Search results

To explain recent amendments by the US Securities and Exchange Commission (the SEC) to Sections 312.03(b) relating to issuances of securities to substantial stockholders (the Substantial Stockholder Issuance Rule) and 312.03(c) (the 20 Per cent Rule) of the New York Stock Exchange’s (the NYSE) Listed Company Manual to change the definition of “market value” for purposes of the 20 Per cent Rule and eliminate the requirement for shareholder approval of certain private issuances at a price less than book value but greater than market value.

This article provides background on the purpose and policy behind the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and summarizes the provisions of each rule, both before and after the recent SEC amendments thereto. This article then highlights the most important changes to the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and explains the implications thereof for NYSE-listed issuers.

The amended Substantial Stockholder Issuance Rule and the 20 Per cent Rule provide NYSE-listed issuers greater flexibility in structuring transactions involving private placements of equity and will likely reduce the number of such transactions requiring a shareholder vote.

Practical guidance from experienced corporate finance and capital markets lawyers.

To explain a recent amendment by the US Securities and Exchange Commission (the SEC) to Nasdaq Rule 5635(d) (the 20 per cent Rule) to change the definition of “market value” for purposes of the 20 per cent Rule and eliminate the requirement for shareholder approval of certain private issuances at a price less than book value but greater than market value.

This article provides background on the purpose and policy behind the 20 per cent Rule and summarizes the provisions of the 20 per cent rule, both before and after the recent SEC amendment thereto. This article then highlights the most important changes to the 20 per cent Rule and explains the implications thereof for Nasdaq-listed issuers.

The amended 20 per cent Rule provides Nasdaq-listed issuers greater flexibility in structuring transactions involving private placements of equity and will likely reduce the number of such transactions requiring a shareholder vote.

Practical guidance from experienced corporate finance and capital markets lawyers.

The article concerns efforts to identify the key users of Polish digital libraries.

The research was based on a questionnaire containing 19 questions, on subjects which included ways of using the library, reasons for using it, and which types of publications were most often used. Use was also made of statistical data collected on the library's server. An attempt was made to characterize the dominant groups of digital library users, taking a user's interests as the main determinant. The analysis focused on age, sex, level of education, and size of town where users reside. An attempt was also made to determine approximately the total number of users.

Approximately 60 per cent of users are amateur historians with an interest in the history of their place of residence or genealogists interested in the history of their family. The remaining 40 per cent consist mainly of academic researchers and students. The number of regular readers – those who use the library at least several times per year – is approximately 30,000. There will probably be a significant rise in the number of users in the amateur historians and genealogists category. One of the factors that may affect the number of users is the expansion of information technology infrastructure in rural areas. This will undoubtedly cause a significant rise in the number of internet users, although the number of digital library users will probably increase only marginally as a result of this. A second factor is the spreading of internet skills in the over‐70 age group. In a few years' time that group will be more numerous. The group that affords the greatest prospects for expansion is students. Firstly this is a group that numbers two million people in Poland, and secondly they require universal access to textbooks. A cause for concern is the minimal interest in digital libraries shown by teachers and school pupils.

This is the first stage of research into the function performed by digital libraries in Polish society.

This is the first study carried out in Poland to answer the question of who uses digital libraries, to what extent, and why.

Dispatching rules are usually applied dynamically to schedule jobs in flexible manufacturing systems. Despite their frequent use, one of the drawbacks that they display is that the state the manufacturing system is in dictates the level of performance of the rule. As no rule is better than all the other rules for all system states, it would be highly desirable to know which rule is the most appropriate for each given condition, and to this end this paper proposes a scheduling approach that employs inductive learning and backpropagation neural networks. Using these latter techniques, and by analysing the earlier performance of the system, “scheduling knowledge” is obtained whereby the right dispatching rule at each particular moment can be determined. A module that generates new control attributes is also designed in order to improve the “scheduling knowledge” that is obtained. Simulation results show that the proposed approach leads to significant performance improvements over existing dispatching rules.

The international energy agency states that the world’s primary energy needs are expected to grow to 55 per cent until 2030. Therefore, oil and gas industry as the main energy source will be more crucial where building or advancing new capacities is required. Because the reports highlight the delay as a recurring problem, thereby, more in-depth investigation to find out the main contributing causes is needed.

