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To review the M&A Brokers “no-action” letter issued in February 2014 by the staff of the USA Securities and Exchange Commission that clarifies the circumstances in which intermediaries (M&A brokers) may receive transaction-based compensation for services provided in connection with sales of private companies without having to register and be regulated by the SEC as broker-dealers under the USA Securities Exchange Act of 1934.

Examines the new SEC staff interpretative guidance on activities of M&A brokers in light of USA federal securities laws and previous staff no-action letters that address the application of broker-dealer registration requirements to such intermediaries when they render services in connection with purchases and sales of privately-held companies. Summarizes the manner in which the SEC staff’s new position expands the types of private M&A transactions on which intermediaries may advise and broadens the scope of services they may provide without subjecting themselves to Exchange Act registration.

The M&A Brokers letter dispels much of the uncertainty existing under earlier SEC staff no-action letters about the scope of permissible activities in which unregistered intermediaries may engage in private M&A transactions. By broadening the scope of those activities under the federal statutory regime governing broker-dealers, the new staff guidance should facilitate the expansion of services provided by M&A brokers without registration and permit greater flexibility for M&A brokers and their clients to structure compensation arrangements. The paper cautions that, absent reform of more restrictive regulation under the securities laws of some states, the prospects for expanded involvement by unregistered intermediaries in private M&A transactions may not be fully realized.

Expert guidance from experienced securities lawyers.

To explain a No-Action letter recently issued by the USA Securities and Exchange Commission (SEC) permitting persons who qualify as “M&A Brokers” to facilitate the sale of private companies without registering with the SEC as broker-dealers, subject to a number of restrictions.

Explains how persons engaged in merger and acquisition activity have historically been required to register with the SEC, summarizes the conditions to the relief for the newly defined M&A Broker, explains what an M&A Broker can and cannot do, lists 10 criteria an M&A Broker must meet to obtain relief from registration, recommends policies and procedures for companies planning on taking advantage of the exemption from registration, and explains comparable UK legislation that applies to financial advisers advising on investments or arranging deals for M&A transactions.

While many questions and considerations remain, including how this guidance will play out in respect of various state law regimes, the M&A Broker designation has the potential to relieve some of the burdens of registration for advisors specializing in private business combinations.

Practical guidance from experienced securities and financial services lawyers.

The purpose of this paper is to introduce and investigate social brokers who belong to and connect multiple groups in a social network. This paper also reveals the differential effects of innovative and following social brokers on content diffusion in terms of adoption timing, speed and size.

The paper collected field data related to 69,086 users on the largest social network platform in China and analysed their adoption behaviours of 2,492 pieces of content.

The analysis reveals that social brokers encourage content diffusion and accelerate the speed of content adoption in a social network. Specifically, following social brokers play a greater role than innovative social brokers in accelerating the speed of content adoption and expanding the size of content adoption. However, in the early stage of content diffusion within the social network, innovative social brokers could predict the success of content adoption more effectively than following social brokers.

This research extends the current diffusion literature by introducing the social broker and examining the effect of social brokers on the process of content adoption.

The findings provide suggestions to marketing managers on how to improve the diffusion of marketing-related content, such as by seeding specific people – that is, social brokers – with content, so they can serve as content transmitters in marketing campaigns. In addition, the findings suggest that to optimise content adoption in a social network, managers should strategically target innovative social brokers or following social brokers at various stages of content seeding-based marketing campaigns.

To the best of the authors’ knowledge, this research is the first to test the effects of social brokers on content adoption and identify innovative and following social brokers. The findings enrich the literature on content marketing by providing new perspectives on social structures in social networks.

How is liquidity formed in emerging financial markets? Do traders preannounce their orders to attract outside liquidity providers (a practice referred to as sunshine trading)? The purpose of this paper is to study liquidity formation of infrequently traded stocks. It also investigates the role of preopening periods in the formation of liquidity.

The paper focuses on the eight largest stocks traded on the West African Bourse in 2000. The dataset includes all the orders submitted to the market from January 3 to December 13, including their time of placement, limit price, and proposed quantity, and the identity of the broker‐dealers who submitted them. The paper analyzes order placement strategies as well as preopening price efficiency and broker‐dealers' profits.

The evidence is consistent with broker‐dealers engaging in sunshine trading. First, large orders are placed early during the preopening period and are not cancelled. Second, for most of the stocks in our sample, preopening prices reveal information long before trading actually occurs. Third, large volumes are traded without significant price movements. Fourth, the most active brokers' profits are lower than less significant intermediaries' ones, indicating that the former do not manipulate the market.

The analysis suggests that the actual liquidity on the West African Bourse is higher than what is indicated by the average state of the order book. This might increase the attractiveness of African stock markets for global portfolio managers.

To the best of the authors' knowledge, this paper is the first to empirically study sunshine trading as theoretically analyzed by Admati and Pfleiderer.

