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We investigate the information content of legal contingency disclosures in corporate filings, specifically their usefulness in predicting settlement amounts and mitigation of market response to litigation resolution news.

Using a hand-collected sample of disclosures for settled US securities class action lawsuits, we analyze the contents of the contingent liabilities disclosure before future settlements and classify them into two categories: “pessimistic” and “optimistic” disclosures. We examine whether the tone of disclosure is associated with litigation outcomes, such as settlement amounts and likelihood of incurring material losses, and its effect on market reaction to settlement announcements.

Disclosures with optimistic views on lawsuits are settled for lower amounts, whereas those with more pessimistic views result in higher settlements. Furthermore, while, on average, investors react negatively to litigation resolutions, the market reaction is attenuated (exacerbated) when a prior legal liability disclosure was pessimistic (optimistic). Additionally, investors value disclosure consistency when a litigation outcome is aligned with its legal contingency disclosure. Finally, disclosure consistency is positively associated with managerial ownership as well as the largest shareholder ownership.

This study highlights that the overall tone in legal contingency disclosures is informative and has valuation implications for capital markets. It also highlights the benefits of consistent disclosure, i.e. litigation disclosure aligned with litigation outcomes, as it is viewed positively by investors.

After completion of the case study, students will be able to understand key stakeholders’ current and future role in a family business using techniques like Gersick 3 Axes Model, understand the power dynamics in a family business, understand the power struggles seen in the family business and understand the challenges in the implementation of a deed of family settlement (DFS) with multiple stakeholders.

Kirloskar group was established in 1888 by Laxmanrao Kirloskar. He started with farm manufacturing equipment and later diversified into various kinds of engine manufacturing units. Kirloskar Group today is an Indian conglomerate multinational company with its headquarters in Pune, Maharashtra; India exports to more than 70 countries, most of which are from Africa, Southeast Asia and Europe. The group was managed as a cohesive unit until Chandrakant Kirloskar was at the helm as the chairman. Each brother’s family was managing a business and companies in the fold in which they started. The Kirloskar Group had first split in 2000 when Bengaluru-based Vijay Kirloskar (Ravindra Kirloskar’s son, fourth son of Laxmanrao Kirloskar) moved out of the group with Kirloskar Electrical while the Pune-based Kirloskar brothers moved out with Kirloskar Oil Engine Engines, Kirloskar Brothers, Kirloskar Pneumatics and related subsidiaries. In 2009, a DFS was signed among the family members, including a noncompete clause against each other regarding the usage of the Kirloskar brand name and the tagline “Kirloskar Enriching Lives.” The current dispute started in 2020 when first Vijay filed a suit against his nephews regarding illegal usage of the Kirloskar brand name for the companies not eligible to use it and second when Sanjay Kirloskar also filed a similar lawsuit against his brothers for illegally using the brand name and violating the noncompete clause. The high court, in its judgment, sent the case for arbitration, but Sanjay approached the Supreme Court of India regarding the stipulated arbitration process. With both sides taking a hard stance, there did not seem to be a quick resolution to this dispute.

This case study is suitable for both undergraduate and postgraduate level in entrepreneurship course and family business course.

CSS 3: Entrepreneurship

Teaching notes are available for educators only.

This pan-Canadian study examines the information practices of STEM-trained immigrant women to Canada as they navigate workfinding and workplace integration. Our study focuses on a population of highly skilled immigrant women from across Canada and uses an information practice lens to examine their lived experiences of migration and labour market integration. As highly trained STEM professionals in pursuit of employment, our participants have specific needs and challenges, and as we explore these, we consider the intersection of their information practices with government policies, settlement services and the hiring practices of STEM employers.

We conducted a qualitative study using in-depth interviews with 74 immigrant women across 13 Canadian provinces and territories to understand the nature of their engagement with employment-seeking in STEM sectors. This article reports the findings related to the settlement and information experiences of the immigrant women as they navigate new information landscapes.

As immigrants, as women and as STEM professionals, the experiences of the 74 participants reflect both marginality and privilege. The reality of their intersectional identities is that these women may not be well-served by broader settlement resources targeting newcomers, but neither are the specific conventions of networking and job-seeking in the STEM sectors in Canada fully apparent or accessible to them. The findings also point to the broader systemic and contextual factors that participants have to navigate and that shape in a major way their workfinding journeys.

The findings of this pan-Canadian study have theoretical and practical implications for policy and research. Through interviews with these STEM professionals, we highlight the barriers and challenges of an under-studied category of migrants (the highly skilled and “desirable” type of immigrants). We provide a critical discussion of their settlement experiences and expose the idiosyncrasies of a system that claims to value skilled talent while structurally making it very difficult to deliver on its promises to recruit and retain highly qualified personnel. Our findings point to specific aspects of these skilled professionals’ experiences, as well as the broader systemic and contextual factors that shape their workfinding journey.