Root cause analysis (RCA) was applied to identify, rank, analysis and categorize the main sources of this problem.

Based on RCA procedure; Pareto analysis showed that 84.7 per cent of the delay is because: the radar chart indicated no difference in perception of the participants regarding the importance of the root causes, correlation analysis suggested strong relationship among the participants and the cause-and-effect diagram emphasized more on operational, human and equipment categories, which in total account for 51.86 per cent of the delay.

The risk planners of large-scale projects can consider these root causes as the main items to analysis, monitor and control, as they are vitally important for project success.

This study examines audit fee premiums from brand name, industry specialization, and industry leadership after the merger of two Big 6 audit firms, creating the Big 5 in 1998 in the Malaysian audit market. A sample of 679 companies listed at the main and second boards of Kuala Lumpur Stock Exchange (KLSE) are investigated for audit fee premiums. Industry specialization is determined on the basis of 20 per cent share of audit market calculated by the number of audited companies in the industry. Audit fee premiums are calculated based on the Simunic (1980) model of audit fees. Results show: that Big 5 audit firms obtain 65.4 per cent audit market share for all KLSE listed companies; that Big 5 audit firms earn higher audit fees than non‐Big 5; and that industry specialization does not generate audit fee premiums. The study finds evidence for audit fee premiums derived from industry market leadership. Results also reflect the competitiveness among Big 5 audit firms in the audit market especially following the merger of Big 6 audit firms.

This study aims to develop a prototype for measuring the carbon emissions arising from the utilization of electrical appliances in a typical Hong Kong family in Kowloon District.

To estimate carbon emission coefficients of energy consumption, the US building energy database books are referred to, which include home appliances’ energy end-use expenditure splits and energy end-use carbon splits. Due to differences in climate, geography and culture, the estimation equations are refined with assumptions and constraints based on the context of Hong Kong.

By calculating the amount of carbon emissions from different electrical appliances, including space cooling, water heating, lighting, refrigeration, wet cleaning and cooking, it is estimated that the carbon emissions from major home electrical appliances in Hong Kong’s residential building sector is 1,805,397 metric tons. According to the findings of this study, by adopting the energy-saving guidelines for space coolers, refrigerators, water heaters and washing machines, carbon emissions in Hong Kong’s residential building sector can be reduced by 155,443 metric tons, or by 8.6 per cent of the current emission.

Due to limited resources, the case study does not cover residential units in other districts of Hong Kong, including the Hong Kong Island and the New Territories. In addition, relevant institutional and financing costs of implementing the proposed practices such as increasing the air-conditioning temperature and upgrading the lighting system should be further considered. Future research will be extended to the wider territory of Hong Kong and to obtain more cases for analysis.

This paper provides a microscopic perspective on investigating the carbon emissions associated with energy consumption from major home electrical appliances in Hong Kong’s residential buildings. By unveiling the interaction between energy consumption and carbon emission, we formulate measures and strategies for implementing a cost reduction and carbon saving scheme of Hong Kong’s residential buildings, which is in line with government’s guidelines on green buildings.

The purpose of this paper is to facilitate a better understanding of the insights provided by adopting a behaviourism perspective of the socio-demographics, consumption dynamics and retail channel patronage of wine consumers and the potential marketing implications these have.

Systematic random sampling yielded 811 surveys of wine consumers collected at households across Australia’s three main consumption metropoles. A hierarchical multiple regression model is used to test the predictive ability of the socio-demographical variables, gender and age, on personal wine consumption.

Specific differences exist in the consumption behaviour and wine type preferences of males and females, and between generational cohorts, specifically Millennial and older consumers. There are gender significant differences in wine type consumption, which in turn is moderated by not only the “classical” socio-demographic variables, but also the retail outlet types preferred for product purchase. Younger Millennial females place more importance on external choice cues in making their buying decision than males. The gender and age generation socio-demographic variables are not strong predictors of personal wine consumption.

Opportunities exist for niche-marketed brands targeted at specific segments such as young females and this study highlighted their specific needs and consumer behaviour dynamics.

