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The purpose of this paper is to articulate the law relating to syndicated loan agreements and what legal experts and parties need to safeguard against inherent pitfalls in its usage and practice. The research design of this paper has two strands: an examination of generic issues relating syndicated loan agreements and the process; and the mechanisms for transferring proprietary rights and interests should parties want to do so.

The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application. There has been an uptake in syndicated loan markets not only in United Kingdom but also globally. While there has been a growing body of literature on syndicated loan markets, mechanisms for transferring proprietary rights and interests of contractual parties have not been given proportionate attention. The paper addresses a gap in the law of syndicated loan markets and the varied ways in which they are harnessed in international commercial practice. It addresses existing gaps in the law and practice of syndicated loans, not only in the UK but also in other jurisdictions where examples have been drawn. The research design of this paper has two strands: an examination of generic issues relating loans and the process in which they are constituted as financial products; and the mechanisms for transferring proprietary rights and interests.

The findings underscore the fact that much as syndicated loans offer huge advantages to commercial parties, there are also intricacies which parties need to keep in mind and guard against. Like in other forms of commercial agreements, parties to a syndicated loan agreement have the power to nominate the governing law not necessarily from jurisdictions where they do business but as they may see fit. In practice, effective contractual terms in syndicated loans are to be applied slightly differently to other form of commercial agreements in English contract law. For example, representation and warranties are grouped together and constitute statements by the borrower, which the lender considers should be true at the inception of the loan agreement. As a syndicated loan involves the participation of many banks (obviously some foreign banks), there is the potential for conflict of laws. As such, arranging a syndicated loan should be governed by the relating to international commercial contracts to address the challenge posed by conflict of laws. This is essential to ensure proprietary transfer of rights in the asset are properly constituted and effective. The loan should be carefully structured to reflect important technical issues which relate to duties and obligation of contractual parties.

This was largely a theoretical paper undertaken on the basis of evaluating primary and secondary data sources, some of which were not able to corroborate. It would have been better to corroborate some of the data sources used with financial institutions (which specialise in syndicate loans and related products) to mitigate the potential for bias the data used were generated.

It is important that legal practitioners and policy markers have access to requisite data on different types of loan markets not only in the UK but also other jurisdictions. One of the most important implication is that unlike bond markets (which are sought in response to an uptake in market risks), the foregoing environment tends to negatively correlate in syndicated loan markets. Lending institutions such as banks tend to be cautious when there are instabilities in the market as demonstrated in the aftermath of the recent global financial crisis (2010-2014). There is a converse relationship between loan markets and syndicated loans, which is explained by the fact that the higher the risks, the more cautious lenders (financial institutions) tend to be to safeguard against uncertainties of ending in an environment which is not conducive for business. Bonds on the other hand are sought as security by credit markets against inherent risks especially in times of economic uncertainties. This is why in the aftermath of the recent global financial crisis, banks were anxious and unwilling to lend not only to each other but also to small business for fear and to curtail potential market risks. It needs to be noted that just like in other forms of international commercial agreements, parties in syndicated loan agreements have autonomy to nominate the governing law of the agreement, not necessarily from jurisdictions where parties do business. Where parties have not nominated the governing law clause of syndicated loan contracts, rules of private international law such as characteristic performance of the contract will apply.

There is a growing body of literature on syndicated loan markets, but one wonders why mechanisms for transferring proprietary rights and interests of contractual parties have not been written about as much. It is an important area but has somehow been overlooked by scholars on this subject. If the borrowers’ fails to keep up their repayments (default), it will have an adverse on loan markets and the economic stability which will in turn affects businesses, people and national governments.

The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application.

Many individuals experience a sense of déjà vu when smelling a particular scent in the air or on hearing a name or words from the past. At times even the faintest scent or sound may evoke old memories and stir the senses. This is particularly true when the names of long‐ago television and radio programs are heard. Depending on one's age and the part of the country in which one lived, people born before the “baby boom” years (1946–1964) often feel a profound sense of nostalgia about such radio programs as Mr. District Attorney and Fibber McGee and Molly or the television shows Howdy Doody and Toast of the Town/Ed Sullivan Show. These early programs are considered part of the “golden age” of radio and television broadcasting.

Publishers are producing new reference sources on film at an astonishing rate. Each week reviews and advertisements appear to announce yet another book. Books vary in scope, subject emphasis, size, price, and of course, quality, and represent both new works and revised or added editions. Not only are American publishers active, but European firms are getting on the bandwagon, too.

A picture is worth a thousand words; a motion picture is probably worth even more. The black experience in America is reflected both in movies with black themes and in white or general commercial films in which black actors and actresses perform. These films continue to reflect and influence white as well as black racial attitudes and self‐images. The various cinematic genres have vividly frozen in time the perceptions and stereotypes of each period. Studied over time, they compose a kaleidoscope of changing images and themes.

