Team Ownership Research Articles

The peculiar economics of sports team ownership

PurposeThe purpose of this paper is to examine how North American professional team owners are engaging in broader urban development projects that have their teams as anchor tenants in new sports facilities, by examining the case of Rogers Arena in Edmonton, Canada.Design/methodology/approachApproached from a constructionist perspective, the study employed an instrumental case study strategy as it facilitates understanding and description of a particular phenomenon and allows researchers to use the case as a comparative point across other settings (with similar conditions) in which the phenomenon might be present.FindingsUsing urban regime theory as a framework, the authors found that in Edmonton, the team owner was able to align his interests with other political and business interests by engaging in a development strategy that increased the vibrancy of Edmonton’s downtown core. As a result, the owner was able to garner support for both the arena and the surrounding development.Research limitations/implicationsThe authors argue that this new model of team owner as developer has several implications: on-field performance may only be important insofar as it drives demand for the development; the owner’s focus is on driving revenues and profits from interests outside of the sports facility itself; and the team (and the threat of relocation) is leveraged to gain master developer status for the ownership group.Originality/valueThis paper adds to the understanding of owner interests and how franchise profitability and solvency can be tied to other related business interests controlled by team owners.

Upper Echelons in Professional Sport: The Impact of NBA General Managers on Team Performance

This study integrates upper echelons theory into the sport management literature by investigating general manager (GM) strategic decision-making in the National Basketball Association. Specifically, this research examines individual contextual variables as they relate to the human resource decision-making tendencies of GMs. Utilizing 17 seasons of data on team performance and individual GM characteristics, we estimate two-stage panel regression models to examine the relationship between GM-related variables and organizational performance. We find that both GM technical experience and GM education are positively related to winning and efficiency. The results also illustrate the importance of acquiring elite-level talent and indicate positive returns to GMs whom are able to do so. These findings are relevant for team ownership and suggest a link between organizational performance and the personal characteristics of league GMs. The analysis furthers our understanding of the GM–team player talent–organizational performance relationship in professional sport.

Logistic regression analysis for factors influencing cost performance of design-bid-build and design-build projects

PurposeThe purpose of this paper is to explore the influencing factors of cost performance of design-bid-build (DBB) and design-build (DB) projects and comparing the differences of influencing factors between these two delivery methods.Design/methodology/approachThis research identified and refined 14 influencing factors through literature review and academic expert discussions. Questionnaire survey was conducted to collect data about the influencing factors and project cost performance. Then those factors were reduced to four components by factor analysis. Logistic regression analysis is used to investigate the relationship between four principal components and project cost performance.FindingsThe results indicate that the significant influencing factors of project cost performance of DBB projects and DB projects are different. For DBB projects, owner abilities, such as owner team ability, owner experience, and owner finance, are important influencing factors causing cost overruns, while for DB projects cost performance is more sensitive to the contractor abilities, namely, contractor team ability, contractor finance, contractor experience, etc.Research limitations/implicationsThe results of the paper are mainly derived by quantitative research method based on the survey of 144 samples, so the results may need validation by qualitative studies. Further research could apply case study or interview to validate the findings in this research. In addition, project type and location are not considered as control variables due to the limited number of samples, future research could be conducted to investigate their relationship with project performance.Practical implicationsThe findings of this research not only help practitioners have a better understanding of the factors influencing project cost performance, but also provide some guidelines for practitioners to pay attention to different factors to better control the cost performance within different delivery systems.Originality/valueOwner ability and contractor ability are found to be of different importance in influencing cost performance of DBB and DB projects. This research extends previous research on cost management by considering different significant factors in influencing project cost performance within DBB and DB projects.

Ventilator management protocols in pediatrics.

