Corporate Aging and Takeover Risk

Although growth opportunities fade and profitability declines as firms mature, older firms are no more likely to be acquired than young firms are. This article documents and explains that phenomenon. We argue that, because mature organizations are rationally less flexible, they are more costly to integrate and therefore comparatively unattractive acquisition candidates. The evidence supports this explanation of the negative age dependence of takeover hazard. The evidence also shows that negative exogenous shocks to merger benefits further reduce the takeover hazard of mature firms. We test many alternative explanations and find no evidence that they can explain the hazard decline.

Spatiotemporal dynamics: the need for an innovative approach in mountain hazard risk management

Starting with an overview on losses due to mountain hazards in the Russian Federation and the European Alps, the question is raised why a substantial number of events still are recorded—despite considerable efforts in hazard mitigation and risk reduction. The main reason for this paradox lies in a missing dynamic risk-based approach, and it is shown that these dynamics have different roots: firstly, neglecting climate change and systems dynamics, the development of hazard scenarios is based on the static approach of design events. Secondly, due to economic development and population dynamics, the elements at risk exposed are subject to spatial and temporal changes. These issues are discussed with respect to temporal and spatial demands. As a result, it is shown how risk is dynamic on a long-term and short-term scale, which has to be acknowledged in the risk concept if this concept is targeted at a sustainable development of mountain regions. A conceptual model is presented that can be used for dynamical risk assessment, and it is shown by different management strategies how this model may be converted into practice. Furthermore, the interconnectedness and interaction between hazard and risk are addressed in order to enhance prevention, the level of protection and the degree of preparedness.

Mergers, executive risk reduction and stockholder wealth

Among the possible consequences of agency problems between owners and managers is a tendency by managers to make investment decisions for their firms that are deliberately aimed at reducing firm risk, as a means to control managers' personal wealth risk. The literature has suggested that such behavior may occur to the detriment of shareholder wealth, and that mrgers may be a particular class of investment decisions for which the behavior would be observable. We test these hypotheses empirically, but find no evidence from our merger sample that risk reduction for the aqquiring firm is the typical outcome nor that, when it occurs, it is differentially costly for shareholders.

Voter Participation in the 1998 Bundestag Elections: A Theoretical Modification and Empirical Application of Downs’ Theory of Voter Participation

This article seeks to contribute to the illumination of the so-called 'paradox of voting' using the German Bundestag elections of 1998 as an empirical case. Downs' model of voter participation will be extended to include elements of the theory of subjective expected utility (SEU). This will allow a theoretical and empirical exploration of the crucial mechanisms of individual voters' decisions to participate, or abstain from voting, in the German general election of 1998. It will be argued that the infinitely low probability of an individual citizen's vote to decide the election outcome will not necessarily reduce the probability of electoral participation. The empirical analysis is largely based on data from the ALLBUS 1998. It confirms the predictions derived from SEU theory. The voters' expected benefits and their subjective expectation to be able to influence government policy by voting are the crucial mechanisms to explain participation. By contrast, the explanatory contribution of perceived information and opportunity costs is low.

The Houston Academy of Medicine--Texas Medical Center Library management information system.

A management information system (MIS) provides a means for collecting, reporting, and analyzing data from all segments of an organization. Such systems are common in business but rare in libraries. The Houston Academy of Medicine-Texas Medical Center Library developed an MIS that operates on a system of networked IBM PCs and Paradox, a commercial database software package. The data collected in the system include monthly reports, client profile information, and data collected at the time of service requests. The MIS assists with enforcement of library policies, ensures that correct information is recorded, and provides reports for library managers. It also can be used to help answer a variety of ad hoc questions. Future plans call for the development of an MIS that could be adapted to other libraries' needs, and a decision-support interface that would facilitate access to the data contained in the MIS databases.

Enterprise software adoption and perceived business performance — an empirical investigation in Germany and the U.S.

This work contributes to the ongoing debate on the productivity paradox by considering CIOs’ perceptions of IT business value. Applying regression analysis to data from an international survey, we study how the adoption of certain types of enterprise software affects the CIOs’ perception of the impact of IT on the firm’s business activities and vice versa. Other potentially important factors such as country, sector and size of the firms are also taken into account. Our results indicate a more significant support for the impact of perceived IT benefits on adoption of enterprise software than vice versa. CIOs based in the US perceive IT benefits more strongly than their German counterparts. Furthermore, certain types of enterprise software seem to be more prevalent in the US.

