In this thesis, I explore the topic of chief executive officer (CEO) compensation in UK publicly traded firms. My objective is threefold. First of all, I investigate debt-holders‟ reaction to CEO compensation in terms of the cost of debt financing. Secondly, I examine the possible link between CEO compensation and expectation management. Thirdly, I examine whether and how the interactive relation between CEO career horizon and compensation package affects a firm‟s research and development spending. Multiple regression is employed in this thesis to investigate the causal relationship between these above mentioned aspects I‟m interested (the cost of debt, expectation management and research and development spending) and CEO compensation. I consider all major compensation components for a typical CEO in UK publicly traded firms: defined benefit pension, bonus, restricted shares, traditional stock options and performance-vested stock options. The accumulated equity incentives, such as ownership, are also examined. My major findings are as follows. First of all, I find that an increase in defined benefit pension and bonus in CEO compensation are associated with a lower bond yield spread, while an increase in stock options and ownership intensifies it. Secondly, I document that CEO equity incentives that will be vested in the following year are positively associated with the probability of employing expectation management to meet or beat financial analysts‟ forecasts about a firm‟s reporting earnings. Thirdly, I demonstrate that older CEOs will not spend less in research and development expenditures in general. However, older CEOs with more defined benefit pensions and ownership are reluctant to engage in such an investment. iii My results generate several implications for CEO compensation research. First of all, I show that debt-holders rationally incorporate the information of CEO compensation about risk-taking and risk-avoiding incentives when pricing a firm‟s publicly traded debts. Secondly, I provide the evidence that CEO compensation motivates top managers to manipulate information disclosure by employing expectation management for personal gains. Thirdly, the joint influence of CEO career horizon and compensation package on a firm‟s research and development spending is highlighted. CEO compensation motivates a short-sighed and risk-averse investment policy when top managers have a short career horizon. The first novel contribution in this thesis is the coverage of CEO pension, which is overlooked by the most of previous literature on compensation studies. Secondly, I provide the evidence that the popularity of expectation management in the UK, which is well documented in the literature, can be partly explained by CEO compensation. Finally, the interactive relation between CEO compensation and career horizon on a firm‟s investment policy is re-examined. It provides further material in the debate of career horizon problem, which has no consensus in the previous literature. Overall, this thesis generates some empirical evidence about the influence of CEO compensation on managerial behaviour. Some adverse effects of CEO compensation highlighted in this thesis may help remuneration committee to design a better pay package for top managers in the future.

This thesis examines through the means of a comparative perspective, factors which have allowed the British National Party to enjoy recent electoral success at the local level under the leadership of party chairman Nick Griffin. Such electoral successes have arisen despite the seemingly relative obscurity of the party at the turn of the century. A number of different aspects are examined in order to achieve this aim. The history of the far right in the UK is examined to establish whether the BNP have changed their stance in comparison to previous far right movements. The BNP are also investigated comparatively with other West European parties who have enjoyed national success, as a means of discovering whether the party are similar to their far right neighbours and why they have not enjoyed similar national success. The press coverage of the BNP is examined at a local and national level, using content analysis and the LexisNexis database. The thesis looks at the role played by the BNP in local elections and the decline of participation in political activity, to establish if there is a link between these two factors. Finally a case study is taken of Calderdale in West Yorkshire, to establish directly if any of the above factors can be directly applied to BNP electoral success in this district. The research discovers that there are opportunities for the BNP to establish a connection with the electorate in local politics which are not necessarily available at times of general election.