This study illustrates through carefully executed wine consumer behaviour research, directed by questioning from the extant literature, how information derived from a behaviourism perspective can intelligently inform marketing strategies. In the process, it also provides “baselines” for future research.

The purpose of this paper is to explore how curriculum design, internal infrastructures and support systems have had to be innovated to best meet the requirements of Higher Degree Apprenticeships (HDA) programmes within the business management portfolio at Solent University. This paper is written from the perspective of University, apprentice and employers’ journeys to support accidental and aspiring managers in the pursuit of the destination of “management professional”.

Feedback and insight from both apprentices and employers were gathered from a range of organisations within both public and private sectors; these were then reviewed as part of this case study approach. All of the samples either had practical knowledge of an HDA and were currently active in the study or were supporting apprentices in the workplace. The other sample groups were internal colleagues who were identified because of their current working knowledge of providing infrastructure support for the HDA provision. From this, thematic analysis was conducted to allow the analysis of patterns of feedback or concerned areas of employees, which allowed researchers to identify where the challenges and blocks were occurring along the journeys. The samples were identified from within the Chartered Manager Degree Apprenticeship and Level 5 Operations and Departmental Manager HDAs. A case study methodology was used.

From the analysis of the feedback and insights, there were a few themes which were identified and will be discussed further within this paper as to how Solent has approached these areas and will: provide outcomes around how Solent worked with employers to help them understand the benefits of implementing HDAs; outline how innovation in central service infrastructure took place to support employers and apprentices in the on-boarding both to ensure the correct assessment of apprentice suitability and route and also to support their apprenticeship journeys; discuss how we have effectively de-mystified some of the more challenging areas of the HDAs including that the 20 per cent off-the-job training will be “time out of the office” and how this can be positively managed to benefit both the apprentice, employer and organisation; and define how support mechanisms can ensure a high-level “apprentice experience”, whilst supporting them to balance the rigorousness of work and study.

There is still much research to be completed in the area of impact and added value not just at the micro-organisational level but also at the macro-UK economy and GDP levels, alongside further research on how to market and de-mystify the common misconceptions so as to avoid blockers to enable even more apprentices to enter the market. Finally, research needs to be undertaken around the best pedagogic practices to support these apprentices.

The challenges and complexities of being involved at the trailblazing stage are that you are working on a pilot basis, which does not always make for a smooth journey. This case study does not offer any final solutions, and the expectation is that these areas will evolve and require change over the next few years. Instead, this case study hopes to give the reader the knowledge and confidence that they are not alone in the challenges they face; by being trailblazers in a new wave of HDAs, solutions will evolve over a period of time.

All training providers should also regularly remind themselves, especially when those bumps in the journey are felt, that by developing and delivering HDAs they are greatly moving forward widening participation to an even wider net of people than ever before and assuring a future of well-developed leaders and managers.

As HDAs are new area, there is currently ahead of limited discussion on the practicalities of developing and delivering these, and this case study aims to aid this discussion for peers across the sector who have either not entered or are very new to HDAs, providing them guidance on areas to consider.

The purpose of this paper is to examine the focuses, motivations and challenges of achieving campus sustainability in Chinese higher education institutions (HEIs).

A multisite case study was conducted in Changchun City, Jilin, where eight HEIs of various types were examined. Structured interviews with school managers, students and government officials were accompanied with analysis of relevant documents.

The focuses of sustainability among the studied HEIs were on water and energy conservation and on non-technical initiatives. The focuses can be explained by motivations and challenges. The HEIs are motivated by government and financial pressures and face challenges in limited accessibility to funding. The reliance of non-technical initiatives has negatively impacted student welfare and has become unpopular among students.

The government is advised to increase funding to HEIs in relation to sustainability and to make the funding more equitable. The HEIs are advised to modify sustainability practices that severely affect the daily lives of students, to share the benefits of water and energy conservation with their students and to involve students in sustainability governance.

This paper adds to the existing literature in two ways. First, it expands the geographical reach of the literature to developing countries, in general, and to China, in particular. Second, it adopts the multisite case study research approach to study the whole spectrum of Chinese HEIs and highlights the differences among these HEIs when it comes to sustainability.