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.     

Transparency and Accountability Practices of Local Government Units in the Philippines: a Measurement from the Ground

Public Organization Review - The organizational practices of government personnel are indispensable components of building public trust and confidence. The 56 department heads and 662 personnel...     

Deep Uncertainties in Sea-Level Rise and Storm Surge Projections: Implications for Coastal Flood Risk Management

Sea levels are rising in many areas around the world, posing risks to coastal communities and infrastructures. Strategies for managing these flood risks present decision challenges that require a combination of geophysical, economic, and infrastructure models. Previous studies have broken important new ground on the considerable tensions between the costs of upgrading infrastructure and the damages that could result from extreme flood events. However, many risk-based adaptation strategies remain silent on certain potentially important uncertainties, as well as the tradeoffs between competing objectives. Here, we implement and improve on a classic decision-analytical model (Van Dantzig 1956) to: (i) capture tradeoffs across conflicting stakeholder objectives, (ii) demonstrate the consequences of structural uncertainties in the sea-level rise and storm surge models, and (iii) identify the parametric uncertainties that most strongly influence each objective using global sensitivity analysis. We find that the flood adaptation model produces potentially myopic solutions when formulated using traditional mean-centric decision theory. Moving from a single-objective problem formulation to one with multiobjective tradeoffs dramatically expands the decision space, and highlights the need for compromise solutions to address stakeholder preferences. We find deep structural uncertainties that have large effects on the model outcome, with the storm surge parameters accounting for the greatest impacts. Global sensitivity analysis effectively identifies important parameter interactions that local methods overlook, and that could have critical implications for flood adaptation strategies.     

People,Pipelines, and Probabilities: Clarifying Significance and Uncertainty in Environmental Impact Assessments

Determinations of significance play a pivotal role in environmental impact assessments because they point decision makers to the predicted effects of an action most deserving of attention and further study. Impact predictions are always subject to uncertainty because they rely on estimates of future consequences. Yet uncertainty is often neglected or treated in a perfunctory manner as part of the characterization, evaluation, and communication of anticipated consequences and their significance. Proposals to construct fossil fuel pipelines in North America provide a highly visible example; casual treatment of how uncertainty affects significance determinations has resulted in poorly informed stakeholders, frustrated industry proponents, and inconsistent choices on the part of public decision makers. Using environmental assessments for recent pipeline proposals as examples, we highlight five ways in which uncertainty is often neglected when determining impact significance and suggest that a mix of known methods, new guidelines, and appropriate oversight could greatly improve current practices.     

Toward General Principles for Resilience Engineering

Maintaining the performance of infrastructure-dependent systems in the face of surprises and unknowable risks is a grand challenge. Addressing this issue requires a better understanding of enabling conditions or principles that promote system resilience in a universal way. In this study, a set of such principles is interpreted as a group of interrelated conditions or organizational qualities that, taken together, engender system resilience. The field of resilience engineering identifies basic system or organizational qualities (e.g., abilities for learning) that are associated with enhanced general resilience and has packaged them into a set of principles that should be fostered. However, supporting conditions that give rise to such first-order system qualities remain elusive in the field. An integrative understanding of how such conditions co-occur and fit together to bring about resilience, therefore, has been less clear. This article contributes to addressing this gap by identifying a potentially more comprehensive set of principles for building general resilience in infrastructure-dependent systems. In approaching this aim, we organize scattered notions from across the literature. To reflect the partly self-organizing nature of infrastructure-dependent systems, we compare and synthesize two lines of research on resilience: resilience engineering and social-ecological system resilience. Although some of the principles discussed within the two fields overlap, there are some nuanced differences. By comparing and synthesizing the knowledge developed in them, we recommend an updated set of resilience-enhancing principles for infrastructure-dependent systems. In addition to proposing an expanded list of principles, we illustrate how these principles can co-occur and their interdependencies.     

Corporate social responsibility: an assessment of the enlightened self-interest model

Much recent discussion of corporate social responsibility has concerned operationality. Many activities subsumed under corporate social responsibility can be shown to be public or partially public goods. The theory of public goods can clarify and explain some complex problems of operationalizing the social responsibility doctrine. An examination of philanthropy provides some behavioral applications.     

An approach to stochastic programming for medium term planning

A number of methods of obtaining the distribution of the optimum of the ‘wait and see’ stochastic programming model have been proposed, but computational experience for these is currently limited to the solution of small problems. The purpose of this paper is to discuss the role of the ‘wait and see’ model in planning, and to propose a method of analysis based on the minimax and maximax decision criteria. The approach requires the solution of a special class of non-linear programming problems. Computational results to date suggest that it will be possible to analyse practically sized problems in this way.     

Network Evening News Coverage of Environmental Risk

ABC, CBS, and NBC's carefully crafted and expensively produced evening news broadcasts devoted 1.7% of their air time to 564 stories about man-made environmental risks during the period from January 1984 to February 1986. Little relationship was found between amount of coverage and public health risk. Instead, the networks appeared to be using traditional journalistic determinants of news (timeliness, proximity, prominence, consequence, and human interest) plus the broadcast criterion of visual impact to determine the degree of coverage of risk issues. Government, industry, and citizens accounted for two-thirds of the sources cited by the networks. Experts and spokespersons for environmental advocacy groups were sparsely used as sources. Given the media's need for news pegs, acute and chronic risk stories were covered differently. Acute risk stories were reported in a clearly defined cycle, peaking on the second day with on-the-scene reports and film-clips of devastation. In keeping with a decrease in visual drama, later reports were shorter and emphasized legal and political considerations. Chronic risk coverage followed the release of new scientific, legal, or political information.     

Long-run convergence of ethnic skill differentials, revisited

In my original study, "Long-Run Convergence of Ethnic Skill Differentials," I concluded that the ethnic differentials introduced by the Great Migration seemed to persist into the second and third generations. Alba, Lutz, and Vesselinov argue that my study contained a number of conceptual and data problems, and conclude that the correlation between the skills of the first and the third generations disappears when these problems are taken into account. My reanalysis of the Alba et al. data, however, documents a stronger link between the skills of the first and the third generations than suggested by those authors.     

Preparing for a career in medical management. 8 steps to help you evaluate your career path

Making a career switch from clinical practice to medical management requires preparation and planning. There are numerous steps you can take to smooth out the transition. Most importantly, you must find ways to gain valuable leadership and management experiences before you can expect to land a good medical management position. Discover ways to cultivate that experience through staff posts, part-time positions or volunteer work.