Long-Term Performance Following Rights Issues and Open Offers in the UK

Abstract:  This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive performance over a 5-year post-issue period, implying that firms making open offers had better growth prospects than firms making rights issues. During 1986-90, a period when open offers were rarely used, firms appeared to be making rights issues to exploit overvaluation. However, this was not evident for rights issues made during 1991-95, a period when open offers were more commonly used.     

构建我国进城务工人员社会保障制度体系的思考

从进城务工人员这个群体的特殊性出发，构建他们的社会保障制度必须要从我国城乡社会保障及其对接角度通盘考虑。通过建立进城务工人员双重社会保障制度，逐步实现城乡社会保障制度的对接。这既关系进城务工人员的权益问题，也关系城乡社会保障衔接问题，更关系着我国社会保障制度一体化目标的实现问题。     

Control of intellectual assets in client relationships: implications for innovation

This empirical study of business‐to‐business service firms examines the determinants and effects of control rights to intellectual assets in a property rights theoretic framework. Regression analyses using survey data suggest that service suppliers that retain control over their intellectual output are more innovative. In long‐term relationships, service firms' clients may thus be better off balancing their need to control outsourced activities with the suppliers' incentives to invest in learning and innovation. Additionally, and aligned with property rights theoretic predictions, service suppliers' bargaining power and their indispensability in service projects are positively associated with their ability to retain control rights. In contrast, innovation capabilities are not very significant in determining control rights allocation between service suppliers and their clients. Copyright © 2008 John Wiley & Sons, Ltd.     

Strategic Behavior and Consolidation in the Agricultural Biotechnology Industry

We develop a model explaining the consolidation patterns in the agricultural biotechnology industry. Among different consolidation and cooperation mechanisms, we consider collaborative and licensing agreements, joint ventures, acquisitions, and exchanges of ownership and spin-offs. The key results derive from the benefits of coordinated actions, distinction between transferable and nontransferable payoffs, the substitutability, complementarity, and the importance of the managers' noncontractible investments, and access and expansion of markets. Results from the model are used to examine the cooperation and consolidation activities for four major players in the agricultural biotechnology industry, DuPont , Dow Chemical , Monsanto , and Novartis .     

Codes of Conduct in Subcontracting Networks: A Labour Law Perspective

In the past ten years, many European companies organised into subcontracting networks have decided to adopt codes of conduct to regulate labour relations and to ensure the respect of fundamental social rights. This paper first determines the context and the issues to be addressed by codes of conduct within networks of companies, and second analyses the terms under which they can be implemented. The paper argues that codes of conduct can complement the standards developed by States, the European Union or the social partners, but that steps should be taken in order to avoid that these texts replace the existing labour law.     

What Can Be Learned from DuPont and the Freon Ban: A Case Study

Between 1974 and 1988, executives of DuPont, the world's largest producer of CFCs, were confronted with emerging evidence that CFCs were destroying the stratospheric ozone layer. The difficulty that executives face in such cases is that scientific knowledge develops over time and does not necessarily proceed in a straight line toward true conclusions. At the beginning of a new field of research, there is much uncertainty and disagreement among the experts. The solution of the ozone problem required a remarkable cooperation among science, business, and international governments. After looking at the role of DuPont executives in this drama, and the difficulties facing any executive dealing with uncertain science, the paper turns to an evaluation of the field of Business Ethics to see what light it might throw on this and analogous problems. Finally, the paper offers specific suggestions in terms of principles in dealing with uncertain science, and concludes that the course of action that DuPont followed, including some mistakes, can serve as a model for analogous crises.     

浅论我国农村环境的法律体系建设

本文分析了我国农村环境法律体系在立法、执法等方面存在的问题,据此提出了健全和完善农村环保法制的一些设想。     

韩国政府为实现环保型企业经营的政策及方案

文章论述了环境问题对人类的重要性及创造环保型的企业环境需要解决的问题,在此基础上,提 出了为实现环保型企业经营韩国政府所应该采用的政策及具体的实施方案。     

青藏铁路施工与环境保护

文章详细介绍了青藏铁路施工对环境保护的影响,指出了强化青藏铁路环境保护工作的意义,提出了青藏铁路环境保护工作的主要内容和应当采取的措施,阐述了将青藏铁路真正建成21世纪的世界屋脊的环保型铁路的实施要点。     

Integration of collective bargaining and formal worker participation processes: Boon or barrier to worker rights?

Many employers are extending workplace rights by allowing for more employee voice in decision making. Numerous unionized organizations have established formal worker participation processes to help achieve this end and to improve organizational performance. Based largely on theory, such processes are normally designed to operate independently from the bargaining process. The purpose of this study was to examine the relationship between participation and bargaining processes, and the effect of this relationship on workplace satisfaction. A total of 712 Midwest union officials were surveyed, and the results indicate that the processes tend to become integrated in the workplace. Further, union officials' workplace satisfaction was greater where formal worker participation is institutionalized within the bargaining process.