Roger Undy
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199544943
- eISBN:
- 9780191719936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199544943.003.0001
- Subject:
- Business and Management, HRM / IR
The widespread international interest in trade union mergers is established before describing the legally prescribed British merger process. Next, the research method, coverage of the study, and ...
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The widespread international interest in trade union mergers is established before describing the legally prescribed British merger process. Next, the research method, coverage of the study, and scale of British union mergers is examined. The interpretative framework employed throughout the book is established and its application to trade union mergers explained. Finally, the book's structure and remaining chapters are briefly summarized.Less
The widespread international interest in trade union mergers is established before describing the legally prescribed British merger process. Next, the research method, coverage of the study, and scale of British union mergers is examined. The interpretative framework employed throughout the book is established and its application to trade union mergers explained. Finally, the book's structure and remaining chapters are briefly summarized.
Roger Undy
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199544943
- eISBN:
- 9780191719936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199544943.003.0003
- Subject:
- Business and Management, HRM / IR
Transfer strategies are examined by reference to the minor (transferor) and major (transferee) unions' merger motivations. The characteristics of both minor and major partners are discussed by ...
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Transfer strategies are examined by reference to the minor (transferor) and major (transferee) unions' merger motivations. The characteristics of both minor and major partners are discussed by reference to their territorial interests, recent changes in membership size, and financial standing. Minor unions are categorized according to three different merger streams (geographic concentration; white collar assimilation; and cognate trades). The major unions driving the highly competitive ‘merger market’ are identified as AMICUS, T&G, and the GMB and their antecedents, such as AEEU, MSF, UNIFI, and EETPU.Less
Transfer strategies are examined by reference to the minor (transferor) and major (transferee) unions' merger motivations. The characteristics of both minor and major partners are discussed by reference to their territorial interests, recent changes in membership size, and financial standing. Minor unions are categorized according to three different merger streams (geographic concentration; white collar assimilation; and cognate trades). The major unions driving the highly competitive ‘merger market’ are identified as AMICUS, T&G, and the GMB and their antecedents, such as AEEU, MSF, UNIFI, and EETPU.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0022
- Subject:
- Business and Management, Marketing
This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, ...
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This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, the effect of private equity firms and hedge funds on merger activity and merger performance, and the special problems posed by international mergers. In particular, it shows how buying and selling firms can objectively value brands by combining game theory and data from choice-based experiments.Less
This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, the effect of private equity firms and hedge funds on merger activity and merger performance, and the special problems posed by international mergers. In particular, it shows how buying and selling firms can objectively value brands by combining game theory and data from choice-based experiments.
Alison J. Harcourt
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199252091
- eISBN:
- 9780191599224
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199252092.003.0008
- Subject:
- Political Science, European Union
One of the challenges of Europeanization as an innovative research agenda is the identification of mechanisms through which domestic public policy is Europeanized. In Chapter 2, Radaelli identified ...
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One of the challenges of Europeanization as an innovative research agenda is the identification of mechanisms through which domestic public policy is Europeanized. In Chapter 2, Radaelli identified two types of mechanisms, vertical (these include European Commission (EC) directives, European Court of Justice (ECJ) decisions, and EC competition decisions) and horizontal (suggestion of best practice through European level policy forums). This chapter elaborates on these mechanisms by considering the case of media market regulation in the European Union (EU), arguing that Europeanization of this policy area can be understood by looking at the interplay between the two mechanisms. An examination is made of vertical mechanisms in the section ‘The Impact of ECJ Decisions on National Regulation’, and of horizontal mechanisms in the section ‘Vertical Europeanization via EC Merger Policy’; together these sections provide an overview of ECJ and competition decisions. The section on ‘The Commission and New Modes of Governance’ overviews how policy ideas travel through European-level forums; last, the ‘Conclusion’ looks at how Europeanization has driven the convergence of national media policies.Less
One of the challenges of Europeanization as an innovative research agenda is the identification of mechanisms through which domestic public policy is Europeanized. In Chapter 2, Radaelli identified two types of mechanisms, vertical (these include European Commission (EC) directives, European Court of Justice (ECJ) decisions, and EC competition decisions) and horizontal (suggestion of best practice through European level policy forums). This chapter elaborates on these mechanisms by considering the case of media market regulation in the European Union (EU), arguing that Europeanization of this policy area can be understood by looking at the interplay between the two mechanisms. An examination is made of vertical mechanisms in the section ‘The Impact of ECJ Decisions on National Regulation’, and of horizontal mechanisms in the section ‘Vertical Europeanization via EC Merger Policy’; together these sections provide an overview of ECJ and competition decisions. The section on ‘The Commission and New Modes of Governance’ overviews how policy ideas travel through European-level forums; last, the ‘Conclusion’ looks at how Europeanization has driven the convergence of national media policies.