Management of mechanical ventilation is a complex process with outcomes affected by multiple patient and caregiver variable. Well-constructed protocols represent the synthesis of best available evidence regarding ventilator management. In adults, protocols improve important outcomes such as duration of mechanical ventilation, length of stay, and complication rates; however, protocols are not uniformly successful. In pediatrics, the available evidence does not suggest that ventilator management protocols should be adopted routinely, which may be due to pediatric-specific attributes such as a generally shorter weaning duration. Evidence suggests support for protocols to carefully titrate sedation. In addition, daily assessment of SBTs improves patient outcomes and should be more uniformly adopted in pediatrics. Ventilator-related outcomes may be affected by other confounding factors such as nutrition and fluid balance. Specific subpopulations, such as children who have congenital heart disease, may present opportunities for focused use of ventilator management protocols. Protocolized ventilation has an important place in trials of new therapeutic strategies such as surfactant or proning. It is hoped that future research will further define the appropriate use of protocols in the general PICU population. Although specific protocols cannot be routinely recommended, a multidisciplinary team approach to synthesizing available literature and determining best practice is a useful model. This approach will foster "team ownership" of ventilator management by all involved, thus engendering the best possible outcomes for critically ill children who require mechanical ventilation.

Implementing a patient-initiated review system in rheumatoid arthritis: a qualitative evaluation.

BackgroundThe management of Rheumatoid Arthritis (RA), a chronic relapsing condition primarily affecting joints usually entails regular hospital reviews with a specialist. These reviews can occur when the patient is well. This study forms part of a service evaluation of a system wide implementation of a patient initiated review appointment system which we have called Direct Access (DA). The aim was to explore the experiences of patients and staff of a DA system in order to understand the process of the implementation and to identify potential improvements.MethodsTwenty-three patients with RA that had completed one year of follow-up on the DA system and seven healthcare professionals (HCPs) involved in the implementation of the DA review system took part in semi-structured interviews. Thematic analysis was used to analyse the interview data and field notes.ResultsFour themes emerged in the data: (1) building patient confidence and empowerment, (2) right place right time, (3) safety, (4) the everyday challenges of managing change. These show that in order for implementation to be successful the patient needs to have confidence in using a new system of requesting a medical review, which, in turn, needs to be offered quickly and in a setting convenient to both patient and clinician. Embedded in the change process need to be systems for ensuring regular disease monitoring and general issues surrounding team working, communication and ownership of the change process also need to be considered from the outset.ConclusionThe clinics offer increased patient autonomy and the opportunity for greater self-management of chronic disease. This fits with new models of care where the patient is considered to be ‘the expert’.

Contracting among Founders

This paper develops a theory of contracting among founders of a new firm. It asks at whatstage founders agree to commit to each other, how they structure optimal founder contracts, and how this affects team formation, ownership, incentives, and performance. The paper derives a trade-off between upfront contracting, which can result in teams with ineffective founders, versus delayed contracting, which can enable some founders to appropriate ideas and start their own firms. Delayed contracting becomes more attractive when there are significant doubts about the skills of founders. Contingent contracts with vesting of shares may be used to mitigate inefficiencies in the team formation process. Interestingly we show that outside investors cannot easily undo ex-post inefficient founder agreements. We also show that laws that provide protection to implied partnerships may have the unintended effect of encouraging more formal contracting.

Everybody wants it done but nobody wants to do it: an exploration of the barrier and enablers of critical components towards creating a clinical pathway for anxiety and depression in cancer.

BackgroundThis study aimed to explore barriers to and enablers for future implementation of a draft clinical pathway for anxiety and depression in cancer patients in the Australian context.MethodsHealth professionals reviewed a draft clinical pathway and participated in qualitative interviews about the delivery of psychosocial care in their setting, individual components of the draft pathway, and barriers and enablers for its future implementation.ResultsFive interrelated themes were identified: ownership; resources and responsibility; education and training; patient reluctance; and integration with health services beyond oncology.ConclusionsThe five themes were perceived as both barriers and enablers and provide a basis for an implementation plan that includes strategies to overcome barriers. The next steps are to design and deliver the clinical pathway with specific implementation strategies that address team ownership, endorsement by leaders, education and training modules designed for health professionals and patients and identify ways to integrate the pathway into existing cancer services.

ACC/AHA/AACVPR/AAFP/ANA concepts for clinician-patient shared accountability in performance measures: a report of the American College of Cardiology/American Heart Association Task Force on Performance Measures.

