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Effects of COVID-19 on Financial Reporting in the U.S. Life Science Industry
No full textThe COVID-19 pandemic posed unprecedented challenges for financial reporting, especially in the U.S. life sciences industry. This study analyzes how pharmaceutical, biotechnology, and medical device companies navigated financial disclosure obligations from 2019 to 2022 during the pandemic. We examine SEC filings (10-Ks and 10-Qs) and corporate disclosures to identify changes in risk factor reporting, liquidity management, corporate governance, internal controls, non-GAAP measures, critical accounting judgments, and potential earnings management. The findings reveal that life science firms responded with greater transparency regarding pandemic risks, proactive capital management (including substantial debt and equity financing in 2020), governance adaptations (more frequent board oversight and virtual meetings), maintained internal controls despite remote work, and cautious use of non-GAAP adjustments (most firms did not treat COVID-19 costs as one-time exclusions). Additionally, there was a trend of taking significant discretionary write-offs in 2020, with reversals noted in 2021. These actions indicate that, even amidst extreme uncertainty, companies aimed to uphold the integrity of financial reporting and meet stakeholder information needs. The industry’s experience offers valuable insights for enhancing the resilience of financial reporting in future crises
Related Party Transactions as a Governance Risk: Implications for the Cost of Capital
No full textThis study examines the impact of related party transactions (RPTs) on the cost of capital among KOSPI and KOSDAQ-listed firms in South Korea. Using 14,277 firm-year observations from 2012 to 2020, we employ multivariate regression analysis to examine the relationship between RPT intensity and the weighted average cost of capital (WACC). We find a robust and positive association between RPT intensity and WACC, suggesting that capital markets perceive extensive intra-group transactions as a governance risk and a source of increased information asymmetry. This perception leads to a higher rate of returns by investors, thereby increasing the cost of both equity and debt financing. Our findings contribute to the literature on corporate governance and capital market efficiency by highlighting the role of RPTs as a key determinant of financing costs. These insights underscore the importance of implementing stronger disclosure requirements and enhancing monitoring mechanisms to mitigate potential agency problems arising from intra-group transactions in emerging markets
ChatGPT Reliance of Students: Teachers’ Challenges Towards ChatGPT Usage of Students for Schoolwork in an Online Learning Environment
No full textThis qualitative study anchored on Transactional Distance Theory (1997) explored the challenges of eight California high school teachers on their students' ChatGPT reliance for schoolwork. The study findings revealed from the thematic analysis that teachers' challenges included inaccuracies in detecting ChatGPT usage and the negative impact on students' learning. The study also highlighted the driving factors influencing the teachers' challenges, such as inappropriate use of ChatGPT, plagiarism, and the carefree attitude of students toward their learning. Future studies may explore the different interventions for detection, assessment tools, and teachers' adaptation strategies in a regime of ChatGPT as a learning tool
Chinese Immigrant Workers in Australia: From Segregation to Integration
No full textThe historical record of Chinese immigration to Australia began with the Daoyi Zhilüe (A Brief Record of Exotic Isles) by Wang Dayuan, a famous Chinese navigator in the Yuan Dynasty. Archaeological artifacts such as the Jade Shouxing Statue prove that there is a close connection between the culture of Yi ethnic group in southeastern China and the ancient cultures in Oceania. Under the influence of Australia's various immigration policies, the population and communities of Chinese society have undergone many complex changes, with key characteristics in the Chinese community through the various stages of changes. A large-scale immigration of Chinese into Australia began with the Chinese laborers in the mid-19th century. The Australian gold rush in the 1850s brought a large number of Chinese to Australia, and they integrated well with the white immigrants. The "White Australia Policy" from the mid-19th century to the mid-20th century led to a significant decline in the population of Chinese immigrants to Australia. After the abolition of the "White Australia Policy" and changes in Australia's immigration policy, combined with China's reform and opening up, Chinese immigration to Australia has set off a new upsurge, and the Chinese have integrated into Australia to become the third largest ethnic group
Alternative Retirement and Estate Planning Strategies since the Elimination of the Stretch IRA
Get PDFIn 2019, US Congress passed the SECURE Act with the intent of helping taxpayers save for retirement. This Act included a change to the Internal Revenue Code Section 401, which eliminated the Stretch IRA by capping the number of years for distributions from inherited IRAs. The new regulations state that if the inherited IRA has a non-spouse beneficiary the distributions cannot exceed ten years, which drastically reduces the ability to use the IRA to transfer, and extend, wealth to one’s heirs while minimizing taxes.