Umstrukturierung von kollektiven Kapitalanlagen

The issuance of the Swiss Federal Act on Collective Investment Schemes (CISA) in the year 2007 and the revision thereof in 2013 expanded the possibilities for restructuring of collective investment schemes and simplified the procedures. For instance, in article 95 the CISA contains a provision that deals in a non-conclusive way with the restructuring of open-ended collective investment schemes. As a novelty regulation, this provision allows for mergers not only of contractual funds but also of investment companies with variable capital (SICAV). Additionally, the transformation of an open-ended collective investment into another CISA legal form was also included into the catalogue of possible restructuring processes. Further, a SICAV still maintains the possibility for asset transfer according to article 69 ff. of the Federal Act on Merger, Demerger, Transformation and Transfer of Assets (MerA). However, not all open questions have been clarified. As long as the CISA does not contain restructuring provisions, as is the case with closed-ended collective investment schemes, generally the MerA and/or the Swiss Code of Obligations (CO) apply. The interplay of diverse, partly overlapping legislative bases leads to the emergence of unwanted gaps. Moreover, the partial revision of the CISA was not completely implemented at the ordinance level. Among others, the following issues have not been conclusively or clearly regulated: the permitted combinations of mergers, the merger procedure of the SICAV, the permitted restructurings, the transformation procedure as well as the application scope of the asset transfer for collective investment schemes according to the relevant merger regulations. Although these questions will be clarified in the following article through a systematic and teleological analysis of the relevant regulations, it is to be hoped that the gaps will be closed within the next CISA revision in order to guarantee comprehensive legal certainty.

The Contested Floodplain. Institutional Change of the Commons in the Kafue Flats, Zambia

The Contested Floodplain tells the story of institutional changes in the management of common pool resources (pasture, wildlife, and fisheries) among Ila and Balundwe agro-pastoralists and Batwa fishermen in the Kafue Flats, in southern Zambia. It explains how and why a once rich floodplain area, managed under local common property regimes, becomes a poor man’s place and a degraded resource area. Based on social anthropological field research, the book explains how well working institutions in the past, regulating communal access to resources, have turned into state property and open access or privatization. The study focuses on the historic developments taking place since pre-colonial and colonial times up to today. Haller shows how the commons had been well regulated by local institutions in the past, often embedded in religious belief systems. He then explains the transformation from common property to state property since colonial times. When the state is unable to provide well-functioning institutions due to a lack in financial income, it contributes to de facto open access and degradation of the commons. The Zambian copper-based economy has faced crisis since 1975, and many Zambians have to look for economic alternatives and find ways to profit from the lack of state control (a paradox of the present-absent state). And while the state is absent, external actors use the ideology of citizenship to justify free use of resources during conflicts with local people. Also within Zambian communities, floodplain resources are highly contested, which is illustrated through conflicts over a proposed irrigation scheme in the area.

Patterns of care and outcomes for pregnant inmates and their infants in Texas state prisons: Epidemiologic and ethnographic analyses

Female inmates make up the fastest growing segment in our criminal justice system today. The rapidly increasing trend for female prisoners calls for enhanced efforts to strategically plan the correctional facilities that address the needs of this growing population, and to work with communities to prevent crime in women. The incarcerated women in the U.S. have an estimated 145,000 minor children who are predisposed to unique psychosocial problems as a result of parental incarceration.^ This study examined the patterns of care and outcomes for pregnant inmates and their infants in Texas state prisons between 1994 and 1996. The study population consists of 202 pregnant inmates who delivered in a 2-year period, and a randomly sampled comparison cohort of 804 women from general Texas population, matched on race and educational levels. Both quantitative and qualitative data were used to elucidate the inmates' risk-factor profile, delivery/birth outcomes, and the patterns of care during pregnancy. The continuity-of-care issues for this population were also explored.^ Epidemiologic data were derived from multiple record systems to establish the comparison between two cohorts. A significantly great proportion of the inmates have prior lifestyle risk-factors (smoking, alcohol, and illicit drug abuse), poorer health status, and worse medical history. However, most of these existing risk-factors seem to show little manifestation in their current pregnancy. On the basis of maternal labor/delivery outcome and a number of neonatal indicators, this study found some evidence of a better pregnancy outcome for the inmate cohort when compared to the comparison group. Some possible explanations of this paradox were discussed. Seventeen percent of inmates gave birth to infants with suspected congenital syphilis. The placement patterns for the infants' care immediately after birth were elucidated.^ In addition to the quantitative data, an ethnographic approach was used to collect qualitative data from a subset of the inmate cohort (n = 20) and 12 care providers. The qualitative data were analyzed for their contents and themes, giving rise to a detailed description of the inmates' pregnancy experience. Eleven themes emerged from the study's thematic analysis, which provides the context for interpreting the epidemiologic data.^ Meaningful findings in this study were presented in a three-dimensional matrix to shed light on the apparent relationship between outcome indicators and their potential determinants. The suspected "linkages" between the outcome and their determinants can be used to generate hypotheses for future studies. ^

