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Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The purpose of this study was to examine the extent to which chief executive officers (CEOs) deserve the pay they receive both in terms of over and underpayment.

Rather than using the traditional normal distribution view in which CEO performance clusters around the mean with relatively little variance, the authors adopt a novel power law approach. They studied 22 industries and N = 4,158 CEO-firm combinations for analyses based on Tobin’s Q and N = 5,091 for analyses based on return on assets. Regarding compensation, they measured the CEO distribution based on total compensation and three components of CEO total pay: salary, bonus, and value of options exercised.

In total, 86 percent of CEO performance and 91 percent of CEO pay distributions fit a power law better than a normal distribution, indicating that a minority of CEOs are producing top value for their firms (i.e. CEO performance) and a minority of CEOs are appropriating top value for themselves (i.e. CEO pay). But, the authors also found little overlap between CEOs who are the top performers and CEOs who are the top earners.

The findings shed new light on CEO pay deservingness by using a novel conceptual and methodological lens that highlights systematic over and underpayment. Results suggest a violation of distributive justice and offer little support for agency theory’s efficient contracting hypothesis, which have important implications for agency theory, equity theory, justice theory, and agent risk sharing and agent risk bearing theories.

Results highlight erroneous practices when trying to benchmark CEO pay based on average levels of performance in an industry because the typical approach to CEO compensation based on averages significantly underpays stars and overpays average performers.

Results offer new insights on the extent of over and underpayment. The findings uncover an extremely large non-overlap between the top earning and top performing CEOs and to an extent far greater in magnitude than previously suggested.

Objetivo – El objetivo de nuestro estudio fue examinar si los directores ejecutivos (CEOs) merecen la remuneración monetaria que reciben.

Metodología – En lugar de utilizar el enfoque tradicional que asume que la distribución del rendimiento de CEOs sigue la curva normal (con la mayoría de CEOs agrupados en torno a la media y relativamente poca variación), adoptamos un enfoque diferente basado en la ley de potencia. Incluimos 22 industrias y N = 4.158 combinaciones de CEO-firma para análisis basados en Tobin’s Q y N = 5.091 para análisis basado en la rentabilidad de los activos. En cuanto a la remuneracion, medimos distribuciones basadas en la remuneración total y tres componentes del pago completo a los CEOs: salario, bonos, y el valor de las opciones ejercitadas.

Resultados – 86% de las distribuciones de rendimiento de CEOs y el 91% de las distribuciones de pago de los CEO se aproximan mejor a una distribución de ley de potencia que a una distribución normal. Esto indica que una minoría de los CEOs produce un valor muy superior para sus empresas (es decir, el rendimiento CEO) y una minoría de los CEOs apropia valor superior para sí mismos (es decir, pago de los CEO). Sin embargo, encontramos muy poco solapamiento entre aquellos CEOs que se desempeñan mejor y los CEOs que ganan más.

Implicaciones – Nuestros hallazgos usando una conceptualización y metodología novedosas ponen en relieve que a muchos CEOs se les paga demasiado y que a muchos no se les paga suficiente (en comparación con su desempeño). Los resultados sugieren una violación de los principios de justicia distributiva y no apoyan la hipótesis de “contratación eficiente,” y tienen implicaciones para para la teoría de la agencia, de la equidad, de la justicia, y de la distribución de riesgos.

Implicaciones prácticas – Los resultados destacan las prácticas erróneas con respecto a la distribución de compensación a CEOs que se basan en los niveles medios de rendimiento en una industria. Estas prácticas llevan a no pagar suficiente a los directivos “estrella” y pagar demasiado a los directivos con desempeño medio.

Originalidad/valor – Los resultados ofrecen nuevas perspectivas sobre la relación entre desempeño y compensación de CEOs y que los que se desempeñan mejor no son los que reciben más pago, y viceversa. Estas diferencias son mucho más grandes de que lo que se creía anteriormente.

Objetivo – O objetivo do nosso estudo foi examinar se os CEOs merecem a compensação monetária que recebem.

Metodologia – Em vez de utilizar a abordagem tradicional que assume que a distribuição do desempenho do CEO segue a curva normal (com a maioria dos CEOs agrupados em torno da média e relativamente pouca variação), adotamos uma abordagem diferente com base num enfoque inovador da lei de potência. Incluímos 22 indústrias e N = 4.158 combinações de CEO-empresa para análise baseada no Q de Tobin e N = 5091 para análise baseado na rentabilidade dos ativos. Em relação à compensação, medimos as distribuições de CEO com base no total de compensação e três componentes do pagamento total dos CEOs: salário, bônus e o valor das opções exercidas.

Resultados – 86% do desempenho do CEO e 91% das distribuições de pagamento do CEO correspondem a uma lei de potência melhor do que uma distribuição normal, indicando que uma minoria de CEOs está produzindo valor superior para suas empresas (ou seja, desempenho do CEO) e uma minoria de CEOs se apropriando do valor superior para si próprios (isto é, o salário do CEO). Mas, também encontramos pouca sobreposição entre CEOs que tem os melhores desempenhos e os CEOs que tem as maiores ganancias.

Implicações – Nossas descobertas lançam nova luz sobre o merecimento do pagamento do CEO, usando uma nova lente conceitual e metodológica que destaca o excessivo e o baixo pagamento sistemático. Os resultados sugerem uma violação da justiça distributiva e não apoiam a hipótese da contratação eficiente, e tem implicações para a teoria da agência, teoria da igualdade, teoria da justiça e distribuição de riscos.

Implicações práticas – Os resultados destacam práticas errôneas quando se tenta benchmark de remuneração do CEO baseado em níveis médios de desempenho em uma indústria, porque essas práticas levam a não pagar o suficiente aos CEOs “estrela” e pagar em excesso CEOs com desempenho médio.

Originalidade/valor – Os resultados oferecem novas perspectivas sobre a relação entre desempenho e retribuição dos CEOs e que os que desempenham melhor não são os que recebem um pagamento maior, e vice-versa. Estas diferenças são muito maiores do que se pensava anteriormente.

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

Forecasting techniques improve supply chain resilience by ensuring that the correct parts are available when required. In addition, accurate forecasts conserve precious resources and money by avoiding new start contracts to produce unforeseen part requests, reducing labor intensive cannibalization actions and ensuring consistent transportation modality streams where changes incur cost. This study explores the effectiveness of the United States Air Force’s current flying hour-based demand forecast by comparing it with a sortie-based demand forecast to predict future spare part needs.

This study employs a correlation analysis to show that demand for reparable parts on certain aircraft has a stronger correlation to the number of sorties flown than the number of flying hours. The effect of using the number of sorties flown instead of flying hours is analyzed by employing sorties in the United States Air Force (USAF)’s current reparable parts forecasting model. A comparative analysis on D200 forecasting error is conducted across F-16 and B-52 fleets.

This study finds that the USAF could improve its reparable parts forecast, and subsequently part availability, by employing a sortie-based demand rate for particular aircraft such as the F-16. Additionally, our findings indicate that forecasts for reparable parts on aircraft with low sortie count flying profiles, such as the B-52 fleet, perform better modeling demand as a function of flying hours. Thus, evidence is provided that the Air Force should employ multiple forecasting techniques across its possessed, organically supported aircraft fleets. The improvement of the forecast and subsequent decrease in forecast error will be presented in the Results and Discussion section.

This study is limited by the data-collection environment, which is only reported on an annual basis and is limited to 14 years of historical data. Furthermore, some observations were not included because significant data entry errors resulted in unusable observations.

There are few studies addressing the time measure of USAF reparable component failures. To the best of the authors’ knowledge, there are no studies that analyze spare component demand as a function of sortie numbers and compare the results of forecasts made on a sortie-based demand signal to the current flying hour-based approach to spare parts forecasting. The sortie-based forecast is a novel methodology and is shown to outperform the current flying hour-based method for some aircraft fleets.

