Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers

2017 ◽  
pp. 1-22 ◽  
Author(s):  
David P. Stowell ◽  
Paul Stowell
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Hedge Funds ◽  
Hedge Fund ◽  
Trading Strategies ◽  
Decision Making Process ◽  
Investment Bankers ◽  
Strategic Acquisition ◽  
Important Position

Within 18 months of exiting bankruptcy, Kmart's position was sufficiently strong to launch an acquisition of Sears, once the nation's largest retailer and also a core holding of ESL. Looks at a number of compelling issues related to Kmart's bankruptcy, restructuring, and rebirth under the control of ESL, a large hedge fund. Presents some of the key metrics that Eddie Lampert, head of ESL, had available to him as he made two decisions: first, in 2002, to amass a controlling stake in Kmart's defaulted debt during the restructuring; and second, in 2004, to launch a takeover of Sears. The first deal illustrates the decision-making process for a financial buyer, including the downside protection of Kmart's real estate holdings, whereas the second deal represents a traditional strategic acquisition. Illustrates the innovative use of real estate as a “hedge” for ESL in the event that the retail combination does not produce the required financial results. Also focuses on the role of investment bankers and the increasingly important position that hedge funds and LBO funds have carved out in the M&A market.To outline the explosive growth in assets and influence of alternative investment managers, particularly LBO funds and hedge funds, and the transition of some larger hedge funds from shorter term trading strategies to longer term plays on distressed debt, restructurings, and turnarounds.

scholarly journals Decision Making from the Experience of Orthognathic Surgery Patients: A Grounded Theory Approach

2021 ◽  
pp. 238008442110144
Author(s):  
N.R. Paul ◽  
S.R. Baker ◽  
B.J. Gibson
Keyword(s):  
Decision Making ◽  
Grounded Theory ◽  
Treatment Options ◽  
Study Data ◽  
Primary Objective ◽  
Major Surgery ◽  
Future Research ◽  
Decision Making Process ◽  
Theory Approach

Introduction: Patients’ decisions to undergo major surgery such as orthognathic treatment are not just about how the decision is made but what influences the decision. Objectives: The primary objective of the study was to identify the key processes involved in patients’ experience of decision making for orthognathic treatment. Methods: This study reports some of the findings of a larger grounded theory study. Data were collected through face-to-face interviews of patients who were seen for orthognathic treatment at a teaching hospital in the United Kingdom. Twenty-two participants were recruited (age range 18–66 y), of whom 12 (male = 2, female = 10) were 6 to 8 wk postsurgery, 6 (male = 2, female = 4) were in the decision-making stage, and 4 (male = 0, female = 4) were 1 to 2 y postsurgery. Additional data were also collected from online blogs and forums on jaw surgery. The data analysis stages of grounded theory methodology were undertaken, including open and selective coding. Results: The study identified the central role of dental care professionals (DCPs) in several underlying processes associated with decision making, including legitimating, mediating, scheduling, projecting, and supporting patients’ decisions. Six categories were related to key aspects of decision making. These were awareness about their underlying dentofacial problems and treatment options available, the information available about the treatment, the temporality of when surgery would be undertaken, the motivations and expectation of patients, social support, and fear of the surgery, hospitalization, and potentially disliking their new face. Conclusion: The decision-making process for orthognathic treatment is complex, multifactorial, and heavily influenced by the role of DCPs in patient care. Understanding the magnitude of this role will enable DCPs to more clearly participate in improving patients’ decision-making process. The findings of this study can inform future quantitative studies. Knowledge Transfer Statement: The results of this study can be used both for informing clinical practice around enabling decision making for orthognathic treatment and also for designing future research. The findings can better inform clinicians about the importance of their role in the patients’ decision-making process for orthognathic treatment and the means to improve the patient experience. It is suggested that further research could be conducted to measure some of the key constructs identified within our grounded theory and assess how these change during the treatment process.

scholarly journals An Analysis of Preferences in Housing Demand by Means of a Multicriteria Methodology (AHP). A More Sustainable Approach

2021 ◽  
Vol 13 (14) ◽  
pp. 7550
Author(s):  
Roberto Cervelló-Royo ◽  
Marina Segura ◽  
Regina García-Pérez ◽  
Baldomero Segura-García del Río
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Real Estate Market ◽  
Housing Demand ◽  
Decision Making Process ◽  
Analytic Hierarchy ◽  
The Real Estate ◽  
Qualitative Relationship ◽  
Key Aspects ◽  
Housing Attributes

This paper examines key aspects of the behavior of housing demand from a sustainable standpoint. Most studies have mainly focused on housing supply, looking at quantitative predictions without considering the qualitative relationship found between housing values and housing demand on a sustainable and microeconomic scale. We used a multicriteria decision methodology (analytic hierarchy process—AHP) for the analysis of preferences in demand, based on the theory of multi-attribute utility of housing, to determine the relative importance of each characteristic of housing and its influence on the decision-making process. For this purpose, we carried out the study over three main groups of stakeholders in the housing market: real estate surveyors, real estate agents, and housing buyers (the latter representing the housing demand). Results show that although there might be some slight discrepancies among the three groups in the decision-making process and the weighting of housing attributes, the three groups agree in most of the process, especially when defining the criteria and the importance that each criterion has on the process of valuation. This study provides important managerial and sustainable implications for the real estate market related to urban public policy, as we highlight which criteria are most preferred.