The New Concept of Universal Service in a Digital Networked Communications Environment

Digitization, sophisticated fiber-optic networks and the resultant convergence of the media, communications and information technology industries have completely transformed the communications ecosystem in the last couple of decades. New contingent business and social models were created that have been mirrored in the amended communications regimes. Yet, despite an overhaul of the communications regulation paradigm, the status of and the rules on universal service have remained surprisingly intact, both during and after the liberalization exercise. The present paper looks into this paradox and examines the sustainability of the existing concept of universal service. It suggests that there is a need for a novel concept of universal service in the digital networked communications environment, whose objectives go beyond the conventional internalizing and redistributional rationales and concentrate on communication and information networks as a public good, where not only access to infrastructure but also access to content may be essential.

Conflicting Cantonalisms: Disputed Sub-national Territorial Identities in Switzerland

The importance of constituent units for democratic federations, in general, and of the Swiss cantons for the Swiss Confederation, in particular, is beyond doubt. What is less clear, however, is how to solve conflicting views on the number and type of such units. The Swiss case offers two highly topical examples in this regard: the merger of the two ‘half-cantons’ Basel-City and Basel-Country, on the one hand, and the creation of a new canton encompassing canton Jura and the French-speaking area of canton Berne, on the other. In comparing different sub-national political identities at play in these two cases, the strength of ‘cantonalism’—understood as attachment to and identification with a canton—in Switzerland in the 21st century is shown. Second, different manifestations of cantonalism are compared: centre-periphery in Basel, linguistic vs. religious in Jura. Finally, the similar direct-democratic pathways chosen to solve both conflicting understandings of cantonalism testify to the Swiss commitment to peaceful, negotiated and popularly sanctioned settlements.

Discontinuity in the responses of ecosystem processes and multifunctionality to altered soil community composition

Ecosystem management policies increasingly emphasize provision of multiple, as opposed to single, ecosystem services. Management for such "multifunctionality" has stimulated research into the role that biodiversity plays in providing desired rates of multiple ecosystem processes. Positive effects of biodiversity on indices of multifunctionality are consistently found, primarily because species that are redundant for one ecosystem process under a given set of environmental conditions play a distinct role under different conditions or in the provision of another ecosystem process. Here we show that the positive effects of diversity (specifically community composition) on multifunctionality indices can also arise from a statistical fallacy analogous to Simpson's paradox (where aggregating data obscures causal relationships). We manipulated soil faunal community composition in combination with nitrogen fertilization of model grassland ecosystems and repeatedly measured five ecosystem processes related to plant productivity, carbon storage, and nutrient turnover. We calculated three common multifunctionality indices based on these processes and found that the functional complexity of the soil communities had a consistent positive effect on the indices. However, only two of the five ecosystem processes also responded positively to increasing complexity, whereas the other three responded neutrally or negatively. Furthermore, none of the individual processes responded to both the complexity and the nitrogen manipulations in a manner consistent with the indices. Our data show that multifunctionality indices can obscure relationships that exist between communities and key ecosystem processes, leading us to question their use in advancing theoretical understanding-and in management decisions-about how biodiversity is related to the provision of multiple ecosystem services.

Human rights and international trade

Economic globalization and respect for human rights are both highly topical issues. In theory, more trade should increase economic welfare and protection of human rights should ensure individual dignity. Both fields of law protect certain freedoms: economic development should lead to higher human rights standards, and UN embargoes are used to secure compliance with human rights agreements. However the interaction between trade liberalisation and human rights protection is complex, and recently, tension has arisen between these two areas. Do WTO obligations covering intellectual property prevent governments from implementing their human rights obligations, including rights to food or health? Is it fair to accord the benefits of trade subject to a clean human rights record? This book first examines the theoretical framework of the interaction between the disciplines of international trade law and human rights. It builds upon the well-known debate between Professor Ernst-Ulrich Petersmann, who construes trade obligations as human rights, and Professor Philip Alston, who warns of a merger and acquisition of human rights by trade law. From this starting point, further chapters explore the differing legal matrices of the two fields and examine how cooperation between them might be improved, both in international law-making and institutions,in dispute settlement. The interaction between trade and human rights is then explored through seven case studies:freedom of expression and competition law; IP protection and health; agricultural trade and the right to food; trade restrictions on conflict WHO convention on tobacco control; and, finally, human rights conditionalities in preferential trade schemes.

