Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence

Despite the long-standing insider trading debate, there is littleempirical research on insider trading laws, especially in acomparative context. The article attempts to fill that gap.I find that countries with more prohibitive insider tradinglaws have more diffuse equity ownership, more accurate stockprices, and more liquid stock markets. These findings are generallyrobust to controlling for measures of disclosure and enforceabilityand suggest that formal insider trading laws (especially theirdeterrent components) matter to stock market development. Thearticle suggests further avenues of empirical research on thespecific mechanisms through which insider trading laws mightmatter and the political economy of their adoption.     

Marmagão exchange

After two years of fighting in World War II, the US and Japan agreed on a second exchange of interned nationals. Neutral territory in Goa, Portuguese India, was chosen in October 1943, The US Consulate in Bombay directed the entire complicated operation. Two ships, each carrying approximately 1,500 refugees, all of whom required nationality checks, stateroom assignments, money settlements, sick passengers had to be transferred, and many other services had to be performed. As all were still enemies, they had to be kept separated throughout the operation. Remarkably, the acutal physical excahnge was completed in only three hours, on Tuesday, 19 October.     

PROFESSIONAL INTERDEPENDENCE IN DIVORCE PRACTICES

Divorce mediation is one area of the new and growing field of interpersonal mediation. Differences and similarities between divorce mediation and divorce psychotherapy are discussed in this article, and a method for teamwork between the two professions is proposed. The authors take the approach that the separate but overlapping practices of mediation and psychotherapy can be interdependent and that specific benefits to divorcing clients can result when divorce mediation and divorce psychotherapy are practiced collaboratively.     

Collective Reputations Affect Donations to Nonprofits

Maintaining their organization's reputation is an important challenge for nonprofit managers. Organizations are often linked via a common reputation within their industry or sector such that publicity about one organization can spill over to affect how stakeholders view its peers. The linkages of common reputations may be particularly pronounced among nonprofits because important dimensions of their quality are difficult to observe directly. In this paper, we show that when the third‐party evaluator Charity Navigator rates nonprofits and displays ratings of their peers, it creates a collective reputation among groups of nonprofits performing similar functions in the same region. Through an analysis of 3,413 charities from 1993 through 2008, we find that donations to nonprofits rated by Charity Navigator rise and fall with the published Charity Navigator ratings of their peers. The effect appears to be due to the charity updating fundraising choices in response to the ratings rather than donor reactions. The presence of collective reputations has important implications for nonprofit management, such as collective self‐regulation programs.     

Strategic planning through a participatory learning and action framework: a Kenyan study

This paper reflects on the use of a participatory learning and action (PLA) framework in a strategic planning process (SPP) at a primary school in rural Kenya. Successes and challenges are discussed, focusing on the barriers to fully implementing the PLA framework. Additionally, lessons learnt and ways forward for participatory SPPs are outlined. The PLA framework allowed the project stakeholders to engage in a planning process that gave participants a voice in the process. Although PLA methodology faces shortcomings, the application of this model is a step towards making community development more sustainable.     

Company level localization and public affairs officers' educational background in Switzerland

As corporate public affairs officers have only rarely been researched in Switzerland, this study contributes a situation analysis of Swiss public affairs officers, their work processes, and biographical background to further fill this empirical gap. First, the existing public affairs research regarding Switzerland is reviewed, and research questions are derived. The research was conducted by sending out a survey to the members of the Swiss Association for Public Affairs, followed by personal in‐depth interviews with 11 public affairs officers. The findings show that respondents work in organizations that employ 1 to 82,100 people are all Swiss nationals, and their departments are mostly called ‘public affairs’. The responsibility of public affairs is predominantly for senior or top management level, and the majority of public affairs officers report to the director of their department. The respondents are highly educated. Moreover, the paper asks whether public affairs is conducted in a strategic way by taking Fleisher's 10 elements as a conceptual basis. Results show that strategic involvement of their activities is rather low. Recommendations are discussed in order to increase the strategic involvement and advance professionalization of public affairs in Switzerland with specific regard for the political system. Copyright © 2014 John Wiley & Sons, Ltd.     

GHB free acid: I. Solution formation studies and spectroscopic characterization by 1HNMR and FT-IR

In forensic evidence, gamma-hydroxybutyric acid (GHB) has frequently been encountered in one of its salt forms (gamma-hydroxybutyrate), but has also been encountered in its free acid form (GHB). Owing to the physical properties, encounters of the free acid have been largely restricted to forensic exhibits comprising aqueous solutions, such as acidic beverages that have been "spiked" or formulated with GHB salts or gamma-butyrolactone (GBL). The analysis of GHB free acid presents particular difficulties including the potential for altering the original proportions of GHB free acid, GHB carboxylate, and GBL in the course of analysis, and discrimination between GHB free acid and carboxylate forms. In this work, the formation of GHB free acid in aqueous solutions (water and/or D2O) was studied as a function of solution pH. Proton nuclear magnetic resonance (1HNMR) and Fourier-transform infrared spectrometry (FT-IR) measurements were obtained on freshly prepared mixtures of NaGHB and HCl stock solutions representing a series of points along the GHB titration curve. Both 1HNMR and FT-IR were shown to track the changing proportions of GHB free acid and carboxylate forms as a function of pH, while simultaneously monitoring for the formation of the lactone (GBL). The results were consistent with acid-base conversion behavior for a carboxylic acid. 1HNMR was shown to provide an ideal means for analysis of aqueous-based GHB/GBL forensic exhibits based on simple dilution of the neat liquid exhibit, without altering the original proportions of GHB free acid, carboxylate, and GBL in the samples.     

Changing patterns of addiction and public aid receipt: tracking the unintended consequences of welfare reform

Sharp declines in welfare rolls since the passage of welfare reform legislation have led many to label it a social policy success. Using data from prereform and postreform samples of welfare applicants and recipients, as well as ethnographic data on welfare reform implementation, we examine three hypotheses based on concerns raised during the welfare reform debate about the possible effects of new policies on substance abusers and addicts: First, they would be "scared off," or discouraged from applying to aid by welfare's new requirements surrounding work and treatment. Second, they might be "weeded out," or face discrimination in the application process because of concerns about the difficulty of moving them successfully from welfare to work. Third, they might be "bumped down," or shifted to local aid programs rather than moving from welfare to self-sufficiency. Our empirical analysis finds no evidence of scaring off or weeding out, and some evidence of bumping down. Using ethnographic data, we offer some possible explanations for these findings by placing them in the context of policy change and implementation in the years following welfare reform.