nificantly to enhancing understandings of practice. It can also inflect, as a new paradigm, the discovery-based model of research that dominates the academic field by questioning assumptions about objectivity, uncovering the richness of context-related epistemologies, and challenging expectations regarding methodology or theory (Rege Colet, McAlpine et al., 2011; Fanghanel, 2012). I am inspired in my reflection by the work of Callon et al. (2001) who, focusing specifically on scientific research, seek to promote a “dialogic de- mocracy” space for science research (p. 10). In their model, there is a strong emphasis on the need to combine laboratory-based experiments with collaborative user-led research. I propose that SoTL is a democratic form of inquiry as it enables multiple voices (in clud- ing academics, students, and student support specialists, for example) to be heard in the pub lic space; it is also a dialogic mode of inquiry because of the dissemination strategies it uses, which are based on discussions and dialogue, where “going public” means more than just publishing in academic journals.
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information, unavailable to firm insiders, which is useful in making investment decisions. When two investors expend the same resources on information collection, they may receive correlated but different signals. In this case, the public market generates better information than a private financier. One important aspect of information acquisition is the role of serendipity, i.e. stock market investors may receive valuable information (with some noise) by chance, without any cost. The diverse serendipitous information can provide a useful signal that could not have been obtained if the firm were privately financed. When the role of serendipitous information is strong, this creates incentive for additional investors to become "active" ones, making it more attractive for firms to go public ("spillover effect"). By going public, firms generate positive externalities by increasing the size and informational efficiency of the stock market. The main prediction of the information-based model of going public is that it generates higher benefits in large, liquid markets. This implies positive externalities associated with going public decision, moving the economy from an "inferior" equilibrium with few firms publicly traded to a
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Burton, Helliar and Power (2006) conducted a survey on managers and intermediaries associated with going public decision of UK firms. They conducted their study in three steps. First, personal interview through a semi-structured questionnaire was undertaken with various parties involved in the IPO process. The interviews were conducted with ten organizations that had been involved in IPOs. Second, postal questionnaires were sent to UK companies that had an IPO in last two years. Out of a total of 450 companies, 102 companies responded back, representing a response rate of 23%. Third, information about the amount that each company had raised and their market capitalization was obtained through secondary sources. The survey revealed that: the benefit in terms of increased visibility and reputation associated with IPO had major influence on going public decision; the need for growth was the most important determinant of timing of the issues and the biggest difficulty encountered by the managers was to manage both, the IPO process and the company operations together.
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Hollywood cinema as a responsible cultural institution is beyond question. On the other, their modes of appeal were relatively crude. The obvious practical obstacle to Hollywood first major cycle of family films during the mid-1930s is their attempt to construct a unified audience from a pluralistic movie-going public. Most children, in all probability, had as little interest in Little Women or David Copperfield as the majority of wives and mothers had in King Kong. In fact, Dale’s study of children’s movie attendance – which, admittedly, was conducted several years before the emergence of the family feature film, in 1929 – found that even pre-adolescent children (especially boys) attended theatres alone or with friends as often as with their families, and this habit became increasingly common during adolescence. 99 Then again, it is important to
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In summary, most studies on the performance of initial public offerings seem to share two common features: the adoption of a short-term perspective and a focus on the financial side of the phenomenon. Even when these studies investigated how variables of organizational or institutional nature affect the success of an IPO, they invariably adopted financial measures of success such as the post-IPO market capitalization (Stuart, Hoang and Hyble, 1999), the amount of capital raised (Deeds, Decarolis and Coomb, 1997) or the short-term increase of the stock price (Welbourne and Cyr, 1999). Although these financial measures provide a reliable way to assess the performance of some dimensions of an IPO, however, they tend to reinforce the assumption that IPOs are essentially a financial matter. The fundamental goals that a firm pursues in going public, then, come to be taken for granted and is therefore synthesized in the notion of simply raising additional capital to finance growth. Conversely, our research attempts to remove this preconceived notion and questions this general assumption, thereby approaching the goals of going public objectively, rather than an unquestioned starting point. A closer and more comprehensive look at the decision process leading to an IPO revealed that the decision to go public may be in fact be influenced by a more complex set of motives and may be supported by a much broader range of benefits.
