Great expectations: Banks as equity underwriters

We examine the in-roads commercial banks have made into equity underwriting over 1990–2002. While banks end the period handling upwards of 25% of equity underwriting, this increase results almost exclusively from acquisitions of investment banks with an already established market share of equity underwriting. We find a significant decline in the market share of equity underwriting that banks acquired in the post-merger period, a decline that is larger than that experienced by independent investment banks of comparable reputation. Banks lose market share because they originate fewer IPOs and their IPOs have a lower incidence of follow-on SEOs compared to independent investment banks. Following the merger, banks experience a large fall off in their ability to retain follow-on SEOs and are less successful in winning SEO mandates when an issuer switches from its IPO underwriter. Overall, the findings suggest it has been difficult for banks to achieve scope economies in equity underwriting.     

Employees’ Perceptions of Management: a Case for Leadership Training

This article tests for a relationship between employees' perceptions of inequity and their ratings of individual leader behaviours. The analytical framework is based on the inducements/contributions model of employment exchange, the concept of psychological contract and equity theory. Results support that leaders' behaviour in this organisation was more of a factor than pay issues or requirements to work long hours. Implications for leadership training are discussed, including strategies to elicit and support the identified leadership behaviours     

Travel insurance: the attributes,consequences, and values of using travel insurance as a risk-reduction strategy

Risk seems all too often to be a travel companion. The purchase of travel insurance is one way to mitigate this, yet only a small body of research has examined consumer decision-making in this context. Using the Repertory Test and Laddering Analysis, this research examines the attributes of travel insurance, the consequences of its purchase and the terminal values that this satisfies. It presents a Hierarchical Value Map which tracks the customer journey. The study contributes to academic knowledge by identifying that not all attributes of travel insurance are brand-controlled and not all values are about reducing risk.     

Bildungsföderalismus in Deutschland

Wirtschaftsdienst - The German education system is under enormous pressure to change. In order to prepare the schools for the future and to enable large investment programmes, the federal...     

Power and responsibility: Advertising self-regulation and consumer protection in a digital world

While advertising self-regulation is generally considered effective in a closed, largely country-based system, the digital world in which we now live is an open and global system. This raises challenges for consumer protection from national regulators trying to enforce compliance from global media platforms, advertisers, and consumers. Applying the power-responsibility equilibrium, this study explores who has the power and who has the responsibility for advertising self-regulation in a digital world. In doing so, it takes an ethnographic approach, eliciting insights from 18 key stakeholders in the self-regulatory process, across the three geographical areas of Europe, United States, and Asia-Pacific. The findings highlight the need for more collaboration and alignment of self-regulatory systems and build a framework for action through embedding responsibility, aligning standards, initiating processes, and improving outcomes. Six recommendations are offered to restore the balance of power and responsibility.     

Occupational segregation in Spain: Differential treatment of immigrants

Spain today faces simultaneously one of the world's largest immigrant populations and one of the highest unemployment rates. This difficult dilemma makes it a test case for how rich countries should deal with a surplus immigrant population. Do Spanish markets and policies make it more difficult to absorb immigrants? What policies could help? What are the consequences if the challenge is not faced successfully? This article focuses on the occupational segregation between Spanish and foreign workers. It explores whether observed characteristics (gender, age, and education) aggravate segregation, and suggests policies to promote inclusion of immigrants in developed countries. © 2012 Wiley Periodicals, Inc.