William McGuiness, Peter L. Simmons, Robert C. Schwenkel and John E. Sorkin
The purpose of this paper is to explain the implications of a June 11, 2008 decision by the US District Court for the Southern District of New York in CSX Corp. v. The Children's…
Abstract
Purpose
The purpose of this paper is to explain the implications of a June 11, 2008 decision by the US District Court for the Southern District of New York in CSX Corp. v. The Children's Investment Fund Management (UK) LLP concerning beneficial ownership and reporting obligations under Section 13(d) of the Securities Exchange Act of 1934 for long parties to cash‐settled total return equity swaps.
Design/methodology/approach
The paper summarizes the decision, discusses the court's analysis as written by Judge Lewis A. Kaplan, notes the court's limitation of its ruling to the facts of the case, explains why two funds that “compare notes” may be considered a group, discusses the permanent injunction against the defendants enjoining them from future violations of Section 13(d), and analyzes the implications of the judge's decision.
Findings
A new decision by the federal district court in New York creates uncertainty regarding whether the long party to a cash‐settled total return equity swap will be deemed to beneficially own the publicly traded reference security for purposes of Section 13(d) of the Securities Exchange Act of 1934. Holders of cash‐settled total return swaps have historically relied on the absence of the legal right to vote or dispose of the reference security as a basis not to file a 13D with respect to the shares referenced in those swap contracts. The new decision casts doubt on that reasoning, and finds that an investor that consciously structured its swap contracts to try to end‐run its otherwise applicable reporting obligations was deemed to beneficially own the shares subject to the swaps, and accordingly had violated Section 13(d) by failing to file a Schedule 13D in the required time.
Practical implications
The ruling is important for financial institutions and investors who deal in derivatives such as equity swaps and who must determine whether and when reporting under Section 13(d) is required.
Originality/value
The paper is an analysis and provides guidance by experienced securities lawyers.
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Salford based paint manufacturer, Granyte Surface Coatings plc, has announced several key board changes, took effect from 1st June. Having attained the age of 60yrs, William…
Abstract
Salford based paint manufacturer, Granyte Surface Coatings plc, has announced several key board changes, took effect from 1st June. Having attained the age of 60yrs, William Junner will retire as managing director, continuing as executive chairman with speical responsibility for overseas development and acquisitions strategy. His previous role will be undertaken by Gordon Hall, the present Group sales director. That position, in turn, will be filled by the current Southern area sales manager, Brian Williams.
The focus of this chapter is drawn from the author’s lived experience and background as a third generation stateless Palestinian refugee who lived in one of the Palestinian camps…
Abstract
The focus of this chapter is drawn from the author’s lived experience and background as a third generation stateless Palestinian refugee who lived in one of the Palestinian camps in Lebanon and inherited the refugeeship from her parents and grandparents. Even though the author agrees with Hannah Arendt (1943) that ‘We don’t like to be called refugees’ (p. 264), the process of this research and thoughts behind it are attributed to the author’s personal experiences, as Arendt (1964) confirms in her statement that the process of thought can seldom be possible without being attributed to a personal experience.
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Dorothy Kass and Martin Sullivan
Originally written in the 1990s but unpublished, the paper is now revised; the purpose of this paper is to examine the context of the formation of the Educational Workers League…
Abstract
Purpose
Originally written in the 1990s but unpublished, the paper is now revised; the purpose of this paper is to examine the context of the formation of the Educational Workers League of NSW in 1931 with particular emphasis on the NSW Crown Employees (Teachers) Conciliation Committee and the enactment of its agreement in the worsening economic conditions of the Depression. The aims, reception and possible influence of the League on Federation policy and practice are addressed.
Design/methodology/approach
Primary source material consulted includes the minutes of the Conciliation Committee’s sittings from September 1927 to July 1929; papers relating to the Educational Workers League held in the Teachers Federation Library; and the Teachers Federation journal, Education.
Findings
The Conciliation Committee’s proceedings and outcomes had far reaching implications. The resultant salary agreement received a hostile reception from assistant teachers and fuelled distrust between assistants and headmasters. As economic depression deepened, dissatisfaction with the conservative leadership and tactics of the Federation increased. One outcome was the formation of the radical, leftist Educational Workers League by teachers, including Sam Lewis, who would later play key roles within the Federation itself.
Originality/value
While acknowledging the extensive earlier work of Bruce Mitchell, the paper contributes to a deeper understanding of teacher unionism and teacher activism in the 1920s and 1930s. Apart from brief attention by Federation historians in the 1960s and 1970s, there has been no history of the formation, reception and significance of the Educational Workers League.
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The term business model is a phrase that is loosely used but in this chapter it will be given a temporarily fixed definition. Magretta (2002) likens a business model to a story…
Abstract
The term business model is a phrase that is loosely used but in this chapter it will be given a temporarily fixed definition. Magretta (2002) likens a business model to a story that explains what a company does to make a profit. The plot of the story is how all the characters in the story, the employees, the customers, the suppliers interact to produce a product or service that the customers are willing to pay for at a price that is profitable. Like a good short story a good business model has a ‘twist’ or an unexpected sting in the tail. Johnson, Christensen, and Kagermann (2008) illustrate this by the way that Apple's business model for the iPod involved providing cheap downloads in order to lock customers into purchasing the hardware. In other market sectors, such as white goods, the twist is the reverse, the products are sold cheaply in order to realise profit on adjunct services such as insurance and maintenance contracts.
