The Certification Role of Listings.

I propose a model in which firms can convey their quality by listing on a stock exchange. To list, firms must comply with costly listing requirements allowing investors to recognize imperfectly their quality. A profit maximizing exchange may set listing requirements leading to high information efficiency in equilibrium. However, this is strongly linked to market conditions and firm characteristics. The information content of a listing depends not only on the level of listing requirements, but also on the characteristics of firms incited to list. High listing requirements are not a guarantee for the highest efficiency and the latter may be achieved with low requirements. Whether information efficiency is socially desirable depends on compliance costs and forgone growth opportunities which reduce welfare. The analysis yields implications for the choice of the listing locations by firms, as well as the organization of stock markets.Certification; Efficiency; Listing Costs; Stock Markets; Regulation;

Liquidity Effects of Listing Requirements.

I propose a model in which a stock exchange can improve its liquidity by tightening its listing requirements. Because these reduce information asymmetry, they increase the utility of investors and lead to a high investor participation on the exchange. However, the exchange never sets the highest possible level of listing requirements because investors also incur a risk due to more transparency. Their utility is concave in the level of listing requirements. This property determines the optimal decisions of an exchange as well as the social optimum. The level of listing requirements maximizing investor welfare depends on the sensitivity of the utility of investors to changes in liquidity and varies with the organization of listing and trading. A monopolist exchange always under-regulates if regulation is costly. Under- regulation is exacerbated if other trading venues free ride on the regulation and if the trading fee is determined by the level of listing requirements. While investors are better off if trading is separated from listing and is a competitive industry, an exchange has a higher profit when it is a monopolist in listing and trading.Stock Exchange; Regulation; Trading Volume; Competition; Liquidity;

Does inter-market competition lead to less regulation?

This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public information on listed firms and contribute to a better liquidity on all trading venues. It is sometimes asserted that competition induces the exchange to lower its level of listing standards compared to a situation in which it is a monopolist, because the trading platform can free-ride on this regulatory activity and compete more aggressively on trading fees. The present analysis shows that this is not always true and depends on the existence and size of gains related to multi market trading. These gains relax competition on trading fees. The higher these gains are, the more the exchange can increase its revenue from listing and trading when it raises its listing standards. For large enough gains from multi-market trading, the exchange is not induced to lower the level of listing standards when a competing trading platform appears. As a second result, this analysis also reveals a cross - subsidization effect between the listing and the trading activity when listing is not competitive. This model yields implications about the fee structures on stock markets, the regulation of listings and the social optimality of competition for volume. JEL Classification: G10, G18, G1

The Liminality of Identity and Place: Chinese Transracial Adoptees and the Built Environment

International adoption of children from China began in 1992, and between 1999 and 2019, China adopted out approximately 267,000 children. At this time, around 82,000 Chinese children were adopted by American families and raised within a culturally and racially different environment. As a unique diaspora community that has been involuntarily and forcefully displaced, Chinese transracial adoptees (TRAs) are often fragmented across the United States. The outcomes have especially complex effects as their identities are often situated in perpetual in-betweenness as they must negotiate the meanings of their Chineseness, Chinese Americanness, and adopteeness. Since a sense of self and identity is fundamentally embedded in the built environment, places play a critical role in defining and perpetuating the intersectional identity shared by Chinese TRAs. Moreover, when identity and place are misaligned, a lack of belonging can emerge. This thesis explores the experiences of Chinese transracial adoptees regarding the liminal nature of their identities and how it is related to the built environment in finding a sense of belonging. Due to recent events, this displaced population is situated in a vulnerable position as they navigate their sense of home and find belonging in places that may be or become unwelcoming. Drawing on interdisciplinary scholarship regarding identity, belonging, and placemaking, the study examines the in-betweenness of their identities and places, focusing on the role of memory and spatial behavior in shaping their experiences. My design methodology utilizes a framework of community building and design justice, in which multi-sensory ethnography strategies, storytelling, and collaborative creative exercises were used. One central objective of the study is to uplift stakeholder empowerment through understanding the design of built environments. By collaborating with five cultural informants through a series of four group conversation sessions and individual exit interviews, the study reveals that agency over their identity, as well as the physical and social aspects of the built environment, is necessary for Chinese TRAs to find comfort and belonging. The study provides a better understanding of the complex relationship between identity and the built environment. Additionally, the study\u27s findings will contribute to the dialogue surrounding the design for marginalized communities whose experiences may have been underrepresented and overlooked within the discourse of architecture. Moreover, the redesigned methodology rooted in empathy and humility begins to question the impact of different approaches toward engaging communities in the co-creation of their environments

Generational Attributes that Influence Nursing Professionalism and Specialty Certification

