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The authors investigate whether the different tenure phases of executives have a differential effect on audit pricing. Two alternate views – career concern and power – can explain the effect of executives’ tenure on audit pricing. This paper aims to determine, which viewpoint dominates in explaining the relationship between audit pricing and executive tenure phases.

Using a sample of 11,198 firm-year observations from 2007 to 2016, the authors adopt an ordinary least squares regression model to assess the impact of the middle and long phases of executives’ tenure on audit fees.

Audit fees are significantly lower when executives enter the middle and long phases of tenure. The reduction in audit fees is greatest as both chief executive officers and chief financial officers enter the long tenure phase. Although audit fees gradually decrease as executive tenure is extended, they start increasing two years before the end of executive tenure. Furthermore, the negative association between the executive tenure phase and audit fees is greater when the executive is appointed externally. Finally, the long phase of executive tenure also mitigates the positive relationship between audit fees and internal control weaknesses.

This study is based on US data. Future research may extend this study to other countries.

The findings are important to firms, practitioners and academicians, particularly, as the length of tenure of top executives has increased in recent years. By documenting that executives’ middle and long tenure phases reduce audit fees, the findings highlight the importance of maintaining executives in the firm. Finally, the findings have implications for investors, policymakers and auditors to identify companies with high audit risk.

This study is the first to document the impact of executives’ middle and long tenure phases on audit fees.

There is no previous systematic and theoretical investigation of the interim CEO succession practice. This research attempts to fill the gap by studying this phenomenon and hence advance executive succession research/practice.

Based on agency theory, the authors propose a model and several propositions to predict what determines the origin of interim CEOs, the length of the interim tenure, and the career prospects for the interim CEO after the interim tenure.

Both firm performance and environmental uncertainty play an important role in the dynamic interim CEO succession process.

The paper provides the foundations for future empirical research on interim CEO succession.

Board members at companies experiencing sudden CEO departures should choose a loyal non‐aggressive veteran to be the interim CEO so as to minimize disruption and to smooth the transition. They should use caution when choosing an internal candidate because if such a candidate is not chosen to be the permanent CEO later, a talent may be lost.

The research is the first to systematically examine the phenomenon of interim CEOs. The authors make a unique contribution to the literature on CEO succession.

The case begins with newly appointed chairman and interim CEO Garo Armen dwelling on the significant issues that Elan Corporation, an Irish pharmaceutical company, faces. Its share price has plummeted 96% after accusations of accounting fraud and the discontinuation of an important clinical trial due to the drug's severe side effects. As a result, Elan faces insolvency. About $2 billion in debt that could no longer be satisfied in stock will soon mature, and there are questions regarding the company's structure and various operating concerns. Armen is also concerned about the ethical consequences of the company's failing and thus not being able to develop potentially life-saving medicines. Armen must decide what the nature of Elan should be moving forward and what strategy it should adopt. The operational and financial issues discussed in the case are complicated by Elan's status as an Irish company with significant international operations. The case closes with Armen reflecting on the decisions he has made—which students should critique and suggest alternatives to—as well as an open decision on choosing a successor CEO.

1. Crafting a vision and strategy for a newly streamlined organization and implementation 2. Balancing the complexities of an international corporation in a turnaround situation 3. Quantitatively identifying the probability, advantages, and disadvantages of bankruptcy 4. Succession planning decision making 5. Responding to fraud accusations 6. Managing a distressed workforce and retaining key employees

The purpose of this study is two-fold: first, to identify the degree of adoption of patient centricity in the pharmaceutical industry and second, to understand how the industry operationalizes this strategy. It is an important shift in the industry because of its central focus on the patient.

A content analysis was used based on publicly available documentation that includes industry publications, company and brand websites and clinical trial publications to identify the frequency of words used to describe patient centricity.

The key finding of this study is that the leading pharmaceutical firms overwhelmingly use patient support/access programs as the primary method of implementing patient centric strategies.

Future research is needed to identify what impact these strategies have on patients; and whether or not these strategies have an impact on lowering drug prices and improved clinical outcomes for patients.

Future research is needed to identify what impact these strategies have on patients; and whether or not these strategies have an impact on lowering drug prices and improved clinical outcomes for patients. Limitations include the reliance on publicly available documentation.

Pharmaceutical firms need to be aware that their publically available profile suggests a one-dimensional approach to patient centricity and this may influence the way patients, physicians and policymakers view their attitudes toward patients. This study is the first to systematically examine the activities of leading pharmaceutical firms with respect to the adoption and implementation of patient-centric strategies in a comprehensive fashion.

This study is the first to systematically examine the activities of leading pharmaceutical firms with respect to the adoption and implementation of patient-centric strategies in a comprehensive fashion.

On December 17, 2003 the Securities and Exchange Commission (SEC) approved an overhaul of the New York Stock Exchange’s (NYSE’s) system of corporate governance. After questions arose concerning the NYSE’s ability to discharge its self‐regulatory functions following the resignation of former Chairman and CEO Richard Grasso, Interim Chairman John Reed proposed new governance architecture including a newly independent Board of Directors and a separate Board of Executives designed to represent the NYSE’s various constituencies. The new architecture reflects an effort to strike a balance between an independent board of directors and the desire for input from the industry, i.e., self‐regulation. This new structure should not be seen as the SEC’s determination of the future of self‐regulation, but simply as the most recent step in refining and improving the self‐regulatory process at the NYSE and other marketplaces as well.

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.

The purpose of this paper is to examine urban destination marketing from a mainly practitioner standpoint, though one of its principal observations is the gap between theory and practice; while the former is premised on related notions of difference and competitive advantage, in practice the greater part of urban destination marketing eschews competitive advantage, resulting in a pervasive marketing of “sameness”.

The paper is in three parts. The first set out the urban tourism context in respect of historical, market, supply, impact and definitional/measurement dimensions. Part two profiles the bespoke delivery mechanisms established for urban destination marketing, examining nomenclature, core purpose/mission, status, size and finances, as well as overhead and operating parameters.

The final section comprises a state-of-the-art review, setting out a five variable model of purposeful urban destination marketing, concluding that “good” in urban destination marketing is atypical and currently in Europe is confined to only a handful of European cities.

This paper is intended to give the reader a better understanding of why, in such an important field of human endeavour, success is so problematic. It hopefully gives pointers to practitioners and academics as to how best in future there can be more winners and fewer losers, so that increasing numbers of towns and cities maximise the impact locally of the world's largest industry and at the same time become “known”.

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides: