Conflicts of interest and china's A-Share underpricing

The extremely high A- share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but in-conclusive. We investigate the A- share underpricing by employing the most recent data available. A significant decline in A- share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A- share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative class of models to further examine this change in observed market behaviour. Our results suggest that a contract with high underwriter's fee leads to less A- share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese !PO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A- share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of Initial Public Offering.

Wrestling with `conflict of interest` in sport management

Purpose – The purpose of this paper is to discuss how the relationship between sport and business has increased the complexity of ethical issues affecting contemporary sport management. Specifically, this paper seeks to define conflict of interest and how it is manifested in both business and sport.
Design/methodology/approach – The paper provides a conceptual discussion of the issue of conflict of interest as it relates to the management and governance of sports organizations. Relationships between business ethics, governance and sport management are examined in the quest to understand conflict of interest and its prevalence in and relevance to sport management.
Findings – Conflicts of interest within the sport industry may have the same structural elements as those occurring in mainstream business, such as benefits, obligations and issues of trust, but it is the higher societal expectations and values placed on sport and sporting organizations that provide the key points of difference.
Practical implications – Through collaboration with sport management practitioners, via inductive in-depth research, a clearer definition of conflict of interest and the range of situations in which it may occur can be developed. It is through a continued research effort in this area that sport managers will be better able to both identify and manage conflicts of interest as they occur.
Originality/value – It is the lack of definitive examples or guidelines for recognition of an actual or a potential conflict of interest that appears to cause the greatest confusion within sport management. By drawing together the key concepts found within the extant literature, a clearer understanding of what constitutes a conflict of interest is provided by this paper.

Sense of community in science fiction random, part 1: Understanding sense of community in an international community of interest

Within the discipline of community psychology there is debate as to the dimensions underlying the construct psychological sense of community (PSOC). One of the few theoretical discussions is that of McMillan and Chavis (1986), who hypothesized four dimensions: Belonging; Fulfillment of Needs; Influence; and Shared Connections. Discussion has also emerged in the literature regarding the role of identification within PSOC. It has been suggested that differences in PSOC may be understood in terms of the degree to which members identify with their community (Fisher & Sonn, 1999). However, few studies have explored the place of identification in PSOC. In addition, while PSOC has been applied to both communities of interest and geographical communities, little research has looked in depth at PSOC within communities of interest. The current study therefore explored PSOC in science fiction fandom, a community of interest with membership from all over the world, by means of a questionnaire distributed at an international science fiction convention (N = 359). In an endeavor to clarify the underlying dimensions of PSOC, the questionnaire included several measures of PSOC, and measures of identification with the community. Results showed that science fiction fandom reported high levels of PSOC. Support emerged for McMillan and Chavis' (1986) four dimensions of PSOC, with the addition of a fifth dimension, that of Conscious Identification. These results, and implications for PSOC research, are discussed.

Board directors and conflict of interest : a study of a sport league

Conflict of interest is one aspect of governance that has the potential to damage both an organisation and those who govern that organisation. Board directors of sport organisations are faced with a number of influences particular to sport business, which can impact on the process of managing conflict of interest. This research identified processes and attributes that influence directors: selection processes, outside roles, experience, regulation, education, motivation and qualifications. Directors and CEOs drawn from a sample of five Australian Football League (AFL) clubs and members of the AFL commission were interviewed. Data analysis was undertaken using a constructivist grounded theory method, and key processes (selection processes and director education) and attributes (outside roles, experience, regulation, motivation and qualifications) of non-executive directors were identified. By better understanding the influences on board directors in sport organisations, and the impact of these on managing conflict of interest, the potential for damage to the directors and the organisation may be decreased.

Conflicts of interest and China's A-share underpricing

The extremely high A-share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but inconclusive. A significant decline in A-share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A-share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative model to further examine this change in observed market behavior. Our results suggest that a contract with high underwriter's fee leads to less A-share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese IPO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A-share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of initial public offering.

Conflict of interest in policing and the public sector

Conflicts of interest are a key factor in the contemporary decline of trust in government and public institutions, eroding public trust in government and democratic systems. Drawing on two unique empirical studies involving policing and the broader public sector, this paper explores the meaning and dimensions of conflict of interest by examining public complaints about conflict of interest and providing distinctive insights into the nature of conflict of interest as a problem for public sector ethics. The paper analyses and explores appropriate regulatory and management approaches for conflict of interest, focusing on three elements: (1) dealing with private interests that are identifiably problematic in the way they clash with the duties of public officials; (2) managing conflicts as they arise in the course of public sector work (manifested in preferential and adverse treatment, and other problematic areas); and (3) developing ethical and accountable organisational cultures. It is concluded that effective and meaningful public sector ethics in the pursuit of the public interest must be based on an ethos of social accountability and a commitment to prioritise the public interest in both fact and appearance.

Clustering of Th cell epitopes on exposed regions of HIV envelope despite defects in antibody activity

A long-standing question in the field of immunology concerns the factors that contribute to Th cell epitope immunodominance. For a number of viral membrane proteins, Th cell epitopes are localized to exposed protein surfaces, often overlapping with Ab binding sites. It has therefore been proposed that Abs on B cell surfaces selectively bind and protect exposed protein fragments during Ag processing, and that this interaction helps to shape the Th cell repertoire. While attractive in concept, this hypothesis has not been thoroughly tested. To test this hypothesis, we have compared Th cell peptide immunodominance in normal C57BL/6 mice with that in C57BL/6MT/MT mice (lacking normal B cell activity). Animals were first vaccinated with DNA constructs expressing one of three different HIV envelope proteins, after which the CD4 T cell response profiles were characterized toward overlapping peptides using an IFN- ELISPOT assay. We found a striking similarity between the peptide response profiles in the two mouse strains. Profiles also matched those of previous experiments in which different envelope vaccination regimens were used. Our results clearly demonstrate that normal Ab activity is not required for the establishment or maintenance of Th peptide immunodominance in the HIV envelope response. To explain the clustering of Th cell epitopes, we propose that localization of peptide on exposed envelope surfaces facilitates proteolytic activity and preferential peptide shuttling through the Ag processing pathway.