Sustainable urban development involves integrating intelligent technology into urban planning to promote economic growth, social services, and environmental preservation. It fosters inclusiveness, safety, resilience, and sustainability in urban environments. However, this strategy faces challenges balancing economic growth, social equality, and environmental preservation. Design experts must balance economic development with sustainability preservation to achieve sustainable urban development. They depend on technology for smarter communities. The paper aims to identify the criteria for sustainable urban design and design professionals' bias and their awareness of using the fourth industrial revolution technologies.

The research methodology involves a document review to identify criteria and weights for sustainable urban design. A questionnaire was conducted with 30 design professionals to understand their preferences and biases. A hierarchical framework was created, and pairwise comparisons were computed using an AHP Online System. The weight of each criterion was calculated by aggregating normalized pairwise values within each row and dividing by the total number of cells. The Consistency Ratio (CR) was determined by aggregating the values in the row to produce the weighted aggregate value for each principle.

The document review emphasizes the significance of sustainable urban design, livability, intelligence, and environmental conservation in sustainable communities. However, participants often overlook these aspects, focusing on comfort, privacy, security, and exclusiveness. They also ignore the need for smart city technologies and environmental protection. This lack of understanding may hinder Egypt’s achievement of SDG11.

The paper’s main limitation is the small sample size and composition, as all participants were Egyptians working in Egypt or the Arabian Gulf region. The findings cannot be generalized, and future research could involve a team from different regions. Egypt needs to address the lack of knowledge and awareness of sustainable urban design principles among design professionals to achieve SDG 11 goals. This can be achieved through educational initiatives, readjusting priorities towards sustainability, harmonizing policy and practice with sustainable urban design principles, and interdisciplinary teamwork. Design professionals should customize their methods to suit local requirements and ecological circumstances.

The paper reveals that many design professionals lack an integrated and holistic understanding of sustainable urban design principles that the document review outlined. Their responses and practices reveal an incomplete understanding of sustainable urban development, requiring attention to organizing the profession, training practitioners, and reforming planning education. The paper shows that AHP has the potential to serve as a suitable instrument for decision-making; nonetheless, it is essential to exercise caution when interpreting its outcomes.

The ineffectiveness of flood control in climate-impacted majority-world cities like Jakarta highlights the need for policies that integrate local knowledge and embrace water harmony rather than resistance. This study explores flood adaptation in North Jakarta's kampungs (urban informal settlements), aiming to enhance the efficacy of current flood disaster management. The outcomes of the participatory planning mechanism simulation that we propose are expected to provide valuable insights for the urban planning approach in that city.

We employed focus groups and design charrettes with a bottom-up approach to explore how local knowledge can enhance spatial flood management and urban planning policies. In total, 17 diverse participants, covering various ages and professions, engaged in these activities. Our methods aimed to be culturally sensitive and inclusive, embracing indigenous values like musyawarah and gotong royong. The research methodically examined flood implications and adaptations in informal settlements, progressing through preliminary understanding, data triangulation, and a reflective synthesis of the findings.

Amid worsening global changes like sea level rise, community-focussed, collaborative planning can help create tailored flood-resilience solutions. The research reveals that partnerships between communities and organisations promote city-wide, flood-adapted environments, aligning policy with the needs and goals of those most affected by flooding. This collaboration enhances flood disaster management and planning policies.

This research focusses on Jakarta's flood adaptation and urban planning, reflecting on historical situations relevant to urbanising majority-world countries. Whilst specific to Jakarta, it offers perspectives on managing global environmental challenges such as sea level rise. Subsequent research should prudently consider each locale's distinct geographic and social milieu and the trust in planning systems in applying these findings, methodologies and approaches.

This study clarifies the relationship between disaster management, policy and flood adaptation, focussing on local knowledge in North Jakarta, pertinent to urbanising majority-world nations. Jakarta's historical and modern dynamics, including globalisation, reveal specific prospects and obstacles to applying vernacular knowledge to planning and disaster response. It highlights crucial points for policymakers in the majority of the world to address growing flood risks and create strategies that integrate local and traditional wisdom.

Data for the case came from public sources, including legal proceedings, court filings, company press releases and Securities and Exchange Commission filings.

In June 2020, former Pinterest employees made public charges of gender and racial discrimination. Despite changes implemented by the company, several Pinterest shareholders filed derivative lawsuits charging the company with breach of fiduciary duty, waste of corporate assets, abuse of control and violating federal securities laws. The case provides an overview of the company’s management, board and stock structures, as well as information on the shareholders who sued the company and their concerns. The case raises substantial questions about management’s and board member’s responsibilities in corporate governance, illustrates how stock structures can be used to impede governance and suggests ways to evaluate activist shareholders.

This case is appropriate for graduate, advanced undergraduate or executive education courses in strategy, corporate governance or strategic human resources that discuss corporate governance, fiduciary responsibilities, designing workplace culture or management responses to shareholders. Instructors can apply two sets of theories and frameworks to this case: theories of corporate governance and Hirschman’s (1970) exit, voice or loyalty framework in the context of shareholder activism.

