Explore publications.

Using a large sample of bond rating downgrades of US firms announced by the three largest rating agencies during 1997-2023, I find that cumulative abnormal stock returns (CAR) spanning the day of and day following downgrade announcements are significantly and negatively related to annual report readability, indicating that downgrades are more informative among firms with more readable annual reports. My baseline regression results indicate that a one standard deviation improvement in annual report readability corresponds to a reduction in the announcement CAR of approximately forty-three basis points, which is economically meaningful given that it constitutes roughly 27% of the sample average announcement CAR of -1.62%. Furthermore, additional analysis reveals that the informativeness enhancing effect that better annual report readability has on rating downgrades is stronger among firms that should be more difficult to monitor and evaluate, including lower rated firms, firms with high stock return volatility, and younger firms. Overall, the results strongly support the hypothesis that well-written annual reports facilitate more timely and informative bond rating downgrades, especially among more informationally problematic firms.

This is a study about the financing of large group health insurance in the United States. Almost 8 in 10 covered employees in private large firms are enrolled in self-insured (or self-funded) health plans in contrast to only 20 percent of employees in small firms. More than half of all large standard (non-supplemental) health plans are self-insured although their number is decreasing. Considering their significantly greater risk of exposure and transaction costs, the question for scholarly investigation is why (and how) do private large firms self-fund employer-sponsored health insurance? Using plan-level data from health plan administrator filings of Forms 5500 and Summary Annual Reports (2014-2022) with the U.S. Department of Labor, six variables are examined in this study relative to large group self-insurance: industry/sectoral distribution, plan size/enrollment, plan administration, benefits coverage, plan assets and investments, and statutory compliance. Findings suggest that industry/sectoral and enrollee distributions of large health plans are not widely dispersed while their assets and investments and statutory exemptions offer comparative advantages. These plans have also increasingly relied on stop-loss insurance, third-party administration, supplemental health benefits, and less major medical plans to mitigate actuarial risks that involve considerable financial exposure to fluctuating claims costs, potential for catastrophic claims, and cash flow unpredictability. The intertwining theoretical and practical implications of large group self-insurance in healthcare finance and risk management are addressed by way of conclusion.    

In the loanable funds theory, the interest rate serves as a balancing factor between the savings offered for loans and the funds borrowed for investment. In Keynes’s theory, by contrast, it is a monetary phenomenon that balances the demand and the supply of money. At first glance, the monetary phenomenon of the interest rate may seem quite different and is often considered groundbreaking and revolutionary. In Keynes’s theory, people hold part of their savings in money to cope with uncertainty about the returns from long-term bonds, and it is savings held in money that leads the interest rate to be a monetary phenomenon. While people hold part of their savings in money, they also invest their savings by purchasing long-term bonds. The interest rate also balances savings offered, though only in part and not the whole, and funds borrowed in the bond market, as in the loanable funds theory. In this regard, Keynes’s theory and the loanable funds theory are not as strikingly different as it may first appear. The main exegetical work of Keynes’s ideas is Keynesian economics. In this theory, the interest rate is also a monetary phenomenon, as is expected of exegetical work. However, it is not due to savings held in money as in Keynes’s theory; rather, it is due to the cash holdings required for purchasing goods and services. This paper examines the differences among these three interest rate theories, the reasons behind them, and their practical implications.    

The research analyzes in depth how Beyond Budgeting influences financial results across the South African non-ferrous metal industry. The research solves the challenge of outdated budget systems alongside marketplace insecurities and operational obstacles in the examined sector. The 60-month period from 2020 through secondary financial statement analysis of non-ferrous metal firms constitutes the research approach. Financial performance analysis used a sample set of statements to conduct t-tests on paired data points for examining budgeting practice associations. Beyond Budgeting brought better revenue results to organizations but proved minimally effective in increasing profitability when associated with growing cost diversity levels. Beyond Budgeting produced enhanced revenue results but did not create substantial changes in operating profit numbers. Traditional budgeting methods proved unfit for handling the changing non-ferrous metal market environment because they produced erroneous financial prediction results. The study findings indicate South African non-ferrous metal firms should implement Beyond Budgeting for their revenue flexibility but must maintain cost control systems for profitability sustainability. Organizations should combine traditional budgeting components with Beyond Budgeting principles to attain financial security as well as market responsiveness according to research findings. Financial managers require training in adaptive budgeting and organizations should install real-time tracking systems which effectively regulate cost variances.

