A hard nut to crack : regulatory failure shows how rating really works

Credit rating agencies such as Moody’s and Standard & Poor’s are key players in the governance of global financial markets. Given the very strong criticism the rating agencies faced in the wake of the global financial crisis 2008, how can we explain the puzzle of their survival? Market and regulatory reliance on ratings continues, despite the shift from a light-touch to a mandatory system of agency regulation and supervision. Drawing on the analysis of rating agency regulation in the US and the EU before and after the financial crisis, we argue that a pervasive, persistent and, in our view, erroneous understanding of rating has supported the never-ending story of rating agency authority. We show how treating ratings as metrics, private goods, and independent and neutral third-party opinions contributes to the ineffectiveness of rating agency regulation and supports the continuing authoritative standing of the credit rating agencies in market and regulatory practices

Smoking initiation is followed by the early acquisition of epigenetic change in cervical epithelium: a longitudinal study

background: To prove a causal link between an epigenetic change and an environmental or behavioural risk factor for a given disease, it is first necessary to show that the onset of exposure precedes the first detection of that epigenetic change in subjects who are still free of disease. methods: Towards this end, a cohort of women aged 15–19 years, recruited soon after they first had sexual intercourse, were used to provide sequential observations on the relationship between cigarette smoking and the detection in cervical cytological samples of methylated forms of CDKN2A (p16) using nested methylation-specific polymerase chain reaction. results: Among women who remained cytologically normal and who tested negative for human papillomavirus DNA in cervical smears during follow-up, those who first started to smoke during follow-up had an increased risk of acquiring CDKN2A methylation compared with never-smokers (odds ratio=3.67; 95% confidence interval 1.09–12.33; P=0.04). conclusion: Smoking initiation is associated with the appearance of methylated forms of CDKN2A

“It’s Like Hating Puppies!” Employee Disengagement and Corporate Social Responsibility

Corporate social responsibility (CSR) has been linked with numerous organizational advantages, including recruitment, retention, productivity, and morale, which relate specifically to employees. However, despite specific benefits of CSR relating to employees and their importance as a stakeholder group, it is noteworthy that a lack of attention has been paid to the individual level of analysis with CSR primarily being studied at the organizational level. Both research and practice of CSR have largely treated the individual organization as a “black box,” failing to account for individual differences amongst employees and the resulting variations in antecedents to CSR engagement or disengagement. This is further exacerbated by the tendency in stakeholder theory to homogenize priorities within a single stakeholder group. In response, utilizing case study data drawn from three multinational tourism and hospitality organizations, combined with extensive interview data collected from CSR leaders, industry professionals, engaged, and disengaged employees, this exploratory research produces a finer-grained understanding of employees as a stakeholder group, identifying a number of opportunities and barriers for individual employee engagement in CSR interventions. This research proposes that employees are situated along a spectrum of engagement from actively engaged to actively disengaged. While there are some common drivers of engagement across the entire spectrum of employees, differences also exist depending on the degree to which employees, rather than senior management, support corporate responsibility within their organizations. Key antecedents to CSR engagement that vary depending on employees’ existing level of broader engagement include organizational culture, CSR intervention design, employee CSR perceptions, and the observed benefits of participation