scholarly journals The dark side of LBOS. Private equity investors be forewarned!

2008 ◽  
Vol 5 (4) ◽  
pp. 59-78 ◽  
Author(s):  
Simona Zambelli
Keyword(s):  
Private Equity ◽  
Institutional Environment ◽  
Negative Impact ◽  
Equity Market ◽  
Point Of View ◽  
Dark Side ◽  
Governance Reform ◽  
Target Firm ◽  
Institutional Uncertainty ◽  
Potential Damage

The institutional environment regulating mergers and acquisitions (M&A) is crucial for the private equity industry, especially for leveraged buyout (LBO) transactions, which are currently at the center of an intensive debate in the US, as seen in many European countries over the last decade. One of the most controversial issues of an LBO deal is associated with its ultimate economic result, often perceived as an indirect and fraudulent example of financial assistance provided by the acquired firm for the purchase of its own shares, to the detriment of its assets and stakeholders. Given the potential damage to the target’s stakeholders, LBOs have been strongly debated and even prohibited in Italy. The institutional uncertainty surrounding the legitimacy of LBOs had a negative impact on the Italian private equity market. Recently, Italy issued an innovative corporate governance reform which offered a more favorable legal environment to this type of transactions and represented an important turning point for the domestic private equity market. The institutional change, induced by the above reform, provides scholars and policy makers with guidelines on how PE transactions may be spurred with an appropriate regulation aimed at legalizing LBOs, as well as protecting the interests of the target firm and its stakeholders. Notwithstanding the new reform, several issues remain unsolved and the admissibility of certain types of LBOs is still under debate. The purpose of this paper is two-fold: a) to shed some light on the debate on the legitimacy of LBOs by emphasizing, from an economic and financial point of view, the critical features of this class of transactions, and b) to highlight unsolved problems associated with the new LBO reform, particularly with reference to the investors’ liability. The Italian buyout market, whose transactions were previously prohibited and only recently legalized, offers a unique example in order to better understand the current international debate on the admissibility of LBOs and the related consequences for the target’s stakeholders.

УКРАЇНОЗНАВЧИЙ ОСВІТНІЙ ЧИННИК В УМОВАХ СУЧАСНОЇ УКРАЇНСЬКОЇ МАСОВОЇ КУЛЬТУРИ

2019 ◽  
pp. 22-29
Author(s):  
Н. В. Фрадкіна
Keyword(s):  
Mass Culture ◽  
Personal Development ◽  
Negative Impact ◽  
Educational Process ◽  
Point Of View ◽  
Character Trait ◽  
Main Task ◽  
Leading Role ◽  
The Individual

The purpose and tasks of the work are to analyze the contemporary Ukrainian mass culture in terms of its value and humanistic components, as well as the importance of cultural studies and Ukrainian studies in educational disciplines for the formation of a holistic worldview of modern youth.Analysis of research and publications. Scientists repeatedly turned to the problems of the role of spirituality in the formation of society and its culture. This problem is highlighted in the publications by O. Losev, V. Lytvyn, D. Likhachev, S. Avierintsev, M. Zakovych, I. Stepanenko and E. Kostyshyn.Experts see the main negative impact of mass culture on the quality approach, which determines mass culture through the market, because mass culture, from our point of view, is everything that is sold and used in mass demand.One of the most interesting studies on this issue was the work by the representatives of Frankfurt School M. Horkheimer and T. Adorno «Dialectics of Enlightenment» (1947), devoted to a detailed analysis of mass culture. Propaganda at all socio-cultural levels in the form is similar in both totalitarian and democratic countries. It is connected, according to the authors, with the direction of European enlightenment. The tendency to unify people is a manifestation of the influence of mass culture, from cinema to pop. Mass culture is a phenomenon whose existence is associated with commerce (accumulation in any form – this is the main feature of education), in general, the fact that it exists in this form is related to the direction of the history of civilization.Modern mass culture, with its externally attractive and easily assimilated ideas and symbols, appealing to the trends of modern fashion, becomes a standard of prestigious consumption, does not require intense reflection, allows you to relax, distract, not teach, but entertains, preaches hedonism as the main spiritual value. And as a consequence, there are socio-cultural risks: an active rejection of other people, which leads to the formation of indifference; cruelty as a character trait; increase of violent and mercenary crime; increase in the number of alcohol and drug addicts; anti-patriotism; indifference to the values of the family and as a result of social orphanhood and prostitution.Conclusions, perspectives of research. Thus, we can conclude that modern Ukrainian education is predominantly formed by the values of mass culture. Namely, according to the «Dialectic» by Horkheimer and Adorno, «semi-enlightenment becomes an objective spirit» of our modern society.It is concluded that only high-quality education can create the opposite of the onset of mass culture and the destruction of spirituality in our society. It is proved that only by realizing the importance of cultivating disciplines in the educational process and the spiritual upbringing of the nation, through educational reforms, humanitarian knowledge will gradually return to student audiences.Formation of youth occurs under the influence of social environment, culture, education and self-education. The optimal combination of these factors determines both the process of socialization itself and how successful it will be. In this context, one can see the leading role of education and upbringing. It turns out that the main task of modern education is to spread its influence on the development of spiritual culture of the individual, which eventually becomes a solid foundation for the formation of the individual. Such a subject requires both philosophical and humanitarian approaches in further integrated interdisciplinary research, since the availability of such research will provide the theoretical foundation for truly modern educational and personal development.

