Teasing Ethical Decision Making Dilemmas: A Case Study of Land Rights Issues

The purpose of this paper is to highlightthe complexities in making decisions in an ethical wayevidenced by the current dispute over native landrights in contemporary Australia. The caseillustrates an example of a moral issue that involvesmaking a management choice. One approach which givespractice in four questions that the managementpractitioner can ask when faced with a moral dilemmais described. The case involves an on-going situationin which the Australian Government was faced withsupporting the land claims of either indigenousgroups or land holding pastoralists. TheGovernment, therefore, was on the horns of a classicdilemma, having to decide between two groups eachseeking `justice' and `fairness'.The paper refers to contemporary authorities such asRawls, De George, Paine and Badaracco (Jnr). In thecontext of ethical decision making, the main eventsleading to the present dilemma are presented. Thecase study includes a summary outlining the AustralianGovernment's Ten Point Plan response to thedilemma and a summary of the perceived problems forbusiness development where native title is recognised. These can be used to provide students in businessethics classes with an opportunity to recognise anddebate the rights, wrongs and complexities of moralissues as well as appropriate managerial decisionmaking.     

Price Theory and the Study of Deception in the Exchange Process

The general equilibrium approach in orthodox economics largely abstracted from the passing of time. In a timeless world, strategy and deception are difficult to define. The mainstream analysis of the second half of the twentieth century was mostly about establishing the limits within which price ratios might profitably vary in a world where people keep promises and are honest. Curiously, another group of milestones (some of which date back to the 1920s and 1930s) exist that, when taken together, may spark a renewed interest in the economics of fraud and deception.     

Factors that influence physicians' recommendation of hospice care: An exploratory study

Palliative care and an array of attending services for terminally ill patients are available through over 2,465 hospices in the United States today. Although the actual number of terminally ill patients receiving hospice care has increased over the past decade, there is a growing concern of underutilization. Research has reported that despite meeting eligibility requirements only twenty-five percent of terminally ill patients have been served by hospice. Further, with a median stay of thirty days, the patients as well as their attending families may not be able to receive the full benefits of hospice care. In an effort to address these issues of underutilization, this exploratory study examines the relationship between physicians' referral behaviors and their awareness and perceived importance of selected hospice services, and agreement with hospice philosophy. Physician demographics and practice characteristics that are related to referral patterns are also identified.     

Investment and Arbitrage Opportunities with Short Sales Constraints

In this paper we consider a family of investment projects defined by their deterministic cash flows. We assume stationarity—that is, projects available today are the same as those available in the past. In this framework, we prove that the absence of arbitrage opportunities is equivalent to the existence of a discount rate such that the net present value of all projects is nonpositive if the projects cannot be sold short and is equal to zero otherwise. Our result allows for an infinite number of projects and for continuous as well as discrete cash flows, generalizing similar results established by Cantor and Lippman (1983, 1995) and Adler and Gale (1997) in a discrete time framework and for a finite number of projects.     

Patrick W. Maclagan,Management & Morality

Teaching Business Ethics -     

National corporate governance institutions and post‐acquisition target reorganization

We examine the characteristics of national systems of corporate governance to theorize about the nature of the shareholders' and employees' interests when it comes to reorganization, under the assumption that the firm is coalitional in nature. We argue that corporate governance institutions prevalent in both the host and the target country of the merging firms enable or constrain the ability of the acquirer to reorganize the target. Using a cross‐national dataset of corporate acquisitions and post‐acquisition reorganization, we found support for our predictions that stronger legal protection of shareholder rights in the acquirer country compared to the target country increases the acquirer's ability to restructure the target's assets and leverage the target's resources, while the protection of employee rights in the target country restricts the acquirer's ability to restructure the target's assets and redeploy resources to and from the target. Copyright © 2009 John Wiley & Sons, Ltd.     

Does Fiscal Stimulus Cause Too Much Debt?

This study distinguishes between temporary fiscal stimulus to combat a recession and two other debt-raising policies: financial bailouts and spending on Medicare, Medicaid, and Social Security. Two striking conclusions emerge from our simulations of the impact of a temporary fiscal stimulus on the economy. First, the fiscal stimulus effectively mitigates the recession. Second, debt as a percentage of GDP is only slightly greater with the fiscal stimulus than it would be without the stimulus.