Can investors time their exposure to private equity?

Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time.     

Value priorities of HRD scholars and practitioners

This study represents an initial effort to identify and measure a set of values that reflect the goals that human resource development (HRD) scholars and practitioners believe HRD should strive to achieve. Six values reflecting two value facets (locus of HRD influence and HRD outcomes) and a seventh value that relates to a perceived normative component inherent of HRD activity were identified and measured. Results indicated the value scales measured individual value priorities of HRD scholars and practitioners, and that the structure of these value priorities varied as a function of individual differences. Suggestions for future research are offered.     

Tourism destination preferences of low-cost airline users in the East Midlands

Increasing demand for air travel, associated with the boom in low-cost airlines, has assisted tourism growth. Expanding opportunities from regional airports underpin an increased propensity to fly. This paper examines European tourism destination preferences and price sensitivity to fly by population segment from an air travel household survey in the East Midlands region of the United Kingdom. Of the eight typical low-cost airline destinations presented to respondents cultural locations such as Rome are preferred. Weekend break leisure trips are particularly attractive to those in employment. Price sensitivity, suggests that increasing financial pressures will have an impact upon growth, however demand for an annual holiday is important, particularly for families.     

Softlifting: Exploring Determinants of Attitude

Softlifting, or the illegal duplication of copyrighted software by individuals for personal use, is a serious and costly problem for software developers and distributors. Understanding the factors that determine attitude toward softlifting is important in order to ascertain what motivates individuals to engage in the behavior. We examine a number of factors, including personal moral obligation (PMO), perceived usefulness, and awareness of the laws and regulations governing software acquisition and use, along with facets of personal self-identity that may play a role in the development of attitudes and therefore intentions regarding this behavior. These factors are examined across multiple settings expected to be pertinent to our survey respondents: home, work and school. Personal moral obligation and perceived usefulness are significant predictors of attitude across all settings. Past behavior is a significant predictor of intention across all settings, and a significant predictor of attitude in the home setting. We find evidence that awareness of the law causes a less favorable evaluation of softlifting in the school setting only, but has little effect in the home and work settings. As in previous studies, attitude is a significant predictor of intent. We do not find indications that one’s personal self-identity influences one’s attitude towards the behavior and the intention to perform it, except in the case of legal identity, where marginally significant effects are found in the work environment. Dr. Tim Goles is an assistant Professor in the Information Systems Department of the University of Texas-San Antonio. He has numerous publications, most of which pertain to information systems. Dr. Bandula Jayatilaka is an Assistant Professor in the School of Mangement in Binghamton University-SUNY. Most of his publications pertain to information systems. Dr. Beena George is an Assistant Professor at the Cameron School of Business, University of St. Thomas, Houston, Most of her pblications pertain to information systems. Dr. Linda Parsons is an Assistant Professor in the Accounting Department at George Mason University. Most of her publications pertain to accounting information systems and nonprofit organizations. Dr. David S. Taylor is an Assitant Professor at Sam Houston State University. Most of his publications pertain to information systems. Rebecca Brune has a strong accounting background; her work is predominantly in the information systems field.     

Networks,Place and Identities in Post‐industrial Mining Communities

This article engages with the theme of the symposium by examining the role and meaning of networks in the context of a former coal‐mining region in the UK. Mining communities have historically been noted by sociologists and historians for their strong social ties and extended families as well as for forming the bedrock of discussion of class and place. In the wake of the closure programme of the 1980s and early 1990s, such identities have been fundamentally challenged. The notion of networks is explored in four distinct but ultimately interrelated senses: occupational/work networks; networks around place; networks of class relations; and, finally, networks as relationships of family, kin and generation. Material presented here is based on research that investigated four former coalfield communities in the UK after closure, focusing on a former pit village in the North East of England. It begins with a discussion of community and the coalfield within sociological and historical literatures. It then proceeds to discuss the changing nature of community and social networks post‐coal by focusing on the experience of two separate cohorts of former workers. It concludes by arguing for a historical understanding of the patterning of networks. Cet article s’inscrit dans le th? me du symposium en étudiant le rôle et la signification des réseaux dans le cadre d’une ancienne région miniàre anglaise. De tous temps, sociologues et historiens ont distingué les communautés miniàres, celles‐ci présentant de solides liens sociaux et des familles étendues, tout en étant à la base des débats de classes et de lieux. À la suite du plan de fermeture des années 1980 et du début des années 1990, ces identités ont été profondément remises en cause. La notion de réseaux est examinée dans quatre sens distincts, quoique liés en définitive: réseaux professionnels, réseaux autour du lieu, réseaux liés à la classe, et réseaux de relations de famille, parenté et génération. Les éléments présentés sont issues de recherches sur quatre communautés d’un ancien bassin charbonnier anglais apràs la fermeture des mines, et plus particuliàrement sur un village du nord‐est de l’Angleterre. Apràs avoir abordé la communauté et le bassin charbonnier au travers de documents sociologiques et historiques, l’article s’intéresse à la nature évolutive des réseaux de la communauté et des réseaux sociaux apràs l’àre du charbon, en s’attachant à l’expérience de deux groupes distincts d’anciens ouvriers. Il conclut en défendant une appréhension historique de la modélisation des réseaux.     

Capital expenditures,financial constraints,and the use of options

This paper analyzes why gold mining firms use options instead of linear strategies to hedge their gold price risk. Consistent with financial constraints based theories, the largest and least financially constrained firms are the most likely to hedge with insurance strategies (put options), while more constrained firms finance the purchase of puts by selling calls (collars). The most financially constrained firms use strategies that involve selling calls. Firms with large investment programs are also more likely to use insurance rather than linear strategies. Firms’ hedging instrument choices are also correlated with current market conditions, suggesting that managers’ market views partially drive hedging instrument choices.     

Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors

We examine the costs and benefits of the global integrationof initial public offering (IPO) markets associated with thediffusion of U.S. underwriting methods in the 1990s. Bookbuildingis becoming increasingly popular outside the United States andtypically costs twice as much as a fixed-price offer. However,on its own, bookbuilding only leads to lower underpricing whenconducted by U.S. banks and/or targeted at U.S. investors. Formost issuers, the gains associated with lower underpricing outweighedthe additional costs associated with hiring U.S. banks or marketingin the United States. This suggests a quality/price trade-offcontrasting with the findings of Chen and Ritter, particularlysince non-U.S. issuers raising US$20 million–US$80 millionalso typically pay a 7% spread when U.S. banks and investorsare involved.