ANALYSIS OF MEASURES TO REDUCE ECOLOGICAL AND ECONOMIC DAMAGE FROM AUTOMOBILE TRANSPORT

2020 ◽  
Author(s):  
V.N. Kurdyukov ◽  
◽  
T.V. Lebedeva ◽  
Keyword(s):  
Resource Allocation ◽  
Negative Impact ◽  
The State ◽  
Point Of View ◽  
Motor Vehicles ◽  
Economic Damage ◽  
Agriculture Education

The article considers common classifications of measures to reduce environmentaleconomic damage from motor vehicles. Classification from the point of view of control impact is proposed, which allows to take into account relations between the state and citizens in the field of reduction of negative impact of motor vehicles on the environment. The analysis of the classification made it possible to identify areas of activity for improving the efficiency of management impacts, taking into account the incentives of citizens to comply with the requirements of the legislation and to create conditions for their exceeding. Increasing the efficiency of resource allocation in the Territory will allow the released funds to be allocated to the development of industry, agriculture, education and science.

Improving Transparency in the Private Equity Market

CFA Magazine ◽  
2011 ◽  
Vol 22 (3) ◽  
pp. 10-10
Author(s):  
Osman Ghani
Keyword(s):  
Private Equity ◽  
Equity Market

scholarly journals Stigma Experienced by Parkinson’s Disease Patients: A Descriptive Review of Qualitative Studies

2017 ◽  
Vol 2017 ◽  
pp. 1-7 ◽  
Author(s):  
Marina Maffoni ◽  
Anna Giardini ◽  
Antonia Pierobon ◽  
Davide Ferrazzoli ◽  
Giuseppe Frazzitta
Keyword(s):  
Parkinson’S Disease ◽  
Parkinson's Disease ◽  
Literature Review ◽  
Subjective Experience ◽  
Negative Impact ◽  
Social Stigma ◽  
Subjective Symptom ◽  
Point Of View ◽  
Pubmed Database ◽  
Related Quality

Parkinson’s disease (PD) is a neurodegenerative disease characterized by motor and nonmotor symptoms. Both of them imply a negative impact on Health-Related Quality of Life. A significant one is the stigma experienced by the parkinsonian patients and their caregivers. Moreover, stigma may affect everyday life and patient’s subjective and relational perception and it may lead to frustration and isolation. Aim of the present work is to qualitatively describe the stigma of PD patients stemming from literature review, in order to catch the subjective experience and the meaning of the stigma construct. Literature review was performed on PubMed database and Google Scholar (keywords: Parkinson Disease, qualitative, stigma, social problem, isolation, discrimination) and was restricted to qualitative data: 14 articles were identified to be suitable to the aim of the present overview. Results are divided into four core constructs: stigma arising from symptoms, stigma linked to relational and communication problems, social stigma arising from sharing perceptions, and caregiver’s stigma. The principal relations to these constructs are deeply analyzed and described subjectively through patients’ and caregiver’s point of view. The qualitative research may allow a better understanding of a subjective symptom such as stigma in parkinsonian patients from an intercultural and a social point of view.

scholarly journals Power Imbalance and the Dark Side of the Captive Agri-food Supplier–Buyer Relationship

2021 ◽  
Author(s):  
Richard Glavee-Geo ◽  
Per Engelseth ◽  
Arnt Buvik
Keyword(s):  
Financial Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Dark Side ◽  
Curvilinear Relationship ◽  
Power Imbalance ◽  
Negative Consequences ◽  
Key Informants ◽  
Economic Satisfaction

AbstractThis paper highlights the dark side of power imbalance regarding its consequences in agri-food supplier–buyer relationships. We report on findings from two studies. The first study is based on a sample of 105 key informants, while study 2 is based on a sample of 444 key informants, all from the cocoa agri-food supply market of Ghana. While the first study focuses on the antecedents of power imbalance and its consequences, the second study explores the role of cooperatives/collective action in minimizing supplier exploitation. Data from these studies were analysed using the partial least squares technique (SmartPLS). Analysis of these findings shows switching costs’ impact on power imbalance to be curvilinear, while power imbalance has a curvilinear relationship with opportunism. The negative consequences of power imbalance are further exacerbated by dependency and the lack of joint action. Furthermore, we found the negative impact of power imbalance on financial performance to be stronger for non-cooperative members than for cooperative members, while, counterintuitively, we found the positive impact of economic satisfaction on financial performance to be stronger for non-cooperative members than for cooperative members.

