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Article
Publication date: 8 April 2021

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

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

Keywords

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Article
Publication date: 4 December 2020

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

Keywords

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Book part
Publication date: 24 July 2019

Karen Corteen

To discuss the regulation of professional wrestling in the USA in order to explore how the business of professional wrestling is regulated and deregulated.

Abstract

Purpose

To discuss the regulation of professional wrestling in the USA in order to explore how the business of professional wrestling is regulated and deregulated.

Approach

Using desk-based research, the regulation and deregulation of professional wrestling will be explored.

Findings

The regulation of professional wrestling in the USA is inconsistent. The extent of regulation and deregulation of professional wrestling is dependent on the state in which the event takes place. Whether regulated or deregulated, professional wrestling is a painful, risky and injurious business wherein the economic health and well-being of the World Wrestling Entertainment (WWE) corporation, and the location in which events take place, take precedence over the health and well-being of working sports participants.

Implications

The research is limited to sports participants working in the dominant, visible and therefore arguably most accountable professional wrestling corporation in the USA. Implication of the research is that a more in-depth investigation into the utility of regulation is needed. Additionally, it raises concerns regarding the potential hidden work-related premature deaths, harms and injuries in other promotions in the USA and beyond.

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Book part
Publication date: 19 August 2017

Mikel Larreina and Leire Gartzia

In the last decades, many of the most talented and promising young graduates in the developed economies have joined the financial industry. Simultaneously, ill-designed…

Abstract

In the last decades, many of the most talented and promising young graduates in the developed economies have joined the financial industry. Simultaneously, ill-designed incentives’ schemes have favored the development of a culture in which excessive greed, free-riders’ behavior, unreasonable appetite for risk, and short-term decision making have endangered the economy and, potentially, have laid the foundations for financial, economic, social, and environmental crises.

In this chapter, we review current challenges in the financial industry from the lens of human and social capital. We examine some of the factors that allowed unethical behavior and a short-term financial focus in the financial sector, examining how compensation and an extremely competitive culture became key elements that favored greedy and manipulative behavior and ultimately generated socially harmful human and social capital in the financial sector. Finally, we discuss the emergence of a number of game-changers (namely, Brexit, FinTech, the growing relevance of ethical standards, and the increasing participation of women and millennials in the industry) that might represent potential promotors of change and help restructure and reshape the financial industry.

Details

Human Capital and Assets in the Networked World
Type: Book
ISBN: 978-1-78714-828-4

Keywords

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Article
Publication date: 15 May 2017

Morris B. Holbrook

This paper describes the personal history and intellectual development of Morris B. Holbrook (MBH), a participant in the field of marketing academics in general and…

Abstract

Purpose

This paper describes the personal history and intellectual development of Morris B. Holbrook (MBH), a participant in the field of marketing academics in general and consumer research in particular.

Design/methodology/approach

The paper pursues an approach characterized by historical autoethnographic subjective personal introspection or HASPI.

Findings

The paper reports the personal history of MBH and – via HASPI – interprets various aspects of key participants and major themes that emerged over the course of his career.

Research limitations/implications

The main implication is that every scholar in the field of marketing pursues a different light, follows a unique path, plays by idiosyncratic rules, and deserves individual attention, consideration, and respect … like a cat that carries its own leash.

Originality/value

In the case of MBH, like (say) a jazz musician, whatever value he might have depends on his originality.

Details

Journal of Historical Research in Marketing, vol. 9 no. 2
Type: Research Article
ISSN: 1755-750X

Keywords

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Abstract

Details

Intellectual Disability Nursing: An Oral History Project
Type: Book
ISBN: 978-1-83982-152-3

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Article
Publication date: 2 May 2017

Fredrick Muyia Nafukho, Mary Alfred, Misha Chakraborty, Michelle Johnson and Catherine A. Cherrstrom

The primary purpose of this study was to predict transfer of learning to workplace among adult learners enrolled in a continuing professional education (CPE) training…

Abstract

Purpose

The primary purpose of this study was to predict transfer of learning to workplace among adult learners enrolled in a continuing professional education (CPE) training program, specifically training courses offered through face-to-face, blended and online instruction formats. The study examined the predictive capacity of trainee characteristics, training design and work environment on transfer of learning among the study respondents.

Design/methodology/approach

A cross-sectional online survey design was used to collect data from the study respondents, three months after CPE training. Two hundred ninety-seven trainees participated in this study. Data from 46 participants were incomplete and therefore excluded in the preliminary analysis, resulting in 251 valid responses and participants for the data analysis, 43 males (17.1 per cent), 201 females (80.1 per cent) and 7 (2.8 per cent) who did not indicate their gender. To answer the study’s research questions, factor analysis and multiple hierarchical regressions were performed.

