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This paper develops and empirically tests a dynamic model of dividend smoothing and signaling. Intertemporal dividend smoothing results from a “signal jamming” problem whereby the manager uses dividends not only to convey information about future cash flows but also to influence perceptions of his abilities. Any excess cash left after the dividend is paid must be carried into the future at a dissipative cost, and any cash shortfall arising from promising too high a dividend must be borrowed at a cost. Since these costs are higher for low-ability managers, high-ability managers promise a lower dividend when future cash flows are high and a higher dividend when future cash flows are low. Thus, high-ability managers not only credibly signal their type and the firm's future cash flows, but also smooth dividends more than low-ability managers. Consistent with the model, I find that firms that smooth more have higher future values, larger price appreciations to unexpected dividend increases, and smaller price declines to unexpected dividend decreases. Further, I find that high-ability managers smooth dividends more than low-ability managers.

Though cross-border acquisitions have grown dramatically in value and frequency in the last ten years, little is known about returns to acquirers or their method-of-payment choice. This paper studies returns to U.S. bidders and their method-of-payment choice for acquisitions of foreign targets. Results indicate that bidder returns are higher for cash offers, for offers to private and subsidiary targets, if there is high insider ownership, and if there is high exchange rate variation. The method-of-payment choice for these bidders is linked to the target country’s legal regime and accounting standards, insider ownership, target type, and value uncertainty.

The purpose of this paper is to examine the impact of regulatory changes by the US Securities and Exchange Commission in 2000 on private information leakage prior to merger announcements.

Using a sample of 5,045 merger announcements between 1990 and 2008, the authors examine differences in information leakage between the pre- and post-regulation period merger announcements for acquirers using regression analysis.

The results suggest that regulatory changes have been effective in preventing private information leakage in merger announcements for large- and medium-sized firms, for high-tech firms, and for stock deals. The authors find that abnormal trading volume due to differences in information quality is reduced post-regulation for stock deals, high-tech firms, large- and medium-sized bidders, indicating less leakage of information after the new regulations. The authors find higher announcement returns post-regulation for the entire sample and for all subsamples except stock deals, small firms, and public targets. Higher announcement returns indicate that merger announcements are a greater surprise to the market due to a reduction in leaked private information after the regulatory changes.

The results have implications on future rule changes, on refinements of insider trading rules, regulation fair disclosure, and regulation M-A. The authors leave for future research why certain types of firms or deals are not impacted by regulatory changes.

Examine the effect of changes in information environment on merger announcements for acquirers because the impact likely has greater significance on acquirers than that on targets. Past studies have examined only targets.

Studies uniformly portray the assistant principal (AP) position as challenging given a number of systemic issues that negatively impact job satisfaction and performance. Mentoring has been proposed as a way to redress these problems. The purpose of this paper is to illuminate an alternative to traditional mentoring and make recommendations for how to utilize this approach in supporting APs and principal interns.

The authors employ a retrospective and conversational approach, sharing incidents and interactions from their professional experience and making connections to existing research literature. The authors explain the relevance of three concepts developed in relational cultural theory (RCT) including: interdependent self-in-relation, growth-fostering interactions, and an exploration of systemic power.

The narrative exposes the ambiguity of school leadership and its toll, as well as how relational mentoring facilitates integration and making sense of challenging experiences for improved coping. Barriers in communication are described and the ways relational mentoring addresses these weaknesses by building trust, recognizing the expertise of mentor and protégé, and encouraging protégé empowerment and judgment.

Potential research limitations such as inaccuracies in recall, reliance on a single method, and hindsight bias are recognized and addressed to reduce their threat.

RCT may provide ways to develop and structure more effective mentoring programs and educate both aspiring leaders and their mentors in their work together to provide for leadership development.

Improved mentoring practices have the potential to help APs socialize into the role more quickly and become more effective school leaders.

The authors describe the use of RCT in a new context. The paper provides insights and guidance for APs, principals, principal interns, and leadership preparation faculty to offer a pathway on which to prepare the next generation of school leaders equipped with the desired competences and experiences to transform schools.

We issue a double Souvenir number of The Library World in connection with the Library Association Conference at Birmingham, in which we have pleasure in including a special article, “Libraries in Birmingham,” by Mr. Walter Powell, Chief Librarian of Birmingham Public Libraries. He has endeavoured to combine in it the subject of Special Library collections, and libraries other than the Municipal Libraries in the City. Another article entitled “Some Memories of Birmingham” is by Mr. Richard W. Mould, Chief Librarian and Curator of Southwark Public Libraries and Cuming Museum. We understand that a very full programme has been arranged for the Conference, and we have already published such details as are now available in our July number.

The authors' purpose is to illuminate ways in which care within the mentor–mentee relationship influences the efficacy of mentoring for/in the professoriate, within and beyond the novel circumstances of the COVID-19 pandemic.

A narrative inquiry design drew on the authors' distinct positionalities and experiences of mentoring and being mentored by one another to provide a multi-layered analysis of mentor–mentee relationships. Utilizing care theory, we paid particular attention in our narratives and analysis to the affective dimensions of mentoring within the distinct context created by the COVID-19 pandemic.

Our data analysis revealed three themes: (1) mentor humility was relevant to mentees' success, (2) relationship longevity mattered, and (3) caring mentoring relationships were affectively and empirically generative.

Narrative inquiry, generally, is limited in its generalizability but can be a powerful tool to facilitate knowledge sharing. Our analysis suggests areas which merit further research and may have broader implications. Namely, during trying times the normalization of professor humility may enhance the quality and generativity of the mentoring relationships, especially when combined with networking support.

We make seven recommendations to enhance the efficacy of professors as mentors and mentees in need of mentorship.

Mentors who practice care-for their mentees, as opposed to care-about, enhance the efficacy of the mentoring relationship.

This chapter examines key drivers of variation in adaptive capacity of project network organizations (PNOs). PNOs are defined as strategically coordinated sets of longer-term, yet project-based relationships, which provide for both stability and change in volatile project businesses. While prior research has emphasized the adaptive role of flexible structures and agency, the author focuses on the role of project variety and contextual embedding and disembedding in building adaptive capacity. Comparing two PNOs in TV movie production, the author argues that differences in adaptive capacity are a function of inter-context connectivity, that is, the level of task and team linkages among diverse project contexts, and the degree to which network ties and relational practices have “dual quality” in being valuable both within and beyond specific project contexts. Findings have important implications for project, network, and organization research.

THIS number will appear at the beginning of the Leeds Conference. Although there is no evidence that the attendance will surpass the record attendance registered at the Birmingham Conference, there is every reason to believe that the attendance at Leeds will be very large. The year is one of importance in the history of the city, for it has marked the 300th anniversary of its charter. We hope that some of the festival spirit will survive into the week of the Conference. As a contributor has suggested on another page, we hope that all librarians who attend will do so with the determination to make the Conference one of the friendliest possible character. It has occasionally been pointed out that as the Association grows older it is liable to become more stilted and formal; that institutions and people become standardized and less dynamic. This, if it were true, would be a great pity.