...V O L U M E 1 7 | N U M B E R 4 | FALL 2005 Journal of APPLIED COR PORATE FINANCE A MO RG A N S TA N L E Y P U B L I C AT I O N In This Issue: Executive Pay and Corporate Governance Pay Without Performance: Overview of the Issues A Remedy for the Executive Pay Problem: The Case for “Compensation Discussion and Analysis” Developments in Remuneration Policy Corporate Culture and the Problem of Executive Compensation Taking Shareholder Protection Seriously? Corporate Governance in the U.S. and Germany University of Rochester Roundtable on Corporate M&A and Shareholder Value 8 Lucian A. Bebchuk, Harvard Law School, and Jesse M. Fried, University of California at Berkeley 24 Jeffrey N. Gordon, Columbia University 36 Alastair Ross Goobey, International Corporate Governance Network and Morgan Stanley Europe 41 44 Arthur Levitt, Jr., The Carlyle Group Theodor Baums, University of Frankfurt, and Kenneth E. Scott, Stanford Law School and Hoover Institution 64 Panelists: Robert Bruner, University of Virginia; Cliff Smith and Gregg Jarrell, University of Rochester; James Owen, The Bank Street Group; Marla Sincavage, Ernst & Young; and Matt Ostrower, Morgan Stanley. Moderated by Mark Zupan, University of Rochester. Takeover Defenses and Bargaining Power Is U.S. CEO Compensation Broken? Top Management Incentives and Corporate Performance Letting Go of Norm: How Executive Compensation Can Do Better Than “Best Practices” Finance, Politics, and the Accounting...
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...BUSINESS STRATEGIES AND PERFORMANCE DURING DIFFICULT ECONOMIC CONDITIONS For the Department of Business Innovation and Skills (BIS) John Kitching Robert Blackburn David Smallbone Small Business Research Centre, Kingston University Sarah Dixon School of Management, Bath University June 2009 URN 09/1031 Contents EXECUTIVE SUMMARY i 1. INTRODUCTION, RESEARCH OBJECTIVES AND METHODS 1 2. RESEARCH CONTEXT 1 2.1 Defining Difficult Economic Conditions 1 2.2 The Current Crisis 1 3. ANALYTICAL FRAMEWORK 1 4. THE BUSINESS STRATEGY AND MANAGEMENT LITERATURE 1 4.1 Business Strategy: General Considerations 1 4.2 Strategic Adaptation to Environmental Jolts, Turbulence and Radical Institutional Change 1 4.3 Strategic Adaptation to Recession 1 4.4 Retrenchment Strategies 1 4.5 Investment Strategies 1 4.6 ‘Ambidextrous’ Strategies 1 4.7 Business Size as an Influence on Strategic Adaptation to Difficult Economic Conditions 1 4.8 International Experience 1 5. CONTEMPORARY COMMENTARY ON THE CURRENT CRISIS 1 6. STRATEGIC RESPONSES IN THE RECESSION: DELIBERATIONS FROM A THINK-TANK 1 6.1 Introduction and Objectives 1 6.2 Business Responses in Recession 1 6.2.1 Knowledge Base 1 6.2.2 Unevenness of Recession 1 6.3 Modelling Strategic Change 1 6.3.1 Typologies of Strategic Change 1 6.3.2 Strategic Thinking and Strategic Actions 1 6.4 The Role of Innovation under Recession Conditions 1 6.5 Roles for Public Policy...
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...eBAY.COM A Case Report for Getting Tools Used NOTE: THIS IS ONLY A PORTION OF THE GETTING TOOLS USED RESEARCH REPORT. FOR THE FULL DOCUMENT AND OTHER INFORMATION VISIT WWW.CFAH.ORG. Getting Tools Used Table of Contents Foreword by Jessie Gruman ......................................................................................................................................... 1 Executive Summary ........................................................................................................................................................ 3 About CFAH ...................................................................................................................................................................... 7 Table of Contents ........................................................................................................................................................... 8 Introduction: 21st Century Marketplace .................................................................................................................. 9 Research Framework ................................................................................................................................................... 17 Case Studies.................................................................................................................................................................... 25 Consumer Reports: Car Buying Guide ....................................
