El exceso de confianza y el statu quo dentro de la estructuración de capital: una perspectiva de las finanzas corporativas del comportamiento

El presente artículo, presenta un análisis de las decisiones de estructuración de capital de la compañía Merck Sharp & Dome S.A.S, desde la perspectiva de las finanzas comportamentales, comparando los métodos utilizados actualmente por la compañía seleccionada con la teoría tradicional de las finanzas, para así poder evaluar el desempeño teórico y real. Incorporar elementos comportamentales dentro del estudio permite profundizar más sobre de las decisiones corporativas en un contexto más cercano a los avances investigativos de las finanzas del comportamiento, lo cual lleva a que el análisis de este artículo se enfoque en la identificación y entendimiento de los sesgos de exceso de confianza y statu quo, pero sobre todo su implicación en las decisiones de financiación. Según la teoría tradicional el proceso de estructuración de capital se guía por los costos, pero este estudio de caso permitió observar que en la práctica esta relación de costo-decisión está en un segundo lugar, después de la relación riesgo-decisión a la hora del proceso de estructuración de capital.

La unificación nacional que dejó una nación dividida. El gobierno del Presidente Zelaya y la ‘reincorporación’ de la Mosquitia a Nicaragua en 1894

ResumenExamina los motivos y la actuación política del gobierno liberal encabezado por le presidente José SANTOS Zelaya, en la fase inicial de las reincorporación de la Mosquita a Nicaragua. Los conceptos vigentes de territorio, soberanía y progreso material pasaron por alto los derechos legítimos de la población costeña.AbstractAn analysis of the motivations and political conduct of the Liberal government headed by President José Santos Zelaya, during the early stage of reincorporation of Mosquitia to Nicaragua. The prevailing concepts with respect to territory, sovereignty, and material progress did not take into account the legitimate rights of the coastal inhabitants.

Lifting the joint venture veil : liability of related entities for misleading conduct of agents engaged by joint venture partners

At common law, a corporation may be liable vicariously for the conduct of its appointed agents, employees or directors. This generally requires the agent or employee to be acting in the course of his or her agency or employment and, in the case of representations, to have actual or implied authority to make the representations. The circumstances in which a corporation may be liable for the conduct of its agents, employees or directors is broadened under the Australian Consumer Law (ACL) to where one of these parties engages in conduct “on behalf of” the corporation. As the decision in Bennett v Elysium Noosa Pty Ltd (in liq) demonstrates, this may extend to liability for the misleading conduct of a salesperson for the joint venture to parties who are not formal members of the joint venture, but where the joint venture activities are within the course of the entity’s “business, affairs or activities”.

Exposing and addressing tobacco industry conduct in low-income and middle-income countries

The tobacco industry's future depends on increasing tobacco use in low-income and middle-income countries (LMICs), which face a growing burden of tobacco-related disease, yet have potential to prevent full-scale escalation of this epidemic. To drive up sales the industry markets its products heavily, deliberately targeting non-smokers and keeps prices low until smoking and local economies are sufficiently established to drive prices and profits up. The industry systematically flaunts existing tobacco control legislation and works aggressively to prevent future policies using its resource advantage to present highly misleading economic arguments, rebrand political activities as corporate social responsibility, and establish and use third parties to make its arguments more palatable. Increasingly it is using domestic litigation and international arbitration to bully LMICs from implementing effective policies and hijacking the problem of tobacco smuggling for policy gain, attempting to put itself in control of an illegal trade in which there is overwhelming historical evidence of its complicity. Progress will not be realised until tobacco industry interference is actively addressed as outlined in Article 5.3 of the Framework Convention on Tobacco Control. Exemplar LMICs show this action can be achieved and indicate that exposing tobacco industry misconduct is an essential first step.

The use of headings and marginal notes in interpreting Queensland legislation : appearances can be deceptive

This article considers the rules relating to the use of marginal notes and headings in interpreting Queensland legislation, both in its original form and in reprinted legislation. It also examines the application of the principles of construction as to the use of section headings in the interpretation of provisions of the Criminal Code 1899 (Qld). Finally, it suggests that amendments should be made to the Acts Interpretation Act 1954 (Qld) in order to clarify the position as to the status of marginal notes and headings in statutory interpretation.