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In life cycle theories, Zingales (1995) by his empirical testing states that going public is a decision taken by entrepreneurs to get more value when the company is a target for acquisition, he observed that it is much easier for a potential acquirer to spot a potential takeover target when it is public. Moreover, entrepreneurs realize that acquirers can pressure targets on pricing concessions more than they can pressure outside investors. By going public, entrepreneurs thus help facilitate the acquisition of their company for a higher value than what they would get from an outright sale. Schultz and Zaman (2001) report that many internet firms that went public in the late 1990s pursued an aggressive acquisition strategy, which they interpret as an attempt to pre-empt competitors. On the other hand, Black and Ronald (1998) show opposite results, they point out that entrepreneurs often capture control from the venture capitalists at the IPO. Thus, many IPOs are considered entry point rather than exits for the entrepreneur as they are for the venture capitalists.
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In May 2013, before I assumed department head duties at Cornell, I was part of our Food Dig- nity team meeting held in Laramie, Wyoming. Christine was there too, and in between chemo- therapy and mastectomy treatments for her breast cancer. Inspired by the public way in which she was confronting her own health issue, I confided in her about my own health fears relating to my kid- ney function being in decline. Then I learned more about the Crohn’s disease struggle of one of our collaborators in the Whole Community Project,
The Durrell Wildlife Conservation Trust is an international conservation charity with the mission of saving species from extinction. Since its establishment in 1959 Durrell has saved numerous species from the brink of extinction and has restored the habitats on which they depend. We now run more than 50 conservation projects in 14 countries. This direct conservation work is complemented by a well-established training programme which, to date has trained more than 3000 conservationists from 128 countries. The third pillar of our conservation efforts is represented by our wildlife park at our headquarters in Jersey. Through captive breeding and applied research the park supports our programmes in the field. The park also plays a role in providing a shop window into our conservation work worldwide to a visiting public.
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With these thoughts in mind, we started writing The Wellness Syndrome. Our hope was to address public issues in a critical and reflexive way. Soon enough we had to ask: do we need organisation theory — or even social theory more generally? We weren’t quite sure. We wanted to write in a scholarly way, but avoid being subsumed by scholarly logic.
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Initial public offerings are mostly used by companies to raise the expansion of capital, possibly to monetize the investments of early private investors, and to become publicly traded enterprises. A company selling shares is never required to repay the capital to its public investors. After the IPO, when shares trade freely in the open market, money passes between public investors. Although IPO offers many advantages, there are also significant disadvantages, chief among these are the costs associated with the process and the requirement to disclose certain information that could prove helpful to competitors. The IPO process is colloquially known as going public.
55. In comparing a system where an issuer can choose its disclosure regime with a mandatory system, the argument for a mandatory approach is in one respect weaker in the case of a firm just going public than in the case of one that is already publicly traded and has a dispersed ownership structure. The insiders of a firm that is just going public are selling their shares in the offering and/or diluting their continuing share ownership in the company. Thus, if they are allowed to choose their disclosure regime, they will have an interest in choosing the regime that yields the highest share price. Because they make their decision based on the issuer’s private costs and benefits, the required level of disclosure of the regime that they choose will, for the reasons discussed in the text, be lower than what is socially optimal. There is, however, at least a floor set by the insiders’ desire to maximize share price. The managers of an already public firm, in contrast, may well choose a regime that requires even less disclosure than would the regime that would yield the highest share price. The less the market knows about what is going on inside the firm, the more protection the managers have against hostile takeover and the pressures on managers brought by activist hedge funds. The managers may well find that this added protection is worth more to them than whatever they are giving up due to a lower share price.
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Why does the national public interest in transactions in securities make it necessary to impose requirements to make regulation and control of transactions in securities as conducted upon securities exchanges and over-the-counter markets reasonably complete and effective? Three reasons are given, two directly related to protection and one indirectly related to protection. The first is in order to protect not the public interest, or even investors, but to protect interstate commerce, to protect the national credit, and to protect the Federal taxing power. The second is, again, not to protect the public interest or investors, but to protect and make more effective the national banking system and to protect the Federal Reserve System. The third is indirectly related to protecting the market—“to insure the maintenance of fair and honest markets in transactions in securities conducted upon securities exchanges and over- the-counter markets.”
