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Article
Publication date: 17 February 2012

John F. Pinfold and Danyang He

The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality…

Abstract

Purpose

The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality and market manipulation.

Design/methodology/approach

Market quality was tested using the methodology of Pagano and Schwartz, which is based on changes in market model R2s. Closing price manipulation is detected by comparing mean bid‐ask spread characteristics of the periods before and after the introduction of the pre‐close call auction.

Findings

The closing call auction improves the quality of share pricing and reduces the incidence of market manipulation.

Practical implications

The paper confirms the effectiveness of the changes made to the method of closing the market for all firms in the market.

Originality/value

The paper extends knowledge of the effectiveness of closing call‐auctions. It is the first study in a low‐liquidity market and of shares with very low liquidities. Such markets have lower pricing quality and are more vulnerable to market manipulation. The study establishes the effectiveness of closing auctions in this environment.

Details

Journal of Financial Regulation and Compliance, vol. 20 no. 1
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 13 September 2011

Roger Lorence and Steven Q. Zhang

The purpose of this paper is to highlight not only the pre‐closing, but also the continuing due diligence required of all parties in private placement life insurance or…

Abstract

Purpose

The purpose of this paper is to highlight not only the pre‐closing, but also the continuing due diligence required of all parties in private placement life insurance or annuities invested in hedge funds.

Design/methodology/approach

This technical paper describes the due diligence process for these high‐end offerings, illustrating key concerns through case studies.

Findings

Recent events have caused the advantages, disadvantages and timing issues to crystallize, together with what issues require pre‐closing and post‐closing due diligence.

Originality/value

This paper provides timely guidance from experts approaching the issues from multiple disciplines – law, accounting, and financial analysis – to yield a comprehensive analysis of the position of all parties to the transaction.

Details

Journal of Investment Compliance, vol. 12 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 21 September 2012

K. Stephen Haggard, (Grace) Qing Hao and Ying Jenny Zhang

The purpose of this paper is to investigate short‐selling around private investment in public equity (PIPE) issuances, for evidence of manipulative short‐selling by hedge funds.

Abstract

Purpose

The purpose of this paper is to investigate short‐selling around private investment in public equity (PIPE) issuances, for evidence of manipulative short‐selling by hedge funds.

Design/methodology/approach

The authors use the Regulation SHO short‐selling data in combination with information about hedge fund participation in traditional stock PIPE offerings from Sagient Research, and share price and trading volume data from the Center for Research in Security Prices (CRSP) to examine the relations among hedge fund participation, short‐selling levels and stock returns surrounding such offerings.

Findings

It is found that significantly less pre‐deal short‐selling occurs when hedge funds are included in the PIPE investor group, and adjusted returns for firms with hedge funds as investors are positive in the pre‐deal period and negative in the post‐deal period. Both of these findings are opposite of the patterns expected given manipulative short‐selling by hedge funds. Pre‐deal and post‐deal adjusted returns and PIPE discount are unrelated to pre‐deal short‐selling by hedge funds, findings inconsistent with manipulative short‐selling by these investors. The evidence suggests that most hedge funds that invest in traditional stock PIPEs do not engage in manipulative short‐selling around these deals.

Originality/value

This paper is the first, to the authors' knowledge, to examine hedge fund participation and daily short‐selling around traditional stock PIPE issuances. Previous studies focus on structured PIPE deals, which do not represent the majority of the PIPE market at present. The daily short selling data used in this study allow for detailed investigation of market behavior not afforded by monthly short interest data used in previous studies.

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Article
Publication date: 4 October 2011

Robin B. DiPietro, H.G. Parsa and Amy Gregory

The purpose of this paper is to determine the relationship between QSC (quality, service and cleanliness) inspection scores and financial performance in quick service restaurants.

Abstract

Purpose

The purpose of this paper is to determine the relationship between QSC (quality, service and cleanliness) inspection scores and financial performance in quick service restaurants.

Design/methodology/approach

Restaurant QSC inspection data were collected from 25 quick service restaurants of an international chain over a period of 18 months. Audited financial data were also collected for these participating restaurants. Using SPSS software, the data were analyzed for possible relationships between the restaurant QSC scores and the financial performance measured as total unit sales per week, revenues per available seat per week, and gross operating income for each month. Restaurant unit size is measured by total revenues per month.

Findings

Contrary to the commonly held belief, the relationship between QSC variable and restaurant performance is weak. This study found there was a “V” curve in QSC inspections and financial performance when restaurant size was chosen as the moderating variable.

Research limitations/implications

The specific items measured in the QSC may differ across organizations, although the broad categories remain constant. Certain operational factors such as price changes, special promotions, additional restaurant openings in the specific area, and local economic conditions could have confounded the results.

Practical implications

The knowledge obtained from this study could help restaurant organizations determine the level of weighting given to a specific inspection variable. This study also suggests the use of FQSC inspections instead of traditional QSC to emphasize financial performance (F). This study demonstrates the liability and limitations of tying QSC inspections to merit raises and bonus plans as normally done in restaurants.

