A Study of Community Events Held by Not‐for‐Profit Organizations in Australia

This research questions the role and purpose of community‐based events hosted by not‐for‐profit organizations (NFPs), particularly charities. Followed by a review of the relevant literature, open‐ended interviews were conducted with managers of several Australian charities. The findings identify the key themes of strategic tension, stakeholder engagement, competitive pressures, event structure, event analysis, and review which are likely to be of importance to managers of NFPs who are involved in community events.     

Item analysis of university-wide multiple choice objective examinations: the experience of a Nigerian private university

Teachers and Students worldwide often dance to the tune of tests and examinations. Assessments are powerful tools for catalyzing the achievement of educational goals, especially if done rightly. One of the tools for ‘doing it rightly’ is item analysis. The core objectives for this study, therefore, were: ascertaining the item difficulty and distractive indices of the university wide courses. A range of 112–1956 undergraduate students participated in this study. With the use of secondary data, the ex-post facto design was adopted for this project. In virtually all cases, majority of the items (ranging between 65% and 97% of the 70 items fielded in each course) did not meet psychometric standard in terms of difficulty and distractive indices and consequently needed to be moderated or deleted. Considering the importance of these courses, the need to apply item analyses when developing these tests was emphasized.     

Why do firms appoint CEOs as outside directors?

Companies actively seek to appoint outside CEOs to their boards. Consistent with our matching theory of outside CEO board appointments, we show that such appointments have a certification benefit for the appointing firm. CEOs are more likely to join boards of large established firms that are geographically close, pursue similar financial and investment policies, and have comparable governance to their own firms. The first outside CEO director appointment has a higher stock-price reaction than the appointment of another outside director. Except for a decrease in operating performance following the appointment of an interlocked director, CEO directors do not affect the appointing firm's operating performance, decision-making, and CEO compensation.     

Investor Myopia and CEO Turnover

We find that Chief Executive Officer (CEO) turnover is significantly higher and considerably less sensitive to performance in firms with short investor horizons. Decisions to dismiss a CEO lead to worse operating performance, which is even poorer when investors have short horizons. Furthermore, new managers respond to investor short‐termism by increasing industry‐adjusted capital expenditures while maintaining R&D and patenting activity. In addition, in firms with short‐horizon investors, total risk increases around forced CEO turnovers, largely because of an increase in idiosyncratic risk. The evidence is consistent with short‐term investors distorting corporate policies of firms through their influence on top management turnover.     

The effect of temporal closures and individual quotas on fishing trip duration: a hazard function analysis

In this article, we assess the effect that two different fishery management regimes have on the duration of the fishing trip. A basic theoretical model predicts that trip duration should increase with temporal closures and decrease with an individual quota system. Therefore, we propose and apply an empirical trip duration model. Estimations are based on data for the pelagic fleet in central-southern Chile. Conforming to the theoretical predictions, the results indicate that temporal closures tend to increase trip duration, whereas individual quotas reduce it. Moreover, the regulatory regimes also affect the magnitude of the impact that other determinants have on trip duration. The results are consistent with increased efficiency in fleet operation under an individual quota system.     

The Designation and Removal of Trustee Stock Status: Wealth Effects

This study investigates the impact of trustee stock status announcements on shareholders' wealth in Singapore. An event study methodology is used to ascertain the abnormal returns around the announcement day. The results show that there is a positive and permanent wealth effect on trustee stocks resulting from designation announcements. Conversely, when trustee stocks lose their status, the significant negative abnormal returns suggest that shareholders' wealth is adversely affected. This reaction, however, appears to be a temporary phenomenon and is not simply a mirror image of designation announcements. The differences in the underlying regulatory structures partially explain the findings.     

Managerial risk-taking behavior and equity-based compensation

Equity-based compensation affects managers’ risk-taking behavior, which in turn has an impact on shareholder wealth. In response to an exogenous increase in takeover protection in Delaware during the mid-1990s, managers lower firm risk by 6%. This risk reduction is concentrated among firms with low managerial equity-based incentives, in particular firms with low chief executive officer portfolio sensitivity to stock return volatility. Furthermore, the risk reduction is value-destroying. Finally, firms respond to the increased protection accorded by the regime shift by providing managers with greater incentives for risk-taking.     

Intermittent exporting: unusual business or business as usual?

Review of World Economics - We construct an empirically supported definition of incidental and perennial exporting and investigate to what extent incidental exporting is a steady-state of firms, to...