Success and failure in management buyouts

This paper outlines a model for examining the process of formulating a successful management buyout, taking the viewpoint of all concerned, viz., buyers, sellers, advisors, investors and employees. It arises out of the observation of, and involvement in, a number of buyout negotiations: some were completed but continue to falter; some were aborted; others are currently successful. The paper suggests that eventual success is a function of two main factors. The first is the probability of conflict, as defined by the buyout typology, and the second the decisions made, and not made, during negotiations. The latter includes such questions as, for the company: what to hive down: which management to involve; future customer relations; and for the deal: the setting of the price: the future role of investors; choosing advisors.     

In Conclusion: Current Themes in Bereavement and Widowhood Research

A number of important themes and controversies emerged from the preceding papers. These include (a) what kinds of losses lead to grief; (b) how long grief lasts; (c) how to conceptualize "recovery," (d) the nature of "normal" grief; (e) whether bereavement has lasting effects on health; and (f) what characteristics of the individual, the relationship, or the nature of the death create a greater risk for poor outcome of bereavement. Consideration of these issues should help develop more effective strategies for intervention with sufferers, and social policies sensitive to the needs of those at greatest risk.     

The effects of davis-bacon on labor cost and union wages

Two issues have seriously hampered studies of the impact of the Davis-Bacon Act. The first is that one must make assumptions about what the distribution of wages would be in the absence of the statute. It is shown that cost estimates are quite sensitive to these assumptions. The second is that while Davis-Bacon determinations may increase nonunion wages, they are also likely to increase the bargaining power of unions leading to higher union wages. Simply estimating the impact on nonunion wages therefore underestimates the true effect. Union wages are both determined by and a determinant of Davis-Bacon wages. It is found that Davis-Bacon determinations exert a significant influence on the union’s ability to gain higher wages. I would like to thank Joseph DiMasi and David Alexander for comments and discussion on an earlier version of this paper. Special thanks are due an anonymous referee for his support and suggestions.     

Analytical approach for determining the cost optimum raw material quality level

In this paper, the expected cost of a raw

material quality characteristic is determined and

the cost optimum quality level is found. A series

of piecewise linear functions is used torepresent a general cost function. Examples are given in

which the distributions of quality characteristics are treated as being either

uniform or normal. The relationship between a raw

material characteristic and manufacturing cost is

assumed to be known

Determining cost optimum quality level Manitoba