3,749 research outputs found

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

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    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

    Effects of the measurement power on states discrimination and dynamics in a circuit-QED experiment

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    We explore the effects of driving a cavity at a large photon number in a circuit-QED experiment where the ``matter-like'' part corresponds to an unique Andreev level in a superconducting weak link. The three many-body states of the weak link, corresponding to the occupation of the Andreev level by 0, 1 or 2 quasiparticles, lead to different cavity frequency shifts. We show how the non-linearity inherited by the cavity from its coupling to the weak link affects the state discrimination and the photon number calibration. Both effects require treating the evolution of the driven system beyond the dispersive limit. In addition, we observe how transition rates between the circuit states (quantum and parity jumps) are affected by the microwave power, and compare the measurements with a theory accounting for the ``dressing'' of the Andreev states by the cavity.Comment: Reintroduced 2 sentences that had been accidentally deleted in the introduction. Corrected a few typo

    Relationships Among HIV/AIDS Orphanhood, Stigma, and Symptoms of Anxiety and Depression in South African Youth: A Longitudinal Investigation Using a Path Analysis Framework

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    Cross-sectional research has demonstrated that HIV/AIDS orphanhood is associated with anxiety and depression and that HIV/AIDS-related stigma is a risk factor for these outcomes. This study used a longitudinal data set to determine whether relationships between HIV/AIDS orphanhood and anxiety/depression scores (measured at 4-year follow-up) operate indirectly via perceived stigma. Youths from poor communities around Cape Town were interviewed in 2005 (n = 1,025) and followed up in 2009 (n = 723). At baseline, HIV/AIDS-orphaned youth reported significantly higher stigma and depression scores than youth not orphaned by HIV/AIDS. At follow-up, HIV/AIDS-orphaned youth reported significantly higher stigma, anxiety, and depression scores. However, HIV/AIDS orphanhood was not directly associated with anxiety or depression. Instead, significant indirect effects (operating through perceived stigma) were obtained for both assessment periods. Results demonstrate that stigma persists across time and appears to mediate relationships between HIV/AIDS orphanhood and psychological distress. Interventions aiming to reduce stigma may help promote the mental health of HIV/AIDS-orphaned youth

    Exploring the Concepts of Recognition and Shame for Social Work

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    © 2016 GAPS. Recognition and shame are both concepts that potentially offer social workers a structure to build practice on; two states experienced by both social workers and service users. ‘Recognition’, within social, political and economic thought, has been established as a field in which inequality and exclusion can be analysed. Social work theorists have also made inroads into exploring its reach. ‘Shame’ in twentieth century and contemporary sociological and psychoanalytical accounts, is understood as a force in limiting human agency, well-being and capacity This paper briefly outlines some of the defining ideas in circulation in relation to recognition and shame, and then briefly considers how psychoanalytical and contemporary social structural analysis builds on this, making links to contemporary social work thinking throughout. The paper also specifically considers some of the uses of recognition and shame for thinking about social worker and service user ‘well-being’, and the connections, through both the relational and the socio-political, which inflect social work practice

    The uses and functions of ageing celebrity war reporters

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    This article starts from the premise that recognition of professional authority and celebrity status depends on the embodiment and performance of field-specific dispositional practices: there’s no such thing as a natural, though we often talk about journalistic instinct as something someone simply has or doesn’t have. Next, we have little control over how we are perceived by peers and publics, and what we think are active positioning or subjectifying practices are in fact, after Bourdieu, revelations of already-determined delegation. The upshot is that two journalists can arrive at diametrically opposed judgements on the basis of observation of the same actions of a colleague, and as individuals we are blithely hypocritical in forming (or reciting) evaluations of the professional identity of celebrities. Nowhere is this starker than in the discourse of age-appropriate behaviour, which this paper addresses using the examples of ‘star’ war reporters John Simpson, Kate Adie and Martin Bell. A certain rough-around-the-edges irreverence is central to dispositional authenticity amongst war correspondents, and for ageing hacks this incorporates gendered attitudes to sex and alcohol as well as indifference to protocol. And yet perceived age-inappropriate sexual behaviour is also used to undermine professional integrity, and the paper ends by outlining the phenomenological context that makes possible this effortless switching between amoral and moralising recognition by peers and audiences alike

    'Mine's a Pint of Bitter': Performativity, gender, class and representations of authenticity in real-ale tourism

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    Leisure choices are expressive of individual agency around the maintenance of taste, boundaries, identity and community. This research paper is part of a wider project designed to assess the social and cultural value of real ale to tourism in the north of England. This paper explores the performativity of real-ale tourism and debates about belonging in northern English real-ale communities. The research combines an ethnographic case study of a real-ale festival with semi-structured interviews with organisers and volunteers, northern English real-ale brewers and real-ale tourists visiting the festival. It is argued that real-ale tourism, despite its origins in the logic of capitalism, becomes a space where people can perform Habermasian, communicative leisure, and despite the contradictions of preferring some capitalist industries over others on the basis of their perceived smaller size and older age, real-ale fans demonstrate agency in their performativity

    Notorious places: image, reputation, stigma: the role of newspapers in area reputations for social housing estates

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    This paper reviews work in several disciplines to distinguish between image, reputation and stigma. It also shows that there has been little research on the process by which area reputations are established and sustained through transmission processes. This paper reports on research into the portrayal of two social housing estates in the printed media over an extended period of time (14 years). It was found that negative and mixed coverage of the estates dominated, with the amount of positive coverage being very small. By examining the way in which dominant themes were used by newspapers in respect of each estate, questions are raised about the mode of operation of the press and the communities' collective right to challenge this. By identifying the way regeneration stories are covered and the nature of the content of positive stories, lessons are drawn for programmes of area transformation. The need for social regeneration activities is identified as an important ingredient for changing deprived-area reputations
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