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.     

The influence of risk and protective factors on burnout experienced by those who work with maltreated children

The aim of the study was to explore the degree (and type) of burnout and trauma symptoms, personal histories and coping strategies retrospectively reported by those who work with maltreated children and their families. A self‐selected sample of workers (N = 44) completed a self‐report questionnaire assessing childhood maltreatment, family background characteristics, current adjustment, coping strategies and burnout. Workers reported high levels of emotional exhaustion and depersonalization, and a low to moderate sense of personal accomplishment. Family background characteristics predicted the occurrence of maltreatment and current adjustment, and a personal history of maltreatment predicted current trauma symptoms, but not burnout. Workers most frequently used problem‐focused coping strategies and sought social support; however, coping strategies were not associated with the level of either trauma symptoms or burnout. Despite employing positive coping strategies, their efficacy may be affected by other interpersonal, intra‐individual and job resource issues. Copyright © 2002 John Wiley & Sons, Ltd.     

A timely measure of unemployment

Conventional unemployment statistics have two dimensions—size and date. Population-at-risk unemployment rates add a third dimension—time. They are unlikely to revolutionise our picture of the nature of unemployment, says Ray Thomas . But they do give a more accurate and comprehensive picture than existing measures, and provide new insights into old problems, such as indicating the importance of statistics of entrants in helping to explain geographical variation in unemployment.     

The behavioural and welfare implications of housing demand under rationing

This study examines on United Kingdom budget data the sensitivity of policy and welfare conclusions to the introduction of quantity constraint on Housing demand within a utility consistent framework. The paper proposes a rationed demographic demand system, based on extension of the idea of virtual price, and presents evidence that such a model could prove useful in the precise estimation of equivalence scales on budget data with limited price variation. The demand parameter estimates and their welfare implications are quite sensitive to the introduction of rationed demand. Unlike in previous studies, the rationed demand system fails to reject linear preferences.I am grateful to Arie Kapteyn and an anonymous referee for helpful written comments on an earlier version. I also thank seminar participants at the Second Annual Congress of the European Society of Population Economics at the University of Mannheim, West Germany in June 1988, at the University of NSW and Melbourne in Australia, and Victoria University of Wellington in New Zealand for useful discussions. I retain responsibility for all errors that remain.     

From making to being the excuse: An analysis of deception and verbal/nonverbal issues

Excuse-making is defined, and the issues of deception and verbal/nonverbal presentations are discussed in regard to the excuse process. Subsequently, the deception and verbal/nonverbal issues are described in greater detail in the context of whether the excuse occurs temporally after a negative outcome (retrospective), before a negative outcome (anticipatory), or as part of the characterological makeup of the person (incorporated). Going from retrospective to anticipatory to incorporated excuses, it is concluded that the role of nonverbal factors increases. Likewise, in the progression from making to being the excuse, it is argued that self- and other-deception also become more pervasive.     

Ropes course training for youth in a rural setting: “At first I thought it was going to be boring ...”

Outdoor structured activities, such as Ropes Challenge Courses, are typically utilized as interventions for youth coming from urban settings. Evaluation of such programs is scanty at best. In this instance, the course experience is used as a prevention tool for high risk youth in a remote, rural setting of high unemployment, alcohol problems, and low income. The authors discuss the effectiveness of this approach, and the intended and unintended consequences for the rural community at large. The evaluation design relies on extensive qualitative methodology as well as quantitative methods to capture the unique nature of this rural project.     

The role of demographic and economic characteristics of twelve member states of the European Union in the diversity of state support for families

"This study is based upon an international dataset comparing state support for families in fifteen countries (of which twelve are member states of the European Union).... Using multiple regression analysis, the levels of state support are explained by the principal parameters used for setting the levels of benefit, and by the demographic and economic characteristics of the countries concerned....[Results suggest] that the economic convergence of the member states is likely to promote greater similarity in their systems of state welfare support for families." (EXCERPT)