References 1992 Appendix 1. Author Relationships With Industry and Other Entities (Relevant) 1993 Appendix 2. Reviewer Relationships With Industry and Other Entities (Relevant) 1994 ### 1.1. Structure and Membership of the Writing Committee Members of the Writing Committee included experienced clinicians and specialists in cardiology, cardiac rehabilitation, quality improvement, outcomes research, epidemiology, and performance measures (PMs) methodology, as well as patient advocates. The Writing Committee also included representatives from the American Association for Cardiovascular and Pulmonary Rehabilitation (AACVPR), the American Academy of Family Physicians (AAFP), the American Medical Association–Physician Consortium for Performance Improvement (AMA-PCPI), the American Nurses Association (ANA), the American Society of Health-System Pharmacists (ASHP), the National Committee for Quality Assurance …

Sources of Economic Hope: Women's Entrepreneurship

The overall thrust of the survey findings presented here and their comparison with prior research, especially analysis of high-tech firms in the Kauffman Firm Survey sample, is that female and male entrepreneurs have a lot in common. They would seem to start their companies for similar reasons, cite similar self-perceived reasons for success, and face similar challenges. Out of this similarity, three differences do stand out. First, the women technology entrepreneurs surveyed here don’t appear to have had inspiring role models as their principal motivation. Second, women entrepreneurs in general appear to respond differently than men do to failure, and cite lessons learned from failure as a big reason for success. Finally, there is a financing gap when it comes to high-tech and high-potential women entrepreneurs. That financing gap turns into a growth gap in terms of company outcomes. Findings ways to fill that financing gap, then, could have huge payoff in job creation and innovation. What, if anything, can government and other organizations do to capitalize on the growth opportunity that exists with women entrepreneurs? First, building the financial capabilities of women and ensuring access to bank financing and equity financing by venture capitalists and angel investors is paramount to having more high-growth entrepreneurship by women. Second, encouraging greater participation by women on the financing and investing side also might be an avenue worth pursuing. Prior research documents the low level of representation of women as investors in angel investing and venture capital funds. A growing number of angel groups, such as Golden Seeds, Astia Angels, and the Pipeline Fellowship, are preparing women to become investors in this space. More is needed to overcome the gender imbalance on the funding side. Other steps also can be taken to support high-growth women’s entrepreneurship in ways that will allow us to tap this greatly underutilized resource. This issue needs to be addressed on multiple fronts: 1) by offering more opportunities in industry that will give women the experience needed to pursue entrepreneurship, 2) by providing more opportunities to learn about starting and growing businesses, and 3) through exposure to successful female entrepreneurs who can share stories and insights from their successes (and challenges). Family-friendly policies that allow women the flexibility to work outside of their homes and schedule activities around family commitments might also encourage women to tackle higher-growth opportunities. A recent paper from the Office of Advocacy at the Small Business Administration (SBA), found that different university programs, even those within the same field, can provide different types of exposure among men and women to entrepreneurial opportunity.4 In fields such as mechanical engineering, where women represent a small share of graduate students, male and female students still have different experiences when it comes to their faculty advisors, interaction with private industry, and entrepreneurship. Given how important prior exposure (whether in industry or in entrepreneurship) was for survey respondents here, finding a way to address the differential structure of these programs could put more women onto the high-growth entrepreneurial pathway. Encouraging and facilitating team startups (men, women, and mixed) is another avenue to pursue, given that our findings highlight the importance of team ownership in securing financial capital, particularly during the critical early years of the firm. There are an increasing number of organizations and events such as Startup Weekend Women’s Edition, Startup Grind, Founder Fridays, and Co-Founder speed dating that serve as encouraging examples of ways to meet this need. Programs that specifically target women-owned, high-growth-potential firms also have shown considerable success. Astia and Springboard Enterprises are two programs that have built successful track records in helping scale women-owned companies by providing them access to equity financing, as well as business mentorship and training. Clearly, more of these types of programs are needed if we are going to truly move the needle on high-growth women’s entrepreneurship.