THERE was a rather remarkable statement made at the Royal Institute of British Architects by Mr. Berwick Sayers last month. He affirmed that so far as the recorded issues of the reference libraries in the municipal libraries of London were concerned, only 8,880 books were consulted daily. This, as the statistical account of twenty‐nine public libraries, shows an average of a fraction over 302 books daily. To some this may seem not an inadequate issue, if all the books recorded are books which the student and the searcher for information have used. The point of the meeting at which the remark was made was that the reference libraries of London should do more in co‐operation with industry, and it was argued by the representatives of ASLIB who took part in the conference that our London reference libraries should be strengthened in the science and technology departments, even at the expense of the lending libraries. The experience of the public librarian seemed to be that few people lived in London near their work; and that they had command of the special libraries in London in a way that provincial industrialists had not, and therefore they did not make any use that mattered of London reference libraries. The Chambers of Commerce in the various boroughs of London consist of small traders as a rule whose main purpose is “to keep down the rates,” and who have very little connection with industry on the scale in the minds of the ASLIB representatives. In short, the chief function of the London public libraries is mainly that of home reading. Ultimately the solution of the reference problem may be the establishment of one or two great regional reference libraries supported by the co‐operation of the boroughs. Co‐operation, however, is in its initial stages yet, and it will probably be some time before such an ideal, if it be an ideal, is achieved.

From 2007, New Zealand firms must report the cost of granting employee stock options (ESOs). Market‐based option pricing models assume that option holders are unconstrained in their portfolio choices and thus are indifferent to the specific risk of any firm. By contrast, ESO holders are frequently required to hold portfolios that are over‐exposed to the firm that employs them and so adopt exercise policies that reflect their individual risk preferences. Applying the model of Ingersoll (2006) to hypothetical ESOs, we show that ESO cost can be extremely sensitive to employee characteristics of risk aversion and under‐diversification. This result casts doubt on the usefulness of any market‐based model for pricing ESOs, since such models, by definition, produce option values that are independent of employee characteristics. By limiting employee discretion over the choice of exercise date, vesting restrictions help reduce the magnitude of this problem.

In a full blaze of comings and goings, it is unnecessary to remind ourselves that the holiday season is upon us; mass travel to faraway places. The media have for months, all through the winter, been extolling a surfeit of romantic areas of the world, exspecially on television; of colourful scenes, exotic beauties, brilliant sunshine everywhere; travel mostly by air as so‐called package tours — holidays for the masses! The most popular areas are countries of the Mediterranean littoral, from Israel to Spain, North Africa, the Adriatic, but of recent years, much farhter afield, India, South‐east Asia and increasingly to the USA.

Those who contemplate attending the Annual Conference of the Library Association at Portsmouth would be well advised to secure their accommodation immediately if they have not done so already. The demands upon hotel space have been very much greater than even sanguine members anticipated, and already we hear of people being refused rooms because they are no longer available. Portsmouth, of course, is the naval centre of the Empire, and that common‐place piece of knowledge is magnetic, nevertheless. There are other attractions in Portsmouth. Its situation, practically adjacent to the Isle of Wight, with all its charms, on one side, and its nearness to the New Forest and the belt of Hampshire towns on the west, and on the east with such places as Chichester, Selsey, Bognor, Worthing, and Brighton make it, from the location point of view, of special interest. There is the further call of the literary associations of Portsmouth. Every book on the Navy has something about it, as those of us who read W. H. G. Kingston, Captain Marryatt and many another sea‐author can testify. Perhaps the most important author who came out of Portsmouth was not a sea‐writer but the son of a naval outfitter—George Meredith. Pernaps to a post‐War generation he seems old‐fashioned, involved, unnecessarily intricate, precious, and possesses other faults. This is a superficial point of view, and certainly in his poems he rises to heights and reaches depths that are denied to most writers of to‐day. In any case, The Ordeal of Richard Feverel and Beauchamp's Career, to say nothing of The Egoist, are among the great novels of the English language.

