Assessing the efficacy of structural merger remedies:choosing between theories of harm?

Previous empirical assessments of the effectiveness of structural merger remedies have focused mainly on the subsequent viability of the divested assets. Here, we take a different approach by examining how competitive are the market structures which result from the divestments. We employ a tightly specified sample of markets in which the European Commission (EC) has imposed structural merger remedies. It has two key features: (i) it includes all mergers in which the EC appears to have seriously considered, simultaneously, the possibility of collective dominance, as well as single dominance; (ii) in a previous paper, for the same sample, we estimated a model which proved very successful in predicting the Commission’s merger decisions, in terms of the market shares of the leading firms. The former allows us to explore the choices between alternative theories of harm, and the latter provides a yardstick for evaluating whether markets are competitive or not – at least in the eyes of the Commission. Running the hypothetical post-remedy market shares through the model, we can predict whether the EC would have judged the markets concerned to be competitive, had they been the result of a merger rather than a remedy. We find that a significant proportion were not competitive in this sense. One explanation is that the EC has simply been inconsistent – using different criteria for assessing remedies from those for assessing the mergers in the first place. However, a more sympathetic – and in our opinion, more likely – explanation is that the Commission is severely constrained by the pre-merger market structures in many markets. We show that, typically, divestment remedies return the market to the same structure as existed before the proposed merger. Indeed, one can argue that any competition authority should never do more than this. Crucially, however, we find that this pre-merger structure is often itself not competitive. We also observe an analogous picture in a number of markets where the Commission chose not to intervene: while the post-merger structure was not competitive, nor was the pre-merger structure. In those cases, however, the Commission preferred the former to the latter. In effect, in both scenarios, the EC was faced with a no-win decision. This immediately raises a follow-up question: why did the EC intervene for some, but not for others – given that in all these cases, some sort of anticompetitive structure would prevail? We show that, in this sample at least, the answer is often tied to the prospective rank of the merged firm post-merger. In particular, in those markets where the merged firm would not be the largest post-merger, we find a reluctance to intervene even where the resulting market structure is likely to be conducive to collective dominance. We explain this by a willingness to tolerate an outcome which may be conducive to tacit collusion if the alternative is the possibility of an enhanced position of single dominance by the market leader. Finally, because the sample is confined to cases brought under the ‘old’ EC Merger Regulation, we go on to consider how, if at all, these conclusions require qualification following the 2004 revisions, which, amongst other things, made interventions for non-coordinated behaviour possible without requiring that the merged firm be a dominant market leader. Our main conclusions here are that the Commission appears to have been less inclined to intervene in general, but particularly for Collective Dominance (or ‘coordinated effects’ as it is now known in Europe as well as the US.) Moreover, perhaps contrary to expectation, where the merged firm is #2, the Commission has to date rarely made a unilateral effects decision and never made a coordinated effects decision.

Start afresh:breathe life into your marketing

Strategy may be defined as the pattern of activities that leads to achievement of your goal. In pharma companies our goals are normally ascribed to sales targets, with turnover being seen as a proxy for profit. Managers that fail to achieve their sales targets, however, often fail to follow a rational process to investigate possible causes. This is a necessary step to remedy the situation and if they were to do this, they would save time, money and effort.

The fall and rise of tear albumin levels:a multifactorial phenomenon

Albumin in tears is used as a diagnostic marker of ocular insult and inflammation, but whether its presence in tears is responsive or part of an adaptive reaction remains unresolved. A review of the literature on tear albumin concentration emphasizes that variables such as collection method, stimulus, assay technique, and disease state influence the quoted values to different extents. Influence of assay technique is negligible in comparison to variation in sampling conditions. Ocular disease increases albumin concentrations but not in a specific manner. The literature review also highlighted that little systematic research has been carried out on the daily cycle of tear albumin levels. In order to remedy this shortcoming, we investigated variations in tear albumin concentration during the waking day. The concentration of albumin in 400 tear samples collected from 13 subjects was assessed at 2-hourly intervals throughout the waking day. Highest daytime albumin concentrations were obtained within 10 minutes of waking, with a mean concentration of >50 ± 22 µg/ml. Albumin levels were at their lowest, but most consistent, 2-6 hours post-waking. This pattern was followed by a progressive increase in albumin concentration during the latter part of the day. Although individual subject-to-subject concentration differences were observed, this distinctive pattern of diurnal variation was found in all subjects. The results presented suggest a regulated, not random, pattern of variation within the period of study. © 2013 Elsevier Inc. All rights reserved.

