Maritime Stock Prices and Information Flows: A Cointegration Study

In this study, the issue of how global maritime stock prices influence the stock prices of large transportation companies in the U.S. and other large markets is examined. Maritime stocks are chosen because they are central in global trade and thus may be good indicators of future global stock market and economic trends. Maritime companies are often owned by families or governments and are traded in stock markets with lower standards of accountability, hence information flows from maritime stocks may be slower than flows from other stocks. Cointegration and vector error-correction analysis is used to analyze the short-term and long-term relationships between maritime stocks, rail stocks, and trucking stocks. Evidence is found of a gradual diffusion of information from maritime stock prices to large rail or trucking stocks. This suggests that price changes in maritime stocks may help predict changes in prices in non-maritime transportation stocks

Les progrès dans la réalisation de la classification quantitative de la psychopathologie

Shortcomings of approaches to classifying psychopathology based on expert consensus have given rise to contemporary efforts to classify psychopathology quantitatively. In this paper, we review progress in achieving a quantitative and empirical classification of psychopathology. A substantial empirical literature indicates that psychopathology is generally more dimensional than categorical. When the discreteness versus continuity of psychopathology is treated as a research question, as opposed to being decided as a matter of tradition, the evidence clearly supports the hypothesis of continuity. In addition, a related body of literature shows how psychopathology dimensions can be arranged in a hierarchy, ranging from very broad "spectrum level'' dimensions, to specific and narrow clusters of symptoms. In this way, a quantitative approach solves the "problem of comorbidity'' by explicitly modeling patterns of co-occurrence among signs and symptoms within a detailed and variegated hierarchy of dimensional concepts with direct clinical utility. Indeed, extensive evidence pertaining to the dimensional and hierarchical structure of psychopathology has led to the formation of the Hierarchical Taxonomy of Psychopathology (HiTOP) Consortium. This is a group of 70 investigators working together to study empirical classification of psychopathology. In this paper, we describe the aims and current foci of the HiTOP Consortium. These aims pertain to continued research on the empirical organization of psychopathology; the connection between personality and psychopathology; the utility of empirically based psychopathology constructs in both research and the clinic; and the development of novel and comprehensive models and corresponding assessment instruments for psychopathology constructs derived from an empirical approach. (C) 2020 Published by Elsevier Masson SAS

MEASUREMENT OF NATIONAL CULTURE: A MULTIPLE SOURCE LATENT VARIABLE APPROACH

There has been much debate about the relative merits of the GLOBE and Hofstede measures of national culture, both in terms of the methodological approach and the conceptual support for the specific dimensions measured. In this paper we propose a multiple indicator approach using latent variable path modeling that incorporates measures from both GLOBE and Hofstede. A multiple indicator, latent variable approach allows us to use information from both GLOBE and Hofstede in measuring national culture while attenuating for measurement error inherent in both sets of measures. This approach also allows us to assess the convergent, discriminant, and criterion validity of both sets of measures. We find strong convergent and criterion validity for GLOBE and Hofstede’s measures of power distance and individualism/collectivism. However, we also find a lack of discriminant validity between these two dimensions. We find little or no convergent validity between the GLOBE and Hofstede measures of uncertainty avoidance and masculinity/femininity

The interrelationship between coastal, Great Lakes, Inland, and deep-sea freight rates: A longitudinal approach

This study examines freight rates in four key areas of the U.S. water freight transportation industry –coastal, Great Lakes/St. Lawrence River, inland waterways, and deep-sea shipping. The data involved in this study includes longitudinal data from 2008 to 2021 on freight rates in all four of these sectors along with data on macroeconomic variables and commodity prices. The purpose of this study is as follows: (A) examine lead/lag relationships between the four freight rates, (B) examine lead/lag relationships between the freight rates and macroeconomic variables, and (C) examine lead/lag relationships between the freight rates and commodity prices. We do find significant predictive power for freight rates both on each other as well as for macroeconomic indicators. In terms of predicting other freight rates, inland freight rates are the only ones to predict all three other freight rates. Both inland and deep-sea freight rates are shown to be strong at predicting macroeconomic indicators in the short run, but deep sea has greater long-term predictive power. Commodity prices on the other hand are only minimally predicted by freight rates but are also strong predictors of inland freight rates. Coastal and Great Lake freight rates are shown only to have minimal predictive power. Differences in competitive conditions, as well as the type of cargo between these four sectors, are proposed as an explanation for these results

The Effects of Government Regulations on the Supply of Pawn Loans: Evidence from 51 Jurisdictions in the U.S.

Pawnshops, Fringe banking, Government regulation, Price ceilings, G28,

Non-audit service fees, auditor characteristics and earnings restatements

Purpose – The objective of the study is to provide empirical evidence of the impact of non-audit services (NAS) as well as other auditor characteristics on auditor independence by testing the relationship of NAS fees to the occurrence of financial statement restatements. Design/methodology/approach – The authors tested whether firms that restate their financial statements have higher levels of total service fees or higher levels of NAS fees than non-restatement firms. The testing also includes an examination of the relationship between the audit firm size and the audit firm industry specialization to financial statement restatements. Findings – The study found only limited evidence to support the concept that firms with higher NAS fees are more likely to restate earnings, thereby casting doubt on the public perception that NAS impairs auditor independence and the legislative approval of Section 201 of the Sarbanes-Oxley Act prohibiting external auditors from providing certain NAS to audit clients as necessary to preserve auditor independence. The study did find stronger evidence that the level of total fees paid to the audit firm is significant in the predictability of a restatement. In addition, the study also found stronger and more conclusive evidence of a negative association to audit firm industry specialization and a strong positive association to Big 5 audit firms. Practical implications – Results demonstrate the necessity of regulations concerning NAS and conflict of interest. Originality/value – This paper is an original contribution that demonstrates the importance of auditor characteristics over audit fees in predicting earnings management.Auditors, Auditor's fees, Earnings, Financial reporting