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...deterrent for future crimes. It is important that the United States come to some conclusion so we can end the death penalty debate; we want the truth, not assumptions that can be argued to no end. This paper will discuss the ins and outs of the death penalty, why it has created much debate, why it is not a deterrent of murder, and that it is mostly used as a political tool. There have been many studies done to both effects; the death penalty deters crime, or it does not deter crime because the previous studies were flawed. First presented is a brief history to better understand where the death penalty comes from. The next section will discuss the modern approaches to the death penalty including landmark cases that changed the way the death penalty is executed in the United States. Following this section is an explanation of deterrence and its effects, and other controversies that exist. Finally the paper will discuss the death penalty as a political tool, and why we should remedy the debates once and for all by abolishing the death penalty. There will be many studies discussed for and against the death penalty, however to introduce a different approach to this greatly researched topic, this paper will analyze the gubernatorial races from 1980-2009, and the majority view of...
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...Reading (process) From Wikipedia, the free encyclopedia For other uses, see Reading (disambiguation). Miss Auras by John Lavery, depicts a woman reading a book. Youth reading, Persian miniature by Reza Abbasi, 1625-6 Part of a series on Reading Language Language Writing Writing system Orthography Braille Types of Reading Slow reading Speed reading Subvocalization Learning to Read Learning to read Comprehension Spelling Vocabulary Reading disability Dyslexia Reading for special needs Reading Instruction Alphabetic principle Phonics Whole language Phonetically Intuitive English Literacy Literacy Functional illiteracy Family literacy English orthography Lists Languages by writing system Management of dyslexia v t e Reading is a complex cognitive process of decoding symbols in order to construct or derive meaning (reading comprehension). It is a means of language acquisition, of communication, and of sharing information and ideas. Like all language, it is a complex interaction between the text and the reader which is shaped by the reader’s prior knowledge, experiences, attitude, and language community which is culturally and socially situated. The reading process requires continuous practice, development, and refinement. In addition, reading requires creativity and critical analysis. Consumers of literature make ventures with each piece, innately deviating from literal words to create images that make sense to them in the unfamiliar places the texts describe...
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...society has the highest interest in preventing murder, it should use the strongest punishment available to deter murder, and that is the death penalty. If murderers are sentenced to death and executed, potential murderers will think twice before killing for fear of losing their own life. For years, criminologists analyzed murder rates to see if they fluctuated with the likelihood of convicted murderers being executed, but the results were inconclusive. Then in 1973 Isaac Ehrlich employed a new kind of analysis which produced results showing that for every inmate who was executed, 7 lives were spared because others were deterred from committing murder. Similar results have been produced by disciples of Ehrlich in follow-up studies. Moreover, even if some studies regarding deterrence are inconclusive, that is only because the death penalty is rarely used and takes years before an execution is actually carried out. Punishments which are swift and sure are the best deterrent. The fact that some states or countries which do not use the death penalty have lower murder rates than jurisdictions which do is not evidence of the failure of deterrence. States with high murder rates would have even higher rates if they did not use the death penalty. Ernest van den Haag, a Professor of Jurisprudence at Fordham University who has studied the question of deterrence closely, wrote: "Even though statistical demonstrations are not conclusive, and perhaps cannot be, capital punishment is likely to...
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...has the highest interest in preventing murder, it should use the strongest punishment available to deter murder, and that is the death penalty. If murderers are sentenced to death and executed, potential murderers will think twice before killing for fear of losing their own life. For years, criminologists analyzed murder rates to see if they fluctuated with the likelihood of convicted murderers being executed, but the results were inconclusive. Then in 1973 Isaac Ehrlich employed a new kind of analysis which produced results showing that for every inmate who was executed, 7 lives were spared because others were deterred from committing murder. Similar results have been produced by disciples of Ehrlich in follow-up studies. Moreover, even if some studies regarding deterrence are inconclusive, that is only because the death penalty is rarely used and takes years before an execution is actually carried out. Punishments which are swift and sure are the best deterrent. The fact that some states or countries which do not use the death penalty have lower murder rates than jurisdictions which do is not evidence of the failure of deterrence. States with high murder rates would have even higher rates if they did not use the death penalty. Ernest van den Haag, a Professor of Jurisprudence at Fordham University who has studied the question of deterrence closely, wrote: "Even though statistical demonstrations are not conclusive, and perhaps cannot be, capital punishment is likely...