This quantitative research paper examined factors influencing re-engagement intentions and re-engagement behavior of lapsed health club members and identified which sales promotion incentives are most effective in re-engaging this lapsed member market. While previous studies examined re-engagement intentions and re-engagement behavior in isolation, no research could be located which examined both simultaneously and the impact of promotion incentives in the health and fitness industry.

Study A (mail survey) examined re-engagement intentions of one hundred lapsed members of a medium size suburban health club. Study B (an experimental field study) measured actual true re-engagement behavior using price and gift token as incentives to re-engage 300 lapsed members of the same health club. Ten hypotheses were tested using chi-square, logistic regression and correlation analysis.

Results indicate that price is the most influential incentive in promoting re-engagement intentions, while the experimental field study tested this survey finding and reported that although incentives were more effective than nonincentives in terms of re-engagement behavior, price played a far greater significant role than gift token in actual re-engagement behavior of lapsed members. Highly satisfied customers are likely to have stronger re-engagement intentions with frequent attendees more influenced by price in terms of re-engagement intentions, while those who lapsed most recently demonstrated stronger re-engagement behavior.

Study A: While acknowledging that the sample size was limited, a respectable response rate of 49% was recorded for the mail survey in Study A but a greater response rate and larger sample size would have allowed for a more comprehensive analysis. However, the study is primarily exploratory in nature and serves to achieve the objectives of the research. The study was based on a medium size suburban health club, therefore no comparisons can be drawn between the results of this study and that involving larger health clubs, chains, urban clubs or those outside of Ireland. Although the inclusion of moderating effects was considered, it was not feasible to develop these interactions due to the limited sample size. Study B: Generalization of the findings in this study with other international markets is not possible due to differences in demographic factors, promotions and differences in the health and fitness industry. No comparison can be drawn either between health clubs which operate in a different environment, such as public or nonmembership-based clubs, urban clubs or those constituting a chain. While the offer incentives were of equal value, it is recognized that the gift token may have appealed more to females than to males.

Health clubs should consider changing strategic focus, from being overly concentrated on new customer acquisition to actively re-engaging the lapsed member market by finding out why they left and offer an incentive such as price to re-engage. Although loyalty, duration, age, gender and income were found not to be significant in this study, satisfaction, frequency and recency of lapse were significant. Therefore, health clubs should strive to keep members satisfied, monitor and increase frequency of attendance with creative programming and commence the re-engagement process prior to the membership expiry so as to maximize re-engagement and customer retention using price discount as an incentive.

The originality of this study is that is tests statistically consumer re-engagement intentions and actual re-engagement behavior simultaneously in a health club setting using a mail survey in Study A and Experimental Design in Study B.

Identifying and analyzing aspects related to sustainable human resources (HRs) in an emerging, Iberoamerican location (Monterrey, Mexico). Documenting employee experiences regarding sustainable practices of HR in their companies to understand the enacted meaning of sustainable HR management (HRM). This study aims to seek answers to understand the ways environmental sustainability is present in HR subprocesses and the ways companies regard HRs from a sustainability perspective.

This exploratory research has a qualitative approach. The authors collected and summarized semi-structured interviews with 31 key informants that work fully or partially in HRs in a large, industrialized city in an Iberoamerican, emerging economy (Monterrey, Mexico).

The main findings based on responses from HR professionals are as follows: HR activities may contribute to the sustainability of the business and its physical environment; HR can create a culture of care for the resources, but training and development activities are not currently used optimally; and in addition to the economic sustainability of the employers, social and environmental sustainability are also within HR’s influence sphere.

This study contributes to the emerging literature on sustainability in HRM, due the dearth of information related to “green” or environmental practices in HRM. This study reports specifically on the ways this perspective adds value within Mexican enterprises, but the authors are confident that these findings also generalize across industries, enterprises and regions.

Identificar y analizar aspectos relacionados con la sustentabilidad de los recursos humanos de empresas en una localidad iberoamericana emergente (Monterrey, México). Documentar las experiencias de los trabajadores respecto a las prácticas sustentables de recursos humanos en sus empresas para comprender el significado de la administración de Recursos Humanos (RR.HH.) sustentable en la práctica. Hemos buscado respuestas respecto a las maneras en que la sostenibilidad ambiental está presente en los subprocesos de RR.HH. y las maneras en que las organizaciones utilizan una perspectiva de sostenibilidad en la gestión de recursos humanos.

Esta investigación exploratoria tiene un enfoque cualitativo. Recolectamos y resumimos treinta y un entrevistas semiestructuradas con informantes clave que trabajan total o parcialmente en en una ciudad grande e industrializada perteneciente a una economía iberoamericana emergente (Monterrey, México).

