior similar announcements were negative at the time of the announcement. Also, the returns for firms having multiple signatories were positive and significant. [ABSTRACT FROM AUTHOR]

We revisit the role played by sentiment extracted from news articles related to earnings announcements as a driver of firms' return, volatility, and trade volume dynamics. To this end, we apply causal machine learning on the earnings announcements of a wide cross-section of U.S. companies. This approach allows us to investigate firms' price and volume reactions to different types of post-earnings announcement sentiment (positive, negative, and mixed sentiments) under various underlying macroeconomic, financial, and aggregated investors' moods in a properly defined causal framework. Our empirical results support the presence of (i) economically sizable differences in the effects among sentiment types that are mostly of a non-linear nature depending on the underlying economic and financial conditions; (ii) a leverage effect in sentiment where reactions are (on average) larger for negative sentiment; and (iii) investors' underreaction to news. In particular, we show that the difference in the average causal effects of the sentiment's types is larger and more relevant when the general macroeconomic conditions are worse, the investors are pessimist about the behavior of the market and/or its uncertainty is higher, and in market regimes characterized by high stocks' liquidity. [ABSTRACT FROM AUTHOR]

Copyright of Álabe is the property of Alabe and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Scientific Journal of Library, Archives & Information (SJLAI) is the property of Cairo University, Faculty of Arts - Documents & information Technology Department and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper evaluates the impact of major European fiscal and monetary policy announcements during the pandemic. Applying an event study methodology, we find that the fiscal-monetary policy-mix announcements are associated with more stable bond markets across the entire EU. Proof of positive spillover transmission, policy announcements tend to stabilize spreads even in CEE countries without EMU membership. The results indicate a high degree of complementarity between fiscal and monetary policy: well-timed fiscal policy announcements complemented ECB's monetary programs, protecting sovereign bond market from risk aversion. [ABSTRACT FROM AUTHOR]

An experimental study on the effect of the speech characteristics of the signal-to-noise ratio (SNR) and speech rate on the intelligibility of announcements at railway stations was conducted using an artificial synthetic voice. Synthesized speech has recently been used in noisy environments both indoors and outdoors, but unlike its use in quiet environments, when the environment is noisy, the intelligibility of announcements may be reduced. For railway station announcements, while natural spoken voices are currently used for multilingual announcements and disaster response broadcasts, deep neural network synthesized voices, which use deep learning, have also been adopted. However, the effect of the acoustic characteristics such as the SNR and speech rate on the intelligibility of reproduced announcements in noisy public spaces such as railway stations has not yet been clarified from a practical viewpoint. In this paper, in order to determine the appropriate SNR and speech rate for synthetic voice announcements in railway stations, auditory impressions of announcements with varying SNR and speech rate were evaluated by participants using a five-point scale. Based on the evaluations, the appropriate conditions for the broadcast of synthetic voice announcements at the ticket gate and on the platform of a station are discussed. [ABSTRACT FROM AUTHOR]

The literature maintains that exchange rate movements are largely dependent on expectations formed by economic agents. The study attempts to understand the impact of exchange rate expectations on the behaviour of the exchange rates. We use the Markov Switch Model to estimate the probability of the exchange rates transitioning from regime-to-regime. The study finds that the exchange rate movement is asymmetric to its expectations. [ABSTRACT FROM AUTHOR]

This article presents a study of the queueing system resulting from the service of customers in a generic customer contact center that has both automated service and traditional human agent service. Contact center managers would prefer customers use the provided automated service to reduce average customer queuing time as well as staffing costs of required human agent service agents. However, forcing customers to use automated service may lead to customer dissatisfaction. In this study, we propose to increase the use of automated service by using delay announcements as a tool to help guide customers to use automated service who would otherwise have chosen agent service. We present a stochastic optimization formulation to determine the optimal staffing level and delay announcement policy, with an objective to minimize staffing cost, customer balking, and reneging penalty. Closed-form solutions are derived using a fluid approximation, and the asymptotic optimality of the solutions is established. The obtained optimal policies are demonstrated by numerical experiments. A key managerial insight is that with automated service, the optimal delay announcement policy no longer satisfies the well-known information-consistent balking property for a customer contact center using delay announcement without automated service. Instead, there is a new equilibrium delay policy that uses an "extreme positive bias" to reduce the length of the queue for human agent service to zero. [ABSTRACT FROM AUTHOR]

