Single transferable vote with Borda elimination: proportional representation, moderation, quasi-chaos and stability

Modifying single transferable vote (STV) by removing candidates according to their Borda scores creates a new vote counting system (STV-B) that is not quasi-chaotic, results in proportional representation, and promotes the election of moderate candidates. Dummett, M.A.E. [1997. Principles of Electoral Reform. Oxford University, New York] noted quasi-chaos in STV and proposed the “Quota/Borda system” (QBS) as a solution. STV-B and QBS retain proportional representation from STV, permit some influence on candidate selection to occur between voting blocks thereby promoting moderate results, and are much more stable than STV when subjected to small changes in voter preferences. Under STV-B, and not QBS, a minority that shares some preferences may elect a candidate even if the minority is not a solid coalition.

Do shares constitute property? Reconsidering a fundamental, yet unresolved, question

The author deals with a question that has challenged and troubled commercial law scholars for some time: do shares constitute property? The author explores some of the arguments that have been raised for why shares do not constitute property, but ultimately concludes that there are strong reasons – supported by prominent jurisprudential writing and judicial pronouncements – for why shares do indeed constitute property.

Single transferable vote with Borda elimination : a new vote counting system

Dummett (1997) notes particular difficulties with single transferable vote (STV) and proposes an alternative vote counting system called "Quota/Borda system" (QBS) to remedy specific difficulties. I propose an alternative system, structurally related to QBS, which accomplishes similar solutions but has some significant differences. This alternative system is identical to STV in all aspects except one. It eliminates candidates in reverse order of their Borda scores rather than by their current ranking of first-place votes. I designate this system STV with Borda elimination (STV-B). STV-B and QBS share general features. They retain proportional representation from STV. However, they differ from STV is two critical manners. First, both permit some influence on candidate selection to occur between voting blocks. Second, they are much more stable than STV when subjected to small changes in voter preferences. Outcomes from STV-B differ from QBS outcomes in two ways. Under STV-B, a minority that shares some preferences may elect a candidate even if the minority is not a solid coalition, as is required for minorities under QBS. Further, QBS always selects Borda winners, either for a minority or overall. STV-B may reject a Borda winner through emphasis on each voter's most preferred candidates.

An exploration of the relationship between size and risk in a downside risk framework applied to Malaysian property shares

The relationship between size and risk (systematic and unsystematic risk) has received considerable attention in recent literature. However, these studies employ variance as the risk measure, which the appropriateness for using this risk measure is always questioned by researchers and practitioners due to its underlying strict assumptions. Therefore, there is crucial to adopt an alternative risk measure for ascertaining the relationships. The aim of the study is to examine the relationships between size and systematic downside risk and unsystematic downside risk in line with the theoretical sound of this risk measure. The empirical evidences reveal that the size is strongly correlated with unsystematic downside risk. While, there is a weak inverse relationship between size and systematic downside risk.

A multi-objective sensitivity approach to training providers' evaluation and quota allocation planning

The practice of solely relying on the human resources department in the selection process of external training providers has cast doubts and mistrust across other departments as to how trainers are sourced. There are no measurable criteria used by human resource personnel, since most decisions are based on intuitive experience and subjective market knowledge. The present problem focuses on outsourcing of private training programs that are partly government funded, which has been facing accountability challenges. Due to the unavailability of a scientific decision-making approach in this context, a 12-step algorithm is proposed and tested in a Japanese multinational company. The model allows the decision makers to revise their criteria expectations, in turn witnessing the change of the training providers' quota distribution. Finally, this multi-objective sensitivity analysis provides a forward-looking approach to training needs planning and aids decision makers in their sourcing strategy.

Investor legal protection and earnings management : a study of Chinese H-shares and Hong Kong shares

Under the unique "one country, two systems" arrangement, the more stringent investor protection rules in Hong Kong are not enforceable in firms that are incorporated in China but listed on the Hong Kong stock exchange (H-shares). As such, H-shares and other local Hong Kong firms are subject to different investor protection regimes in the same stock market. We find that H-shares are associated with higher earnings management than local Hong Kong firms after controlling for disparity in economic development, types of controlling shareholders and other factors. More importantly, this relationship is weaker after China implemented the Securities Law in 1999. The results are robust after considering the dual-listing status of H-shares and board characteristics. These results provide direct evidence showing the effect of investor legal protection on financial reporting quality.