Month: July 2024

Board reforms and M&A performance: international evidence

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Abstract

This research employs a difference-in-differences framework to study the impact of major board reforms on the performance of mergers and acquisitions (M&As). Using an international sample of board reforms implemented in 61 countries from 1985 to 2021, we document a drastic redistribution of wealth from target shareholders to acquirer shareholders after the board reforms in target countries. This effect is most pronounced in M&A transactions that involve the sale of controlling shares, thereby supporting the hypothesis that corporate board reforms mitigate the private benefits of control in the target firm. Furthermore, these reforms increase expected deal synergies, in that deal-level announcement returns are higher after the implementation of the reforms. When country-level institutional quality and legal protection of shareholders are greater, it reinforces the reform effects. Overall M&A activity remains unchanged following the reforms, yet financial bidders complete fewer transactions, implying a reform-induced squeeze-out of financial bidders from the M&A market in the target country. Collectively, these international results are consistent with the predictions of the private benefits of control theory and underscore the role of institutional quality and investor protection in reinforcing the effects of board reforms worldwide.

The war on drugs: how multi-stakeholder partnerships contribute to sustainable development in the Golden Triangle region

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Abstract

Studies on multi-stakeholder processes and cross-sector partnerships have demonstrated that multiple stakeholders across different sectors can resolve sustainable development issues when they combine their complementary resources and capacities. These studies have highlighted the role of multinational enterprises (MNEs), considering their requisite resources and capacities to implement intervention strategies. However, MNEs’ role remains largely underexplored in the context of non-state cultural regions where state governance is entirely lacking. Drawing on the findings of ethnographic fieldwork conducted in the Golden Triangle region near Thailand, Myanmar, and Laos borders, this study investigates how multiple stakeholders’ collective interventions transformed the illicit drug-based economy of the region into an alternative sustainable economy. The region once supplied 60% of the illicit drugs distributed worldwide, yet a series of cross-sector interventions transformed the region into a sustainable economy over the past 60 years. The findings show that the foreign subsidiaries of MNEs proactively explored the unknown region and shared knowledge with other actors, which helped participating stakeholders effectively address regional sustainable development issues. The resulting process model sheds light on MNEs’ central roles at various stages of the multi-stakeholder process, offering new insights into informal institutions and intercultural studies in the field of international business.

Manhandling the Goddess: The Thuggee Archive as a Sum of (Male) Parts

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Abstract

Every archive holds many stories; this paper analyses the treatment and socio-political role of the Indian goddess icon, Kali, in the early nineteenth century, considering the story of legal subjectivity through her changing depiction and worship. Kali was reimagined as a monster-like figure of hate and fear, of depravity and unchecked female sexuality, and the anti-thesis of morality, by the East India Company officers who compiled the archive on thuggee. As the icon of reverence to thuggee, an early codified crime of habitual stranglers, this paper follows Kali through her restructuring under the British imperial vision, and as a mirror-metaphor of repressed feminine energy in the legal archive. I analyse the change in Kali’s iconography under the gaze of the law and the advent of a new colonial branding made up from parts of her legend. It is through this new role that the introduction of a standardised legal framework forced Kali to become secondary to Western paternalism, a role that split her Eastern feminine aspect into separate facets. I discuss how the repression of the female voice in the thuggee archive reflects historic attitudes of engendering that echoed as a form of nomos in the twentieth century socio-political climate of Britain. Finally, I present where the feminine energy highlights the need for a subtle reorientation of the criminal law to overcome areas of recurring dissonance in service to its female subjects.

Translating Dark into Bright: Diary of a Post-Critical Year

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Abstract

This is an account of a reading project that began in February 2020. Australia was burning, a pandemic was simmering, the two of us were early in our PhD journeys at the Melbourne Law School. Already, we felt exhausted by critical theory which seemed to amplify the affects we felt all too intensely. Our reading project began as an attempt to find and inhabit texts that might move beyond critique, that might allow us to find wonder and vitality in legal theory. Taking up the literary critic Rita Felski’s invitation to craft a post-critical reading practice, our reading list evolved iteratively to encompass themes and concerns that we identified as possibly correlating with said practice. It evolved too, in conversation with Melbourne, as the city journeyed through different stages of the pandemic. Constantly changing restrictions changed the ways in which we met and conversed, influencing in turn the texts we chose to read and the manner in which we read them.