Asset lending, unconscionable conduct and intermediaries

This article deals with cases where borrowers of loans for business or investment claimed their lender had engaged in asset lending which amounted to unconscionable conduct under the equitable doctrine or under the Australian Securities and Investments Commission Act 2001 (Cth). The article reviews recent cases, seeking to identify the key factors influencing a conclusion of, or against, unconscionable conduct. The article examines the practice of lending through intermediaries and how the application of agency law can insulate lenders from the wrongful conduct of intermediaries. The article explains the gap in the current position and discusses possible law reform which may remedy that.

Integrating ‘role play’ in assessment to strengthen professional conduct and accountability of students : a pilot study

BACKGROUND In a process engineering setting, graduates are frequently allocated reviews of existing operations or required to scope new production processes by their supervisors with a view to improving or expanding on operations and overall productivity. These tasks may be carried out in teams and in consultation with the process engineer’s immediate line manager or a more experienced engineer, such as the Production or Maintenance Manager; ultimately reporting to senior management, which is frequently a non-engineer. Although professional skills development is part of engineering curricula, ‘professional conduct’ and ‘accountability’ required for dealing with peers and superiors in industry is not very well addressed at university. Consequently, upon graduation, many students are, in terms of knowledge and experience in this area, underprepared to work effectively in industry settings. PURPOSE The purpose of this study was to develop and implement a role-play scenario within a core 2nd year process engineering unit, so that students could gain knowledge, skills and experience in different aspects (and nuances) of professional conduct and accountability. DESIGN/METHOD In the role-play scenario, students worked in ‘engineering production teams’ to design a process for an iconic Queensland fruitcake and to present their solution and recommendations (culminating in a poster presentation) to an assessment panel consisting of staff, role-playing as, ‘production and plant managers’. Students were assessed on several areas, including professionalism using a criteria referenced assessment guide by a 3-member cross-disciplinary staff panel consisting of a Business Faculty lecturer, an engineer from industry and the lecturer of the Process Engineering unit. Professional conduct and accountability was gauged through direct questioning by the panel. Feedback was also sought from students on various aspects through a survey questionnaire after the role play activity at the end of semester. RESULTS Overall, the role play was very well performed with students achieving an average score of 79.3/100 (distinction grade). Professional conduct as assessed by panel was on average better than scores given for professional accountability (4.0 compared with 3.6 out of 5). Feedback from students indicated that the learning activities had contributed to their overall understanding of the content and the role of process engineers. Industry involvement was rated very highly as contributing to their learning at 4.8 (on Likert scale from 1 – 5) and the poster presentation was rated at 3.6. CONCLUSIONS This pilot study was successful in implementing a new assessment task for modelling professional conduct and accountability within a 2nd year core unit. This task incorporated a role-play activity and there was evidence to suggest that this and associated learning tasks were successful in broadening students’ understanding and skills in this area required for engineering practice. Following feedback given by students and staff, improvements will be made to the nature of the problem, how it is defined, its assessment, and the approach taken in the role-play scenario when the unit is offered in 2014.

Australian Consumer Law Commentary and Materials [5th Ed.]

"The Australian Consumer Law came into operation on 1 January 2011 as a single national law. It replaced 17 different pieces of Commonwealth, State and Territory legislation relating to consumer protection. Its introduction meant that for the first time, consumers throughout Australia had the same rights and remedies and correspondingly, businesses had the same obligations and responsibilities towards consumers without the barrier of confusing and expensive local variations in the law. Australian Consumer Law: Commentary and Materials contains up-to-date material on the Australian Consumer Law, and in particular the fifth edition incorporates: a revised treatment of unconscionability, taking account of the changes to Part 2-2 of the ACL that became effective in 2012; other State and Federal provisions relating to unfair terms and cases such as Kakavas v Crown Melbourne, ACCC v Lux Distributors, Director of Consumer Affairs v Scully and PT Ltd v Spuds Surf; a comprehensive treatment of the impact of Google v ACCC, Forrest v ASIC and ACCC v TPG – the trilogy of decisions that provide the most recent insights into the High Court’s thinking on aspects of the prohibitions of misleading conduct in the ACL and the Corporations Act 2001; numerous decisions of note; and the possible impact of the Harper Review."--publisher website

The Apparel Industry and Codes of Conduct: A Solution to the International Child Labor Problem?

This report is the third volume in ILAB’s international child labor series. It focuses on the use of child labor in the production of apparel for the U.S. market, and reviews the extent to which U.S. apparel importers have established and are implementing codes of conduct or other business guidelines prohibiting the use of child labor in the production of the clothing they sell. The report was mandated by the Omnibus Consolidated Rescissions and Appropriations Act of 1996, P.L. 104-134.