THE SHAREHOLDER WEALTH EFFECTS OF MONOPOLIES AND MERGERS COMMISSION DECISIONS

This paper presents an analysis of the policy of the UK's Monopolies and Mergers Commission using stock market data. Stock price reactions to regula-tory intervention by the Monopolies and Mergers Commission might be expected to reflect two sorts of factors. Firstly, the impact of the intervention on the possibility of bidders extracting monopoly profits from consumers. Secondly, the possibility that the subsequent investigation of the bid by the Monopolies and Mergers Commission will raise the cost of a bid, which may not necessarily be in the shareholder's interests, and so cause such bids to be abandoned. Studying a sample of some 53 bids, investigated by the Commission in the period 1976–90, little evidence was found that the Commission halts bids that are likely to result in monopoly profits to the bidder but there was some weak evidence that non-shareholder wealth maximising bids are abandoned as a result of the Monopolies and Mergers Commission intervention.     

A profile of recent doctoral graduates in accounting: Some guidance in what to expect

This article reports results of a survey of recent accounting doctoral graduates (1985 and 1986). The study profiles the graduates by summarizing their academic skills, background, and other personal information. It also summarizes the dollars and time successful graduates invested in earning doctoral degrees. Candidates, on average, completed all requirements within 5 years. Those candidates who spent the majority of their time at the institution where they studied were able to finish sooner. Candidates who chose to leave ABD took more time to finish their dissertations. Graduates of “higher-tier” schools were more likely to be employed by AACSB and doctoral-granting programs and to receive higher salaries.     

Book Reviews

Miyohei Shinohara and Fu-Chen Lo (eds), Global Adjustment and the Future of Asian-Pacific Economy, Kuala Lumpur and Tokyo: Asian and Pacific Development Centre and Institute of Developing Economies, 1989, pp. 585 + xxi, npg.

Frank J. Costa, Ashok K. Dutt, Laurence J.C. Ma and Allen G. Noble, Urbanization in Asia: Spatial Dimensions and Policy Issues, Honolulu: University of Hawaii Press, 1989. US$44.

W. de Jong and F. van Steenbergen, Town and Hinterland in Central Java, Jogyakarta: Gadjah Mada University Press, 1987, pp. 250 + iv. Paper: Rp 7,000.

Bruce Mckern and Praipol Koomsup (eds), The Minerals Industries of Asean and Australia: Problems and Prospects, Sydney: Allen and Unwin, 1987, pp. 378 + xviii. Paper: $29.95.

Bruce Mckern and Praipol Koomsup (eds), Minerals Processing in the Industrialisation of Asean and Australia, Sydney: Allen and Unwin, 1988, pp. 388 + xvii. Paper: $29.95.

Mohamed Ariff and Tan Loong-Hoe (eds), The Uruguay Round: Asean Trade Policy Options, Singapore: Institute of Southeast Asian Studies, 1988, pp. 211 + xvi.

William R. Cline, The Future of World Trade in Textiles and Apparel, Institute for International Economics, Washington, 1987, pp. 325 + xiv. US$20.

Peter Drysdale, International Economic Pluralism: Economic Policy in East Asia and the Pacific, Sydney: Allen and Unwin, 1988, pp. 294. Paper $20; Cloth: $30.

Helen Hughes (ed.), Achieving Industrialization in East Asia, Cambridge: Cambridge University Press, 1988, pp. 377 + xviii. $59.50.

BRIEFLY NOTED: J. C. Conroy, Shelter for the Homeless: Asian-Pacific Needs and Australian Responses, Canberra: Australian Council for Overseas Aid Development Dossier No 22,1987, pp. 141 + vi.     

Book Reviews

Moh Arsyad Anwar (ed.), Prospek dan Permasalahan Ekonomi Indonesia 1985/86 [The Indonesian Economy in 1985/86: Prospects and Problems], Jakarta: Sinar Harapan (for the Fakultas Ekonomi Universitas Indonesia), 1985, pp. 383.