In this account, we pay attention to the time and place of our encounters with these interlocutors, and to the feelings these encounters generated. As such, this article takes the form of a series of (revised) diary entries: first written in 2020, then revisited in the corresponding months of 2021. What we hope emerges from these entries is a sense of how these theoretical texts train us to live in a world undergoing a compounding series of crises – and, perhaps, to imagine that world otherwise. In a more jurisprudential register, we hope that our experiment will identify the methods these texts might give us for (re-)engaging with law in a spirit of wonder and vitality.

Formation-evolutionary mechanism of large debris flow in semi-arid region, the northeastern Tibetan Plateau

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Abstract

Debris flows can develop into mega catastrophes in semi-arid regions when the source materials come from landslides, and both snowmelt and precipitation are involved in increasing water discharge. In such environments, the formation of large-scale debris flows exhibits a distinguishable pattern, in which a multi-fold lower triggering rainfall threshold holds compared to humid regions. Previous research mainly focuses on mechanisms in humid environments or neglects variations across aridity classes. In this study, the formation and evolutionary mechanism of a debris flow occurring in a semi-arid context is investigated via field surveys, granularity measurement, terrain and climate analyses, and snow cover change detection. By examining the July 22, 2021, Xiao Dongsuo debris flow at Amidongsuo Park in the Qilian Ranges on the northeastern margin of the Tibetan Plateau, the mechanism of debris flows in semi-arid regions is revealed. The research finds that the large debris flow, whose course erosion scales up the disaster by 0.12 million m3, is primarily supplied by landslide deposits of 1.16 million m3. The debris flow is empowered by the integrated flow of extreme precipitation and extreme heat-stimulated snowmelt. However, the precipitation required to trigger the debris flow is much lower than that of precipitation-dominated ones and those in humid regions. In semi-arid mountains, prolonged extreme heat tends to increase soil moisture in areas covered by snow or permafrost. This reduces slope stability and induces slope failures, amplifying the disaster magnitude and raising disaster risks through extended deterioration. Hence, this study inspects the failure mechanism associated with debris flows in semi-arid regions for a more comprehensive understanding to constitute viable control plans for analogous disasters.

Individual Differences in Females’ Adherence to Public Health Measures and Psychopathology Symptoms During a Global Health Crisis: the Role of Triarchic Psychopathic Traits

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Abstract

The two broad aims of this study were to (a) investigate how the three traits of the triarchic model—boldness, meanness, and disinhibition—relate to compliance with public health measures, as well as to internalizing and externalizing psychopathology, during a public health crisis, and (b) test for associations between psychopathology and compliance with public health measures. Participants were 947 Brazilian adult females aged 18–75 years who completed measures of the triarchic traits, internalizing and externalizing symptoms/problems, and a COVID-19 behaviors and beliefs questionnaire. Multiple regression and path analyses showed meanness to be the only triarchic trait significantly predictive of compliance with public health measures, in a negative direction, when controlling for the other traits. Results also demonstrated that compliance with public health measures was associated with levels of distress (negatively), obsessions/fear (positively), and positive mood (negatively). Overall, the results demonstrate the contributions of the triarchic traits to understanding complex phenomena, highlighting meanness as the most essential triarchic trait predictor of adherence to public health measures among females.

Deflecting economic sanctions: do trade and political alliances matter?

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Abstract

Success of economic sanctions hinges on their impact on sanctioned countries’ trade. This, in turn, depends on the sanctioned country’s opportunity to divert trade to a third party (a country not involved in sanctions). History is witness to third parties facilitating trade diversion, thus busting sanction. Nonetheless, literature does not present conclusive evidence on trade diversion or on motivation for busting sanctions. Therefore, in this paper, we address the following: What bearing do sanctions have on bilateral trade flows and trade diversion? Is diversion dependent on the political and trade alliance third-party shares with the sanctioned and/or the sanctioning countries? We estimate a structural gravity model for globally representative country-dyads, during 1990–2019, using inter-alia the Global Sanctions Database. We find that sanctions depress bilateral trade between sanctioned and sanctioning nations and cause trade diversion via third party. The existence of trade alliance between third party and country involved in sanction has an additional impact on trade diversion. Furthermore, a political alliance between third party and sanctioned country heightens trade between them. However, political alliance between third party and sanctioning country does not explain trade between them. Our findings offer insights into India’s trade relations with Russia, since 2022, when Russia was subject to US-led sanctions.

