Lifetime Employment: Labor Peace and the Evolution of Japanese Corporate Governance

In Japan, large firms\u27 relationships with their employees differ from those prevailing in large American firms. Large Japanese firms guarantee many employees lifetime employment, and the firms\u27 boards consist of insider employees. Neither relationship is common in the United States. Japanese lifetime employment is said to encourage firms and employees to invest in human capital. We examine the reported benefits of the firm\u27s promise of lifetime employment, but conclude that it is no more than peripheral to human capital investments. Rather, the dark side of Japanese labor practice – constricting the external labor market – likely yielded the human capital benefits, not the bright side of secure employment. What then explains the firm\u27s promises of lifetime employment in Japan, a practice that developed following World War II, when labor was in surplus and hence economically weak? We hypothesize two political explanations, one macro and one micro. The macro hypothesis is that a coalition of conservative and managerial interests sought lifetime employment to reduce the chances of socialist electoral victories. The micro hypothesis is that managers tried to defeat hostile unions and win back factories from worker occupation, firm-by-firm, by offering lifetime employment to a core of workers. Neither the macro nor the micro goals were intended to improve human capital training, but rather to reduce worker influence, either in elections or in the factory. We assess the evidence for these hypotheses. We look at Japanese labor practices and related corporate governance institutions as path dependent : A political decision \u27fixes one institution and then the system evolves in light of that fixed institution by developing efficient complementary institutions

How Investors Can (and Can\u27t) Create Social Value

Most investors throughout the world have a single goal: to earn the highest risk- adjusted financial returns. They would not accept a lower financial return from an investment that also produced social benefits. More recently, an increasing number of socially-motivated investors have goals beyond maximizing returns. They also seek to align their investments with their social values (value alignment), and some also seek to cause the companies in which they invest to create more social value as a result of their investment (social value creation). We show in this essay that while it is relatively easy to achieve value alignment, creating social value is far more difficult

The American Corporation in the Twenty-first Century

Opportunistic Downsizing of Senior Workers: Exploring the Fiduciary/Contract Distinction to Enforce Implicit Employment Agreements lecture given by Marleen A. O\u27Connor, Professor of Law at Stetson College. The Motivational Implications of Debt Financing lecture given by George Triantis, Nicholas E. Chimicles Research Professor of Business Law and Regulation at the University of Virginia and the Director of the John M. Olin Program in Law and Economics. Political Backlash and the Corporation lecture given by Mark Roe, Professor of Law at Columbia University and Director of the Columbia Law School Sloan Project on Corporate Governance. Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets lecture given by Ronald J. Gilson, Charles J. Meyers Professor of Law and Business at Stanford University and The Marc and Eva Stern Professor of Law and Business at Columbia University. The Shaping Force of Corporate Law in the New Economic Order lecture given by Jeffrey N. Gordon, Professor of Law and Co-director Center for Law and Economic Studies at Columbia University

Validation of the reasons for gambling questionnaire (RGQ) in a British population survey

Introduction. The aim of the study is to validate the five-dimensional structure of the Reasons for Gambling Questionnaire (RGQ) and to test the differences between different types of gamblers (i.e., offline gamblers who gambled in-person only vs.mixed-mode gamblers who gambled both online and offline) on the five dimensions of the RGQ. Methods. Data from the 2010 British Gambling Prevalence Survey (BGPS) were used. The analysed data comprised 5,677 individuals (52.7% female; mean age=47.64 years; SD=17.82). Confirmatory factor analysis and independent-samples t-tests were applied. Results. The five-dimensional structure of the RGQ wasconfirmed in the general sample and among gender and age subgroups. Furthermore, mixed-mode gamblers (MMGs) who gambled both online and offline had higher scores for enhancement, recreation and money motives than offline gamblers that gambled in-person only (IPGs). In addition among males, there was a significant difference in the scores for enhancement and recreation motives across MMGs and IPGs. Among past-year gamblers aged 16-34 years, MMGs had higher scores for enhancement, recreational and monetary motives than IPGs whilst among past-year gamblers aged 35-55years, MMGs had higher scores for enhancement and recreational motives than IPGs. Conclusions. The results are consistent with a previous test of the RGQ and the findings indicate that the RGQis a valid instrument to assess gambling motives among the general population

Oral Human Papillomavirus Infection in Men Who Have Sex with Men: A Systematic Review and Meta-Analysis.

BACKGROUND: The epidemiology of oral human papillomavirus (HPV) infection in men who have sex with men (MSM) differs from anogenital HPV infection. The impact of HPV vaccination has, to date, largely focussed on anogenital outcomes. Vaccination of MSM in the UK has been recommended and, if implemented, baseline estimates of oral HPV prevalence will be useful. METHODS: We searched Medline, Embase and psycINFO databases for studies reporting prevalence, incidence, and clearance of oral HPV infection in MSM. We performed a random-effects meta-analysis and meta-regression on prevalence estimates and summarised within-study risk factors for oral HPV DNA detection and incidence/clearance rates. We also performed a meta-analysis of the effect of MSM on oral HPV prevalence compared to heterosexual men. RESULTS: 26 publications were identified. The pooled prevalence of oral HPV16 from twelve estimates was 3.0% (95%CI 0.5-5.5) in HIV-negative and 4.7% (95%CI 2.1-7.3) in HIV-positive MSM. Median age of study participants explained 38% of heterogeneity (p<0.01) in HPV prevalence estimates (pooled = 17% and 29% in HIV-negative and HIV-positive, respectively; 22 estimates). Nine studies compared MSM to heterosexual men and found no difference in oral HPV prevalence (pooled OR 1.07 (95%CI 0.65-1.74)). The clearance rate was higher than incidence within studies. Type-specific concordance between oral and anogenital sites was rare. CONCLUSION: There was substantial heterogeneity between estimates of oral HPV prevalence in MSM populations that was partly explained by HIV status and median age

Validation of the 8-item Attitudes Towards Gambling Scale (ATGS-8) in a British population survey

Introduction. Public opinions concerning gambling are an important factor in shaping public policy. Little empirical attention has been given to assessing gambling attitudes within the general population. The aim of the present study is to validate the 8-item Attitudes Towards Gambling Scale (ATGS-8) in British individuals and to investigate associations of these attitudes with frequency of gambling and gambling problems. Methods. Data were derived from 7746 individuals participating in the British Gambling Prevalence Survey 2010, a comprehensive interview-based survey conducted in Great Britain between November 2009 and May 2010. Confirmatory factor analysis and separate regression analyses were applied. Results. The one-dimensional structure of the ATGS-8 was confirmed in the community sample and by gender. Furthermore, more positive attitudes towards gambling were positively related to frequency of gambling and gambling problems. Conclusions. The present study extends the previous evaluations of the scale by providing detailed evidence for the utility and usefulness of the ATGS-8 in a community sample and across gender. The ATGS-8 is a valid instrument to assess public opinion on gambling among the general population

Brief of Corporate Law Professors as Amici Curie in Support of Respondents

The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt out” rights or practical ability to avoid subsidizing corporate political expression with which they disagree. Nor do individuals have the practical option to refrain from putting their savings into equity investments, as doing so would impose damaging economic penalties and ignore conventional financial guidance for individual investors

Provision of the progestogen-only pill by community pharmacies as bridging contraception for women receiving emergency contraception:the Bridge-it RCT

Funding This project was funded by the National Institute for Health Research (NIHR) Health Technology Assessment programme and will be published in full in Health Technology Assessment; Vol. 25, No. 27. See the NIHR Journals Library website for further project information.Peer reviewedPublisher PD