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Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

This paper aims to investigate the applicability of Grant’s framework in the current changing and dynamic environment.

In this paper, a critical review of Grant’s paper was conducted to identify the limitations and weaknesses of the framework, which prevent its effective application in the current digital age.

As a result, this paper presented a modified framework and four propositions to consider dynamic capabilities in the new turbulent environment and extend the relationships between a firm’s resources, capabilities, dynamic capabilities, competitive advantage and competitive strategy. Findings tied to this initiative will provide important contributions to research.

Rooted in resource-based view (RBV), the proposed framework puts forward a valid theoretical foundation on how to create a competitive advantage from a firm’s internal factors, including strategic resources, capabilities and dynamic capabilities. Furthermore, it contributes to RBV literature by considering dynamic capabilities, as the firms’ most crucial factors in the current dynamic digital market.

The purpose of this paper is to test for managerial opportunism, specifically the backdating of executive options, in Australia.

The paper analyses the return behaviour associated with a sample of 161 unscheduled options granted by Australian firms. Specifically, the authors test for differences between a subsample of grants that had late‐filed notices (and hence may be subject to backdating) versus those that had notices filed on‐time.

Consistent with backdating, it is found that these abnormal post‐grant returns persist for a sub‐sample of late‐filed grants but not for a sub‐sample of grants with same‐day filing. Furthermore – the authors find even stronger results for option grants made by firms with a history of late‐filing but for which no notice was filed with the Australian Securities Exchange. This paper is the first to demonstrate these effects in a setting subject to the IFRS requirement that the fair value (rather than the intrinsic value) of executive options be expensed.

This paper is the first to demonstrate these effects in Australia and further in a setting subject to the IFRS requirement that the fair value (rather than the intrinsic value) of executive options be expensed.

This article explores the implementation of infrastructure development projects funded by the Recovery Act’s Broadband Technology Opportunities Program (BTOP) in a southeastern state to provide high-quality Internet connectivity in un- or under-served areas to alleviate the conditions contributing to rural areas’ fiscal crises. This context affords a unique opportunity to view fiscal federalism’s operational dynamics in times of economic crisis and explore how various grant administrators in charge of similar federally funded public works projects define fiduciary responsibility. We find that these administrators comprehend “fiduciary responsibility“ narrowly in terms of complying with the accounting and reporting requirements of the federal grant. However, they have a broader and more nuanced understanding of their overall responsibility that includes working on behalf of their respective communities’ interests to meet local and regional needs.

This paper aims to examine the economic rationale for the COVID-19 wage subsidy and grants related to assets and the accounting for these wealth transfers under NZ IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The principal contribution is presenting an economics–accounting nexus for government assistance to firms during a pandemic and for the nation’s economic development.

This is a descriptive study that draws on the economic theory of regulation to understand the rationale for wealth transfers, then examining the accounting for the wealth transfers by analyzing the financial statements of NZX 50 companies that received the wage subsidy and SkyCity and Chorus that received substantial grants to develop and operate the New Zealand International Convention Centre and building a large part of New Zealand’s Ultra-Fast Broadband fiber optic network, respectively.

First, the 10 NZX 50 companies that received the government’s wage subsidy were justified to receive it from the legal, ethical and moral perspectives. However, some non-NZX 50 companies, while legally entitled to the wage subsidy, took advantage of the wealth transfer when they were profitable and paid dividends. This latter group of companies was not seen as behaving ethically and morally. Second, the government granted millions of dollars to SkyCity and Chorus for building critical infrastructures that are economically beneficial for the nation and that are unlikely to attract private investment, and these companies accounted for the grants related to assets in accordance with NZ IAS 20.

The financial statement impacts of the wage subsidy are based on a subset of NZX 50 companies with available information at the time of writing. However, they do not compromise the external validity of the findings because the wage subsidy applies to all businesses. Similarly, the manner in which SkyCity and Chorus accounted for the grants related to assets would apply equally to any entity that is a recipient of such a grant.

This paper presents an economic understanding for the existence of government grants and how the accounting mirrors the economic rationale for the “grants related to income” and “grants related to assets.” This paper demonstrates the importance of the economics–accounting nexus.

The purpose of this paper is to examine CEO wealth changes around seasoned equity offerings (SEOs) to explore the shareholder-manager incentive alignment in major corporate equity financing decisions.

The authors decompose CEO wealth into three major components: price effect, board compensation grant, and CEO’s own portfolio adjustment. The authors then compare SEO-event sample vs non-event samples; and evaluate the dynamic and long-run CEO wealth effect.

The authors find when market reacts negatively to SEO announcement leading to losses in CEO’s existing firm-related wealth, CEO gets additional grants to offset the losses. Although this appears to be a rent-seeking activity, the authors find that the additional grants are mainly in the form of stock options which would have no value if stock price failed to pick up in the future. In this sense, the additional grants align the interests between shareholders and managers. Consistent with this argument, the authors show that the additional grants motivate CEOs to promote the stock performance, benefiting themselves as well as shareholders in the long-run.

The study explicitly calculates the contribution of each wealth component to CEO total wealth effect. The results improve the understanding of CEO compensation policy change after major corporate event and contribute to the literature of the optimality explanation of prevailing compensation policy.

The main purpose of the study was to identify the key elements that characterize successful grant proposals and the relative importance of issues that constitute difficulties and concerns in preparing the proposals. The study aimed, in particular, to explore grantsmanship perceptions based on the experiences of researchers in Thailand who had, or had not yet, successfully been awarded domestic and/or international research funding.

Anonymous online questionnaires were distributed to researchers in biomedical and public health fields in Thai academic institutes. The online survey asked the anonymous participants to complete a questionnaire comprising both multiple-choice and open-ended questions.

