Petrol retailing today is characterised by intense competition. In general South Wales is less affected by this than other areas; but the corner of south‐east Wales…
Petrol retailing today is characterised by intense competition. In general South Wales is less affected by this than other areas; but the corner of south‐east Wales, containing both an Asda and a Carrefour, is not typical ‐ the innovative influence of these stores has had an effect on petrol retailing. The writer has found that, just as the reaction of independent shops in the area was to regard the competition as a threat, and just as it transpired that most shops soon recovered, so it appears that most garages have adjusted, and in some cases increased turnover may have resulted from the traffic generated in the valleys.
This paper examines the pricing of Initial Public Offerings (IPOs) in the secondary market on the first day of aftermarket trading. The focus of this study is on shifts in…
This paper examines the pricing of Initial Public Offerings (IPOs) in the secondary market on the first day of aftermarket trading. The focus of this study is on shifts in average returns over time, and does not necessarily address the cross‐sectional implications of a risk/return relation. The focus of the study is to examine the reasonableness of first day trading prices of IPOs. Initial returns of IPOs, issued during the period, January 1, 1999 to June 30, 2000, reached as much as 800 per cent, and the average initial return for the study sample was of 76 per cent. An important question is whether the high initial returns, observed during this time period, are appropriate for the level of risk associated with these new issues. Related to this question is the pricing of these securities by investment bankers (i.e. the offer price) and the pricing of the securities in aftermarket trading (i.e the secondary market). The results of this study indicate the presence of speculative excesses in the initial pricing of IPOs in aftermarket trading during 1999 and part of 2000. Further there is no indication that IPOs are excessively underpriced by investment bankers during the study period, January 1, 1997 through June 30, 2000. The results of this study may be useful to investors in making decisions about purchasing new public securities in the secondary market.
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the…
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary market because the advent of public trading conveys hitherto private information and thereby mitigates adverse selection. The going‐public firm underprices the new issue to compensate uninformed subscribers for this added secondary market adverse selection risk. We test this market liquidity‐based explanation by investigating the ex‐post consequences of ownership structure choice on the initial pricing and the secondary market liquidity of a sample of initial public offerings on the New York Stock Exchange (NYSE). Consistent with our argument, we find that initial underpricing varies directly with the ex post trading costs in the secondary market. Further, initial underpricing is related positively to the concentration of institutional shareholdings and negatively to the proportional equity ownership retained by the founding shareholders. Finally, the secondary market illiquidity of new issues is positively related to institutional ownership concentration and negatively to ownership retention and underwriter reputation. Thus, the evidence based on our NYSE sample supports the view that the entrepreneurs' choice of ownership structure affects both the initial pricing and the subsequent market liquidity of new issues.
Considers the special challenges when applying total quality management to a research environment. Describes a three‐dimensional quality model and a strategic planning model used to develop research strategies aligned with business needs. Gives examples of successful practice and techniques. Concludes, by considering the lessons learned during the development of the quality process.
The grain, quinoa (Chenopodium quinoa Willd), like tomatoes, maize, Phaseolus beans and potatoes, was a staple food of the Inca peoples. Unlike these other crops, however, quinoa did not attain global importance following the Spanish conquest. One reason which has been advanced to explain this is the presence in the outer layers of the grain of bitter and toxic saponins (see below) which must be removed before processing or cooking. Traditionally this was done by washing or steeping in water and it is obvious this is much less practicable in cloudy, European climates where subsequent drying is difficult, if not impossible.
Reports on the Royal Mail′s ′Customer First′ TQM process, where service quality is based on the needs of both external and internal customers. Describes how their performance measurement system ‐ the Customer Perception Index (CPI) ‐ was designed and how its results are used. Concludes that the flexibility of the CPI is its most important feature and that measurement systems have to evolve in order to remain useful.
This chapter quotes how St. John, Daun-Barnett, and Moronski-Chapman (2012) maintained ideological shifts in American culture and politics which are important to the study…
This chapter quotes how St. John, Daun-Barnett, and Moronski-Chapman (2012) maintained ideological shifts in American culture and politics which are important to the study of higher education policy because of the influence on public finance, government regulation, and curriculum. From the Great Depression through the Cold War to the present, human capital theory has guided higher education (St. John et al., 2012). Veiled concepts of accessibility and equity were substantial during this era to mask more nefarious attempts to shift to the privatization away from the public good of American Higher Education (Astin & Oseguera, 2004). This chapter focuses on the role of accountability as a neoliberal ideology, and the impact of this ideology, as a form of corporatization on higher education. Furthermore, this focus on corporatization intersects specifically with the discourse pertaining to corporate social responsibility (CSR), which can be understood as transparent actions that guide an organization to benefit society, such as in funding and accessibility. In this chapter, the authors engage in a critical analysis of neoliberalism, and academic capitalism, as threats to the institution of higher education as a public good. The authors initially provide a framing of the public to private dichotomy of American higher education in explaining the various products produced and expected outcomes. A historical context for performance-based funding in American higher education is provided as an understanding of the nature and scope of the contemporary model. To understand the influence of public funding policies on American higher education, it is also necessary to comprehend the role of political ideology and how the business model of higher education has evolved. Thus, a general discussion of neoliberalism permeates the entirety of this discussion. This chapter concludes with the tertiary impacts of neoliberalism.
The classics will circulate wrote a public librarian several years ago. She found that new, attractive, prominently displayed editions of literary classics would indeed find a substantial audience among public library patrons.
The purpose of this paper is to trace debates between state and federal governments, and community stakeholders, leading to the establishment and abolition of the first…
The purpose of this paper is to trace debates between state and federal governments, and community stakeholders, leading to the establishment and abolition of the first attempt at a university for Western Sydney, established as Chifley University Interim Council.
The historical analysis draws from published papers, oral history accounts, and original documents in archives of the University of Sydney and the University of Western Sydney.
Higher education reform in the 1980s in Australia was fought out as an extension of broader issues such as “States rights”, the rising political power of peri‐urban regions, long‐standing tensions between state and Commonwealth bureaucracies, and the vested interests of existing tertiary education and community groups.
This is the only existing study of attempts to found Chifley University, and one of the few available studies which take a social and contextual approach to understanding the critical reforms of the 1980s leading up to the Dawkins Reforms of 1988‐1990.