WALKING THE TALK?: Jesuit Universities and Fossil Fuel Investments

The student-led fossil fuel divestment (FFD) movement urges universities to remove investments in fossil fuel firms from their endowment portfolios to inspire reductions in carbon emissions  and help control climate change. This article explores the movement in U.S.-based Jesuit universities by documenting their endowment size, current divestment status, and rationale for or against divesting. These institutions held a total of US$13.8 billion in their endowments as of 2019, making their investment decisions relevant and material. The article in general examines the alignment of divestment actions with the commitments of Jesuit universities to environmental stewardship and social justice as expressed in their mission statements and Pope Francis’s encyclical Laudato Si’. Two out of the 27 Jesuit universities in  the U.S., namely, Georgetown and Seattle University, were already committed to FFD by April 2020; after accounting for branch campuses, this represents a commitment of 13.3% among all U.S.-based Jesuit universities. This is appreciably higher than the 4.12% divestment rate among all private 4-year universities in the United States. Each of the 27 U.S.-based Jesuit universities was contacted to verify their endowment size, divestment status, and position on FFD. The 13 who responded stated their commitment to environmental protection and sustainability, and some reported their rationale for or against divesting. Results suggest that the investment strategies of Jesuit universities are a “work in progress,” and are likely to evolve as they align with their common Roman Catholic and Jesuit identity and mission. The reasons stated for deciding not to divest, moreover, are consistent with previous literature. A second article in this issue of the Journal of Management for Global Sustainability explores those reasons in detail and broadens the theme of divesting to encompass any organization

Dispersion in analysts' forecasts: does it make a difference?

Financial analysts are an important group of information intermediaries in the capital markets. Their reports, including both earnings forecasts and stock recommendations, are widely transmitted and have a significant impact on stock prices (Womack 1996; Lys and Sohn 1990, among others). Empirical accounting research frequently relies on analysts' forecasts to construct proxies for variables of interest. For example, the error in mean forecast is used as a proxy for earnings surprise (e.g., Brown et al.1987; Wiedman 1996; Bamber et al.1997). More recent papers provide evidence that the mean consensus forecast is used as a benchmark for evaluating firm performance. (Degeorge et al. 1999; Kasznik and McNichols 2002; Lopez and Rees 2002). Another stream of research uses the forecast dispersion as a proxy for the uncertainty or the degree of consensus among analysts and focuses on the information properties of analysts (e.g., Daley et al. 1988; Ziebart 1990; Imhoff and Lobo 1992; Lang and Lundholm 1996; Barron and Stuerke 1998; Barron et al. 1998). In this paper I combine the two streams of research, and investigate how lack of consensus changes the information environment of analysts and whether the markets perceive this change. More specifically, I investigate the amount of private information in a divergent earnings estimate (i.e. one that is above or below the consensus), whether the markets react to it at either the time of the forecast release, at the realization of actual earnings, and whether Regulation Fair Disclosure has changed the information environment differently for high and low dispersion firms

Walking the Talk? An Examination of the Investments of Jesuit Universities in Fossil Fuel Firms

This article investigates perspectives that have been proposed as reasons both for and against fossil fuel divestment (FFD), paying special attention to the decisions that universities make concerning investments in their endowment portfolios. Arguments that have been advanced against FFD include its supposedly lower financial returns, lack of direct control over investments, reliance on financial advisors, high transaction costs, the need for market index funds that include the stocks of fossil fuel firms, and the institution’s fiduciary duty to increase returns. Arguments that have been advanced in favor of FFD include satisfactory returns from fossil fuel-free portfolios, risk reduction, the over-pricing of fossil fuel firms, improved portfolio diversification, and the need to align investing behavior with the institution’s values, mission, and role in society. The study challenges the alleged financial reasons for maintaining investments in fossil fuel firms by presenting evidence that divestment does not impair portfolio performance on a risk-adjusted basis, nor does it increase long-term transaction costs. Fossil fuel firms are overvalued given that they will eventually suffer from the increasing demand for clean energy substitutes and face inevitable regulatory actions as the effects of climate change worsen. Divestment, therefore, might well provide higher risk-adjusted returns over the long-term

WALKING THE TALK?: An Examination of the Investments of Jesuit Universities in Fossil Fuel Firms

This article investigates perspectives that have been proposed as reasons both for and against fossil fuel divestment (FFD), paying special attention to the decisions that universities make concerning investments in their endowment portfolios. Arguments that have been advanced against FFD include its supposedly lower financial returns, lack of direct control over investments, reliance on financial advisors, high transaction costs, the need for market index funds that include the stocks of fossil fuel firms, and the institution’s fiduciary duty to increase returns. Arguments that have been advanced in favor of FFD include satisfactory returns from fossil fuel-free portfolios, risk reduction, the over-pricing of fossil fuel firms, improved portfolio diversification, and the need to align investing behavior with the institution’s values, mission, and role in society. The study challenges the alleged financial reasons for maintaining investments in fossil fuel  firms by presenting evidence that divestment does not impair portfolio performance on a riskadjusted basis, nor does it increase long-term transaction costs. Fossil fuel firms are overvalued given that they will eventually suffer from the increasing demand for clean energy substitutes and face inevitable regulatory actions as the effects of climate change worsen. Divestment, therefore, might well provide higher risk-adjusted returns over the long-term

