TAKEOVER DEFENCES BY AUSTRALIAN COMPANIES

This paper examines the takeover defences used by Australian companies during contested takeover bids for the period 1970 to 1979 inclusive.     

Effects of diversification of career orientations on management systems in Japan

Until a few years ago, when compared to employees in countries of the Western World, Japanese employees entering an organization tended to have similar values and to stay in that organization rather than switching from one organization to another. That fact, however, has been changing. This article discusses the effects of this diversification of career orientations in young Japanese people. The main focus is on the effects of diversification on employment choice, the individual's decision-making as to which kind of employer to work for, and on the differing perceptions of management systems. © 1993 by John Wiley & Sons, Inc.     

Beyond Fordism? strategic choice and labour relations in Ford UK

New industrial competition has led major automobile manufacturers to re-analyse their approaches to business strategy and industrial relations. This article examines attempts at Ford Motor Co. to adopt its traditional approach to work organisation to its changing business environment.     

Leveraged Acquisitions and the Market for Corporate Control

What is the function of the market for corporate control? Mike Wright and two colleagues outline the advantages of an active market in corporate control and review the consequences of leveraged buyouts.     

Asset bubbles,labour market frictions and R&D‐based growth

Employing an overlapping generations model of R&D‐based growth with labour market frictions, this paper examines how employment changes induced by labour market frictions influence asset bubbles and long‐run economic growth. Asset bubbles can (cannot) exist when the employment rate is high (low), which leads to higher (lower) economic growth through labour market efficiency. We also explore the steady state and transitional dynamics of bubbles, economic growth and employment. Furthermore, we show that policy or parameter changes with a negative influence on the labour market can lead to a bubble burst.     

Do Buyer Incentives Work for Houses during a Real Estate Downturn?

The impact of incentives on marketing duration is examined for residential real estate using data from the Multiple Listing Service during a real estate downturn. The focus is on incentives offered directly by sellers to potential homebuyers. The evidence suggests that incentives are not capitalized into the selling price during the softened market conditions. Alternatively, incentives are found to have a significant reduction in marketing time, however this is found to be true only for closing costs and not for other incentive classifications. The benefit of reduced expected market time from offering incentives is quickly diminished when the seller initially overprices the listing by a large amount.