Kevin Campbell

Journal Publishing, Journal Reputation, and the United Kingdom's Research Assessment Exercise

Many academic lawyers believe that the Research Assessment Exercise has encouraged writing for academic journals, often at the expense of other forms of scholarly discourse. Moreover, it is widely perceived that the reputation of the journal in which research is published affects how that research is assessed in connection with the RAE. In this article, the authors report data gathered from a large-scale study measuring the perceptions of academic lawyers concerning the journal publishing process, how the RAE has affected journal quality generally, and how specific journals rank in terms of academic quality and their perceived importance to the RAE process.

Corporate governance challenges in Poland: evidence from “comply or explain” disclosures

Purpose – The purpose of this paper is to analyse the reasons for non‐compliance by Polish listed companies with elements of the Polish code of corporate governance Best Practices in Public Companies 2005.Design/methodology/approach – Based on 250 publicly available compliance statements filed in 2005 by companies listed on the Warsaw Stock Exchange (WSE) content analysis is used to classify the explanations provided for non‐compliance with those corporate governance principles that attract high levels of non‐compliance.Findings – The data analysis reveals that, despite a high level of overall compliance, three out of 50 code principles attract high levels of non‐compliance. These principles concern the independence of supervisory board members, the composition of supervisory board committees and the appointment of auditors. The most contentious principle concerns the independence of supervisory board members, due to the presence of many majority‐owned companies on the Warsaw Stock Exchange.Practical impl...

The Perceptions of Academic Lawyers Concerning the Effects of the United Kingdom`s Research Assessment Exercise

In this article, the authors analyse quantitative and qualitative data compiled from a large-scale postal survey of legal academics concerning the United Kingdom`s Research Assessment Exercise. The purpose of the study was to measure the attitudes of academic lawyers affected by the RAE rating process and institutional responses to that process. The study reveals that a substantial number of respondents lack faith in the objectivity of the rating process, believe institutional responses to the RAE have caused damage to academic working environments, and perceive that the RAE has failed to improve the quality of legal research.

Public Protests, Private Lawsuits, and the Market: The Investor Response to the McLibel Case

The tendency of English libel law to protect reputation at the expense of freedom of expression makes the United Kingdom a potentially attractive forum for retaliatory lawsuits against individuals and organizations who lobby or campaign against the interests of large companies. The most prominent recent example of such a lawsuit was the so-called ‘McLibel’ case, in which McDonalds Corporation sued protesters who had distributed anti-McDonalds leaflets outside some of the companys restaurants. The case is often cited as evidence that the risk of unfavourable publicity generated by retaliatory libel actions is a strong deterrent to using the libel laws to silence public opposition to corporate activities. This article uses a technique widely employed in financial economics research, the ‘event study’ method, to investigate whether the unanticipated bad publicity attracted by the McLibel case had a negative financial impact on McDonalds, such that future retaliatory lawsuits might be deterred.

Bonding, Firm Value and Liquidity: An Analysis of Migrations Between the AIM and the Official List of the London Stock Exchange

Firms changing their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive returns on the day the decision is announced, while for firms moving in the opposite direction both announcement and implementation day returns are negative. Following implementation, the pattern of returns is reversed for both categories of firm. Some of the changes in returns reflect changes in liquidity, while the remainder reflect adjustments to the cost of capital resulting from different bonding requirements and agency risks between the two listing regimes.

Contested takeovers of family firms and socioemotional wealth: a case study

Purpose The purpose of this paper is to provide an understanding of the importance of socioemotional wealth (SEW) to family firms in Poland viewed through the lens of the events surrounding the first hostile takeover bid of the post-communist era on the Warsaw Stock Exchange when the clothing company Vistula & Wolczanka (V&W) made an unsolicited, leveraged bid for the family-controlled jewelry company W. Kruk. Design/methodology/approach The 2008 takeover and its aftermath are described in the context of the corporate governance and legal environment in Poland. The case study events demonstrate the connection between firm behavior and SEW theory. Findings After the acquisition of W. Kruk by V&W, the Kruk family purchased stock in the newly named Vistula Group and gained influence over the supervisory board in concert with a business ally, eventually wresting back control of the company in the style of a Pac-Man “defense.” The case study illustrates the importance of SEW in family firm takeovers. Research limitations/implications The case study design has limitations for generalizability. Nevertheless the research highlights the important role of SEW preservation in understanding the market for corporate control of listed family firms in Poland. Practical implications Understanding the reaction by family firms to takeover bids requires recognition that there is a tradeoff between financial and SEW considerations, not just financial gains and losses. Originality/value The case study demonstrates the importance of SEW to family firms and suggests that the balance of power in takeovers on the Polish stock market rests with incumbent management.

The Information Content of Carbon Options

This study analyses the forecasting accuracy of the implied volatility of options on futures contracts for the delivery of CO2 emissions allowances (carbon options) traded on the European Climate Exchange. We demonstrate that option implied volatility is highly informative about the variance of returns realized over the remaining life of the options. It is also directionally accurate in predicting future volatility changes. However, we also find that implied volatility of carbon options is biased and informationally inefficient, especially for periods of time which do not coincide with the remaining life of the option. This suggests that the market has yet to fully mature.