Fast bargaining in bankruptcy

I combine two previously separate strands of the bargaining literature to present a bargaining model with both one-sided private information and a majority vote for proposals to go into effect. I use this model to show that the US bankruptcy code produces shorter delays and higher welfare than the UK law. I consider the bargaining that occurs in bankruptcy between an informed firm and a set of uninformed creditors over a set of claims against the firm. The agents have an infinite horizon to bargain and cannot commit to a schedule of future offers. If individual creditors can be treated differently and a majority vote is required for the acceptance of new claims, adding creditors increases the probability of reaching agreement by the end of any given period. The US regime has these features. I give numerical examples which show the efficiency gains from increasing the number of creditors are significant. The UK voting rule allows one creditor a veto of all plans. Replacing the majority voting rule with the UK voting rule and allowing only the creditor with the veto to suggest plans, I show that the UK regime has longer delays and is less efficient than the US regime as long as the US regime has multiple creditors.

Service quality at the London 2012 Games – a Paralympics Athletes Survey

Purpose – This paper reports on aspects of service quality at the London 2012 Paralympic Games,from a rather unusual perspective, the athletes. To date there has been little evidence captured about athlete’s satisfaction at sporting events, and specifically about their perceptions of the service quality provided. Design/methodology/approach – Unique ‘full’ access to the London 2012 Paralympics allowed to the collection of data directly from the athletes. The study reports the questionnaire findings from a sample of 250 respondents. Findings – From this study an operational assessment and performance framework has been generated composed of 10 criteria and 73 items or sub-criteria, which can be used as a benchmarking tool to plan, design and compare future sport mega-event. Moreover, the study evidence based the high quality of the 2012 Paralympics Games, as he athletes rated, on a 5 point Likert scale, 64 items in the ‘very satisfied’ category, a very positive set of feedback for the Games organisers. Research limitations/implications – The methodology applied was appropriate, generating data to facilitate discussion and draw specific conclusions from. A perceived limitation is the single case approach; however, this can be enough to add to the body of knowledge where very little evidence has been captured so far and where the objectives were to explore the Paralympics games service quality and performance. Practical implications – This research provides a tangible evidence base to support future sport event decision-makers, planners and designers in this highly complex ‘arena’. In any system, there are always areas for improvement (AFIs), these are highlighted within the paper for further investigation. Originality/value – This is the first paper to identify and synthesize aspects of sport mega event service quality from the athletes viewpoint and informs how well designed, organised and managed the London 2012 Games were from a primary user perspective. The paper makes a defined contribution by developing evidence based recommendations for this important yet under researched area

Workforce Investment Act (WIA) Reauthorization Proposals in the 113th Congress: Comparison of Major Features of Current Law and S.1356

The Workforce Investment Act of 1998 (WIA; P.L. 105-220) is the primary federal program that supports workforce development activities, including job search assistance, career development, and job training. WIA established the One-Stop delivery system as a way to co-locate and coordinate the activities of multiple employment programs for adults, youth, and various targeted subpopulations. The delivery of these services occurs primarily through more than 3,000 One- Stop career centers nationwide. WIA includes four main titles that cover employment and training services, adult education and literacy services, the employment service, and vocational rehabilitation services for individuals with disabilities. The authorizations for appropriations for most programs under WIA expired at the end of FY2003. Since that time, WIA programs have been funded through the annual appropriations process. The Senate Committee on Health, Education, Labor, and Pensions (HELP) held a markup of S. 1356 (the Workforce Investment Act of 2013) on July 31, 2013, and ordered the bill reported by a vote of 18 to 3. S. 1356 would reauthorize WIA through 2018. S. 1356 would maintain the One-Stop delivery system established by WIA but would make changes to the programs, services, and governing structure of WIA, through changes to Workforce Investment Boards (WIBs), state plan requirements, national programs, and alignment and coordination provisions across all titles. Some of the major changes include the adoption of primary indicators of performance across all WIA titles, the requirement of a Unified State Plan that includes all core programs, the authorization of innovation and replication grants, greater emphasis on economic and employment outcomes for adult education programs, and expanded services for youth and students with disabilities. This report provides a comparison of major themes in current WIA and in S. 1356

Context-related acoustic variation in male fallow deer (Dama dama) groans

While social and behavioural contexts are known to affect the acoustic structure of vocal signals in several mammal species, few studies have investigated context-related acoustic variation during inter-sexual advertisement and/or intra-sexual competition. Here we recorded male fallow deer groans during the breeding season and investigated how key acoustic parameters (fundamental frequency and formant frequencies) vary as a function of the social context in which they are produced. We found that in the presence of females, male fallow deer produced groans with higher mean fundamental frequency when vocal males were also present than they did when no vocal males were in close vicinity. We attribute this to the increased arousal state typically associated with this context. In addition, groan minimum formant frequency spacing was slightly, but significantly lower (indicating marginally more extended vocal tracts) when males were alone than when potential mates and/or competitors were nearby. This indicates that, contrary to our predictions, male fallow deer do not exaggerate the acoustic impression of their body size by further lowering their formant frequencies in the presence of potential mating partners and competitors. Furthermore, since the magnitude of the variation in groan minimum formant frequency spacing remains small compared to documented inter-individual differences, our findings are consistent with the hypothesis that formants are reliable static cues to body size during intra- and inter-sexual advertisement that do not concurrently encode dynamic motivation-related informatio