How product owner teams scale agile methods to large distributed enterprises

Software development teams in large scale offshore enterprise development programmes are often under intense pressure to deliver high quality software within challenging time contraints. Project failures can attract adverse publicity and damage corporate reputations. Agile methods have been advocated to reduce project risks, improving both productivity and product quality. This article uses practitioner descriptions of agile method tailoring to explore large scale offshore enterprise development programmes with a focus on product owner role tailoring, where the product owner identifies and prioritises customer requirements. In globalised projects, the product owner must reconcile competing business interests, whilst generating and then prioritising large numbers of requirements for numerous development teams. The study comprises eight international companies, based in London, Bangalore and Delhi. Interviews with 46 practitioners were conducted between February 2010 and May 2012. Grounded theory was used to identify that product owners form into teams. The main contribution of this research is to describe the nine product owner team functions identified: groom, prioritiser, release master, technical architect, governor, communicator, traveller, intermediary and risk assessor. These product owner functions arbitrate between conflicting customer requirements, approve release schedules, disseminate architectural design decisions, provide technical governance and propogate information across teams. The functions identified in this research are mapped to a scrum of scrums process, and a taxonomy of the functions shows how focusing on either decision-making or information dissemination in each helps to tailor agile methods to large scale offshore enterprise development programmes.

Impact of insiders and outsiders of entrepreneurial firms on valuation in initial public offering

The studies of initial public offering pricing had been a popular interest of academic research recently, but there is still little study for entrepreneurial firms now. Under the asymmetric information hypothesis and signaling theory, we try to find some factors affecting the initial public offering pricing of entrepreneurial firms. Based on the 153 listed firms on China's Growth Enterprise Market, we do an empirical test for the correlation between initial public offering pricing and board of director independency, top management team ownership, venture capital existence, and reputation of underwriter. Finally, some research hypotheses are verified. As a result, we find that the top management team's ownership is significantly correlated to initial public offering pricing which means that the top management team plays a more important role in pricing of entrepreneurial firms as an insider, compared to board of director independency as an outsider's role. Also, we find that venture capital backing is significantly correlated to initial public offering pricing while underwriter reputation is not, which means that venture capital plays a more important role in pricing of entrepreneurial firms as an insider after it invested, compared to underwriter as an outsider.

The Accidental Mascot: How Mr. Celery Reached His Salad Days with the Wilmington Blue Rocks