Albumin in tears

Albumin is not endogenous to the tear film and is present as a product of plasma leakage. It is used as a diagnostic marker of ocular insult and inflammation. Tear albumin is, however, poorly understood, with large variations in reported concentrations between studies. There is also no authoritative information on whether its presence in tears is responsive or part of an adaptive reaction.The presented research aimed to resolve the disparities in published tear albumin concentrations and investigate the role of albumin in the tear film. Collation and evaluation of the available literature identified collection method, stimulus, assay technique, and disease state as factors able to influence quoted tear albumin to different extents. Difference in sampling technique exhibited the largest variations in mean tear albumin concentrations. Review of the literature also highlighted that little systematic investigations of the daily cycle of tear albumin levels, and subject-to-subject-variation, had been carried out. In order to remedy this shortcoming, variations in tear albumin concentration were investigated in 13 subjects throughout the waking day. Results identified a time period where albumin levels are relatively stable (2-6 hours post-waking). This was designated a suitable baseline for the determinations of tear albumin concentrations and subject-to-subject comparisons. Significantly, a previously unrecognised progressive increase in albumin concentration during the latter part of the day was also identified in the population. This increase suggests that albumin may play a more active and dynamic role in the ocular environment than is commonly perceived. To facilitate the collection of additional tear albumin data, tear sampling and point-of-care analysis in contact lens clinics were investigated. Two instruments were evaluated and were found to be suitable for the analysis of tear albumin in commercial institutions. Collectively, the described research has provided new insight into tear albumin and a strong foundation for further studies.

Contracts for the sale of land and personal property:the equitable interests of the purchaser

As property lawyers, we are all familiar with the general principle that a contract for the sale of land, which is capable of specific performance, operates in equity so as to confer a trust on the purchaser pending completion of the sale. Although some controversy exists as to the exact nature of the trust, it is well established that, upon exchange of contracts, equity will ‘‘treat that as done which ought to be done’’1 with the consequence that the purchaser acquires equitable ownership even though full (legal) title to the land will not pass until completion (and registration). As land is unique, specific performance is readily available in the context of sales of land where damages would, clearly, not be an adequate remedy. The same cannot be said for contracts for the purchase of personal property where invariably the subject matter is not unique and where a substitute can easily be acquired in the open market. In circumstances, however, where the property is unique or scarce (for example, a rare painting or vintage car), the maxim that ‘‘equity treats as done that which ought to be done’’ may be invoked so as to confer on the seller an equitable obligation to transfer the property to the purchaser in fulfilment of the contract. Where, therefore, the contract is specifically enforceable in this way, the seller, it is submitted, will again hold the property on trust for the purchaser where, as in a contract for the sale of land, there is an interval between the date of the contract and completion of the sale. The notion that a seller holds personal property upon trust for the purchaser pending completion of the sale is admittedly controversial, but this article seeks to argue that the same principles governing equity’s intervention in sales of land should apply in the context of sales of personalty. It is submitted that equity’s role in imposing a trust on the vendor both in relation to sales of land and personalty may be important in safeguarding the interests of the purchaser prior to, as well as after, completion of the transaction.

Educating for sustainability in language degrees:a tale of 2 case-studies

Purpose According to the 2014 joint report drafted by the Quality Assurance Agency and Higher Education Academy (QAA/HEA), universities have a key role to play in the development of sustainability literate graduates who can contribute to an environmentally responsible society. In this paper, the authors aim to assess language students’ understanding of sustainable development (SD) issues. Design/methodology/approach Study 1 surveys two cohorts of final year language students about to enter the graduate job market, and Study 2 surveys first year language students before and after the inclusion of SD content in one of their modules. The questions to the students are provided along with qualitative and quantitative results. Findings Results suggest that only 48% of language graduates are currently aware that they will need to take account of the environmental impact of their work as professional practitioners, and 52% do not consider it appropriate to learn about SD during their degree. However, results also suggest that incorporating SD early on in the language curriculum could contribute positively to the development of sustainability literate graduates. Originality/value While many language departments are aware of the importance of integrating sustainability into their curricula, and while employers are increasingly demanding sustainability literate graduates, there is little evidence that language students leave university with a real understanding of sustainability issues. This paper presents evidence of the current situation as well as a novel way to integrate sustainability into the language curriculum in order to remedy the situation.