Diagnosing Organizational Identity Beliefs by Eliciting Complex, Multi-Modal Metaphors

The purpose of this article is to extend the organizational development diagnostics repertoire by advancing an approach that surfaces organizational identity beliefs through the elicitation of complex, multimodal metaphors by organizational members. We illustrate the use of such "Type IV" metaphors in a postmerger context, in which individuals sought to make sense of the implications of the merger process for the identity of their organization. This approach contributes to both constructive and discursive new organizational development approaches; and offers a multimodal way of researching organizational identity that goes beyond the dominant, mainly textual modality.

The Vulnerable Text. Verwundbarkeit als textuelles Phänomen in Wolframs ›Parzival‹

Intertextuality imposes vulnerability – unter diesem Motto entwickelt der Renaissance-Forscher Thomas M. Greene die These, dass Texte im Zuge von Prozessen der Übertragung und Aneignung ‚verwundbar’ werden (Thomas M. Greene, The vulnerable text, New York 1986). Die so verstandene ‚Verwundbarkeit’ sei insbesondere ein Symptom vormoderner Textualität, die Texte zumeist ‚aus zweiter Hand’ produziere und den Begriff der ‚Originalität’ noch nicht kenne: „Part of the text’s vulnerability lies in its dependence on second hand signifiers, a vulnerability aggravated in a culture which does not yet fetishize originality.“ Während Greenes Ansatz in der Altgermanistik bereits im Hinblick auf die zwischen der Eigengesetzlichkeit vormoderner Texte und deren philologischer Erschließung bestehende Spannung zur Anwendung gebracht und problematisiert wurde (so von Christian Kiening für den ›Ackermann‹: Schwierige Modernität, Tübingen 1998), harrt er in Bezug auf das Verständnis von Intertextualität noch der altgermanistischen Auseinandersetzung. Diese versucht der eingereichte Vorschlag mit einem Fallbeispiel in Gang zu bringen. Als Textgrundlage werden Chrétiens ›Perceval ou le Conte du Graal‹ und dessen Aneignung durch Wolfram von Eschenbach gewählt, dies im Blick auf die Anfortas- und Sigune-Handlung (was es ermöglicht, den ›Titurel‹ mit einzubeziehen). Der Beitrag geht (im Anschluss an Jean Fourquet, Wolfram d’Eschenbach et le Conte del Graal, Paris 1938, 21966) davon aus, dass Wolfram die Bücher III bis VI des ›Parzival‹ (Jugendgeschichte bis zu Kundries Verfluchung wegen der unterlassenen Mitleidsfrage) nach einer handschriftlichen Vorlage des französischen Textes gestaltete, die ihm nach Abschluss dieses Teils abhanden kam. Für die Anfertigung der übrigen Bücher dürfte Wolfram eine anders geartete handschriftliche Vorlage zur Verfügung gehabt haben, was zur Überarbeitung eines bereits in Umlauf befindlichen deutschsprachigen Textes führte, die sich noch in Fassungsvarianten der Überlieferung wiederspiegelt. Aufgrund veränderter intertextueller Relationen wird also Wolframs eigener Text im Zuge der Redaktion ‚verwundbar’. Dieser Sachverhalt soll an Varianzen der Anfortas-Handlung aufgezeigt werden, wie sie insbesondere zwischen Buch V (Parzivals erster Besuch auf der Gralburg) und Buch IX (Parzivals Aufklärung durch den Einsiedler Trevrizent) fassbar werden. Der wunde Anfortas kann dabei auf Handlungsebene als Prototyp der Verletzbarkeit schlechthin gelten – einer Verletzbarkeit, die mit jener des Textes interagiert. Mit in diese Perspektive einbezogen werden sollen Elemente der Sigune-Handlung. Der Vorlagenwechsel veranlasst Wolfram auch im Hinblick auf den Kampfestod von Sigunes Geliebtem Schionatulander (bei Chrétien sind beide Figuren namenlos) zu den erwähnten Adaptationen und hat wohl seinerseits die Entstehung des ›Titurel‹ motiviert, wo die Verletzbarkeit im Umgang mit textlichen ‚Vorlagen’ sogar thematisiert wird: Sigune zerschürft ihre Hände beim Versuch, das beschriftete Brackenseil zu behalten. Das Paradox der ›Titurel‹-Dichtung besteht dabei darin, dass die erwähnte Szene und die darin beschriebene Verwundbarkeit der Figur eine Vorlage thematisiert, die der Text selbst gerade nicht hat. Denn der ›Titurel‹ dürfte unabhängig von einer konkreten Quelle, wie sie Chrétiens ›Perceval‹ darstellt, entstanden sein und besitzt damit gerade jene ‚Originalität’, die Greene im Rahmen seines Konzepts von ‚vulnerabilty’ vormodernen Texten abspricht.