This study examines the impact of the passage of IRC Section 401 on those actively planning to utilize a Stretch IRA for their retirement and estate planning. Specifically, alternative scenarios are presented as the authors compare the future value of IRA accounts under the old regulations to values under the new regulations. The results indicate that individuals wanting to their leave retirement accounts to heirs should consider converting accounts to a Roth IRA as Roth IRA conversion is the optimal outcome for multigenerational wealth transfer
Differences in Investment Behavior – A Quantitative Study on the Effects of Robo-Advisors and Human Financial Advisors
No full textThis study examines investment behavior differences between static and conversational robo-advisors and human financial advisors, focusing on affective trust, risk, and financial literacy. Using an online factorial experiment (n = 165), U.S. participants evaluated advisor scenarios under positive and negative message framing. MANOVA and Pearson correlations revealed no significant trust or risk differences across advisor types or framings. However, individuals with high financial literacy perceived conversational robo-advisors as riskier under negative framing, while lower-literacy participants trusted robo-advisors more. The study highlights the need for human-like design improvements in robo-advisors and enhanced financial education to support informed, confident decision-making
Impact of Institutional Coordination on Analyst Decisions During Hedge Fund Activism
No full textThis study explores the influence of institutional investor coordination on analyst recommendations in the context of hedge fund activism. We find that analysts are more likely to upgrade and less likely to downgrade their recommendations for firms with growing institutional ownership, while institutional coverage primarily influences upgrade predictions. The effect is more pronounced when activists have a track record of acquiring firms with institutional investor backing. Our analysis also shows that during crisis, analysts emphasize collective institutional actions, whereas in normal periods, they focus on ownership levels. These findings suggest that institutional coordination reduces analyst uncertainty and positively shapes their opinions during activist campaigns
Brand Community Dynamics as a Basis for Competitive Strategy
No full textThe fitness industry is one characterized by fads and failures. With the pervasiveness of technology, the range of offerings and accompanying competitive strategies have only increased. However, lasting success remains elusive. This work uses a grounded theory approach through qualitative exploration of community members’ descriptions of their experiences combined with quantitative analysis of survey data. A conceptual model is proposed and tested through the application of PLS Modelling. An examination of how one competitor has overcome the challenges to endure for decades is presented. Findings indicate that inclusivity, community, and providing financial opportunity are critical elements of the successful strategy
Power of Cause Framing: Impact on Gen Z’s Attitudes Towards Corporate Charitable Contributions, Cause Participation Intentions, and Brand Loyalty
No full textThis study examined the relationship between different cause framings and aspects of digital cause-related marketing’s effectiveness, focusing on Gen Z’s attitude towards company charitable contributions, cause participation intention, and brand loyalty. The moderating variable was the customer’s level of cause involvement. When survey participants perceived a limited-time promotion associated with the cause, there was a significant positive relationship between their level of concern and all three dependent variables. Conversely, when there was no limited-time promotion, the relationship between cause involvement and attitude toward the company’s charitable contribution became statistically non-significant. Similar trends were observed in the context of value framing, with self-benefit framing showing significant positive relationships between cause involvement and attitudes, participation intentions, and brand loyalty. In contrast, other-benefit framing exhibited a non-significant relationship with attitude
A Critical Analysis of Urban Leadership and Management in Complex and Challenging Situations: A Review of the Washington D.C. Federal Government’s Practices During the COVID-19 Pandemic
No full textThis paper aims to provide a comprehensive review of the practices adopted by the federal government in Washington, D.C., during the COVID-19 pandemic. It explores the challenges and opportunities encountered by urban leaders as they navigate complex and demanding circumstances. The analysis encompasses an examination of the strategies employed, the effectiveness of response measures, and the lessons learned from this unprecedented crisis. By exploring the experiences of the Washington D.C. government, this paper seeks to contribute to a broader understanding of effective governance in times of crisis and inform decision-making processes for future challenges