INTRODUCTION Mascots have a long history in minor-league baseball as rallying forces or ongoing symbols of their team. Some minor-league teams have long-standing traditional mascots, perhaps based on local or regional attributes, while other teams which are owned by, or have long-standing relationships with, a major-league parent, such as the Reading Phillies or the Pawtucket Red Sox, often have a junior version of the parent club's mascot.' Whatever their historic derivation, minor-league team mascots serve an important role in generating excitement and coalescing support for the home team. Similarly, some teams have logos, symbols, or even right songs which serve as rallying points for fans. Although it is not uncommon for an impromptu symbol, slogan, or cheer to arise in the heat of a pennant race, it is rare when a full-blown mascot suddenly appears and becomes wildly popular, particularly when the mascot in question has no discernible features or connections whatsoever to the team. In 2000, one such accidental mascot--a celery stalk--took the fans of the Wilmington Blue Rocks by storm. This paper will discuss the germination and evolution of Mr. Celery as a mascot, particularly his impact fanatically and economically on the Blue Rocks and their fans; the implications on sponsors and other stakeholders on the addition of new mascots; and the place of new mascots in existing promotional, marketing, merchandising programs and operations for the team. HISTORICAL DEVELOPMENT AND SIGNIFICANCE OF MASCOTS AND OTHER SYMBOLS Mascot: a person or thing held to bring good luck; something regarded as a cherished emblem or symbol. The word mascot, which may have been first used dialectically in Provence and Gascony to describe anything that brought luck to a household, was subsequently popularized by a comic operetta entitled La Mascotte.2 In the United States, mascots have traditionally been chosen to reflect qualities (such as the fighting spirit personified by predatory animals or warriors) or local or regional traits. Some minor-league teams have long-standing traditional mascots, such as Wool E. Bull (Durham Bulls) or Muddy the Mud Hen (Toledo Mud Hens). Other minor-league teams have local or regional features which have been used to create a mascot--for example, Champ, the purported underwater denizen of Lake Champlain who serves as mascot for the Vermont Lake Monsters. Successful mascots such as Champ survive even when team ownership is in peril or changes hands. The mascot is part of the team, not the ownership group. It has its own identity, and its own fan base, which transcends that of any owner. A recent Mascot Mania contest sponsored by Minor League Baseball (MiLB) demonstrates the fierce loyalty of fans to their mascots. In Spring 2012, MiLB created a 64-spot playoff bracket (similar to the brackets for the NCAA men's and women's basketball tournaments) and conducted six rounds of voting to reduce the field to a Final Four of Ike the Spike (State College Spikes, Pirates); Orbit (Albuquerque Isotopes, Dodgers); Phinley (Clearwater Threshers, Phillies); and Snappy D. Turtle (Beloit Snappers, Twins.) It is not clear how MiLB selected 64 mascots from over 150 minor-league teams. However, hundreds of messages posted on MiLB's website indicated that many fans were upset that their favorite mascots were not in the field of 64. Many of the 326 comments bemoaned the exclusion of mascots such as Spikes (Rochester Red Wings), Sox the Fox (Colorado Springs), Scrappy (Mahoning Valley Scrappers), and Humphrey (Boise Hawks.) It is not uncommon for impromptu symbols to arise in the heat of a pennant race or season. For example, the Los Angeles Angels' Rally Monkey mascot debuted on June 6, 2000, when, with the Angels trailing the San Francisco Giants 5-4 in the bottom of the ninth inning, two video board operators took a clip of a monkey jumping around from the 1994 movie Ace Ventura: Pet Detective, superimposing the words RALLY MONKEY on the screen. …

Assessment of drug-induced liver injury from clinical trial data

Proper analysis of liver safety data is multivariate by nature and has to take into account time dependency of observations. Current standard tools for liver safety assessment are summary tables, individual data listings, narratives, and static graphs. An efficient complementary approach is use of interactive graphics, ideally in a team-based setting. A systematic workflow including predefined graph templates helps to ensure completeness of evaluations, supports hypothesis generation and testing, and facilitates identification of the most suitable graphics for publishing and regulatory reporting. The use of interactive graphics instead of focusing on static graphs enables a project team to jointly assess biomarker data, helps to thoroughly query the data from different perspectives, and fosters team ownership of both analysis and conclusions. This talk presents a systematic workflow for liver safety assessment using a series of interactive graph templates. None declared.

Contracting Among Founders

This paper develops a theory of contracting among founders of a new firm. It asks at what stage founders agree to commit to each other, how they structure optimal founder contracts, and how this affects team formation, ownership, incentives, and performance. The paper derives a trade-off between upfront contracting, which can result in teams with ineffective founders, versus delayed contracting, which can enable some founders to appropriate ideas and start their own firms. Delayed contracting becomes more attractive when there are significant doubts about the skills of founders. Contingent contracts with vesting of shares may be used to mitigate inefficiencies in the team formation process. Interestingly we show that outside investors cannot easily undo ex-post inefficient founder agreements. We also show that laws that provide protection to implied partnerships may have the unintended effect of encouraging more formal contracting.

The Study on the European Perspective on team Ownership, Competitive Balance, and Event Impacts

The Study on the European Perspective on team Ownership, Competitive Balance, and Event Impacts

An Evaluation of the Influence of Primary Care Team Functioning on the Health of Medicare Beneficiaries

In service industries other than health care, unit employees who report a favorable service climate--characterized by commitment to a team concept and intrateam interactions that are supportive, collegial, and collaborative--have high levels of consumer satisfaction and work unit productivity. The authors evaluated whether similar primary care team (PCT) functioning influenced the short-term future health (SF-36) of elderly Medicare beneficiaries (N = 991) in a group model managed care organization (MCO). PCT functioning was assessed by surveys of practitioners and support staff on the MCO's 14 primary care practices and included measures of perceived task delegation, role collaboration, patient orientation, and team ownership. On average, patient physical and emotional health declined over 2 years. Medicare beneficiaries empanelled to relatively high functioning PCTs had significantly better physical and emotional health at 2 years following baseline assessment than those empanelled to relatively low functioning PCTs.

