The appraisal remedy and merger premiums

The appraisal remedy affords corporate shareholders the optionto redeem their shares for cash in the event of certain transactions,including mergers. Access to appraisal for publicly traded shares,however, differs from state to state. We present the first large-sampleempirical study of the effect of appraisal rights on targetshareholder gains from acquisitions. We examine 1,350 mergersinvolving publicly held firms. We find some evidence that appraisalreduces average shareholder gains in transactions involvingself-interested managers. For the entire sample, however, wefind no evidence that appraisal has any effect, positive ornegative, on target shareholder gains from takeovers.     

Illegal gambling businesses & organized crime: an analysis of federal convictions

Illegal gambling operations have been alleged to support organized crime and victimize participants, rather than benefit them. This is said to occur through cheating in the games provided, defrauding the government of tax revenue, and funding other illicit and criminal activities. What has been missing is a systematic analysis of actual cases involving illegal gambling businesses to determine precisely who is involved, how these businesses operate, the nature of the threat posed, and the law enforcement response to it. The analysis reported here examines all federal convictions involving operation of illegal gambling businesses during a single year. There were more than 80 persons charged and convicted of participation in illegal gambling businesses, centered around 40 distinct enterprises. The results indicate that illegal gambling businesses in the United States are long-term operations consisting of four general types, and that enforcement of existing laws, particularly related to illegal online sports betting, are not working effectively.     

Significance of Family Risk Factors in Development of Childhood Animal Cruelty in Adolescent Boys with Conduct Problems

The literature suggests that physical child abuse, sexual child abuse, paternal alcoholism, paternal unavailability, and domestic violence may be significant in development of childhood animal cruelty. Two groups of early- to late adolescent boys (CTA and N-CTA) in residential treatment for conduct disorder were compared in the current study on histories of these family risk factors. The adolescents in Group 1 were comprised of boys who had conduct problems with documented histories of animal cruelty (n = 50; CTA). Group 2 consisted of adolescent boys (n = 50; N-CTA) with conduct problems, but without documented histories of animal cruelty. Results showed that children in the CTA group had significantly greater histories of physical and/or sexual child abuse and domestic violence in comparison to children in the N-CTA group. These results suggest that physical and/or sexual abuse to a child, and exposure to domestic violence, may be significant in the development of childhood animal cruelty.     

Mobilizing Millennial Voters with Targeted Internet Advertisements: A Field Experiment

Internet advertisements have come under tremendous scrutiny recently for their potential to impact electoral outcomes. However, academic research has yet to determine if they have an effect on turnout. This article presents the results of a preregistered field experiment conducted in Dallas, Texas, in partnership with The Dallas Morning News in which individually targeted banner ads were able to generate a statistically significant increase in turnout among Millennial voters in a municipal election. The results show that a combination of information and voting reminder ads was effective, but only for voters in competitive districts. Estimated treatment effects were on par with a telephone mobilization campaign using live callers. These findings contribute to theoretical knowledge about the role of political knowledge and electoral competitiveness in voter mobilization, and offer a new method for testing online advertisements used by political campaigns.