Roger Undy
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199544943
- eISBN:
- 9780191719936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199544943.003.0009
- Subject:
- Business and Management, HRM / IR
The effect of mergers on the partner unions' post‐merger performance is addressed before assessing the implications of union mergers for the wider trade union movements' revitalization. It is ...
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The effect of mergers on the partner unions' post‐merger performance is addressed before assessing the implications of union mergers for the wider trade union movements' revitalization. It is concluded that transfers in general benefit the minor or transferor unions rather than the major or transferee unions. Amalgamations, in contrast, have more mixed outcomes. They offer an opportunity for transformation, but this is frequently hard to achieve post‐merger. As for British union mergers' wider revitalization effects, these are incidental and problematic.Less
The effect of mergers on the partner unions' post‐merger performance is addressed before assessing the implications of union mergers for the wider trade union movements' revitalization. It is concluded that transfers in general benefit the minor or transferor unions rather than the major or transferee unions. Amalgamations, in contrast, have more mixed outcomes. They offer an opportunity for transformation, but this is frequently hard to achieve post‐merger. As for British union mergers' wider revitalization effects, these are incidental and problematic.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0002
- Subject:
- Economics and Finance, Microeconomics
This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined ...
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This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined to approximately 30% from 45% in 1980, with the difference transferred to global financial markets that had developed to an extraordinary, completely unprecedented size with market capitalization of stocks and bonds exceeding $72 trillion in 2000. These markets contained powerful forces that could quickly move funds in large quantities around the world to jump into (or out of) a suddenly discovered investment opportunity. These forces were energized by enormous turnover volumes — the value of consolidated world stock trading in 2000 was more than $47 trillion, one and a half times its market capitalization. About half of this trading occurred outside the United States, in stock markets in Europe, Asia, and Latin America.Less
This chapter examines the fundamental effects related to the evolving dominance of capital markets. By the end of the 20th century, the proportion of all financial assets held by banks had declined to approximately 30% from 45% in 1980, with the difference transferred to global financial markets that had developed to an extraordinary, completely unprecedented size with market capitalization of stocks and bonds exceeding $72 trillion in 2000. These markets contained powerful forces that could quickly move funds in large quantities around the world to jump into (or out of) a suddenly discovered investment opportunity. These forces were energized by enormous turnover volumes — the value of consolidated world stock trading in 2000 was more than $47 trillion, one and a half times its market capitalization. About half of this trading occurred outside the United States, in stock markets in Europe, Asia, and Latin America.
G. Anandalingam and Henry C. Lucas
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780195177404
- eISBN:
- 9780199789559
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195177404.001.0001
- Subject:
- Business and Management, Strategy
In the case of an acquisition or a merger, it is very often the case that when an individual or company perceives itself to be the winner, subsequent events will show that the victory was overvalued. ...
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In the case of an acquisition or a merger, it is very often the case that when an individual or company perceives itself to be the winner, subsequent events will show that the victory was overvalued. Both psychological and market based forces often lead managers to greatly overestimate what they are buying, resulting in the “winner’s curse”. In an effort to grow their companies, competitive and overly confident managers with high compensation packages make rash decisions. The pressure put on values by the stock market, stock analysts, and investment bankers is coupled with the presence of a bidding psychology. When senior management experiences “buyer’s remorse”, having made overly optimistic forecasts about the future of the company, a true financial “curse” often ensues. In the event that a company does “win” by making it to the top of its industry, complacency or hubris caused by a sense of invulnerability often conspire to move the company out of the winner’s column. This book examines the phenomenon of the “winner’s curse”. It presents a number of cases illustrating the curse, and examines the reasons for it in each instance. It also looks at situations where CEOs decided to walk away from “winning” because of their sober ability to trade-off the risks of winning versus the real returns. In particular, the last chapter presents a series of “take-aways” for any manager to follow to avoid the winner’s curse.Less
In the case of an acquisition or a merger, it is very often the case that when an individual or company perceives itself to be the winner, subsequent events will show that the victory was overvalued. Both psychological and market based forces often lead managers to greatly overestimate what they are buying, resulting in the “winner’s curse”. In an effort to grow their companies, competitive and overly confident managers with high compensation packages make rash decisions. The pressure put on values by the stock market, stock analysts, and investment bankers is coupled with the presence of a bidding psychology. When senior management experiences “buyer’s remorse”, having made overly optimistic forecasts about the future of the company, a true financial “curse” often ensues. In the event that a company does “win” by making it to the top of its industry, complacency or hubris caused by a sense of invulnerability often conspire to move the company out of the winner’s column. This book examines the phenomenon of the “winner’s curse”. It presents a number of cases illustrating the curse, and examines the reasons for it in each instance. It also looks at situations where CEOs decided to walk away from “winning” because of their sober ability to trade-off the risks of winning versus the real returns. In particular, the last chapter presents a series of “take-aways” for any manager to follow to avoid the winner’s curse.
G. Anandalingam and Henry C. Lucas
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780195177404
- eISBN:
- 9780199789559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195177404.003.0003
- Subject:
- Business and Management, Strategy
This chapter explores several famous mergers and shows how the victors became victims of the winner’s curse. It examines cases in which winner’s curse was apparent, and how it came about. In the ...
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This chapter explores several famous mergers and shows how the victors became victims of the winner’s curse. It examines cases in which winner’s curse was apparent, and how it came about. In the analysis of failed mergers, it presents data on the pattern of acquisitions, the cost of acquisitions, the company’s stock price, and what happened to its financials over the five years leading up to its fall. As we look at several serial acquirers like Tyco, WorldCom, First Union Bank, and Bank One, it is argued that a history of success heightened the sense of winning and increased managerial optimism, hubris, and feelings of invulnerability, which all ultimately led to the winner’s curse. Particular attention is given to cases of intense competition, i.e., mergers involving hostile takeovers and instances where two firms competed with each other to acquire a third firm.Less
This chapter explores several famous mergers and shows how the victors became victims of the winner’s curse. It examines cases in which winner’s curse was apparent, and how it came about. In the analysis of failed mergers, it presents data on the pattern of acquisitions, the cost of acquisitions, the company’s stock price, and what happened to its financials over the five years leading up to its fall. As we look at several serial acquirers like Tyco, WorldCom, First Union Bank, and Bank One, it is argued that a history of success heightened the sense of winning and increased managerial optimism, hubris, and feelings of invulnerability, which all ultimately led to the winner’s curse. Particular attention is given to cases of intense competition, i.e., mergers involving hostile takeovers and instances where two firms competed with each other to acquire a third firm.
John F. Wilson and Andrew Thomson
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199261581
- eISBN:
- 9780191718588
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199261581.003.0003
- Subject:
- Business and Management, Business History
This chapter describes a period when in spite of the scale and nature of British business activities and the emergence of big business (mostly through intense merger activity), there was a ...
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This chapter describes a period when in spite of the scale and nature of British business activities and the emergence of big business (mostly through intense merger activity), there was a persistence of personal and proprietorial capitalism, as well as the extent to which firms operated in dense industrial districts that afforded extensive opportunities to externalize a wide range of activities. An analysis of the drivers, using a force-field diagram, demonstrates how the British environment was not conducive to the development of managerial capitalism.Less
This chapter describes a period when in spite of the scale and nature of British business activities and the emergence of big business (mostly through intense merger activity), there was a persistence of personal and proprietorial capitalism, as well as the extent to which firms operated in dense industrial districts that afforded extensive opportunities to externalize a wide range of activities. An analysis of the drivers, using a force-field diagram, demonstrates how the British environment was not conducive to the development of managerial capitalism.
