Social gains from the public relations voice of activist investors: The case of Herbalife and Pershing Square Capital Management

This article investigates the purpose, practice and outcome of the financial public relations (PR) of activist investors, which is framed as the exercise of the activist voice.The object of investigation is the organizational discourse of the activist hedge fund Pershing Square Capital Management during an investment position it took in the health products firm, Herbalife, from 2012 onwards. Pershing Square spent $50 million dollars (USD) on investigations and campaigning and this public relations output was interpreted using a combination of organizational discourse analysis and narrative analysis.Pershing Square delivered a social gain, when the regulator intervened to levy a fine to redress the losses of Herbalife distributors and ordered the company to change its business practices. With this change in governance, Pershing Square achieved the type of social gain normally associated with social activism or corporate social responsibility.The case suggests that the economically-derived exit-voice-loyalty continuum is a useful theoretical frame for considering social gains arising from the public relations of activist investors. Moreover, the findings suggest potential for future work considering public relations as a process that enables, enhances and enacts the vocalization of economic, social and political interests.     

An adaptive approach to Langevin MCMC

We consider a class of adaptive MCMC algorithms using a Langevin-type proposal density. We state and prove regularity conditions for the convergence of these algorithms. In addition to these theoretical results we introduce a number of methodological innovations that can be applied much more generally. We assess the performance of these algorithms with simulation studies, including an example of the statistical analysis of a point process driven by a latent log-Gaussian Cox process.     

Carbon Labelling and Low‐income Country Exports: A Review of the Development Issues

This article discusses the carbon accounting and carbon‐labelling schemes being developed to address growing concerns over climate change. Its particular concern is their impact on small stakeholders, especially low‐income countries. The popular belief that trade is by definition problematic is not true; carbon efficiencies elsewhere in the supply chain may more than offset emissions from transportation. Indeed, low‐income countries may offer important opportunities for carbon emission reductions because of their favourable climatic conditions and use of low energy‐intensive production techniques. However, their effective inclusion in labelling schemes will require innovative solutions to provide low‐cost data collection and certification.     

Modeling Extreme Risks in Ecology

Extreme risks in ecology are typified by circumstances in which data are sporadic or unavailable, understanding is poor, and decisions are urgently needed. Expert judgments are pervasive and disagreements among experts are commonplace. We outline approaches to evaluating extreme risks in ecology that rely on stochastic simulation, with a particular focus on methods to evaluate the likelihood of extinction and quasi‐extinction of threatened species, and the likelihood of establishment and spread of invasive pests. We evaluate the importance of assumptions in these assessments and the potential of some new approaches to account for these uncertainties, including hierarchical estimation procedures and generalized extreme value distributions. We conclude by examining the treatment of consequences in extreme risk analysis in ecology and how expert judgment may better be harnessed to evaluate extreme risks.     

Regulating animal health,gender and quality control: A study of veterinary surgeons in Great Britain

This paper explores the validity of performance management regimes for quality assuring animal health regulation by comparing the results of tests for bovine tuberculosis (bTB) between male and female vets. In doing so it hopes to present some practical solutions to the regulation of animal disease and encourage further sociological study of the veterinary profession. Concerns about the quality of animal health regulation by vets have prompted thinking about the role of quality control mechanisms such as performance management systems and performance indicators. To investigate their suitability, bTB testing data from areas with high incidence of bTB in Great Britain were extracted from the Vetnet database. Using the data, a performance indicator ‘reactors per 1000 cattle tested’ was calculated and compared with veterinarians' gender. Results showed statistically significant differences between gender and vets' reactor detection: male vets were more likely to detect animal disease than female vets. The paper considers how the concepts of ‘emotional labour’ and ‘relational distance’ may explain vets' behaviour. The presence of these systematic biases raises questions over the use of performance indicators as means of quality control, and highlights the need for further social scientific analysis of the veterinary profession.     

Closing the gap? The effectiveness of referred access family support services

This paper presents findings from a study of the effectiveness of family support services provided through two family centres run by a voluntary agency in partnership with a South Wales local authority. It evaluates the effectiveness of family support services by looking at both the family views and a number of measurable outcomes in terms of reported changes in family functioning and the well‐being of children and parents. Interventions were monitored over 6 months using a pre‐test post‐test non‐equivalent groups design, incorporating quantitative and qualitative methods. Child well‐being, family functioning and some aspects of parental well‐being (related directly to the child) did improve over the intervention period for family support service users. This improvement resulted in the family support service users ‘closing the gap’ with non‐service users (comparison group), to such an extent on some measures, as to be statistically significant. The qualitative evidence confirmed these improvements. The only area that did not improve, according to the quantitative findings, was that of parental well‐being (not related directly to the child). This includes important factors around social support networks, such as parental confidence, social interaction and social contact. The reasons for lack of improvement in these areas are discussed, emphasizing the importance of monitoring the impact of using the service and incorporating a focus on the quality of the nature of the relationship between the worker and the service user.     

Mandatory Public Benefit Reporting as a Basis for Charity Accountability: Findings from England and Wales

Charitable status is inherently linked in many jurisdictions with the requirement that an entity must be established for public benefit. But, until recently the public benefit principle had relatively little impact on the operations of most established charities. However, in England and Wales, reforms linked to the «Charities Act 2006» led to a new requirement for public benefit reporting in the trustees’ annual report (TAR) of every registered charity. This new narrative reporting requirement had the potential to affect the understanding of accountability by charities. The paper investigates the impact of that requirement through a study of over 1,400 sets of charity reports and accounts and subsequent qualitative work with trustees and others involved in preparing TARs.     

Optimal scaling of discrete approximations to Langevin diffusions

We consider the optimal scaling problem for proposal distributions in Hastings–Metropolis algorithms derived from Langevin diffusions. We prove an asymptotic diffusion limit theorem and show that the relative efficiency of the algorithm can be characterized by its overall acceptance rate, independently of the target distribution. The asymptotically optimal acceptance rate is 0.574. We show that, as a function of dimension n , the complexity of the algorithm is O ( n ^1/3), which compares favourably with the O ( n ) complexity of random walk Metropolis algorithms. We illustrate this comparison with some example simulations.     

The beer talking: four lads, a carry out and the reproduction of masculinities

Discourse analytic research on masculinity has produced some interesting and insightful understandings of male-bonding talk and/or talk around alcohol-related activities. These and other contributions have helped demonstrate the dependence of ‘hegemonic’ masculinities on the discursive subordination of the ‘other’, notably women and gay men. The present study builds on such work by examining the reproduction of masculinities in the context of a group of four young men interacting under the influence of alcohol. The talk was recorded with the permission of the four participants (one of whom is a co-author - GE) and subsequently subjected to discourse analysis. Particular attention is paid to definitions of (male) self and others - women, gay men and men from ethnically different backgrounds - which are negotiated during the interaction. The analysis is discussed in the light of current debates on the discursive reproduction of masculinities.