Caste, class and Trade Unionism in India

The caste system in India and its exploitative nature has been well researched (Siddique 2011 Gupta 2000). However, the role of caste in Indian employment relations and in particular its role in the labor movement in India is yet to be fully explored. The primary aim of this paper is to examine the rise of caste- based trade unions in India over the past decade. Specifically, we aim to examine why the lower-caste workers (historically treated as untouchables, referred to as ‘Dalits’and officially designated as Scheduled Caste and Tribes) are leaving established trade unions to organize their own unions along caste lines? While fragmentation of trade unions is a well-known phenomenon both in India and in the Western World (Shyam Sundar 2015; Connolly et al. 2014), the rise of caste based trade unions is a relatively new phenomenon which is yet to be fully explored. Caste based trade unionism appears to be counter-intuitive when the conventional logic suggests that unions are class based collective institutions which represent the interest of the working classes (Ramaswamy 1976). The Indian trade union movement has historically been fragmented along political ideological lines ranging from moderate unions affiliated to the Congress Party to the militant unions affiliated to the Communist and Socialist parties. However, the rise of caste-based trade unions of the lower caste workers is a relatively new phenomenon. Our findings from surveys and interviews with mainstream unions and caste-based trade unions suggest that the caste-based trade unions are unique in at least three ways. First, these unions are breaking away from well-established radical and militant union federations such as those affiliated to the Communist and Socialist parties. Second, these unions are predominantly organized on caste identities and not occupational identities or political ideologies. Third in unionized workplaces, lower caste workers are forming their own separate unions along caste lines with membership restricted only to workers of their own caste instead of joining the mainstream unions where present. We examine these issues using the analytical framework of Paulo Freire (1970) – dialogics, praxis and cultural oppression and relate it with the insights from comparative politics which examine the role of actors & their interests within institutions (Peters 2011).

A Note on The Weak Sequential Core of Dynamic TU Games

This paper addresses a problem with an argument in Kranich, Perea, and Peters (2005) supporting their definition of the Weak Sequential Core and their characterization result. We also provide the remedy, a modification of the definition, to rescue the characterization.

Az épített örökség védelme és a gazdasági stratégia (Protecting the architectural heritage and economic strategy)

Ez az esszé öt tételben vizsgálja, hogy a magyarországi épített örökség miért jutott olyan rossz helyzetbe, s a rendszerváltozás óta eltelt közel negyedszázad miért nem volt képes leküzdeni a háború és a szocializmus örökségét. Az írás második felében megkíséreljük fölvázolni azt, milyen gazdasági stratégia mentén lenne elérhető az a cél, hogy a hazai épített örökség üzleti és társadalmi hasznosítása is megvalósuljon. Ekkor tehertétel helyett – más országokban tapasztalt módon – a gazdasági fölemelkedés tartós tényezőjévé válhat. ___________ This essay advances five theses explaining the desolate state of the architectural heritage in Hungary. It also addresses the issue of why two decades of transition was not sufficient to remedy the shortcomings of four decades of socialism. In the second part of the study we attempt to draft a strategy that could help overcome these difficulties. It aims at a combination of business, municipal and civil society activities guided by a nationally coordinated plan. Following these guidelines the architectural heritage in Hungary could be transformed into an asset instead of a liability, as has been the case in many other European countries.

Válságkezelés Európában: új gazdaságfilozófia felé? (Towards a New Philosophy of Crisis Management in Europe?)