Nuestros principales hallazgos basados en las respuestas de los profesionales de RR.HH. son: a) las actividades de RR.HH. pueden contribuir a la sostenibilidad del negocio y su medio ambiente físico, b) RR.HH. puede crear una cultura de cuidado de los recursos, pero las actividades de formación, entrenamiento y desarrollo no se utilizan actualmente de forma óptima, y c) Además de la sostenibilidad económica de las organizaciones, la sostenibilidad social y medioambiental también están dentro de la esfera de influencia de RR.HH.

Este estudio contribuye a la literatura emergente sobre sostenibilidad en la gestión de recursos humanos, debido a la falta de información relacionada con las prácticas “verdes” o ambientales de RR.HH. En este documento reportamos específicamente sobre las formas en que esta consideración de valor en RR.HH sostenible dentro de las empresas mexicanas, sin embargo, está claro que estos hallazgos tienen una importancia más amplia en todas las empresas y regiones.

Identificar e analisar aspectos relacionados à sustentabilidade dos recursos humanos em empresas de uma localidade ibero-americana emergente (Monterrey, México). Observar as experiências dos trabalhadores de práticas sustentáveis de RH em suas empresas para entender o que significa na prática a gestão sustentável de RH. Buscamos respostas sobre as formas como a sustentabilidade ambiental está presente nos subprocessos de RH e as formas como as organizações utilizam a perspectiva da sustentabilidade na gestão de recursos humanos.

Esta pesquisa exploratória tem abordagem qualitativa. Coletamos e resumimos trinta e uma entrevistas semiestruturadas com informantes-chave que trabalham total ou parcialmente em uma grande cidade industrializada pertencente a uma economia emergente ibero-americana (Monterrey, México).

Nossos principais achados com base nas respostas dos profissionais de RH são: a) as atividades de RH podem contribuir para a sustentabilidade do negócio e seu ambiente físico, b) o RH pode criar uma cultura de cuidado com os recursos, mas as atividades de educação, treinamento e desenvolvimento atualmente não são utilizadas de forma otimizada, e c) Além da sustentabilidade econômica das organizações, a sustentabilidade social e ambiental também estão dentro da esfera de influência do RH.

Este estudo contribui a literatura emergente sobre sustentabilidade na gestão de recursos humanos, devido à falta de informação relacionada às práticas “verdes” ou ambientais de RH. Neste estudo reportamos especificamente sobre o valor dos RH nas empresas mexicanas, no entanto, fica claro que essas descobertas podem ser generalizadas a outras indústrias, empresas e regiões.

Cost estimation is a major concern while planning projects on public–private partnership (PPP) terms in developing countries. To bridge the gap of the right approximation of cost of capital, this study aims to sermon a significant role of investor’s risk perception as unsystematic risk in PPP-based energy projects.

To investigate the effective mechanism of determining cost of capital and valuing the capital budgeting, a pure-play method has been acquired to measure systematic risk. In addition, dynamic conditional correlation (DCC) and generalized autoregressive conditional heteroscedasticity (GARCH) models have been applied to calculate weighted average cost of capital.

Initially, a joint cost of capital of energy-related projects has been calculated using DCC-GARCH and pure-play method. Investors risk perception has been discussed through market point of view using country risk premium modeling. Latter yearly betas have been calculated using DCC signifying the final outcomes that applying a dynamic model can provide a better cost estimation in emerging economies.

The findings are implicating that due to the involvement of international investors, domestic risk is linked with country risk. In such situations, market-related information is a key factor to find out the market performance, helping in the estimation of cost of capital through capital asset pricing model (CAPM). High dynamic nature of emerging economies causes an impediment in the estimation of cost of capital. Consequently, to calculate risk in dynamic markets, this study has acquired DCC model that can predict the value of beta factor.

Study contributes to the body of knowledge by addressing an important issue of investor’s risk perception and effective implication of CAPM using pure-play and DCC-GARCH when data is not promptly available in dynamic situations.

The aim of this paper is to evaluate whether the acceptability of different types of business- and individual-level non-compliance has different impacts on the likelihood of participation in undeclared work.

To evaluate this, data is reported on the EU27 and the UK from the special Eurobarometer survey no. 498, using a novel statistical methodology that deals with two potential sources of bias: sample selection error (avoidance to answer to the question about participation to undeclared work) and misclassification in the response variable (false statements about engagement in undeclared work).

This reveals the association between tax morale and participation in undeclared work. It shows that citizens find far more unacceptable undeclared work conducted by firms than individuals, but both are significantly associated with participation in undeclared work although the greatest effect is clearly exerted by individual-level tax morale.

This paper uses a methodology that accounts for the potential bias related to sample selection error and misclassification in the response variable of participation in undeclared work and sheds light on different components of tax morale.