Convergence or divergence: human resource practices and policies for competitive advantage worldwide

A the overall level of union membership has fallen in a number of advanced industrialized economies from the 1980s, researchers have become increasingly interested in the potential role of management actions in bringing about such reductions in union organization. Management opposition to union organization may take a number of different forms, with union de–recognition being the individual manifestation most frequently discussed and examined in Britain at the present time. The present paper, however, examines another possible manifestation of management opposition to union organization, namely the practice of multi–establishment organizations operating individual establishments on both a union and a non–union basis. This examination involves the analysis of two sets of survey data which contain evidence on the related phenomena of recognition by extension arrangements and non–uniform recognition arrangements. The basic picture which emerges is that recognition by extension arrangements has historically been of some considerable importance in Britain, although their future strength and influence may well decline as the extent of non–uniform recognition arrangements is now quite considerable and quite likely to increase over time.     

College Football and Student Quality: An Advertising Effect or Culture and Tradition?

Intercollegiate sports are said to generate positive advertising that produces many benefits to the host school. Donations, applications, and the academic quality of the student body are some of the mission outcomes thought to rise with the fortunes of the football team. The present study tests these claims for three measures of the academic quality of the entering classes on a 12-year panel of the 233 colleges and universities competing at the highest levels of football. Results show clear positive effects attributable to the football program, though those effects are more the result of the football culture and tradition at the school than the on-field performance of the team. Any sports advertising effects of the football program are minimal when compared to the effects of nonathletic institutional characteristics on the quality of students enrolling at the school.     

Household decision-making for everyday travel: a case study of walking and cycling in Lancaster (UK)

Increased walking and cycling for short journeys in urban areas has many obvious advantages yet so far gains from the promotion of more sustainable travel of this type are mostly small. This paper reports on a large research project which uses a mixed method approach to explore attitudes to and perceptions of walking and cycling, and which examines the process of household decision-making for everyday travel and the constraints that this imposes. Using survey, interview and ethnographic data it is argued that many people hold ambiguous and sometimes contradictory views of walking and cycling as effective means of everyday travel, that what they do rarely matches precisely what they believe, and that the complexity and contingency associated with everyday travel for many households is a major barrier to the use of more sustainable travel modes. It is suggested that better understanding of these processes could help to inform both future transport policy and the promotion of walking and cycling for short trips in urban areas.     

Alcohol consumption and alcohol advertising bans

The purpose of this paper is to empirically examine the relationship between alcohol advertising bans and alcohol consumption. Most prior studies have found no effect of advertising on total alcohol consumption. A simple economic model is provided which explains these prior results. The data set used in this study is a pooled time series of data from 20 countries over 26 years. The empirical model is a simultaneous equations system which treats both alcohol consumption and alcohol advertising bans as endogenous. The primary conclusions of this study are that alcohol advertising bans decrease alcohol consumption and that alcohol consumption has a positive effect on the legislation of advertising bans. The results indicate that an increase of one ban could reduce alcohol consumption by 5% to 8%. The alcohol price elasticity is estimated at about 0.2. The results suggest that recent exogenous decreases in alcohol consumption will decrease the probability of enactment of new bans and undermine the continuance of existing bans. Canada, Denmark, New Zealand and Finland have recently rescinded alcohol advertising bans. Alcohol consumption in these countries may increase or decrease at a slower rate than would have occurred had advertising bans remained in place.     

Information uncertainty and auditor reputation

This paper explores the relationship between information uncertainty and auditor reputation revealed by the failure of Arthur Andersen (AA). AA’s reputation deteriorated considerably when it announced on January 10, 2002, that it had shredded documents related to its audit of Enron. AA’s demise was sealed on March 14, 2002, with its indictment for obstruction of justice. We find that on these dates the clients of AA and other Big Five auditors that are characterized by higher information uncertainty experience relatively larger share price declines compared to clients with lower information uncertainty. The findings suggest that the market relies more heavily on auditor reputation for higher information uncertainty firms, which implies that the value of an audit is greater when a firm is harder to value. Our results highlight the importance of information uncertainty in financial markets: where there is a shock to auditor reputation, firms with greater information uncertainty suffer the largest losses.     

Shareholder litigation in mergers and acquisitions

Using hand-collected data, we examine the targeting of shareholder class action lawsuits in merger and acquisition (M&A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M&A offers subject to shareholder lawsuits are completed at a significantly lower rate than offers not subject to litigation, after controlling for selection bias, different judicial standards, major offer characteristics, M&A financial and legal advisor reputations as well as industry and year fixed effects. M&A offers subject to shareholder lawsuits have significantly higher takeover premia in completed deals, after controlling for the same factors. Economically, the expected rise in takeover premia more than offsets the fall in the probability of deal completion, resulting in a positive expected gain to target shareholders. However, in general, target stock price reactions to bid announcements do not appear to fully anticipate the positive expected gain from potential litigation. We find that during a merger wave characterized by friendly single-bidder offers, shareholder litigation substitutes for the presence of a rival bidder by policing low-ball bids and forcing offer price improvement by the bidder.     

METHODS,TRENDS AND CONTROVERSIES IN CONTEMPORARY BENEFIT TRANSFER

Abstract Benefit transfer uses research results from pre‐existing primary research to predict welfare estimates for other sites of policy significance for which primary valuation estimates are unavailable. Despite the sizable literature and the ubiquity of benefit transfer in policy analysis, the method remains subject to controversy. There is also a divergence between transfer practices recommended by the scholarly literature and those commonly applied within policy analysis. The size, complexity and relative disorganization of the literature may represent an obstacle to the use of updated methods by practitioners. Recognizing the importance of benefit transfer for policymaking and the breadth of associated scholarly work, this paper reviews and synthesizes the benefit transfer literature. It highlights methods, trends and controversies in contemporary research, identifies issues and challenges facing benefit transfer practitioners and summarizes research contributions. Several areas of future research on benefit transfers naturally emerge.