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This research uses accounting information to supplement abnormal returns evidence in order to gauge the performance of greenmailed firms. Our results support the management entrenchment hypothesis; target firm earnings are poor relative to industry in the years surrounding the greenmail event, and earnings do not significantly improve as would be expected under the shareholders' interest hypothesis. This result holds after adjusting for greenmail premia net of tax effects. Evidence on investment spending suggests firms that pay greenmail differ substantially from their industries, but in a negative direction. In contrast, the industry‐adjusted earnings of non‐greenmail repurchasing firms are significantly greater than the earnings of greenmailed firms. Together, these results are consistent with the contention that greenmailed firms are not managed in shareholders' interests; they underperform their industry, the poor operating results are not attributable to higher investment outlays associated with a long‐term strategic focus, and performance does not improve. This is consistent with observed negative abnormal returns being attributable to both a lost takeover premium and a lost opportunity for improved corporate performance.

The most significant event for the School has been the announcement of the creation of the National Centre for Management Research and Development. The Centre is due to open in 1986 and will provide research facilities for up to 20 major projects designed to improve the competitiveness of Canadian business practices.

In this account of our long-term ethnographic investigation of the Burning Man Project, we examine the emergence of nomadic spirituality among the citizens of Black Rock City, Nevada. We describe this emergence as a reaction to consumers’ increasing dissatisfaction both with conventional religious denominations and with consumption as an existential ground of meaning. We provide an emic view of the pilgrimage experience at Black Rock City, from the perspective of participants in and organizers of the event. We propose a theory of the comedy of the commons to interpret the surface structure of the moment, and embed our deep structural interpretation of the nomadic spirituality of the phenomenon within the context of new religious movements (NRMs). In so doing, we shed new light on the topic of the sacred and profane in consumer experience.

This is the first of a two‐part article on cultural aspects of alcohol use and includes information on alcohol consumption among Koreans, British, Americans, Jews, Italians, Irish and Hispanics. Drinking practices and customs, like all other lifeways, are culture bound, multi‐faceted, and learned behaviour. People from all ethno‐cultural groups use alcohol in some form, even in those societies where drinking is highly stigmatised or tabooed. Behavioural problems with alcohol misuse are as important as the physiological and psychological variants. There is remarkably little correspondence between the amount of alcohol consumption and behavioural problems encountered when cross‐cultural comparisons of drinking are examined. Learning about cross‐culture comparisons of alcohol use and misuse can have the potential to promote more responsible and sensible drinking behaviour.

Ned Piper needs to improve the performance of Acme Lumber’s Broken Arrow store. There are two candidates for the store manager’s position, Larry Frazier and Chip Farmer. Larry has worked for Acme for 35 years in a variety of positions and is related to the Johnson family who has owned and managed Acme for three generations. Chip has worked for Acme for 19 years and has successfully helped to turn around another store. Chip is not related to the Johnsons. Ned is feeling pressure from the business and family to make the right decision. Which candidate should he select to become a manager?

The authors used a case study methodology.

Human resources, selection, staffing, and family business management.

Socioemotional wealth perspective, and agency theory.

The debate about corporate purpose is a recurring one that has re-emerged today. What should be the guiding principles of business: the pursuit of profit or a contribution to public interest? We trace key elements in this debate in Britain and America, from the interwar years, when John Maynard Keynes and Adolf Berle made important contributions, to the 1970s, when events ushered in a return to laissez-faire and the rise to dominance of the shareholder primacy model of corporate governance and purpose, to today. Both the earlier and the current debates are centered around whether we see business institutions as strictly private entities, transacting with their suppliers, workers, and customers on terms agreed with or imposed upon these groups, or as part of society at large and therefore expected to contribute to what society deems to be its interests. Whether current developments will ultimately produce a shift in corporate purpose akin to the one that followed the Second World War remains to be seen. But the parallels to the interwar debates, and the uncertain economic, political, and social environments in which they took place, are striking. Our objective is to see what might be learned from the past to inform the current direction of thought concerning capitalism and corporate purpose.

To demonstrate how brand netnography is useful in showing how visitors interpret the places, people and situations that they experience when traveling.

Through analysis of online consumer stories about their travel experiences, this paper probes how visitors interpret their experiences while visiting cities in Asia. Deconstructing texts written by consumers via Heider's balance theory provides the method of analysis for samples of both positive and negative travel experiences of foreign visitors.

Mapping consumer experiences shows immediate and downstream positive and negative associations of concepts, events, and outcomes in visitors' stories. These maps include descriptions of how visitors live specific destination's unique promises.

The population of bloggers who report their experiences may not be representative of the population of all visitors.

Blog‐journal stories provides the opportunity to collect emic interpretative data unobtrusively. These stories have the potential to influence substantial numbers of future visitors who go online in search of first‐person unbiased, unrehearsed reports of others' destination experiences. First‐person (emic) reports enable managers of places (brands) to learn and talk in dialects of customers.

This paper provides a revisionist proposal to Holt's five‐step strategy for building destinations as iconic brands and suggestions for tourism management. The revisionist view includes interpreting consumers' own interpretations of their place experiences.

Donald Trump portrayed himself as a crusader against corrupt elites, claiming he would “drain the swamp.” Corporate elites generally depicted themselves as either trying to work with him or as directly opposed to him. Yet a closer analysis of Trump's policies and their outcomes in key issue areas, from taxes to immigration to the environment, shows continuity with previous pro-corporate policies. Furthermore, by positioning Trump as opposed to the elite, Trump and commentators on his presidency created a “radical flank” effect that made status quo, pro-corporate policies appear as progressive victories. This analysis suggests that a focus on the personal characteristics of politicians is misleading, and that the focus of political discourse needs to be on the power structure that shapes policy outcomes.

It's not enough to simply acquire alternative and small‐press materials. They must also be made easily accessible to library users by means of accurate, intelligible, and thorough cataloging.