Wertsteigerung durch Sell-Offs: Eine Meta-Analyse

This paper reviews the empirical evidence on shareholder wealth effects of corporate sell-offs. Meta-analysis is used to aggregate the considerably heterogeneous findings of 64 event studies (1984–2010) on sell-off announcements. Fourteen hypotheses are tested (1) to examine effects on shareholder wealth of the announcement of sell-offs and (2) to identify factors that influence the wealth effects associated with the announcement of sell-offs. The overall results show that sell-off announcements have a positive impact on shareholder wealth. The shareholder wealth effects are higher, if the divested unit is large in terms of its relative size, if it is loss-making and domestic, if the sale proceeds are paid out to shareholders or bondholders, if the purchase price is disclosed and buyer equity is used for settling the purchase price. The results emphasize the importance for companies to constantly reassess their investment portfolio and execute sell-offs in a value enhancing way.     

Assessing the Effect of Data Collection Mode on Measurement

This paper discusses the challenges in assessing the effects of mixed modes on measurement. We briefly review theories about why different modes of data collection can lead to differences in survey responses and statistical methods typically used to assess mode effects. We then discuss the challenges, including which mode effects are identified, how to test for mode effects, and whether these would affect substantive conclusions. The issues raised are illustrated with examples from the European Social Survey, which is conducting a programme of experimental research to inform decisions about whether to use mixed modes of data collection. The paper concludes with general implications for mixed modes research.     

The outcomes of variable pay systems: tales of multiple costs and unforeseen consequences

Two veins of research predominate in evaluations of variable pay systems. The first seeks to associate superior financial performance with the use of incentive schemes and the second assesses the success of variable pay systems in effecting behavioural and attitudinal change. This paper argues that both of these approaches suffer from limitations and presents a framework for examining a neglected aspect of the implementation of variable pay systems by considering their operational outcomes and impact on organizations. It contemplates why little evaluation of this kind is conducted and presents a detailed qualitative analysis of the findings from six multiple case studies conducted among medium-sized organizations in the engineering sector. The article contributes to the literature in the area by revealing significant unanticipated costs in management time, administration and staff recruitment and training as a result of pay system change through applying the framework developed, identifying the relative effectiveness of the pay systems and illustrating the scope for organizational context to influence pay system outcomes. It concludes by arguing that the scope for error in managing pay systems raises questions about how far pay systems are effective sources of competitive advantage.     

Mythic Geographies of Representation and Identity: Contemporary Postcards of Wales

This article explores how picture postcards contribute to the cultural production, performance and consumption of landscapes, places and identities. Drawing on cultural and critical studies, it scrutinises the postcard as a cultural text and as a site of cultural production. It begins by briefly reviewing the concepts of ethnicity and identity in relation to its case study country of Wales and suggests how its imagined communities and landscapes have a broad mythical structure that can be mapped across a series of discourses. It then outlines the study's approach to postcard analysis and locates the visual in social science research, confronting issues of interpretation, validity, sampling and reflexivity. The article subsequently presents a discourse analysis of a dozen contemporary Welsh-produced postcards from the archives of the National Library of Wales. In particular, it navigates the visual narratives that are privileging particular stories of place, culture and nationhood and analyses what is being invoked to epitomise contemporary Wales and what is being set aside in these postcard representations. It suggests these visual texts reflect an internal re-mapping of Wales that is celebrating the capital city of Cardiff as its metropolitan cultural core and marginalising alternative imagined communities of Wales, redefining them through spectacle and theatricality. Finally, the article concludes by suggesting how further analysis of such visual touristic texts could offer insights into the cultural production and consumption of identities, landscapes, and places.     

Evaluating the dynamic employment effects of training programs in East Germany using conditional difference‐in‐differences

This study analyzes the employment effects of training in East Germany. We propose and apply an extension of the widely used conditional difference‐in‐differences estimator. Focusing on transition rates between nonemployment and employment, we take into account that employment is a state‐ and duration‐dependent process. Our results show that using transition rates is more informative than using unconditional employment rates as commonly done in the literature. Moreover, the results indicate that due to the labor market turbulence during the East German transformation process the focus on labor market dynamics is important. Training as a first participation in a program of Active Labor Market Policies shows zero to positive effects both on re‐employment probabilities and on probabilities of remaining employed with notable variation over the different start dates of the program. Copyright © 2008 John Wiley & Sons, Ltd.     

Exploring dress,identity and performance in contemporary dance music culture

Electronic dance music and its associated cultures have experienced significant growth and diversification in recent decades, evolving from their origins in the warehouse, acid house and rave ‘scenes’. The myriad of interrelated scenes under the umbrella term ‘dance culture’ provides a range of aesthetic and social event experiences, where participants can experiment with and perform multiple identities. This paper explores the significance of dress and identity within dance culture, drawing on an autoethnographic study which included participant observation, field trips, online research, focus groups and interviews. It investigates performance and presentation of identity within these commodified places, in particular how participants negotiate and traverse various credible roles. It suggests that the performance metaphor is useful in conceptualising event spaces and demonstrates the hugely significant role that dress and identity play in the construction and consumption of these events.     

Robots Don't Get Sick or Get Paid Overtime, but Are They a Profitable Option for Milking Cows?

Mason Dixon Farms, a dairy known worldwide for its adoption and innovation of new technologies, is considering the purchase of forty robotic milking units to service its 2,000 cow herd. The purchase requires a $6 million investment plus any additional buildings and equipment necessary. Their alternative is a $1 million carousel milking parlor. This case asks students to assess Mason Dixon's decision by performing a capital budgeting analysis. One of Mason Dixon Farms' explicit objectives is to reduce its use of milking laborers. The results allow students to draw conclusions about the value of reducing labor management under this scenario.