How different is Japanese corporate finance? An investigation of the information content of new security issues

This article studies the shareholder wealth effects associatedwith 875 new security issues in Japan from January 1, 1985,to May 31, 1991. The announcement of convertible debt issueshas a significant positive abnormal return of 1.05 percent.There is an abnormal return of 0.45 percent at the announcementof equity issues that is off-set by an abnormal return of 1.01percent on the issue day. Abnormal returns are negatively relatedto firm size, so that large Japanese firms have abnormal returnsless different from those of U.S. firms than small Japanesefirms. Our evidence is consistent with the view that Japanesemanagers decide to issue shares based on different considerationsthan American managers.     

Where are the airlines headed? Implications of airline industry structure and change for consumers

The airline industry is undergoing unprecedented change. This paper explores the consumer impacts of recent airline industry change, in the context of its oligopoly market structure and current industry environment. Economic and noneconomic events, increasing competition from low‐fare carriers, technological developments, and changes in industry practices are transforming consumer travel and interaction with airlines. Consumers can anticipate more direct flights, increased price transparency, and increased fees and time cost of security.     

When an executive defects

The news that one of the company's senior managers is leaving comes as a complete surprise to Paul Simmonds, CEO of Kinsington Textiles, Inc. Ned Carpenter, KTI's vice president of operations for three years, writes in his resignation letter than he is leaving for a better opportunity. Simmonds soon learns that Carpenter's new job is at Daltex, one of KTI's main rivals in the intensely competitive carpet industry. Hiring Carpenter had helped Simmonds establish his reputation as a topnotch manager. Carpenter came to KTI with lots of ideas and put his enthusiasm to good use. Three years into a five-year change program, Carpenter had turned KTI's operations from one of the worst in the industry to one of the best. He also had helped develop and plan the upcoming launch of a new fiber coating--KTI's first breakthrough in years. In this fictitious case study, Simmonds, along with the company's counsel and vice president of human resources, must figure out how much and what sort of damage control they need. What are they going to tell the company's employees and the media? Should they immediately replace Carpenter with John Brady, the second-in-command of operations? What if Carpenter is taking KTI employees--and strategic information--with him to Daltex? Should Simmonds ask all his managers to sign noncompete agreements-something Carpenter was never asked to do? Should KTI sue Carpenter? Five experts offer advice about communicating with KTI's employees, the media, and Carpenter himself, and about protecting the company's confidential information.     

The performance of performance appraisal systems: understanding the linkage between appraisal structure and appraisal discrimination complaints

Abstract

Employee perceptions of the fairness of performance evaluations are critical to the success of any appraisal system. Research on performance management includes extensive studies on how bias emerges in the appraisal process. Despite this, there is no empirical evidence linking formal discrimination complaint filings – a key measure of bias - and performance appraisals. To close this gap, we conduct an empirical analysis using information on appraisal systems and discrimination complaints from the US federal government. Our findings suggest that agencies with better-designed appraisal systems will experience higher appraisal-related discrimination complaints, contrary to expectations. In particular, an expansion of training and voice opportunities are associated with an increase in appraisal discrimination complaints, while increased differentiation between performers is not consistently associated with complaints. For managers struggling with performance management, it may be better to spend time on improving performance-focused interpersonal communication rather than redesigning appraisal systems.     

瑞替普酶治疗急性心肌梗死患者的临床疗效

目的探讨瑞替普酶治疗急性心肌梗死患者的临床疗效。方法收集2013年1月至2014年2月收治的66例急性心肌梗死患者资料,按患者入院治疗时间顺序分为两组,对照组33例患者予以尿激酶治疗,瑞替普酶组33例患者予以瑞替普酶治疗。比较两组患者溶栓后临床再通率、病死率以及并发出血率。结果瑞替普酶组患者临床再通率明显高于对照组(P<0.05);且该组患者并发出血率、病死率均明显低于对照组(均P<0.05)。结论采用瑞替普酶治疗急性心肌梗死具有较高理想的临床治疗效果,且安全性高。     

The strengths and weaknesses of the picketing law

In 1972, three national strikes received a wide coverage on television, radio and in the press. They were the miners' dispute, followed by the docks' industry dispute, and finally the national building industry strike. While much attention was directed to the respective claims which were lodged, a further aspect arising out of those strikes provoked a great deal of controversy. This related to the unlawful behaviour of a number of pickets who had taken up their stances outside various industrial establishments. It appears that at some locations, clashes had taken place between police and pickets, resulting in the arrest and charging of a substantial number of workmen. Figures show that at least 263 pickets were arrested in England and Wales during the course of the miners' strike.