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Institutional Responses (institutional + response)
Selected AbstractsDeterminants of Institutional Responses to Self,Tender OffersFINANCIAL REVIEW, Issue 3 2002Judith Swisher I examine how institutional investors respond to self,tender offers for common shares. I find that institutions sell more shares in larger offers and with higher proration factors. Institutions also sell more shares when officer and director holdings are not at risk in the offers. Banks, investment advisors, and other managers respond similarly, selling more shares in larger offers. Although institutions as a group do not respond differently by offer type, insurance companies and investment advisors sell more shares in fixed,price offers. Mutual funds, which differ from other types of institutions, sell more shares for firms with greater increases in leverage. [source] The Role of Religion for the Integration of Migrants and Institutional Responses in Europe: Some Reflections1THE ECUMENICAL REVIEW, Issue 4 2009Doris Peschke First page of article [source] Developmental aspects of violence and the institutional responseCRIMINAL BEHAVIOUR AND MENTAL HEALTH, Issue 3 2000Stephen BlumenthalArticle first published online: 14 MAR 200 Introduction The developmental and attachment literature on violence is reviewed. Violence is conceptualized as an attempt to achieve justice. The cycle of violence is explored with reference to the early experience of perpetrators and their treatment by the criminal justice system after they have committed acts of violence. Aetiology The origins of violence are considered in the context of the experience of trauma in childhood and the consequent damage to ,internal working models' of relationships. The perpetration of violence in later life is viewed in the context of identifying with the aggressor, the obliteration of thought processes and the repetition of the earlier childhood trauma. The offence is considered as a symptom, a symbolic communication, by individuals who are unable to symbolize distress on a verbal level. The institutional response The ,violence begets violence' hypothesis is then extended to include the response of society and its institutions as part of the full circle of the repetition compulsion: the childhood victim who later becomes a perpetrator, then again becomes the victim of a cruel and persecuting system. Incarceration is viewed as a ,compromise formation' in that it fulfils the wish both for punishment and for care, albeit in a highly disguised form and allowing for a defensive state of mind to continue. The therapeutic relationship These issues are considered in the context of the therapeutic relationship and the enactment of early trauma in this setting which may provide insight into the psychological processes at work between the offender and society. Conclusions Understanding violence indicates that, whilst some individuals need to be physically checked, a response which focuses on retribution fails to address the problem of violence and colludes with the very pathology of those who engage in such action. Copyright © 2000 Whurr Publishers Ltd. [source] Bookbuidling, Auctions, and the Future of the IPO ProcessJOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2005William J. Wilhelm Jr. Auction theorists predict that bookbuilding, long the standard process for selling equity IPOs in the U.S., is about to give way to an Internet-based IPO auction process that is both more efficient and more fair. The promise of auctions is that, by using an electronic platform that gives all investors the opportunity to bid on IPOs, the underpricing of IPOs and commissions to underwriters will be reduced, leading to an increase in net proceeds to issuers. Largely missing from such arguments, however, is an appreciation of why bookbuilding has dominated U.S. practice (and continues to supplant auctions in IPOs in most countries outside the U.S) and the role of undepricing in the IPO process. Rather than canvassing all investors, bookbuilding involves eliciting expressions of interest from institutional investors, and then allocating shares mainly according to the strength of their professed interest. In contrast to auctions, which allocate shares according to a set of explicit rules, bookbuilding involves a set of implicit "rules" that provide considerable room for judgment by the underwriter. This does not mean that the rules are arbitrary or not well understood by participants, particularly after thousands of IPOs conducted over the better part of two centuries. But to manage the exchange of information between issuers and investors, and the potential conflicts of interest in representing both groups, such rules must be administered by an intermediary with a considerable stake in protecting its reputation for fair dealing. Investment banks that deal with both issuers and the investment community on a regular basis are well positioned to perform this function. The underpricing of IPOs is best viewed not as a transfer of wealth from issuers to favored investors but rather as compensation to the large influential investors that play a major role in the price discovery process. By opening the process to all comers, auctions will discourage these large investors from bidding aggressively because less sophisticated investors will be able to "free ride" on their research and due diligence. To the extent this happens, auctions may suc ceed in reducing underpricing (in fact, they may even lead to over pricing), but they will also reduce the net proceeds for issuers. Nevertheless, recent advances in communications technology and auction theory will undoubtedly reshape current securities underwriting practices. In particular, Internet auctions are likely to replace bookbuilding in debt IPOs and less risky equity issues (say, IPOs of LBOs). But the argument that Bookbuilding will be completely cast aside in favor of largely untested alternatives fails to appreciate a successful institutional response to major market imperfections, some of which can never be wholly eliminated. Especially in the case of risky (first-time) equity IPOs, there will