The Effect of Mergers and Acquisitions on Employees: Wealth Transfer,Gain‐Sharing or Pain‐Sharing?

This paper considers whether gains made by shareholders from corporate takeovers are achieved at the expense of employees, as proposed by the ‘wealth transfer’ perspective. It analyses the contribution of employee lay‐offs, along with employment and wage changes, to the takeover premium and abnormal share price movements. The analysis draws on a unique dataset of British takeovers, combining documentary, share price and accounting data. The results show that lay‐offs planned at the takeover have either no effect or adverse effects on shareholder returns. Wages growth is positively, not inversely, related to shareholder returns from the second year after the takeover, whilst positive employment changes have a similar effect in the following year. Closer scrutiny indicates that labour and shareholders share gains when the firm does well, but share pain when it does not. There is evidence, therefore, that labour and shareholder interests can be complementary, rather than antagonistic, after takeovers.     

Activities of People with Moderate to Severe Learning Difficulties: living with purpose or just killing time?

In this study, intensive observational methods were used to examine the daily flow of activity of 12 people with moderate to severe learning difficulties living in long-stay hospital, and 12 people living in community based hostels. This covered the participants' full waking day and included weekend observations. The qualitative findings demonstrated how the participants played an active part in determining their own lifestyles. A number of more active hospital participants dealt with the unstimulating functional regime by attempting to create a social niche for themselves. A number of less active participants coped with the hospital environment by withdrawing into themselves and engaging in stereotypical behaviour to mark the passing of time. While the hostels provided a more homely and supportive environment, the participants tended to occupy a peripheral status as the least able people in the hostels and day centres. Consequently, they often had to seek staff support for activity or turned inwards. The quantitative findings followed a similar pattern of results to previous research in this area.     

ANOTHER LOOK AT THE STRATIFICATION OF EDUCATIONAL TRANSITIONS: THE LOGISTIC RESPONSE MODEL WITH PARTIAL PROPORTIONALITY CONSTRAINTS

In this paper we reanalyze Robert D. Mare's highly influential work on educational transitions among American men born in the first half of the 20th century. Contrary to previous belief, Mare found that the effects of socioeconomic background variables decline regularly across educational transitions in conditional logistic regression analyses. We have reconfirmed Mare's findings and tested them by introducing a modified logistic response model that constrains selected social background effects to vary proportionally across educational transitions. We refer to our preferred model as the logistic response model with partial proportionality constraints (LRPPC). The model can easily be estimated in Stata or using other standard statistical software. Partial proportionality constraints may also prove useful in interpopulation comparisons based on other linear models.     

How Welfare Policies Affect Adolescents' School Outcomes: A Synthesis of Evidence From Experimental Studies

Using data from 8 random assignment studies and employing meta‐analytic techniques, this article provides systematic evidence that welfare and work policies targeted at low‐income parents have small adverse effects on some school outcomes among adolescents ages 12 to 18 years at follow‐up. These adverse effects were observed mostly for school performance outcomes and occurred in programs that required mothers to work or participate in employment‐related activities and those that encouraged mothers to work voluntarily. The most pronounced negative effects on school outcomes occurred for the group of adolescents who had a younger sibling, possibly because of the increased home and sibling care responsibilities they assumed as their mothers increased their employment.     

More than Myth: The Developmental Significance of Romantic Relationships During Adolescence

Adolescents' romantic relationships have attracted popular interest, but, until recently, little scientific curiosity. Research has been impeded by erroneous assumptions that adolescent relationships are trivial and transitory, that they provide little information beyond measures of the influence of parent‐child and peer relationships, and that their impact is primarily associated with problems of behavior and adjustment. This article proposes that distinguishing five features of romantic relationships (involvement, partner selection, relationship content, quality, and cognitive and emotional processes) is essential to describing adolescents' relationships and their developmental significance. These distinctions also help to clarify the role of context, age‐related variations, and individual differences in the impact of romantic experiences. Research is needed to illuminate questions of how and under what conditions romantic relationships affect individual development and how romantic and other close relationships jointly influence developmental trajectories during adolescence.