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This case is taught at the University of Virginia McIntire School of Commerce in the fourth year course, “Corporate Restructuring.” The case is suitable for advanced undergraduates or MBS students that have already completed a course in corporate finance or valuation. The material would fit well in a second Corporate Finance class, particularly if the instructor would like to devote some time to discussing financial distress and restructuring. It could also work well in a business reorganization class at a law school. Danfurn LLC is a U.S. manufacturer and retailer of high-end furniture that is in financial distress following a 2007 LBO and subsequent declines in profitability in the wake of the financial crisis of 2007–08. The nearly 50-year-old company has recently blown through cash flow covenants on its $100 million senior financing facility and is seeking a restructuring of its capital structure that will allow the company to survive. Although Danfurn's lenders are hopeful that a consensual decision can be reached on how to restructure the company without resorting to a bankruptcy filing, filing for bankruptcy or even liquidating the company are very real possibilities. This case is an exercise in negotiating a consensual restructuring of a financially distressed company when stakeholders have varied incentives, legal rights, potential remedies, and interests in how the company will be managed going forward. The case discussion works best if students are divided into groups representing the different stakeholder groups—the senior lender, mezzanine lender, board, private equity owner, and founder interests—and are asked to think about how best to maximize their positions while recognizing the costs of failing to reach a negotiated outcome.

Librarians have lavished years of scholarship on the subject of collection development. The rewarding process of organizing and building a relevant and competitive collection is one of librarianship's more rewarding jobs.

The primary purpose of this bibliography is to provide a compilation of trust‐related articles from the disparate fields in which trust has been explored (from psychology to sociology and information systems to marketing. Years in its compilation and (still incomplete), it provides a listing that is not easily obtained even with the search capability of the internet and electronic library catalogues. Its secondary purpose is to highlight which articles are used most by marketing‐related trust researchers both in general and within the submissions to the special issue.

The bibliography was compiled via search and analysis of databases, reference lists, bibliographies, internet searches, library catalogues, university web pages, researchers' curricula vitae (inter alia) for conference papers, journal articles, and books that use trust as a key concept within the work.

The paper finds that there is a plethora of material on trust, but spread across several thousand sources. No single comprehensive collection exists and the need for such a compilation is of value to researchers.

The paper is an invaluable source of references on trust from across a wide range of academic disciplines.

The main contribution of the paper is the cross‐disciplinary nature of the compilation of reference materials.

The purpose of this study is to examine the relationship between going-concern (GC) opinions issued by the Big 4 audit firms and adverse credit ratings from the two largest credit rating agencies (CRAs) – Standard & Poor’s (S&P) and Moody’s. This question is relevant because there have been suggestions that auditors and CRAs should become more similar to each other, and because the two largest CRAs have different ownership structures that could affect their ratings.

Univariate and multivariate analyses are performed using a sample of firms that filed for bankruptcy between January 1, 2002 and December 31, 2013 that also had an audit opinion signed during the 12 months prior to bankruptcy, along with a credit rating issued by either or both S&P and Moody’s. Both influence each other. The likelihood of an auditor issuing a GC opinion is related to the credit rating issued by both S&P and Moody’s in the month prior to the audit report signing. The results also show differences between the CRAs. S&P reacted in the month after an auditor issued a GC opinion by downgrading its ratings 68% of the time. However, Moody’s did not react as strongly as S&P, downgrading its ratings only 24% of the time.

Both audit reports and credit ratings influence each other. The likelihood of an auditor issuing a GC opinion is related to the credit rating issued by both S&P and Moody’s in the month prior to the audit report signing. The results also show differences between the CRAs. S&P reacted in the month after an auditor issued a GC opinion by downgrading its ratings 68% of the time. However, Moody’s did not react as strongly as S&P, downgrading its ratings only 24% of the time.

Auditors are more likely to issue GC opinions when there is a downgrade to the credit rating, and CRAs are more likely to downgrade their ratings when there is a GC opinion. The study highlights that CRAs with different ownership structures provide different credit rating outcomes.

