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We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain higher short- and long-term returns. We analyze a sample of 1,538 friendly acquisitions partitioned in two separate dimensions: acquisitions of public versus private firms, and acquisitions of a firm’s assets versus acquisitions of a firm’s assets and its management. Using a sample of (nondiversifying) real estate transactions with a public REIT as the acquirer, we find that acquisitions of public firms have insignificant short-term abnormal returns. Acquisitions of private targets have positive and significant short-term abnormal returns. The acquirer’s abnormal returns are higher in both cases when the transactions involve acquisition of the target firm’s management. We find parallel results when analyzing the acquirer’s Q over the merger year and the three following years. Our conclusions are robust to the type of financing (cash, stock, or a combination) used in the acquisition.

From the 1960s onwards, students and members of the academic community on growing numbers of college and university campuses in the United States chose to confront the issue of apartheid by advocating divestment from corporations or financial institutions with any sort of presence in or relationship with South Africa. Student divestment advocates faced serious opposition from university administrators as well as opponents of institutional divestiture both at home and abroad. Despite these challenges, the academic community in the United States was one of the first arenas where anti-apartheid activism coalesced. This chapter examines the campaigns of students and educators who participated in the debate over divestment – to engage with the South African government and apartheid through dialogue and communication or to disengage completely from the country through withdrawal of financial investments. The anti-apartheid efforts of the academic community at Michigan State University, one of the first large research universities in the United States to confront the issue of apartheid and divestment at the university level and beyond, serves as a window to view academic activism against apartheid. The Southern Africa Liberation Committee (SALC), a consortium of students, faculty, and community members dedicated to aiding the liberation struggle of Southern Africa, led the efforts at Michigan State and collaborated with allies across Michigan and the United States. SALC focused most of its efforts on South Africa, though the organization also confronted the issue of South Africa's controversial occupation of South West Africa and the ongoing civil war in Angola.

L. Dee Fink proposes that different and more significant kinds of learning should be created in higher education to transition student outcomes from simply “learning” to “significant learning,” and these new types of learning should be situated within significant learning experiences (Fink, 2003). Fink also identified a taxonomy of significant learning that included six components: integration, foundational knowledge, application, human dimension, caring, and learning how to learn. Using Fink’s Taxonomy of Significant Learning as a framework, the authors will share the development of a course on navigating the US Healthcare System that resulted in significant learning outcomes for students completing the first semester of a four-year Doctor of Pharmacy curriculum. Each learning experience will link to a component of the taxonomy and will serve as the mechanism for the authors to share the development and implementation associated with each aspect of the semester-long course. The assessment structure of the course is described in detail. The authors present one or more learning experiences to illustrate each component of Fink’s Taxonomy. Finally, lessons learned from the development and implementation of the course are presented to guide programs considering implementation of a similar significant learning experience.

The United Nations (UN) actively incorporated new media as a tool for consultation and agenda setting during the Millennium Development Goal (MDG)–Sustainable Development Goal (SDG) transition. As global actors shifted their attention to the sustainable development goals, the UN and its partners scaled up their digital engagement with civil society, multinational agencies, and country-level stakeholders to inform the post-2015 agenda. This chapter explored how the UN integrated Twitter into the post-2015 consultation and how the UN Women and the United Nations Girls’ Education Initiative used Twitter to construct and diffuse girls’ education policy discourse during the MDG–SDG transition.

It is fundamental to good governance that corporate decision makers be well informed, have the knowledge-base necessary to use the information effectively, and share the same motivations as the owners. Further, managers must provide owners with accurate, timely, and complete disclosure of the company's positions. Regarding the first part of the problem, value-based incentive systems have been under development in order to aid in resolving conflicts of interest between owners who lack the specific information (or the background knowledge to utilize it) and the managers who act as their agents. Such systems often focus exclusively upon cash flows relative to resource investment; yet, share values are often substantially greater than the amount that could be explained by expected cash flows from existing operations. Indeed, in some firms the majority of share value may derive from growth opportunities or other real options that add flexibility or reduce risk. So, value-based incentive systems could be improved by explicitly rewarding actions that create or enhance the firm's real options. Further, satisfactory disclosure requires that accounting reports include adequate information about the firm's real options, with market-based mechanisms for defining the necessary information and calling it into the appropriate arena.

To understand the World Bank's education sector strategy development, an historical perspective of where previous strategies have gone is essential. Rather than building schools the Education Strategy 2020 suggests that it will emphasize the efficiency of the education system and help reform its management, governance and finance. Rather than provide new curriculum, it will try to lay the foundations of an education knowledge base by supporting the use of assessments of academic achievement, both local and cross-national. Countries will be asked to measure their progress against statistical evidence. While none of these changes are entirely new, they all represent progress. In this chapter, the new strategy efforts of the World Bank are examined in relation to the contribution of education to social cohesion, education and corruption, education financing and educational quality and cognitive skills and economic development. This portion of the volume will emerge from a 22-year personal history of working with the World Bank on researching education quality, designing policies to support educational effectiveness and training senior officials worldwide in education policy-related lending strategy.

African American males experience acute or chronic stress from discriminatory treatment and racial microaggressions, decreasing their biopsychosocial health. Racial microaggressions include but are not limited to merciless and mundane exclusionary messages, being treated as less than fully human, and civil and human rights violations. Racial microaggressions are key to understanding increases in racial battle fatigue (Smith, 2004) resulting from the psychological and physiological stress that racially marginalized individuals/groups experience in response to specific race-related interactions between them and the surrounding dominant environment. Race-related stress taxes and exceeds available resilient coping resources for people of color, while many whites easily build sociocultural and economic environments and resources that shield them from race-based stress and threats to their racial entitlements.

What is at stake, here, is the quest for equilibrium versus disequilibrium in a society that marginalizes human beings into substandard racial groups. Identifying and counteracting the biopsychosocial and behavioral consequences of actual or perceived racism, gendered racism, and racial battle fatigue is a premier challenge of the twenty-first century. The term “racial microaggressions” was introduced in the 1970s to help psychiatrists and psychologists understand the enormity and complications of the subtle but constant racial blows faced by African Americans. Today, racial microaggressions continue to contribute to the negative experiences of African American boys and men in schools, at work, and in society. This chapter will focus on the definition, identification, and long-term effects of racial microaggressions and the resultant racial battle fatigue in anti-black misandric environments.

Purpose – Study the role of sovereign wealth funds (SWFs) as an example of foreign and politically connected large shareholders, and their impact on firm value.

Methodology/approach – Use a sample of SWF large U.S. investments where SWFs intend to actively engage with management to analyze not only whether but also why SWF investments outperform the market in both the short- and long term from the perspective of internationalization, political connections, and corporate governance.

Findings – Foreign and politically connected large investors, like SWFs, improve firm value through the provision of SWF domestic market access and government-related contracts. In the short run, the market welcomes SWF investments in expectation of potential monitoring and internationalization benefits. In the long run, the target firms’ degree of internationalization and Tobin's q increase substantially after SWF investments. The increase in q is directly related to the number of government-related contracts granted by SWF countries.

Social implications – SWF investment benefits appear to outweigh the costs for firm value and shareholders. The results point to the benefits of large and foreign investors for shareholders.

Originality/value of paper – This is the first work to provide evidence on how foreign government-related shareholders can affect firm value.