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cloud, a core designing theories is to give the dynamic scalabilities for a variety of application. Meaning of this is that distantly kept data’s might not be only used by their client but also can be dynamically upgraded by the user’s, for example, by block processes for example update, delete and insert. Comparison of the POR/PDP Mechanism for the Files Holding of n number of Block Though, the explained operation may raise securities problems in the most of the available mechanism, such as, forgery of authentication metadata’s (named as tags) made by the DOs and the leakage of user key (secret). Though, it is important to develop more capable and safe mechanisms for the dynamic audit service, in that potential benefits through the dynamic data’s processes must be banned.
The forced increase in the NTS exchange rate set the stage for the first policy window for securities reform. Despite the KMT regime’s best efforts to postpone the inevitable, SME representatives and their friends complained bitterly about the rising NT dollar. They channeled their anger through the media, legislators, industry associations and various government agencies, in particular the Medium and Small Business Administration of the Ministry of Economic Affairs (Jingjibu Zhongxiao Qiye J u ) M And not without some justification: the economic impact of the appreciation of the NT dollar was decidedly painful for many of Taiwan’s SMEs. As overseas orders for Taiwan’s low value-added products began to decrease, a pattern of disinvestment or ‘hollowing out’ gathered pace with negative implications for the island’s small firms. Although this process was masked by continuing strong demand in the US and strong overall economic performance at home, traditional SME industries gradually lost ground to a range of capital-intensive industries with large economies of scale. As of May 1987, for example, value-added electronics and machinery grew by 32% and 24% respectively on the same period for 1986. For garments and textiles, however, it was another story entirely: these sectors increased by a modest 4.9% and 6.2% respectively over the same time frame. These were poor results indeed in an economy that expanded by greater than 11% in 1986 and more than 12% in 1987. Behind these figures, SME industry representatives reported that their already slim profit margins (e.g. for most shoe manufacturers, typically around 2-3%) had disappeared entirely. They maintained that any output or export growth recorded in the short to medium term was attributable to firms dumping their product at below cost - a last-ditch effort aimed at preserving market share abroad. Attempts to diversify export markets were slow and had met with limited success. While Europe and Japan were now more attractive destinations for RoC products due to the US dollar exchange rate realignment (which left the Yen and Deutsch-mark stronger against the NT dollar), these markets were not as well understood by Taiwan’s small-scale entrepreneurs, and were more protectionist than the US. Market diversification, much less product diversification, was simply too expensive for many family firms. For a significant number, cutting back production was a natural first choice, and after that, industry exit.65
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Private equity (PE) traces its roots back to the mid-1930s in the US and Europe. In recent decades, the industry has grown both in size and geographical reach. As of 2017, PE has been gaining traction with nearly $1.3 trillion under management (McKinsey, 2018). As PE firms compete with banks through venture capital funds or structured debts, high-risk businesses seeking access to capital have greatly benefited from the competition in the underwriting business provided by securities operations (Garten, 2001). In these cases, small and medium enterprises (SMEs) resort to venture capital for financing whereas distressed enterprises become target clients of leveraged buyout (LBO) funds (Gompers and Lerner 1999; Kaplan and Stromberg, 2001; Sahlman, 1990). Dramatic success stories of PE-backed deals include Apple Computers, Intel Corporation, Microsoft, and Google. As recorded in Zephyr, the maximum price level for a successfully exited IPO deal is 1,153.07 times earnings before interest, tax, depreciation, and amortisation (EBITDA), or 16,649.02 times net profit 1 . The wealth effect of PE financing has attracted great interest from both investors and researchers.
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It is not clear what ‘Commission practice’ is, however. This is one of the first decisions in which the Commission actually pays attention to the entrustment criterion. The preliminary investigation on the Dutch funding of NOS cannot as such be regarded as ‘Commission practice’. Therefore, it is not entirely clear to what ‘practice’ the Commission is reffering. Moreover, it is noted that the Commission requires an additional entrustment for new media services. The entrustment of a general remit is thus no longer adequate for these less traditional activities. It may be added that this approach might not be technology neutral. In spite of these more critical remarks, it might become rather difficult for the Commission to control State aid to public broadcasters without a more specific entrustment. In many EU Member States, public broadcasters have – given the fast developments in the media market – justifiably expanded their activities, and governments have not always supervised this expansion. As a result the legal framework that should support the current activities of public broadcasters is sometimes somewhat outdated. It is no longer fully in line with what public broadcasters are actually doing, which presents the Commission with some evaluation and assessment problems. Hence, it comes as no surprise that the Commission repeats its request for a more specific and detailed entrustment in its decision on the funding of Flemish public broadcaster VRT. 68 Similar demands for a clear
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The situation for loans is different, as liabilities need to be considered in the balance sheet. Thus, agency costs can still be an issue. The repayment of the loan and the interest need to be considered in advance when choosing this post-event funding alternative at a priori fixed contract terms. Though, lending capital might be a good alternative for companies or also for public cat funds in order to dispose of additional liquid capital without the need for earmarking certain inter- nal funds. In practice, earmarking may rather be difficult to proceed over longer periods of time. From the accounting as well as from the political perspective this feature of con- tingent loans seems to be a crucial aspect. Insurance market capacities and public funds can be increased by adding finan- cial means via the capital market. Due to this diversification of resources companies or public institutions have access to additional funds independently of insurance market cycles and the market power of (re-)insurance companies (as men- tioned in Sect. 2).
