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…
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.
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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…
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.
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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.
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.
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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…
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.
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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…
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.
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…
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.
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;…
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.
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…
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.
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;…
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.