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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

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Article
Publication date: 1 February 1996

Steinbach Josef and Kirstin Schlüter

Tourist regions have to adapt their offer to the continuously changing needs (new holiday trends, generation changes of travelers), in order to protect their markets. This…

Abstract

Tourist regions have to adapt their offer to the continuously changing needs (new holiday trends, generation changes of travelers), in order to protect their markets. This especially holds for the fields of culture, entertainment and gastronomy.

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The Tourist Review, vol. 51 no. 2
Type: Research Article
ISSN: 0251-3102

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Article
Publication date: 1 February 2003

Donald E. Gibson and Scott J. Schroeder

Attributing blame for performance failure and credit for success is ubiquitous in organizations. These responsibility attributions can play an important role in aligning…

Abstract

Attributing blame for performance failure and credit for success is ubiquitous in organizations. These responsibility attributions can play an important role in aligning individual and organizational performance expectations, but may also exacerbate conflict in groups and organizations. Theory suggests that an actor's organizational role will affect blame and credit attributions, yet empirical work on this prediction is lacking. This article tests an organizational role approach by assessing the effect of the responsible actor's hierarchical position and whether he or she acted as an individual or as part of a group on blame and credit attributions. The study finds that in response to organizational failures and successes leadership roles attract more blame than other positions, but in contrast to previous predictions, these roles do not attract more credit than lower level roles. In addition, upper level positions tend to be assigned greater blame than credit, while lower level positions show a reversed pattern: they attract more credit than blame. Groups are less likely to be assigned blame and more likely to be credited than are individuals, and occupants in flat organizational structures are assigned higher levels of blame and credit than are occupants in taller organizational structures.

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International Journal of Conflict Management, vol. 14 no. 2
Type: Research Article
ISSN: 1044-4068

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Article
Publication date: 1 January 1998

Gavin M. Schwarz and David M. Brock

Organizational change in an evolving technological age is reconsidered here. Extant organization theory focuses largely on technologically‐induced transformation. This…

Abstract

Organizational change in an evolving technological age is reconsidered here. Extant organization theory focuses largely on technologically‐induced transformation. This paper argues that this focus is inappropriate. With the proliferation of information technology in the workplace, change literature propounds a particular view of the organization: a lean, flat and networked organization. Reevaluating future change and future shock literature prediction, we establish a more realistic account of technology and the organization and question the accuracy of the “altered organization” expectation. In developing a conceptualization of a “limited reality of change,” we imply that predicted changes are not as clear cut as certain proponents would have us believe. Though there is a willingness throughout technology change literature to slip into the language of organizational transformation, this paper indicates that the reality of change is far more restrictive than has largely been previously acknowledged We conclude by proposing the coexistent organization as an alternative—arguing that hierarchical organizational forms can coexist with a networked organization—and discuss implications for organization change theory.

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The International Journal of Organizational Analysis, vol. 6 no. 1
Type: Research Article
ISSN: 1055-3185

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Article
Publication date: 10 August 2010

Scott Millard

Abstract

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Reference Reviews, vol. 24 no. 6
Type: Research Article
ISSN: 0950-4125

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Article
Publication date: 1 March 1984

Helmut Zolles

Das Feld Die Feldforschung als Teil der empirischen Sozial‐forschung geht vom Begriff des “Feldes” aus, einem abgegrenzten Datenreservoir, zu dem sich der Forscher…

