Antitakeover provisions in corporate spin-offs

We analyze the relation between antitakeover provisions (ATPs) and the performance of spin-off firms. We find that firms protected by more ATPs before spin-offs have higher abnormal announcement returns and greater improvements in post-spin-off operating performance than firms with fewer ATPs. Further, firms that reduce the number of ATPs after spin-offs have greater improvements in operating performance than firms that do not reduce the number of ATPs. Finally, CEOs of pre-spin-off firms tend to retain more ATPs in parent firms and assign fewer ATPs to the spun-off units if they remain as the CEOs of the parents but not the spun-off units. Overall, our results indicate a positive relation between ATPs and the value gains to spin-offs.     

Retaining the visitor,enhancing the experience: identifying attributes of choice in repeat museum visitation

• How people make choices in relation to cultural and leisure consumption has been explored from the viewpoint of motivation, lifestyle segmentation, and lifecycle. Little is known about the specific characteristics associated with choices to visit, re‐visit, or not to visit a museum. Understanding characteristics of choice, developing incentives, bundled packages, and levels of pricing is an essential element in marketing strategies for museums operating in a competitive leisure marketplace. However, determining what really matters to cultural consumers is complex and methodologies to assist in unraveling such complexities are not easily identified. This study aimed to address ways in which people respond to specific incentives as influences in choosing museum visitation. The study was conducted in two major museums in Australia to determine how useful choice modeling is in identifying features that matter to cultural consumers. The results suggest that choice modeling has much to offer in relation to understanding the benefits people are seeking from a museum experience as well as offering strategic insight into potential collaborative ventures and re‐combinations of existing museum products and services.

Copyright © 2008 John Wiley & Sons, Ltd.     

The Power Underpinnings,and Some Distributional Consequences,of Trade and Investment Liberalisation in Canada

Criticism of trade and investment liberalisation (TAIL) in North America has drawn attention to weak economic performance, wage-profit redistribution, social dumping and fiscal pressure on government programmes as evidence that the TAIL regime has failed to deliver on some of its key promises. This criticism has been unable, however, to establish satisfactory conceptual and empirical connections between the dramatic distributional changes witnessed in the TAIL era and the institutional reorganisation of power that the TAIL regime entrenched. This article will undertake a quantitative assessment of the Canadian political economy to see who the main beneficiaries of the TAIL era have been, contrasting returns to labour and to capital in the pre-TAIL and TAIL eras. Employing tools from the capital as power framework, two pictures are painted: the first picture examines broad changes in the distribution of income and the second examines differential business performance. The evidence from this inquiry suggests that although the official purpose of TAIL was to enhance the prosperity of all Canadians, this trade deal actually represented – both in its intentions and consequences – a political-economic transformation written by dominant capital for dominant capital.     

The link between intraday signals and call warrant mispricing

This study proposes a linkage between intraday variables (signal amounts and signal duration) and the mispricing of Taiwan call warrant prices, based on the lower boundary condition of Merton [1973. Theory of rational option pricing. Bell Journal of Economics and Management Science, 4(1), 141–183] as modified by Galai [1978. Empirical tests of boundary conditions for CBOE options. Journal of Financial Economics, 9(2), 321–346]. Trading mispriced call warrants associated with a riskless hedging strategy over the period January 2004–December 2005 on average produces abnormal profits after taking into account transaction costs, as indicative of an inefficient market.     

Why Companies Hire Lobbyists

A sample of those responsible in big businesses for hiring lobbyists was interviewed. ‘Propensity to hire’ depends on internal needs for services offered: on needs for access to decision-makers; for representation; and for policy advice and administrative support. Demand for services is not constant: even within one company, it is contingent on externalities. ‘Propensity to hire’ seems not to relate to corporate size. It depends on several factors: experience and capacity of corporate staff; supply side ativities by hired lobbyists (aka commercial lobbyists); the company's strategic position in the economy; expectations in their economic sector, and the challenges faced.     

Analyzing the Effectiveness of Multisource Feedback as a Leadership Development Tool for College Students

Undergraduate students (n = 144) completed the Socially Responsible Leadership Scale (SRLS), which measures leadership capacity within the framework of the Social Change Model (SCM) of Leadership Development. Observers (n = 374) who knew the students from a variety of contexts completed observer‐report versions of the SRLS. The research was designed to measure differences in rating of capacity between student leaders and those who know and observe their behaviors. Mean observer scores were higher than self‐reported scores for most capacities, with moderate to large effect sizes. Significant differences between self and observer interscale correlations and a high degree of subscale intercorrelations within observer‐reports led to conducting an exploratory factor analysis of observer responses. A universal one‐factor structure emerged that was different from the SCM model, suggesting observers make little distinction among separate leadership capacities in those they observe. Implications for leadership development and education programs are discussed including the benefit of rater training prior to the use of multisource feedback instruments, how the context in which students interact with observers affects feedback, and the need for further examination of other methods of determining effectiveness in conjunction with multisource feedback instruments.     

Rural in-migration and agricultural development: Evidence from Zambia

While a considerable body of literature has developed in recent years around the drivers and consequences of rural out-migration in sub-Saharan Africa, relatively little work has been done to understand the impacts of migration into rural areas. We use nationally representative household survey data from Zambia to explore the relationship between rural in-migration and agricultural productivity outcomes in receiving communities. We document high levels of rural in-migration throughout Zambia—12% of rural household heads having moved from elsewhere within the previous 10 years—with two-thirds of rural in-migrants originating from other rural areas. Migrants are, on average, better endowed with capital resources than their nonmigrant neighbors and are more engaged with input and output markets. After controlling for other factors, we find that higher rates of rural in-migration are associated with greater agricultural productivity outcomes in receiving communities. These positive associations are particularly pronounced in more remote rural areas, and where in-migration originates from other rural areas. Taken together, our results suggest that rural in-migrants play an important role in the rural transformation processes underway in Zambia.     

Coastal blue space and wellbeing research: looking beyond western tides

ABSTRACT

In this paper we focus on coastal blue spaces and the ways in which they have been advocated as beneficial for health and wellbeing in the context of leisure practices. We offer a reassessment of some of the claims made in this growing body of literature, highlighting the diverse cultural practices at the coast across different geographical contexts, particularly for those communities that have experienced exclusion due to ethnicity, culture, and income. We then discuss conceptions of coastal blue space and wellbeing within the context of Aotearoa New Zealand, a bi-cultural nation in which indigenous knowledges connected to both wellbeing and leisure in the outdoor world are impacting dominant (white, colonial) discourses, policies and practices. We illustrate that a Māori world view embraces different practices and assumptions about what water means and how relationships with water are made including through leisure practices. Aotearoa New Zealand provides a revealing cultural context for re-assessing and indeed challenging Eurocentric assumptions about blue spaces as sites of wellbeing. More widely we suggest that it is timely to anchor blue space and wellbeing research to different ‘worlds’; that looking in to reach out and expanding research agendas is a useful and important enterprise.     

VENTURE CAPITAL AND IPO LOCKUP EXPIRATION: AN EMPIRICAL ANALYSIS

Most initial public offerings (IPOs) feature “lockup” agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior in the period surrounding lockup expiration for a sample of 2,529 firms from 1988 to 1997. We find that lockup expirations are, on average, associated with significant and negative abnormal returns, but the losses are concentrated in firms with venture capital backing. For the venture‐capital‐backed group, the largest losses occur for high‐tech firms and firms with the greatest post‐IPO stock price increases, the largest relative trading volume in the period surrounding expiration, and the highest quality underwriters. JEL classification: G14, G24