Corporate Financial Performance and the Use of Takeover Defenses

This paper tests the hypothesis that the threat of a contested takeover improves corporate performance. This is done by a cross-sectional analysis of listed Danish firms with and without effective takeover defenses. Takeover defenses adopted by Danish firms mainly consist of dual class voting rights often in combination with foundation ownership. Using simultaneous equation estimation to deal with the problem of causation, the results show that unprotected firms do not outperform protected firms. This suggests that management in unprotected firms are disciplined by other corporate governance mechanisms than the market for corporate control, including the legal protection of shareholders.     

Client abilities to assist counsel and make decisions in criminal cases

Three studies of attorney-client decision making were conducted in a public defender office. In studies 1 and 2 a structured interview was used to debrief attorneys regarding clients' participation in their cases. Study 1 examined a sample of 200 felony and misdemeanor cases selected prospectively and resolved by any means (92.5% by plea); study 2 examined 200 felony and misdemeanor cases resolved by trial. Study 3 involved debriefing both attroneys and clients regarding perceptions of client participation in 35 recently closed felony cases. Attorneys doubted the competence of 8%–15% of clients charged with felonies and 3%–8% of clients charged with misdemeanors. In cases involving clients of doubted competence, attorneys often responded by means other than referral to mental health professionals for competence evaluations. As compared with clients whose competence was presumed, attorneys tended to view clients whose competence was doubted as less helpful and as less actively involved in their cases, but as actively involved in making key decisions. Defendants' perceptions appeared to be roughly consistent with attorneys' perceptions, allaying concerns that attorneys' reports may be distorted in order to conform to expected norms.     

Rectal fist insertion. An unusual form of sexual behavior

Rectal fist insertion (fist fucking) is an uncommon and potentially dangerous sexual practice. This is usually a homosexual activity, but can also be a heterosexual or an autoerotic practice. One known death has been reported associated with rectal fist insertion, in which the complications of anal and colonic tears and bleeding had occurred (see Editor's note). The possibility of drug overdose is also probable, as drugs and alcohol are commonly introduced into the rectum to promote sphincter relaxation and to ease the discomfort of anal dilatation.