“MAMA’s is like a second mom:” Client and Staff Experiences in a Comprehensive Social Risk Care Management Program Within a Perinatal Medical Home

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Abstract

Introduction

Addressing persistent racial inequities in preterm birth requires innovative health care approaches. The Los Angeles County Maternity Assessment and Management Access Service Synergy Neighborhood program (MAMA’s) is a perinatal medical home program designed to alleviate the impacts of chronic stress by addressing social determinants of health. It reduced odds of preterm birth rates in Black participants, yet it is unclear which program components most contributed to this reduction. This study seeks to understand the experiences of staff and clients within the MAMA’s program to identify what factors decrease stress, how the program addresses racism and the challenges and opportunities of optimizing health during the COVID-19 pandemic.

Methods

21 staff and 34 clients completed semi-structured interviews from November 2020–December 2021. Separate interview guides for staff and clients explored experiences within the program, experiences during the COVID-19 pandemic, and how racism affects clients. Interviews were recorded and transcribed. Analysis used a phenomenologic framework. Coding was performed using grounded theory to identify themes.

Results

Analysis revealed six key themes: Stressors clients face, barriers for undocumented, Latina, and Spanish-speaking clients, exceptional care, emotional support, naming and responding to racism and discrimination, and impacts of COVID-19 pandemic.

Discussion

Staff and clients work together to address social needs in order to address chronic stress and racism in their lives, especially during the COVID-19 pandemic. Interviews revealed relationship building is a cornerstone of the program’s success and plays a significant role in alleviating chronic stress in this population.

Respectful Maternity Care in the United States—Characterizing Inequities Experienced by Birthing People

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Abstract

Objective

 The purpose of this study is to understand experiences of respectful maternity care (RMC) from the perspective of birthing people in the United States from 2013 to 2018.

Methods

 We conducted an online cross-sectional survey of United States birthing people ages 18–50 in April 2018 using SurveyMonkey Audience. Quantitative survey data consisted of demographics and responses to RMC indicators. Qualitative data consisted of comments from individuals regarding their birth experiences.

Results

 1036 birthing people participated in the survey. Most births (95%) occurred in hospitals. 16.3% of Black or African American participants reported discrimination compared to 5.5% of participants who did not identify as Black or African American (p < 0.001). Participants who speak a language other than English were also more likely to report discrimination. 19.5% of all respondents felt neglected during their birth experience. Most prevalent experiences of disrespect and mistreatment were related to neglect (most commonly in postpartum phase of care), poor interpersonal communication, lack of respect for patient wishes, negative experience with breastfeeding services, peripartum complications, and discrimination.

Conclusion for Practice

Birthing people in the United States experience many forms of mistreatment, particularly those who identify as Black or African American or speak a language other than English. Patients described experiencing neglect most commonly after birth—an opportunity to improve the provision of RMC postpartum. Strategies to improve quality of maternal health care in the United States should include the provision of RMC as part of a larger effort to reduce inequities in maternal health experiences and outcomes.

The resistance to short-term dehydration in the bdelloid rotifer Rotaria rotatoria from different climate regions

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Abstract

Exceptional resistance to dehydration allows species of bdelloid rotifers to tolerate desiccation stress in unpredictable habitats. The roles of exogenous and endogenous factors in resistance to short-term dehydration were investigated in Rotaria rotatoria to better understand this capacity among bdelloid rotifers. As the dehydration period was increased and the relative humidity (RH) was reduced, the proportion of rotifers active after the dehydration period decreased. The RH and dehydration period substantially influenced the recovery rate of R. rotatoria under rehydration for 1 h but had less effect under 12-h or 24-h rehydration treatment. The recovery rate was lower in rotifers subjected to a long dehydration period and short rehydration time, but improved by shortening the dehydration period and extending the rehydration treatment. Strain ZJ27 showed higher survivability than strain HX8, appropriate to their habitat near the sea in a region where drought and tropical rainstorms are frequent. Accordingly, species or strains originating from different climate regions and habitats will have experienced different frequencies of desiccation over their adaptive evolutionary history, resulting in varying levels of resistance among species. In addition, RH is shown to be a key factor in resistance to desiccation.