John Child, David Faulkner, and Robert Pitkethly
- Published in print:
- 2003
- Published Online:
- September 2007
- ISBN:
- 9780199267101
- eISBN:
- 9780191716706
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199267101.003.0001
- Subject:
- Business and Management, International Business
This introductory chapter presents the research project the book is based on and a summary of the main findings. The book’s focus is outlined as comprising the three keywords: management, ...
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This introductory chapter presents the research project the book is based on and a summary of the main findings. The book’s focus is outlined as comprising the three keywords: management, international, and acquisitions. The research providing that focus involves study of acquisitions of UK companies by companies from France, Germany, Japan, and the USA. The study also provides a comparison with acquisitions by UK companies. It focuses on cross-border acquisitions for several reasons. Acquisitions are more problematic to manage than mergers. Acquiring companies choose whether and how to integrate subsidiaries, and also deal with both national and organizational culture. Comparing acquisitions by foreign companies in one country shows whether changes have distinct national patterns of management, and these raise the question of whether any particular approach leads to more favourable performance than others.Less
This introductory chapter presents the research project the book is based on and a summary of the main findings. The book’s focus is outlined as comprising the three keywords: management, international, and acquisitions. The research providing that focus involves study of acquisitions of UK companies by companies from France, Germany, Japan, and the USA. The study also provides a comparison with acquisitions by UK companies. It focuses on cross-border acquisitions for several reasons. Acquisitions are more problematic to manage than mergers. Acquiring companies choose whether and how to integrate subsidiaries, and also deal with both national and organizational culture. Comparing acquisitions by foreign companies in one country shows whether changes have distinct national patterns of management, and these raise the question of whether any particular approach leads to more favourable performance than others.
Martin Behrens, Richard Hurd, and Jeremy Waddington
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199270149
- eISBN:
- 9780191710353
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199270149.003.0007
- Subject:
- Business and Management, Political Economy
Research into organizing has suggested that the success of this strategy depends on union restructuring. The chapter describes the different forms of restructuring and their consequences as well as ...
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Research into organizing has suggested that the success of this strategy depends on union restructuring. The chapter describes the different forms of restructuring and their consequences as well as the barriers to internal change. Restructuring can take either an internal form, involving changes to the distribution of power and authority inside the union or an external form, involving coordination and mergers between unions. It can operate at the level of individual unions as well as confederations. Merger activity has been most pronounced in countries with a single union centre and less common in countries with competing confederations (Italy and Spain), where inter-confederal coordination has been more salient. Internal restructuring is common to all countries although its incidence is highly uneven. The link between any form of restructuring and union revitalization is explored and is found to be weaker than many commentators have suggested.Less
Research into organizing has suggested that the success of this strategy depends on union restructuring. The chapter describes the different forms of restructuring and their consequences as well as the barriers to internal change. Restructuring can take either an internal form, involving changes to the distribution of power and authority inside the union or an external form, involving coordination and mergers between unions. It can operate at the level of individual unions as well as confederations. Merger activity has been most pronounced in countries with a single union centre and less common in countries with competing confederations (Italy and Spain), where inter-confederal coordination has been more salient. Internal restructuring is common to all countries although its incidence is highly uneven. The link between any form of restructuring and union revitalization is explored and is found to be weaker than many commentators have suggested.
Mikulas Fabry
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199564446
- eISBN:
- 9780191722325
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199564446.003.0004
- Subject:
- Political Science, Comparative Politics, International Relations and Politics
Chapter 3 traces the gradual adoption of the de facto standard in nineteenth‐century Europe. It was the defining consideration not only in response to unilateral secessions, but also to other types ...
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Chapter 3 traces the gradual adoption of the de facto standard in nineteenth‐century Europe. It was the defining consideration not only in response to unilateral secessions, but also to other types of internally generated changes to existing statehood, such as the merger of several states into a Kingdom of Italy in the 1860s. Moreover, it proved to be workable in a wide range of contexts, including those where an intervention took place to defend the rights of third parties, as in Belgium or Greece.Less
Chapter 3 traces the gradual adoption of the de facto standard in nineteenth‐century Europe. It was the defining consideration not only in response to unilateral secessions, but also to other types of internally generated changes to existing statehood, such as the merger of several states into a Kingdom of Italy in the 1860s. Moreover, it proved to be workable in a wide range of contexts, including those where an intervention took place to defend the rights of third parties, as in Belgium or Greece.