The figures contained in these regulations were not intended, either literally or by implication, to be taken as standards for milk. A milk which contains less than 8·5 per cent. of solids‐not‐fat is not necessarily adulterated—one that contains 8·5 per cent. or more is not necessarily genuine. All that the regulations do is to move the onus of proof. In the case of the prosecution of a vendor of milk for a sample which contained 8·5 or more of solids‐not‐fat the Local Authority would have to prove that the sample was adulterated, in the case of a prosecution for a sample which contained less than 8·5 per cent. of solids‐not‐fat, the defendant, in order to escape conviction, would have to prove the milk to be genuine. The weight which has been given to this limit of 8·5 per cent. of solids‐not‐fat has varied considerably. There are those who appear to consider that it is almost an absolute minimum, and that any milk which contains less than this amount is almost certainly watered, whilst others attach little importance to this figure. It may be desirable to interpolate at this point the figures which have been obtained recently on the samples taken in the County of Lancaster. Since the beginning of the year 1930, 5,959 samples of milk have been examined, of this number 121, or 2·0 per cent., have contained less than 8·5 per cent. of solids‐not‐fat. By means of some of the methods which are described below each of these deficient samples has been examined for the presence of added water, and it has been found that 102 contained added water, whilst 19 were naturally poor. It follows, then, as far as these samples are concerned, that in the case of herds of cows, only 0·3 per cent. give milk containing less than 8·5 per cent. of solids‐not‐fat. From this it must of necessity follow that the limit of 8·5 is at least a very good sorting test. In fact it is far more likely to fail to detect slightly adulterated milks (containing, say, from 1 to 5 per cent. of added water) than it is to describe milks as adulterated which are in reality genuine but poor. Dr. J. F. Tocher, who holds the position of Public Analyst to many of the Scottish Counties, and who is a very outspoken critic of the methods adopted for the determination of added water, has written on this subject to a considerable extent. The following statement, which was made by him in his 1925 Report, has been brought to my notice § with the suggestion that it should be referred to in this report. Dr. Tocher writes:—“The general conclusion from these results is that it is quite unsound on the part of analysts to express a definite opinion that water has been added to milk, when a sample has been found to be below 8·5 per cent. in solids‐in‐fat.” If such a statement as this merely means that a milk is not necessarily watered if the percentage of solids‐not‐fat is below 8·5 it is, of course, not only correct, but absolutely unassailable; in fact, it is merely putting the limit of the Regulations into other words. To those, however, who are familiar with Dr. Tocher's other writings, it may appear that there is something more than this behind the words used. On many occasions in the past Dr. Tocher has stated categorically that it is not possible to prove by chemical or physical examination that a milk is or is not watered, and that all that an analyst can say is that the milk is below the limit, and leave the interpretation of the fact to others, the final evidence being obtained from those who have handled the milk. Apart from the fact that it is not usual to give undue weight to evidence obtained from a defendant it would be quite impossible to rely entirely on this source, for the reasons given in the following paragraph.

Earliest localism was sited on a tree or hill or ford, crossroads or whenceways, where people assembled to talk, (Sax. witan), or trade, (Sax. staple), in eggs, fowl, fish or faggots. From such primitive beginnings many a great city has grown. Settlements and society brought changes; appointed headmen and officials, a cloak of legality, uplifted hands holding “men to witness”. Institutions tend to decay and many of these early forms passed away, but not the principle vital to the system. The parish an ecclesiastical institution, had no place until Saxons, originally heathens, became Christians and time came when Church, cottage and inn filled the lives of men, a state of localism in affairs which endured for centuries. The feudal system decayed and the vestry became the seat of local government. The novels of Thomas Hardy—and English literature boasts of no finer descriptions of life as it once was—depict this authority and the awe in which his smocked countrymen stood of “the vicar in his vestry”. The plague freed serfs and bondsmen, but events, such as the Poor Law of 1601, if anything, revived the parish as the organ of local government, but gradually secular and ecclesiastical aspects were divided and the great population explosion of the eighteenth century created necessity for subdivision of areas, which continued to serve the principle of localism however. The ballot box completed the eclipse of Church; it changed concepts of localism but not its importance in government.