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This paper aims to investigate how the passage of the Sarbanes Oxley Act (SOX) impacted the likelihood and timing of the decision of leveraged buyout (LBO) firms to exit via initial public offering (IPO) (reverse-LBO) and the mediating effect of reputed private equity (PE) firms.

The sample comprises firms that went private via LBO between 1990 and 2018. The authors use logistic and ordinary least square regression models to compare the effect of SOX on the re-listing decision and the time taken to re-list.

LBO firms were less likely to exit via public offering after SOX, and the time from LBO to IPO was significantly longer for exiting firms post-SOX. PE firm reputation partially reversed the reluctance to exit via IPO and shortened the time to exit.

The primary focus is RLBOs; the authors do not directly examine other methods of LBO exit. The findings have policy implications for unintended impacts of SOX. Despite the benefits of increasing transparency and protecting investors, SOX reduced the likelihood of going public and increased the time to IPO, potentially reducing product market competition.

RLBOs present a unique experimental setting as the authors can test the impact of SOX on both the likelihood and time to go public, whereas prior literature using first-time IPO samples are able to test only the likelihood. The authors also show that the reputation of the advising PE firm attenuates the reluctance and time taken for RLBOs to re-list. The authors are, thus, able to provide a new perspective on the impact of SOX on the going public decision.

The rapid evacuation of personnel in emergency situations is of great significance to the safety of pedestrians. In order to further improve the evacuation efficiency in emergency situations, this paper proposes a pedestrian evacuation model based on improved cellular automata based on microscopic features.

First, the space is divided into finer grids, so that a single pedestrian occupies multiple grids to show the microscopic behavior between pedestrians. Second, to simulate the velocity of pedestrian movement under different personnel density, a dynamic grid velocity model is designed to establish a linear correspondence relationship with the density of people in the surrounding environment. Finally, the pedestrian dynamic exit selection mechanism is established to simulate the pedestrian dynamic exit selection process.

The proposed method is applied to single-exit space evacuation, multi-exit space evacuation, and space evacuation with obstacles, respectively. Average speed and personnel evacuation decisions are analyzed in specific applications. The method proposed in this paper can provide the optimal evacuation plan for pedestrians in multiple exit and obstacle environments.

In fire and emergency situations, the method proposed in this paper can provide a more effective evacuation strategy for pedestrians. The method proposed in this paper can quickly get pedestrians out of the dangerous area and provide a certain reference value for the stable development of society.

This paper proposes a cellular automata pedestrian evacuation method based on a fine grid velocity model. This method can more realistically simulate the microscopic behavior of pedestrians. The proposed model increases the speed of pedestrian movement, allowing pedestrians to dynamically adjust the speed according to the specific situation.

This study investigates the connection between corporate governance and zombie firm’s exit time.

With a sample of 2,794 French zombie firms, the analysis focuses on four aspects of corporate governance: board size (BS), managerial ownership (MO), director turnover (DT) and ownership concentration, using tobit regression.

Dimensions of corporate governance have an important role in determining zombie firms’ exit time. MO and ownership concentration increase zombie firm exit time, whereas larger BSs and DT reduce it.

To the best of the authors’ knowledge, this study is the first to include corporate governance as a characteristic relevant to zombie firms’ exit time. It provides new insights on why some zombie firms remain in the market longer than expected.

The purpose of this paper is to present the findings of a theoretical calculation for the emergency evacuation of an auditorium facility managed by a university in Saudi Arabia.

The authors reviewed the published literature to identify the sources of fire incidence, guidelines for means of escape in assembly occupancies and human behavior in fire emergencies. The theoretical method of the SFPE handbook to estimate the required evacuation time was subsequently applied to a case study of an auditorium facility managed by a university located in Saudi Arabia. Finally, the authors developed recommendations for the performance-based fire safety evacuation of the auditorium facility under review.

The study showed that a total of 6 minutes 39 seconds is needed to evacuate the whole auditorium. However, reviewed literature for assembly occupancies requires between 4 minutes 30 seconds and 6 minutes 24 seconds for total evacuation. Though, the calculated evacuation time is close to generally acceptable limits. It was noted that overcrowding and bottlenecks may be formed in some of the exit routes.

This paper will stimulate and increase research and industry concern for performance-based design of assembly-type facilities. This will be of significant value to designers, engineers, facilities managers, and owners in ensuring the safety of occupants in assembly-type facilities.

The few studies on the effects of a sponsorship termination do not consider the effects of different exit options on consumers’ attitudes toward the exiting sponsor. To fill this gap, the purpose of this paper is to investigate the effects of the extent of the exit (gradual vs entire) as well as the timing of the announcement (early vs late) on consumers’ attitudes. Moreover, this research considers the mediating role of the perceived abandonment of the sponsored party.

This research uses an experimental study (n=204). Data were collected among supporters of a German second division soccer team.

The results emphasize that the extent of the exit as well as the timing of the announcement influences consumers’ attitudes. They develop negative attitudes toward the withdrawing sponsor, especially when the sponsor exits entirely instead of gradually and announces the decision late instead of early. Furthermore, the results reveal that the perceived abandonment of the sponsored party mediates the effect of the extent of exit on attitudes.

The results help to formulate several exit options for the withdrawing sponsor that will help to minimize the possible negative effects on their brand. Specifically, the author recommends a gradual exit as well as an early announcement of the decision to prevent negative effects on the sponsor brand.

This study expands the research on the effects of a sponsorship termination on consumers’ attitudes toward the sponsor brand. Specifically, it is the first study that considers several aspects regarding the sponsor management of a sponsorship termination as important determinants of consumers’ attitudes.