The study of mixed assets allocation based on Black–Litterman model

2021 ◽  
pp. 2150022
Author(s):  
Jianwu Lin ◽  
Mengwei Tang ◽  
Jiachang Wang ◽  
Ping He
Keyword(s):  
Stock Market ◽  
Asset Allocation ◽  
Private Equity ◽  
Equity Market ◽  
Research Topic ◽  
Allocation Model ◽  
Quantitative Models ◽  
Challenging Research ◽  
Qualitative Models ◽  
New Type

With Private Funds having a new type of license for asset allocation practice in China, comprehensive asset allocation cross private equity and stock market has received more attention. However, most of the studies focus more on the stock market, and asset allocation models for private equity market that are mainly made based on experience. Thus, the joint allocation of assets crosses both markets making it a challenging research topic. This paper introduces the Black–Litterman model into the private equity market, realizing the transition from qualitative models to quantitative models. It lays a solid quantitative ground for the mixed asset allocation model in both the markets.

scholarly journals An Overview of the Impact of Special Anti-Robbery Squad (SARS) In Nigeria

2018 ◽  
Vol 8 (4) ◽  
pp. 180
Author(s):  
Ogbette, Afamefuna Samuel ◽  
Idam, Macben Otu ◽  
Kareem, Akeem Olumide
Keyword(s):  
Negative Impact ◽  
Point Of View ◽  
Police Force ◽  
Control Measures ◽  
Secondary Source ◽  
Human Relations ◽  
Police Service ◽  
Service Commission ◽  
Hard Drugs ◽  
The Impact

This study examined the impact of Special Anti-Robbery Squad (SARS) in Nigeria. It solely depended on the secondary source for information. SARS is one of the Nigeria Police Force units that is saddled with the responsibility of fighting crime in the society; specifically, robbery and kidnapping. The impact was examined in two ways: Positive and Negative impact. From the positive point of view, SARS has been able to reduce robbery and kidnapping to an extent but unfortunately, people now use them as bodyguards to intimidate, suppress, and harass other people. From our findings, SARS tortures people mercilessly, extort, beat, kill and jail people who are not forthcoming with their demands. It was also discovered that, most of them lacks orientation on human relation which is a big gap the Nigeria Police Force need to cover by re-orienting them. Again, it was discovered that some of the personnel smoke and drink. They are often intoxicated while on duty, wielding sophisticated guns. From the study, the following recommendations were made: control measures should be put in place for SARS to be stopped from torturing people. They should equally be stopped from extorting, beating, killing (except in a battle ground) and framing people up just to be jailed. Investigative jobs as that of SARS should be exclusively for graduates in the Police Service. Again, the Nigeria Police Force and Nigeria Police Service Commission need to often re-orient these officers on human relations. Finally, officers caught drinking or smoking (especially hard drugs) on duty should be properly dealt with to serve as a deterrent to others.

scholarly journals Development of Integrated Reporting in Poland

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Bartosz Rymkiewicz
Keyword(s):  
Negative Impact ◽  
Rapid Development ◽  
Point Of View ◽  
Financial Information ◽  
Integrated Reporting ◽  
Public Companies ◽  
Wide Range ◽  
Quality Of Reports ◽  
Financial Disclosures ◽  
Social Environmental

Organizational reporting is the most important tool of communication between an enterpriseand its stakeholders. However, it is not a static tool but continues to develop and adapt to ongoingeconomic and social changes. Formerly covering only financial information; currently, it is supplementedby a wide range of non-financial information relating to all aspects of the business. The evolution ofreporting is particularly fostered by the rapid development of the concepts of corporate socialresponsibility and sustainable development, as well as the progressing changes in the information needsof stakeholders. Enterprises are increasingly publishing voluntary reports concerning the social,environmental, and employment aspects of their business in addition to reports required by law. Thisresults in the multiplication of reports and duplication of content, which has a negative impact on thereports' usefulness. The solution to this problem may be integrated reporting, which integrates andinterconnects financial and non-financial disclosures. A milestone for the development of integratedreporting was the elaboration of integrated reporting guidelines by the International Integrated ReportingCouncil (IIRC) in December 2013. The aim of the paper is to present the development of integratedreporting in Poland in 2014-2020 on the example of public companies listed on the Warsaw StockExchange. The quality of reports was assessed from the point of view of compliance with IIRC guidelines,as well as their usefulness for stakeholders. Content analysis of corporate publications and comparativeanalysis was used for this purpose.

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