Background: Professionalism in is a belief system in which members have shared competency standards and ethical values and is an essential ingredient in achieving a healthy work environment. It involves a commitment to the values and behaviors specific to that career identity and incorporates attitudes representing identification and commitment to a profession (Kim Godwin, Baek, &Wynd, 2010). Inherent in this is the commitment to life long learning and a desire for continuous professional growth and development. This involves taking opportunities for continuing education, as well as continuing competency, such as specialty certification. Certification validates an individual’s knowledge related to a certain area of practice and is based on established standards (Watts, 2010). Having a certified nursing workforce has been linked to positive patient, system, and nurse outcomes (Callicutt, 2011). Yet, overall rates of certified nurses are low. In addition, the current nursing workforce is comprised of three generations, each with their own value systems and perceptions of quality work life. What is not known is how these values may affect the clinical nurse’s understanding of professionalism and view of specialty certification. Study Purpose: To determine if there are any generational attributes that effect the clinical nurse’s understanding related to specialty certification and nursing professionalism, and does education enhance clinical nurses’ understanding of the relationship between specialty certification and professionalism. Methodology: Descriptive study using a convenience sample of cardiac telemetry nurses. Three groups are defined in this study: (a) Generation Y (born between 1977 and 1995), (b) Generation X (born between 1965 and 1976), and (c) Baby Boomers (born between 1946 and 1964). A 30 minute education session was provided that focused on specialty certification and professionalism. Prior to the start of each session, the attendees were asked to voluntarily complete a demographic tool and three validated tools: Nurses’ Professional Value Scale 3 (NPVS 3) Tool, the Perceived Value of Certification Tool (PVCT), and the Narcissistic Personality Inventory (NPI 16). At the end of the session, attendees completed a program evaluation. Discussion: There is a paucity of data and science in the literature related to the influence of generational attributes on nursing professionalism and specialty certification. Results of this project indicate that in clinical nurses who work on a cardiac telemetry unit, generational attributes do not influence the clinical nurse’s understanding regarding professionalism or specialty certification. The non significant results of the NPVS 3 and NPI 16 raise the question if other variables may influence understanding of professionalism (i.e., culture, upbringing, internal/external variables). The non significant findings on the PVCT, both the internal and external scale response, would suggest that the interaction between the nurse and the constantly changing environment may influence the nurse’s desire or need to seek certification. The results of the course evaluation suggest that organizations need to provide support and recognition to nurses wanting to achieve a specialty certification. Clinical Implications: Results indicate that nurses, regardless of their generation, appreciate having resources identified and made available to them to assist in obtaining a specialty certification. No studies were found in opposition to the results of this current study and the results support that staff appreciated being provided with information on resource availability for obtaining certification. Study Limitations: Nongeneralizable since the participants are a convenience sample limited to one area of practice within the organization. Possible survey fatigue. There was a total of 65 questions on the presurvey, which took participants 7 10 minutes to complete. This may have influenced responses on the program evaluation. Lack of tools available to measure generational attributes, especially related to nursing professionalism. Conclusion: This study is the first to look at the generational attributes as they relate to nursing professionalism and specialty certification. Organizations need to identify resources to assist the clinical nurse in obtaining certification. Further studies need to address questions raised by this project related to variables that may influence professionalism and generational attributes.https://scholarlycommons.henryford.com/nursresconf2021/1008/thumbnail.jp

The Certification Role of Listings

The model developed in this paper shows that differences in incentives of firms to list can have an impact on the decision of exchanges concerning the level of listing requirements they set, and on the gains obtained by firms when they list on an exchange with stringent listing requirements. When firms bear listing costs that are uncorrelated with their quality, changing the level of listing requirements or introducing additional segments with different listing requirements changes the distribution of listed firms and affects thereby indirectly the values of listed firms. This indirect effect can either enforce or weaken the direct impact of more precise information on the value of firms. If the difference in the incentives to list among firms of the same quality is small, the exchange might be induced to set a high level of listing requirements, which leads to a high information efficiency in the economy. If these differences are large, the exchange never sets a high level of listing requirements and efficiency is impeded.listing, disclosure requirements, compliance costs

Between e-economy, Euro and enlargement: where are employer organisations in Europe heading?

