Institutional Investment in Listed Private Equity

This paper examines institutional investors’ propensity to invest in a relatively unknown asset class of listed private equity. Based on data provided by LPEQ, Preqin and Scorpio Partnership covering 171 institutional investors in Europe in 2008–2010, we find allocations are primarily a function of size, type, location, decision‐making authority and liquidity preferences. Investment in listed private equity is more commonly made by institutions that are smaller, private (not public) pension institutions, institutions that have a preference for liquidity, quick access, and administrative and cash flow management simplicity, and institutions that are based in the UK, Switzerland, Sweden and the Netherlands. As well, institutions are less likely to invest in listed private equity when investment decision‐making is empowered to an alternative asset class team.     

Auctions with options to re-auction

A seller has one unit to sell using an English auction mechanism similar to internet auction markets, such as eBay. Bidders appear according to a random arrival process. The seller chooses a reserve price and duration for each auction. If the reserve is not met, the seller passes in the object and conducts another auction with a new, randomly chosen, set of bidders. We distinguish reserves that embody an institutional commitment not to sell below that price, from those that do not. In each case, we find the optimal reserve price and the optimal auction duration. Without price commitment, the equilibrium reserve is too low for allocative efficiency, whereas the optimal reserve with commitment is shown to be too high when the distribution of bidder valuations exhibits an increasing hazard rate. It might even be socially preferable to allow reserve price commitments. With respect to duration, a version of the Diamond paradox afflicts sellers who cannot commit to price; auctions facilitate valuable duration commitments that increase buyer competition and raise expected revenue. With commitment, price posting (equivalent to a zero-length auction) is the dominant selling mechanism.     

Young and homeless: an evaluation of a resettlement service on Merseyside

The concept of resettlement of homeless people has become an important idea among homelessness practitioners. The principles of resettlement involve assisting homeless people to live independently providing appropriate levels of support in order to do this. For young homeless people this type of support is considered particularly important to be able to overcome social exclusion. This paper examines the perceptions and experiences surrounding resettlement of young homeless people, hostel support workers and resettlement staff in a hostel for young people in Merseyside. The paper suggests that while resettlement represents a positive step towards overcoming homelessness, certain working practices are needed to ensure the best outcomes. These include team working between hostel and resettlement staff and offering easy access to services for young people. The paper also suggests that improvements to certain housing and social security legislation may improve the pathway through homelessness as experienced by certain young people.     

The valuation discount of multi-segment firms in Australia

This paper refines the Berger and Ofek (1995) methodology to estimate the valuation discount of multi-segment firms in Australia between 1988 and 1998. Evidence is found that based on earnings before tax, the sample of multi-segment firms traded at a 29 per cent greater discount than a comparable portfolio of single segment firms over the sample period. To explain the results further analysis shows that the valuation discount was driven by poorly performing multi-segment firms rather than multi-segment firms per se. This raises questions about studies that conclude that diversification is value destroying.     

Do Investors Learn? Evidence from a Gold Market Anomaly

This study finds evidence that supports the investor learning hypothesis using data from the gold market. Consistent with conventional wisdom, the prior returns on an equally-weighted portfolio of gold-producing stocks are found to predict gold returns. However, the predictive power is shown to have diminished since the first public discussion of the anomaly, a finding consistent with the investor learning hypothesis.     

The World Trade Organization Special Safeguard Mechanism: A Case Study of Wheat

A special safeguard mechanism is an attractive policy tool for low-income importing countries because it is automatic and does not require an injury test. Exporters might accept a safeguard for low-income countries if it results in larger tariff cuts than in its absence. The effects of a special safeguard mechanism on market stability and welfare are evaluated using wheat as a case study. The results show that a safeguard mechanism is not very trade distorting. Almost 80% of the increase in world welfare is still realized when low-income countries are granted a safeguard mechanism.     

Understanding branded flash mobs: The nature of the concept,stakeholder motivations,and avenues for future research

In an effort to increase interaction and brand exposure, marketers have recently begun using flash mobs as a marketing device. This exploratory paper combines a conceptual discussion of flash mobs in a marketing context with a number of studies to understand how marketers are currently using flash mobs and, more importantly, if flash mobs are an effective tool of communication and persuasion? This paper categorizes flash mobs as a subsection of guerilla marketing, and provides a historical and cultural analysis of the phenomenon. The first study, a content analysis of branded flash mobs on YouTube, shows that branded flash mobs are primarily used to promote entertainment, retail and travel organizations, that the majority of branded flash mobs are dance performances, and that they normally take place in a plaza or inside a mall. Through several in-depth interviews (studies 2a, 2b, and 2c), the paper then presents an examination of the intervolved behavior and motivations of branded flash mobs stakeholders: the producers, the audience, and the participants. Implications for the marketing manager are noted and areas of future research are offered.     

The Dual-Agency Problem of Labor Union Pension Fund Shareholder Activism

Employee Responsibilities and Rights Journal - Through their pension funds, labor unions have grown increasingly active as shareholders over the last 2 decades. As shareholders, research suggests...