The implications of introducing shift work and flexible working hours into the UK clothing industry were examined, with special reference to the effects on personnel, plant utilisation and garment costs. A total of 37 garment manufacturing establishments, within 17 companies, were visited; 91 managers (for production and economic data)and 1018 supervisors and operatives, 87% female and 13% male, (for social data) were consulted. The main points arising from the survey are:- 1 . Social (i) The average age and length of service of respondents were respectively 30.4 and 7.1 for women and 40 and 13.9 for men. Nearly three fifths were married and over half of the women had children, most of them at school or pre-school stage. (ii) Over four fifths were committed to some kind of housework; 3 to 5 hours between 17.00 and 24.00 hours were usually spent on this task but about 9% spent more than 5 hours on it. (iii) Over half would be very much bothered by the inability to carry on their individual and/or group social activities. About two thirds would also be concerned by a change in the period of and time for sleep and meal times. Nearly two fifths used public transport for the journey to work. (iv) Only 15% had worked on multiple shifts previous to their present employment and 16% left their previous job because of being on shifts or unsuitable hours. About one fifth worked currently part-time and only 13% wanted to change their existing working system so that they might gain extra convenience and leisure in their working life. (v) The unsolicited personal choice of working systems were mainly shifts (13%), flexible working hours (14%) and part-time day work (30%); working only in school hours appeared to attract the choice of about 40% of the women. (vi) From the points above, it seemed that a high proportion of married female workers, mostly with dependent children and committed to housework, would probably react against shift work. The availability of part-time work together with the normal day work habit acquired would also affect the employees' attitudes towards the acceptance of even flexible working hours. 2. Production (i) The main problems involved with introducing shift work were considered to be sharing of equipment, bonus and piece rate payment and responsibility for quality failures. Dislike of sharing machines by operatives was considered to be a severe problem in sewing section and the extent of this dislike seemed higher in traditional rather than non traditional clothing areas; the operatives' age and length of service appeared to affect their attitudes. The smaller the period of time for each job then the less the problem of sharing payment and responsibility could become. (ii) Introduction of flexible working hours could create the difficulties of shortage and/or excess of supply of work within the production flow with interdependent operations; the extent of the problem could vary with the amount of work in progress and the period of time spent by each operative on the garment and/or its parts. Economic (i) Garment cost elements are material, labour, variable and fixed overheads (survey averages 50.6%, 24.9%, 8% and 16.5%), of which labour and variable overheads would be affected by introducing multiple shifts and only fixed overheads by flexible working hours. There should be a decrease in variable overheads per garment because of sharing a fixed amount of cost between shifts, an increase in labour cost due to shift premium and an increase in fixed overheads because of longer opening hours of the plant on flexible working hours. (ii) The capital employed on plant and machinery, C, could often be divided by the number of shifts so that this could help to increase profitability by a factor of 2 or 3. (iii) General formulae were established, using the most relevant variables, for calculating the profitability and profitability ratios of different working schemes. Generally, if the number of shifts are increased then the profitability of the plant could be very greatly increased. This was well illustrated from the calculated profitability ratios of about 2 and 3 respectively, when industrial survey values were used, for 2 and 3 shift systems replacing a single shift system. Profitability of flexible working hours would, theoretically, be less than that of single shift, but there might be some economic gains, such as reduced rates of labour turnover and absenteeism (which are currently high in the garment industry), arising from the introduction of flexible working hours.

This thesis presents an empirical investigation into the Arbitrage Pricing Theory (APT). At the onset of the thesis it is recognised that tests of the APT are conditional on a number of preconditions and assumptions. The first line of investigation examines the effect of the assumed nature of the form of the return generating process of stocks. It is found that stocks follow an approximate factor structure and tests of the APT are sensitive to the specified form of the return generating process. We provide an efficient estimation methodology for the case when stocks follow an approximate factor structure. The second issue we raise is that of the appropriate factors, the role of the market portfolio and the performance of the APT against the Capital Asset Pricing Model (CAPM). The conclusions that we draw are that the APT is robust to a number of specified alternatives and furthermore, the APT outperforms the CAPM in comparative tests. In addition, within the APT specification there is a role for the market portfolio. Through a comparison of the results in chapters 2 and 3 it is evident that the APT is not robust to the specification of unexpected components. We evaluate the validity of extant techniques in this respect and find that they are unlikely to be representative of agents actual unexpected components. Consequently we put forth an alternative methodology based upon estimating expectations from a learning scheme. This technique is valid in respect to our prior assumptions. Having addressed these preconditions and assumptions that arise in tests of the APT a thorough investigation into the empirical content of the APT is then undertaken. Concentrating on the issues that the return generating process must be unique and that the estimated risk premia should be stable overtime the results indicate that the APT does have empirical content. Finally, armed with the empirically valid APT we proceed to analyse the issue of seasonalities in stock returns. The results confirm previous findings that there are seasonal patterns in the UK stock market, however, unlike previous findings we show that these seasonal patterns are part of the risk return structure and can be explained by the yearly business cycle. Furthermore, the APT retains empirical content when these seasonal patterns are removed from the data. The overall finding of this thesis is that the APT does have empirical content and provides a good description of the return generating process of UK stocks.

Thesis (M. Hous. M.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 105-108).

Thesis (M.Hous.M.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 105-108) Also available in print.

Within the last decade there has been a significant increase in the range of Social Media tools that have become available. This has led to a significant increase in the use and popularity of Social Media within many aspects of everyday life, particularly within the UK and US. One of the areas in which there has been a rise in the use of Social Media is within Higher Education (HE). Within HE there have been reports that Social Media has been successfully utilized for teaching and learning, particularly in the case of blogs. Despite reportedly successful usage there has to date been relatively few empirical studies which have explored whether the use of blogs within teaching and learning leads to an increase in perceived learning by students. This research study therefore provides an empirical study of perceived learning by students when using blogs within teaching and learning in UK and US HE. This research study adopts a post positivist research approach and a quantitative research design method. Questionnaires have been utilised in order to explore student views of perceived learning when using blogs as a tool for HE teaching and learning within the UK and US. This study provides a framework for student use of blogs within HE teaching and learning and explores whether the use of blogs in this way leads to greater levels of perceived learning amongst students. The results of this research are analysed using PLS-SEM and have shown that the successful use of blogs for teaching and learning is complex. The results have demonstrated that students do report higher degrees of learning from using blogs within teaching and learning, however, this is influenced by the perceptions students hold relating to digital technology, teaching and learning, previous experience and expectations of blogging. The results of this study have implications for both HE teachers and HE students and provides a framework which can be used to help ensure the successful use of blogs when utilised for HE teaching and learning within the UK and US in the future.

