The disclosure of directors' share option information in UK companies

This paper considers the empirical determinants of the quality of information disclosed about directors’ share options in a sample of large companies in 1994 and 1995. Policy recommendations, consolidated in the recommendations of the Greenbury report, argue for full and complete disclosure of director option information. In this paper two modest contributions to the UK empirical literature are made. First, the current degree of option information disclosure in the FTSE 350 companies is documented. Second, option information disclosure as a function of variables that are thought to in¯uence corporate costs of disclosure is modelled. The results have implications for corporate governance. Speci®cally, support is oVered for the monitoring function of nonexecutive directors. In addition, nondisclosure is found to be related to variables which proxy proprietary costs of revealing information (such as company size).

A legal perspective of integrated surface mining, solid waste landfill reclamation and land conservation

In the area of international environmental law this thesis proposes the formulation of one-step planning and permitting regulation for the integrated utilisation of new surface mines as depositories for municipal solid waste. Additionally, the utilisation of abandoned and currently operated surface mines is proposed as solid waste landfills as an integral step in their reclamation. Existing laws, litigation and issues in the United Kingdom, the U.S. and Canada are discussed because of their common legal system, language and heritage. The critical shortage of approved space for disposal of solid waste has caused an urgent and growing problem for both the waste disposal industry and society. Surface mining can serve three important environmental and societal functions inuring to the health and welfare of the public: (1) providing basic minerals for goods and construction; (20 sequentially, to provide critically needed, safe burial sites for society's wastes, and (3) to conserve land by dual purpose use and to restore derelict land to beneficial surface use. Currently, the first two functions are treated environmentally, and in regulation, as two different siting problems, yet they both are earth-disturbing and excavating industries requiring surface restoration. The processes are largely duplicative and should be combined for better efficiency, less earth disturbance, conservation of land, and for fuller and better reclamation of completed surface mines returning the surfaces to greater utility than present mined land reclamation procedures. While both industries are viewed by a developed society and its communities as "bad neighbours", they remain essential and critical for mankind's existence and welfare. The study offers successful examples of the integrated process in each country. The study argues that most non-fuel surface mine openings, if not already safe, can economically, through present containment technology, be made environmentally safe for use as solid waste landfills. Simultaneously, the procedure safeguards and monitors protection of ground and surface waters from landfill contamination.

Background levels of urban land contamination

The research work reported in this thesis is concerned with the development and application of an urban scale sampling methodology for measuring and assessing background levels of heavy metal soil contamination in large and varied urban areas. The policy context of the work is broadly the environmental health problems posed by contaminated land and their implications for urban development planning. Within this wider policy context, the emphasis in the research has been placed on issues, related to the determination and application of 'guidelines' for assessing the significance of contaminated land for environmental planning. In concentrating on background levels of land contamination, the research responds to the need for additional techniques which address both the problems of measuring soil contamination at the urban scale and which are also capable of providing detailed information for use in the assessment of contaminated sites. Therefore, a key component of the work has been the development of a land-use based sampling framework for generating spatially comprehensive data on heavy metals in soil. The utility of the information output of the sampling method is demonstrated in two alternative ways. Firstly, it has been used to map the existing pattern of typical levels of heavy metals in urban soils. Secondly, it can be used to generate both generalised data in the form of 'reference levels' from which the overall significance of .background contamination may be assessed and detailed data, termed 'normal limit levels' for use in the assessment of site specific investigation data. The fieldwork was conducted in the West Midlands Metropolitan County and surface soil has been sampled and analysed for a measure of plant-available' and 'total' lead cadmium, copper and zinc. The research contrasts with much of the previous work on contaminated land which has generally concentrated on either the detailed investigation of individual sites suspected of being contaminated or the appraisal of land contamination resulting from specific point sources.

The effects of ownership and stock liquidity on the timing of repurchase transactions

We analyze detailed monthly data on U.S. open market stock repurchases (OMRs) that recently became available following stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence that the profits to companies from timing repurchases are significantly related to ownership structure. Institutional ownership reduces companies' opportunities to repurchase stock at bargain prices. At low levels, insider ownership increases timing profits and at high levels it reduces them. Stock liquidity increases profits from timing OMRs.

An exploration of the absence of corporate social reporting (CSR) in Bangladesh

This paper aims to broaden the present CSR literature by examining the absence of CSR within the context of a developing country. This is an area which to date is relatively under researched in comparison to the more widely studied presence of CSR within developed Western countries. For this purpose, 23 semi-structured interviews were undertaken with senior corporate managers in Bangladesh. The findings suggest that the main reasons for non-disclosure include lack of legal requirements and lack of knowledge/awareness. The other reasons mentioned are lack of resources, poor performance and fear of bad publicity and inherent dangers in additional disclosures. The paper has raised some serious public policy concerns by exploring the underlying motives for absence of CSR in general and some eco-justice issues in particular (e.g. child labour, equal opportunities and poverty alleviation). These significant issues require careful consideration by the policy makers at the national, regional and international levels.

Buyer profiles:an empirical investigation of changing organizational requirements

Many authors have commented that the profile of the industrial buyer must change if purchasing is to adapt the increasingly dynamic and complex contexts in which firms operate. This exploratory, empirical study examined and compared the trait profiles of current top performers and of 'ideal' buyers for the future. This approach links buyer traits with perceived managerial satisfaction with role performance. Based on cluster analysis, we present a taxonomy of five 'ideal' types of buyer. We propose that future research should seek to match the identified trait clusters with a typology of purchasing contexts. © 2001 Elsevier Science Ltd.

Orders for sale:the creditor and the family home : part one

This, the first part of a two-part article on the discretionary powers of the courts to order a sale of the family home at the request of a secured creditor, considers whether the enactment of the Trusts of Land and Appointment of Trustees Act 1996 s.15 has led judicial decision making to favour the interests of the co-owner of the home. Reviews cases heard since the coming into force of the Act, looking at the factors taken into account when balancing the interests of the creditor and debtor, including the continued need to have a family home, the availability of other assets to pay off the debt, the size of the debt and the likelihood of repayment.

How many contracts in an auction sale

Making sense of auction sales, in terms of English contract law, is no easy task. Despite the common perception of hammers hitting blocks, signifying the creation of the basic sale contract,1 a typical auction sale necessarily involves the making of several forms of contract other than the obvious primary sale agreement. The purpose of this article, therefore, is threefold, namely, to (1) examine these various forms of contractual relationship2 which may come into existence as a result of a traditional (face to face) auction sale; (2) consider specifically the selling of land at public auction with a view to advocating a change in the law requiring the formality of writing for sales contracts of land for both private and public auctions, and (3) compare briefly the contractual elements of an online ascending model of auction sale typified by the eBay phenomenon.

New perspectives on the governance of executive compensation:an examination of the role and effect of compensation consultants

We develop a multi-theoretic approach, drawing on economic, institutional, managerial power and social comparison literatures to explain the role of the external compensation consultant in the top management pay setting institutional field. Taking advantage of recent disclosure requirements in the UK, we collect data on compensation consultant use in 232 large companies. We show that consultants are a prevalent part of the CEO pay setting scene, and document evidence of all advisor use. Our econometric results show that consultant use is associated with firm size and the equity pay mix. We also show that CEO pay is positively associated with peer firms that share consultants, with higher board and consultant interlocks, and some evidence that where firms supply other business services to the firm, CEO pay is greater. © 2009 Springer Science+Business Media, LLC.