Michael T. Skully (ed.), Financial Institutions and Markets in South-East Asia: A Study of Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand, London: Macmillan, 1984, pp. xviii + 411. $72.00 (cloth).

Philip M. Hauser, Daniel B. Suits and Naohiro Ogawa (eds), Urbanization and Migration in ASEAN Development, Tokyo: National Institute for Research Advancement, 1985. $25.00 (paper).

John P. Lea and John M. Courtney (eds), Cities in Conflict: Studies in the Planning and Management of Asian Cities, Washington D.C.: The World Bank, 1985.

Gavin W. Jones (ed.), Women in the Urban and Industrial Workforce: Southeast and East Asia, Development Studies Centre Monograph No. 33. Canberra: The Australian National University, 1984, pp. xi + 435.

G. Chandler, Market Trade in Rural Java, Monash Papers on Southeast Asia No. 11, Centre of Southeast Asian Studies, Monash University, 1984, pp. xii + 198.

Jan Breman, Control of Land and Labour in Colonial Java, Verhandelingen van het Koninklijk Instituut voor Taal-, Land- en Volkenkunde No. 101, Dordrecht: Foris, 1983, pp. xi = 159. Dfl 40 (paper).     

How UK universities engage with their local communities: a study of employer supported volunteering

• In 2000, the UK Prime Minister pledged that employers should be encouraged to release staff for 1 day a year to undertake volunteering activity. Many and varied programmes are being set up to assist employees to volunteer, whether during work hours or in their own time. This is called employer supported volunteering (ESV). This paper discusses the increasing use of ESV and aims to provide an understanding of the key concepts of this phenomenon. An E‐mail survey was completed of all 122 universities in England, Scotland, Wales and Northern Ireland. University websites linked to volunteering for staff and students were also examined. Responses were received from 65 institutions (a response rate of 53%). This initial research reveals that university commitment to ESV varies across the sector. Many universities support staff volunteering and informally encourage links with the local community through voluntary activity but only seven institutions had developed a formal policy allowing staff time off work to volunteer. From this initial research, three best practice universities have emerged and their activities are discussed. The next stage in this project is to research the areas identified and to explore the extent of volunteering by university staff and staff attitudes to volunteering with a view to provide a full picture of ESV in the UK university sector.

Copyright © 2007 John Wiley & Sons, Ltd.     

Television Commercial Evaluation in the Context of Program Induced Mood: Congruency versus Consistency Effects

Abstract

This study examines the effect of the mood induced by television program content on subjects' evaluations of commercials. Specifically, happy or sad commercials are viewed in the context of a television program designed to induce these respective moods. The competing predictions of Mood Congruence Theory versus the Consistency Effect are examined to interpret the results. For all dependent measures considered, findings were in accordance with a Consistency Effect interpretation of the results. For two such measures (i.e., liking for the commercial and purchase intention) the Consistency Effect was statistically supported. Hence for these measures, it was found that a happy commercial viewed in the context of a happy program was evaluated more favorably than the same commercial viewed after exposure to a sad program. For the sad commercial, the reverse effects for these measures were evident as this commercial performed more favorably in the context of a sad program relative to a happy one. The dominance of a Consistency Effect interpretation of the results over that of Mood Congruence are interpreted in the context of advertising strategy.     

Risky recreation: an exploration of factors influencing the likelihood of participation and the effects of experience

The purpose of this research was to systematically examine factors that may influence participation in risky recreational activities. Because more people participate in risky leisure activities, it is important to acquire a more in-depth understanding of the factors influencing their behaviours. We examine these issues in the context of a survey concerned with participation in the sport of mountain biking. Results revealed that experience influenced risk perceptions, expected affective outcomes, and the attractiveness or appeal of the activity. In addition, expected affective outcomes moderated the influence of experience on appeal. The likelihood of participation in a high-risk consumption activity was determined by affective outcome expectancies, appeal of the activity, risk perceptions, and prior experience. The results also indicated that the activity's appeal moderated the influence of perceived risk on the individual's likelihood of participation.