Risk-shifting Through Issuer Liability and Corporate Monitoring

This article explores how issuer liability re-allocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent absence of individual liability of officeholders and insufficient monitoring by insurers under-mine the potential deterrent effect of securities litigation. The underlying reasons why both mechanisms remain ineffective are collective action problems under the prevailing dispersed ownership structure, which eliminates the incentives to moni-tor set by issuer liability. This article suggests that issuer liability could potentially have a stronger deterrent effect when it shifts risk to individuals or entities holding a larger financial stake. Thus, it would enlist large shareholders in monitoring in much of Europe. The same risk-shifting effect also has implications for the debate about the relationship between securities litigation and creditor interests. Credi-tors’ claims should not be given precedence over claims of defrauded investors (e.g., because of the capital maintenance principle), since bearing some of the fraud risk will more strongly incentivise large creditors, such as banks, to monitor the firm in jurisdictions where corporate debt is relatively concentrated

Hotel restaurant co-branding: The relationship of perceived brand fit with intention to purchase

This study investigates the relationship between perceived brand fit and intention to purchase in the context of a co-branded hotel-restaurant. In particular it examines if co-branding of a hotel in a Thai hotel chain with an independently owned theme restaurant stimulates intention to purchase among hotel guests. This study was conducted using a survey of hotel guests in public areas on the hotel premises. Data regarding guest perceptions of brand fit was analysed using multiple regression and the chi-square test. The findings indicate that two components of perceived brand fit, namely perceived fit (overall) and complementary fit (in terms of product usage and product goals), are statistically significant and positively related to intention to purchase. Theoretical conclusions regarding a co-branding model are discussed and managerial implications for development of an appropriate hotel-restaurant co-branding marketing strategy are provided

Entrepreneurial Teams, Gender, and New Venture Survival : Contexts and Institutions

The link between new venture survival and the presence of founding teams is investigated, in particular the effect of the gender composition of teams. Furthermore, we study venture survival, gender, and institutional change. A unique longitudinal database is employed, covering a large number of Swedish ventures established during 6 specific years, 1930-2005. These data capture the initial gender diversity of start-ups. The contextualization of entrepreneurship involves situational and temporal boundaries, and we elaborate on contextual factors at different levels of analysis. Our results show that ventures founded by teams have a higher probability of surviving, but show no overall team gender homogeneity/heterogeneity effect. However, we find some support for the fact that ventures founded by all-female teams have lower survival chances. Nevertheless, the clearest negative effect is found for female solo start-ups. Furthermore, our results support the fact that institutional transformation may gradually have increased the likelihood of ventures founded by females to survive. Entrepreneurship, Innovation, and the Demography of Firms and Industries in Sweden over Two Centurie

To change or not to change - translating and culturally adapting the paediatric version of the Moral Distress Scale-Revised (MDS-R)

BACKGROUND: Paediatric cancer care poses ethically difficult situations that can lead to value conflicts about what is best for the child, possibly resulting in moral distress. Research on moral distress is lacking in paediatric cancer care in Sweden and most questionnaires are developed in English. The Moral Distress Scale-Revised (MDS-R) is a questionnaire that measures moral distress in specific situations; respondents are asked to indicate both the frequency and the level of disturbance when the situation arises. The aims of this study were to translate and culturally adapt the questionnaire to the context of Swedish paediatric cancer care. In doing so we endeavoured to keep the content in the Swedish version as equivalent to the original as possible but to introduce modifications that improve the functional level and increase respondent satisfaction. METHODS: The procedure included linguistic translation and cultural adaptation of MDS-R's paediatric versions for Physicians, Nurses and Other Healthcare Providers to the context of Swedish paediatric cancer care. The process of adjustment included: preparation, translation procedure and respondent validation. The latter included focus group and cognitive interviews with healthcare professionals in paediatric cancer care. RESULTS: To achieve a Swedish version with a good functional level and high trustworthiness, some adjustments were made concerning design, language, cultural matters and content. Cognitive interviews revealed problems with stating the level of disturbance hypothetically and items with negations caused even more problems, after having stated that the situation never happens. CONCLUSIONS: Translation and cultural adaptation require the involvement of various types of specialist. It is difficult to combine the intention to keep the content as equivalent to the original as possible with the need for modifications that improve the functional level and increase respondent satisfaction. The translated and culturally adapted Swedish MDS-R seems to have equivalent content as well as improved functional level and respondent satisfaction. The adjustments were made to fit paediatric cancer care but it could be argued that the changes are relevant for most areas of paediatric care of seriously ill patients.Funding agencies: Swedish Childhood Cancer Foundation [PR2014-0116, FoAss 13/07]</p