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Article
Publication date: 22 February 2011

Menachem Abudy and Simon Benninga

This paper aims to derive firm value implications for various kinds of employee stock options (ESOs) in a framework that considers uncertainty, non‐diversification and the US…

1921

Abstract

Purpose

This paper aims to derive firm value implications for various kinds of employee stock options (ESOs) in a framework that considers uncertainty, non‐diversification and the US statutory tax treatment.

Design/methodology/approach

The authors extend the analysis of ESOs from the case of perfect capital markets to two cases of imperfect capital markets using the Benninga‐Helmantel‐Sarig framework.

Findings

It is found that ESOs are inferior to cash compensation and that the degree of option inferiority depends on employee diversification. In addition, incentive stock options (ISOs) are generally inferior to non‐qualified stock options (NSOs). This relative profitability of the NSO versus ISO increases as market imperfections are added. The authors also find that in general firm hedging of ESOs is suboptimal.

Originality/value

The paper highlights the firm value of employee stock options.

Details

International Journal of Managerial Finance, vol. 7 no. 1
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 22 August 2011

Jenn Riley

In 2008, Indiana University received a National Leadership Grant from the Institute of Museum and Library Services for a project entitled “Variations/FRBR: variations as a testbed…

953

Abstract

Purpose

In 2008, Indiana University received a National Leadership Grant from the Institute of Museum and Library Services for a project entitled “Variations/FRBR: variations as a testbed for the FRBR conceptual model”. The V/FRBR initiative aims to provide a real world, production implementation in a music digital library system of the Functional Requirements for Bibliographic Records (FRBR) suite of reports from the International Federation of Library Associations and Institutions (IFLA) that are being presented as revolutionizing library discovery systems. This paper seeks to examine this issue.

Design/methodology/approach

This paper discusses the issues encountered in creating an interoperable data model that implements FRBR concepts. It uses the work of the V/FRBR initiative to describe how FRBR can be used in both a generic and a music‐specific environment.

Findings

An abstract data model representing FRBR at three levels of specificity (two generic and one music‐specific) is defined, along with its binding in XML and plans for expanding into an RDF representation into the future.

Practical implications

The data model and its XML representation created by the V/FRBR project have the potential to be re‐used by other FRBR‐based cataloging and discovery systems in the future.

Originality/value

While much discussion of FRBR has taken place in the library community, relatively little formal testing of FRBR‐ized data has been done, with even less widespread reporting of lessons learned. The V/FRBR project is among the first to share detailed information about the practical issues faced when implementing the FRBR models.

Details

OCLC Systems & Services: International digital library perspectives, vol. 27 no. 3
Type: Research Article
ISSN: 1065-075X

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34

Abstract

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Journal of Public Budgeting, Accounting & Financial Management, vol. 20 no. 1
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 19 August 2021

Gabriel Gomes da Cunha and Paulo Arvate

The purpose of this paper is to investigate the effect of government-led programs on the engagement of individuals in entrepreneurship.

169

Abstract

Purpose

The purpose of this paper is to investigate the effect of government-led programs on the engagement of individuals in entrepreneurship.

Design/methodology/approach

The authors worked with government-led programs of 16 European countries between 2003 and 2014 and were able to benefit from the 2008 natural experiment (i.e. the global financial crisis) to produce a robust investigation using a regression kink design (RKD).

Findings

The work shows that government-led programs that are designed to include monitoring schemes can significantly increase individuals' engagement in opportunity-driven entrepreneurship. The authors found that monitoring schemes do not have the same relevance for necessity-driven entrepreneurship. Therefore, the authors believe the difference occurs because monitoring design avoids problems related to moral hazard and adverse selection when it comes to individuals choosing whether to participate (or not) in government-led programs.

Originality/value

While it is important for governments to provide an enabling environment for entrepreneurship, this study showed that not all types of public program have positive results. In fact, it has been demonstrated that poorly-designed programs can actually decrease the likelihood of individuals engaging in entrepreneurial activities. The efficiency of programs is substantially improved, however, when they are designed to include monitoring schemes.

Details

Journal of Entrepreneurship and Public Policy, vol. 10 no. 4
Type: Research Article
ISSN: 2045-2101

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

11858

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1987

J.R. Carby‐Hall

Civil wrongdoings with consequent financial and other loss or damage to employers, employees and third parties may result in the course of various trade union activities. These…

276

Abstract

Civil wrongdoings with consequent financial and other loss or damage to employers, employees and third parties may result in the course of various trade union activities. These day to day trade union activities take a variety of forms. The most common ones are inducement of breach of contract, conspiracy, trespass, nuisance, and intimidation. Each of these activities constitutes a tort which, unless the statutory immunities apply, would normally give rise at common law to an action for damages or, as is more frequent, enable the aggrieved party to obtain an injunction.

Details

Managerial Law, vol. 29 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1979

In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still…

743

Abstract

In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still be covered by the Act if she were employed on like work in succession to the man? This is the question which had to be solved in Macarthys Ltd v. Smith. Unfortunately it was not. Their Lordships interpreted the relevant section in different ways and since Article 119 of the Treaty of Rome was also subject to different interpretations, the case has been referred to the European Court of Justice.

Details

Managerial Law, vol. 22 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

19378

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 1 September 2001

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management…

14968

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Facilities, vol. 19 no. 9
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

14602

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

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