Noncompliance with SEC regulations: evidence from timely loan disclosures

We use required 8-K filings around major borrowings to shed light on firms’ choices of whether to comply with SEC disclosure rules. Exploiting within-firm variation, we find that firms are more likely to hide loans with high spreads and tight financial covenants. We further find that firms appear to exploit the ambiguity of the definition of materiality, as they are more likely to selectively disclose (hide) “immaterial” loans when interest rates are low (high). Firms are less likely to hide loans when investors anticipate borrowing during asset acquisition, when firms are followed by more equity analysts or receive more investor attention, and when the firms’ stock prices are more volatile. Lastly, we provide evidence that the SEC does not rigorously enforce compliance with 8-K loan disclosures.

Effects Of Farmers Empowerment Porgrammes On Agricultural Productivity In Kwande LGA Of Benue State, Nigeria

The study examined the effect of farmers' empowerment programmes on agricultural productivity in Kwande Local Government Area of Benue State. The specific objectives were to; examine the socio-economic characteristics of the farmers; determine the effect of farmers empowerment programme on farm inputs accessibility; determine the effect of farmers empowerment programme on productive asset acquisition; determine the effect of farmers empowerment programme on the income of the farmers; and examine the problems encountered by farmers in farmers empowerment programmes. Data for the study were collected using questionnaire administered to farmers. Frequency distribution, percentage, and chi-square statistics were used for data analysis. The major findings of the study showed that the male gender participated in the programme more than the females (59.1%), and most of the farmers were above 40 years (59.5%). Majority (59.1%) had a household size of more than six persons, cultivating 3-4.99 hectares of land (50%) and had farming experience of more than 7 years (59.1%). There was discrimination in distribution of agricultural incentives, subsidies and credit facilities (59.1%). Poor awareness of the scheme was an obstacle to capturing farmers on the scheme (59.1%). There was high positive effect of farmers' empowerment programmes on farm inputs accessibility (t-tab.0.995; t-cal.4.585), productive asset acquisition (t-tab.0.479; t-cal.8.557) and income of farmers (t-tab.0.349; t-cal.16.515). The study recommended that the government, individuals and non-governmental organizations should join hands to adequately finance farmers' empowerment programmes of the rural dwellers. The agencies and government officials' in-charge of the empowerment programmes should avoid discrimination against farmers in the distribution of agricultural programme packages. The government and empowerment agencies should ensure that awareness is created about the existence of the programme so that more farmers will be captured on the scheme through frequent seminars; workshop and enlightenment campaigns.

Effect of access to innovations on assets acquisition and development capacity of women in rural Nigeria

This study investigates the attribution effect of access to innovation on assets acquisition and development among rural women. The study analyzed gender differences in access to innovations and its consequence on assets ownership among rural males and females. Primary data for the study were sourced through a structured questionnaire. The data was fitted to a propensity score matching model in order to isolate the effect of access to innovation on gender differences in an asset acquisition. The findings showed that rural development drive requires innovative intervention in the rural areas and its effect could be more favorable to males than females in terms of productive asset acquisition and development. But, no significant difference (5% level) was established for non-productive asset acquisition across gender. There is a need for gender-inclusive strategies for rural development.

Managing the Performance of Asset Acquisition and Operation with Decision Support Tools

Decision support tools (DSTs) are increasingly being used to assist with asset acquisition and management decisions. Whether these tools are “fit for purpose” will have both economic and non-economic implications. Despite this, the on-going governance of DST performance receives only limited attention within both the academic and industry literature. This work addresses that research gap. Within this paper a conceptual process for managing the operational performance of decision support tools is presented. The novelty of the approach is that it aligns with the ISO 5500x:2014 Asset Management Standard, therefore introducing consistency in the governance of DSTs with physical engineered assets. A case study of the UK’s National Grid Electricity Transmission (NGET) is used to inform the approach design. The evaluation demonstrates it to be both logical and useable within the context of NGET and they have expressed an intention to implement the approach within their business. A key finding of the research was that DSTs transcend functions and organisations. This is significant and can lead to a situation whereby performance and criticality are interpreted and measured differently. The introduction of a common approach for managing DST performance works towards improving consistency and creating a shared understanding.

Managing the Performance of Asset Acquisition and Operation with Decision Support Tools

Decision support tools (DSTs) are increasingly being used to assist with asset acquisition and management decisions. Whether these tools are “fit for purpose” will have both economic and non-economic implications. Despite this, the on-going governance of DST performance receives only limited attention within both the academic and industry literature. This work addresses that research gap. Within this paper a conceptual process for managing the operational performance of decision support tools is presented. The novelty of the approach is that it aligns with the ISO 5500x:2014 Asset Management Standard, therefore introducing consistency in the governance of DSTs with physical engineered assets. A case study of the UK’s National Grid Electricity Transmission (NGET) is used to inform the approach design. The evaluation demonstrates it to be both logical and useable within the context of NGET and they have expressed an intention to implement the approach within their business. A key finding of the research was that DSTs transcend functions and organisations. This is significant and can lead to a situation whereby performance and criticality are interpreted and measured differently. The introduction of a common approach for managing DST performance works towards improving consistency and creating a shared understanding.

Reform and amendment of Russian petroleum fiscal term: trends and implication to asset acquisition

This article analyzes reform and amendment of petroleum tax policy in Russia to investigate instability of tax regime which is one of the main concerns for decision making in asset acquisition. Historical and recent amendments of upstream fiscal terms in Russia are reviewed and studied in an attempt to understand the trends of reform. Tax burden of four different cases is modeled with the change of tax policy to analyze the effect of tax incentives. The recent “tax maneuver” of transferring export duty to Mineral Extraction Tax (MET) is studied in detail to analyze effects to upstream, refinery, and customers. Net present values of three field cases under previous tax regime and new Added Income Tax (AIT) regime are comparatively studied with cashflow modeling. The article concludes that recent “tax maneuver” has indirect influence on upstream sector but may lead to upward pressure on retail. New AIT regime introduces a universal taxation system and requires less government intervention, which may reduce aboveground risk of unstable fiscal regime and boost international investment in Russia. Also, key suggestions are summarized for international investors who are interested in oil and gas asset in Russia.