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Article
Publication date: 4 September 2017

Mark Amorosi, George Zornada, Todd Gibson, Joel Almquist and Pablo J. Man

To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without…

Abstract

Purpose

To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without complying with all of the conditions of Section 12(d)(1)(E) of the Investment Company Act of 1940.

Design/methodology/approach

This article discusses the various conditions that a non-US investment company investing as a foreign feeder in a US registered open-end management investment company must satisfy in order to avoid complying with certain provisions of Section 12(d)(1)(E) of the Investment Company Act of 1940. In addition, the article analyzes certain potential tax and regulatory challenges facing firms seeking to rely on the relief.

Findings

This article concludes that the SEC no-action relief is an incremental step in reducing barriers to global distribution of US registered funds and may marginally increase the use of cross-border master-feeder arrangements as contemplated by the no-action letter. Nevertheless, this article cautions that significant impediments to global distribution of US registered funds remain, including tax withholding and non-US law issues.

Originality/value

This article contains valuable information about the regulatory impediments to global distribution of US registered funds, as well as learned assessments of the impact of recent developments in this space by experienced securities lawyers.

Article
Publication date: 6 July 2015

Michael McGrath and Pablo J. Man

To explain that the Securities and Exchange Commission (“SEC”) brought and settled charges against an investment adviser to several alternative mutual funds alleging, among other…

Abstract

Purpose

To explain that the Securities and Exchange Commission (“SEC”) brought and settled charges against an investment adviser to several alternative mutual funds alleging, among other charges, failure to comply with the custody requirements of the Investment Company Act of 1940, as amended (the “1940 Act”).

Design/methodology/approach

To explain that the Securities and Exchange Commission (“SEC”) brought and settled charges against an investment adviser to several alternative mutual funds alleging, among other charges, failure to comply with the custody requirements of the Investment Company Act of 1940, as amended (the “1940 Act”).

Findings

The enforcement action serves as an important reminder for the growing number of advisers of alternative mutual funds to be mindful of specific restrictions and obligations when managing registered funds that do not apply to private funds and separate accounts. This action shows that the SEC will bring charges even when the alleged violations do not result in harm to investors.

Practical implications

The 1940 Act, the rules thereunder, and SEC staff guidance relating to alternative investment strategies are complicated and not intuitive. These standards can constrain a registered fund’s ability to employ options, futures, swaps, prime brokerage, repurchase and reverse repurchase agreements, enhanced leverage through securities lending, and other facilities. As the SEC continues to examine alternative mutual funds, advisers to these funds should remain cognizant of the obligations arising under the 1940 Act and the implementation of fund policies and procedures.

Originality/value

Practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 16 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 10 May 2011

Desislava Ivanova Yordanova and Matilda Ivanova Alexandrova‐Boshnakova

The research objective of the study is to investigate the gender effects on risk propensity, risk perception, and risk behaviour of entrepreneurs distinguishing between direct and…

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Abstract

Purpose

The research objective of the study is to investigate the gender effects on risk propensity, risk perception, and risk behaviour of entrepreneurs distinguishing between direct and indirect gender effects. The study seeks to address the gap in the knowledge of the link between risk taking, risk propensity, and risk perception in the context of women and risk (Brindley).

Design/methodology/approach

Based on Sitkin and Pablo's model of risk behaviour and the literature on cognitive factors as determinants of risk perception, the paper provides hypotheses about the link between gender, risk perception, risk propensity, and risk behaviour. The proposed hypotheses are tested on a sample of 382 Bulgarian entrepreneurs.

Findings

Although female and male entrepreneurs have similar risk perceptions, female entrepreneurs are likely to have a lower risk propensity than male entrepreneurs. Risk propensity mediates completely the effect of gender on risk behaviour. The effect of gender on risk propensity is mediated partially by risk preference, outcome history, and age. Gender has an indirect effect on risk perception via overconfidence and risk propensity.