Jack A. Lesser, Lakshmi K. Thumuluri and William T. Kirk
Attempts to understand consumer behaviour through a study of the physiological brain functioning processes. Refers to literature on physiological psychological theory. Provides a…
Abstract
Attempts to understand consumer behaviour through a study of the physiological brain functioning processes. Refers to literature on physiological psychological theory. Provides a brief description of the nervous system and brain centre functions. Tests three models of psychological variables dealing with shopping – the hypothesized developmental state model, hypothesized disposition model, and hypothesized danger model – then integrates these models into one and tests the new model. Tests the models against data gathered during interviews with shoppers in a US shopping mall. Finds some support for Hilgard’s “neodissociationistic theory” of behaviour. Recommends further investigation of the brain’s mechanisms should be carried out.
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This chapter examines the rise and fall of the Commission on the Future of Worker-Management Relations (Dunlop Commission) in the early 1990s. It uses the events surrounding the…
Abstract
This chapter examines the rise and fall of the Commission on the Future of Worker-Management Relations (Dunlop Commission) in the early 1990s. It uses the events surrounding the Commission to provide an insight into the dynamics of the struggle over federal labor law reform. The inability of the Dunlop Commission to get labor and management representatives to agree on proposals for labor law reform demonstrated, yet again, that employer opposition is the greatest obstacle to the protection of organizing rights and modernization of labor law. For the nation's major management associations, labor law reform is a life and death issue, and nothing is more important to them than defeating revisions to the National Labor Relations Act (NLRA) intended to strengthen organizing rights. The failure of labor law reform in the 1990s also demonstrated that the labor movement would never win reform by means of an “inside the beltway” legislative campaign – designed to push reform through the US Senate – because the principal employer organizations would always exercise more influence in Congress. Instead, unions must engage with public opinion, and convince union and nonunion members about the importance of reform. Thus far, however, they lack an effective language with which to do this.
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Letizia Mortara, Jonathan Hughes, Pallant S. Ramsundar, Finbarr Livesey and David R. Probert
The purpose of this paper is to propose and discuss a definition and a classification scheme for direct writing (DW) technologies.
Abstract
Purpose
The purpose of this paper is to propose and discuss a definition and a classification scheme for direct writing (DW) technologies.
Design/methodology/approach
Both the definition and the classification are developed based on the perspectives of the growing DW community in the UK, through consultation with members, workshops and a survey across the community. In addition, current DW technologies and literature on classification techniques are reviewed.
Findings
The classification is structured in order to encompass current technologies, but also to be expandable to accommodate new ones that could be identified in the future as belonging to the DW remit. It is developed considering three dimensions related to DW: “Technology” to encompass all the processes, apparatuses, principles and tools which allow DW manufacturing; “Applications” to consider all the “types of manufactured goods” which could be produced with the DW technologies; and “Materials” which could be employed in DW manufacturing. The classification scheme is visualised into navigation maps and used as the basis of a software tool which can allow the community to exchange information on DW.
Research limitations/implications
The paper proposes a classification as a tool for knowledge exchange and to support knowledge organisation and retrieval. However, the classification proposed in this paper might not be the only possible solution.
Practical implications
The definitional framework is proposed to the DW community as a language tool to help communication among members with different perspectives and to be used to support the creation of information databases. It is embodied in a software tool through which they could file personal profiles (i.e. their expertise and interests) and hence map the community.
Originality/value
It is evident that, due to the heterogeneity of the community of scientists and practitioners interested in these technologies, many perspectives coexisted and that a communication platform is required. The authors decide to develop a classification which could be flexible enough to encompass new emerging technologies as the use of classifications as tools for supporting communication across the scientific community is well known and as the authors could not identify in literature any other DW technology classification which could satisfy these requirements.
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Aims to identify standards set for job evaluation and assess the use of job evaluation by its executors.
Abstract
Purpose
Aims to identify standards set for job evaluation and assess the use of job evaluation by its executors.
Design/methodology/approach
Before examining the Employment Tribunals’ approach, focuses on research already undertaken with a view to assessing job evaluation methods as an approach to achieve pay equity. Examines the establishment of standards set by case law and goes on to consider the way in which job evaluation methods have been used in employment tribunal cases, how the standards apply, and whether there are wider issues being considered.
Findings
Finds that in addition to determining equal pay, in some cases job evaluation has acted as a barrier or weapon against those making such a claim. The standards set for job evaluation appear to have been used variably in determining that the jobs are not equal in value under the guises of no reasonable grounds, material factor defences and in Tribunal decision making.
Originality/value
Demonstrates that job evaluation as a tool can and does provide the means of assessing jobs to make an equal value decision. However, at times it appears not be used, thoroughly or methodically.