Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

Rationalisation and improvement of a company's engineering design procedures

There is a great deal of literature about the initial stages of innovative design. This is the process whereby a completely new product is conceived, invented and developed. In industry, however, the continuing success of a company is more often achieved by improving or developing existing designs to maintain their marketability. Unfortunately, this process of design by evolution is less well documented. This thesis reports the way in which this process was improved for the sponsoring company. The improvements were achieved by implementing a new form of computer aided design (C.A.D.) system. The advent of this system enabled the company to both shorten the design and development time and also to review the principles underlying the existing design procedures. C.A.D. was a new venture for the company and care had to be taken to ensure that the new procedures were compatible with the existing design office environment. In particular, they had to be acceptable to the design office staff. The C.A.D. system produced guides the designer from the draft specification to the first prototype layout. The computer presents the consequences of the designer's decisions clearly and fully, often by producing charts and sketches. The C.A.D. system and the necessary peripheral facilities were implemented, monitored and maintained. The system structure was left sufficiently flexible for maintenance to be undertaken quickly and effectively. The problems encountered during implementation are well documented in this thesis.

Automation, rationalisation and concentration : a case study in the British chemical industry

This thesis is based upon a case study of the adoption of digital, electronic, microprocessor-based control systems by Albright & Wilson Limited - a UK chemical producer. It offers an explanation of the company's changing technology policy between 1978 and 1981, by examining its past development, internal features and industrial environment. Part One of the thesis gives an industry-level analysis which relates the development of process control technology to changes in the economic requirements of production . The rapid diffusion of microcomputers and other microelectronic equipment in the chemical industry is found to be a response to general need to raise the efficiency of all processes, imposed by the economic recession following 1973. Part Two examines the impaot of these technical and eoonomic ohanges upon Albright & Wilson Limited. The company's slowness in adopting new control technology is explained by its long history in which trends are identified whlich produced theconservatism of the 1970s. By contrast, a study of Tenneco Incorporated, a much more successful adoptor of automating technology, is offered with an analysis of the new technology policy of adoption of such equipment which it imposed upon Albright & Wilson, following the latter's takeover by Tenneco in 1978. Some indications of the consequences by this new policy of widespread adoptions of microprocessor-based control equipment are derived from a study of the first Albright & Wilson plant to use such equipment. The thesis concludes that companies which fail to adopt rapidly the new control technology may not survive in the recessionary environment, the long- established British companies may lack the flexibility to make such necessary changes and that multi-national companies may have an important role jn the planned transfer and adoption of new production technology through their subsidiaries in the UK.

Rationalization, Kunstwollen and technical means of expressivity. The example of the romantic piano

This article seeks to retrace some of the empirical, historical and sociological elements of Max Weber Sociology of music. Even if he is first and foremost interested in the process of rationalisation throughout western civilisation, his Sociology of music is founded on the idea of the technical medium, which he explores in several different directions. This idea will be examined here by means of several examples drawn from western music, particularly from the romantic piano repertoire.

The impact of global forces on the individual: empirical evidence from the German clothing industry

Starting from theoretical perspectives on globalisation, the following article analyses how current working conditions are affected by globalisation processes. For this purpose, recent developments in the German clothing sector are traced back to the power of economic globalisation processes. Characterising the German clothing sector as pioneer in economic globalisation, we use empirical findings to illustrate how current processes of globalisation influence the work place: At organisational level, corporate strategies aim at rationalisation, standardisation and flexibilisation of work in order to response to the economic pressure of global markets. At individual level these strategies, in turn, speed up working processes and intensify working processes for the employees. Although these developments form strong trends, we conclude that the local embeddedness of companies is still of high importance with regard to organisational and individual consequences of globalisation.

Lideranças curriculares intermédias no contexto da avaliação externa das escolas em Portugal

Tese de Doutoramento em Ciências da Educação (área de especialização em Desenvolvimento Curricular).

Violence et non-violence, modèle et contre-modèle dans le contexte de l'Inde moderne.

(Résumé de l'ouvrage) La violence dans nos sociétés ne semble pas diminuer; bien au contraire, elle resurgit toujours avec des moyens et des stratagèmes de plus en plus perfectionnés, provoquant la destruction de la vie humaine et mettant en danger son épanouissement. Avec la rationalisation des activités dans de nombreux secteurs de la vie, la violence et ses moyens se sont rationalisés aussi, pour mieux servir le pouvoir et la force. Les armes sous toutes leurs formes deviennent ainsi une marchandise pour soutenir les économies des pays. Les religions provoquent-elles vraiment la violence? Si elles n'affichent pas ouvertement une telle intention, peuvent-elles induire des actes violents? Dans l'éventualité où les religions ne sont pas vraiment à l'origine de violences, on peut cependant se demander si, par elles-mêmes, elles peuvent contribuer à une diminution de la violence dans les sociétés et créer la paix. Quelques spécialistes universitaires, enseignant et chercheurs, se posent ces questions et tentent d'y apporter une réponse.

