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Article
Publication date: 8 April 2021

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 4 December 2020

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 1 April 2002

James A. Knight

Compensation committees are asking the wrong question. They should ask “What are we paying tor?” not “How much must we pay?”

Abstract

Compensation committees are asking the wrong question. They should ask “What are we paying tor?” not “How much must we pay?”

Details

Journal of Business Strategy, vol. 23 no. 4
Type: Research Article
ISSN: 0275-6668

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Book part
Publication date: 12 April 2019

Abstract

Details

Traffic Safety Culture
Type: Book
ISBN: 978-1-78714-617-4

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Article
Publication date: 9 November 2015

Helen Graham, Katie Hill, Tessa Holland and Steve Pool

This paper comes from workshop activities and structured reflection by a group of artists and researchers who have been using artistic practice within research projects…

Abstract

Purpose

This paper comes from workshop activities and structured reflection by a group of artists and researchers who have been using artistic practice within research projects aimed at enabling researchers to collaborate with communities. The paper aims to discuss these issues.

Design/methodology/approach

Three out of four in the group have a practicing creative background and their own studio/workshop space.

Findings

Artists are often employed – whether in schools or research projects – to run workshops; to bring a distinctive set of skills that enable learning or collaboration to take place. In this paper the authors reflect on the different meanings and connotations of “workshop” – as noun (as a place where certain types of activity happen, a bounded space) and a verb (to work something through; to make something together). From there the authors will then draw out the different principles of what artistic practice can offer towards creating a collaborative space for new knowledge to emerge.

Research limitations/implications

Key ideas include different repertories of structuring to enable different forms of social interaction; the role of materal/ality and body in shifting what can be recognised as knowing; and the skills of “thinking on your feet”, being responsive and improvising.

Originality/value

The authors will conclude by reflecting on aspects to consider when developing workshops as part of collaborative research projects.

Details

Qualitative Research Journal, vol. 15 no. 4
Type: Research Article
ISSN: 1443-9883

Keywords

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Book part
Publication date: 12 April 2019

Ioni Lewis, Barry Elliott, Sherrie-Anne Kaye, Judy J. Fleiter and Barry Watson

Drawing upon the Traffic Safety Culture (TSC) perspective, this chapter outlines the reinforcing and transforming functions of advertising and illustrates such approaches…

Abstract

Drawing upon the Traffic Safety Culture (TSC) perspective, this chapter outlines the reinforcing and transforming functions of advertising and illustrates such approaches by drawing upon examples from Australian road safety advertising campaigns. The argument put forth is that road safety advertising can be a robust tool; it can reinforce other countermeasures (enforcement) as well as transform community expectations and values and thus ultimately contribute to social as well as behavioral change.

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Book part
Publication date: 12 April 2019

Ioni Lewis, Sonja Forward, Barry Elliott, Sherrie-Anne Kaye, Judy J. Fleiter and Barry Watson

This chapter defines what road safety advertising campaigns are and the objectives that they typically seek to achieve. The argument put forward in this chapter is that…

Abstract

This chapter defines what road safety advertising campaigns are and the objectives that they typically seek to achieve. The argument put forward in this chapter is that when theoretically informed in their design and sensitive to the array of potential personal, social, and cultural influences which may be at play, road safety advertising can contribute to both reinforcing and transforming contemporary traffic safety culture. This chapter offers guidance to researchers and practitioners in the field regarding relevant theory which may be applied to inform message design and evaluation.

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Article
Publication date: 29 August 2019

Haniruzila Hanifah, Hasliza Abdul Halim, Noor Hazlina Ahmad and Ali Vafaei-Zadeh

Innovation performance is an issue that has a profound effect not only on Malaysian large companies but also among small and medium enterprises (SMEs) especially…

Abstract

Purpose

Innovation performance is an issue that has a profound effect not only on Malaysian large companies but also among small and medium enterprises (SMEs) especially Bumiputera SMEs. The purpose of this paper is to explore the theoretical review of innovation culture pertaining to innovation performance by conducting a literature review on SME studies. The previous reference on innovation performance in Malaysian SMEs is still scarce, even though it is the key benchmark to measure firm performance. It has been demonstrated by the literature that innovation culture is significantly associated with innovation performance. Nonetheless, its effect on Bumiputera SMEs is still underexplored. Thus, this study examines the importance of internal factors (specific human capital and social capital) to innovation culture in driving innovation performance.