continue to be an important role for managing the information exchange between issuers and investors that is critical to the IPO process. [source] Urban,agricultural water appropriation: the Hyderabad, India caseTHE GEOGRAPHICAL JOURNAL, Issue 1 2010MATTIA CELIO With the urbanisation drive comes steady growth in urban water demand. Although in the past this new demand could often be met by tapping unclaimed water sources, this option is increasingly untenable in many regions where little if any unclaimed water remains. The result is that urban water capture, and the appropriation of associated physical and institutional infrastructure, now often implies conflict with other existing uses and users. While the urbanisation process has been studied in great depth, the processes and, critically, impacts of urban water capture and appropriation are not well researched or understood. This paper undertakes a critical examination of the specific case of Hyderabad, one of India's fastest growing cities, to shed light more generally on the process of water capture by cities and the resultant impacts on pre-existing claims, particularly agriculture. It does this by examining the history and institutional response to Hyderabad's urban,rural water contest; how the results of that contest are reflected in surface and groundwater hydrology; and the eventual impacts on agriculture. The findings show that the magnitude, and sometimes even direction, of impact from urban water transfer vary in space and time and depend on location-specific rainfall patterns, the nature of existing water infrastructure and institutions, and farmers' adaptive capacities and options, notably recourse to groundwater. Broader consideration of the specific findings provides insights into policy mechanisms to reduce the possible negative impacts from the global, and seemingly inexorable, flow of water to the world's growing cities. [source] A conceptual framework for understanding global and transnational public goods for healthFISCAL STUDIES, Issue 2 2002Todd Sandler Abstract The paper presents two taxonomies for classifying global and transnational health-promoting activities according to three parameters of publicness , non-rivalry of benefits, non-excludability of non-payers and the aggregation technologies. Based on these taxonomies and their implications for efficiency and equity, this paper identifies the need for international cooperation in some, but certainly not all, areas concerning the provision of such health-promoting activities. Additionally, institutional responses are evaluated in light of the various health-promoting activities. The roles of multilaterals, non-governmental organisations, foundations and nations are addressed. A host of current global health issues , for example, public-private partnerships, international orphan drug legislature and patent protection , are addressed. [source] The Indian Movement and Political Democracy in EcuadorLATIN AMERICAN POLITICS AND SOCIETY, Issue 3 2007Leon Zamosc ABSTRACT This article examines the implications of the Ecuadorian Indian movement for democratic politics. During the 1990s, the movement successfully fostered indigenous and popular participation in public life, influenced government policies, and became a contender in power struggles. But in the institutional domain, the participatory breakthrough had mixed effects. While the movement fulfilled functions of interest representation and control of state power, its involvement in a coup attempt demonstrated that its political socialization had not nurtured a sense of commitment to democracy. The evidence is discussed by reference to the proposition that civil society actors may or may not contribute to democracy. The article argues that the study of the democratic spinoffs of civil activism requires a context-specific approach that considers the particularistic orientations of civil associations and pays attention to their definition of means and ends, the institutional responses evoked by their initiatives, and the unintended consequences of their actions. [source] Devolution, equity and the English question,NATIONS AND NATIONALISM, Issue 4 2008CHRISTOPHER G. A. BRYANT ABSTRACT. Following devolution to Scotland, Wales and Northern Ireland, does England need a stronger political voice and/or constitutional changes to safeguard its identity and interests? (the ,English question'). Polling and other evidence suggests that it does, albeit more to redress inequities associated with voting in parliament (the ,West Lothian question') and the distribution of public spending (the ,Barnett formula') than to safeguard its identity. Although campaigners for English devolution have had little impact, and alternative institutional responses to the English question are all problematic, it would be imprudent of the major parties to do nothing. The least difficult course would be adoption of English votes on English matters and reform or replacement of the Barnett formula. [source] Meeting the Needs of Welsh Speaking Young People in CustodyTHE HOWARD JOURNAL OF CRIMINAL JUSTICE, Issue 4 2005Caroline Hughes The article provides a brief outline of the current use of the Welsh Language in Wales and explores the significance of being a territorially bound and historically situated linguistic group. Perceptions of members of a youth offending team (from an area with a high proportion of Welsh speakers) are used to illustrate some key issues affecting Welsh speaking young people sentenced to custody. The developmental and rehabilitative implications of the current situation for young Welsh speaking people and the institutional responses to their linguistic needs are explored. Concluding the discussion, the authors argue that either the current Youth Justice Board for England and Wales needs to engage more proactively with the bilingual context of Wales, or a new Youth Justice Board for Wales should be constituted. Such a Board, they suggest, would be specifically concerned and focused on Welsh issues and might therefore be more committed towards making equal opportunities a reality for Welsh speaking young people in custody. [source] | |||||||||||||