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1 – 10 of 60The private placement is the principal alternative method of financing to an SEC registered offering. The private placement avoids registration under the Securities Act of 1933…
Abstract
The private placement is the principal alternative method of financing to an SEC registered offering. The private placement avoids registration under the Securities Act of 1933 (the “Securities Act”) with its concomitant costs and delays. It also avoids periodic reporting under the Securities Exchange Act of 1934 (the “Exchange Act”) for foreign private issuers. Issuers frequently resell their private placement securities abroad or to other qualified institutional investors. The combination of statutory exemptions, Rule 144A, Regulation S, and other SEC initiatives enable issuers to take advantage of these benefits
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Since the implementation of the Sarbanes‐Oxley Act of 2002, the SEC has adopted new rules for certifications and proposed many other new rules. The proposals cover financial…
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Since the implementation of the Sarbanes‐Oxley Act of 2002, the SEC has adopted new rules for certifications and proposed many other new rules. The proposals cover financial experts, codes of ethics, internal controls, improper influence of audits, off‐balance‐sheet transactions, non‐GAAP financial information, and trades during pension blackout periods. Among the specific requirements of the new rules are that: (1) an issuer’s principal executive officer and principal financial officer certify the contents of the issuer’s quarterly and annual reports; (2) financial experts on audit committees be disclosed; (3) codes of ethics be disclosed; (4) internal control reports be included in annual reports; (5) officers and directors be prohibited from fraudulently influencing the auditor of financial statements; (6) a separately captioned subsection of the MD&A explain an issuer’s off‐balance‐sheet arrangements; (7) Non‐GAAP financial measures be clearly explained; and (8) officers and directors be prohibited from buying or selling equity securities acquired in connection with employment when other employees are “blocked out” from trading in their individual pension accounts.
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The President has signed legislation, the “Sarbanes‐Oxley Act of 2002”, (the “Act”) that amends the U.S. securities and other laws in significant ways. The law changes corporate…
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The President has signed legislation, the “Sarbanes‐Oxley Act of 2002”, (the “Act”) that amends the U.S. securities and other laws in significant ways. The law changes corporate governance, including the responsibilities of directors and officers; the regulation of accounting firms that audit public companies; corporate reporting; and enforcement. Many of the Act’s provisions will be enhanced by SEC rulemaking and, probably, by stock market listing standards as well. Generally, the Act applies to U.S. and non‐U.S. public companies that have registered securities (debt or equity) with the SEC under the Securities Exchange Act of 1934. The Act is lengthy. The implications of the Act will not be fully known until the SEC adopts implementing rules and, thereafter, as interpretations develop, whether by the SEC or in litigation. This memorandum is a summary and not a complete description of the Act. It does not constitute legal advice for any particular situation.
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“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise…
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“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.
Soil is a non-renewable and increasingly deteriorating resource, yet it is barely protected by European Union (EU) legislation. This constitutes a puzzling gap within the…
Abstract
Soil is a non-renewable and increasingly deteriorating resource, yet it is barely protected by European Union (EU) legislation. This constitutes a puzzling gap within the otherwise encompassing and progressive environmental policy of the EU. To explain the integration resistance of soil protection, I draw on insights from rationalist and sociological institutionalist theory. The institutional rigidity of the community method of environmental decision-making limits policy change to favorable interest constellations, but this constraint is usually compensated by agenda competition among the national environmental pioneers. However, successful agenda-setting depends on the skillful combination of political venues and issue frames. Matters of land politics, such as soil protection, are difficult to frame in terms that make them suitable for European policy venues. The theoretical argument is illustrated using an in-depth case study of the agenda-setting, negotiation, and eventual withdrawal of the ill-fated proposal for an EU soil framework directive, with a focus on the changing role of Germany. Reframing of soil politics as locally bound and as essentially national affair, subnational actors extended the conflict to include the German federal chamber as policy venue. As a result, Germany turned from “pusher by example” and first mover to “defensive front-runner,” successfully pursuing a blocking strategy.
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Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence…
Abstract
Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence down into manageable chunks, covering: age discrimination in the workplace; discrimination against African‐Americans; sex discrimination in the workplace; same sex sexual harassment; how to investigate and prove disability discrimination; sexual harassment in the military; when the main US job‐discrimination law applies to small companies; how to investigate and prove racial discrimination; developments concerning race discrimination in the workplace; developments concerning the Equal Pay Act; developments concerning discrimination against workers with HIV or AIDS; developments concerning discrimination based on refusal of family care leave; developments concerning discrimination against gay or lesbian employees; developments concerning discrimination based on colour; how to investigate and prove discrimination concerning based on colour; developments concerning the Equal Pay Act; using statistics in employment discrimination cases; race discrimination in the workplace; developments concerning gender discrimination in the workplace; discrimination in Japanese organizations in America; discrimination in the entertainment industry; discrimination in the utility industry; understanding and effectively managing national origin discrimination; how to investigate and prove hiring discrimination based on colour; and, finally, how to investigate sexual harassment in the workplace.
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The purpose of this paper is to examine the multiplicity of views on integrated reporting and to consider the possibility of, and impediments to, reconciling these multiple…
Abstract
Purpose
The purpose of this paper is to examine the multiplicity of views on integrated reporting and to consider the possibility of, and impediments to, reconciling these multiple rationales (“orders of worth”) and thus gain legitimacy through a compromise. This sheds light on the understanding of integrated reporting as such, as well as shows how legitimacy struggles are resolved in practice around complex accounting practices in heterogeneous environments.