TAX REVISIONS OF 2004 AND PRO SPORTS TEAM OWNERSHIP

I. INTRODUCTION In 1946, Major League Baseball (MLB) entrepreneur Bill Veeck convinced the IRS that the of players on his newly acquired Cleveland Indians was a depreciable asset (Veeck, 1962). Okner's (1974) assessment of this roster depreciation allowance (RDA) first appeared nearly 30 yr later. The point of his work, and subsequent work after nearly another 20 yr by Quirk and Fort (1992), was to elucidate the illogical foundations and ongoing consequences of the RDA. Despite these flaws, the RDA has endured and its recent treatment under the tax revisions of 2004, effective 2005, is the subject of this paper. Under previous tax laws established in 1976, from 1977 to 2004, sports team owners were allowed to treat 50% of the team purchase price as an asset depreciable over no more than 5 yr, what we refer to as the 50/5 Rule. The 2004 revision set the RDA at 100% of the purchase price depreciable over no more than 15 yr, what we will refer to as the Rule. All interested parties agreed that administrative enforcement costs would be driven to zero because, under the lavish percentage and depreciation period of the 100/15 Rule, no real legal challenges would be raised. Controversy over this revision did arise over the impacts on both team owner tax payments and team values. Congressional supporters argued that owners would pay more taxes. A report by the Congressional Joint Committee on Taxation said the revisions would owner tax bills $381 million over 10 years. Industry experts disagreed, stating flatly that the revisions would generally lower tax payments by owners (Wilson, 2004, p. 2). To round out the controversy completely, a lobbyist-spokesman for MLB stated that tax payments would remain unchanged (Wilson, 2004, p. 3). Turning to franchise values, members of Congress were silent but the same industry experts claimed the RDA revisions would raise the capital of sports franchises. Lehman Brothers publicly stated that the revisions would add about 5% to sports team across all leagues. Raymond James & Associates more vaguely agreed that team would increase (Wilson, 2004, p. 3). League officials, their lobbyists, and team owners were much less committal. They agreed there would be some advantages but chose instead to downplay the tax advantages and focus on the issue of owners suffering true net operating losses (Rovell, 2004, p. 1). Both Jeff Smulyan, previous owner of MLB's Seattle Mariners, and David Samson, President of MLB's Florida Marlins, voiced that the benefits of depreciation are small consolation for owners facing true operating losses. Ted Leonsis, owner of the NHL's Washington Capitals, said, I look forward to the day where (write-offs are) an issue for me. While its public statements downplayed the value of the RDA, MLB actively lobbied for the revisions and the National Football League (NFL) also publicly supported them. The National Basketball Association (NBA) and National Hockey League (NHL) remained neutral. Ostensibly, the reason for this lobbying was more about saving on legal fees than on raising franchise values, William H. Schweitzer, a managing partner of the Washington law firm that promoted the revisions for MLB, saying they would have a slightly positive impact, varying from club to club. The revisions would eliminate IRS disputes without significantly changing taxes. Indeed, he offered that MLB had not specifically evaluated how the revisions would affect franchise (Wilson, 2004, p. 3). We present a model of the RDA capable of sorting out these conflicting opinions. The model shows the impact of the RDA on team value and the impact of changes in the RDA on team and taxes paid by owners. We hold all of team ownership constant and allow owners to either hold the team or sell it after the RDA depreciation period expires. Thus, we are able to (1) show the value of the RDA in terms of team operating profits, (2) provide comparative statics results for parameters of the RDA, (3) explore the role of the other values held constant, and (4) apply our findings to the controversy just detailed. …

The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms

Challenging agency theory prescriptions for board composition, we contend that the boards of young firms that have recently gone public are best comprised of a majority of original top management t...