Research limitations/implications

The paper's ability to draw causal inferences is limited by the cross‐sectional nature of the study. The results may not be applicable to other countries and occupations.

Practical implications

The findings help to clarify the reasons for gender differences in risk behaviour and risk propensity of entrepreneurs and to design behavioural interventions.

Originality/value

This paper is an attempt to create a better understanding of the factors that account for gender differences in risk taking.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 17 no. 3
Type: Research Article
ISSN: 1355-2554

Keywords

Article
Publication date: 1 November 2006

May Aung and Martha L. Arias

The purpose of the paper is to propose and examine with evidence from Ecuador a behavioral framework that helps understand environmental practices in a small rural community.

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Abstract

Purpose

The purpose of the paper is to propose and examine with evidence from Ecuador a behavioral framework that helps understand environmental practices in a small rural community.

Design/methodology/approach

This research is a multidisciplinary study that integrates ethnographic, feminist, and fourth generation approaches. Qualitative and quantitative methods were applied.

Findings

Findings indicate a number of relevant determinant factors (social norms, personal norms, intention to act), moderating factors (knowledge of the issues, awareness of the consequences, knowledge of the strategies and action skills, assumption of the responsibilities), and socio‐demographic factors (gender and social class) that influence solid waste (garbage) management behavior in a small rural community in the Ecuadorian Andes.

Practical implications

This study recommends general public training for the stakeholders of this community taking into account gender and social class differences. The importance of generating role models in groups such as business owners and teachers to lead in waste management behavior is also suggested.

Originality/value

This study develops a behavioral framework with supporting empirical evidence from Ecuador that aids the understanding of environmental management practices of women and men from a small cohesive community

Details

Management of Environmental Quality: An International Journal, vol. 17 no. 6
Type: Research Article
ISSN: 1477-7835

Keywords

Article
Publication date: 1 October 2005

Georgios I. Zekos

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to…

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Abstract

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

Details

Managerial Law, vol. 47 no. 5
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 15 June 2023

Xi Zhang, Tianxue Xu, Xin Wei, Jiaxin Tang and Patricia Ordonez de Pablos

As a kind of knowledge-intensive team coordinated across physical distance, it is necessary to construct a meta-knowledge driven transactive memory system (TMS) for the knowledge…

Abstract

Purpose

As a kind of knowledge-intensive team coordinated across physical distance, it is necessary to construct a meta-knowledge driven transactive memory system (TMS) for the knowledge management of distributed agile team (DAT). This study aims to explore the comprehensive antecedents of TMS establishment in DATs and considers how TMS establishment is affected by herding behavior under the artificial intelligence (AI)-related knowledge work environment that emerges with technology penetration.

Design/methodology/approach

The data derived from 177 students of 52 DATs in a well-known Chinese business school, which were divided into 26 traditional knowledge work groups and 26 AI-related task groups to conduct a random comparative experiment. The ordinary least squares method was used to analyze the conceptual model and ANOVA was used to examine the differences in herding behavior between the control groups (traditional knowledge work DATs) and treatment groups (DATs engaged in AI-related knowledge work).

Findings

The results showed that knowledge diversity, professional knowledge, self-efficacy and social system use had significantly positive effects on the establishment of TMS. Interestingly, the authors also find that herding behavior may promote the process of establishing TMS of the new team, and this effect will be more significant when AI tasks are involved in team knowledge work.

Originality/value

By exploring the comprehensive antecedents of the establishment of TMS, this study provided a theoretical basis for knowledge management of DATs, especially in AI knowledge work teams. From a practical perspective, when the DAT is involved in AI-related knowledge works, managers should appropriately guide the convergence of employees’ behaviors and use the herding effects to accelerate the establishment of TMS, which will improve team knowledge sharing and innovation.

