bluuebunny/crossref_metadata_2025_split huggingface dataset:
SEC releases new interpretive guidance on soft dollar arrangements
Authors: Kaswell Stuart J. , Rosenblat Alan , Sherman Michael L. 
Published: October 2006

PurposeTo describe and analyze in detail an Interpretive Release (the “2006 Interpretation”) approved on July 12, 2006 by the US Securities and Exchange Commission (“SEC”) regarding the soft dollar safe harbor under Section 28(e) of the Securities Exchange Act of 1934.Design/methodology/approachFollowing a brief discussion of the history of soft dollars, describes and analyzes in greater detail relevant aspects of the 2006 Interpretation, including an explanation of the three‐part test concerning the use of soft dollars to pay for products and services under the safe harbor, a discussion of “mixed use” items, further detail on soft dollar arrangements, an explanation of liabilities and obligations of managers and broker dealers, and an implementation timeline.FindingsUnder the 2006 Interpretation, a money manager may rely on the safe harbor to acquire products or services only upon satisfaction of each part of a three‐part test. First, does the product or service meet the eligibility criteria of Section 28(e)(3)? Second, does the eligible product or service provide lawful and appropriate assistance in the performance of relevant responsibilities? Finally, may the money manager properly conclude, in good faith, that the commissions paid are reasonable in relation to the value of the research and brokerage products and services provided by the broker (in relation either to the particular transaction or to the money manager's overall responsibilities with respect to discretionary accounts)? The 2006 Interpretation also is relevant to broker‐dealers who may receive soft dollars. Under Section 28(e), a money manager can pay soft dollars only to broker‐dealers who “provide” research or brokerage services and “effect” transactions. Under the 2006 Interpretation, the circumstances under which broker‐dealers will be seen as “providing” services and “effecting” transactions will be interpreted more broadly than under past interpretations, allowing brokers and money managers greater flexibility to structure soft dollar and commission‐sharing arrangements in a manner that will better serve the interests of investors.Originality/valueProvides a detailed analysis of the 2006 Interpretation concerning soft dollars.
New pension legislation will significantly change US pension and IRA investments
Authors: Gilbert Richard A. , Lloyd Levin Ian , Downie Sarah 
Published: October 2006

PurposeTo describe how the Pension Protection Act of 2006 (the “Pension Act”) will affect the investment of plan assets subject to the Employee Retirement Income Security Act of 1974 (ERISA).Design/methodology/approachDescribes the redefinition of “plan assets” under the Pension Act and explains new statutory prohibited transaction exemptions in areas that include transactions between plans and service providers, cross‐trading, foreign exchange transactions, block trades, the use of electronic communications networks (ECNs), correction to reverse prohibited transactions, bonding, and investment advice.FindingsThe status of existing investors as benefit plan investors under the Pension Act should be reviewed to determine whether formerly precluded investors may now be permitted. ERISA‐related purchase, sale, and transfer restrictions currently in use will need to be reviewed and likely significantly revised to reflect the decreased breadth of “party in interest” prohibitions. Investment advisers will need to review whether they want to begin providing investment advisory services to plan participants and, if so, begin developing procedural safeguards to comply with the requirements of the Pension Act.Originality/valueA useful summary of forthcoming pension legislation as it affects US pension and IRA investments, particularly in its redefinition of the circumstances under which an entity's assets are treated as “plan assets” for ERISA purposes and its new statutory exemptions from the prohibited transaction requirements of ERISA.
Why outsource the compliance function?
Authors: Duck Tim 
Published: October 2006

PurposeTo highlight some of the issues that small firms must address when deciding to avail themselves of the services of independent compliance consultants.Design/methodology/approachExplains why investment firms use independent compliance consultants, discusses practices the FSA has published to ensure a firm meets with its regulatory requirements when using an external consultant, reviews the risks a firm faces when delegating part of its compliance function to a consultant, and suggests factors a firm should consider when selecting and employing a consultant.FindingsAmong the risks a firm must manage when using an independent compliance consultant are that the consultant will turn a blind eye to improper practices, fail to raise issues with aspects of the firm's business the consultant does not understand, become lazy as a result of familiarity with the firm, or not be subject to the same regulatory regime as the firm is. A firm should analyze how proposed outsourced arrangements fit with its reporting structure, strategy, and overall risk profile. As part of a formal process of consideration, the firm should conduct due diligence on the outsourcing consultancy to ensure that appropriate expertise, financial stability, and adequate resources are available.Originality/valueProvides an investment firm considering the use of an independent compliance consultant a useful list of considerations from an experienced compliance consulting firm.
Personal trading policies for hedge fund managers
Authors: Harman Thomas S. , Parry Monica L. 
Published: October 2006