The article titled "AGENDA, FRAMING, AND EDITORIAL BIAS IN STATE TELEVISION NEWS IN SPAIN: Results of the regional and municipal elections on May 28, 2023, compared to the announcement of early general elections" analyzes the differences in Spanish state television news regarding two relevant news events: the regional and municipal elections on May 28, 2023, and the announcement of early general elections. The study concludes that there are significant differences between television channels and that each channel's editorial guidelines determine their informative approach. Antena 3 and Telecinco have a conservative stance, while TVE and La Sexta have a progressive stance. [Extracted from the article]

Copyright of Journal for Sociology of Education & Socialization / Zeitschrift für Soziologie der Erziehung & Sozialisation is the property of Julius Beltz GmbH & Co. KG Beltz Juventa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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Sports sponsorships are almost a $20 billion business in North America alone. Yet, despite the significant academic and corporate interest in such high financial stakes, the literature is equivocal on several key aspects. While some papers report that sports sponsorships enhance shareholder value, others dispute this. Furthermore, the marketing determinants of this value are unclear, particularly the role of firms' marketing capabilities. To address these, the authors first created a database of sports sponsorship announcements over 19 years by Canadian and U.S. firms, complementing it with the stock market and firm-level financial and marketing data. The authors then conducted an event study and found that investor response to sports sponsorship announcements is, on average, positive. The authors found that investors not only credit firms with higher marketing capabilities, amplifying their positive reaction, but that they also seem to use firms' marketing capabilities to offset the potential barriers to the value generated from these announcements. Specifically, for investors, the firms' marketing capabilities can compensate for the dampening effect of financial risk. Our results are robust to considerations of sample selection bias, endogeneity, and outliers. [ABSTRACT FROM AUTHOR]

Copyright of Kant-Studien is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Announcements of corporate misconduct can trigger negative market reactions. However, our understanding of mechanisms that shape variations of investors' responses across different disclosed-firms is underdeveloped. From the legitimacy theory perspective, this study focuses on the impact of state ownership on market reaction to misconduct announcements. Using a sample of misconduct announcements of Chinese listed firms from 2010 to 2021 and employing a combination of an event study method and a Heckman two-stage model, this study finds that market reaction to misconduct announcements is weaker if state ownership of the disclosed firm is larger. Furthermore, the affiliation level of SOEs (central SOEs versus local SOEs) weakens the positive association between state ownership and market reaction. The main positive effect is strengthened when the disclosed firms are located in regulated industries. [ABSTRACT FROM AUTHOR]

We investigate a novel continuous-time mechanism in a public-goods game. In this game, a clock ensures that the contributions regularly increase within a fixed period for each player. The players can choose when to stop their contributions from increasing while others observe their actions in real time. We demonstrate, theoretically and experimentally, that such a mechanism effectively improves contributions. Three critical factors could cause improvement: announcements, incremental commitments, and the clock. We further decompose these factors and find that while announcements alone are ineffective, introducing incremental commitments and the clock can significantly improve contributions. [ABSTRACT FROM AUTHOR]

We examine the response of the implied volatility in crude oil, gold, and silver commodity markets to macroeconomic news announcements. We find that macroeconomic releases reduce uncertainty in commodity markets consistent with the hypothesis of uncertainty resolution following scheduled news announcements, while macroeconomic releases from the category of survey news announcements increase it. This result can be explained by the qualitative nature of these surveys and their ability to provide information in advance of major official macroeconomic indicators. Nevertheless, we show that survey news announcements can also be useful in resolving commodity market uncertainty in periods of heightened global financial turmoil and when the manufacturing sector of the largest economies is in contraction. [ABSTRACT FROM AUTHOR]

The document provides information about various Stata conferences taking place in different countries in 2024. The conferences include the Italian Stata Conference in Florence, the French Stata Conference in Marseille, the German Stata Conference in Mannheim, the Stata Conference in Portland, the Northern European Stata Conference in Oslo, and the UK Stata Conference in London. Each conference has scientific organizers and logistics organizers, and more information about each conference can be found on the Stata website. Additionally, the document mentions that the proceedings of the Oceania Stata Conference are available on the Stata website. [Extracted from the article]

228 Membership Services228 Library Subscriptions228 Future FMA Annual Meetings229 Upcoming Conferences and Call for Papers229 FMA National Honor Society229 Collegiate Fellow Recipients229 Superior Faculty Advisors229 Superior Chapters229 FMA Placement Services229 Complaints, Compliments, SuggestionsGRAPHGRAPH [Extracted from the article]

