The Sum of Its Parts: The Lawyer-Client Relationship in Initial Public Offerings

This Article examines the impact of the quality of a lawyer\u27s working relationship with his or her client on one of the most important types of capital markets deal in a company\u27s existence: its initial public offering (IPO). Drawing on data from interviews with equity capital markets lawyers at major law firms, and analyzing data from IPOs in the United States registered with the Securities and Exchange Commission between June 1996 and December 2010, this study finds a strong association between several measures of IPO performance and the familiarity between the lead underwriter and its counsel, as measured by the number of times a particular law firm serves as counsel to a managing underwriter within a relatively short time period. Performance is gauged according to a stock\u27s opening day returns, price performance over thirty, sixty, and ninety trading days, correct price revision, litigation rates, and the speed at which deals are completed. I also analyze the relationships between the lawyers for the lead underwriter and the lawyers for the issuer. The analysis shows some benefits from familiarity, albeit generally smaller than those associated with the underwriter-lawyer relationship. In all cases, the positive effects of repeated interaction diminish the further back in time the previous collaborations occurred. To rule out selection and reverse causality, I perform a number of tests using smaller subsets of the data to remove observations that are plausibly selection driven. I also show that the relationships between familiarity and deal quality occur independently of the level of the lawyers\u27 experience. These findings support the conclusion that lawyers\u27 relational skill can positively influence deal outcomes, independent even of substance and process knowledge. I hypothesize that the core advantage of repeated interaction is the formation of more effective lawyer-client team dynamics

Insurance Professionals\u27 Use of Best Practices in Enterprise Risk Management

The enterprise risk management framework might be a holistic response to strategic and operational risk management. However, a lack of integrity and silo-based traditions prevent the holistic approach to risk management practices. The problem was that although researchers had investigated this issue, there is a limited understanding of insurance professionals\u27 use of best practices in enterprise risk management. The purpose of this qualitative multiple-case study was to investigate the insurance professionals\u27 use of best practices like: (a) fit and proper regulatory requirements, (b) three lines of defense model, (c) risk culture, (d) link to strategy, and (e) risk appetite statements to manage enterprise risk. The theories undergirding this study included the general systems theory, the expected utility theory, the prospect theory, stakeholder theory, culture theory, groupthink, and agency theory. The study provided a system-based framework of risk management practices for better decision-making. This study collected data from 18 semistructured interviews with insurance professionals, triangulating the results with external and internal artifacts. Data analysis used pattern-matching logic. The study’s results confirmed the lack of a holistic approach to risk management where insurers use traditional procedures to comply with regulatory requirements. The prevalence of the compliance-based culture over the risk-aware culture might lead to potential issues. The study’s positive social change implication might be effective risk management practices in insurance organizations and the industry

Agents and E-commerce: Beyond Automation

The fast-growing information and communication technologies have shifted the contemporary commerce in both its information and market spaces. Businesses demand a new generation of agile and adaptive commerce systems. Towards this end, software agents, a type of autonomous artifacts, have been viewed as a promising solution. They have been taking an increasingly important part in facilitating e-commerce operations in the last two decades. This article presents a systematized overview of the diversity of agent applications in commerce. The paper argues that agents start playing more substantial role in determining social affairs. They also have a strong potential to be used to build the future highly responsive and smart e-commerce systems. The opportunities and challenges presented by proliferation of agent technologies in e-commerce necessitate the development of insights into their place in information systems research, as well as practical implications for the management

A pragmatic cluster randomised trial evaluating three implementation interventions

Background Implementation research is concerned with bridging the gap between evidence and practice through the study of methods to promote the uptake of research into routine practice. Good quality evidence has been summarised into guideline recommendations to show that peri-operative fasting times could be considerably shorter than patients currently experience. The objective of this trial was to evaluate the effectiveness of three strategies for the implementation of recommendations about peri-operative fasting. Methods A pragmatic cluster randomised trial underpinned by the PARIHS framework was conducted during 2006 to 2009 with a national sample of UK hospitals using time series with mixed methods process evaluation and cost analysis. Hospitals were randomised to one of three interventions: standard dissemination (SD) of a guideline package, SD plus a web-based resource championed by an opinion leader, and SD plus plan-do-study-act (PDSA). The primary outcome was duration of fluid fast prior to induction of anaesthesia. Secondary outcomes included duration of food fast, patients' experiences, and stakeholders' experiences of implementation, including influences. ANOVA was used to test differences over time and interventions. Results Nineteen acute NHS hospitals participated. Across timepoints, 3,505 duration of fasting observations were recorded. No significant effect of the interventions was observed for either fluid or food fasting times. The effect size was 0.33 for the web-based intervention compared to SD alone for the change in fluid fasting and was 0.12 for PDSA compared to SD alone. The process evaluation showed different types of impact, including changes to practices, policies, and attitudes. A rich picture of the implementation challenges emerged, including inter-professional tensions and a lack of clarity for decision-making authority and responsibility. Conclusions This was a large, complex study and one of the first national randomised controlled trials conducted within acute care in implementation research. The evidence base for fasting practice was accepted by those participating in this study and the messages from it simple; however, implementation and practical challenges influenced the interventions' impact. A set of conditions for implementation emerges from the findings of this study, which are presented as theoretically transferable propositions that have international relevance. Trial registration ISRCTN18046709 - Peri-operative Implementation Study Evaluation (POISE

