Credit Ratings and Firm Litigation Risk

This paper looks at whether firms’ credit ratings are negatively affected by litigation risk after controlling for known factors that affect credit ratings. The conventional wisdom is that litigation risk and credit ratings have an inverse relationship. However, my hypothesis is that the inverse relationship will not be stable if the model of credit ratings has taken other factors into account. The methodology first constructs a model of litigation risk, and then regress the credit ratings on the measurement of litigation risk. Previous empirical research on litigation risk measurement uses industry proxies as indicators for litigation risk. In this paper, I include firm characteristics and the Beneish M-score (a determinant for earnings manipulation) in addition to the industry proxy to construct an alternative model measuring litigation risk. I find that supplementing the Francis, Philbrick and Schipper (1994a, b; hereafter FPS) industry proxy with measures of firm characteristics improves predictive ability. In the model of credit ratings, I find that the change of litigation risk has a negative correlation with the credit ratings. However, the negative coefficient on the change of litigation risk changes to a positive one after controlling for other variables such as firm size, return on asset, and interest coverage ratio. This finding provides support for the hypothesis that the negative correlation between the credit ratings and litigation risk is not stable. This suggests that credit ratings may not incorporate litigation risk specifically although litigation can lead to firms’ financial damage and reputation crisis. However, the negative coefficient on the change of litigation risk remains unchanged when I control for the year fixed effects. I also find a negative correlation between the year 2007 and credit ratings due to financial crisis. The results are not conclusive given the likely simultaneous determination of litigation risk and credit ratings

Sales and marketing

Waikato Commerce Club was founded in the heart of Hamilton in 1937. And it was a popular place for people to go and relax at that moment. At present, Waikato Commerce Club is facing the problems of member losing, financial difficulty and attracting people. For these reasons, the project is aimed at identifying the reasons why members leave club, and how the club marketing itself, and strategies to retaining current club members. Primary and secondary research methods are used for this study. Questionnaire is used as primary research in this project, and the questionnaire is structured as it gives quantitative information. The survey is conducted to identify if people knows the existing of Waikato Commerce Club, and whether or not they are interested in the Club. For secondary research, the researcher collected data from a range of sources including online document, websites articles, and the previous survey on club members which is conducted by Waikato Commerce Club. This research is conducted to gain more marketing skills, and find out the more information about running a successful club, the reasons why members leave club. The data from the survey had not been calculated and analysed yet as the data had just been collected. But the answered questionnaire had been viewed roughly, there are not many people (participants) have heard about the Waikato Commerce Club, and only a few people are interested in the Club. From literature review, Enrmann (2008) states that many clubs are in the situation that has a turnover rate of 15 – 20% per year. And at a typical club or association, 5% of members run the club and show up for almost every event; another 15% of members regularly participate, another 20% occasionally participate; and the remaining 60% never show up for anything. But literature also reviewed that some examples of successful club. Waikato Commerce Club is one of the typical clubs. As these reasons, it is necessary to understand why the club experience this situation, and what marketing strategies are feasible for the club

nMIBAS: A Novel Multi-Receiver ID-Based Anonymous Signcryption with Decryption Fairness

Based on the ring signature technology, the multi-receiver ID-based anonymous signcryption (MIBAS) is proposed, and its goal is to protect the privacy of the sender or so-called signer. In an MIBAS scheme, every receiver can verify whether the sender is a member of a trusted group and thus ensure the reliability of the message source, but he could not get the real sender. However, MIBAS paid no attention to privacy of the receivers and has not taken the privacy of the receivers into account during its design. Our analyses show that there widely exist the receiver privacy exposure and decryption unfairness problems in the existing multi-receiver ID-based signcryption schemes. Motivated by these concerns, a new multi-receiver ID-based anonymous signcryption (nMIBAS) is proposed to protect the identity of the receivers. The nMIBAS scheme can not only solve the problem that the existing schemes cannot protect the privacy of receivers, but also meet the fairness of decryption to prevent the possible cheating behavior of the sender effectively. Analysis shows that this scheme is a secure and effective signcryption scheme

The global attractors and dimensions estimation for the Kirchho type wave equations with nonlinear strongly damped terms

This paper studies the long time behavior of the solution to the initial boundaryvalue problems for a class of strongly damped Kirchho type wave equations:utt "1ut + j ut jp1 ut + j u jq1 u (kruk2)u = f(x):Firstly, we prove the existence and uniqueness of the solution by priori estimate and the Galerkin method. Then we obtain to the existence of the global attractor. Finally, we consider that the estimation of the upper bounds of Hausdor and fractal dimensionsfor the global attractor is obtained

