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.     

Confidence intervals,significance values,maximum likelihood estimates,etc. sharpened into Occam’s razors

Abstract

Confidence sets, p values, maximum likelihood estimates, and other results of non-Bayesian statistical methods may be adjusted to favor sampling distributions that are simple compared to others in the parametric family. The adjustments are derived from a prior likelihood function previously used to adjust posterior distributions.     

Aging in the Era of Regenerative Medicine: Analysis of Aging‐Related Representations among Canadian Researchers

Explicitly aimed at understanding and controlling molecular and cellular processes at the root of senescence and biological aging, regenerative medicine aspires to artificially reproduce the biological processes that enable the body to regenerate itself. This no longer involves conserving the body's state of balance by combating disease, as in clinical medicine, but rather fighting degeneration itself. From stem cell research to gene therapy to the production of replacement tissues, regenerative medicine perfectly corresponds to the logic of biomedicalization specific to postmodern society. Based on a series of 18 interviews conducted with Canadian researchers and clinicians in the field of regenerative medicine, this article seeks to understand representations of the aging body among researchers in this field. Seen from a strictly negative angle, aging is assimilated by researchers to an inevitable catastrophe that nevertheless must be combated. More closely observing the theoretical model of regenerative biology and the types of treatments developed, it can be observed, however, that this medicine of the future does not target the elderly, but rather promises youth the ability to regenerate themselves to avoid aging.     

Myriad potential for mentoring: Understanding the process of transformational change through a gender equality intervention

This article contributes to understanding transformational change towards gender equality by examining the transformational change potential of a mentoring programme for women, a type of gender equality intervention both criticized and praised for its ability to bring about change. Drawing upon an empirical case study of a mentoring programme for women academics in a Dutch university, we explore three dimensions of transformational change: organizational members (i) discussing and reflecting upon gendered organizational norms and work practices; (ii) creating new narratives; and (iii) experimenting with new work practices. Our findings indicate five specific conditions that enable transformational change: cross‐mentoring, questioning what is taken for granted, repeating participation and individual stories, facilitating peer support networks and addressing and equipping all participants as change agents. We suggest that these conditions should be taken into account when (re)designing effective organizational gender equality interventions.     

Put to the test: For a new sociology of testing

In an age defined by computational innovation, testing seems to have become ubiquitous, and tests are routinely deployed as a form of governance, a marketing device, an instrument for political intervention, and an everyday practice to evaluate the self. This essay argues that something more radical is happening here than simply attempts to move tests from the laboratory into social settings. The challenge that a new sociology of testing must address is that ubiquitous testing changes the relations between science, engineering, and sociology: Engineering is today in the very stuff of where society happens. It is not that the tests of 21st-century engineering occur within a social context but that it is the very fabric of the social that is being put to the test. To understand how testing and the social relate today, we must investigate how testing operates on social life, through the modification of its settings. One way to clarify the difference is to say that the new forms of testing can be captured neither within the logic of the field test nor of the controlled experiment. Whereas tests once happened inside social environments, today’s tests directly and deliberately modify the social environment.     

The price of a loaf of bread: some conceptions of family support*

This paper reports on a case study of one local authority, and illustrates the different definitions of the term ‘family support’ employed by the different agencies within the authority. It provides a framework to analyse the contribution of the agencies according to the assumptions they make about methods and efficacy of intervention and access to and termination of intervention. It contrasts the findings from this framework with a needs based model of ‘family support’. Social work and health services tend to operate within a narrow, historically determined range, focusing most heavily on emotional support and behavioural change; whereas users and some of the other agencies are more likely to raise matters such as income maintenance, child care, leisure and education. The findings of the case study are discussed in relation to resources for families, key issues for the implementation of family support identified during the introduction of the Children Act, 1989, and the relevance of Social Services Inspectorate inspections to these issues. Copyright © 2002 John Wiley & Sons, Ltd.     

Cohabitation and commitment: partnership plans of young men and women

Popular commentators on marriage and the family often interpret the increase in heterosexual couples living together without marrying as reduced willingness to create and honour life‐long partnerships. Survey and in‐depth interviews with samples of 20–29 year olds living in an urban area of Scotland finds little support for the postulated link between growing cohabitation and a weakened sense of commitment to long‐term arrangements. Most of the cohabiting couples strongly stressed their ‘commitment’. Socially acceptable vocabularies of motive undoubtedly influenced answers but interviews helped to explore deeper meanings. Many respondents’ views were consistent with previous research predictions of a weakening sense of any added value of marriage. At the same time, some respondents continued to stress the social significance of the distinction between marriage and cohabitation, consistent with research interpreting cohabitation as a ‘try and see’ strategy part‐way to the perceived full commitment of marriage. The notion that ‘marriage is better for children’ continued to have support among respondents. While, on average, cohabiting couples had lower incomes and poorer employment situations than married couples, only very extreme adverse circumstances were presented as making marriage ‘too risky’. Pregnancy‐provoked cohabitation was not always in this category. Cohabitation was maintained because marriage would ‘make no difference’ or because they ‘had not yet got round to’ marriage. Most respondents were more wary of attempting to schedule or plan in their personal life than in other domains and cohabitees’ attitudes to partnership, including their generally ‘committed’ approach, do not explain the known greater vulnerability of this group to dissolution.     

Existence and Nash implementation of efficient sharing rules for a commonly owned technology

Suppose that a group of individuals owns collectively a technology which produces a consumption good by means of a (possibly heterogeneous) input. A sharing rule associates input contributions with a vector of consumptions that are technologically feasible. We show that the set of allocations obtained by any continuous sharing rule contains Pareto efficient allocations. We also present a mechanism that implements in Nash equilibrium the Pareto efficient allocations contained in an arbitrary sharing rule. Received: 29 June 1998/Accepted: 15 November 2000     

Wage and Non-Wage Compensation Among Young Alcoholic and Heavy Drinking Women: A Preliminary Analysis

The association between drinking and selected job characteristics among women aged 24 to 31 is examined. Using the 1989 NLSY, women are classified as alcohol abusers or dependent based on DSM-III-R criteria or as heavy drinkers based on reported frequency of six or more drinks. Heavy drinking is negatively associated with wage and non-wage compensation. These effects diminish when human capital measures are controlled. Current alcoholism and current and past heavy drinking are strongly negatively associated with years of schooling. The association between alcoholism and job compensation and characteristics is not as strong as that seen for heavy drinking. It is not known if this is a consequence of errors in identifying alcoholic women in population-based surveys.