L'effectivité des Conventions anti-corruption internationales : vers une Cour pénale internationale en criminalité économique pour punir le vol d'Etat

This doctoral thesis proposes an International Criminal Court Specialized in Economic Crime (ICC/EC) as a solution to the main obstacles to the effectiveness of international anti-corruption conventions studied. In fact, the dispute settlement systems of the international anti-corruption Conventions do not provide sufficient guarantees of effectiveness, and offenses and crimes of corruption are not under the jurisdiction of the International Criminal Court (ICC) derived from the Rome Statute of 2000. In a first part, this work analyzes seven international anti-corruption Conventions adopted between 1996 and 2003, respectively, by the Organization of American States (OAS), the Organization for Economic Cooperation and Development (OECD), the European Union (EU), the Council of Europe (CoE), the African Union (AU) and the United Nations (UN). In a second part, this study highlights a deficit of rationalization and optimization of offenses included in the conventions: an incomplete criminalization of legal persons for corruption, an equally insufficient criminalization for corruption of political leaders benefiting both from criminal and civil immunities, as well as the limited outcome of international asset recovery de-rived from corruption. Finally, given the previous analysis made, this thesis concludes with a pro-posal for an independent ICC/EC specific to economic crimes in order to overcome the major obstacles highlighted and which strongly affect the effectiveness of the international anti-corruption conventions. - Cet ouvrage de thèse doctorale propose, comme solution principale aux obstacles à l'effectivité des Conventions anti-corruption internationales étudiées, une Cour Pénale Internationale Spécialisée en Criminalité Economique (CPI/CE). En effet, les systèmes de règlement des différends des Conven¬tions anti-corruption internationales n'offrent pas suffisamment de gage d'effectivité et les délits et crimes de corruption transnationale ne sont pas de la compétence de la Cour Pénale Internationale (CPI) issue du statut de Rome de 2000. Dans un premier temps, le présent ouvrage analyse sept Conventions anti-corruption internationales adoptées entre 1996 et 2003, respectivement, par l'Organisation des Etats Américains (OEA), l'Organisation de Coopération et de Développement Economiques (OCDE), l'Union européenne (UE), le Conseil de l'Europe (CoE), l'Union Africaine (UA) et l'Organisation des Nations Unies (ONU). Dans un deuxième temps, l'ouvrage met en lumière un déficit de rationalisation et d'optimisation des incriminations que contiennent les Conventions, dont notamment : une incrimination lacunaire des personnes morales pour corruption, une incrimination tout aussi insuffisante pour corruption des dirigeants politiques au bénéfice d'immunités pénale et civile et une restitu¬tion internationale des avoirs issus de la corruption à portée limitée. Finalement, c'est au vu de l'analyse effectuée que le présent ouvrage conclut avec la proposition d'une CPI/CE indépendante et spécifique aux crimes économiques afin de pallier au mieux les obstacles majeurs mis en exergue et qui nuisent fortement à l'effectivité des Conventions anti-corruption internationales.

Transferts inter-hospitaliers de patients entre cantons suisses

ECTIFS: Analyser les mouvements de patients entre cantons et selon les pathologies principales. Présentation du contexte, des enjeux et de l'interprétation des données. MÉTHODOLOGIE: Analyse, faite à partir de la base de données de la Statistique Hospitalière Suisse, de tous les transferts survenus entre 1998 et 2008 selon les variables suivantes : le sexe, l'âge, le canton d'hospitalisation, le canton de domicile du sujet et la pathologie. RÉSULTATS: Les transferts inter-cantonaux représentaient entre 2.7% (Genève) et 81.6% (Appenzell Rhodes intérieur) de la totalité des transferts entre hôpitaux. La majorité des transferts concerne les pathologies suivantes : cardiovasculaire (20.1%), ostéo-articulaire (9.3%), troubles mentaux (6.5%), oncologique (4.6%) et troubles respiratoires (2.6%). Les facteurs influençant la santé (28.7%) et les causes externes (12%) n'ont pas été inclus dans l'analyse. Le flux des transferts est orienté selon les tendances suivantes : attraction des cantons possédant un hôpital universitaire, l'accessibilité géographique (distances/obstacles), diversité des mouvements selon les pathologies et l'influence linguistique. L'attractivité des cantons est associée au nombre d'hôpitaux (r=0.82, p<0.001) ou de lits (r=0.85, p<0.001) qu'ils possèdent ainsi qu'à leur densité de lits (r=0.51, p<0.01), mais pas à leur densité hospitalière (r=0.08, p<0.7). CONCLUSION: Les cantons universitaires jouent leur rôle de pôle de compétences. Ce phénomène confirme que les transferts se font selon une logique de rationalisation des moyens techniques. Les mouvements de patients sont plus importants dans les cantons alémaniques. On constate une tendance moins forte parmi les cantons latins à " exporter " des patients. Les accords inter-cantonaux de transferts jouent un rôle dans le flux des patients en Suisse. [Auteur]