The article provides updates on the editorial team of Strategic Organization, including the addition of new members and the completion of terms for previous editors. The winners of the 2024 SO!WHAT awards for scholarly contribution are also announced, recognizing outstanding articles and essays published in 2019. The article also includes journal statistics, such as submission and acceptance rates, and highlights the focus on special issues and essays to showcase the impact of the journal. The editorial team expresses gratitude to reviewers and board members for their support. [Extracted from the article]

The document provides various announcements related to the Review of Environmental Economics & Policy (REEP) and the Association of Environmental and Resource Economists (AERE). The announcements include editorial changes at REEP, the recipient of the Outstanding Doctoral Dissertation Award, details about the AERE Summer Conference, information about AERE membership rates, and updates on AERE sessions at different conferences. Additionally, the document mentions upcoming events, such as the 29th Annual Conference of the European Association of Environmental and Resource Economists (EAERE) and a side event at COP28. It also provides information on how to submit announcements and become a member of EAERE. [Extracted from the article]

We study the impact of the announcements released by the US Energy Information Administration (EIA) on crude oil storage every Wednesday at 10:30 ET (the beginning of the third half-hour interval) on intraday return predictability, that is, intraday momentum. Our results indicate that returns on the third half-hour on EIA announcement days can significantly and positively predict the returns in the last half-hour, whereas, on non-EIA announcement days, only returns in the first half-hour have significant predictability. The dominant source of prediction in the first half-hour return mainly comes from the overnight component. EIA announcements contribute to intraday momentum because they attract more informed traders and because the period surrounding their release is often associated with a reduction in liquidity. Substantial economic gains can be made by using efficient intraday predictors as trading signals. [ABSTRACT FROM AUTHOR]

This paper presents an introduction to dynamic epistemic logic through some formal systems that allow to represent knowledge and beliefs of one or more agents, as well as epistemic actions that can modify them. Specifically, we present the public announcements logic, action models and plausibility models. [ABSTRACT FROM AUTHOR]

Copyright of Zeitschrift für Pädagogik is the property of Julius Beltz GmbH & Co. KG Beltz Juventa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A shallow semantical embedding for public announcement logic (PAL) with relativized common knowledge is presented. This embedding enables the first-time automation of this logic with off-the-shelf theorem provers for classical higher-order logic. It is demonstrated (i) how meta-theoretical studies can be automated this way and (ii) how non-trivial reasoning in the target logic (PAL), required for instance to obtain a convincing encoding and automation of the wise men puzzle, can be realized. Key to the presented semantical embedding is that evaluation domains are modelled explicitly and treated as an additional parameter in the encodings of the constituents of the embedded target logic; in previous related works, e.g. on the embedding of normal modal logics, evaluation domains were implicitly shared between meta-logic and target logic. The work presented in this article constitutes an important addition to the pluralist LogiKEy knowledge engineering methodology, which enables experimentation with logics and their combinations, with general and domain knowledge, and with concrete use cases—all at the same time. [ABSTRACT FROM AUTHOR]

Group announcement logic (GAL) and coalition announcement logic (CAL) allow us to reason about whether it is possible for groups and coalitions of agents to achieve their desired epistemic goals through truthful public communication. The difference between groups and coalitions in such a context is that the latter make their announcements in the presence of possible adversarial counter-announcements. As epistemic goals may involve some agents remaining ignorant, counter-announcements may preclude coalitions from reaching their goals. We study the relative expressivity of GAL and CAL and provide some results involving their more well-known sibling APAL. We also discuss how the presence of memory alters the relationship between groups and coalition. [ABSTRACT FROM AUTHOR]

Among the Jesuits expelled from Spain by King Charles III, the priest Matías de Rueda y León (León 1741--c.1820) has passed almost unnoticed. He was a stubborn Frenchified, who lived almost all his life in the south of France since 1767, devoted to teaching and to the study of French and Spanish grammars. In France he composed three grammatical works: Grammaire espagnole à l'usage des François (1797); Gramática Francesa para uso de la Nación Española (1801); and the unpublished and lost, Gramática completa y razonada de la Lengua Castellana (1809). In the present article we will approach the content of the latter, which contained a "project" of general grammar of Castilian language, which could have been the first in that tongue. What little we know of this project we deduce from the many representations that Rueda kept with the ministers of King José I, from the announcements in the Madrid press between 1809 and 1813, and, above all, from the controversy that Rueda had with the Asturian abbot Juan Manuel Alea, in the first months of 1811, in the newspapers Gaceta de Madrid and Diario de Madrid, in the European context of the renewed general grammar of the Enlightenment. [ABSTRACT FROM AUTHOR]