Abstract

Das Feld Die Feldforschung als Teil der empirischen Sozial‐forschung geht vom Begriff des “Feldes” aus, einem abgegrenzten Datenreservoir, zu dem sich der Forscher direkten oder indirekten Zugang verschaffen kann (NOWOTNY und KNORR 1975). Wesentlich für die Feldforschung ist die Tatsache, dass die empirischen Untersuchungen nicht in einer Laborsituation sondern in situ durchgeführt werden (WEIDMANN 1971) und eine Kontrolle über die Variablen nicht oder nur in beschränktem Umfang (beim Feldexperiment) möglich ist. Da selbst bei einem äusserst eingeschränkten Forschungsgegen‐stand die Fülle aller erfassbaren Daten unüberseh‐bar würde, ist es notwendig, das Feld vor Untersuchungsbeginn abzugrenzen, d.h. Hypothesen über die geographische, ethnographische, zeitliche und soziologische Begrenzung und eventuell auch über vorhandene Strukturen und ihre Dynamik zu bilden, die mit den Methoden der Feldforschung bestätigt oder falsifiziert werden. Feldforschung unterliegt damit auch den Regeln der Hypothesenbildung in den induktiv vorgehenden empirischen Wissenschaften, wogegen nicht spricht, dass Feldforschung, welche überwiegend qualitative Ergebnisse liefert, selbst wiederum für die Hypothesenbildung und die Formulierung von Fragestellungen auf einer nächsten Stufe der Feldforschung verwendet wird, die unter Umständen eher quantifizierbare Ergebnisse bringt. Das Feld ist die komplexe Wirklichkeit der sozialen Verhaltensweisen und Prozesse, die in ihre natürlichen Umweltbedingungen eingebettet sind und in zum Teil höchst komplizierten Interaktionsverhältnissen stehen. Den Feldbegriff gibt es in anderer Form in den verschiedensten Wissenschaftsbereichen, insbe‐sondere in der auf LEWIN zurückgehenden Gestalt Psychologie, nach der das Verhalten eines Lebewesens durch die Bedingungen des Feldes oder Lebensraumes, in dem es erfolgt, bestimmt wird. Das Verhalten ist somit die Funktion eines Feldes, das diese Person umschliesst und miteinbezieht (LEWIN 1951). Auch in den Sprachwissenschaften wird der Begriff des Feldes als ein System definiert, in dem ein Wort oder eine grössere sprachliche Einheit einen bestimmten Platz hat und aus dem heraus die Bedeutung des Wortes oder dieser sprachlichen Einheit erarbeitet werden kann (GECKELER 1971). Allen wissenschaftlichen Feldbegriffen ist gleich, dass es sich um einen Bereich von Daten und ihre dynamische Verknüpfung untereinander handelt, deren Struktur mit wissenschaftlichen Methoden herausge‐arbeitet und nach Möglichkeit sogar operational gemacht werden kann.

Details

The Tourist Review, vol. 39 no. 3
Type: Research Article
ISSN: 0251-3102

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Abstract

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The Politics of Land
Type: Book
ISBN: 978-1-78756-428-2

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Book part
Publication date: 1 January 2014

Brandon Chase

Guided by Ericson’s counter-law analytic, the focus of this paper is how peace bonds erode traditional criminal law principles to govern uncertainty and provide applicants…

Abstract

Guided by Ericson’s counter-law analytic, the focus of this paper is how peace bonds erode traditional criminal law principles to govern uncertainty and provide applicants with a “freedom from fear” (Ericson, 2007a). Peace bonds permit the courts to impose a recognizance on anyone likely to cause harm or “personal injury” to a complainant. This paper conducts a critical discourse analysis to answer the question: how and to what extent are peace bonds a form of counter-law? Facilitated by the erosion of traditional criminal law principles and rationalized under a precautionary logic, proving that a complainant is fearful through a peace bond can result in the expansion of the state’s capacity to criminalize and conduct surveillance.

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Studies in Law, Politics, and Society
Type: Book
ISBN: 978-1-78350-785-6

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Article
Publication date: 1 April 1989

Sidney E. Harris and Joseph L. Katz

Examines the usefulness of two information technology (IT)managerial control measures in the insurance industry – the ratiosof IT expense to premium income and total…

Abstract

Examines the usefulness of two information technology (IT) managerial control measures in the insurance industry – the ratios of IT expense to premium income and total operating expense. Demonstrates the use of the ratios as predictors to differentiate organisational performance. Concludes that the predictive ability of the models can be used to identify areas where firms may be weak.

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Office Technology and People, vol. 5 no. 4
Type: Research Article
ISSN: 0167-5710

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Article
Publication date: 1 February 1988

Lawrence A. Gordon, George E. Pinches and Frank T. Stockton

The traditional approach to capital expenditure analysis is based on the neoclassical economic paradigm. According to this paradigm, managers are assumed to strive for…

Abstract

The traditional approach to capital expenditure analysis is based on the neoclassical economic paradigm. According to this paradigm, managers are assumed to strive for profit maximization in an effort to maximize the wealth of the firm's stockholders. In their pursuit of this objective, the “rational economic” manager is assumed to be able to gather and process all relevant information, subject to the standard notion of cost/benefit analysis. Divergence of preferences between managers and owners, and concerns related to asymmetric information, are usually ignored. The firm itself is treated as a production function geared to meeting the profit maximization objective, with the transactions of the external marketplace (through the price system) being the ultimate organizer of the firm's activities.

Details

Managerial Finance, vol. 14 no. 2/3
Type: Research Article
ISSN: 0307-4358

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