Kenneth Breen and Phara Guberman
To analyze the U.S. Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) June 2020 Risk Alert, which identified three categories…
Abstract
Purpose
To analyze the U.S. Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) June 2020 Risk Alert, which identified three categories of deficiencies that the SEC regularly finds in its reviews of advisers to private funds, in order to understand its guidance and recommend best practices.
Design/methodology/approach
The study discusses the categories of deficiencies that the SEC regularly finds in its reviews of private fund advisers, current SEC enforcement trends, and recommendations for disclosures, internal controls, policies and procedures.
Findings
The SEC will expect private funds to identify and remedy regular deficiencies in three primary categories: gaps in client and investor disclosures regarding conflicts of interest; deficiencies in disclosures related to fees and expenses; and issues with policies and procedures regarding the treatment of material nonpublic information.
Practical implications
Private fund advisers should expect increased scrutiny during examinations on the identified deficiencies and use this opportunity to be proactive in addressing these issues.
Originality/value
Expert analysis and guidance from experienced securities enforcement attorneys.
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David M. Gordon advanced labour economics with his theory of labour market segmentation, in which jobs rather than the marginal productivity of individual workers were the unit of…
Abstract
David M. Gordon advanced labour economics with his theory of labour market segmentation, in which jobs rather than the marginal productivity of individual workers were the unit of analysis. He advanced economic historiography and macroeconomics by conceptualising social structures of accumulation – a framework built on the foundation of his institutionalist training and enriched by his study of Marxist economics. By appropriating methods from other social science disciplines into econometrics, he augmented empirical analysis in economics. He was a founding member of the Union of Radical Political Economics and its journal, the Review of Radical Political Economics – that advanced and promoted heterodox, radical, and Marxist economists in the United States. His contributions to economics, to organised labour, and to the New School for Social Research, where I studied with him, were stunning.
Part 1 lays out some context about the New School Graduate Faculty where Gordon taught. Part 2 explores what historical forces, including his family, led to his expansive creativity. Part 3 summarises how he expanded labour economics to include the relations as well as the technology of production, linked his understanding of the production process to a historical materialist view of labour in the United States, then extended that to econometric analyses of the US macroeconomy. Part 4 presents a bibliometric analysis to provide some idea of the impact of his work. I end with some concluding remarks.
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Keywords
- David M. Gordon
- labor market segmentation
- social structures of accumulation
- New School for Social Research
- United States
- B. History of economic thought
- methodology and heterodox approaches
- C. mathematical and quantitative methods
- J. labor and demographic economics
- N. economic history
- economic development
- innovation
- technological change and growth
The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and…
Abstract
The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.
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Edward O. Akoto, Eunice V. Akoto and Justice N. Bawole
After several years of political emancipation from colonial rule, it is time for African nations to do the same economically. Our analysis indicates that the current political…
Abstract
After several years of political emancipation from colonial rule, it is time for African nations to do the same economically. Our analysis indicates that the current political leadership environment is VUCA laden and complicated, leading to grand challenges on the continent. Therefore, the old political leadership models are inadequate for addressing the African VUCA and leadership landscape, hence, the inability to achieve the needed economic advancement. We propose a paradigm shift in political leadership for the continent to bring the decades-long desire for economic freedom to fruition by adopting the relevant organizational science and corporate leadership models for political leadership effectiveness in this complex and dynamic environment. We accomplish this by integrating three frameworks to derive nascent management and leadership capabilities relevant to the new African political leadership context and to ensure current and future leadership readiness for this new environment.
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Angela J. Black and Patricia Fraser
Using data from the stock markets of Japan, the UK and the US, this paper examines thetime series properties of a price index derived from a zero net investment strategy of…
Abstract
Using data from the stock markets of Japan, the UK and the US, this paper examines the time series properties of a price index derived from a zero net investment strategy of buying value stocks and short selling growth stocks. We use the results of this analysis to consider implications for the validity of competing hypotheses on the source of the value premium. Overall, the results from this study indicate that the US value premium displays different characteristics to the value premiums for the UK and Japan. This has farreaching implications for financial modelling and for the success, or otherwise, of investment strategies based on the existence of a value premium.
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This study focuses upon the importance of group narrative work by ill and injured individuals who are participants/listeners/viewers in the reciprocity of testifying and…
Abstract
This study focuses upon the importance of group narrative work by ill and injured individuals who are participants/listeners/viewers in the reciprocity of testifying and witnessing one another’s stories. Their creative collaboration addresses a transformation of self that is engendered by illness and injury. An emphasis on narrative within a group setting offers tools to validate individual autonomy, build collective strength, and assist those in the group to gather momentum for the journeys that await each of them. The rationale and exercises described serve to complement and enhance traditional modes of healing.
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Tritos Laosirihongthong, Dotun Adebanjo and Keah Choon Tan
The purpose of this study is to examine the deployment of pro‐active and re‐active practices in the implementation of green supply chain management (GSCM) and analyze their impact…
Abstract
Purpose
The purpose of this study is to examine the deployment of pro‐active and re‐active practices in the implementation of green supply chain management (GSCM) and analyze their impact on environmental, economic, and intangible performance by considering business strategy as organizational focus.
Design/methodology/approach
Data were collected from a sample of 190 ISO 14001 certified manufacturing companies in Thailand and used to test the research hypotheses. Factor analysis was used to examine the construct validity while multivariate linear regression was used to test criteria validity.
Findings
The threat of legislation and regulation (re‐active practices) was a consideration that resulted in companies enhancing their environmental, economic, and intangible performance. Reverse logistics practices (pro‐active practices) had low levels of adoption and do not have a significant impact on GSCM performance.
Research limitations/implications
This study did not consider some aspects of organizational culture interaction between key customers and suppliers in the supply chain.
Originality/value
The results of this study suggest that organizations need to be aware that pursuing a low‐cost strategy may impact negatively on their ability to invest in GSCM.