Agent or Steward: The Target CEO in a Hostile Takeover: Can a Condemned Agent be Redeemed?

This article examines the differences, tensions and overlaps between agency and stewardship theories of corporate governance. The context is a hostile bid for Blue Circle Industries, a FTSE 100 company, and the focus is upon its Chief Executive Officer’s actions in response. CEOs occupy a position of pivotal importance during such takeover bids, and it is salient to examine their resultant motivations and payoffs. While agency theory suggests that CEOs may act in self-interested ways, diverging from the interests of shareholders, ongoing stewardship theory sees CEOs as fundamentally honest and caring about their company and shareholders’ interests. The hostile bid is an opportunity for the target CEO to fight at any cost, or to act in the best interests of stakeholders.In examining the target CEO’s actions, this article suggests there is more complexity than these two theories acknowledge and the relationship between them is not one of simple opposition. The article identifies a framework for making sense of CEO/stakeholder relationships, and highlights the importance to boards of understanding how CEOs manage differential stakeholder pressures over time.     

Interblock information in multidimensional block designs

In many experimental situations, d-way heterogeneity among experimental units may be controlled through use of multiple blocking criteria. In some cases it is reasonable to regard some or all of the block effects as random. Then the model is mixed and observations within blocks are correlated. Very general estimators of treatment effects and their dispersion matrix with recovery of interblock information are provided. They apply to designs with d > 1 blocking criteria that may be crossed, nested, or a combination thereof. These general results may be specialized to provide analyses of new classes of MBD's or used directly for numerical analyses of designs in the general class, perhaps through use as the basis for very general computer programs. Estimation of variance components is discussed, and an example is provided to illustrate adaptation of the general results.     

Personal and social drinking motives, family drinking history, and problems associated with drinking in two university samples.

Two drinking motives scales, Negative Personal (NP) motives and Positive Social (PS) motives, derived from Mulford and Miller's Definitions of Alcohol Scales, and a Negative Family Models (NFM) scales designed to reflect family modeling of drinking-related problems were evaluated for internal consistency and association with college students' scores on a drinking-related Social Complications (SOCCOMP) scale. In both initial (n = 553) and cross-validation (n = 293) samples, all four scales demonstrated high internal consistency. Multiple regressions of NP, PS, and NFM scales, together with measures of quantity and frequency of drinking on SOCCOMP for both samples, yielded highly significant multiple R's, confirming the additive association of these measures with problem drinking outcomes. An unanticipated finding of positive associations between PS drinking motive and SOCCOMP is reported.     

Some partially variance balanced structurally incomplete row-column designs

Earlier results by the authors are used to provide the intrablock analysis for row-column designs that have observations at nodes of the row-column lattice, the design being structurally incomplete when some nodes are empty. Construction, properties, and intrablock analyses of some special b× b row-column designs with b empty nodes taken along the principal diagonal of the lattice are developed. The designs discussed have m > 1 associate classes and are said to be partially variance balanced. The special designs fall in two classes and are shown to be nearly optimal in a specified class of designs. A small catalog of designs constructed is provided and they should be useful when empty nodes do not represent wasted experimental units, perhaps because the row and column assignments of treatments are sequenced.     

Railroad Construction and Antebellum Slave Prices*

Slave prices rose rapidly to historic highs in the late‐antebellum South. The boom in railroad construction in the South helps explain this large increase in slave prices. The economic connection between railroads and slave prices reconciles the views of traditional economic historians who thought slavery was economically irrational and the views of the new economic historians who have concluded that slavery was highly profitable. It was the massive public subsidies to railroads that explain it was public policy that provided the stimulant to slave prices, not the “peculiar” culture of the antebellum South or the planter efficient management of slave labor.     

THE IMPACT ON FAMILIES OF REPORTED CHILD ABUSE OR NEGLECT

In order to evaluate the impact upon children and families of reported child abuse and neglect and the subsequent interventions, the casenotes of a random sample of substantiated cases (N=151) dealt with by the South Australian child protection agency were searched. The goal was to identify information concerning service delivery and changes for family members in the ensuing six months. Results relevant to both of these are presented and evaluated. An important corollary finding of this work was the absence of detailed information about outcome in the casenotes. We argue that this absence of feedback to child protection workers and policy-makers is likely to have detrimental effects on both worker morale and the quality of the services provided.     

Report on matching procedures of a dual record system in the southern Philippines

There are generally three stages to the development of rules for matching vital events data from two sources covering the same population: (a) establishing a set of “true” matches and nonmatches; (b) determining the best tolerance limits for each single characteristic which might be used in matching; and (c) experimenting to determine the set or sets of characteristics and the weights to be used in classifying a pair of records as matched or nonmatched. Specific examples, based on early matching experiments with data from the dual record system of the Mindanao Center for Population Studies (MCPS), are presented. Successive application of different sets of characteristics (differential valence rule) to the remaining unmatched events produced an acceptable rule for matching in this study.