PurposeTo provide a detailed description of personal trading policies that apply to hedge fund managers.Design/methodology/approachSummarizes Sections 206(1) and (2) of the Investment Advisers Act of 1940 (“Advisers Act”), particularly with regard t disclosure of conflicts relating to personal trading and and prevention of misappropriation of investment opportunities; summarizes Section 204A of the Advisers Act, including procedures designed to prevent the misuse of public information; and summarizes Rule 204A‐1 under the Advisers Act, which requires a registered investment adviser to adopt a code of ethics applicable to its supervised persons.FindingsAdvisers must adopt insider trading policies, ensure clear and accurate disclosures about personal trading in their Forms ADV and private placement memoranda, and adopt and enforce codes of ethics. It is also beneficial for an adviser to require its employees to trade only through an affiliated broker‐dealer.Originality/valueProvides a detailed discussion of personal trading policies that apply to hedge fund managers.
Linking autonomous agents to CPFR to improve SCM
Authors: Caridi M. , Cigolini R. , De Marco D. 
Published: October 2006

PurposeThe standpoint of this research lies in the study of the CPFR process for trading partners (belonging to the same supply chain) who are willing to collaborate in exchanging sales and order forecast. This points out the need for providing a collaboration process with an intelligent tool to optimise negotiation.Design/methodology/approachA literature review and classification has been carried out concerning autonomous agents used to manage supply chain processes. To evaluate the strengths coming from an intelligent system embedded within the CPFR process, several experiments in different conditions were conducted using simulation tool.FindingsThe analysis of experimental results points out that the agent‐driven negotiation process (by comparison to CPFR without intelligent agents) benefits in terms of costs, inventory level, stock‐out level and sales.Research limitations/implicationsThe study represents a one‐to‐one scenario, in which only two trading partners collaborate. Further, research has been identified to extend the work.Practical implicationsThe study represents a first step towards the analysis of a multi‐agent system being used to automate and optimise collaboration along a supply chain.Originality/valueThe study represents a novel approach to resolving exceptions concerning sales and forecast data.
The firm's strategic dynamics and corporate governance life‐cycle
Authors: Filatotchev Igor , Toms Steve , Wright Mike 
Published: October 2006

PurposeThe paper seeks to present a novel conceptual framework that integrates the strategic dynamics of the firm with changes in its governance systems.Design/methodology/approachThe agency research agenda is extended to include other corporate governance roles, such as resource and strategy functions, alongside monitoring and control functions. Theoretical arguments are supported by empirical data related to the founder‐manager/IPO, IPO/maturity, maturity/decline and reinvention thresholds.FindingsThe paper shows that corporate governance parameters may be linked to strategic thresholds in the firm's life‐cycle. Successful transition over a threshold is accompanied by a rebalancing in the structure and roles of corporate governance compared with each previous stage in the cycle.Research limitations/implicationsIn the absence of longitudinal data relating to firms as they pass through all life‐cycle stages the study has been restricted to reporting illustrative data from different studies regarding each strategic threshold. Further research might usefully undertake detailed long‐term case studies using a combination of archival and interview data to trace the evolution of firms across the four thresholds.Originality/valueThis paper develops a novel conceptual framework that integrates the strategic dynamics of the firm with changes in its governance systems. It rejects the notion of a universal governance template and argues that corporate governance parameters may be linked to transitions from one stage to another in the firm's life‐cycle. Accordingly, it argues that changes in a firm's strategic positioning may be associated with rebalancing between the wealth‐protection and wealth‐creation functions of governance.
Managerial overconfidence and corporate takeovers
Authors: Pan Hongbo , Xia Xinping , Yu Minggui 
Published: October 2006

PurposeThe purpose of this paper is to model the announcement returns of merging firms based on managerial overconfidence about merger synergy.Design/methodology/approachThe paper applies continuous‐time real options techniques and game theoretic concepts. Managerial overconfidence and strategic interaction between the bidder and the target are incorporated into the model.FindingsThis model implies that: abnormal returns to bidding shareholders will be negative with a high degree of managerial overconfidence; combined returns to shareholders are usually positive; and both the bidder's and the target's abnormal returns are related to industry characteristics, the degree of managerial overconfidence, and the way merger synergies are divided.Originality/valueThis paper, for the first time, reconciles theoretically the following stylized facts: combined returns to shareholders are usually positive; and returns to the acquirer are, on average, not positive. In addition, the model generates new predictions relating these returns to industry characteristics and the degree of managerial overconfidence.
Evaluating ethical decision‐making models: a review and application
Authors: Whittier Nathan C. , Williams Scott , Dewett Todd C. 
Published: October 2006