About 19% of 300 respondents had received both domestic and international research grants, and 60% of domestic research grants. The top 5 issues in grant applications were: (1) choosing a topic that matched the grant opportunity, (2) feasibility of research design and methods, (3) suitable research design and methodology, (4) model and theoretical justification, and (5) ethical considerations. Significant differences in perceptions among researchers were found for the feasibility of research design and methods and proposing a reasonable and justifiable budget.

The information derived from this analysis reflected the perceptions of the researchers and may or may not correlate with those of grant agency reviewers. The results of this study may be insightful and instructive for other researchers and form the basis for training and mentoring researchers in informed and effective grantsmanship, particularly novice researchers with limited or no experience in grant proposal writing. This study particularly reflected grantsmanship perceptions among researchers in Thailand. It may also serve to exemplify lessons learned for researchers in other low-income and middle-income countries (LMIC) exposed to similar settings and situations applying for research grants.

The purpose of this paper is to provide evidence in support of incentive and retention-based explanations for backdating.

The authors use matching-firm techniques and the bivariate logistic model.

Backdating firms tend to be younger and faster growing – the characteristics of firms with growing demand for skilled labor. Further, rather than experiencing poor performance, backdating firms tend to outperform matching firms in both prior- and post-backdating years.

The results suggest that backdating reflects a firm's demand for valuable employees rather than strictly a manifestation of agency problems, as evidenced by previous study.

The purpose of this paper is to make policy recommendations for the current fiscal decentralization discussion by examining the operating mechanisms of local taxes, unconditional grants, and conditional grants within the fiscal relationships between the national government and local governments in Korea.

After examining the current fiscal relationships between the national government and the local governments, this paper analyzes trends of local taxes, unconditional grants from both national and high-level local governments, and conditional grants from both national and high-level (or provincial level) local governments between 2002 and 2015. Local governments are classified into high-level local governments, and three types of low-level local governments are: si, kun, and ku.

Since the structure of local government finances in Korea is very complicatedly intertwined, the present decentralization discussion regarding increasing the share of local tax revenues may not achieve its purpose of fiscal decentralization. The authorities in charge of revenue allocation should be first decentralized at high-level local governments; high-level local governments should then arrange unconditional and conditional grants from high-level local governments to low-level local governments while taking into consideration unconditional and conditional grants from the national government to low-level governments.

The dichotomy between the central government and local municipalities has been utilized in the existing discussion regarding fiscal decentralization in Korea, but this study highlights the important resource allocation roles of high-level local governments.

In this paper, the author develops a game theoretical model to understand why Union Government of India, as a third party, has used different schemes at different times in history to assist the State Governments in fighting the Naxalite insurgency. Comparing across schemes, it was found that though Matching Security Grants scheme was preferred in general, during asymmetric information scenario it led to an emergency situation wherein the Union Government had to provide the less preferred Bulk Security Grants. Later, it became difficult to withdraw these grants as the State Governments free rode by reducing own security contribution. The author finds that instead, in this scenario, Matching Development Grants are more suitable, as they incentivize the State Governments to reveal private information and help the Union Government exit its third-party role. For a practitioner involved in conflict resolution, these conclusions imply that as the desirability of policies can change diametrically overtime, Union Government must spend resources only on those heads of expenditure that provide both security and development benefits provided they aid in preventing flow of resources to Naxalites. Further, to end its assistance, the Union Government’s expenditures should also complement the capabilities of the State Government rather than substituting them. These results can also guide policy in other protracted civil wars with substantial third-party intervention, which are common these days.

The paper is an historical analysis of strategies used by Union and State Governments and Naxalites. The analysis is based on game theoretic tools supported with examples.

The Union Government must provide matching grants instead of bulk grants such as Central Armed Police Forces, and the grants should be aimed at building complementarities with the state governments’ security contributions. Under asymmetric information scenario, the Union and State Governments reduce their expenses incurred to fight the Naxalites. A Matching Development Grants scheme would have done better. Union Government must spend resources on heads of expenditure that provides both Development and Security benefits, to curb flow of resources to Naxalites, besides complementing the Security Contributions of the State Government.

The research is limited by disaggregated data to test the hypotheses. It is also limited by the data on hidden variables like the contribution of the Naxalites to fighting. The research is also limited to the extent that individual groups in the war like police commanders, politicians and Naxalite commanders are not incorporated. Multiple asymmetric parties are also not considered; that may generalize the model to other theaters of insurgency.

Certain heads of expenditure such as roads, mobile communication, improving quality of investigation, preventing human rights violations by the security forces, etc. are both security and development enhancing. The Union Government's expenditures must be directed toward this end. Therefore, from a practitioner's perspective, the debate between greed and grievances exists not as a limitation but as a guide. The relevant articles of Constitution of India must be redrafted on these principles. Third-party interventions in other insurgencies may be revisited under these conclusions.

Security and Development policies are tools for controlling Naxalite insurgency, which can also be used to prevent flow of resources to Naxalites. Security and development policies to resolving insurgencies are useful at different information scenarios. Therefore, information neutral policies should be preferred.

This paper has contributed theoretically in modeling continuing conflicts like Naxalite insurgency, explicitly. The author also shows that though the field of civil wars may have evolved along the Greed vs Grievance debate (Collier and Hoeffler, 2004), for a practitioner, the lines blur when it comes to solutions, as many heads of expenditures have features of both security and development. This paper also shows that when the Union Government faced asymmetric information scenario, the policy of matching development grants would be beneficial in long run though of limited value in short run. This is an important conclusion as the most intense period of violence was preceded by the asymmetric information scenario. Besides, it has relevance for the other civil wars with third-party intervention, such as NATO in Afghanistan.