Az évek óta tartó európai válságkezelés leírása és a részletek bemutatása helyett a rögtönzött, politikai alapon hozott lépések gazdaságelméleti értelmezésére törekszünk. Kutatási alapkérdésünk a következő: igaz-e még a 70-es évek végének felismerése, ami szerint sem szerkezeti, sem szabályozási eredetű válságot nem lehet keresletélénkítéssel leküzdeni? Igaz-e, hogy a szuverén EU-tagállamokon belül bármi okból hiányzó belső elköteleződést nem lehet pótolni a külső fegyelmezéssel? Ennek fényében vizsgáljuk a költségvetési és a bankunió 2012 októberében körvonalazott és jóváhagyott tervezetét is. _____ This paper attempts to provide a theoretical interpretation of new policy initiatives in the EU culminating in the launching of a fiscal and banking union in June, 2012. This step is reinforced by the new ECB strategy launched in September 2012. These measures were a result of a series of policy improvisations rather than of any secret master plan, still they add up to a new model of European integration. Our research question is if, and to what degrees the insights from the crisis of the 1970s hold. Accordingly no amount of easy money may remedy ills deriving from regulatory and structural inefficiencies. Second, we contend that no amount of external straightjacket/disciplining may replace domestic commitment of national governments in implementing structural reforms rather than fiscal adjustments on the margin.

Teams leading teams: Examining the role of leadership in multi-team systems

A major challenge of modern teams lies in the coordination of the efforts not just of individuals within a team, but also of teams whose efforts are ultimately entwined with those of other teams. Despite this fact, much of the research on work teams fails to consider the external dependencies that exist in organizational teams and instead focuses on internal or within team processes. Multi-Team Systems Theory is used as a theoretical framework for understanding teams-of-teams organizational forms (Multi-Team Systems; MTS's); and leadership teams are proposed as one remedy that enable MTS members to dedicate needed resources to intra-team activities while ensuring effective synchronization of between-team activities. Two functions of leader teams were identified: strategy development and coordination facilitation; and a model was developed delineating the effects of the two leader roles on multi-team cognitions, processes, and performance.^ Three hundred eighty-four undergraduate psychology and business students participated in a laboratory simulation that modeled an MTS; each MTS was comprised of three, two-member teams each performing distinct but interdependent components of an F-22 battle simulation task. Two roles of leader teams supported in the literature were manipulated through training in a 2 (strategy training vs. control) x 2 (coordination training vs. control) design. Multivariate analysis of variance (MANOVA) and mediated regression analysis were used to test the study's hypotheses. ^ Results indicate that both training manipulations produced differences in the effectiveness of the intended form of leader behavior. The enhanced leader strategy training resulted in more accurate (but not more similar) MTS mental models, better inter-team coordination, and higher levels of multi-team (but not component team) performance. Moreover, mental model accuracy fully mediated the relationship between leader strategy and inter-team coordination; and inter-team coordination fully mediated the effect of leader strategy on multi-team performance. Leader coordination training led to better inter-team coordination, but not to higher levels of either team or multi-team performance. Mediated Input-Process-Output (I-P-O) relationships were not supported with leader coordination; rather, leader coordination facilitation and inter-team coordination uniquely contributed to component team and multi-team level performance. The implications of these findings and future research directions are also discussed. ^

Boundary maintenance in Qatar: Interpretation of domination, segregation and subordination

This study explores the interaction of expatriates in Qatar and their perception of their subordination. The study design included participant observation in an all female University and University housing as well as interviews with Qatari government agencies and ministries, expatriate embassies and expatriates. Semi-structured interviews were conducted across seven expatriate groups: domestic workers, unskilled laborers, semiskilled, professionals, housewives, second-generation expatriates with host country other than Qatar, second-generation expatriates with host country Qatar, and Gulf Cooperation Council citizens. Forty-two subjects completed the interview schedule while 87 interviews were incomplete. ^ Physical control of expatriates occurs through the Gulf practice of sponsorship (The Kafeel System), and local cultural and Islamic related controls intertwined with the Arab Code of honor. Interviews and observations revealed rankings of Arabs and foreigners which emphasize Qatari superiority such as tribal identity, moral ranking of female groups by dress, legal protection and power, sexual consideration and desexualization and salaries and job opportunities based on nationality and ethnicity. Individuals who desire to transcend boundaries into the Qatari realm through citizenship or marriage view Qataris as possessing the “image of the unlimited good” and have acquired Qatari social and cultural capital. Members from all expatriate groups engaged in various forms of resistance to labor and gender domination which ranged from forms of “exit,” expressing a hidden transcript in the privacy of their own group, disguised resistance in public, and occasionally, direct confrontation with the Qatari. Although the legal arena created the appearance that worker's needs were being addressed, laborers engaged in forms of “exit” to escape their oppression. Omani students in the hostel disguised their resistance by spreading gossip, nick-naming homosexual Qatari students at the University, acting out a skit depicting their exclusion from Qatari privilege, spreading rumors of impending freedom, and singing songs of despair in the courtyard. Other sites of resistance were expatriate embassies, the road, the newspaper and technology. This study emphasizes that blaming oppression of the expatriate worker on globalization is a simplistic view of oppression in the Gulf, and ignores complex issues within Qatari society and other Gulf States. Sponsorship, servitude, and gender segregation intersect in Qatar to create a system of segregation and domination of expatriates. ^