PurposeThe paper seeks to evaluate the prescriptive value of ethical decision‐making models.Design/methodology/approachThe paper explores various types of models in the ethics literature in concert with knowledge from the decision sciences literature to develop a tentative list of evaluative criteria that might be applied to prescriptive models. It then applies these criteria to one prescriptive model from the ethics literature, developed by Petrick and Quinn, in an attempt to demonstrate the value of more comprehensive evaluation. It closes by considering future research aimed at the evaluation of ethical decision‐making models as well as research needed to validate the Petrick and Quinn model.FindingsThis critique finds that the Petrick‐Quinn judgment integrity model satisfies most of the criteria discussed in the ethical decision‐making literature. The primary opportunities for refining the Petrick‐Quinn model as a prescriptive framework for ethical decision making are: articulating the operational judgment component of the model as a formal, quantitative decision analysis, and conducting research to assess the real‐world utility of the model.Originality/valueWhile there has been a proliferation of research concerning business ethics, little attention has been focused on evaluating the utility of ethical decision‐making models. Accordingly, this paper advances theory, research and practice regarding ethical decision making in organizations.
Determinants of foreign direct investment at the regional level in China
Authors: Na Lv , Lightfoot W.S. 
Published: October 2006

PurposeThis paper sets out to analyze the determinants of foreign direct investment (FDI) on both the country and regional level through the extensive review of past research studies, as well as through the development of a multiple regression model for identifying key determinants of FDI at the regional level in China during the critical year of 2002.Design/methodology/approachThe development of a multiple regression model to identify statistically significant determinants of FDI by region in China.FindingsAs reforms continue to take place, FDI in China has been unevenly distributed. This paper examines five potential determinants of FDI in 30 regions (including provinces, centrally controlled municipalities, and semi‐autonomous regions) of China using a regression model. The specific focus is on 2002, as it is the first full year after China's accession to the World Trade Organization, and the first year in which China exceeded the USA in attracting FDI. From this initial study, one can conclude that the government should consider encouraging capital‐intensive FDI through the further development of a skilled workforce. This means increasing funding for higher education, and infrastructure, while also encouraging more openness in state‐owned enterprises. This paper sets up further research that may help expose regions with greater potential for FDI, as well as identifying regions which need to improve certain conditions in order to receive more FDI.Originality/valueThis paper analyzes the determinants of FDI by region in China in 2002. This year is particularly interesting as it is both the first full year after China's accession to the World Trade Organization, as well as the first year in which FDI was greater in China than in the USA While this research study is only a snap shot of a topic that is of increasing importance to China, it has direct relevance to the FDI development efforts of the individual regions. This study provides evidence that GDP that proxies for the market size and potential is shown to be a big attraction for FDI. Labor quality and the progress of reform or the degree of openness are also important determinants of the distribution of FDI. There is some mild evidence that high labor cost deters the inflow of FDI and the level of infrastructure has positive relation to FDI. These results have important implications for both the central and regional governments as they can be useful in helping the authorities to allocate funds and resources which will help attract FDI.
Reform of state owned enterprises and challenges in China
Authors: Moore Sharon , Jie Wen Julie 
Published: October 2006

PurposeThis paper aims to provide a review of the challenges facing the reform of SOEs, and to address the impacts of SOE reform on business executives, on the base of literature review and empirical data collected in Guangzhou, China.Design/methodology/approachA qualitative research on the base of literature review, supported by empirical data collected from surveys, interviews, and focus group discussion.FindingsAlthough China has made significant achievement in economic reform and the transition into a market system and civil society since 1978, there are still fundamental challenges associated with the reform of state owned enterprises (SOEs). It seems that privatisation will not necessarily solve the complex problems associated with SOEs. This paper suggests that a balanced approach reflecting the best of SOE provision and triple bottom line management appears to provide the best way forward for continuing prosperity in China. The current direction of SOE reform seems to have been driven by privatisation and economic rationalism, rather than a more balanced economic and social strategy. If this trend continues, the challenges for business executives, and the general society, can be overwhelming, and not lead to a more sustainable economy, let alone society, in the medium to long term.Originality/valueReform of SOEs has impacted on China fundamentally. Against the common view that business managers are the social group that is benefiting from SOE reform, this paper focuses on factors affecting the economic and social status of business executives, especially the challenges associated with the reform of SOEs. Supported by primary and secondary data sources, it draws attention to the situation that although the economic and social status of business executives continues to rise in China, insecurity and stress on business executives are growing. Reforms associated with changing SOEs are viewed as possible sources of challenges facing the Chinese economy and business life. Current SOE reform seems to have focused on the economic bottom line. A more balanced approach in the reform of SOEs is suggested for a more sustainable economy and society.
Knowledge production and capabilities – their importance and challenges for construction organisations in China
Authors: Egbu Charles 
Published: October 2006

