Who violates expectations when? How firms’ growth and dividend reputations affect investors’ reactions to acquisitions

Research summary: We investigate the role of a firm’s dividend and growth reputations in shaping investors’ interpretations of acquisitions as a negative or positive expectation violation. While our findings reveal that both an acquiring firm’s dividend and growth reputations trigger positive investor reactions, they also show that investors react negatively to an acquisition of a target firm with a strong growth reputation when the acquiring firm has a strong dividend reputation. We also find that investors are inclined to give managers “the benefit of the doubt” to the extent that an acquiring firm strategically frames an acquisition announcement in such a way that it provides assurance to investors that the acquisition is meant to exceed investors’ expectations about shareholder value creation. Managerial summary: We study why investors respond to some acquisitions positively and others negatively. We find that the way acquiring and target firms have created shareholder value in the past, and the information conveyed in the acquisition announcements are important determinants of investors’ differential reactions to acquisitions. Our findings show that while investors generally react positively to acquisitions by firms known for creating value either through dividends or growth, their reactions become negative when a firm known for value creation through dividends acquires a target known for value creation through growth. We further find that managers can favorably influence investor reactions by making it salient in the acquisition announcement how the acquisition is intended to exceed investors’ value creation expectations from the acquiring firm

High periventricular T1 relaxation times predict gait improvement after spinal tap in patients with idiopathic normal pressure hydrocephalus

Purpose:The diagnosis of idiopathic normal pressure hydrocephalus (iNPH) can be challenging. Aim of this study was to use a novel T1 mapping method to enrich the diagnostic work-up of patients with suspected iNPH.Methods:Using 3T magnetic resonance imaging (MRI) we prospectively evaluated rapid high-resolution T1 mapping at 0.5 mm resolution and 4 s acquisition time in 15 patients with suspected iNPH and 8 age-matched, healthy controls.T1 mapping in axial sections of the cerebrum, clinical and neuropsychological testing were performed prior to and after cerebrospinal fluid tap test (CSF-TT). T1 relaxation times were measured in 5 predefined periventricular regions.Results:All 15 patients with suspected iNPH showed gait impairment, 13 (86.6%) showed signs of cognitive impairment and 8 (53.3%) patients had urinary incontinence. Gait improvement was noted in 12 patients (80%) after CSF-TT. T1 relaxation times in all periventricular regions were elevated in patients with iNPH compared to controls with the most pronounced differences in the anterior (1006 ± 93 ms vs. 911 ± 77 ms; p = 0.023) and posterior horns (983 ± 103 ms vs. 893 ± 68 ms; p = 0.037) of the lateral ventricles. Montreal cognitive assessment (MoCA) scores at baseline were negatively correlated with T1 relaxation times (r 0.6 and p Conclusion:In iNPH-patients, periventricular T1 relaxation times are increased compared to age-matched controls and predict gait improvement after CSF-TT. T1 mapping might enrich iNPH work-up and might be useful to indicate permanent shunting

What lies beneath: exploring links between asylum policy and hate crime in the UK

This paper explores the link between increasing incidents of hate crime and the asylum policy of successive British governments with its central emphasis on deterrence. The constant problematisation of asylum seekers in the media and political discourse ensures that 'anti-immigrant' prejudice becomes mainstr earned as a common-sense response. The victims are not only the asylum seekers hoping for a better life but democratic society itself with its inherent values of pluralism and tolerance debased and destabilised

La argumentación a favor del trabajo sexual y sus implicaciones éticas

Cómo deben actuar los Estados democráticos modernos ante la práctica de la prostitución constituye actualmente una cuestión polémica. Dentro del movimiento feminista la forma de resolver este problema ha generado una brecha que parece difícil de resolver. Las partidarias de que los gobiernos regularicen la prostitución como una relación laboral más justifican su postura con argumentos que consideran sólidos jurídicamente y neutrales desde el punto de vista ético.Afirman que las razones dadas para prohibir la prostitución y para no considerarla una actividad laboral son razones morales. A su vez, sostienen que los Estados democráticos de derecho no tienen como función el imponer creencias éticas a sus ciudadanos sino salvaguardar los derechos de los mismos, en especial elderecho a la libertad individual. En el trabajo recojo los argumentos esgrimidos a favor y en contra de que la prostitución deba regularizarse como un trabajo y muestro cómo el razonamiento de las representantes del feminismo a favor del trabajo sexual está construido sobre una teoría ética que se presupone comoválida y que, por lo tanto, no es objeto de discusión. Sostengo que la forma más adecuada de llegar a un consenso sobre este tema sería plantear abiertamente y de forma previa al debate político y jurídico, una reflexión ética sobre qué postulados y que concepción moral de la sexualidad nos parecen más valiosos para tratar este complejo problema

Barriers to women entrepreneurship. Different methods, different results?

Building on research by Akehurst et al. (Serv Ind J 32:2489-2505, 2012), this study analysed internal and external factors in women entrepreneurship and linked these factors to the barriers that women face when starting businesses. To do so, two contrasting statistical techniques were used: PLS and QCA. After analysing results from each of these techniques, we observed that family duties and difficulties in obtaining financing (both internal and external) were the main factors related to barriers faced by women entrepreneurs

Corporate governance and national institutions: A review and emerging research agenda

We present a critique of corporate governance research grounded in agency theory and propose that cross-national comparison of corporate governance should consider how the nature and extent of agency relationships differ across different institutional contexts. Building on prior governance studies grounded in sociology and organizational theory we argue that performance outcomes of boards of directors, ownership concentration, and executive incentives may differ depending on the legal system and institutional characteristics in a specific country. Institutions may also affect the extent of complimentarity/substitution among different firm-level governance practices producing patterned variations in firm-level governance mechanisms. Our discussion suggests that researchers need to develop more holistic, institutionally embedded governance framework to analyze organizational outcomes of various governance practices