Design/methodology/approach
This explorative paper empirically applies Boltanski and Thévenot's sociology of worth (SOW) framework to analyse integrated reporting in the Dutch reporting field. Data were collected using multiple methods, including 64 semi-structured in-depth interviews with a wide range of relevant actors, and documentary analysis. Data were coded for the presence of orders of worth and legitimating compromise mechanisms.
Findings
The author's analysis suggests that integrated reporting combines the disparate domains of industrial, market, civic and green order of worth. These different logics of valuation need to be reconciled in a compromise in order for integrated reporting to become a legitimate practice. Such a compromise requires a common interest, avoidance of clarification and maintenance of ambiguity. The author's analysis suggests these mechanisms are violated though, with the risk that integrated reporting gets captured by investors and accountants, leading to local private arrangements rather than durable legitimate compromise.
Research limitations/implications
First, SOW informs the understanding of integrated reporting. It highlights in particular its fragility as fundamentally different rationales need to be reconciled, which is a challenge yet also gives rise to creative frictions. Second, the SOW framework creates the possibility for scholars to look closer at the dynamics of legitimacy and at the possible mechanisms to attain legitimacy in fragmented and heterogeneous environment.
Practical implications
The SOW framework offers tools for practitioners, in particular those working within a pluralistic context. The various mechanisms of compromise discussed in this paper provide practical guidelines for how to manage this complexity and gain or maintain legitimacy.
Originality/value
This rich empirical study combines a novel theoretical approach (the SOW framework) with an analysis of the relatively unexplored topic of integrated reporting. At the same time it introduces a conceptualisation of legitimacy that highlights communicative and constitutive dialogue and goes beyond fit and compliance.
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Nda Muhammad, Mohd Shalahuddin Adnan, Mohd Azlan Mohd Yosuff and Kabiru Abdullahi Ahmad
Sediment measurement is usually accessible on a periodic or distinct basis. The measurement of sediment (suspended and bedload), especially in the field, is vital in keeping…
Abstract
Purpose
Sediment measurement is usually accessible on a periodic or distinct basis. The measurement of sediment (suspended and bedload), especially in the field, is vital in keeping essential data of sediment transport and deposition. Various techniques for measuring sediment have been used over time each with its merits and demerits. The techniques discussed in this paper for suspended sediment include bottle, acoustic, pump, laser diffraction, nuclear and optical. Other techniques for bedload measurement are; River bedload trap (RBT), CSU/FU bedload trap, Helley–Smith, Polish Hydrological Services (PIHM) device, pit and trough, vortex tube, radioactive traces and bedload–surrogate technologies. However, the choice of technique depends on multiple factors ranging from budget constraint, availability of equipment, manpower and data requirement. The purpose of this paper is to present valuable information on selected techniques used in sediment measurement, to aid researchers/practitioners in the choice of sediment measurement technique.
Design/methodology/approach
This paper presents a general review of selected field techniques used in sediment measurement (suspended and bedload). Each techniques mode of operation, merits and demerits are discussed.
Findings
This paper highlights that each technique has its peculiar merits and demerits. However, two techniques are generally preferred over others; the bottle sampling and the Helley–Smith sampler for measuring suspended and bedload sediment. This is because the applicability of these techniques is quite widespread and time-tested.
Originality/value
This review paper provides an in-depth description and comparison of selected existing field sediment measurement techniques. The objective is to ease decision-making about the choice of technique, as well as to identify the suitability and applicability of the chosen technique.
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This chapter provides theoretical conceptualizations to (1) better understand the phenomenon of rural gentrification and (2) the links between rural gentrification and regional…
Abstract
Purpose
This chapter provides theoretical conceptualizations to (1) better understand the phenomenon of rural gentrification and (2) the links between rural gentrification and regional tourism development, using a case study in south central Appalachia.
Methodology/approach
This ethnographic study relies on the results of a series of interviews and instances of participant observation.
Findings
Affluent newcomers often implement development projects through the injection of private capital into public-seeming projects like community-based organizations (CBOs). These projects offer partial solutions to the problem of failing local economies. However, they also have the potential to reinforce class structures and push narrowly perceived development processes.
Practical implications
A critical evaluation of rural gentrification may be useful to CBOs and local governments leading development projects in rural areas.
Originality/value
The phenomenon of rural gentrification warrants critical examination of current development agendas being proposed or implemented.
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César Tureta and Clóvis Castelo Júnior
The purpose of this study is to analyse organizing professionalism and its consequences for the work of lawyers in large Brazilian corporate law firms.
Abstract
Purpose
The purpose of this study is to analyse organizing professionalism and its consequences for the work of lawyers in large Brazilian corporate law firms.
Design/methodology/approach
The study used qualitative interviews with lawyers linked to six of the Brazilian’s leading law firms. The focus of the interviews was to explore the work organization form considering the changes to the legal profession in recent years.
Findings
The results indicate that the institutional changes had substantial consequences for lawyers: a need to organize work, to integrate professional and management logic and to develop typical managerial skills to be more connective when performing tasks in work teams.
Research limitations/implications
Socio-economic changes that gave rise to more flexible forms of work organization have imposed professional restructuring and leading law firms to adopt a business model of organizing. The study is based on qualitative interviews, meaning that the findings cannot be generalized.
Practical implications
Lawyers need to develop typical managerial skills to align their competencies with the management logic incorporated by law firms.
Originality/value
Despite the increase of studies on professions, the integration of professional and managerial logic and its consequences to lawyers has been underdeveloped. Furthermore, research has focussed mainly on macro-level changes and given less attention to how institutional changes impact individual level.
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