This study investigates the key factors influencing warehouse inventory performance at Eskom Distribution in the Gauteng Cluster using factor analysis. The aim is to identify critical elements that impact inventory management effectiveness and enhance operational performance. Eskom faces challenges in inventory control, including forecasting inaccuracies, procurement risks, and technology integration limitations, despite advancements in Economic Order Quantity (EOQ) and Reorder Point (ROP) models. This research applies a quantitative approach with a positivist paradigm, using simple random sampling to select 144 respondents from a target population of 230 employees involved in inventory management. Data was collected through structured questionnaires and analyzed using Principal Component Analysis (PCA) to uncover the factors affecting warehouse performance. The study identifies three major components—operational efficiency, inventory accuracy, and record-keeping—that account for the majority of variance in performance outcomes. These findings are aligned with previous studies emphasizing the role of accurate inventory data, efficient operations, and technology in enhancing warehouse functioning. The implications suggest that Eskom and similar organizations should invest in advanced inventory management systems, improve staff training, and adopt real-time tracking solutions. Further research could explore how external disruptions and emerging technologies, such as AI and blockchain, influence inventory performance across various sectors. This study contributes valuable insights to the field of inventory management within the public sector, offering practical recommendations for improving warehouse efficiency and reducing operational delays.  

This paper examines the exchange rate pass-through (ERPT) and its impact on home inflation in Bangladesh, particularly in the post-pandemic era. Examining important economic factors including the nominal exchange rate (NER), money supply (M2), industrial production (IP), and global commodity index (GCI) using monthly data from January 2002 to August 2023 helps one to grasp their combined influence on consumer price inflation (CPI). By means of Johansen cointegration and Vector Error Correction Model (VECM) approaches, the study reveals important short-term and long-term dynamics. Contrary to patterns in many emerging nations, the results show that changes in exchange rates have apparently little impact on home prices. Rather, changes in the money supply and world commodities prices mostly influence inflation; the latter becomes a major factor. The study also exposes an unexpected positive link between industrial production and CPI, implying complexity in Bangladesh's production-driven economic structure. Moreover, this investigation underlines how complex monetary expansion, external commodities shocks, and devaluation of money interact to shape inflationary pressures. These results offer legislators important new perspectives and support strong monetary policies and focused involvement in world commodities markets to help to lower inflation. This study clarifies ERPT in developing countries and provides direction on inflation control techniques for Bangladesh.

Workplace stress and nurse retention are critical challenges in healthcare, affecting organizational stability and public health outcomes. Therefore, this study investigates the impact of stressors and job satisfaction on nurses’ turnover intentions in the western region of Ghana, with a focus on the moderating role of transformational leadership. Methodologically, a descriptive cross-sectional design was employed to collect data from 364 registered nurses working in four hospitals. Participants completed an online questionnaire measuring stress factors, job satisfaction, turnover intentions, and transformational leadership. Structural equation modelling was employed to analyze the data using Mplus 8.3. The results revealed stressors (stress from workload, superiors, and coworkers and daily life) significantly increased nurses’ turnover intentions while negatively influencing job satisfaction. Job satisfaction was inversely associated with turnover intentions, and transformational leadership moderated this relationship, reducing the likelihood of such intentions. The findings highlight the importance of fostering job satisfaction and implementing transformational leadership strategies, such as mentorship and effective stress management, to alleviate workplace stress and enhance nurse retention. These insights offer valuable guidance for hospital administrators and policymakers in designing interventions to improve nurse retention and overall organizational performance.

Marketing effectiveness, a technique aimed at improving marketers' outreach to customers to optimise marketing expenditures, has consistently demonstrated efficacy in a highly competitive landscape. Nonetheless, its empirical mediating function continues to be a subject of inquiry among many experts. This study aimed to examine the mediating function of marketing effectiveness in the relationship between interactive marketing and the marketing performance of Micro and Small Enterprises (MSEs) in the Nyanza Region, Kenya. A cross-sectional survey study approach was employed, targeting a population of 3,211 registered MSE owners in Nyanza, from which a sample size of 356 was determined using Yamane's (1967) formula. Data were gathered by questionnaires and analysed utilising descriptive and inferential statistics with SPSS version 26.0. The analysis reveals that interactive marketing significantly influences marketing performance (t = 19.933, p < 0.5); interactive marketing also significantly affects marketing effectiveness (t = 19.331, p < 0.5); furthermore, marketing effectiveness significantly impacts marketing performance (t = 15.238, p < 0.5). The indirect test indicates that marketing effectiveness, as an intervening variable, can mitigate the impact of interactive marketing on marketing performance.