Shareholder wealth effects of legislative events: The case of airline deregulation

This paper presents empirical evidence about the impact on shareholder wealth of legislative events leading to the enactment of the Airline Deregulation Act of 1978. In contrast to prior regulatory event studies, this paper examines not only the final legislative enactment but also the Congressional hearings that preceded it. No significant effect on shareholder wealth is indicated when averaged across all airline firms and all legislative events. Impact of deregulation, however, was expected to be different for trunk airlines than for local airlines. Moreover, market expectations likely changed with the change in the political climate during the course of deregulation deliberations, from an industry financial health emphasis under a Republican (Ford) administration to a consumer welfare emphasis under a Democratic (Carter) administration. We find that trunk airlines experienced significant positive abnormal returns during the Ford administration, but negative abnormal returns during the Carter administration. In contrast, local airlines exhibited significant negative abnormal returns during both the Ford and Carter eras. Systematic risk of both trunk and local airlines also increased with the change in the political climate.     

Representational roles

Abstract The paper examines the perceptions that representatives and would–be representatives have of their roles as MEPs, what accounts for those differences and what impact they have on MEP behaviour. Three dimensions of role differences were identified. Two of them, AGENT and TRUSTEE can be found in most assemblies but a third, a federal/confederal distinction, is perhaps peculiar to the EU. Individual attitudes to Europe explained this one quite well, nationality explained differences on the AGENT dimension and left–right position provided some explanation for differences on the TRUSTEE role. The combination of role perceptions appear to have some impact on MEPs' activities.     

Dimensions of self-esteem and psychological symptoms among chinese adolescents in Hong Kong

Self-esteem and psychological symptoms were assessed in a sample of 1082 Chinese adolescents who responded to the Chinese versions of Coopersmith's Self-Esteem Inventory and the General Health Questionnaire. Three dimensions of self-esteem, interpreted as Family Acceptance/Rejection, Self-Depreciation, and Peer Affirmation/Disaffirmation, were found to relate substantially to general psychological symptoms and particularly to specific symptoms of anxiety, social dysfunction, and depression as reported by these adolescents. The implications of the relative importance of appraisal from internal feedback as sources of self-esteem as opposed to the external feedback from family and peers were discussed in relation to self-esteem enhancement in adolescents.Received his Ph.D. from the University of Western Ontario in 1978. His research interests include self-esteem, stress, coping, health and psychopathology.Received her Ph.D. from the University of South Dakota in 1983. Her research interests include stress, coping and health, and geriatric psychology.     

Church attendance,meaningfulness of religion,and depressive symptomatology among adolescents

Self-administered questionnaires were completed by 451 adolescents at a public high school in Texas during the spring semester 1989. The instrument used contained the Beck Depression Inventory (BDI) and items to determine participants' gender, frequency of church attendance, and meaningfulness of one's religion. Based on social support research and the writings of Carl Jung and Viktor Frankl, it was predicted that those who attended church frequently and those who viewed their religions as providing meaning for their lives would have lower BDI scores than their classmates. The findings supported these predictions. Implications and a discussion of the results are included.Received Ed.D. in educational psychology from University of Illinois. Main research interests are substance abuse in adolescents, drug use prevention strategies, and suicidal ideation in adolescents.Received Ph.D. in general psychology from Boston University. Main research interest is psychology in interdisciplinary perspective, with a specialization in the psychology of religion.Pursuing a M.Ed, in school psychology at Southwest Texas State University. Main research interests are psychological testing and assessment.     

Ideology and Political Alienation

A substantial literature over the years has focused on the relationship between political alienation and ideology. Much of this research contends that conservatives are more alienated than liberals because philosophically they believe that the best government is that which governs least. A close reading of the literature, however, reveals little consistency in the empirical findings. Survey data from Norway, Sweden, and the United States are used to provide a more extensive and consistent test of the hypothesis. Ideology is defined as both left/right self-identification and policy preference on economic and "new political" issues. The evidence reveals that in Scandinavia higher levels of alienation are found among conservatives, whereas in the US the left has been consistently more alienated, except on "new politics" issues. The discrepancy between the citizen's preferred ideological orientation and that which the public perceives the government to take, is used to explain the different findings for the three countries and the shifts in the relationship between ideology and alienation across time.     

Auditor Tenure, Fixed Fee Contracts, and the Supply of Substandard Single Audits

Our purpose is to provide empirical evidence of the relations between the quality of governmental audit services and auditor tenure and between quality and fixed fee audit contracts. Audit quality is assessed by Offices of Regional Inspectors General and is based on a review of the audit reports and supporting working papers. We test a model of quality supplied on a sample of audit engagements selected from a population of audited federal assistance programs. The empirical analysis finds that the probability of receiving a substandard audit increases with the length of the auditor-client relationship. Our analysis finds a positive relation between fixed fee contracts and the incidence of violations of professional standards among audits of federal assistance programs. Additionally, we provide evidence that the incidence of noncom-pliance with professional standards is significantly lower when the audit contract contains a provision for administrative and/or legal remedies in the event of substandard performance.     

COMPETITIVE TENDERING POLICIES IN THE PUBLIC AND PRIVATE SECTORS

Abstract: This paper compares and contrasts the application of competitive tendering policies in the public and private sectors. It is based on information derived from a large-scale survey of public and private sector organisations in New South Wales. Analysis of the survey responses suggests a common approach to the basic elements of the tendering (market-testing) process. However, there are also some important differences, the most striking of which is that public sector organisations advertise more frequently and generally review more tenders. Despite this, there appears to be little difference in the degree of effective competition achieved between the two sectors. More generally, while nearly all organisations surveyed collect information that is relevant to performance evaluation, it does not appear to be systematic or rigorous enough to secure contract compliance.     

Popularity functions based on the partisan theory

This paper presents popularity function estimates for U.S. presidents which are based on a model in which voters' evaluations reflect an understanding of partisan reputations for differing policies.I am indebted to J.C. Siebrand, F.A.A.M. van Winden and an anonymous referee for many useful suggestions.