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Policymakers worldwide have proposed a new contract – the ‘social impact bond’ (SIB) – which they claim can allay the underperformance afflicting not-for-profits, by tying the private returns of (social) investors to the success of social programs. We investigate experimentally how SIBs perform in a first-best world, where investors are rational and able to obtain hard information on not-for-profits’ performance. Using a principal-agent multitasking framework, we compare SIBs to inputs-based contracts (IBs) and performance-based contracts (PBs). IBs are based on a piece-rate mechanism, PBs on a non-binding bonus mechanism, and SIBs on a mechanism that, due to the presence of an investor, offers full enforceability. Although SIBs can perfectly enforce good behaviour, they also require the principal (i.e., government) to relinquish control over the agent’s (i.e., not-for-profit’s) payoff to a self-regarding investor, which prevents the principal and agent from being reciprocal. In spite of these drawbacks, in our experiment SIBs outperformed IBs and PBs. We therefore conclude that, at least in our laboratory test-bed, SIBs can allay the underperformance of not-for-profits.

This paper aims to approach the issue of premium offers in Italy by discussing the case study of Fabbri, a firm operating since 1905 in the business of liqueurs, syrups and semi-manufactured products for ice cream.

The research takes into analysis three marketing schemes, all related to direct premium promotions, adopted by Fabbri at various times during the twentieth century. The evolution of the company’s marketing strategy is outlined drawing on several types of sources: archive documents, posters and labels and audiovisual material. It is analysed in the socio-economic and legal context of twentieth century Italy, and in comparison with premium offers in the USA and Europe.

The study argues that direct premium may represent a long-lasting and efficient marketing strategy when a firm is able to adapt it to a context that changes over time. Fabbri not only used premium offers to launch its products but also to consolidate its brand image.

By showing that innovative promotions are not necessarily connected to large firms, Fabbri’s case suggests that further research should be carried out to outline marketing policies carried out by small to medium enterprises.

Much has been written on premium offers in the USA and in Europe, but very little on such types of promotions in Italy, especially with reference to direct premiums. This study fills this gap and documents that a small family-owned firm was able to carry out innovative marketing policies as far as in the 1920s.

Repetitive and restrictive behaviors are one of the core components of diagnosing a child with an autism spectrum disorder. These behaviors may take the form of repetitive motor movements or vocalizations, often referred to as stereotypical behaviors. These behaviors can impede the child’s educational and social opportunities, and have thus become a target for intervention. A variety of interventions have been used to reduce stereotypical behaviors with varied success. One of the most oft-used interventions is deep pressure therapy (e.g., weighted vests), a practice that enjoys substantial anecdotal but little empirical support. Conversely, interventions based on functional behavior assessment (FBA) have been shown to reduce these behaviors, but may not be used frequently within schools. Therefore, this chapter will provide a brief overview of stereotypical behaviors and compare these two intervention approaches, with a clear preference for FBA-based interventions due to their stronger empirical support.

This chapter examines books written by foreign authors which were published in Brazil and censored by the military regime between 1964 and 1985. The study focuses on non-fiction books, using official period documentation, with the goal of conducting an extensive survey of these works as well as examining the reasons why they were censored by the regime. The results of the research lead us to a greater understanding of the reasoning of censorship from within the State and to a greater understanding of the Brazilian military dictatorship as a whole.

This case study refers to the details of Bauli, one of the best‐known Italian companies in the confectionery industry's history. In particular, the analysis shows that, in this case, first of all, quality then specialisation and innovation for change have led the organisation to market leadership. The case is structured in three parts. The first sketches out market data about Bauli and direct competitors in different products. The second gives some information about the famous Pandoro cake to underline the typicalness of this traditional recipe. The third introduces Bauli, giving trade information, describing vicissitudes of the firm from its very beginnings, and discussing different key factors of success. Concludes that the tale of this company is similar to many others that have now grown up and out from their local trade areas, and have increased their market share to achieve leadership in their sectors.

The Italian legislature GAVE to the Italian Competition Authority has an increasingly prominent role for the consumer protection over the years, especially giving the possibility to impose fines against companies. The purpose of this paper is to focus on the Italian system of consumer protection, studying the impact of these fines on the Italian agrifood companies till 2012.

Grounded theory approach was used in order to formulate new hypothesis from emerging data. Information and data were collected through several sources: interviews with key informants of ICA, secondary data from ICA database, a survey run among companies that received a penalty from ICA during the period 2007-2012, companies website, LexisNexis database and National print and web media titles.

From the analysis it emerges that there is an accurate system planned for avoiding and limiting misleading practices. Firms in fact have been capable to adapt to the set of imposed rules and to reduce the efficacy of the proposed dissuasive system.

The originality of this study regards the way in which the consumer protection was investigated, in fact it takes into account the relationships between ICA and IAP, two of the most important players of consumer protection in Italy. Moreover, the study is focussed on the agrifood sector. The authors give some recommendations for future interventions focussing on the length of time of the process, which could have a positive impact on the effectiveness of sanctions.

During December 2012, Jorge Paulo Lemann, a co-founder and partner at 3G, proposed to Warren Buffett that 3G and Berkshire Hathaway acquire H. J. Heinz Company. Lemann and Buffett, who had known each other for years, jointly decided that the Heinz turnaround had been successful and that there was significant potential for continued global growth. 3G informed Heinz CEO William Johnson that it and Berkshire Hathaway were interested in jointly acquiring his company. Johnson then presented the investors' offer of $70.00 per share of outstanding common stock to the Heinz board.

After much discussion, the Heinz board and its advisors informed 3G that without better financial terms they would not continue to discuss the possibility of an acquisition. Two days later, 3G and Berkshire Hathaway returned with a revised proposal of $72.50 per share, for a total transaction value of $28 billion (including Heinz's outstanding debt).

Following a forty-day “go-shop” period, Heinz, 3G, and Berkshire Hathaway agreed to sign the deal. But was this, in fact, a fair deal? And what might be the future consequences for shareholders, management, employees, and citizens of Pittsburgh, the location of the company's headquarters? Last, what was the role of activist investors in bringing Heinz to this deal stage?

After reading and analyzing the case, students will be able to:

• Understand the influence of investment bankers on M&A transactions

• Consider synergies that drive M&A

• Consider the role of activist investors in corporate strategic decision-making

• Understand the impact of M&A on key corporate stakeholders

• Apply core valuation techniques to support M&A valuation

Understand the influence of investment bankers on M&A transactions

Consider synergies that drive M&A

Consider the role of activist investors in corporate strategic decision-making

Understand the impact of M&A on key corporate stakeholders

Apply core valuation techniques to support M&A valuation