Geoffrey Owen
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199226009
- eISBN:
- 9780191710315
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226009.003.0003
- Subject:
- Business and Management, Business History
The history of British industrial policy since the Second World War falls into two distinct periods, with the dividing line being the election of Margaret Thatcher as Prime Minister in May 1979. In ...
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The history of British industrial policy since the Second World War falls into two distinct periods, with the dividing line being the election of Margaret Thatcher as Prime Minister in May 1979. In the first period, an explicit objective was to create and support large companies in what were thought to be strategic industries, in the hope that they would hold their own in world markets against American, Japanese, and European competitors. Aerospace, automobiles, computers, and electronics were among the industries that were supported in this way, sometimes through government-induced mergers, sometimes through subsidies for research and development. These policies were based on wishful thinking about the link between size and international competitiveness, and there was a failure to recognise the difficulty of making large-scale mergers work. Most of the ‘national champions’ created in the 1960s and 1970s came to grief. Government intervention in industry was anathema to Margaret Thatcher's Conservative government, and industrial policy in the 1980s shifted towards horizontal, non-selective measures aimed at improving the business climate as a whole, not at promoting particular industries. Some elements of the old policy survived (for example, continuing support for the aircraft industry), but for the most part the government allowed the structure of industry to be determined by market forces. This implied, among other things, an enthusiastic welcome for foreign investment, even if it involved the take-over of large British industrial companies. When Labour returned to office in 1997, there was no return to the interventionism of the earlier post-war decades — no rescues of ‘lame ducks’, and no attempt to halt the decline of the manufacturing sector. While some observers believed that the absence of industrial policy had weakened the British economy, there was little political support for a change of direction.Less
The history of British industrial policy since the Second World War falls into two distinct periods, with the dividing line being the election of Margaret Thatcher as Prime Minister in May 1979. In the first period, an explicit objective was to create and support large companies in what were thought to be strategic industries, in the hope that they would hold their own in world markets against American, Japanese, and European competitors. Aerospace, automobiles, computers, and electronics were among the industries that were supported in this way, sometimes through government-induced mergers, sometimes through subsidies for research and development. These policies were based on wishful thinking about the link between size and international competitiveness, and there was a failure to recognise the difficulty of making large-scale mergers work. Most of the ‘national champions’ created in the 1960s and 1970s came to grief. Government intervention in industry was anathema to Margaret Thatcher's Conservative government, and industrial policy in the 1980s shifted towards horizontal, non-selective measures aimed at improving the business climate as a whole, not at promoting particular industries. Some elements of the old policy survived (for example, continuing support for the aircraft industry), but for the most part the government allowed the structure of industry to be determined by market forces. This implied, among other things, an enthusiastic welcome for foreign investment, even if it involved the take-over of large British industrial companies. When Labour returned to office in 1997, there was no return to the interventionism of the earlier post-war decades — no rescues of ‘lame ducks’, and no attempt to halt the decline of the manufacturing sector. While some observers believed that the absence of industrial policy had weakened the British economy, there was little political support for a change of direction.
Alan Ware
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199564439
- eISBN:
- 9780191721526
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199564439.003.0005
- Subject:
- Political Science, Comparative Politics, Political Economy
This examines the logic of coalition building by major parties in two-party systems. In theory there should be a strong incentive for parties to seek to merge, either temporarily or permanently, with ...
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This examines the logic of coalition building by major parties in two-party systems. In theory there should be a strong incentive for parties to seek to merge, either temporarily or permanently, with minor parties that are competitors for their own potential voters. This is because winning is the only goal for such a party, and that normally involves vote maximization. However, there are a number of factors that make coalitions between parties difficult to form, including differing perceptions as to the value each partner brings to an alliance, imperfect information and different attitudes to risk, and different interests in relation to alliance among different territorial units of a party. The chapter uses hypothetical examples to illustrate why the party imperative to create a winning coalition is likely to be frustrated by such factors, making alliances difficult to form.Less
This examines the logic of coalition building by major parties in two-party systems. In theory there should be a strong incentive for parties to seek to merge, either temporarily or permanently, with minor parties that are competitors for their own potential voters. This is because winning is the only goal for such a party, and that normally involves vote maximization. However, there are a number of factors that make coalitions between parties difficult to form, including differing perceptions as to the value each partner brings to an alliance, imperfect information and different attitudes to risk, and different interests in relation to alliance among different territorial units of a party. The chapter uses hypothetical examples to illustrate why the party imperative to create a winning coalition is likely to be frustrated by such factors, making alliances difficult to form.
