Do SEC’s 10b5-1 Safe Harbor Rules Need To Be Rewritten?

We examine the profitability of insider trading under SEC Rule 10b5-1 plans. The plans do work to prevent some informed trading. However, on average, insider trading under the safe harbor plans appears to be motivated by material non-public information. We propose some policy changes to tighten the rule and enable separation of informed and uninformed insider trading

Insiders' profits, costs of trading, and market efficiency

This study investigates the anomalous findings of the previous insider trading studies that any investor can earn abnormal profits by reading the Official Summary. Availability of abnormal profits to insiders, availability of abnormal profits to outsiders who imitate insiders, determinants of insiders' predictive ability, and effect of insider trading on costs of trading for other investors are examined by using approximately 60,000 insider sale and purchase transactions from 1975 to 1981. Implications for market efficiency and evaluation of abnormal profits to active trading strategies are discussed.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/26147/1/0000224.pd

Exploring the Effects of EFQM Excellence Model on the Process of Intrapreneurship: A Research from Turkey

The innovation process requires intrapreneurial behaviors of employees concerning stages of idea conception, development, implementation and integration. All organizations should apply and follow a suitable excellence model which leads them toward innovative behaviors. One of the methods for creating an innovative culture in the organizations is the EFQM Excellence Model. The purpose of this study is to explore how the applications of EFQM Excellence Model influence on the intrapreneurship behaviors of the employees. A comperative analysis (one-way analysis of variance) was conducted with 275 teachers from three schools one of which achieved Recognized for Excellence 5-Star to find the answer of the research question. The results showed that the innovativeness, proactiveness, risk taking, autonomy and networking dimensions of the intrapreneurship behaviors are higher in the school using EFQM Excellence Model. Thus this paper indicates that the eight basic rules of excellence applications of EFQM Excellence Model make a positive impact on the intrapreneurship behaviors of the employees

The Effect of Burnout on Organizational Citizenship Behaviour: The Mediating Role of Job Satisfaction

The purpose of this study was to investigate the effect of burnout on organizational citizenship behavior (OCB) in a mediating model in which the job satisfaction was contextual state.  Data were obtained from 257 nurses from three university hospitals. While the data involving burnout and job satisfaction were gathered from the nurses, OCB data were obtained from supervisors. The findings of hierarchical regression analysis demonstrated that the only contributor burnout dimension on OCB-O (ODB toward organization) was the reduced personal accomplishment while emotional exhaustion and depersonalization had no effect. Also the findings of mediation analysis showed that job satisfaction is a mediator in the relation between reduced personal accomplishment and OCB-O and it is not a mediating factor in relation between all three burnout dimensions and OCB-I (OCB toward individuals)

Integrated Lax Formalism for PCM

By solving the first-order algebraic field equations which arise in the dual formulation of the D=2 principal chiral model (PCM) we construct an integrated Lax formalism built explicitly on the dual fields of the model rather than the currents. The Lagrangian of the dual scalar field theory is also constructed. Furthermore we present the first-order PDE system for an exponential parametrization of the solutions and discuss the Frobenious integrability of this system.Comment: 24 page

How Should Retirement Plans Be Organized?

Americans have a tough time saving for their retirement. To make matters worse, the move from defined benefit (DB) to defined contribution plans (DC) over the years has required greater investor sophistication, discipline, and sound investment advice. Unfortunately, the current rules regarding investment advice for defined contribution plans do not address the two critical deficiencies of the current system, namely opacity and conflicts of interest. We propose that one-master standard be instituted along with strict transparency requirements to control the conflicts of interest and improve retirement savings advice. We also recommend that only passive, well-diversified index funds for stocks and bonds should qualify as retirement vehicles.http://deepblue.lib.umich.edu/bitstream/2027.42/133960/1/1332_Avci.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/133960/4/1332_Avci_Oct2016.pdfDescription of 1332_Avci_Oct2016.pdf : October 2016 revisio

Manipulative Games of Gifts by Corporate Executives

Executives use a variety of manipulative games to maximize the value of their gifts, including backdating, spring-loading, bullet-dodging and insider information. We find that executives exploit a legal loophole to backdate their gifts. Stock prices rise abnormally about 6% during the one-year period before the gift date and they fall abnormally by about 5% during the one year after the gift date. We find this pattern is stronger for late-reported gifts, which is consistent with the backdating hypothesis. We suggest policy recommendations that should improve the compliance of gifts with the requirements of anti-fraud provisions of federal securities laws.http://deepblue.lib.umich.edu/bitstream/2027.42/117412/1/1304_Schipani.pd

Do Independent Directors Curb Financial Fraud? The Evidence and Proposals for Further Reform

In this article, we argue that the U.S. corporate governance rules put too much faith in the independent board members and insufficient emphasis on the shareholders themselves to control and monitor the top management. Given the agency problem between the board of directors and the shareholders, outside directors can be captured by management, thereby leading to inadequate checks on management. The evidence presented in this paper shows that outside board members do not exercise sufficient controls on the management even when the management has gone awry. To solve this agency problem, we propose increasing the power of the principals: make shareholder resolutions binding on management, require a one share, one vote rule to increase the voting rights of shareholders, as well as give the shareholders the ability to directly nominate and/or actively vote against board members.https://deepblue.lib.umich.edu/bitstream/2027.42/139595/1/1352_Schipani_Nov17.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/139595/4/1352_Schipani_Aug18.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/139595/6/1352_SchipaniOct2018.pdfDescription of 1352_Schipani_Aug18.pdf : Aug 2018 Pre-publication draftDescription of 1352_SchipaniOct2018.pdf : October 2018 revisio