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Book part
Publication date: 10 June 2024

Kevin Hans Waitkuweit

This chapter explores how the intersection of disability and family has evolved in the US medical field over the 19th, 20th, and 21st centuries. Through an analysis of the…

Abstract

This chapter explores how the intersection of disability and family has evolved in the US medical field over the 19th, 20th, and 21st centuries. Through an analysis of the Proceedings of the American Medical Association, this work demonstrates how physicians describe and view the connections between disability and family in bureaucratic activities. The exploration of the Proceedings documents elucidates the changing process around how physicians define the relationship of disability and family in the US through bureaucratic and policy discussions. A qualitative approach of content analysis is employed to evaluate the American Medical Association Proceedings of the House of Delegates from 1846 to 2022. Data collection applies deductive coding focusing on various terms related to the conceptualization of families with analysis exploring themes around disability within the searched terms. Results demonstrate how US physicians describe the relationship between disability and family over time in the US context. The findings highlight cases in which the medical establishment recognizes itself as a potential source of burden, families choosing burdens of supporting or not supporting family members with disabilities, and the medicalization of social phenomena related to disability. Additional findings include discussions of support systems that families with disabled family members can leverage for assistance. This first-of-its-kind longitudinal content analysis study provides insights on the meaning-making processes of physicians in relation to how conceptualizations of disability and family are described in medical proceeding documents. The value of this work lies in both the findings of how physicians describe the intersection of disability and family as well as the viability of medical proceeding documents for analyzing cultural-social phenomena. Additional value is added with the notion that physicians view disability in a familial context as being caught between problems and support.

Details

Disability and the Changing Contexts of Family and Personal Relationships
Type: Book
ISBN: 978-1-83753-221-6

Keywords

Article
Publication date: 16 September 2024

John D. Finnerty

Press reports have indicated that firms frequently underprice restricted stock and employee stock options. I test for underpricing of stock and options.

Abstract

Purpose

Press reports have indicated that firms frequently underprice restricted stock and employee stock options. I test for underpricing of stock and options.

Design/methodology/approach

I examined a sample of 5,333 private firm stock and option issuances between 1985 and 2017. I tested for underpricing using two approaches: assuming investors have no special market-timing ability and assuming instead they have perfect market-timing ability.

Findings

I find evidence of widespread stock and option underpricing by private firms before they go public reflecting large discounts that exceed reasonable compensation for lack of marketability. Unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded, but the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect. Underpricing is still detected even when the actual DLOMs are tested against a benchmark that assumes investors have perfect market-timing ability.

Research limitations/implications

Firms frequently underprice restricted stock and employee stock options. Firms tend to underprice stock options more frequently than restricted stock, but restricted stock tends to be priced at deeper discounts when recipients are assumed not to have any special market-timing ability.

Practical implications

Private firms issue restricted stock and options as incentive compensation. Lowballing the valuation transfers wealth from outside stockholders to employees/insiders. Wealth transfers take place through the issuance of equity claims to employees/insiders before firms go public. I found that more than a quarter of the DLOMs exceed the theoretical maximum by, on average, between 16% (median) and 20% (mean). This finding raises two questions worthy of investigation. First, to what extent do the frequency and magnitude of DLOMs above the theoretical maximum depend on whether a board of directors obtains an independent appraisal of a stock’s fair market value? Second, if DLOMs above the theoretical maximum are observed even when the stock is independently appraised, how do appraisers justify such large DLOMs?

Social implications

The wealth transfers that take place through the issuance of equity claims to employees/insiders before firms go public benefit employees/insiders at the expense of outside shareholders.

Originality/value

My paper is the first to furnish evidence of widespread stock and option underpricing by private firms before they go public; demonstrate that the unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded and show that the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Open Access
Article
Publication date: 16 September 2024

Zahra Sharifzadeh and Natasha T. Brison

This study aims to examine whether sport companies that promote gender equality through femvertising, an advertising trend that empowers women and confronts gender stereotypes…

Abstract

Purpose

This study aims to examine whether sport companies that promote gender equality through femvertising, an advertising trend that empowers women and confronts gender stereotypes, actually support women’s rights with institutionalized approaches to challenge gender issues. Some sport brands even have won awards for their femvertising efforts, however, not all of them have modified their policies and programs to support gender equality. Sport femvertising can be a new area for CSR-washing and this study investigated this potential.

Design/methodology/approach

Utilizing a content analysis, this study compared sport brands' (award-winning vs non-award-winning) level of engagement in internal and external CSR activities regarding gender equality. Sport brands’ CSR attempts and number of women in leadership positions were analyzed through companies’ CSR reports, annual reports and websites.

Findings

Only few differences between two groups (award-winning vs non-award-winning) of sport brands were observed regarding their gender equality CSR engagement. In some cases, non-award-winning sport brands had a greater percentage of women in leadership and practiced more internal gender equality CSR.

Originality/value

This paper provides valuable information about the potential of femvertising as an advertisement, as well as CSR strategy. Results of this study broaden our understanding of how sport companies embraced this advertising/CSR technique and the repercussions. Findings provide guidance for sport marketers who seek to improve their brand image through femvertising.

Details

Sport, Business and Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-678X

Keywords

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