mFish Alpha Pilot: Building a Roadmap for Effective Mobile Technology to Sustain Fisheries and Improve Fisher Livelihoods.

In June 2014 at the Our Ocean Conference in Washington, DC, United States Secretary of State John Kerry announced the ambitious goal of ending overfishing by 2020. To support that goal, the Secretary's Office of Global Partnerships launched mFish, a public-private partnership to harness the power of mobile technology to improve fisher livelihoods and increase the sustainability of fisheries around the world. The US Department of State provided a grant to 50in10 to create a pilot of mFish that would allow for the identification of behaviors and incentives that might drive more fishers to adopt novel technology. In May 2015 50in10 and Future of Fish designed a pilot to evaluate how to improve adoption of a new mobile technology platform aimed at improving fisheries data capture and fisher livelihoods. Full report

Advanced transport operating system software upgrade: Flight management/flight controls software description

The Flight Management/Flight Controls (FM/FC) software for the Norden 2 (PDP-11/70M) computer installed on the NASA 737 aircraft is described. The software computes the navigation position estimates, guidance commands, those commands to be issued to the control surfaces to direct the aircraft in flight based on the modes selected on the Advanced Guidance Control System (AGSC) mode panel, and the flight path selected via the Navigation Control/Display Unit (NCDU)

Leadership conversations: the impact on patient environments

Purpose – The aim of this study is to examine 15 NHS acute trusts in England that achieved high scores at all their hospitals in the first four national Patient Environment audits. No common external explanations were discernible. This paper seeks to examine whether the facilities managers responsible for the Patient Environment displayed a consistent leadership style. Design/methodology/approach – Overall, six of the 15 trusts gave permission for the research to take place and a series of unstructured interviews and observations were arranged with 22 facilities managers in these trusts. Responses were transcribed and categorised through multiple iteration. Findings – The research found common leadership and managerial behaviours, many of which could be identified from other literature. The research also identified managers deliberately devoting energy and time to creating networks of conversations. This creation of networks through managing conversation is behaviour less evident in mainstream leadership literature or in the current Department of Health and NHS leadership models. Practical implications – The findings of this study offer managers (particularly those in FM and managers across NHS) a unique insight into the potential impact of leaders giving an opportunity to re-model thinking on management and leadership and the related managerial development opportunities. It provides the leverage to move facilities management from the role of a commodity or support service, to a position as a true enabler of business. Originality/value – Original research is presented in a previously under-examined area. The paper illuminates how facilities management within trusts achieving high Patient Environment Action Team (PEAT) scores is led.</p

Explore the best organizational change model for Chinese state-owned enterprises in the financial service industry to address global challenges

Chinese state-owned enterprise (SOE) in the financial service industry has reached a tipping point of making changes to address incoming global competition. The unprecedented wave of policy shifts in the market will uncage powerful rivals worldwide and demand the SOEs to change. This study reviewed the best practices and unique challenges to the SOEs in the context of organizational change and strove to explore the best organizational change model for Chinese SOEs in addressing global challenges. This study began by reviewing the background and literature about Chinese SOE development and organizational change, then developed an instrument consisting of critical items derived from the literature view, and last, established a four-step organizational change model based on the merged themes from the critical practices and steps identified through three rounds of the Delphi study. In terms of results, this four-step organizational change model highlights using effective communication to guide and coordinate the whole change process and establishing reliable change coalitions to address unique and persistent resistances to change, such as the iron rice bowl mentality, in Chinese SOEs. Moreover, this model suggests implementing change through clear metrics and goals to track and quantify the progress of planned change, ensure transparency of the change processes, and provide reliable feedback and guidance for leaders and coalition to adjust the change implementation stage accordingly. Furthermore, this change model advocates securing change through appropriate leadership styles to ensure the changed behaviors are safe from regression and ensure the change is institutionalized within the changed organization. With effective communication, reliable coalition, and strong leadership established through implementing this change model, the changed SOEs should be able to keep pace with the fast-changing world, turn challenges into opportunities, and thrive in global competitions