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...Abstract This article describes briefly the Hofstede model of six dimensions of national cultures: Power Distance, Uncertainty Avoidance, Individualism/Collectivism, Masculinity/Femininity, Long/ Short Term Orientation, and Indulgence/Restraint. It shows the conceptual and research efforts that preceded it and led up to it, and once it had become a paradigm for comparing cultures, research efforts that followed and built on it. The article stresses that dimensions depend on the level of aggregation; it describes the six entirely different dimensions found in the Hofstede et al. (2010) research into organizational cultures. It warns against confusion with value differences at the individual level. It concludes with a look ahead in what the study of dimensions of national cultures and the position of countries on them may still bring. This article is available in Online Readings in Psychology and Culture: http://scholarworks.gvsu.edu/orpc/vol2/iss1/8 Hofstede: Dimensionalizing Cultures: The Hofstede Model in Context Introduction...
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...The current issue and full text archive of this journal is available at www.emeraldinsight.com/2045-4457.htm SAJGBR 2,1 Profiting from poverty: ethics of microfinance in BOP Linda M. Sama and R. Mitch Casselman Department of Management, Peter J. Tobin College of Business, St. John’s University, New York, New York, USA Abstract Purpose – This paper seeks to examine the ethical dilemmas that emerge when offering microfinance services in BOP markets. Design/methodology/approach – Utilizing the ethical lenses of deontology, teleology, virtue ethics and moral relativism, the paper builds on prior research on ethical issues in BOP markets and the ethics of microfinance to highlight the specific stakeholder impacts facing MFIs. Relevant literature and examples from practice are utilized to illustrate the different ethical perspectives. Findings – In general, many of the key dilemmas represent themselves in the extreme poverty segment of the BOP where commercial business models have the least traction. Research limitations/implications – Propositions are developed for the corrective actions in the paper which might allow future research to uncover differences in intervention success in different BOP markets. Practical implications – The discussion of potential interventions for the various stakeholders may ameliorate criticisms of MFIs, suggest opportunities for cross-sectoral partnerships and improve outreach to the poorest of the poor. Social implications – For each issue...
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...3 Учреждение образования «Брестский государственный университет имени А. С. Пушкина» Кафедра английского языка с методикой преподавания М. В. Гуль EDUCATIONAL SYSTEM. COURTS AND TRIALS СИСТЕМЫ ОБРАЗОВАНИЯ И ПРАВОСУДИЯ ВЕЛИКОБРИТАНИИ И США Практикум по английскому языку Для студентов 4-го курса гуманитарных и педагогических специальностей (специальность 1-21 06 01-01, современные иностранные языки специальность 1-02 03 06, иностранные языки (английский, немецкий)) БрГУ имени А. С. Пушкина Брест 2009 4 УДК 372.016 : 811.111(076) ББК 74.268.1(Англ)р Г94 Рецензенты: Кандидат филологических наук, доцент кафедры иностранных языков технических специальностей БГТУ Д. В. Новик Зав. кафедрой кафедрой иностранных языков второй специальности БрГУ имени А. С. Пушкина, доцент В. М. Иванова Практикум направлен на совершенствование навыков и развитие умений диалогической и монологической речи по темам: система образования, система правосудия Великобритании и США, а также на совершенствование письменной компетенции студентов. Каждый раздел содержит тематический словарь, ряд упражнений на закрепление лексики, достаточное количество текстов по теме, упражнения на повторение. Практикум предназначен для аудиторной и самостоятельной работы студентов 4-го курса, изучающих английский язык как основную специальность. 5 Educational System (the USA and the UK) Topical Vocabulary Nursery school, kindergarten, elementary school, high school (junior, senior), secondary school...