Details

Journal of Knowledge Management, vol. 28 no. 2
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 27 September 2022

Gustavo A. García, Diego René Gonzales-Miranda, Óscar Gallo and Juan Pablo Roman Calderon

This study aims to measure the gender wage gap among millennial workers in Colombia and determine if there is a marked wage difference between millennial women and men…

Abstract

Purpose

This study aims to measure the gender wage gap among millennial workers in Colombia and determine if there is a marked wage difference between millennial women and men. Furthermore, this study analyzes whether millennial women face a glass ceiling, that is, whether there is a larger gender wage gap among workers earning relatively high wages.

Design/methodology/approach

The study data included a sample of 2,144 millennial workers employed in 11 organizations located in the five main cities of Colombia. Oaxaca–Blinder econometric methods of wage decomposition were used to calculate both raw and adjusted gender wage gaps. The latter results in estimating the gender wage gap while controlling for observable characteristics related to individual, family, and labor. In addition, wage decompositions by education levels were carried out to approximate the extent of the glass ceiling among young workers.

Findings

The results show that millennial workers in Colombia face gender inequality in the labor market and that professional millennial women experience a distinct glass ceiling. The adjusted gender wage gap is 9.5%, and this gap increases with education level, increasing to nearly 14% among college-educated workers.

Research limitations/implications

The empirical results are supported by a self-report survey of millennial workers. An important limitation is that the data include millennial workers employed in the formal sector and exclude the informal sector (activities not regulated or protected by the state), which represents an important part of the economy in developing countries.

Originality/value

This paper contributes to the empirical literature on gender wage inequality for younger workers. This paper is original in reviewing the gender pay gap in Colombia using a primary dataset. Most of the work in this area has been done in developed countries and this research adds to the findings that have had focused on those nations.

Details

Employee Relations: The International Journal, vol. 45 no. 2
Type: Research Article
ISSN: 0142-5455

Keywords

Article
Publication date: 11 September 2019

Moisés Grimaldi Puyana, Pablo Gálvez-Ruiz, Antonio Jesús Sánchez-Oliver and Jerónimo García Fernández

The purpose of this paper is to understand the current relationship between factors such as desire and viability and entrepreneurial intention, using the Business Event Model as a…

Abstract

Purpose

The purpose of this paper is to understand the current relationship between factors such as desire and viability and entrepreneurial intention, using the Business Event Model as a point of analysis, as well as to understand the influence of gender as a moderating effect on entrepreneurial intention.

Design/methodology/approach

A total of 278 students from the Faculty of Education Sciences (University of Seville) were invited to participate with students carrying out degrees in Physical Activity and Sport Sciences.

Findings

There is a positive and similar relationship between desire and viability due to gender-related reasons. In the same way, this study presents a positive relationship in men and women, between desire and viability, desire and entrepreneurial intention and viability and entrepreneurial intention.

Practical implications

The public policies of the university should be oriented to the promotion of the desire perceived in women, carrying out sessions or training courses, where the speakers could be women leaders of companies. In addition, public policies should promote the perceived viability of men through training by providing technical resources on the operation of a company.

Social implications

This study provides theoretical knowledge on the entrepreneurial intentions of students at the University of Seville and therefore may help to improve policies aimed at promoting entrepreneurship.

Originality/value

This study provides clear practical implications for the management of students, and the findings facilitate the improvement of university policies designed to promote entrepreneurship in this type of student.

Details

Journal of Entrepreneurship and Public Policy, vol. 8 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

Open Access
Article
Publication date: 18 July 2023

Ana Pérez-Luño, Rocio Aguilar-Caro and Maria F. Muñoz-Doyague

Given the general consensus that creativity is a crucial driving force for innovation and progress, understanding how to promote it would benefit individuals, companies, society…

Abstract

Purpose

Given the general consensus that creativity is a crucial driving force for innovation and progress, understanding how to promote it would benefit individuals, companies, society and academia. Therefore, this paper aims to analyze the independent and contingent impact of individuals’ personality traits, team-member exchange (TMX) and gender on stimulating creativity.