Design/methodology/approach

A questionnaire-based survey was conducted to gather data from Bumiputera SMEs. A total of 140 responses were obtained and analyses were carried out using Smart-PLS software to produce interesting findings.

Findings

The findings indicate that social capital (relational capital and social network) has a significant impact on innovation culture and indirectly impacts innovation performance. The findings also reveal that specific human capital does not have significant impact on innovation culture and innovation performance. This paper shows the importance of social capital and how it directly influences Bumiputera SMEs and innovation performance. This result will be encouraging to firms in other developing countries.

Practical implications

Although SMEs play an important role in economic development, their contribution to innovation is small and marginal. This study makes an important contribution by providing information to the Malaysian SMEs, especially those that are of Bumiputera status on the factors that could enhance innovation performance and nurture innovation culture in their organisations. Thus, it is hoped that this study will generate interest among researchers to attain more conclusive evidence about the practice of innovation culture among Malaysian SMEs.

Originality/value

This paper is one of the first to address the mediating effect of innovation culture on specific human capital, social capital and innovation performance.

Details

Benchmarking: An International Journal, vol. 27 no. 1
Type: Research Article
ISSN: 1463-5771

Keywords

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Book part
Publication date: 12 April 2019

Mark J. King, Barry Watson and Judy J. Fleiter

The Traffic Safety Culture (TSC) approach has been applied primarily in high-income countries (HICs), yet the great majority of the burden of road trauma falls on low- and…

Abstract

The Traffic Safety Culture (TSC) approach has been applied primarily in high-income countries (HICs), yet the great majority of the burden of road trauma falls on low- and middle-income countries (LMICs), where it constitutes a humanitarian crisis. The UN Decade of Action for Road Safety established road safety in LMICs as a priority issue and launched a plan to address it. Road safety has subsequently been incorporated into the international development agenda via the Sustainable Development Goals. Characteristics of road user behavior, governance, infrastructure, enforcement, and health services in LMICs have led to assertions that many lack a “safety culture” or, more specifically, a “traffic safety culture.” While this invites the suggestion that a TSC approach would have value in LMICs, the question raised in this chapter is whether a psychosocial approach like TSC, developed and applied in HICs, is transferable to LMICs. This is first explored by examining the critique of the assumption that commonly studied psychological processes are universal, noting examples that are relevant to road safety. Cross-cultural psychology studies show that some of the psychological processes commonly studied in HICs differ in important ways in LMICs, while broader comparative research based on anthropology and sociology demonstrates the important influence of religious and cultural factors, economic and infrastructure conditions, institutional capacity and governance. The sociological construct of governmentality provides insight into why public compliance with traffic safety law may be lower in LMICs, and why this situation is likely to take a protracted period of time to change. Given the broader context of road safety in LMICs, the Road Safety Space Model (RSSM) provides a useful framework for identifying the economic, institutional, social, and cultural factors that influence a particular road safety issue in a particular country. This has implications for methodological approaches to TSC in LMICs, as less structured, more ethnographic methods are arguably more appropriate. An analysis of a typical TSC model, drawing on research from LMICs, demonstrates that the model assumes a particular hierarchy of elements (values, behavioral beliefs, normative beliefs, prototypical image, control beliefs), and relationships between them, which may not be true in LMICs. It is therefore more challenging to apply TSC in LMICs, particularly making the transition from identification of the TSC values and beliefs that lead to behavior to the development of an intervention to bring about changes in behavior. TSC is undoubtedly a promising approach in LMICs; however, its first steps should incorporate qualitative approaches and recognize the wide range of factors that are relevant to TSC; use of the RSSM would facilitate such a process. There is scope for further research to refine models of TSC, to determine the best mix of methods to use, and to explore the role of governmentality and its implications for TSC. In the interim, practitioners should strive to understand and take into account the broader social and cultural factors that influence behavior in the particular LMIC where they are working.

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Book part
Publication date: 12 April 2019

Matthew G. Nagler

The chapter defines social capital and explains its relationship to the broader concept of traffic safety culture. It lays out the conceptual case for a causal connection…

Abstract

The chapter defines social capital and explains its relationship to the broader concept of traffic safety culture. It lays out the conceptual case for a causal connection between social capital and positive traffic safety outcomes and describes recent work that has examined that connection. Implications for the practitioner include current policy options based on existing research results and promising new directions that require further exploration.

Details

Traffic Safety Culture
Type: Book
ISBN: 978-1-78714-617-4

Keywords

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