Some librarians and information workers would suggest that although the name information broker is new, the services provided by the broker are no different from those they provide themselves. However, it has also been suggested that since the broker is a full‐time member of the user group she serves, taking part in its normal assignments and playing an important role in promoting the communication of information, her role has more in common with that of the technological gatekeeper. The relationship between the broker's role and other information‐handling roles is one of the issues Aslib R & D Department has considered during its 2‐year assessment of the post, and some findings of general interest are discussed in this paper. Since the broker's post was established by the users themselves, their reactions to the broker are of particular interest and are considered. Brief attention is also given to the problems the broker faces in balancing her information activities against her other duties.

More library and information workers are likely to develop their careers ‘beyond the fringe’ of conventional librarianship. The post of Health Education/Information Officer (HE/IO) within Croydon Health Education Department demonstrates the potential to do so. The HE/IO acts as an information broker. Four main areas of activity are identified: (1) developing the library and information service; (2) meeting the information needs of colleagues; (3) promoting a healthy life‐style; (4) promoting the Health Education Department's services. The library has been reorganised. It is becoming a focus for other organisations seeking advice on handling information. The relevance of online searching is being tested. The creation of the post has enabled colleagues to concentrate on assessment, not retrieval, and has expanded the information dimension of the Department's work. The broker, like other Health Education Officers, undertakes research, liaison, planning, organisation, publicity and teaching. Library displays, reference packs of leaflets and information packs are used to promote health through libraries. Successful information brokerage requires wholehearted commitment to full participation in the work of a team, willingness to adapt and acquire new skills, and flexibility. Librarians and information workers could assume several different roles within Health Education Units.

This article is the third to appear in Aslib Proceedings on the work of the EISSWA Research Project. (Experimental Information Services in two Social Welfare Agencies). The previous two gave a resumé of the project's activities and began to examine factors which might inhibit effective service provision. This one, which forms one of the concluding chapters of the final report submitted to the British Library in 1980, attempts to draw the projects findings together in providing some choices for the nature and content of information services; not only for social welfare practitioners, but for any organisation where information professionals are striving to meet their diverse customer needs.

Because of the complexity of technological innovation and the dynamics of the technological environment, it is impossible for a single firm to have all knowledge needed for technological innovation, making it essential for firms to conduct cross-border knowledge search and integration. However, it is very difficult for firms to acquire and assimilate cross-border knowledge. The purpose of this paper is to explore how an open innovation platform (OIP) helps firms to effectively search and integrate cross-border knowledge, and to understand the key roles that OIP plays during the cross-border knowledge search and integration processes.

This paper takes the case analysis method, which provides a comprehensively understanding on the complex process of cross-border knowledge search and integration as well as the internal mechanism. Drawing on the research paradigm of Eisenhardt (1989), Bakker and Akkerman (2014), this paper analyzes and verifies the mechanism of OIP cross-border knowledge search and integration based on extensive interviews.

First, this paper analyzes the process of cross-border knowledge search and integration through Haier open partnership ecosystem (HOPE), which is theoretically divided into three stages, including motivation formation, cross-border knowledge search and integration. These three stages have been further decomposed into the following seven steps: demands discovery, problems definition, problems decomposition, resource search, resource evaluation, technology redevelopment and test. In addition, this study investigates the manifestation of interrelationships among these stages and steps, depicting the pathways through which HOPE facilitates the firm’s cross-border knowledge search and integration. The conclusions indicate that OIP timely discovers the consumer demands during the motivation formation stage, effectively decomposes problems and find related technology resources during the search stage and improves the efficacy of integration stage.

This study reveals the mechanism of OIP cross-border knowledge search and integration and draws some valuable conclusions, which contribute to the literature on cross-border knowledge search, enrich the research on problem-solving and also propose a new perspective to study the roles of OIP on innovation. However, there are still some limitations. First, this study is built on a single platform (HOPE), further studies may focus on more platforms to ensure the conclusions of this paper. Second, this study conducts data analysis using a simple encoding analysis, so it is possible that some critical information is emitted while collating and analyzing data. Meanwhile, for the research methods, qualitative and quantitative methods can be combined to analyze related issues, then the correlation and corresponding mechanism can be incorporated into the same framework to further verify the conclusions and generalize the results.

This paper theoretically analyzes how and why HOPE helps firms search and integrate cross-border knowledge. It provides not only a reference for OIP but also a proven and effective way for companies’ acquiring and integrating cross-border knowledge. Then it will further improve firms’ innovative abilities, especially disruptive innovation abilities.

Technological innovation, especially disruptive innovation is not only a driving force of firms’ sustainable development but also a vital driver of national development. This paper clarified that OIP can help firms conduct successful disruptive innovation through cross-border knowledge search and integration, which will further increase national innovative competence and improve social welfare.

This paper extends the literature on the process of cross-border knowledge search and integration, as well as the roles of OIP. From a managerial standpoint, the conclusions have practical implications for firms to successfully acquire and integrate cross-border knowledge.