Design/methodology/approach

The study uses a survey-sample of 639 university students (51.96% women) between the ages of 17 and 50. Confirmatory factor analysis (CFA) demonstrated reliability and validity of its measures. To test hypotheses, using structural equation modeling, hierarchical regression analyses were performed.

Findings

Results show that four of the five personality traits (extraversion, agreeableness, conscientiousness and openness to experience) and TMX positively influence creativity. There are no significant differences between men’s and women’s creativity. High TMX reinforces the influence of extraversion on creativity, while low TMX harms this relationship. High extravert women are more creative than high extravert men, while low extravert men are more creative than low extravert women. Low emotionally stable women are more creative than low emotionally stable men, while high emotionally stable men are more creative than high emotionally stable women. There are differences in how women and men take advantage of their openness to experience when TMX is considered. That is, while women take advantage of openness to experience for any value of TMX, men only increase their creativity as openness to experience increases for low values of TMX.

Research limitations/implications

Like all studies, ours has some limitations that provide opportunities for future research. First, care should be taken when generalizing these findings to other contexts. We use data from Spanish individuals, specifically university students. While they are suitable for testing our hypotheses, future studies should establish whether the general tendencies that we observe hold true for other kinds of people from Spain and other countries. Even more, this paper’s perspective might be biased by the authors’ country of origin (south Europe) in terms of gender. According to Hofstede (2001) south European and South American countries are more masculine than other cultures (Mensa and Grow, 2022). Therefore, analyzing these questions in different cultures (countries and settings) would facilitate the generalization of the results. Second, the data we use is mainly cross-sectional so strict causality cannot be inferred. The theory we use assumes specific causal directions, but alternative causal relationships cannot be ruled out. Finally, ideally, we should have controlled for additional variables that might influence the relationships in our model.

Practical implications

This paper has practical implications, as it demonstrates that neither gender is more creative than the other. It goes a step further, explaining how men and women can leverage their personality traits to be more creative. Moreover, since TMX could reinforce the impact of personality traits on creativity, this paper could help managers better organize teams and companies that want to be more innovative by taking into account the personality traits of their employees and how to get the best out of women and men.

Social implications

Traditionally, women have considered creativity to be a man’s thing. The results of this work favor society, demonstrating that women are just as creative as men and that through personality traits and TMX, both men and women can be more creative. These results help to reduce the gender gap and may favor women’s place in today’s society.

Originality/value

This work offers academic and practical implications. The main contributions to the creativity and gender literatures are the following: (1) Women are as creative as men. (2) High extravert and low emotionally stable women are more creative than men. (3) High open to experience women with high TMX are more creative than men at any level of TMX. For practitioners, the understanding of what personality traits have higher impact on creativity depending on the levels of TMX for women and men could help companies and politicians in hiring the most suitable people, especially for those positions where creativity is needed. This would increase the quality of their human capital, allowing them to get the most out of their human resources, from the very beginning of the employment relationship.

Details

Gender in Management: An International Journal , vol. 39 no. 1
Type: Research Article
ISSN: 1754-2413

Keywords

Article
Publication date: 27 May 2014

Pablo Arocena and Imanol Nuñez

– The purpose of this paper is to study the incidence of depression affecting work (DAW) performance and estimates gender differences across occupations.

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Abstract

Purpose

The purpose of this paper is to study the incidence of depression affecting work (DAW) performance and estimates gender differences across occupations.

Design/methodology/approach

Using Labor Force Survey data from the UK in 2007, the authors first decompose the differential on the aggregate incidence rate of DAW between men and women into two components: the gender effect and the occupational effect. Then, the authors identify the stressors of DAW by means of a logit regression analysis.

Findings

The empirical results show that gender is not a significant explanatory variable of DAW. Further, when differences are analyzed for each gender separately, results show that the effect of occupations is stronger within females than within males.

Originality/value

Most of previous studies focus on occupational causes of depression. By contrast, this paper investigates the effect of depression on work performance.

Details

International Journal of Manpower, vol. 35 no. 3
Type: Research Article
ISSN: 0143-7720

Keywords

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