Disease and hygiene in the construction of a nation: The public sphere, public space, and the private domain in Buenos Aires, 1871–1910

The maturation of the public sphere in Argentina during the late nineteenth and early twentieth centuries was a critical element in the nation-building process and the overall development of the modern state. Within the context of this evolution, the discourse of disease generated intense debates that subsequently influenced policies that transformed the public spaces of Buenos Aires and facilitated state intervention within the private domains of the city’s inhabitants. Under the banner of hygiene and public health, municipal officials thus Europeanized the nation’s capital through the construction of parks and plazas and likewise utilized the press to garner support for the initiatives that would remedy the unsanitary conditions and practices of the city. Despite promises to the contrary, the improvements to the public spaces of Buenos Aires primarily benefited the porteño elite while the efforts to root out disease often targeted working-class neighborhoods. The model that reformed the public space of Buenos Aires, including its socially differentiated application of aesthetic order and public health policies, was ultimately employed throughout the Argentine Republic as the consolidated political elite rolled out its national program of material and social development.

Speaking Up: A Phenomenological Study of Student Perceptions of Being Silenced in their Higher Education Classrooms

This phenomenological study explored students’ experiences of being silenced in their higher education classroom. Themes emerging from this study include the influence of past experiences, devaluation of students’ previous knowledge and learning, use of communication patterns to silence students, and internalization of conflict and oppression resulting from being silenced.

Development and verification of control and protection strategies in hybrid AC/DC power systems for smart grid applications

Modern power networks incorporate communications and information technology infrastructure into the electrical power system to create a smart grid in terms of control and operation. The smart grid enables real-time communication and control between consumers and utility companies allowing suppliers to optimize energy usage based on price preference and system technical issues. The smart grid design aims to provide overall power system monitoring, create protection and control strategies to maintain system performance, stability and security. This dissertation contributed to the development of a unique and novel smart grid test-bed laboratory with integrated monitoring, protection and control systems. This test-bed was used as a platform to test the smart grid operational ideas developed here. The implementation of this system in the real-time software creates an environment for studying, implementing and verifying novel control and protection schemes developed in this dissertation. Phasor measurement techniques were developed using the available Data Acquisition (DAQ) devices in order to monitor all points in the power system in real time. This provides a practical view of system parameter changes, system abnormal conditions and its stability and security information system. These developments provide valuable measurements for technical power system operators in the energy control centers. Phasor Measurement technology is an excellent solution for improving system planning, operation and energy trading in addition to enabling advanced applications in Wide Area Monitoring, Protection and Control (WAMPAC). Moreover, a virtual protection system was developed and implemented in the smart grid laboratory with integrated functionality for wide area applications. Experiments and procedures were developed in the system in order to detect the system abnormal conditions and apply proper remedies to heal the system. A design for DC microgrid was developed to integrate it to the AC system with appropriate control capability. This system represents realistic hybrid AC/DC microgrids connectivity to the AC side to study the use of such architecture in system operation to help remedy system abnormal conditions. In addition, this dissertation explored the challenges and feasibility of the implementation of real-time system analysis features in order to monitor the system security and stability measures. These indices are measured experimentally during the operation of the developed hybrid AC/DC microgrids. Furthermore, a real-time optimal power flow system was implemented to optimally manage the power sharing between AC generators and DC side resources. A study relating to real-time energy management algorithm in hybrid microgrids was performed to evaluate the effects of using energy storage resources and their use in mitigating heavy load impacts on system stability and operational security.