The purpose of this paper is to review opportunities for future research about auditing in the public sector.

The paper presents the viewpoints of two researchers, supported by research that is cited in the paper.

Public sector auditing research has grown considerably. The authors expect further growth. The authors debunk some myths about public sector auditing. The authors suggest areas where there are opportunities for research. In particular, researchers can examine a broader range of jurisdictions, investigate differences among countries and develop suggestions about what works best.

The paper presents the views of the authors.

There are opportunities for further research across different jurisdictions.

The paper makes a contribution by outlining research opportunities.

Despite the recognition of the importance of leaders for the formation and ongoing success of social and political movements, the study of leadership in terrorist groups remains underdeveloped. The purpose of this paper, therefore, is to stimulate additional research into terrorist leadership in three main ways: by providing a broad overview of the theoretical perspectives that scholars have used to examine terrorist leadership, by critically reviewing the current state of the academic literature on terrorist leadership, and by presenting various ways in which future research on terrorist leadership can be improved.

This paper takes a conceptual and critical approach to reviewing the scholarly literature on terrorist leadership, and draws upon the author’s expertise with the wider multidisciplinary literature on leadership to make methodological and conceptual recommendations to improve related future research.

There is a paucity of empirical and theoretical research devoted to understanding important social and strategic aspects of terrorist leadership, and existing scholarly research is largely conducted in isolation with differing methodological and epistemological starting points. This has hampered efforts to measure, operationalize, and understand key concepts involving leadership in terrorist groups.

This paper provides several methodological and conceptual recommendations by which future research on terrorist leadership can be improved from insights taken from the wider scholarly literature on leadership. By virtue of being published in a criminology journal, this paper helps disseminate and expose key concepts in the study of terrorism to related disciplines.

This paper provides a general overview of the strengths and weaknesses of the study of terrorist leadership to scholars and students interested in the topic. It provides a foundational discussion of how the current literature on terrorist conceives of and utilizes the concept of leadership. It also provides methodological and conceptual recommendations to improve future research on terrorist leadership.

The Sarbanes‐Oxley Act outlawed some of the worst practices of the failed companies, and imposed significant changes in accounting and auditing rules, as well as oversight of public accounting. This article contains a checklist that is intended to provide principal executive, financial and accounting officers with a catalog of and brief commentary on new or amended rules that may require changes in procedures or duties within their respective areas of responsibility. The checklist covers certification requirements, reports on disclosure and financial controls, financial reporting, requirements relating to audit committees, relations with the auditor, and management conduct.

A relatively new chief executive has been impressed by the increased efficiency and profitability of firms, similar to his own, which have reorganized. Prior to the change, these firms suffered from slow growth, high fixed costs, and excessive bureaucracy—ills that still plague the executive's organization. He intends to make similar changes to his own company—quickly, to put his stamp on the organization and show a real gain in profits as soon as possible.

The purpose of this paper is to trace the historical foundation of the efficiency wage theory and examine its conceptual framework against other wage theories, in relation to conventional practices in human resource management.

Following a description of various wage theories, a conceptual analysis maps the evolutionary process of efficiency wage theory.

The concept of efficiency being applied to wages appears to evolve from Smith. The difference between the classical and the institutionalists’ perspectives appears to be the meaning ascribed to efficiency. Clark seemed to be the first one to examine the relationship between labor and productivity. Webb expanded the meaning of efficiency and demonstrated the relationship with productivity. Institutional and behavioral theorists further developed and advocated for efficiency wages. A synthesis of recent empirical studies provides support for the theory, which challenges conventional human resource management wage practices.

The findings solidify the usefulness of efficiency wage theory not only as a motivational management tool but also as a source for social and economic well-being.

The contribution of this historical account is that it synthesizes the root and development of efficiency wages theory. It also highlights the social context of the theory and provides an interface between economic and management perspectives.