New stock issues and the institutional production of trust

Article Abstract:

The institutions and the institutional mechanisms that generate the trust that is needed for the new stock issue process to be effective were studied. Trust is defined as the social and institution-specific expectations common to all participants in economic exchanges. Economic exchanges involve the settlement of disputes through the legal system, and an understanding of what constitutes fair exchange behavior. Stock issues in Canadian institutions are influenced by provincial securities commissions, accounting practice, and stock exchanges. A case study of the Toronto Stock Exchange and the Ontario Security Commission (OSC) indicated that the Canadian institutional environment consisted of several loosely-coupled trust-generating institutions, and that process and character-based mechanisms were embedded in the prospectus regulations of the OSC.

Security and commodity exchanges, Canada, Economic aspects, Going public (Securities), Initial public offerings, Institutional economics, Toronto Stock Exchange, Ontario. Securities Commission

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Bank failures, stigma management and the accounting establishment

Article Abstract:

How individuals and institutions in the field of public accounting cope with situations that discredit the profession was studied using the case of the failed Canadian Commercial Bank. The bank's collapse in 1985 shook Canada's financial system since it was the first Canadian bank to fail in over 60 years. The study focused on the role stigma management plays in preserving the confidence of the public in accountants' legitimacy and professional privilege, and the strategies employed by the accounts to neutralize threats to the profession. The study also demonstrated how complex the interplay of actions made by individuals and institutions in discrediting situations could be.

Commercial Banks, Accounting, auditing, & bookkeeping, Banking industry, Case studies, Finance, Accounting, Practice, Accountants, Bank failures, Canadian Commercial Bank

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Trust, contracting and the prospectus process

Article Abstract:

Trust has a key role in the prospectus process. Trust, which is essential for economic exchange, must be present before contracting because it provides background conditions that are necessary for contracting to occur. There are three types of trust-creating mechanisms: process-based mechanisms, which are linked to previous and expected future exchanges; character-based mechanisms, which can be generalized to a wider domain of exchanges; and institutional-based mechanisms, which can be generalized beyond particular transactions and exchange partners.

Psychological aspects, Usage, Contracts, Prospectuses

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