This dissertation examines in detail, the organisation, training and operations of the 27th and 30th American Divisions during the period of Summer 1917 to the announcement of an armistice in November 1918. Particular emphasis is placed on the two divisions after they were attached to the II American Corps, especially their experience with the British Expeditionary Force in 1918, and the training received under the supervision of British officers. The II American Corps was unique in that it spent its entire service in France in the British sector. Originally it was composed of 10 divisions, but eight of these were removed by the commander of the American Expeditionary Forces, Gen. John. J. Pershing. The divisions were transferred to the First American Army and operated entirely independent of II American Corps. The two American divisions that remained with the British, the 27th and 30th, relied heavily upon their coalition partners for advice in training, supplies, equipment, food and more importantly, tactical leadership. Although General Pershing forbade American divisions from being amalgamated into Allied armies, in reality, the 27th and 30th Divisions became part of the BEF, especially the Fourth Army during the final campaigns of the war. Despite its attachment to arguably the best fighting force on the Western Front in 1918, the II American Corps suffered heavy casualties during its limited operational experience and, in many ways, failed to take advantage of lessons learned by the British Army during its campaigns of 1916-1917. This dissertation concludes that the relationship between the two American divisions and their British ally was in the end result a success. By allowing the 27th and 30th Divisions to remain behind with the BEF, Pershing provided the British with more than 50,000 able American troops to use at the front. Thus the two allies became Brothers-in-Arms.

This thesis examines elements of continuity and change in systems of pay determination in UK local government, with a specific focus on the period of austerity since 2010. Spending cuts present significant challenges for collective bargaining through the National Joint Council (NJC), which also serves as a ‘critical case’ to test our understanding of contemporary collective bargaining and industrial relations. The research draws on 56 interviews with a total of 62 key actors from the employers’ representative organisations and trade unions at both national and local level, and eight local authority case studies. The interview data are complemented by a range of secondary qualitative and quantitative data sources. It seeks to understand the changing power relationships between employers and unions as they attempt to navigate increasingly turbulent waters, and the pragmatic trade-offs both sides are willing make over pay, terms and conditions, and working practices in pursuit of longer-term strategic goals. These issues are addressed through three levels of analysis. Firstly, building on a rich tradition of industrial relations research, the thesis shows how the national employers have repositioned the sector level collective agreement as a means to deliver cost control rather than ‘fair wages’, which the unions have so far tolerated in preference to a complete dissolution of national bargaining. Second, drawing on contingency models of pay and HRM, case study data are used to explore the mixture of managerialism and political opportunism which characterises the development and implementation of pay and reward strategies at the level of the organisation. The findings identify the continued importance of transparent job evaluation processes in determining wage structures, but also show how pay practices act as a means to signal desired behaviours from employees, and are used to reinforce local level political narratives. Finally, through a critical re-appraisal of New Public Management (NPM) reforms in local government since the 1980s, further case study data reveal the way in which employers have reorganised staffing structures to match reduced budgets, but it appears that increased levels of work intensity for a significantly depleted workforce are beginning to impact on service standards. The findings also suggest that the on-going process of restructuring serves as a means to increase managerial control of ‘the labour process’ through the efforts to standardise working practices and break down embedded departmental and professional identities. Taken together, the evidence suggests that although the formal institutions of employment relations have proved to be remarkably resilient, collective bargaining as a dynamic mode of joint regulation built on the notion of partnership has steadily been crowded out from both above and below. The meaningful content of negotiations has been squeezed by the tight financial constraints applied by central government, and in the vacuum created by stalled sector level negotiations local level pay and HRM strategies are becoming increasingly important to explain the level and distribution of wages. Perhaps as important as negotiations over pay are negotiations over working practices which fall outside the formal regulatory scope of the collective agreement, and change expectations about working time, task discretion, and job boundaries. A degree of drift across these three dimensions has resulted in an increasingly fluid adjustment of the wage-effort bargain over which the unions have a declining sphere of influence.

This diploma thesis deals with the preparation of consolidated financial statements in accordance with UK GAAP rules after the reform, with effect from 1 January 2015. The subject of investigation is primarily a process of preparation of consolidated financial statements in the UK, especially the full consolidation method and the equity method. The fundamental standard upon which this work is based is FRS 102. The work should also, on the practical examples, compare the process of preparation of consolidated financial statements in accordance with UK GAAP and IFRS, since one of the main objectives of the reform of 2015 ws the progress in the implementation process to IFRS. To assess whether this objective is successfully implemented, the work also includes comparisons with previous UK GAAP standards, particularly FRS 2 and FRS 6. The results show that although the reform of the UK Accounting standards should be based ont he principles of IFRS, final form does not correspond to this aim. In the process of preparation of consolidated financial statements, there had been almost no progress and there are still many different approaches.