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worried that people might misunderstand the data, echoing the view of Bannister and Connolly (2011). Nevertheless, other purchasers wanted to see far more openness, so they could jointly plan to improve the financial state of the local ‘health economy’. So one such purchaser wanted more transparency ‘to work out why this service is now more expensive than that service’. He viewed the present system as ‘not a partnership relationship [but] an adversarial relationship. It is not helping in delivering ultimate benefit to the public.’ A provider director concurred. He felt that confidentiality over-protected commercial suppliers. Opening up all providers’ budgets to public and journalistic scrutiny, he thought, ‘would be incredibly radical. Public bodies should put all of their spend in public. I think it would reduce spending.’ As for any negative impact of this, he was much more concerned about the commissioners having the information than reporters and the general public. While the Information Commission respondent considered that the concern expressed about misunderstanding data was not enough to halt release. Furthermore, he suggested, ‘The policy does not assume that the public or journalists will not have an interest in the type of financial data considered here. Its usefulness might only emerge ex-post, when they have play[ed] around with the data over a long time’ (ICO respondent).
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Baron (1985) models a regulatory setting close to the US framework, where a Public Utility Commission is interested in welfare of single States’ consumers and taxpayers but is also interested in the profit of the regulated firm(s) located in the same State, while a Federal Environmental Protection Agency is interested in welfare effects related to the environmental impact of regulated firms’ activity at the whole country (i.e. Federal) level. In Baron’s setting an institutional ordering of jurisdictions is assumed, so that the Environmental Protection Agency is capable of free riding on the regulatory design (and costs) imposed at a State level by the Public Utility Commission; as a result, environmental protection is stronger when the two authorities act in an independent way. Opposite results are obtained by Martimort (1996), where no ordering of jurisdictions is introduced: in a hidden information (i.e. adverse selection) context, both regulators design their intervention in order to free ride as much as possible on the capability of the other regulator’s contribution to guarantee that a socially desirable project is indeed undertaken, leading to sub- optimal equilibria featuring a lower likelihood that the beneficial project is performed.
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Due to the late start of domestic securities industry, research on the efficiency and total factor productivity of securities firms is quite scarce. In the early days, Fan Hong (2002)  performs the assessment and ranking of the operational efficiency in 14 domestic securities firms in 2000 by using C2R model of DEA for the first time. Based on the vertical and horizontal perspectives, Zhu Nan and Liu Yi (2008)  analyze the production efficiency of 42 securities firms in China during 2005-2006 by using Data Envelopment Analysis, and then make use of Malmquist productivity index to draw the conclusion that the improve- ment of securities firms’ productivity mainly comes from the technological de- velopment of firms. Subsequently, most of scholars perform efficiency calcula- tion to securities firms based on DEA method, such as Bian Xiaolei, Chen Xu- ebin (2009) , Shi Shengxu, Tan Jingyuan (2014) , Zhou Jun, Yu Haihao (2017) , etc. While the efficiency of firms is calculated, some scholars begin to keep a watchful eye on the factors affecting the efficiency of firms. For exam- ple, taking 88 domestic securities firms as the research object, Xiong Meihong and Zhu Ning (2011)  calculate the total factor productivity of firms by means of MML index method and then analyze the relevant influencing factors; besides, based on super-efficiency DEA method, Jiang Mianmian et al . (2014)  calculate the efficiency of securities firms and also explore the influencing factors of efficiency based on Tobit model.
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