An empirical investigation of the effect of rights issue announcements on share returns and the determinants of abnormal returns on the Kuala Lumpur Stock Exchange

This thesis examines the effect of rights issue announcements on stock prices by companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1987 to 1996. The emphasis is to report whether the KLSE is semi strongly efficient with respect to the announcement of rights issues and to check whether the implications of corporate finance theories on the effect of an event can be supported in the context of an emerging market. Once the effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term corporate financing. Event study analysis is used to check on the efficiency of the Malaysian stock market; while cross-sectional regression analysis is executed to identify possible explanators of the rights issue announcements' effect. To ensure the results presented are not contaminated, econometric and statistical issues raised in both analyses have been taken into account. Given the small amount of empirical research conducted in this part of the world, the results of this study will hopefully be of use to investors, security analysts, corporate financial managements, regulators and policy makers as well as those who are interested in capital market based research of an emerging market. It is found that the Malaysian stock market is not semi strongly efficient since there exists a persistent non-zero abnormal return. This finding is not consistent with the hypothesis that security returns adjust rapidly to reflect new information. It may be possible that the result is influenced by the sample, consisting mainly of below average size companies which tend to be thinly traded. Nevertheless, these issues have been addressed. Another important issue which has emerged from the study is that there is some evidence to suggest that insider trading activity existed in this market. In addition to these findings, when the rights issue announcements' effect is compared to the implications of corporate finance theories in predicting the sign of abnormal returns, the signalling model, asymmetric information model, perfect substitution hypothesis and Scholes' information hypothesis cannot be supported.

From ideal to real:a longitudinal study of the role of implicit leadership theories on leader-member exchanges and employee outcomes

The results of the present longitudinal study demonstrate the importance of implicit leadership theories (ILTs) for the quality of leader-member exchanges (LMX) and employees' organizational commitment, job satisfaction, and well-being. Results based on a sample of 439 employees who completed the study questionnaires at 2 time points showed that the closer employees perceived their actual manager's profile to be to the ILTs they endorsed, the better the quality of LMX. Results also indicated that the implicit-explicit leadership traits difference had indirect effects on employee attitudes and well-being. These findings were consistent across employee groups that differed in terms of job demand and the duration of manager-employee relation, but not in terms of motivation. Furthermore, crossed-lagged modeling analyses of the longitudinal data explored the possibility of reciprocal effects between implicit-explicit leadership traits difference and LMX and provided support for the initially hypothesized direction of causal effects.

A contingency theory perspective on the risk management control system within Birmingham City Council

In recent years the topic of risk management has moved up the agenda of both government and industry, and private sector initiatives to improve risk and internal control systems have been mirrored by similar promptings for change in the public sector. Both regulators and practitioners now view risk management as an integral part of the process of corporate governance, and an aid to the achievement of strategic objectives. The paper uses case study material on the risk management control system at Birmingham City Council to extend existing theory by developing a contingency theory for the public sector. The case demonstrates that whilst the structure of the control system fits a generic model, the operational details indicate that controls are contingent upon three core variables—central government policies, information and communication technology and organisational size. All three contingent variables are suitable for testing the theory across the broader public sector arena.

On the opportunism-independent theory of the firm

Previous developments in the opportunism-independent theory of the firm are either restricted to special cases or are derived from the capabilities or resource-based perspective. However, a more general opportunism-independent approach can be developed, based on the work of Demsetz and Coase, which is nevertheless contractual in nature. This depends on 'direction', that is, deriving economic value by permitting one set of actors to direct the activities of another, and of non-human factors of production. Direction helps to explain not only firm boundaries and organisation, but also the existence of firms, without appealing to opportunism or moral hazard. The paper also considers the extent to which it is meaningful to speak of 'contractual' theories in the absence of opportunism, and whether this analysis can be extended beyond the employment contract to encompass ownership of assets by the firm. © The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The effect of incipient presbyopia on the correspondence between accommodation and vergence

