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In the 1970s and early 1980s several studies recommended using a framework based on a 1977 Hulbert and Toy model for analyzing marketing variances. Proposes adaptation of the model to control the processes of sales planning and sales performance, not the performance of individuals as originally advocated ten to 15 years ago. Emphasizes process improvement, rather than people measurement, consistent with the current quality movement that so many firms have embraced. Implementation of the Hulbert and Toy model requires generation of a revised plan. By comparing the original plan, the revised plan, and actual results, management can identify where improvements in the planning processes may be achieved. The objective is to reduce variation between actual and planned sales. Suggests that reduced planning variances yield a higher quality plan and a more harmonious operation.

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation cost between 2 percent and 3 percent of Gross Domestic Product (GDP), whereas the Troubled Asset Relief Program (TARP) and the conservatorships of Fannie and Freddie actually made money for the US Treasury. But the direct cost of government remediation is largely irrelevant in judging macro significance. What matters is the cumulative output loss associated with and plausibly caused by failing financial institutions. I estimate output losses for 1981–1984, 1991–1998, and 2007–2026 (the latter utilizing forecasts and projections along with actual data through 2015) and, for a final comparison, 1929–1941. The losses associated with 2007–2009 have been truly disastrous – in the same order of magnitude as the Great Depression. The S&L failures were, in contrast, inconsequential. Macroeconomists and policy makers should reserve the word crisis for financial disturbances that threaten substantial damage to the real economy, and continue efforts to identify in advance financial institutions which are systemically important (SIFI), and those which are not.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

This paper aims to assess service quality in professional football and to examine the effects of service quality and ticket pricing on satisfaction and behavioural intention. Data were collected among football fans and the results of a confirmatory factor analysis (CFA) supported the psychometric properties of the service quality model. A structural equation model (SEM) revealed that the service quality construct impacts both satisfaction and behavioural intention. Also, behavioural intention is influenced by ticket pricing and satisfaction. Managerial implications of these results are discussed and guidelines for future research are suggested.

The purpose of this paper is to explore the requirements of Section 954 of the Dodd‐Frank Act, “Recovery of erroneously awarded compensation”, and what companies should currently be doing in anticipation of these requirements.

The paper explains what clawbacks are, what purposes they serve, the key requirements under Section 954, challenges with Section 954, including key terms that require greater definition and unresolved enforceability issues, and recommends what companies can do now to prepare for the likely enactment of the rules implementing Section 954 in 2012.

The Dodd‐Frank Act's clawback requirements under Section 954 relate to the recovery of “windfall” compensation without regard to misconduct if there is a financial misstatement or other change in financial results, and as a result more compensation was paid than otherwise would have been paid had the correct financial results originally been reported.

Given the number of key open issues with Section 954 and the potential sensitivities around a policy that could require companies to recover previously earned and paid compensation without fault of the executive, companies will want to closely monitor the rulemaking process in 2012.

The paper provides practical guidance from experienced financial services lawyers.

In response to the financial crisis that began in 2007, United States President Barack Obama signed H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, into law on July 21, 2010. “Dodd-Frank” is intended to correct certain problems in financial markets by federally regulating the activities of independent municipal financial advisors and comprehensively expanding regulatory oversight over credit rating agencies. This article reviews the legislation and its financial management rationale, and discusses its actual and potential impact on the future operations of the municipal securities market and its participants.

May 26, 1971. Limitation of action — Asbestosis — Workmen contracting progressive and insidious disease over number of years due to employers' breaches of statutory duty — Actions commenced pursuant to leave in extended time — Whether workmen entitled to bring action outside satisfactory three‐year period — Limitation Act c.47, 1963, ss. 1 and 7.

The purpose of this study is to conduct a comparative analysis of the economic determinants of the compensation for chief executive officers (CEOs) between the pre- and post-financial crisis periods. To conduct the comparative analysis, the authors consider five years before and five years after the financial crisis of 2008. The authors use the data from the US financial service institutions and run separate regressions for the pre- and post-crisis periods to check if there is any significant difference in the economic determinants of executive compensation before and after the financial crisis. The authors find that total compensation and its incentive components decreased significantly in the post-crisis period. In the pre-crisis period, total compensation was determined by stock performance, accounting profit, growth, and leverage, whereas in the post-crisis period stock returns and leverage are the major factors influencing total compensation. The authors also find that firms’ leverage negatively influences the sensitivity of the pay for performance, but the influence of leverage on pay for performance is weaker in the post-crisis period. Our research is significant in the context of the US economy, the regulatory reforms of financial institutions, and the perspectives of the executive compensations. This is the first study that compares the relationship between compensation and firm performance over the pre- and post-crisis periods. It is an explicit attempt to develop a theoretical understanding of the compensation/performance relationship for the financial industry, which is blamed for the financial crisis and is affected by the Dodd–Frank regulation after the crisis.

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.