The Effect of Board Independence on Target Shareholder Wealth

We seek insights into whether, and if so how, an independent board enhances the bid premiums offered to target firm shareholders during a takeover. The results indicate that the presence of an independent board enhances the initial bid premium by, on average, 21.1%. However, the results of more refined analysis suggest that the enhanced bid premium is in fact driven by independent boards comprising non-executive directors who have reputation capital at stake. We also find that independent boards that resist takeovers or include voluntary independent expert reports in target statements, increase the bid premium revision by, on average, 15.6% and 16.2%, respectively.     

Perestroika and parallelism: advanced information technology and the soviet union

This paper begins by examining the history of Soviet computer hardware and software development, in part seeking the roots of the persistent Soviet lag behind the West. Then some impressions of the current situation are given, based around visits to a leading Soviet research establishment, the Institute for Space Research. At that Institute and others. parallel architectures are being used to gain reasonable computing power from what is by contemporary Western standards mediocre hardware. Impressive expertise, particularly in software development, is to be found, but it is still operating under constraints, such as difficult access to Western technology and technologists. In the last section of the paper it is argued that it is now in the interests of both East and West to ease that access. Improving and diffusing Soviet information technology is a key goal of the process of perestroika (restructuring). Cooperation with, rather than hostility to, Soviet efforts in information technology now makes sense for the West, especially Europe, because of the possibilities for mutually beneficial trade and also because we should wish perestroika to succeed.     

The prevalence and co-occurrence of psychiatric conditions among entrepreneurs and their families

Small Business Economics - Psychiatric conditions and sub-threshold psychiatric temperaments may influence entrepreneurs’ affect, cognition, energy, motivation, circadian rhythms, activity...     

Adventure recreation and subjective well-being: a conceptual framework

ABSTRACT

Despite the documented positive outcomes of adventure experiences, subjective well-being (SWB) frameworks have been largely absent from discourse and analyses in adventure studies. This conceptual paper proposes a framework for understanding how adventure recreation experiences promote eudaemonic SWB. In our framework, we propose that adventure recreation fosters eudaemonic aspects of SWB by supporting the satisfaction of basic psychological needs for autonomy, competence, relatedness and beneficence. The framework also integrates ‘contact with nature’ as an important mechanism through which adventure recreation fosters eudaemonic SWB. Analysis of research and practice across diverse aspects of adventure recreation (leisure, tourism, and education contexts) is used to support the proposed framework and to critically evaluate how psychological models, such as self-determination theory (SDT) and SWB, can advance theory and practice in adventure recreation. We conclude by offering a number of suggestions for future research directions and practical implications.     

An empirical test of the Brennan-Schwartz bond pricing model in the Australian context

This paper presents an empirical test of some aspects of the Brennan and Schwartz arbitrage bond pricing model. Specifically it evaluates the assumed discrete version of the joint interest process for the short and long rates by estimating it for a series of sample periods under varying market conditions. The implications of the specified form of these two interest rates within the context of hypotheses of interest rate behaviour are also examined. The bond valuation model is tested for bond price index data. The model is found to have a consistent estimation error of 10% and predominantly overestimated the actual price index. The performance of the model is not found to be sensitive to the value of the utility dependent parameter.We thank seminar participants at the University of New South Wales, the Australian National University, and participants at the Inaugural International Conference on Asian-Pacific Financial Markets, November 16–18, 1989, the National University of Singapore for many helpful comments and suggestions. We are responsible for any remaining errors.     

The Choice of Criteria in Ethical Investment

How do ethical investment funds choose their ethical criteria? How intelligent is this process from an ethical point of view? This paper reports on his field work carried out as part of the Bath University ‘Morals and Money’ Project. After completing this research, Dr. Craig Mackenzie left academia to become ethics development officer at Friends Provident. He can be contacted at 15 Old Bailey, London, EC4M 7AP; c.mackenzie@stewardship.co.uk     

The Response of Hotels to Increasing Food Costs due to Food Shortages

During 2008–2009 the hotel industry in Hong Kong had to respond to a steady price increase in general food items and in basic food commodities. As most hotels in Hong Kong predict their food cost budgets a year in advance, these sudden and unexpected increases in food commodities came at a time when there was a downturn in the global economy in the wake of the financial crisis and a worldwide influenza A (H1N1) epidemic. There have been articles published in hospitality and tourism journals that have discussed the issue of food cost and control in hotels resulting from poor storage and purchasing, portion control, and preparation and production methods. However, none of the previous studies has examined the sudden and rapid increases in the cost of foods and the impact that this has had on the hotel industry. The measures adopted by Hong Kong hotels of different tiers to control or reduce expected food costs are analyzed in this study. This study employed a cross-sectional exploratory design, encompassing in-depth personal interviews with food and beverage managers and executive chefs in high-, mid- and low-tier hotels in Hong Kong. Empirical findings revealed that mid- and low-tier hotels found the increases in commodity prices challenging and thus employed innovative methods to combat rising food costs. High-tier hotels were more concerned about satisfying customers' needs by maintaining high-quality food products and services. The findings indicate that hotels and restaurants at all points of the market adopted functional strategies to increase their efficiency and profitability. Based on the operating experience of existing hotels, this study demonstrates that enhancing the quality of suppliers' commodities, good staff communication and training practices, and innovative ideas can improve a hotel's financial situation.