The website philadelphianeighborhoods.com provides news coverage about more than 30 underreported and underserved communities in Philadelphia. Affiliated with Temple University, the website and bimonthly printed editi...The website philadelphianeighborhoods.com provides news coverage about more than 30 underreported and underserved communities in Philadelphia. Affiliated with Temple University, the website and bimonthly printed editions focus on hyperlocal journalism, or journalism at the street-by-street level. The website has won numerous state, regional, and national awards for its coverage. The goals focus on many aspects of journalism, but this paper will address the successes and failures of this hyperlocal approach and the potential applicability for other organizations.展开更多
The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been ma...The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been many press reports regarding the application of TPT, and so there is much public attention on this issue. TPT is applied to unnatural transfer prices （TP）. If TPT is applied to a multinational company （MNC）, the company will need to bear enormous documentation costs in its calculation of the ratable price. In addition, in the last few years, the target of TPT is shifting to the overseas transfer of intangible assets, such as trademarks, royalties, patents, and charges income. As a result, companies have become more careful about TPT and investors tend to pay attention to companies＇ TPT strategy. With regard to this point, this paper examines how the market evaluates news regarding TP by investigating the market reaction to an initial press report mentioning that a firm was involved in a TP manipulation and may be guilty of tax underpayment. We examine these events both because press reports are currently under intense scrutiny and because there has been very little research on firms that engage in tax sheltering （see, e.g., Graham ＆ Tucker, 2006; Hanlon ＆ Slemrod, 2009）. Some view the fact that not all firms engage in tax sheltering as surprising because of the widespread view that shelters, at least in the 1990s, in expectation, offered a positive net present value position. The potential negative public relations effect is often cited as one reason for this ＂under-sheltering＂ phenomenon （Bankman, 2004）. On the event study analysis, we find that the Japanese capital market has shown a statistically significant negative reaction to the press reports. This result is due to a strong distrust of corporate activity regarding TP strategies. Moreover, in order to clarify the reason why the market responds to reports of TPT being applied, we compute the cumulative abnormal returns （CARs） around the date of the press report and conduct two-stage least-squares estimation to examine where this result regarding the market reaction comes from. Our results indicate that the variables for intangible assets and effective tax rate and the variables which represent the extent of corporate governance （CG） are statistically significant with respect to these reactions.展开更多
This paper will present a television program based on glocal （global ＋ local） culture and sustainability concepts, such as local production, social support and cultural diversity, done with virtual and social netwo...This paper will present a television program based on glocal （global ＋ local） culture and sustainability concepts, such as local production, social support and cultural diversity, done with virtual and social networks. The result is NosOtros1. Its name is a play of words between Nos-we in Portuguese and Otros--other in Spanish. The purpose is to practice a journalistic and cultural production process which would understand local specificities and global themes. NosOtros used professional networks in journalism to compose a cultural, democratic, and balanced program, understood and accepted across all of Latin America. NrsOtros was recorded in four countries in 2007, co-produced by local journalists, using professional networks and new media technologies such as Voice over Internet Protocol （VolP） and peer-to-peer programs.展开更多
文摘The website philadelphianeighborhoods.com provides news coverage about more than 30 underreported and underserved communities in Philadelphia. Affiliated with Temple University, the website and bimonthly printed editions focus on hyperlocal journalism, or journalism at the street-by-street level. The website has won numerous state, regional, and national awards for its coverage. The goals focus on many aspects of journalism, but this paper will address the successes and failures of this hyperlocal approach and the potential applicability for other organizations.
文摘The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been many press reports regarding the application of TPT, and so there is much public attention on this issue. TPT is applied to unnatural transfer prices （TP）. If TPT is applied to a multinational company （MNC）, the company will need to bear enormous documentation costs in its calculation of the ratable price. In addition, in the last few years, the target of TPT is shifting to the overseas transfer of intangible assets, such as trademarks, royalties, patents, and charges income. As a result, companies have become more careful about TPT and investors tend to pay attention to companies＇ TPT strategy. With regard to this point, this paper examines how the market evaluates news regarding TP by investigating the market reaction to an initial press report mentioning that a firm was involved in a TP manipulation and may be guilty of tax underpayment. We examine these events both because press reports are currently under intense scrutiny and because there has been very little research on firms that engage in tax sheltering （see, e.g., Graham ＆ Tucker, 2006; Hanlon ＆ Slemrod, 2009）. Some view the fact that not all firms engage in tax sheltering as surprising because of the widespread view that shelters, at least in the 1990s, in expectation, offered a positive net present value position. The potential negative public relations effect is often cited as one reason for this ＂under-sheltering＂ phenomenon （Bankman, 2004）. On the event study analysis, we find that the Japanese capital market has shown a statistically significant negative reaction to the press reports. This result is due to a strong distrust of corporate activity regarding TP strategies. Moreover, in order to clarify the reason why the market responds to reports of TPT being applied, we compute the cumulative abnormal returns （CARs） around the date of the press report and conduct two-stage least-squares estimation to examine where this result regarding the market reaction comes from. Our results indicate that the variables for intangible assets and effective tax rate and the variables which represent the extent of corporate governance （CG） are statistically significant with respect to these reactions.
文摘This paper will present a television program based on glocal （global ＋ local） culture and sustainability concepts, such as local production, social support and cultural diversity, done with virtual and social networks. The result is NosOtros1. Its name is a play of words between Nos-we in Portuguese and Otros--other in Spanish. The purpose is to practice a journalistic and cultural production process which would understand local specificities and global themes. NosOtros used professional networks in journalism to compose a cultural, democratic, and balanced program, understood and accepted across all of Latin America. NrsOtros was recorded in four countries in 2007, co-produced by local journalists, using professional networks and new media technologies such as Voice over Internet Protocol （VolP） and peer-to-peer programs.