Findings

The results of the study revealed training efficiency and relevance were critical in the transfer of learning among the study participants. The findings of the study showed combined training efficiency and training relevance enabled training participants to acquire knowledge and skills for application in the workplace and had significantly positive influence in transfer of learning. The work environment, measured by work variability (or flexibility) and work complexity, and the trainee motivation to participate, measured by learning-conducive workplace features, had a positive influence in transfer of learning.

Research limitations/implications

Because the majority of participants were females (80.1 per cent), this could be one of the limitations to this study. Research has identified that, because of the broad expectations based on sex and different family and occupational roles, men and women differ in their social network communication, participation in CPE, personality traits, gender-related occupational preferences, learning preference and methods of handling workplace conflict. The second limitation is related to the study design. The researchers did not have a control group because of practicality issues. This being a cross-sectional online survey study, all extraneous variables were not controlled such as in the case of a true randomized control study. This study is relying on the information obtained from a self-report training transfer instrument completed by the study participants. The accuracy of the obtained data is dependent on the honesty of the participants and their commitment in providing correct responses.

Originality/value

This study provides empirical evidence pertaining to the transfer of learning among adult learners engaged in a continuing professional development training program. The study examines factors related to training design, training delivery, trainee motivation and the workplace environment and how these factors determine transfer of learning among trainee respondents who participated in the study. The findings of the study have practical implications for the design and successful delivery of continuing professional training among adult learners. The study could be replicated at a national level and in international settings.

Details

European Journal of Training and Development, vol. 41 no. 4
Type: Research Article
ISSN: 2046-9012

Keywords

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Article
Publication date: 5 September 2016

Moses Jumbe and Cecile N. Gerwel Proches

Organisational culture is increasingly being recognised as a critical determinant of the success or failure of organisational change efforts. A power utility company in…

Abstract

Purpose

Organisational culture is increasingly being recognised as a critical determinant of the success or failure of organisational change efforts. A power utility company in Africa was undergoing planned change driven by its ambitious vision of becoming one of the top five performing utilities in the world. The purpose of this paper is to explore how the organisation’s culture was impacting on the change initiatives of one of the organisation’s operating units. The study also sought to investigate the robustness of the change model employed to inform the change process.

Design/methodology/approach

The study employed qualitative research methods for data collection, sampling and analysis. Ten semi-structured, in-depth interviews were conducted with managers, supervisory and non-supervisory staff in the operating unit. Data analysis was by means of thematic analysis.

Findings

Organisational culture was found to be impacting the operating unit’s change efforts. According to the participants, cultural analysis to determine organisational readiness for change was not adequately undertaken. The cultural factors of, among others, communication, feedback, involvement, and consultations negatively impacted the change efforts. The participants’ perceptions were that leadership failed to connect employees to the vision.

Originality/value

The paper provides insight into the importance of leadership’s understanding and consideration of organisational culture in change initiatives. Cultural analyses before embarking on change assists leaders in identifying and then strengthening or changing cultural tenets implicated by the change initiatives.

Details

African Journal of Economic and Management Studies, vol. 7 no. 3
Type: Research Article
ISSN: 2040-0705

Keywords

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Book part
Publication date: 19 August 2017

Victoria Choi Yue Woo, Richard J. Boland and David L. Cooperrider

As they say, “Change is the only constant.” Thriving and surviving during a period of extraordinary collision of technological advances, globalization, and climate change…

Abstract

As they say, “Change is the only constant.” Thriving and surviving during a period of extraordinary collision of technological advances, globalization, and climate change can be daunting. At any given point in one’s life, a transition can be interpreted in terms of the magnitude of change (how big or small) and the individual’s ontological experience of change (whether it disrupts an equilibrium or adapts an emergent way of life). These four quadrants represent different ways to live in a highly dynamic and complex world. We share the resulting four-quadrant framework from a quantitative and a mixed methods study to examine responses to various ways we respond to transitions. Contingent upon these two dimensions, one can use a four-quadrant framework to mobilize resources to design a response and hypothesize a desired outcome. Individuals may find themselves at various junctions of these quadrants over a lifespan. These four quadrants provide “requisite variety” to navigate individual ontology as they move into and out of fluid spaces we often call instability during a time of transition. In this chapter, we identified social, cognitive, psychological, and behavioral factors that contribute to thriving transition experiences, embracing dynamic stability. Two new constructs were developed, the first measures the receptivity to change, Transformation Quotient (TQ) and second measures the range of responses to transitions from surviving to thriving, Thriving Transitional Experiences (TTE). We hope our work will pave the way for Thriving to become a “normal” outcome of experiencing change by transforming the lexicon and expectation of engaging with transitions.

Details

Human Capital and Assets in the Networked World
Type: Book
ISBN: 978-1-78714-828-4

Keywords

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

Details

The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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