Geraldine Alexis and Troy Sauro
This paper aims to summarize and discuss the motivation behind an investigation recently begun by the Department of Justice Antitrust Division concerning the practices of private…
Abstract
Purpose
This paper aims to summarize and discuss the motivation behind an investigation recently begun by the Department of Justice Antitrust Division concerning the practices of private equity firms when they are bidding for control of target companies.
Design/methodology/approach
Describes the reasons for the Antitrust Division's interest in private equity firms' auction practices; hypothetical auction scenarios that could raise the Division's interest; additional steps the Division could take such as further letters and Civil Investigative Demands; and possible private equity firm defenses and responses to Division theories.
Findings
The Division appears most interested in the nature of the “clubs” formed by competing private equity firms to place bids. So, the Division's investigation will likely focus on whether it can bring claims against private equity firms for violations of Section One of the Sherman Act (15 U.S.C. § 15), which prohibits “contracts, combinations and conspiracies in restraint of trade”. Private equity firms can respond to the Division's theories by showing that “club” collaborations are beneficial to competition and actually help streamline the process, resulting in better auction bids.
Originality/value
A useful explanation and update of an investigation in process.
Details
Keywords
Sustaining a spinal cord injury (SCI) at any point in time is life-altering – physically, emotionally, and financially – for all persons affected by the injury, but it can place…
Abstract
Sustaining a spinal cord injury (SCI) at any point in time is life-altering – physically, emotionally, and financially – for all persons affected by the injury, but it can place unique challenges on younger married couples. This study examines the transition to injury for 18 couples (ages 21–55). Data were collected using individual interviews with each partner at three time points following injury and observation in the rehabilitation setting (Creekview). This resulted in 96 individual interviews and 300 hours of observation. Using the life course perspective as a guiding theoretical framework and thematic analysis, I examined how the healthcare institution influenced the couples' relationship during their rehabilitation stay and the subsequent transition home. Creekview staff and couples accepted and reinforced the dominant cultural narrative that women are natural caregivers, but larger social structures of class, gender, and the division of paid and unpaid labor worked together to push some women into caregiving faster or prevented other women from engaging in caregiving. This study examines how younger couples move through the caregiving career during an off-time transition when the expected outcome is not long-term care placement or death. This study identified three main types of caregivers, each with their own path of caregiving – naturalized, constrained, and resistant caregivers. Overall, the transition to injury is complex and this study highlights some of the ways the marital relationship is affected by a nonnormative, unexpected transition.
Details
Keywords
Sandra Cohen, María-Dolores Guillamón, Irvine Lapsley and Geraldine Robbins
The purpose of this paper is to examine the impact of the Eurozone financial crisis by discussing the experiences of Greece, Ireland and Spain. It particularly examines the…
Abstract
Purpose
The purpose of this paper is to examine the impact of the Eurozone financial crisis by discussing the experiences of Greece, Ireland and Spain. It particularly examines the influence and actions of the Troika in the management of the sovereign debt crisis in the Eurozone.
Design/methodology/approach
The primary source of information for this study has been the documents of the Greek, Irish and Spanish Governments (often only available in their native language) and the reports of EU bodies and the IMF, supplemented by media coverage, as deemed appropriate. This has been analysed on a comparative basis to contrast the experiences of these three countries.
Findings
This study reveals how the Eurozone crisis has impacted on financially weak countries in this currency union. The fiscal conservatism of the Troika (the IMF, the EU and the European Central Bank) has had profound consequences for these economies, which have experienced dramatic cuts in public services.
Research limitations/implications
This study has focused on the experiences of three countries in the Eurozone. There is a case for extending this analysis to other Eurozone countries.
Practical implications
There are two approaches to recession – governments can stimulate demand by infrastructure spending or take the financial conservatism route of reducing public expenditure and public sector borrowing. However, the severity of the crisis undermines the first approach and there are uncertain outcomes with the second approach. This paper shows the effects of adopting financial conservatism as a strategy in this crisis.
Social implications
The austerity programmes pursued by the governments in this study have led to unemployment, migration of skilled workers, collapse in property markets, failing banks and social unrest.
Originality/value
This study takes an accounting perspective on the Eurozone crisis. This offers a distinctive interpretation of events. This study examines the merits of widely used theories in studies of public sector change namely legitimation and resource dependency theory intertwined with power and offers insights into how meaningful they are in explaining the dramatic influence of austerity programmes in the Eurozone.