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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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

This paper, which is a structural‐functional attempt to explain a restricted domain of interpersonal perception within the school as an organization, presents some of the author's findings as a clue to one possible effect of the hierarchically contrived authority system of the school on certain of the organizational participants' perceptions of one another. If the findings and theory are valid, they may help to explain one of the explicit ways in which the school may he exploitive of the individual—exploitive in the sense that not all of the individual's interpersonal needs may be equally relevant to the organization's strivings towards goal attainment. The economy necessarily associated with organizational goal attainment and the resulting expediency for an adequate flow of organizational authority may operate to induce a lack of organizational recognition of certain of the individual's vital interpersonal needs. The author proposes his notes toward a theory in an effort to explain how and why people come to perceive certain other people as they do within the context of the school as an organization.

We propose that institutional actors do not just ceremonially comply with the cultural values in their environment, as institutional theorists have suggested. Instead, we argue that institutional actors can use conflicting cultural values as tools to further their interests and, in doing so, affect significant social problems and cause unanticipated changes in their core goals and policies. To present support for that proposition, we describe an epidemic of work disability that occurred in the Netherlands between 1967 and 1988. The epidemic is examined in light of conflicting Dutch cultural conceptions of the meaning of work and the meaning of economic security in the welfare state. The behavior of key institutional actors, including the government, medical institutions, employers, and labor unions, is examined to identify their roles in the epidemic. We assert that, by pursuing its own interests while upholding Dutch cultural values, each institutional actor produced conditions in which the work disability epidemic could occur.