Kualitas Layanan Elektronik dan Pengaruhnya Terhadap Kepuasan Serta Loyalitas Pengguna Brimo Melalui Model Eservice Quality (Studi Kasus Pada Mahasiswa Universitas Merdeka Malang)

This study aims to evaluate the quality of service offered by BRIMO, a digital banking application provided by Bank Rakyat Indonesia (BRI), and its impact on user satisfaction and loyalty levels. Using the Servqual method, this research collected data from 100 students of Universitas Merdeka Malang (UNMER), who were sampled in this study. The Servqual method is used because it is able to measure five main dimensions of service quality: tangibles, reliability, responsiveness, assurance, and empathy. The results of this study show that all of these dimensions have a significant influence on BRIMO user satisfaction and loyalty. Tangible, such as the appearance of the application interface and system speed, as well as other technical factors such as the stability of the internet connection, were found to be factors that largely determine user satisfaction. On the other hand, the responsiveness and ability of the application to respond to user needs, both in terms of service and data processing, also plays an important role. In addition, this study highlights the importance of effective communication and attention provided by BRIMO staff, which is able to increase users' sense of security and comfort. Users who feel that their personal data is well protected tend to have a higher level of loyalty towards this application. This research emphasizes that to maintain user satisfaction and loyalty, BRI needs to continuously improve the quality of services offered through BRIMO. This includes continuous improvement in technical and non-technical aspects, such as enhancing the application's physical features, response speed, as well as guaranteeing user data security

Assessment of Storage and Inventory Practices to Improve Medicine Supply Chain in Jubek State South Sudan

BackgroundIn order to deliver quality health services, safe, effective, affordable and quality medicines are needed. Inappropriate storage conditions, poor infrastructure and poor medicine management practices may lead to poor medicines quality, stock damage and expiration.ObjectiveAssess storage and inventory practices to improve the medicine supply chain in South Sudan.MethodologyThe study used a descriptive cross-sectional design. The study population comprised 12 Health Centers in Juba where inventory management was practiced. Both questionnaire‐guided interviews for staff self‐assessment, and observer assessment were used by the researcher. With regard to storage and inventory management, the researcher collected data on the condition of storerooms with regards to availability of enough storage space, availability of enough storage equipment, and temperature conditions of the medicines stores, among others.ResultsThe study found that store and inventory management practices varied widely in the different health facilities. Hospitals and central medical stores exhibited good or average inventory and storeroom management practices, respectively. The two hospitals and medical stores scored 100% in the elements in the assessment of storerooms and stock management. Some primary health care centers exhibited good inventory and store room management practice, whilst others were rated as average or poor. Most of the elements assessed scored 37% in storeroom assessment while elements assessed for inventory management scored less than 75%. There was great similarity between the observation assessment and the self-assessment.ConclusionIn conclusion, store and inventory management practices and knowledge of the respondents varied in the different health facilities. Hospitals and central medical stores exhibited good, average and poor inventory and storeroom management practices assessed through self-assessment and observation assessment by the researcher. There was a great similarity between the observation assessment and the self-assessment. Rwanda J Med Health Sci 2021;4(2): 310-32

Walking the Talk? Jesuit Universities and Fossil Fuel Investments

The student-led fossil fuel divestment (FFD) movement urges universities to remove investments in fossil fuel firms from their endowment portfolios to inspire reductions in carbon emissions and help control climate change. This article explores the movement in U.S.-based Jesuit universities by documenting their endowment size, current divestment status, and rationale for or against divesting. These institutions held a total of US$13.8 billion in their endowments as of 2019, making their investment decisions relevant and material. The article in general examines the alignment of divestment actions with the commitments of Jesuit universities to environmental stewardship and social justice as expressed in their mission statements and Pope Francis’s encyclical Laudato Si’. Two out of the 27 Jesuit universities in the U.S., namely, Georgetown and Seattle University, were already committed to FFD by April 2020; after accounting for branch campuses, this represents a commitment of 13.3% among all U.S.-based Jesuit universities. This is appreciably higher than the 4.12% divestment rate among all private 4-year universities in the United States. Each of the 27 U.S.-based Jesuit universities was contacted to verify their endowment size, divestment status, and position on FFD. The 13 who responded stated their commitment to environmental protection and sustainability, and some reported their rationale for or against divesting. Results suggest that the investment strategies of Jesuit universities are a “work in progress,” and are likely to evolve as they align with their common Roman Catholic and Jesuit identity and mission. The reasons stated for deciding not to divest, moreover, are consistent with previous literature. A second article in this issue of the Journal of Management for Global Sustainability explores those reasons in detail and broadens the theme of divesting to encompass any organization

