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This study documents the amount of time it takes for Initial Public Offerings (POs) to make the transition from underperformance to meeting or exceeding the return for firms of similar size. The study looks at yearly holding period lengths of 1 to 10 years. The results of this study show that if purchased on issuance date, IPOs need to be held for over five years in order to make a return equal to the market.

Critical theory has rarely articulated an agenda for social change linking theory to practice. This paper provides several examples of “critical theory in practice” and focuses specifically on Fay’s Critical Social Science (CSS) model. The methods of conflict transformation are then applied to CSS in order to accomplish two goals. First, political conflicts resulting from decision making can be used to transform both individuals and systems. Second, CSS more adequately accounts for some of the non-rational aspects of human nature, such as our resistance to change, thus improving its catalytic validity as a critical social theory. Together, the processes of CSS and conflict transformation provide a framework for enhancing the potential for citizen governance.

Describes the environment for making initial public offerings (IPOs) in India and the process itself; and discusses the applicability of various research explanations for underpricing to the Indian Market. Suggests that it will be greater for new firms and issues managed by reputable merchant bankers; and analyses 1992‐1994 data on 386 IPOs to assess their performance. Shows that issues with high risk and/or smaller offer prices are more underpriced; and that returns are strongly correlated with subscription levels. Discusses the underlying reasons for this and the implications for public policy.

It's No Use. For the last six years, since I first got involved with CWISs, I've written dozens of CWIS articles, taught CWIS seminars in every imaginable place, and generally have been a CWIS evangelist to anyone who would listen — and to many who would not. And I haven't been alone in spreading the word on how to do CWISs right. Steve Worona, Judy Hallman, Tim McGovern, Dan Updegrove, and Flossie Stavinsky, to name just a few, have been proudly carrying the CWIS banners too. By now you must have heard — probably several times from several people — why you need a CWIS, how to organize one properly, and what pitfalls to avoid in making one available. What more could one possibly hear about CWISs that hasn't been heard many times over?

Reviews and analyses press coverage of the takeover of the UK chain Asda by the US company Wal‐Mart in the summer of 1999, using extensive international sources. The depictions of both companies and the significance and anticipated outcomes of the deal are discussed. Three metaphors emerge in the coverage of the deal: of romance and interpersonal relationships; and of logic, strategy and cunning; of conflict and confrontation. It is contended that, on the basis of this coverage, it becomes possible to construct several quite different depictions of the deal, suggesting that a number of realities coexist in our interpretations of retail business.

The takeover of Asda by US retail giant Wal‐Mart has created a great deal of speculation by business analysts and the media. Wal‐Mart is recognized as the world’s largest retailer and its move into the UK is creating interest in its future plans for Europe. Some consider that the move will cause a complete realignment of grocery chains across Europe and that the move will be revolutionary. Others consider that the move will simply augment and accelerate current retailing trends but will not completely change the face of supermarket retailing. This issue brings together a variety of viewpoints. First, Paul Whysall reviews and analyses the press coverage. He provides insights into the possible outcomes of the deal. The second piece is an industry insight prepared by Retail Intelligence, which is followed by an overview of the Institute of Grocery Distribution’s research document Wal‐Mart in the UK. Finally, we present a number of abstracts that offer further thoughts on the subject.

The purpose of this article is to study the export strategies used by the Argentina wine industry. The implementation of export strategies is related to the comparative advantages that Argentina has in wine‐making and wine‐exporting. Using the concept of competitive advantage, the authors found that Argentina has benefited from a low cost of production and several other strengths to develop a strong wine industry. To develop further they must minimise their weaknesses and capitalise on current opportunities.

The purpose of this paper is to introduce a Foucauldian concept into the theory and practice of OD and change management. The piece challenges Habermasian a priori assumptions about organizational diagnosis and intervention.

This is a conceptual paper.

Literature points to the benefit of considering the possibility of parrhesiastic behavior in change management and organization development as part of a broader set of diagnostic tools.

Future research should engage in practice driven test cases, interview practicing change managers, and refine the concept for use as a diagnostic tool.

Including discussions of parrhesia in change management and OD study and practices can better prepare change professionals for the realities of contemporary organizational practices.

To date, the links developed in this manuscript have not been made in the management literature, though it builds upon emerging literature in critical management studies and human resource management. It has the potential to influence both theory and practices of both OD and change management.

The purpose of this paper is to explore the contours of the police code of silence, a critical component of the ability to control misconduct and enhance integrity within any police agency. Unlike the extant research, dominated by single-country studies, this paper provides an in-depth exploration of the code across five countries and tests the relation between the code of science and societal characteristics.

A police integrity survey was used to measure the contours of the code of silence among police officers in Australia (n=856), Croatia (n=966), South Africa (n=871), South Korea (n=379) and the USA (n=664). The respondents evaluated 11 hypothetical scenarios describing various forms of police misconduct.

Bivariate analyses reveal considerable divergence in the code of silence across the five countries. Multivariate models of the code of silence show that, next to organizational factors (i.e. the respondents’ assessment of peers’ willingness to report, evaluations of misconduct seriousness and expected discipline) and individual factors (i.e. supervisory status), societal factors (i.e. the Corruption Perceptions Index score and the percent of irreligious citizens) are significant predictors of the respondents’ willingness to report.

While the same questionnaire was used in all five countries, the nature of the data collection differed somewhat across the countries (e.g. online survey vs paper-and-pencil survey), as did the nature of the samples (e.g. representative sample vs convenience sample).

Perceived peer pressure, measured as the perceptions of whether other police officers would adhere to the code of silence, is the key variable explaining the police officers’ expressed willingness to adhere to the code of silence. Changing the police officers’ perceptions of peer culture and potentially changing the peer culture itself should be critical elements in the toolbox of any administrator willing to curtail the code of silence.

Whereas the study of the code of silence has started several decades ago, no prior study has tested the effects of organizational and societal variables on the code of silence in a comparative perspective.

The purpose of this paper is to investigate how employee perceptions of change and leadership might impact work engagement following major organizational change.

Social media invited US workers recently experiencing major organizational change to anonymously complete a web-based survey requesting qualitative and quantitative responses. Values-based coding and thematic analysis were used to explore qualitative data. Hierarchical and linear regression, and bootstrapped mediation were used to analyze quantitative data.

Analysis of qualitative data identified employees’ perceptions of ideal change and ideal leadership were well supported in the change leadership literature. Analysis of quantitative data indicated that employee perceptions of leadership fully mediated the relationship between employee perceptions of change and work engagement.

Study findings imply that how employees perceive change is explained by how they perceive leadership during change, and that these perceptions impact work engagement. Although these findings appear commonsensical, the less than stellar statistics on major organizational change may encourage leaders to become more follower-focused throughout the change process.

The study makes a contribution to an understudied area of organizational research, specifically applied information processing theory. This is the first study that identifies employee perceptions of leadership as a mediator for perceptions of change and work engagement. From a value perspective, leaders as successful change agents recognize significant cost savings in dollars and human welfare by maintaining healthy workplaces with highly engaged workers.