Financial illiteracy is prevalent in the United States, and low levels of financial literacy are associated with poor financial choices and negative economic outcomes. We examine previous work on the effect of financial education on household saving and find mixed results. Workplace financial education seminars positively affect household saving, but the size of this effect varies widely across studies. The effects of other financial education initiatives are less clear, highlighting the need for rigorous econometric evaluation of efforts to improve financial literacy.
The purpose of this study is to extend research devoted to the areas of organizational size and chief executive (CEO) compensation. The thrust of this investigation holds that diversification moderates the relationship between organizational size and CEO compensation. While research has consistently found a positive relationship between firm size and compensation, we utilize information-processing theory to more fully understand the relationship between size and pay. Information-processing theory suggests that compensation is based on the information processing required by CEOs. It is argued in this study that outcomes associated with downscoping, such as greater R&D or greater relatedness among business units, lead to greater information processing. As such, it is suggested that do...
Pennsylvania's economy would fare better with part-time legislators than it does with today's full-time General Assembly of career politicians. Its 253-member size is excessive. But the Commonwealth Foundation says the bigger problem is how "professionalized" the Legislature is, with its $300 million annual cost, nearly 3,000 staff members, lavish pay and perks, lack of term limits and taxpayer-funded, incumbent-friendly promotional items and "walking around money" legislative grants.
The paper analyzes stock-price reactions to stock recommendations published in printed Swedish media and also trading volumes at and around the publication day, bid/ask spreads, and the post publication drift in recommended stocks for the period 1995 - 2000. Its small size and limited number of actors makes the Swedish stock market an interesting comparison to the U.S. stock markets. The positive publication-day effect for buy recommendations was almost fully reversed after 20 days, supporting the price pressure hypothesis, and the effect for sell recommendations was negative and prices continued to drift down, supporting the information hypothesis. Analysts seem to hand their information to clients before publication, whereas no such information leaking pattern was observed for journal...
This study investigates the applicability of the CAPM in explaining the cross section of stock return on the Karachi Stock Exchange for the period September 1992 to April 2006. Unlike earlier studies on emerging markets this study is carried out with a broader scope. Firstly, the tests are conducted on individual stocks as well as size sorted portfolios and industry portfolios. Secondly, the test accounts for the intervalling effect by employing three data frequencies namely daily, weekly and monthly data. Thirdly, keeping in view the infrequent trading prevailing in emerging markets in general and Pakistan's equity markets in particular the test is also carried out on beta corrected for thin trading, using the Dimson (1979) procedure. Contrary to earlier studies on emerging markets the...
This article focuses on the use of humor to increase the effectiveness of teaching accounting by conducting a meta-analysis on the use of humor by business executives and professors in other fields. Exclusively for this study, the meta-analysis quantitatively synthesizes the results of similar studies that meet predetermined criteria on a variable of interest, the effectiveness of humor, by summarizing their common statistic, called their effect size. Results support the hypothesis that humor is more effective today than it was in the early eighties. No articles were found on the use of humor in the accounting classroom, but the results of this meta-analysis affirm that accounting professors may benefit as well. This article then goes on to provide strategies and illustrations related t...
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