Alan Ware
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199564439
- eISBN:
- 9780191721526
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199564439.003.0006
- Subject:
- Political Science, Comparative Politics, Political Economy
This chapter examines four types of party alliance: (i) temporary coalitions, (ii) ‘unbargained’ party mergers, (iii) permanent coalitions without party merger, and (iv) ‘bargained’ party mergers, ...
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This chapter examines four types of party alliance: (i) temporary coalitions, (ii) ‘unbargained’ party mergers, (iii) permanent coalitions without party merger, and (iv) ‘bargained’ party mergers, arguing that (iii) is not possible under two-partism. Cases of the three other types are examined, with attention being given to the relative attractions for a party of temporary alliances and ‘bargained’ mergers. Cases from New Zealand, Canada, the United States and Costa Rica are considered. Particular attention is paid to the role played by party structures and also leadership in facilitating or frustrating attempts at alliance. It is argued that is mainly with respect to coalition formation that opportunity for the use of heresthetics or other aspects of leadership are possible.Less
This chapter examines four types of party alliance: (i) temporary coalitions, (ii) ‘unbargained’ party mergers, (iii) permanent coalitions without party merger, and (iv) ‘bargained’ party mergers, arguing that (iii) is not possible under two-partism. Cases of the three other types are examined, with attention being given to the relative attractions for a party of temporary alliances and ‘bargained’ mergers. Cases from New Zealand, Canada, the United States and Costa Rica are considered. Particular attention is paid to the role played by party structures and also leadership in facilitating or frustrating attempts at alliance. It is argued that is mainly with respect to coalition formation that opportunity for the use of heresthetics or other aspects of leadership are possible.
Stephen D. Cohen
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780195179354
- eISBN:
- 9780199783779
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195179354.003.0005
- Subject:
- Economics and Finance, International
Given the book's pivotal argument that there is no “one size fits all” model of either MNCs or FDI, this chapter presents a lengthy analysis and description of the many distinct forms that they take. ...
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Given the book's pivotal argument that there is no “one size fits all” model of either MNCs or FDI, this chapter presents a lengthy analysis and description of the many distinct forms that they take. The oft-repeated imperatives of disaggregation and avoidance of generalizations are direct outgrowths of the absence of uniformity. The implications of the widespread failure of policymakers, the general public, and most scholars to recognize and appreciate heterogeneity are discussed, with specific reference to the resulting failure to differentiate between costs and benefits, high quality and low quality FDI and MNCs depending on which of the various forms and behavior patterns are assumed by an individual foreign subsidiary. The second and third sections of the chapter consist of lengthy, value-free empirical profiles of the various forms of FDI and MNCs, respectively.Less
Given the book's pivotal argument that there is no “one size fits all” model of either MNCs or FDI, this chapter presents a lengthy analysis and description of the many distinct forms that they take. The oft-repeated imperatives of disaggregation and avoidance of generalizations are direct outgrowths of the absence of uniformity. The implications of the widespread failure of policymakers, the general public, and most scholars to recognize and appreciate heterogeneity are discussed, with specific reference to the resulting failure to differentiate between costs and benefits, high quality and low quality FDI and MNCs depending on which of the various forms and behavior patterns are assumed by an individual foreign subsidiary. The second and third sections of the chapter consist of lengthy, value-free empirical profiles of the various forms of FDI and MNCs, respectively.
K. M. Jaszczolt
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199261987
- eISBN:
- 9780191718656
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199261987.001.0001
- Subject:
- Linguistics, Semantics and Pragmatics
The book offers an original theory of meaning in discourse that combines a dynamic representation of discourse with an intentional explanation of processing. It contains an exposition of a theory of ...