"Die vorliegende Arbeit untersucht die Veränderungen, die in den letzten zehn Jahren in den Arbeitgeber- und Wirtschaftsverbänden in Europa - sowohl auf nationaler als auch auf EU-Ebene - stattgefunden haben. Diese Veränderungen sind einerseits mit wirtschaftlichen Entwicklungen - Globalisierung und e-economy - und andererseits mit politischen Entscheidungen, die auf europäischer Ebene getroffen wurden, - Wirtschafts- und Währungsunion und EU-Erweiterung verbunden. Ausgehend von praktischen Erfahrungen werden in der vorliegenden Arbeit Überlegungen angestellt über die Änderungen und Herausforderungen, denen sich die Arbeitgeber- und Wirtschaftsverbände in Europa aufgrund der oben genannten Entwicklungen stellen müssen. Auch wenn substantielle Unterschiede in der Interessenvertretung aufgrund der nationalen Traditionen weiterhin bestehen, so können doch einige gemeinsame Trends identifiziert werden, wie z.B. die Umstrukturierung und Konsolidierung der Verbände, die Entwicklung eines neuen dienstleistungsorientierten Profils, das sich unmittelbar an die Unternehmen richtet, sowie die Tendenz zur Politisierung der Organisationen. Die von den Wirtschaftsverbänden durchgesetzten Reformen der Industriellen Beziehungen hin zu einem dezentralisierteren Ansatz, der mehr Raum für unternehmensindividuelle Regelungen lässt, haben sich als erfolgreich erwiesen: Anders als in den frühen neunziger Jahren, wird das System der kollektiven Interessenvertretung von der Mehrzahl der Unternehmen heute nicht mehr grundsätzlich in Frage gestellt." (Autorenreferat)"This paper examines the changes which employer organisations in Europe -both at national and at EU-level - have undergone in the past ten years. These changes are linked on one hand to economic developments, such as globalisation and the development of the e-economy, and on the other hand, to political decisions at European level such as Economic and Monetary Union and enlargement. In this paper, I shall make some reflections, based on practical experience, on the changes and challenges which employer and business associations in Europe are facing with regard to the above-mentioned developments. While substantial differences based on national traditions continue to exist, it is nevertheless possible to identify certain common trends, such as the reorganisation and consolidation of employer and business associations, the development of new service-oriented profiles addressed directly to individual companies, and the politicisation of the organisations. The reforms of the industrial relations system undertaken by the employers' organisations which have led to a lasting shift towards a more decentralised approach, giving more space to individual arrangements at company level have proved to be a success: The system of collective interest representation is no longer questioned in principle, as was the case in the early nineties." (author's abstract

European employer organisations: structure and recent developments

"This paper draws a portrait of employer organisations at European level and their recent development in the context of the social dialogue, in particular the horizontal umbrella organisation of employers „UNICE“. The purpose is to give first hand descriptive information based on practical experience, rather than to elaborate abstract explanations based on theories of collective action. The first part contains a description of UNICE, its membership, purpose and role, its organisational structure and decision making procedures, as well as information about European sectoral organisations and the European Employers’ Network created by UNICE in 1993 to coordinate the views of sectoral and horizontal organisations in the field of social policy. The second part describes UNICE’s views on social policy and ist evolution along with the development of the social dialogue framework set by the Maastricht Treaty and consolidated by the Treaty of Amsterdam. The author concludes that the development of industrial relations at European level will depend – in any case as far as employers are concerned – fundamentally on the legal framework set at the European level." (author's abstract)"Die vorliegende Arbeit zeichnet ein Portrait der Arbeitgeberorganisationen auf europäischer Ebene und ihrer neueren Entwicklung im Kontext des europäischen sozialen Dialoges, mit besonderem Augenmerk auf dem horizontalen Dachverband der Arbeitgeber "UNICE". Der Artikel verfolgt eher die Zielsetzung, auf praktischen Erfahrungen beruhende Informationen aus erster Hand zu geben, anstatt nach theoretischen Erklärungen für die Entwicklung und Verhaltensmuster dieser Organisationen zu suchen. Der erste Teil enthält eine Beschreibung von UNICE, ihrer Mitgliedschaft, Zielsetzung und Aufgaben, ihrer Organisationsstruktur und Entscheidungsfindungsprozesse, sowie Informationen über europäische Branchenverbände und das „European Employers’ Network“, das 1993 von UNICE gegründet wurde, um die Positionen der sektoralen und horizontalen Wirtschaftsorganisationen im Bereich der Sozialpolitik zu koordinieren. Der zweite Teil beschreibt die Positionen von UNICE im Bereich der Sozialpolitik und ihre Entwicklung im Zusammenhang mit der Schaffung eines gesetzlichen Rahmens für den sozialen Dialog durch den Maastrichter Vertrag und seine Konsolidierung durch den Vertrag von Amsterdam. Die Autorin kommt zu dem Ergebnis, daß die Entwicklung der industriellen Beziehungen auf europäischer Ebene - jedenfalls soweit sie die Arbeitgeberseite betrifft - ganz wesentlich von den auf dieser Ebene festgelegten gesetzlichen Rahmenbedingungen abhängt." (Autorenreferat

Does Inter-Market Competition Lead to Less Regulation?

This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public information on listed firms and contribute to a better liquidity on all trading venues. It is sometimes asserted that competition induces the exchange to lower its level of listing standards compared to a situation in which it is a monopolist, because the trading platform can free-ride on this regulatory activity and compete more aggressively on trading fees. The present analysis shows that this is not always true and depends on the existence and size of gains related to multi market trading. These gains relax competition on trading fees. The higher these gains are, the more the exchange can increase its revenue from listing and trading when it raises its listing standards. For large enough gains from multi-market trading, the exchange is not induced to lower the level of listing standards when a competing trading platform appears. As a second result, this analysis also reveals a cross - subsidization effect between the listing and the trading activity when listing is not competitive. This model yields implications about the fee structures on stock markets, the regulation of listings and the social optimality of competition for volume.competition in order flow, fragmentation, listing requirements, stock exchanges