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Objective – This chapter examines the performance of the market to discover efficient equilibrium under alternative auction designs.

Background – Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common-pool resource management programs. These auctions create thick markets that can provide important information about changes in current market conditions.

Methodology – This chapter uses experimental methods to examine the extent to which the predicted increase in the Walrasian price due to a shift in willingness to pay (perhaps due to a shift in costs of pollution abatement) is reflected in observed sales prices under alternative auction formats.

Results – Price tracking is comparably good for uniform-price sealed-bid auctions and for multi-round clock auctions, with or without end-of-round information about excess demand. More price inertia is observed for “pay as bid” (discriminatory) auctions, especially for a continuous discriminatory format in which bids could be changed at will, in part because “sniping” in the final moments blocked the full effect of the demand shock.

Conclusion – Uniform-price auctions (clock and sealed-bid uniform-price, and continuous uniform-price) generate changes in purchase prices that are reasonably close to predicted changes. There is some evidence of tacit collusion causing prices to be too low relative to predictions in most cases. The worst price tracking was observed for discriminatory auctions.

Application – Uniform-price auctions appear to perform at least as well as other auction designs with respect to discovery of efficient market prices when there are unexpected and unannounced changes in willingness to pay for permits.

There are few veterinary libraries or information centres in sub‐Saharan Africa, on average one to two per country. This scarcity makes cooperation all the more vital. For successful cooperation, effective communication structures are a prerequisite. These structures are not only necessary for library staff but for the faculty members they serve as well, in their communication with colleagues in related research fields or veterinary extension projects. (1) The steps taken by the Veterinary Science Library of the University of Pretoria to promote electronic communication in particular, in order to render a more effective information service to its clients and others beyond South Africa's borders are described namely: — the use of the Internet listserv VETLIB‐L; — the use of the non‐university networks SANGONET and HealthLink mainly for community outreach projects; — making the University of Pretoria Academic Information Service's own network, ROMINFO, available to non‐university persons via dial‐in facilities; — the creation of a unique electronic forum facility by the Faculty of Veterinary Science and the Library in conjunction with the CSIR's NIBS, called VETAFRICA, mainly for practising veterinarians needing information. (2) Veterinary lecturer involvement in teaching and research is increasingly dependent on Veterinary Computer‐Mediated Communications (VC‐MC), in Africa and globally. A sampling of some of the dynamically expanding information sources globally available to online veterinary teams and animal health workers, as well as a starter list of contact details of currently available online veterinary faculties, libraries and institutions in Southern Africa, is provided.

We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in aggregate investment can reduce the informational value of investment, depressing firms' recovery values. Therefore, policies boosting investment can decrease debt and firm values by reducing the informational value of investment. The presence of debt overhang may enhance firm value by making firms' investment decisions more informative. We present suggestive empirical evidence consistent with model predictions on the relation between firms' investments and recovery rates.

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for the subsequent two years or, after a significant decrease, do not raise dividends for the following two years. Our empirical findings indicate that companies that increase dividends experience a significant decrease in both book and market leverage, even after controlling for variables such as target leverage ratios. This result suggests that a large increase in dividends can effectively reduce information asymmetry, leading to a lower cost of equity. On the contrary, after a decrease in dividends, both book leverage and market leverage significantly increase, revealing a symmetric relationship between dividend policy and capital structure. In conclusion, large dividend increases in Korean companies not only reduce information asymmetry but also lower the cost of equity capital, resulting in observable changes in the leverage ratio.

This paper investigates the prospects and difficulties of multi-professional teamwork in human services from a professional identity perspective. The purpose of this paper is to explore the mutual interplay between professional identity formation and team activities.

This is a process study of two cases of multi-professional teamwork in family care. Data were collected through in-depth interviews with team members and managers. The analysis follows a stepwise approach alternating between the individual and team levels.

In showing the mutual interplay between teamwork processes and individual identity formation, the study contributes knowledge on professional identity formation of mature professionals; in particular showing how unique individual identification processes have different consequences for multi-professional team activities. Further, alternative shapes of interplay between individual identity formation and team-level processes are identified.

Despite the fact that the sample is small and that collaboration intensity was relatively low, the paper succeeds in conceptualising the links between professional identity formation and multi-professional teamwork.

In managing multi-professional teams, team composition and the team’s early developments seem determining for whether the team will reach its collaborative intentions.

This paper is original in its exploration of the ongoing interplay between individual identity formation and multi-professional team endeavours. Further, the paper contributes knowledge on mature professionals’ identity formation, particularly concerning individual variation within and between professional groups.

A Conference Report from the 5th International Conference of Animal Health Information Specialists held for the first time on the African continent. To inform library colleagues about this specialty area of librarianship, the literature, concerns and work of animal science and veterinary librarians. The international scope of this meeting reinforced the importance.

Description of conference content and introduction of speakers and participants.

Information needs of animal health information specialists around the world appear to be the same but the digital divide is very significant with practitioners in Africa with issues concerning bandwidth, connectivity, local economies and other access related concerns continue to experience an information delivery gap.

Suggests the technological and access concerns of this special librarian population.

Awareness and networking for this relatively small group of librarians.

Learning about this group which meets irregularly is of great value.

In this chapter, the editors provide a reflective anecdote describing the professional and personal journey which led to the production of the current volume. The chapter presents the aim and scope of the text, chapter descriptions, and the overall goal of the text which includes facilitating conversations around how historically Black colleges or universities (HBCUs) might best support underserved populations of students and faculty.