The Influence of Financial Agglomeration on the Export Trade in the Guangdong-Hong Kong-Macao Greater Bay Area: An Analysis Based on Mediation Effect of Technological Innovation

So far, the relation between financial agglomeration and export trade is complex and there are few related studies. However, research on this topic will be of great value to the development of the Guangdong-Hong Kong-Macau Greater Bay Area (the Greater Bay Area). This paper aims to use the mediation model to analyze the role of technological innovation as an mediator variable between financial agglomeration and export trade. Based on the relevant data of the Greater Bay Area from 2009 to 2018, regression analysis was performed using the three equations of the mediation model. The mediator variable was then replaced to conduct a robustness test, and it was found that there is indeed an mediation effect; technological innovation acts as an mediator variable between financial agglomeration and export trade. Therefore, it can be concluded that the financial agglomeration in the Greater Bay Area can effectively promote technological innovation, while technological innovation will inhibit exports to a certain extent

The global attractors and exponential attractors for a class of nonlinear damping Kirchhoff equation

This paper consider the long time behavior of a class of nonlinear damped Kirchhoff equation    2 tt 1 t t u u u u u f x ï² ï€«ï¡ ï€­ï§ï„  ï¡ ï€«ï¢ ïƒ‘ ï„ ï€½ . Study the attractor problem with initial boundary value conditions, then using priori estimate and the Galerkin method prove existence and uniqueness of solution, we obtain to the existence of the global attractors. The squeezing property of the nonlinear semi-group associated with this equation and the existence of exponential attractors are also proved

An Exploratory Case Study on IS Implementation and Organizational Change in China

Owing to the turbulent and fast changing environment in which Chinese firms operate, Information Systems (IS) implementation triggers important organizational changes in these firms. Starting with the premise that both the depth and nature of such changes are markedly different from what firms experience in other economies, this paper makes an attempt in conceptualizing issues relating to IS implementation in the Chinese context. It addresses critical success factors, expounds on the processes involved, and deals with the criteria for assessing a firm’s success or failure. A case study was conducted which entailed the examination of two key applications, financial accounting and personnel administration. This initial exploration indicates relevance of certain factors in the existing literature, and brings to light the potentiality of several factors pertinent to the current state of the Chinese business environment, which is heavily influenced by the cultural and economic backgrounds of this huge country. The study is the beginning part of a larger research program, which aims to include multiple cases in different but major industries. The findings enrich the literature on IS implementation by offering some new dimensions of understanding

Barreras socio-culturales en los descendientes de China en el Perú

La presente investigación es de enfoque cualitativo con diseño aplicado fenomenólogo. Es importante estudiar sobre las barreras socio-culturales en los descendientes de China en el Perú debido a que es una de las comunidades más grandes de Latinoamérica, sin embargo, hay pocos estudios que hablen sobre el tema de barreras lingüísticas y demás relacionadas, a pesar, que China es uno de los países con mayor influencia política, social y económica a nivel mundial. Con más investigaciones de este corte permitirá estrechazar lazos estratégicos en todas las áreas de conocimiento siendo las comunicaciones uno de los más importantes. El objetivo principal del estudio fue describir cómo se presentan las barreras comunicaciones en los descendientes de China en el Perú, los objetivos específicos plantearon con las subcategorías de la variable barreras socioculturales. En la presente investigación se utilizó entrevistas no estructuradas a 2 mujeres y 3 hombres expertos en el tema. Los datos se procesaron con el software de análisis cualitativo MaxQda. En los resultados se demostró que, las barreras comunicacionales en los descendientes de China en el Perú se dan principalmente por una afectación de sus valores culturales, esta tiene su origen en los estereotipos y prejuicios que se tienen sobre esta comunidad la genera barreras de tipo social dificultando o imposibilitando la comunicación cuando los individuos foráneos no superan estas barreras. Se concluyó que, los descendientes de China en el Perú cuentan con barreras comunicacionales y lingüísticas porque esto intervienen tanto en aspectos de vida cotidiana como social y profesional por la ininteligibilidad de dialectos hablados por la comunidad, así como la falta de interés de las generaciones mayores y de los chinos de las últimas oleadas por aprender el idioma castellano