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This paper aims to investigate whether all-equity firms are a heterogeneous group as it relates to agency costs when compared to a matched sample of levered firms and to contribute toward the understanding of the “low leverage” puzzle and the motivations behind such a perplexing phenomenon.

Propensity score matching (PSM) is used to control for endogeneity issues common to this line of research. Because all-equity firms are self-selecting, it is not possible to conduct a true randomized study. PSM attempts to simulate a randomized study by selecting matching observations with similar propensity scores as the all-equity observations.

Agency costs are not the only explanation leading to the implementation of an all-equity capital structure. The motivation of such structure is strongly influenced by free cash flows (FCF) and growth opportunities (GO), whereby firms that have high levels FCF combined with low GO exhibit higher levels of agency costs versus their levered peers, while those that have low levels of FCF and high GO exhibit no significant difference in agency costs.

A better understanding of why a firm chooses such an extreme capital structure can help investors, auditors and potential future creditors in their decision-making process.

Most prior research treats capital structure as an exogenous variable. By applying PSM, not previously used in prior research, a new methodology is used to address the endogeneity issue related to observational studies such as this one. This paper contributes toward further understanding the perplexing “low-leverage” puzzle often discussed in the financial and accounting literature.

Martin’s Big Words: The Life of Dr Martin Luther King, Jr is a timeless book well-known among K-6 teachers, students, librarians and book-lovers throughout the USA. This multi-award winning picture book provides readers with insight into Dr Martin Luther King Jr’s life and the oppression and progress of African Americans before and during an era known as the modern US Civil Rights Movement (CRM). The biography outlines the period’s equity issues, and serves as a springboard for this upper elementary lesson. While Dr King played an iconic role, there were many other individuals involved in the CRM, most of whom students do not know. The purpose of this paper is to offer varying perspectives related to lesser known CRM leaders, protesters, advocates, perpetrators and bystanders.

Technology is incorporated through online research, videos and productions; thus, students actively engage in making connections to various individuals’ points of view, those both supportive and oppositional. Students conduct research while responding to higher-order, critical-thinking questions regarding groups and forces of the CRM. Then, they expand knowledge through jigsaw research activities by collecting information, responding to inquiry questions and presenting relevant evidence-based information about CRM contributors, perpetrators and bystanders.

This is a National Council for the Social Studies (NCSS) Notable Tradebook Lesson Plan.

This is a NCSS Notable Tradebook Lesson Plan.

The purpose of this chapter is to develop a deeper understanding of the CSR perspectives of MBA in the European context. The chapter will review literature from the USA and Europe focused on business school ethics and the CSR. The chapter will then present the findings generated from research into MBA students’ ethics and corporate social responsibility (CSR) from a European business school research site.

This was inductive research that used qualitative, semi-structured interviews, along with other qualitative techniques, to collect data. The research population was purposely selected from two cohorts of MBA students, one comprising P/T, the other F/T students.

The research confirmed that there are broad similarities between the USA and Europe, in terms of students’ experiences of business school scholarship and pedagogy. The research also confirmed, however, that these European-based students wanted a greater focus on CSR, for instance in terms of addressing the relationship between business and the environment, which students do not consider is adequately addressed in their programmes. Furthermore, and reflecting US experience, students reported at the completion of the MBA that they were conscious that they had become more focused on their individual ‘rational’ self-interest, with the goal of increasing their own material success. Not all of these students were content with this change, but they reported that it had been embedded within them, as a consequence of studying for an MBA.

US-based research and this example from the European context both point to the conclusion that there is dominant instrumental paradigm in HE business and management pedagogy. This paradigm needs to be challenged to restore society’s ethical and CSR expectations, and also to facilitate the moral education of more socially responsible MBA graduate managers. The research confirmed that students are very much in favour of CSR framed changes to the MBA programme.

This chapter contributes to a developing research stream into MBA programmes and CSR in a European context.

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the UK. It is edited and substantially written by the Information Office for Library Automation based in Southampton University Library and supported by a grant from the British Library Research and Development Department. Copyright for VINE articles rests with the British Library Board, but opinions expressed in VINE do not necessarily reflect the views and policies of the British Library. The subscription for 1981 and 1982 for VINE is £20 for UK subscribers and £23 for overseas subscribers — subscription year runs from January to December.

In last month's issue of the Journal we published an abstract of the Annual Report of the Public Analyst for the City of Salford, Mr. H. H. Bagnall, B.Sc., F.I.C., and we gave particular prominence to that portion of his report which related to the analyses of seven samples of toffee. The instances of gross exaggeration and falsehood in advertisements to which Mr. Bagnall calls attention are really very much akin to the misdescription of an article upon the label, and such procedure should undoubtedly be a punishable offence. It is an unfortunate fact that exaggeration or misrepresentation are not uncommon features of the claims made in advertisements of the present day, but if public attention is called to blatant examples of this kind, much may be done towards educating the purchaser to realise that laudatory statements made by a manufacturer in regard to his own goods are at best biassed and in many cases false and misleading. Unimpeachable and independent testimony is the only thing which can carry conviction to the purchaser.

5. During the preliminary enquiries into this subject several manufacturers were approached. One stated that when first manufactured more than forty years ago the substance had approximately the following composition:—

As month succeeds month some sort of optimism seems to replace the stoical determination of our people, no less determined indeed in its purpose, but having a brightness somewhat rare until this Spring. There still remains the real War to be fought; it may even have begun for us before these words appear, but somehow our people feel that there is some end discernible to the world outrage. However that may be, since our last issue went to press others of our cities have felt the malevolence of Nazidom. Exeter is indeed more than a cathedral city, the gateway of the West, but York and Bath and Norwich are not conspicuously in the same category. All have been visited with varying devastation, but Exeter from our point of view, suffered as Plymouth did, in that its beautiful central library has completely gone, only a few MSS. having been recovered from its ruins. Thus the two largest libraries of the south‐west have been destroyed.

THERE is to be an international Library Conference in Rome at the end of June, under the Presidency of Dr. Collijn, the Librarian of the Royal Library of Stockholm. This is the outcome of the Edinburgh and Atlantic City conferences when an international committee was formed. Great Britain is represented on the Committee, and it is hoped that the unique occasion of the Conference will not be passed by British librarians. Our language difficulties are real, but there is sufficient linguistic ability in the profession to provide the right delegates; and the matters to be discussed range over many aspects of librarianship, including personnel, technique and international co‐operation. We are part of the library system of Europe and ought to take our place in it; and not allow Anglo‐Saxon libraries to be represented entirely and invariably by our nevertheless always welcome American colleagues.