The purpose of this paper is to examine the occupational specialization in rural labor market by analyzing the nature of part-time farming in rural China and estimating the impact of off-farm experience on the individual’s persistence and exit of part-time farming as well as its heterogeneity.

Using the panel data collected in 100 villages and 2,000 households across five provinces in 2008, 2012 and 2016, this study provides insights on the nature of part-time farming in rural labor market and find the impact and mechanism of off-farm employment experience on exiting part-time farming by adopting event history analysis.

Part-time farming is a stable long-run occupation in rural labor market of China from 2008 to 2015. Off-farm employment experience generally has positive effects on long-term part-time farming and the probability of exiting part-time farming. It significantly promotes female to exit part-time farming.

Based on the two-sector model, this study builds a conceptual framework of off-farm experience and occupational specialization and sets a theoretical basis of hazard model when using event history analysis. This study contributes to identify the impact of off-farm experience on persistence and exiting part-time farming in recent years. The empirical findings support the policy of promoting off-farm employment to improve occupational specialization.

This paper aims to analyse the effect of the investment duration, the overall market condition and the industry to which the investee firm belongs on exit returns realised by venture capital (VC) firms invested in Indian market, using hierarchical regression models.

The study examines the relationship that exist among the variables of interest by analysing all the 210 exits that happened in the Indian VC market over the period 2004–2017 by using analytical tools such as moving averages, hierarchical regressions and pooled ordinary least squares regression.

Exit return has an approximate U-shaped relationship with investment duration, and the turning point in the convex relationship happens around seven to eight years after investment. Returns are weakly related to the market condition, discarding the market timing hypothesis. Relationship patterns are found to be generally unvarying during the time period under study.

The results indicate VC funds in the Indian market tend to exit in a brief time span and gain substantial returns from the immediate exits beyond, which returns start dipping. This points to the illiquidity of the Indian VC market wherein the exits from “lemons” are quite tricky, which make them remain invested for longer durations and eroding the value substantially in the process. VC funds may make rational investment/exit decisions in the Indian market capitalising this knowledge.

This study empirically connects the value creating factors in a VC process to the established theories about the early stage investments and analyse the applicability and relevance of those theories in a market with high growth potential like India.

While forms of non‐standard employment (which include part‐time work and temporary employment) have received active promotion in recent years, possible negative effects emerging from these forms of employment have not been high on the agenda. This paper, accordingly, aims to compare workers with non‐standard contracts and those with standard contracts in relation to transitions out of employment into unemployment, inactivity, household/care activities and education/training. Country differences in outcome are expected due to varying regulations of standard and non‐standard employment and different reasons for resorting to forms of non‐standard employment.

The comparison covers four countries, namely Denmark, Germany, the UK and Spain. The segmentation theory is tested by analysing mobility patterns on the basis of the European Community Household Panel data. Event history analysis methods are used. Maximum likelihood multinomial regression models are calculated on the event history data in order to assess competing exits (unemployment, inactivity, household/care and education) between non‐standard and standard workers.

The risk of temporary workers exiting employment is greatest by far in Spain, but also evident in the other countries: casual employment is even more volatile than fixed‐term employment. Concerning part‐time workers, downward transitions to inactivity and/or household/care are much more frequent than among full‐time workers, and this is true even in Spain and Denmark where part‐time employment is not traditionally used to combine work with family activities. The expectation that there would be no differences in exits to unemployment – insofar as employment protection legislation applies to both full‐time and regular part‐time workers – proves true only for Denmark and Germany.

In contrast to most papers on the segmentation potential of non‐standard employment this paper is comparative. Furthermore, it uses event history methods and places a special focus on potentially employability‐enhancing “sideways transitions” to education/training measures.

It has been witnessed that many incidents of crowd evacuation have resulted in catastrophic results, claiming lives of hundreds of people. Most of these incidents were a result of localized herding that eventually turned into global panic. Many crowd evacuation models have been proposed with different aspects of interests. The purpose of this paper is to attempt to bring together many of these aspects to study evacuation dynamics.

The proposed agent-based model, in a hypothetical physical environment, uses perception maps for routing decisions which are constructed from agents’ personal observations of the surroundings as well as information gathered through distant communication. Communication is governed by a trust model which measures the authenticity of the information being shared. Agents are of two types; emotional and rational. The trust model is combined with a game-theoretic model to resolve conflict of agents’ own type with that of types of agents in the neighborhood.

Evacuation dynamics in different environmental and exit strategies are evaluated on the basis of reduced herding and evacuation time. Using this integrated information sharing model, agents gain an overall view of the environment, sufficient to select the optimal path towards exits with respect to reduced herding and evacuation time.

The proposed model has been formulated and established using an agent-based simulation integrating important modeling aspects. The paper helps in understanding the interplay between technological and humanistic aspects in smart and pervasive environments.

This paper provides an exploratory examination of the growing phenomenon of secondary management buy‐outs and buy‐ins, where an enterprise having initially been bought out by management is later the subject of a second buy‐out or buy‐in. Such transactions provide a further dimension to the exit opportunities available to venture capital investors and also to the maintenance of independent entrepreneurial businesses. The paper uses large scale data to test propositions relating to the expected differences between secondary buy‐outs and buy‐ins and buy‐outs and buy‐ins in general as well as detailed case study evidence from entrepreneurs and venture capitalists to examine the rationale for such transactions. The quantitative data suggest that secondary buy‐outs and buy‐ins are more likely to involve enterprises in traditional industrial sectors and are significantly more likely to occur a longer time after the initial buy‐out than are trade sales or flotations. The case study evidence reveals that secondary buy‐outs and buy‐ins can arise for various reasons but are rarely the first choice exit route for venture capitalists, though they provide a means by which entrepreneurs can maintain the enterprise’s independent private existence.