Purpose: To investigate the accommodation-convergence relationship during the incipient phase of presbyopia. The study aimed to differentiate between the current theories of presbyopia and to explore the mechanisms by which the oculomotor system compensates for the change in the accommodation-convergence relationship contingent on a declining amplitude of accommodation. Methods: Using a Canon R-1 open-view autorefractor and a haploscope device, measurements were made of the stimulus and response accommodative convergence/accommodation ratios and the convergence accommodation/convergence ratio of 28 subjects aged 35-45 years at the commencement of the study. Amplitude of accommodation was assessed using a push-down technique. The measurements were repeated at 4-monthly intervals over a 2-year period. Results: The results showed that with the decline in the amplitude of accommodation there is an increase in the accommodative convergence response per unit of accommodative response and a decrease in the convergence accommodation response per unit of convergence. Conclusions: The results of this study fail to support the Hess-Gullstrand theory of presbyopia in that the ciliary muscle effort required to produce a unit change in accommodation increases, rather than stays constant, with age. Data show that the near vision response is limited to the maximum vergence response that can be tolerated and, despite being within the amplitude of accommodation, a stimulus may still appear blurred because the vergence component determines the proportion of available accommodation utilised during near vision.

Communities, centres, connections, disconnections:some reflections on the riots in Birmingham

This paper presents key ideas from fieldwork conducted in Birmingham between 2009 and 2011. This work examined identity in 'white' neighbourhoods, and attitudes to politics and understandings of poverty in more mixed ones. This work revealed that many Birmingham residents were concerned about a perceived loss of values, the impact of 'unrespectable' households and individuals in their areas and the apparent disconnect between political representatives and local residents. In the aftermath of the disturbances of August 2011 across England, including in Birmingham, we revisit these themes and examine the implications for understanding disorder in the city of Birmingham.

Model-driven software adaptation:report on the workshop M-ADAPT at ECOOP 2007

This first edition of the workshop Model-driven Software Adaptation (M-ADAPT'07) took place in the Technische Universität Berlin with the International Conference ECOOP'07 in the beautiful and buzzing city of Berlin, on the 30th of July, 2007. The workshop was organized by Gordon Blair, Nelly Bencomo, and Robert France. Participants explored how to develop appropriate model-driven approaches to model, analyze, and validate the volatile properties of the behaviour of adaptive systems and its environments. This report gives an overview of the presentations as well as an account of the fruitful discussions that took place at M-ADAPT'07. © 2008 Springer-Verlag Berlin Heidelberg.

Implicit leadership and followership theories 'in the wild':taking stock of information-processing approaches to leadership and followership in organizational settings

For over 30. years information-processing approaches to leadership and more specifically Implicit Leadership Theories (ILTs) research has contributed a significant body of knowledge on leadership processes in applied settings. A new line of research on Implicit Followership Theories (IFTs) has re-ignited interest in information-processing and socio-cognitive approaches to leadership and followership. In this review, we focus on organizational research on ILTs and IFTs and highlight their practical utility for the exercise of leadership and followership in applied settings. We clarify common misperceptions regarding the implicit nature of ILTs and IFTs, review both direct and indirect measures, synthesize current and ongoing research on ILTs and IFTs in organizational settings, address issues related to different levels of analysis in the context of leadership and follower schemas and, finally, propose future avenues for organizational research. © 2013 Elsevier Inc.

E-HR and international HRM:a critical perspective on the discursive framing of e-HR

In the current global economic climate, international HRM is facing unprecedented pressure to become more innovative, effective and efficient. New discourses are emerging around the application of information technology, with 'e-HR' (electronic-enablement of Human Resources), self-service portals and promises of improved services couched as various HR 'value propositions'. This study explores these issues through our engagement with the emergent stream of 'critical' HRM, the broader study of organizational discourse and ethical management theories. We have found that while there is growing research into the take-up of e-HR applications, there is a dearth of investigation into the impact of e-HR on the people involved; in particular, the (re)structuring of social relations between HR functions and line managers in the move away from face-to-face HR support services, to more technology-mediated 'self-service' relationships. We undertake a close reading of personal narratives from a multinational organization, deploying a critical discourse lens to examine different dimensions of e-HR and raise questions about the strong technocratic framing of the international language of people management, shaping line manager enactment of e-HR duties. We argue for a more reflexive stance in the conceptualization e-HR, and conclude with a discussion about the theoretical and practical implications of our study, limitations and suggestions for future research. © 2014 © 2014 Taylor & Francis.