This chapter examines why the central banks might need to engage in innovation work. Externalities and public good rationales for innovation at central banks are examined. This chapter then looks at different tools such as sandboxes, innovation hubs and TechSprints that the central banks might use to promote innovation with external stakeholders, and how the central banks can promote internal innovation within the central banks. Governance issues related to innovation promotion are also examined.

The purpose of this paper is to review cases of artificial reefs built through additive manufacturing (AM) technologies and analyse their ecological goals, fabrication process, materials, structural design features and implementation location to determine predominant parameters, environmental impacts, advantages, and limitations.

The review analysed 16 cases of artificial reefs from both temperate and tropical regions. These were categorised based on the AM process used, the mortar material used (crucial for biological applications), the structural design features and the location of implementation. These parameters are assessed to determine how effectively the designs meet the stipulated ecological goals, how AM technologies demonstrate their potential in comparison to conventional methods and the preference locations of these implementations.

The overview revealed that the dominant artificial reef implementation occurs in the Mediterranean and Atlantic Seas, both accounting for 24%. The remaining cases were in the Australian Sea (20%), the South Asia Sea (12%), the Persian Gulf and the Pacific Ocean, both with 8%, and the Indian Sea with 4% of all the cases studied. It was concluded that fused filament fabrication, binder jetting and material extrusion represent the main AM processes used to build artificial reefs. Cementitious materials, ceramics, polymers and geopolymer formulations were used, incorporating aggregates from mineral residues, biological wastes and pozzolan materials, to reduce environmental impacts, promote the circular economy and be more beneficial for marine ecosystems. The evaluation ranking assessed how well their design and materials align with their ecological goals, demonstrating that five cases were ranked with high effectiveness, ten projects with moderate effectiveness and one case with low effectiveness.

AM represents an innovative method for marine restoration and management. It offers a rapid prototyping technique for design validation and enables the creation of highly complex shapes for habitat diversification while incorporating a diverse range of materials to benefit environmental and marine species’ habitats.

The design of cantilever pile walls (CPWs) presents several common challenges. These challenges include soil variability, groundwater conditions, complex loading conditions, construction considerations, structural integrity, uncertainties in design parameters and construction and monitoring costs. Accordingly, this paper is to provide a detailed literature review on the design criteria of CPWs, specifically in cohesionless soil. This study aims to present a comprehensive overview of the current state of knowledge in this area.

The paper uses a literature review approach to gather information on the design criteria of CPWs in cohesionless soil. It covers various aspects such as excavation support systems (ESSs), deformation behavior, design criteria, lateral earth pressure calculation theories, load distribution methods and conventional design approaches.

The review identifies and discusses common challenges associated with the design of CPWs in cohesionless soil. It highlights the uncertainties in determining load distribution and the potential for excessive wall deformations. The paper presents various approaches and methodologies proposed by researchers to address these challenges.

The paper contributes to the field of geotechnical engineering by providing a valuable resource for geotechnical engineers and researchers involved in the design and analysis of CPWs in cohesionless soil. It offers insights into the design criteria, challenges and potential solutions specific to CPWs in cohesionless soil, filling a gap in the existing knowledge base. The paper draws attention to the limitations of existing analytical methods that neglect the serviceability limit state and assume rigid plastic soil behavior, highlighting the need for improved design approaches in this context.

Currently, the National Aeronautics and Space Administration (NASA) and several outer space industry multibillionaire entrepreneurs – e.g., Elon Musk (SpaceX), Jeff Bezos (Blue Origin), and Richard Branson (Virgin Galactic), to name a few – are actively engaged in outer space research that reports innovative advances, such as outer space mining, outer space tourism, outer space medicine labs, outer space terraforming of Mars and moon, and altering celestial bodies and terrestrial humans to enhance extraterrestrial survivability. All these advances induce serious ethical concerns of human identity and dignity and destiny, human rights and privileges over earth and her resources, and cosmic sustainability. Further, the current understanding of sustainability development is highly anthropocentric (i.e., the earth and cosmos are meant solely for man's use) and limited in scope as a terrestrial, temporal, economic, and pro-human project. Critical thinking invites sustainability development to include trans-terrestrial, trans-temporal, trans-economic, and transhuman developments. While outer space research certainly offers great hopes of newer living spaces and resources for mankind already strapped by depleted terrestrial habitable spaces, we believe that this capital-intensive “elitist” unregulated outer space research industry may benefit a chosen few at the expense of polarizing mankind in terms of one's undeserved financial capacities to afford extraterrestrial spaces and privileges while endangering Nature by deploying massive terrestrial energy resources for outer space rocket launches causing trailing cosmic debris and planetary pollution. We frame this complex problem into terrestrial humanist issues versus extraterrestrial transhumanist issues, each domain triggered by pro-planetary versus pro-cosmic breakthrough technologies, thus creating a fourfold framework that enables us to explore a distributed ethical strategic understanding and ethical resolution of outer space ethical concerns.