Underwriter Compensation Structure: Can It Really Bond Underwriters?

Underwriter compensation can be structured as all cash or a combination of cash and warrants. Using a sample of small initial public offerings (IPOs), we find that underwriter compensation contracts that include warrants in exchange for cash can serve as certification for IPO firms by substituting for reputation capital. When underwriters accept warrants when they could have received more cash compensation, the IPOs avoid the well documented long‐run underperformance. However, when underwriters receive warrants after maximizing cash compensation, the IPO experiences higher underpricing and poorer long‐run performance. The findings are consistent with a motivation by the underwriters to circumvent regulatory constraints.     

Technology,change, and uncertainty: maintaining career confidence in the early 21st century

Over the coming decades, technology and automation are expected to dramatically transform how work will be undertaken. While many of these developments will improve productivity and provide new opportunities, some jobs will likely disappear. In this article, we report data from in‐depth interviews undertaken with 51 young Australians about their strategies for managing the possibility of technological disruption in the workplace. In the face of future uncertainties, we found that the majority of our participants remained confident in their ability to maintain for themselves a ‘good’ career story. We posit, however, that those who could neither avoid nor reduce the possibility that technological advancements might jeopardise their career plans demonstrated an outlook of career malleability whereby they accepted the risk yet remained subjectively confident in their own capacity to rewrite their career narrative if, or when, circumstances demanded.     

A comparison of the ratio of variances in distance-based and classical multivariate analysis

In multivariate analysis, the measure of variance accounted for plays a central role. In this paper, we show that an alternative approach, distance-based multivariate analysis, also yields solutions that can be summarized by a ratio of variances. For classical multivariate analysis, this ratio is equal to the variance accounted for (VAF) and in distance-based multivariate analysis it equals distance accounted for (DAF). We show that DAF in distance-based multivariate analysis can always be made higher than VAF in classical multivariate analysis. This property is illustrated for principal components analysis, multiple correspondence analysis, multiple regression, and analysis of variance.     

Are some sectors more “youth friendly” than others? Employment regimes,sectors, and gender disparities in the Great Recession

Despite national differences in youth employment, many countries share striking similarities in the uneven sectoral distribution of job opportunities for young women and men in Europe. A shift‐share analysis of European Labour Force data identifies “youth‐friendly” sectors, how this varies between countries, and how this changed during the Great Recession. This reveals how youth job opportunities were lost because the sector shrank or because employers were less likely to offer full‐time, permanent contracts. New jobs for youth were more likely to be in part‐time and temporary employment. Youth vulnerability to unemployment is contingent not only on employers' engagement with institutions shaping school‐to‐work transitions but also on gender segregation and to the fact that some sectors have been particularly fragile during the economic crisis. Future research needs to link institutional effects with employers' business strategies to understand how these shape job opportunities for young women and men.     

Sources of the Persistent Gender Wage Gap along the Unconditional Earnings Distribution: Findings from Kenya

Past studies on gender wage inequality in Africa typically attribute the gender pay gap either to gender differences in characteristics or in the return to characteristics. The authors suggest, however, that this understanding of the two sources may be far too general and possibly overlook the underlying covariates that drive the gender wage gap. Moreover, past studies focus on the gender wage gap exclusively at the conditional mean. The authors go further to evaluate the partial contribution of each wage-determining covariate to the magnitude of the gender pay gap along the unconditional earnings distribution. The authors' data are from Kenya, and their empirical technique mirrors re-centered influence function regressions. The authors' results are novel and suggest that while gender differences in characteristics and the return to characteristics widen the gender pay gap at the lower end of the wage distributions, gender differences in characteristics widen the gender wage gap at the upper end of the wage distributions. Importantly, the authors find that the underlying covariates driving gender differences in characteristics and the return to characteristics are the industry, occupation, higher education and region covariates. In the middle of the distributions, however, the authors find that gender differences in the return to characteristics, fueled by education and experience covariates, exert the strongest influence on the magnitude of the gender pay gap.     

Collaborative Requirements Elicitation: A Process-Centred Approach

Requirements Elicitation is one of the first and most critical processes in system engineering. In this paper we will focus on the collaborative aspects of requirement elicitation, in the context of system development. To do so, we adopted the separation of concerns method. Using this method we separate engineering aspects from collaboration aspects in order to study both aspects and finally integrate them. For the collaborative aspect of requirements elicitation we looked at Collaboration Engineering. Collaboration Engineering is an approach to design and deploy processes for recurring collaborative tasks that can be transferred to practitioners to execute for themselves without intervention of professional facilitators. From an engineering perspective we will use the requirements engineering processes described by system engineering standard EIA-632 as a starting point. To integrate these we will use methods and techniques from Collaboration Engineering to specify the collaborative processes involved in this requirements elicitation approach. An object model was build using Unified Modelling Language. This model shows different concepts underlying our approach. Finally two case studies are presented to evaluate this approach.     

Technological competence and the influence of networks: a comparative analysis of new biotechnology firms in france and britain

The objective of this paper is to examine the role of external networks not only as a resource but also as a constraint for the evolution ofthe technological competence of twenty new biotechnology firms (NBFs) in France and Britain. The analysis is bared on extensive interviews conducted with the Chief Executive Officers (CEOs) of twenty NBFs, ten in France and ten in Britain. The paper identifies the network structures ofthe tweng NBFs and the impact of netmorks on the evolution of their technologial competence. The paper also attempts to identify the differences between NBFs in France and Britain in terms of the framework developed. It clearly illustrates that the capacity of NBFs to construct appropriate external linkages with other firms andfinanckrs is crucial to their success.     

No Pain, No Gain: Rethinking the Telecoms Crash

This paper reflects upon the boom and bust of the telecommunications industry from the late 1990s to the early 2000s. Unlike the conspicuous burst of the dotcom bubble, the telecoms crash came quietly, but turned out to be bigger and more catastrophic. This paper argues that bounded rationality, decision making under uncertainty and the focus on short-term individual interest all played a significant role in the telecoms crash. However, this painful crash also had its positive effects. Executives, specialists, regulators and government policy makers should pay more attention to the fundamentals and balance the need for both short-term and long-term interests in approaching the coming challenges in the fast-changing telecoms industry.