PurposeThis paper seeks to address the importance of knowledge production and capabilities for the construction industry; and the implications of the challenges associated with their effective exploitation for the construction industry in China.Design/methodology/approachA thorough review of extant literature and 31 detailed semi‐structured interviews with practitioners from 14 large, medium and small organisations in the UK construction industry. Content analysis was adopted as the analytical approach.FindingsThe main triggers of knowledge production in the construction industry are: the need to effectively deal with complex projects; the effective use of new, innovative building materials, systems, services; managing change (both project change and organisational change); coping with the uniqueness of projects; and managing team member interfaces (e.g. consultant‐contractor). Knowledge production is a complex process which can occur through a number of ways (e.g. formal research, reflective practice, transformation and combination of existing knowledge). Organisational culture influences knowledge production both positively and negatively.Originality/valueThis paper addresses the main ways in which knowledge production can benefit construction organisations and can impact positively to organisational innovations. It addresses the role of leadership and culture in knowledge production in organisations. Skilled and competent workforce is key in knowledge production, especially in addressing problem‐solving situations. Appropriate and focused training programmes (e.g. continuing professional development events, other short courses, in‐house programmes‐mentoring, coaching, and job rotation) are important in stimulating approaches for improved knowledge production in organisations. As shortages of skilled personnel are rife in construction in China, organisations need to take the issue of knowledge production more seriously.
Corpus‐predominant gastritis as a risk factor for false‐negative 13C‐urea breath test results
Authors: CAPURSO G. , CARNUCCIO A. , LAHNER E. , PANZUTO F. , BACCINI F. , FAVE G. D. , ANNIBALE B. 
Published: October 2006

SummaryBackgroundUrea breath test sensitivity seems affected by increased intragastric acidity during therapy with antisecretory drugs. Intragastric pH is increased in patients with corpus gastritis with/without atrophy.AimTo test the hypothesis that urea breath test results may also be affected by this gastritis phenotype.Methods123 untreated patients underwent gastroscopy plus biopsies and intragastric pH measurement. The study included 82 endoscopically proven Helicobacter pylori‐positive patients who were offered urea breath test with an acidic meal. Histological findings, urea breath test results and intragastric pH were compared in 66 of the subjects.Results21 of 66 (31.8%) patients had a false‐negative urea breath test. In these patients corpus‐predominant gastritis (85.7% vs. 37.7%; P = 0.0004) and fundic atrophy (66.6% vs. 17.7%; P = 0.0001) were more frequent than in patients with true‐positive urea breath test. Intragastric pH was higher in false‐negative patients (mean 6.3 vs. 4.4; P = 0.001). In a multivariate analysis, the only risk factor for a false‐negative urea breath test was the presence of corpus‐predominant gastritis (OR = 5.6; 95% CI: 1.1–27). There was a negative correlation between the intragastric pH and the delta over baseline values (r = −0.378; P = 0.0023).ConclusionsOur results support the hypothesis that the pattern of gastritis can affect the sensitivity of urea breath test, and suggest that patients with corpus‐predominant gastritis have a high risk of false‐negative urea breath test results.
Leiomyoma with atypical cells (atypical leiomyoma) in the larynx
Authors: Matsumoto T , Nishiya M , Ichikawa G , Fujii H 
Published: October 2006

AimsTo report and confirm the identity of laryngeal leiomyoma with many atypical cells, which has not been described previously.Case detailsA 53‐year‐old man was found to have a polypoid tumour in the larynx. The tumour was excised and the patient has shown no evidence of recurrence over a 5‐year period. The tumour tissue comprised intersecting fascicles of spindle‐shaped tumour cells with blunt‐ended nuclei. Many of the tumour cells showed marked atypia. Mitotic activity in the tumour cells was low, and no atypical mitoses were found. Immunohistochemically, the tumour cells were positive for smooth muscle actin and desmin. p53 overexpression was identified in many tumour cells; the p53 labelling index of the tumour cells was 45%. DNA from tumour cells showed loss of heterozygosity on chromosomes 3p, 5q, 8p, 9p, 10q, 17p and 18q. We diagnosed this case as leiomyoma with atypical cells (atypical leiomyoma) based on the clinical course and pathological and genetic findings.ConclusionThis is the first report of atypical leiomyoma in the larynx. The clinical course and pathological findings indicate that although laryngeal atypical leiomyoma contains numerous atypical cells, it is a benign neoplasm.