Originality/value

This paper is the first empirical study to analyze the QSC inspections of restaurants related to financial performance. In contrast to the past studies with food safety/health inspections, the current study focuses directly on QSC inspections conducted more frequently and in greater detail by the quick service restaurants with emphasis on operational and financial performance.

Details

International Journal of Contemporary Hospitality Management, vol. 23 no. 7
Type: Research Article
ISSN: 0959-6119

Keywords

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Case study
Publication date: 20 January 2017

Hayagreeva Rao and John Joseph

Supplements the (A) case.

Abstract

Supplements the (A) case.

Details

Kellogg School of Management Cases, vol. no.
Type: Case Study
ISSN: 2474-6568
Published by: Kellogg School of Management

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Article
Publication date: 12 June 2019

Tim Galpin

This paper offers an approach to deal with the value destruction caused when culturally incompatible organizations merge.

Abstract

Purpose

This paper offers an approach to deal with the value destruction caused when culturally incompatible organizations merge.

Design/methodology/approach

A field-tested Cultural Comparison and Integration Model is demonstrated. 10;

Findings

The model illustrates how managers can compare and integrate cultures of combining firms using “cultural levers”.

Practical implications

A case example of the model in practice is included.

Originality/value

The model has been tested in a large and medium size organizations in a variety of industries and nationalities.

Content available
Article
Publication date: 23 July 2019

Larry Goodson

Abstract

Details

Strategy & Leadership, vol. 47 no. 4
Type: Research Article
ISSN: 1087-8572

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Article
Publication date: 8 April 2021

Geoffrey P. Burgess, Timothy McIver, Philippe Tenglemann, Rosanne Lariven, Andrea Pomana, Jan Schoberwalter and Edoardo Troina

To provide an overview of the national foreign direct investment (“FDI”) screening mechanisms in place across Europe including in France, Germany, Italy, the Netherlands…

Abstract

Purpose

To provide an overview of the national foreign direct investment (“FDI”) screening mechanisms in place across Europe including in France, Germany, Italy, the Netherlands, Spain and the UK.

Design/methodology/approach

This article summarizes the key elements of the national FDI screening regimes of some of the leading European economies. This includes setting out the relevant investment thresholds, protected sectors, lengths of review periods, standstill obligations and potential sanctions in each jurisdiction.

Findings

Many of Europe’s leading economies are following the wider global trend towards stricter reviews of foreign investment ahead of the EU Screening Regulation coming into force in October 2020. However, the approach taken to FDI screening can vary significantly at a country level in terms of both process and substance and the applicable laws are evolving rapidly, not least as a response to concerns related to the impact of COVID-19.

Practical implications

Investors looking to make acquisitions in Europe will need to consider whether national FDI screening will apply to their proposed investments. Depending on the jurisdiction, FDI screening can introduce lengthy review periods and require detailed information gathering as well as uncertainty as to the final outcome. Potential investors also need to consider the risk of sanctions, including criminal sanctions, for non-compliance with the screening regimes.

Originality/value

This article offers a summary and comparison of national FDI screening regimes across Europe.

Details

Journal of Investment Compliance, vol. 22 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 7 January 2021

Amanda Oliveira Fontenelle and Juliana Keiko Sagawa

Lean manufacturing (LM) has advocated gains by reducing waste and intensifying continuous improvement. As a holistic organizational policy, it must overpass the limits of…

Abstract

Purpose

Lean manufacturing (LM) has advocated gains by reducing waste and intensifying continuous improvement. As a holistic organizational policy, it must overpass the limits of the manufacturing function. Management accounting should be aligned to lean thinking, aiming to meet the demands and goals of a lean organization. This paper aims to investigate the degree of alignment between management accounting systems and LM practices.

Design/methodology/approach

Two representative case studies were carried out in industry leaders in the implementation of LM, in Brazil. The key research constructs and were identified by means of a systematic literature review. The rhetoric and practice concerning the alignment between management accounting and LM are discussed based on the existing theory and the conducted case studies.

Findings

The analysis showed that many of the principles that form the rhetoric of lean accounting are far from the accounting practices observed in the companies. Using the theory-building function of case studies, 10 propositions to be tested in future research are proposed. The main propositions are also summarized in a framework based on analogies with optical lenses.

Originality/value

To the best of the knowledge, there are no previous in-depth studies focusing on characterizing this alignment between management accounting and LM practices. The analysis yields prescriptive directions for managers that seek to improve this alignment in their business. This study also proposes a five-stage maturity model, which can be used by the managers to assess this alignment and to set goals for reaching more advanced levels of maturity.

Details

Journal of Business & Industrial Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0885-8624

Keywords

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Abstract

Details

The Political Economy of Antitrust
Type: Book
ISBN: 978-0-44453-093-6

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