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The book offers an original theory of meaning in discourse that combines a dynamic representation of discourse with an intentional explanation of processing. It contains an exposition of a theory of default semantics and its application to a range of language constructions. Default semantics provides cognitive foundations of discourse interpretation and does so in a broadly conceived truth-conditional framework where truth conditions are applied to utterances. The theory combines the subject matter of post-Gricean ‘truth-conditional pragmatics’ with the formalism and semanticization of meaning found in discourse representation theory (DRT). It is assumed that pragmatic information can contribute to the truth-conditional representation of an utterance. This information can have the form of (i) conscious inference, or it can have a form of default interpretation conceived of as (ii) cognitive defaults and (iii) social-cultural defaults. From DRT, it borrows the idea of dynamic semantics as context change implemented in semantic representation and the idea that meaning in discourse will, somehow or other, turn out to be compositional, that is, it will turn out to be a function of the parts and the structure. In short, default semantics combines two seemingly incompatible assumptions that (i) pragmatic input contributes to the truth conditions and (ii) the theory of meaning of utterances and discourses is a compositional, semantic theory. Such semantic representations are called merger representations in that they combine (merge) information from word meaning, sentence structure, pragmatic inference, and various kinds of defaults. Predicating compositionality of such merger representations aided by using an extended and amended language of DRT allows for the semanticization of the account of discourse meaning. The book is divided into two parts. Part I contains theoretical foundations and addresses the questions of the semantics/pragmatics boundary, underspecification, logical form, levels of representation, default meanings, and ‘pragmatic’ compositionality of merger representations. Part II contains some applications of the theory, including definite descriptions, propositional attitude reports, temporality, presupposition, sentential connectives, and number terms.Less
The book offers an original theory of meaning in discourse that combines a dynamic representation of discourse with an intentional explanation of processing. It contains an exposition of a theory of default semantics and its application to a range of language constructions. Default semantics provides cognitive foundations of discourse interpretation and does so in a broadly conceived truth-conditional framework where truth conditions are applied to utterances. The theory combines the subject matter of post-Gricean ‘truth-conditional pragmatics’ with the formalism and semanticization of meaning found in discourse representation theory (DRT). It is assumed that pragmatic information can contribute to the truth-conditional representation of an utterance. This information can have the form of (i) conscious inference, or it can have a form of default interpretation conceived of as (ii) cognitive defaults and (iii) social-cultural defaults. From DRT, it borrows the idea of dynamic semantics as context change implemented in semantic representation and the idea that meaning in discourse will, somehow or other, turn out to be compositional, that is, it will turn out to be a function of the parts and the structure. In short, default semantics combines two seemingly incompatible assumptions that (i) pragmatic input contributes to the truth conditions and (ii) the theory of meaning of utterances and discourses is a compositional, semantic theory. Such semantic representations are called merger representations in that they combine (merge) information from word meaning, sentence structure, pragmatic inference, and various kinds of defaults. Predicating compositionality of such merger representations aided by using an extended and amended language of DRT allows for the semanticization of the account of discourse meaning. The book is divided into two parts. Part I contains theoretical foundations and addresses the questions of the semantics/pragmatics boundary, underspecification, logical form, levels of representation, default meanings, and ‘pragmatic’ compositionality of merger representations. Part II contains some applications of the theory, including definite descriptions, propositional attitude reports, temporality, presupposition, sentential connectives, and number terms.
Bruce Lyons
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199566358
- eISBN:
- 9780191722790
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199566358.003.0006
- Subject:
- Economics and Finance, Public and Welfare, International
This chapter provides an assessment of EC merger policy from three perspectives. First, it places the evolution of merger policy alongside the evolution of economic ideas in relation to competition ...
