Cross-border Mergers and Acquisitions in different legal environments

The aim of this paper is to analyze the influence of the legal and institutional environment on bidder firm returns around the announcement date of cross-border Mergers and Acquisitions (M&As). The database includes 469 M&As of European (221 cross-border and 248 domestic) listed firms, with target firms being worldwide public or private firms (40 countries), over the 2002–2006 period.Shareholders of acquiring firms place greater value on cross-border M&A announcements than on domestic ones. The stronger (weaker) the legal and institutional environment of the acquirer firm country in comparison with that of the target firm country, the more positive (negative) the effect on acquiring-firm shareholders’ valuation of M&As.     

DECOMPOSING THE PEER EFFECT ON ADOLESCENT SUBSTANCE USE: MEDIATION,NONLINEARITY, AND DIFFERENTIAL NONLINEARITY*

Although the correlation between peer delinquency and delinquency is one of the most consistently demonstrated findings in delinquency research, researchers have focused primarily on the direct, linear, and additive effects of peers in statistical models, rather than on empirically modeling mediating, nonlinear, and moderating processes that are specified by theory. To address these issues, we measure respondent delinquency and peer delinquency with illegal substance use and then decompose the effect of peer substance use on self‐reported substance use. Logistic hierarchical models on a sample of adolescents from the Project on Human Development in Chicago Neighborhoods (PHDCN) indicate that the effect of peer substance use on self‐reported substance use is partially mediated by perceptions of the health risks of substance use. In addition, the direct statistical effect of peers is nonlinear: On average, the peer effect decreases at higher values of peer substance use, which is consistent with a “saturation” effect. We also find that the functional form of the peer substance use/substance use relationship is dependent on the neighborhood context. In neighborhoods with more opportunities for crime, the peer effect is initially strong but decreases as peer substance use increases, which is consistent with a saturation effect. Conversely, in neighborhoods with fewer opportunities for crime, the effect of peers is initially small, but as delinquent peer associations increase, the peer effect increases multiplicatively.     

Repetition, power imbalance, and intentionality: do these criteria conform to teenagers' perception of bullying? A role-based analysis

The criteria that researchers use to classify aggressive behaviour as bullying are 'repetition', 'power imbalance', and 'intent to hurt'. However, studies that have analyzed adolescents' perceptions of bullying find that most adolescents do not simultaneously consider these three criteria. This paper examines adolescents' perceptions of bullying and of the different forms it takes, and whether these perceptions vary according to the teen's role of victim, aggressor, or witness in a bullying situation. The data acquisition instrument was a questionnaire applied to a sample of 2295 teenagers. The results show that none of these three groups considered the criterion of repetition to be important to define bullying. A further conclusion was that both aggressors and witnesses used the criteria of 'power imbalance' and 'intent to hurt' to identify a situation of bullying, although the aggressors placed especial emphasis on the superiority of power over the victim, while the witnesses emphasized the intent to hurt the victim. One noteworthy finding was that victims do not consider the factor 'power imbalance'. The factor that determined their perceptions was the 'intent to hurt'. Finally, some modes of bullying were seen as forms of typical teen social interactions, and the perception depended significantly on the adolescent's role as aggressor, victim, or witness.     

The Determinants of the Structure of Rainy Day Funds

This article investigates the factors that determine the configuration of budget stabilization funds, also known as rainy day funds, along their two most important dimensions: deposit and withdrawal requirements. These funds are created to accumulate savings in order to reduce the impact of adverse fiscal conditions during downturns. The effectiveness of such funds depends greatly on their institutional structure, and yet most states choose configurations that compromise their efficacy. Using multinomial discrete techniques, and introducing the ordered nature of the requirements in the analysis, the results of this study indicate that political and institutional factors such as the size of the house of the legislature and some strict institutions are associated with weak budget stabilization funds, while economic factors such as the volatility of state tax revenues are associated with stricter funds.     

WHY DO LOCAL GOVERNMENTS PRIVATIZE THE PROVISION OF WATER SERVICES? EMPIRICAL EVIDENCE FROM SPAIN

Why do some local governments privatize water services, while others opt for public management? Economic literature has been unable to demonstrate that private management is more efficient than public management, so there must be other reasons that lead governments to privatize the service. But what are they? This paper presents the results of a study that analyses the factors behind the privatization of water services with data from 741 municipalities located in the South of Spain over a period dating from 1985 to 2006. A discrete choice model analyses the influence of each factor on the likelihood of privatization. One of the novelties of this paper is that we take the value of the explanatory variables at the time when water services are privatized. Among our findings, it is worth highlighting the importance of the size of municipalities, their financial burden and the neighbouring effect.     

Validation of neuropsychological consequences in victims of intimate partner violence in a Spanish population using specific effort tests

Neuropsychological consequences in female survivors of intimate partner violence are being used in courts as evidence of acquired injury and for criminal exculpation. To support the validity of neuropsychological test performance and the veracity of victim testimony, effort tests can be used by expert witnesses. Nevertheless, no study has evaluated whether the two principle types of effort tests, Symptom validity tests or Performance validity tests, are most adequate for this population. The study’s objective was to compare the false positive rates of a Performance validity test (Test of Memory Malingering: TOMM) and a Symptom validity test (Structured Inventory of Malingered Symptomatology: SIMS). The sample included 68 female intimate partner violence victims and 40 control females. SIMS showed a significantly higher rate of false positives in victims on four of five subtests, reaching a 59.3% in the total score. There were 0% false positives in both groups on the TOMM. Findings indicate that the SIMS may incorrectly score female IPV victims, undermining the victim’s testimony in judicial cases.     

La construction institutionneIIe des reagions du Québec

Sommaire: En visant le développement régional, l'État québécois est passé dune phase d'aménagement du territoire à une phase de management régional de programmes nationaux ainsi que de biens et de services collectifs. L'émergence ou la localisation d'organisations publiques, parapubliques et collectives entre l'État et les municipalités traditionnelles ont occasionné, en fait, la construction institutionnelle des régions. Douze composantes caractérisent cette construction et offrent des criteres de différenciation entre les deux écheions que sont les régions administratives et les régions mrc. Grke à la mesure de l'occupation institutionnelle de ces deux niveaux régionauu, l'article illustre plusieurs phénomènes, dont le degré de construction de cliaque région du Québec. Les auteurs exposent les causes des inégalités ainsi que les tendances actuelles. Abstract: In its efforts towards regional development, Quebec has gone from a phase of physical planning to a phase of regional management of national programs as well as collective goods and services. The emergence or the placing of public organizations at the levels between local municipalities and the state has in fact given rise to the institutional organization of regions. This concept is characterized by twelve components which differentiate between the tier of administrative regions and the tier of the mrc regions. With the degree of the institutional occupation of these two regional levels, this ptper illustrates several phenomena, in particular the degree of achievement in the organization of Quebec regions. The authors expose some causes of inequalities in the achievement of organizations in these regions and the actual tendencies.