Wicked Curve: The Life and Troubled Times of Grover Cleveland Alexander (review)

Reviewed by: Wicked Curve: The Life and Troubled Times of Grover Cleveland Alexander Lee Lowenfish John C. Skipper. Wicked Curve: The Life and Troubled Times of Grover Cleveland Alexander. Jefferson, NC: McFarland, 2006. 238 pp. Paper, $29.95. The photo on the cover of John Skipper's absorbing new biography of Grover Cleveland Alexander is worth at least a thousand words. Taken late in the career of the future Hall-of-Fame pitcher, he is pictured on the floor of a dugout with his back resting against a wall. Clasping his right hand firmly with his left, the look of dour contemplation on Alexander's face strongly suggests his ongoing battle against demons inside. The story of the Nebraska farm boy who had unprecedented control on the mound but little control off of it is one of baseball's most tragic tales, and Skipper has done an admirable job in researching and writing it. Born in 1887 in Elba, Nebraska, a farming town that took its name from the elbow created by the Union Pacific railroad tracks, Grover Cleveland Alexander was one of thirteen children, twelve boys, five of whom died in infancy. Skipper informs us that he could find no particular reason for Alexander's presidential given names except that perhaps his parents ran out of alternatives. As a youth, Grover, or Dode as he was nicknamed, quickly earned a reputation for his prodigious ability to shuck corn and to throw a baseball. By his midteens, Alexander's powerful arm became widely known in the surrounding towns of west-central Nebraska, but he wasn't signed to a professional contract until 1909 when he won 15 games for a team in Galesburg, Illinois. His season was cut short when he was hit on the head by a second baseman's throw while trying to break up a double play. He suffered from double vision for some time thereafter but recovered enough to win 29 games in 1910 for a team in Syracuse, New York. However, he was not signed for the next season, probably because he was already drinking heavily. Skipper does not say so definitively, but it seems that his weakness for what sportswriters of the time lightly called "John Barleycorn" was also a factor in Alexander's not being offered a pro contract until his early twenties. Regardless of his off-field problems, a talent like Alexander's did not go [End Page 89] unnoticed for long. He was signed by the Philadelphia Phillies in 1911, and he enjoyed what Skipper boldly states was "the greatest rookie season of all time" (29). Surely the numbers are impressive: a 28-13 record in 367 innings with an ERA of 2.57 and nearly a 2:1 strikeout-walk ratio of 227:129. For the next eighteen years, Alexander—probably the greatest control pitcher of all time—never walked more than seventy-six men. From 1915 through 1917, Alexander put together three unprecedented seasons in which he won more than 30 games each year with ERAs below 2 runs per game. In 1915 he won the only game that the Phillies would win in a World Series until 1980. In 1916 his 33 wins included an amazing 16 shutouts. Phillies team ownership, however, was in disarray. Horace Fogel initially signed Alexander, but because of his close connection to professional gambling—Skipper informs us that he actually wanted to change the name of the team to the Live Wires—he was forced to sell the team to local investor William Locke. When Locke died suddenly, his partner, William F. Baker (a former New York City police commissioner), took over the team but was not interested in paying top dollar for his stars. Alexander held out before the 1917 season, taking a job in a traveling circus to make ends meet. Skipper notes perceptively, "The fact that Alexander would even consider being a sideshow for a circus for huge money [$1,000 a week for thirty-five weeks] was an indication of how much his life was worth to others and of his own self-worth" (64). Alexander eventually did sign with the Phillies in 1917 and won another 30 games...

Acquiring financial resources from foreign equity capital markets: An examination of factors influencing foreign initial public offerings

An increasing number of firms are making initial public offerings in foreign markets to circumvent constraints in the availability of capital and to provide an exit for their investors. However, previous research on foreign initial public offerings and their determinants is very limited. In this paper, we contribute to this literature by demonstrating that international experience of the management team and pre-IPO ownership by foreign investors are positively related to foreign initial public offerings. We test our hypotheses using data on initial public offerings of European companies from 1991–2001. The results support our hypotheses. The findings have important implications for entrepreneurs, investors, and public policy.