Corporate Diversification,Information Asymmetry and Insider Trading

The literature suggests that corporate diversification destroys firm value. This value destruction is usually considered to be a consequence of managers' pursuing diversification strategies to benefit themselves rather than to increase firm value. This paper provides evidence that casts doubt on this agency theory‐based explanation for corporate diversification. Evidence based on insider trading suggests that managers themselves consider their diversification strategies to be value‐increasing. Specifically, it is documented that corporate insiders (directors) purchase more of their firms' shares in the open market when corporate diversification is high. Moreover, insiders purchase more when the level of diversification discount is high, suggesting that they disagree with outside investors' undervaluation due to diversification. It is also found that the market reaction to insiders' purchases is positively related to corporate diversification. This result suggests that outsiders consider the amount of favourable information contained in insiders' purchases to increase with the extent of corporate diversification.     

Anglo Voting on Nativist Ballot Initiatives: The Partisan Impact of Spatial Proximity to the U.S.‐Mexico Border*

Objective. In this study, we examine how contextual factors influence voting behavior on nativist ballot initiatives using California's Propositions 187 and 227. We argue that spatial proximity to the border is associated with voting behavior on nativist initiatives. Methods. To examine the influence of environmental factors on Anglo voting behavior on nativist ballot initiatives, we utilize California Field Polls, U.S. Census data, and spatially referenced data generated using GIS software. Results. The results indicate that spatial proximity to the border is an important component in individual‐level voting on nativist initiatives and that the impact of proximity to the border on the vote for Propositions 187 and 227 varies as a function of individual‐level partisan affiliation. Conclusions. These findings hold implications for future research regarding the influence of geospatial boundaries and political behavior.     

The Impact of Social Ties on Depressive Symptoms in U.S. and Japanese Elderly

This study examines the effects of social ties (with spouse, children, friends, neighbors, other relatives, and community groups) on depressive symptom levels in U.S. and Japanese adults aged 60 and over. Nationally representative survey data from the United States ( N = 1,419) and Japan ( N = 2,200) indicate that having a spouse, or increased contacts with friends, neighbors and relatives was associated with fewer depressive symptoms in both samples. The effects of spousal presence were significantly larger in the United States than in Japan. The presence of children was associated with fewer depressive symptoms in Japan only, and this effect was significantly stronger among those currently unmarried as opposed to those who are currently married. We discuss these similarities and differences between countries.     

Global sport mega‐events and the politics of mobility: the case of the London 2012 Olympics

This paper examines the politics of mobility which surrounded the London 2012 Olympics. We provide a critical discussion of the mobility conflicts, problems and criticisms which emerged from our research with local people in the Stratford and wider Newham areas of London, where most Olympic events were located. The paper is divided into four broad parts. First, we identify and discuss the relevant components of the ‘mobilities paradigm’ in social science which underpin our analysis. Second, we briefly outline our research methods, centring particularly on fieldwork and interviews with different social groups. Third, we examine in detail the six main themes of mobility politics which were evident at London 2012, relating to social context, event construction, event mobility systems, commercial mobilities, the mobile politics of exclusion, and contested modes of mobility. In doing so, we seek to extend the mobilities paradigm by introducing various concepts and keywords – notably on the three‐speed city, entryability, mobility panics, instrumental mobility, and corporate kettling – which may be utilized by social scientists to examine mobility systems in other social contexts. We conclude by reaffirming the significance of mobility‐focused research at sport and other mega‐events, and by indicating future lines of inquiry for social scientists.     

DIMENSIONS OF UTILITY IN A REGIONAL PLANNING CONTEXT*

City and regional planners exist in an environment where they must satisfy numerous contending pressure groups. This paper illustrates an application of utility and decision theory in one such situation: the selection of a “land-use plan” for a large rural area in a southeastern state. The planning group was required to generate a utility matrix for a set of alternative plans consistent with their perceived hierarchy of needs for the region in question. Subsequently, expected value calculations were used to determine the optimal plan. The examination concludes with a discussion of the reliability and sensitivity of this approach, along with an exploration of areas for possible utilization and the problems attendent thereto.     

Understanding Patterns of Publishing Activity in Academic Research Occupations*

While it is widely understood that faculty in various disciplines tend to publish at different rates and in different forms, knowledge of these differences is too limited to facilitate systematically differentiated performance appraisal and reward systems. In this study, theory concerning knowledge production system characteristics as influences on individual performance is applied to academic research occupations using a classification scheme developed by Biglan [4]. Regression analysis is applied to a general (industry-wide) sample of United States faculty, with publishing patterns as performance measures. Each dimension of the classification scheme is found to have predictive validity. Output patterns are consistent with a conceptualization of research occupations in terms of (1) transformational/technological processes, (2) research mission, and (3) input/subject matter characteristics. The results offer a basis for generating disciplinary publishing norms and differentiated reward systems.