On the compatibility of benevolence and self-interest:philanthropy and entrepreneurial orientation

This article explores the philanthropy of owner–managers of small- and medium-sized enterprises (SMEs) investigating whether and why more entrepreneurially oriented SMEs are also more likely to engage in philanthropic activities. We find support for a positive link between entrepreneurial orientation (EO) and philanthropy in a representative sample of 270 Lithuanian SMEs controlling for alternative explanations. We highlight that philanthropy is relatively common among SME owner–managers and thus complement existing research which views philanthropy as sequentially following wealth generation. In line with our theorizing, further qualitative findings point to drivers of philanthropy beyond those considered in the dominant strategic-instrumental perspective. Building on social-psychological theories of motivation, we argue and confirm that philanthropy can also be an expression of owner–managers’ altruistic values; these values can be compatible and even mutually reinforcing with entrepreneurship. Our study is set in a transition economy, Lithuania, facilitating the analysis of heterogeneity in attitudes toward philanthropy.

Privacy and the City:user identification and location semantics in location-based social networks

With the advent of GPS enabled smartphones, an increasing number of users is actively sharing their location through a variety of applications and services. Along with the continuing growth of Location-Based Social Networks (LBSNs), security experts have increasingly warned the public of the dangers of exposing sensitive information such as personal location data. Most importantly, in addition to the geographical coordinates of the user’s location, LBSNs allow easy access to an additional set of characteristics of that location, such as the venue type or popularity. In this paper, we investigate the role of location semantics in the identification of LBSN users. We simulate a scenario in which the attacker’s goal is to reveal the identity of a set of LBSN users by observing their check-in activity. We then propose to answer the following question: what are the types of venues that a malicious user has to monitor to maximize the probability of success? Conversely, when should a user decide whether to make his/her check-in to a location public or not? We perform our study on more than 1 million check-ins distributed over 17 urban regions of the United States. Our analysis shows that different types of venues display different discriminative power in terms of user identity, with most of the venues in the “Residence” category providing the highest re-identification success across the urban regions. Interestingly, we also find that users with a high entropy of their check-ins distribution are not necessarily the hardest to identify, suggesting that it is the collective behaviour of the users’ population that determines the complexity of the identification task, rather than the individual behaviour.

Networked governance and the regulation of expression on the Internet:the blurring of the role of public and private actors as content regulators

This editorial provides an overview of the themes of network governance and content regulation that are expanded upon in the subsequent articles, identifying key issues and concerns that are prevalent in the literature in this field. In particular, this text considers governance not as an Internet-specific phenomenon, but as a global phenomenon, identifying and discussing literature pertaining to governance both online and offline, and providing examples of theories that seek to explain these forms of governance. Focusing on the interaction between public and private actors in content regulation, this editorial highlights that content regulation is a complex and contested issue that cannot be separated from its social and cultural contexts, and provides an overview of the articles contained.

Emerging perspectives on the design, use, and evaluation of mobile and handheld devices

Human-computer interaction is a growing field of study in which researchers and professionals aim to understand and evaluate the impact of new technologies on human behavior. With the integration of smart phones, tablets, and other portable devices into everyday life, there is a greater need to understand the influence of such technology on the human experience. Emerging Perspectives on the Design, Use, and Evaluation of Mobile and Handheld Devices is an authoritative reference source consisting of the latest scholarly research and theories from international experts and professionals on the topic of human-computer interaction with mobile devices. Featuring a comprehensive collection of chapters on critical topics in this dynamic field, this publication is an essential reference source for researchers, educators, students, and practitioners interested in the use of mobile and handheld devices and their impact on individuals and society as a whole. This publication features timely, research-based chapters pertaining to topics in the design and evaluation of smart devices including, but not limited to, app stores, category-based interfaces, gamified mobility applications, mobile interaction, mobile learning, pervasive multimodal applications, smartphone interaction, and social media use.