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This chapter provides an assessment of EC merger policy from three perspectives. First, it places the evolution of merger policy alongside the evolution of economic ideas in relation to competition and industrial organization. Second, it highlights recent developments in the practical economic appraisal of competition in four areas: unilateral (non-coordinated) effects, particularly the appropriate use of simulation techniques and the efficiency defence; coordinated effects (collective dominance), particularly the role of the Community Courts; non-horizontal effects, particularly the need for the new guidelines; and remedies, particularly weaknesses in current practice. Third, it introduces a simple bargaining approach to merger policy evaluation to draw conclusions about the trend in overall effectiveness of EC merger policy since 1990.Less
This chapter provides an assessment of EC merger policy from three perspectives. First, it places the evolution of merger policy alongside the evolution of economic ideas in relation to competition and industrial organization. Second, it highlights recent developments in the practical economic appraisal of competition in four areas: unilateral (non-coordinated) effects, particularly the appropriate use of simulation techniques and the efficiency defence; coordinated effects (collective dominance), particularly the role of the Community Courts; non-horizontal effects, particularly the need for the new guidelines; and remedies, particularly weaknesses in current practice. Third, it introduces a simple bargaining approach to merger policy evaluation to draw conclusions about the trend in overall effectiveness of EC merger policy since 1990.
Glenn Yago and Susanne Trimbath
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195149234
- eISBN:
- 9780199871865
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195149238.003.0003
- Subject:
- Economics and Finance, Financial Economics
The chapter starts by pointing out that a fundamental mismatch exists between the sources of job creation and capital formation in the USA, and that US financial history can be read as a long attempt ...
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The chapter starts by pointing out that a fundamental mismatch exists between the sources of job creation and capital formation in the USA, and that US financial history can be read as a long attempt to resolve this. Flow of funds data from the 1950s to the late 1990s reflect the relative contraction of financial institutional sources of capital and the expansion of capital markets. However, an analysis of this structural shift shows that small businesses have participated less than large ones (although they represent over 40% of total assets, debt, and net worth), and they remain disproportionately dependent on banks as their major source of capital. The effect of the recession of the early 1990s on such small firms is discussed in terms of the four sources of regulatory chokes (i.e. overregulation) that have hampered their economic growth: banking regulations, insurance regulations, thrift regulations, and merger regulations. The last part of the chapter discusses the reinvention of financial institutions and the restructuring of regulation, and financial technology transfer for small businesses – such as developing secondary markets for small‐firm equity and debt, and the creation of derivatives or issue of bonds or certificates by investment originators.Less
The chapter starts by pointing out that a fundamental mismatch exists between the sources of job creation and capital formation in the USA, and that US financial history can be read as a long attempt to resolve this. Flow of funds data from the 1950s to the late 1990s reflect the relative contraction of financial institutional sources of capital and the expansion of capital markets. However, an analysis of this structural shift shows that small businesses have participated less than large ones (although they represent over 40% of total assets, debt, and net worth), and they remain disproportionately dependent on banks as their major source of capital. The effect of the recession of the early 1990s on such small firms is discussed in terms of the four sources of regulatory chokes (i.e. overregulation) that have hampered their economic growth: banking regulations, insurance regulations, thrift regulations, and merger regulations. The last part of the chapter discusses the reinvention of financial institutions and the restructuring of regulation, and financial technology transfer for small businesses – such as developing secondary markets for small‐firm equity and debt, and the creation of derivatives or issue of bonds or certificates by investment originators.
Jeremy J. Smith
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199291953
- eISBN:
- 9780191710568
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199291953.003.0003
- Subject:
- Linguistics, Historical Linguistics
This chapter offers a categorization of sound-changes: splits, mergers, and shifts; combinations of these three categories; and realization and phonotactic developments with the potential for ...
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This chapter offers a categorization of sound-changes: splits, mergers, and shifts; combinations of these three categories; and realization and phonotactic developments with the potential for phonological ‘activation’. All of these developments are exemplified and discussed, and it is concluded that sound-change is an ‘emergent’, processual phenomenon. The chapter then discusses different approaches to phonology (taxonomic-phonemic, generative/lexical, and natural and evolutionary phonology), and shows how all these approaches can be harnessed for the purposes of this book. The chapter concludes with an extended illustrative example: Grimm's Law.Less
This chapter offers a categorization of sound-changes: splits, mergers, and shifts; combinations of these three categories; and realization and phonotactic developments with the potential for phonological ‘activation’. All of these developments are exemplified and discussed, and it is concluded that sound-change is an ‘emergent’, processual phenomenon. The chapter then discusses different approaches to phonology (taxonomic-phonemic, generative/lexical, and natural and evolutionary phonology), and shows how all these approaches can be harnessed for the purposes of this book. The chapter concludes with an extended illustrative example: Grimm's Law.