Copyright of Prometeo Conocimiento Científico is the property of Puerto Madero Editorial Academica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The document provides several announcements related to geospatial technology and services. The first announcement is about a collaboration between Vexcel 3D Cities and Cesium ion Self-Hosted, which brings high-quality 3D geospatial data for over 60 cities to a global audience. The second announcement is about a partnership between STACK Construction Technologies and Nearmap to improve efficiency and accuracy in construction projects using high-resolution aerial images. The third announcement is about NV5 completing a project in Alaska using a multisensor platform on a helicopter to collect geospatial data in challenging terrain. The fourth announcement is about the acquisition of VeriDaaS by the Sanborn Map Company, which will enhance their mapping capabilities with photon counting lidar technology. The final announcement is about Woolpert being selected by the Texas Department of Transportation to provide land surveying services for highway improvement and maintenance projects in the Houston area. [Extracted from the article]

742 Membership Services742 Library Subscriptions742 Future FMA Annual Meetings742 Upcoming Conferences and Call for Papers743 FMA National Honor Society743 Collegiate Fellow Recipients743 Superior Faculty Advisors743 Superior Chapters743 FMA Placement Services743 Complaints, Compliments, SuggestionsGRAPHGRAPH [Extracted from the article]

We build and study dynamic versions of epistemic logic. We study languages parameterized by an action signature that allows one to express epistemic actions such as (truthful) public announcements, completely private announcements to groups of agents, and more. The language L (Σ) is modeled on dynamic logic. Its sentence-building operations include modalities for the execution of programs, and for knowledge and common knowledge. Its program-building operations include action execution, composition, repetition, and choice. We consider two fragments of L (Σ) . In L 1 (Σ) , we drop action repetition; in L 0 (Σ) , we also drop common knowledge. We present the syntax and semantics of these languages and sound proof systems for the validities in them. We prove the strong completeness of a logical system for L 0 (Σ) and the weak completeness of one for L 1 (Σ) . We show the finite model property and, hence, decidability of L 1 (Σ) . We translate L 1 (Σ) into PDL, obtaining a second proof of decidability. We prove results on expressive power, comparing L 1 (Σ) with modal logic together with transitive closure operators. We prove that a logical language with operators for private announcements is more expressive than one for public announcements. [ABSTRACT FROM AUTHOR]

In light of the natural gas discoveries in the Mediterranean Sea and their impact on the Israeli economy, I must assess the change in the exchange rate and its impact on the foreign exchange market. There are numerous positive social impacts resulting from the gas discoveries including optimising Israel's energy security and its move to cleaner energy. However, not all of the consequences of discovering natural resources may be positive. One possibly negative outcome could be the well‐known phenomenon called the "Dutch disease" in which the discovery of a natural resource can cause a country's currency to spike. To investigate whether the strengthening of the Israeli currency in recent years is a symptom of the "Dutch disease" I used daily and intraday event study methodology to explore the changes in the real exchange rate of the Israeli shekel and the US dollar between 2008 and 2017, according to announcements related to the gas discoveries published during this period. In addition, I examined whether an increase in the real exchange rate was a result of the publication of announcements about natural gas harming the manufacturing and industrial sectors. I found that announcements related to gas discoveries did affect the real exchange rate and caused an appreciation of the Israeli shekel. Investors could analyse the announcements and achieve an abnormal return in the foreign exchange market. In addition, investors' expectations of an appreciation in the real exchange rate causes damage to various manufacturing and industrial sectors. [ABSTRACT FROM AUTHOR]

We use text-mining techniques to measure the accessibility and quality of information within the texts of interest rate announcements published by the Bank of Israel over the past decade. We find that comprehension of interest rate announcements published by the Bank of Israel requires fewer years of education than interest rate announcements published by the Federal Reserve and the European Central Bank. In addition, we show that the sentiment within these announcements is aligned with economic fluctuations. We also find that textual uncertainty is correlated with the volatility of the domestic financial market. [ABSTRACT FROM AUTHOR]