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1 – 2 of 2This paper presents an historical reconstruction of the radicalisation of Alan Fox, the industrial sociologist and a detailed analysis of his early historical and sociological…
Abstract
Purpose
This paper presents an historical reconstruction of the radicalisation of Alan Fox, the industrial sociologist and a detailed analysis of his early historical and sociological writing in the classical pluralist phase.
Design/methodology/approach
An intellectual history, including detailed discussion of key Fox texts, supported by interviews with Fox and other Biographical sources.
Findings
Fox’s radicalisation was incomplete, as he carried over from his industrial relations (IR) pluralist mentors, Allan Flanders and Hugh Clegg, a suspicion of political Marxism, a sense of historical contingency and an awareness of the fragmented nature of industrial conflict.
Originality/value
Recent academic attention has centred on Fox’s later radical pluralism with its “structural” approach to the employment relationship. This paper revisits his early, neglected classical pluralist writing. It also illuminates his transition from institutional IR to a broader sociology of work, influenced by AH Halsey, John Goldthorpe and others and the complex nature of his radicalisation.
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Keywords
Reem Zaabalawi, Gregory Domenic VanderPyl, Daniel Fredrick, Kimberly Gleason and Deborah Smith
The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO…
Abstract
Purpose
The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.
Design/methodology/approach
After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.
Findings
Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.
Research limitations/implications
This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).
Practical implications
Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.
Social implications
The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.
Originality/value
To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.
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