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...DNA profiling (also called DNA testing, DNA typing, or genetic fingerprinting) is a technique employed by forensic scientists to assist in the identification of individuals by their respective DNA profiles. DNA profiles are encrypted sets of numbers that reflect a person's DNA makeup, which can also be used as the person's identifier. DNA profiling should not be confused with full genome sequencing.[1] It is used in, for example, parental testing and criminal investigation. Although 99.9% of human DNA sequences are the same in every person, enough of the DNA is different to distinguish one individual from another, unless they are monozygotic twins.[2] DNA profiling uses repetitive ("repeat") sequences that are highly variable,[2] called variable number tandem repeats (VNTR), particularly short tandem repeats (STR)s. VNTRs loci are very similar between closely related humans, but so variable that unrelated individuals are extremely unlikely to have the same VNTRs. The DNA profiling technique was first reported in 1984[3] by Sir Alec Jeffreys at the University of Leicester in England,[4] and is now the basis of several national DNA databases. Dr. Jeffreys's genetic fingerprinting was made commercially available in 1987, when a chemical company, Imperial Chemical Industries (ICI), started a blood-testing centre in England.[5] Contents [hide] 1 DNA profiling process 1.1 RFLP analysis 1.2 PCR analysis 1.3 STR analysis 1.4 AmpFLP ...
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...Justice in the workplace: Why it is important and why a new public policy initiative is needed Provocation Series Volume 2 Number 3 Professor Paul Edwards FBA, Industrial Relations Research Unit, Warwick Business School and Senior Fellow, Advanced Institute of Management Research Justice in the workplace Contents Executive summary 3 Introduction 6 Job quality and limited success in dealing with it 8 The proposals: building workplace justice 13 Workplace justice 19 Limits to legally based solutions 24 Labour market and employer-led changes 27 Constraints and possibilities 31 Concluding remarks 39 References 42 Notes 45 Acknowledgements The help and encouragement of Keith Sisson have been crucial to the production of this paper, which is a completely revised version of the 2005 Annual Employment Relations Lecture, Keele University. I am grateful to colleagues at Keele and to the audience there, and also to David Coats and Paul Marginson, for comments and suggestions. I take sole responsibility for the views expressed. 2 Justice in the workplace Executive summary The goal of improving fairness in the workplace has been central to UK public policy since 1997. For rather longer, companies have spoken of employee empowerment through such things as teamwork. Much has been done in both areas, but major concerns remain. In relation to fairness, employee rights give entitlements, but these rights also need to be meaningful and effective. In the workplace,...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...Research Study Capital-Market Effects of Corporate Disclosures and Disclosure Regulation Christian Leuz Peter Wysocki June 26, 2006 Commissioned by the Task Force to Modernize Securities Legislation in Canada Christian Leuz Christian Leuz is currently the Professor of Accounting at the University of Chicago, Graduate School of Business. He is also the David G. Booth Faculty Fellow. Prior to this position, Professor Leuz was the Harold Stott Term Assistant Professor in Accounting at the Wharton School of the University of Pennsylvania and Fellow at Wharton’s Financial Institution Center. His research interests include transparency and corporate governance, financial disclosure and securities regulation, and the links between the institutions of market economies. Professor Leuz earned his doctoral degree and “Habilitation” at the Goethe University Frankfurt in Germany. His most recent publications have appeared in the Journal of Financial Economics, the Journal of Accounting and Economics and the Journal of Accounting Research. He is an Associate Editor of the Journal of Accounting and Economics and serves currently on the Editorial Board of The Accounting Review, the Journal of Accounting Research, the Journal of Business, Finance and Accounting, and the International Journal of Accounting. He has received several grants and honors, of which the Geewax Terker Prize is the latest. Peter Wysocki Professor Peter Wysocki is an associate professor of management at...
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