Bring Enough Cows to Marry: Brideprice, Conflict, and Gender Relations in South Sudan

Brideprice is a constant topic of debate in South Sudan. Brideprice is commonly understood to be high, but at the same time, is accepted as an indispensable factor in keeping family ties and kinship intact, particularly among communities with pastoralist traditions. This report aims to provide the first thorough empirical assessment of brideprice in South Sudan and its impact on gender relations and armed violence in the various parts of the country based on quantitative data from fifteen counties in ten states across South Sudan, supplemented by qualitative interviews. In so doing, the report aims to broaden the contextual knowledge about the social fabric of South Sudan and its ongoing transformation. It hopes to offer a contribution to the transition of the country out of decades of violent conflict. A clearer understanding of the socially deeply embedded practice of negotiating marriages – and divorces – and its economic, social, and political implications can also help improve the targeting of external support for South Sudan’s transition process. The report starts with an overview of the key characteristics of brideprice payments in South Sudan, mainly from a comparative angle, before focusing on brideprice economics, including the increasing trend to monetisation, followed by a discussion of its modalities and the ways brideprice is negotiated and paid. Finally, the report dives into the two main questions it seeks to answer: the impact of brideprice on gender relations in South Sudan, and the relationship between brideprice and violent conflict. Several conclusions, including reflections on what would be possible ways forward to tackle the challenges around gender relations and violent conflict, are presented at the end of the report

How does hearing change after the age of 80? A descriptive literature review

Introduction: Age-related hearing loss affects a large proportion of the population globally. As we live longer, there will be more people over the age of 80 with age-related hearing loss in the future. Few studies have focused on this age group, therefore it is less known how hearing loss progresses, at what rate, and what differences may appear between sexes in progression and rate of progression of hearing loss among the oldest old. Aim: The aim of this literature review is to outline and describe how hearing changes after the age of 80 based on existing research. Material & Method: A descriptive literature review based on twelve scientific research articles. Results: Hearing loss gradually accelerates across the adult lifespan and continues to progress after the age of 80. Some studies have shown that the rate of progression increases after the age of 80, while others have seen a decline. Different results are also seen in sex differences regarding progression and rate of progression after the age of 80. Several studies show that hearing level tend to be better in women at the high-frequency range, while hearing level tend to be better in men at the low-frequency range. In addition, the rate of progression accelerates faster in men. On the other hand, some studies show no sex differences in progression and progression rate. Conclusions: Further research is needed to estimate future needs for aural rehabilitation and thus promote healthy aging.Introduktion: Åldersrelaterad hörselnedsättning påverkar en stor andel av befolkningen globalt. Eftersom befolkningen ökar och vi lever allt längre kommer det finnas fler människor över 80 år med åldersrelaterad hörselnedsättning i framtiden. Få studier har fokuserat på denna åldersgrupp, därför är det mindre känt hur åldersrelaterad hörselnedsättning progredierar, med vilken progressionstakt, samt hur könsskillnader vad gäller progression och progressionstakt ser ut bland de äldsta. Syfte: Syftet med denna litteraturstudie är att kartlägga och beskriva hur hörseln förändras efter 80 års ålder, utifrån tillgänglig forskning. Material & Metod: Beskrivande litteraturstudie som baseras på tolv vetenskapliga artiklar. Resultat: Hörseln försämras gradvis från och med fyrtioårsåldern och studierna som granskas i detta arbete visar att den gradvisa hörselförsämringen fortsätter även efter 80 års ålder. Vissa studier visar att hörselnedsättningens progressionstakt ökar efter 80 års ålder, andra har sett att den minskar. Varierande resultat ses mellan kvinnor och män beträffande hörselnedsättningens progression och progressionstakt efter 80 års ålder. Några studier visar att kvinnor hör bättre än män i diskantområdet medan män hör bättre än kvinnor i basområdet, samt att progressionstakten är snabbare hos män. Andra studier påvisar inga könsskillnader vad gäller progression och progressionstakt. Slutsatser: Fortsatt forskning på området behövs för att kunna uppskatta framtida behov av hörselrehabilitering och därmed främja ett hälsosamt åldrande

Construction, Concentration, and (Dis)Continuities in Social Valuations

I review and integrate recent sociological research that makes progress on three interrelated questions pertaining to social valuation: (a) the degree of social construction relative to objective constraints; (b) the degree of concentration in social valuations at a single point in time; and (c) the conditions that govern two broad forms of temporal discontinuity—(i) fashion cycles, especially in cultural expression and in managerial practices, and (ii) bubble/crash dynamics, as witnessed in such domains as authoritarian regimes and financial markets. In the course of the review, I argue for the importance of identifying how objective conditions constrain social construction and suggest two contrarian mechanisms by which this is accomplished—valuation opportunism and valuation entrepreneurship—and the conditions under which they are more or less effective