Evolution of EC Institutions and Role of France (1990–2000)

2011 ◽  
pp. 58-70
Author(s):  
P. Timofeev
Keyword(s):  
Decision Making ◽  
Decision Making Process ◽  
The Eu

The gradual enlargement of the EEC has necessitated an adaptation of European supranational structures established in the 1950-1970s to the needs of the time. Under these circumstances one of the key priorities of France's participation in the EU is he struggle for preserving her influence on the EU decision-making process. The article is devoted to the interaction of France with its partners in the EU institutions. This implies not only the implementation of its own interests, but also the search for compromise more or less satisfactory to all participants.

The role of a shared decision-making process in paediatric epilepsy surgery

2021 ◽  
Vol 429 ◽  
pp. 119162
Author(s):  
Michelle Gratton ◽  
Bonnie Wooten ◽  
Sandrine Deribaupierre ◽  
Andrea Andrade
Keyword(s):  
Decision Making ◽  
Shared Decision Making ◽  
Epilepsy Surgery ◽  
Decision Making Process ◽  
Shared Decision ◽  
Paediatric Epilepsy

Sharing is caring: the role of voter-candidate similarities in intra-party electoral competition

2018 ◽  
Vol 11 (1) ◽  
pp. 75-89 ◽  
Author(s):  
Patrick F. A. van Erkel
Keyword(s):  
Decision Making ◽  
Electoral Competition ◽  
Decision Making Process ◽  
Supply Side ◽  
Voting Behaviour ◽  
Party Leaders ◽  
Presidential Candidates ◽  
Underrepresented Groups ◽  
Candidate Characteristics

AbstractPrevious studies have found similarities with presidential candidates or party leaders to be an important factor in explaining voting behaviour. However, with the exception of gender, few studies have structurally studied voter-candidate similarities in intra-party electoral competition. This study investigates the Belgian case and argues that voter-candidate similarities play a role in the decision-making process of citizens when casting preferential votes. Moreover, it investigates whether underrepresented groups, and especially women, are more guided by these voter-candidate similarities than overrepresented groups. To achieve this aim voter and candidate characteristics are modelled simultaneously. This enables an investigation of the decision-making process of voters while taking into account structural inequalities at the supply side. The results demonstrate that citizens are indeed more likely to cast preferential votes for candidates similar to themselves and that these effects are stronger for underrepresented groups. Hence, preferential voting could ultimately pave the way for better descriptive representation.

scholarly journals Wind Power Deployment: The Role of Public Participation in the Decision-Making Process in Ontario, Canada

2021 ◽  
Author(s):  
Anahita A. Jami ◽  
Philip R. Walsh
Keyword(s):  
Decision Making ◽  
Renewable Energy ◽  
Public Participation ◽  
Wind Power ◽  
Knowledge Broker ◽  
Decision Making Process ◽  
Energy Investment ◽  
The Public ◽  
Public Opposition

A wider use of renewable energy is emerging as a viable solution to meet the increasing demand for global energy while contributing to the reduction of greenhouse gas emissions. However, current literature on renewable energy, particularly on wind power, highlights the social barriers and public opposition to renewable energy investment. One solution to overcome the public opposition, which is recommended by scholars, is to deploy a collaborative approach. Relatively little research has specifically focused on the role of effective communication and the use of a knowledge-broker in collaborative decision-making. This study attempts to fill this gap through the proposition of a participatory framework that highlights the role of the knowledge-broker in a wind project decision-making process. In this paper, five illustrative wind projects in Ontario are used to highlight the current situation with public participation and to address how the proposed framework could have improved the process. Based on the recommended collaborative framework, perception must shift from the dominant view of the public as “a risk to be managed” towards “a resource that can be tapped”. The developers need to improve sharing what they know and foster co-learning around questions and concerns.

scholarly journals Expert System for Diagnosis of Uterine Myomas using the Certainty Factor Method

2021 ◽  
Vol 1 (4) ◽  
pp. 103-108
Author(s):  
Syahrizal Dwi Putra ◽  
M Bahrul Ulum ◽  
Diah Aryani
Keyword(s):  
Artificial Intelligence ◽  
Decision Making ◽  
Expert System ◽  
Computer System ◽  
Decision Making Process ◽  
Certainty Factor ◽  
Uterine Myomas ◽  
Factor Method ◽  
Two Factors

An expert system which is part of artificial intelligence is a computer system that is able to imitate the reasoning of an expert with certain expertise. An expert system in the form of software can replace the role of an expert (human) in the decision-making process based on the symptoms given to a certain level of certainty. This study raises the problem that many women experience, namely not understanding that they have uterine myomas. Many women do not understand and are not aware that there are already symptoms that are felt and these symptoms are symptoms of the presence of uterine myomas in their bodies. Therefore, it is necessary for women to be able to diagnose independently so that they can take treatment as quickly as possible. In this study, the expert will first provide the expert CF values. Then the user / respondent gives an assessment of his condition with the CF User values. In the end, the values obtained from these two factors will be processed using the certainty factor formula. Users must provide answers to all questions given by the system in accordance with their current conditions. After all the conditions asked are answered, the system will display the results to identify that the user is suffering from uterine myoma disease or not. The Expert System with the certainty factor method was tested with a patient who entered the symptoms experienced and got the percentage of confidence in uterine myomas/fibroids of 98.70%. These results indicate that an expert system with the certainty factor method can be used to assist in diagnosing uterine myomas as early as possible.

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