UP THE HILL AND DOWN AGAIN: CONSTRAINING DUAL-CLASS SHARES

The headline recommendation of Jonathan Hill's 2021 UK Listing Review was that dual-class shares structures be permitted on the London Stock Exchange's premium tier. The aspiration was to encourage more high-quality UK equity listings, particularly of high-growth tech-companies, for which dual-class shares are especially beneficial. Dual-class shares allow founders to list their companies, and retain majority-control, while holding significantly less of the cash-flow rights in the company. However, in the UK, dual-class shares are usually discussed in qualified terms, in an attempt to placate sceptical institutional shareholders. Using the UK Listing Review as a platform, this article explores the constraints commonly proposed to be attached to dual-class shares, and argues that, although it is important to protect public shareholders, constraints must not be too severe. A balance must be respected, otherwise UK initiatives to relax rules on dual-class shares could deter the very companies they are intended to attract.

Party Competition, Personal Votes, and Strategic Disloyalty in the U.S. States

Legislators will sometimes vote against their party’s position on roll-call votes to differentiate themselves from the party mainstream and to accrue a “personal vote.” Research suggests that the use of rebellion to generate a personal vote is more common (1) among majority party members and (2) among ideological extremists. But these majority party extremists only have a strong incentive to rebel in situations where the accrual of a personal vote is electorally useful. In this manuscript, we evaluate variation in rebellion rates of state legislators in the United States conditional on ideological extremism and majority control. Using donation-based measures of ideology and roll call–based measures of party loyalty over a twenty-year period across more than 30,000 legislators, we find that when legislators have little incentive to differentiate themselves from their parties, this “strategic” party disloyalty among majority party ideological extremists is limited. However, when legislators have strong incentives to craft a personal vote, ideological extremists defect from their party more often than their moderate counterparts. In particular, we find greater evidence for this type of strategic party disloyalty in states with high intra-party competition and low inter-party competition and less evidence in states with high inter-party competition.

FINDING THE BRITISH GOOGLE: RELAXING THE PROHIBITION OF DUAL-CLASS STOCK FROM THE PREMIUM-TIER OF THE LONDON STOCK EXCHANGE

There is a dearth of British tech-companies listing on the London Stock Exchange (LSE), and the LSE lacks a large, innovative tech-company such as Google. The UK Government, concerned as to the loss of UK tech-companies to foreign acquirors, views the encouragement of UK tech-firm listings as a policy priority. Dual-class stock, currently prohibited from the LSE Main Market's premium-tier, allows founders to list their firms, and retain majority-control, while holding significantly less of the cash-flow rights in the company. This article will broach the potential for dual-class stock to attract UK tech-company listings, and explore the benefits that dual-class stock can engender for UK tech-companies and their public shareholders. The risks of dual-class structures will also be discussed, but it will be shown that in a UK regulatory context, in relation to high-growth tech-companies, the risks may not be as severe as presumed, and easily moderated through judicious controls.

An Effectiveness Emla Used on School Aged Children’s Level of Pain During Venipuncture Procedure in Hospital

Pain that is not immediately cultivated can have a detrimental effect on children, including anxiety, sleep difficulties and despair. A child takes a series of procedures in a Hospital as a therapy. The first procedure often used on a child as he/she enters a hospital will be an intravenous therapy procedure and blood collection venipuncture. A topical anesthesia is often used in pediatric care. EMLA cream is an option to reduce pain during a venipuncture procedure on children. The research aims at know how the effectiveness of EMLA used on school aged child’s level of pain during venipuncture in Hospital. The research method of study used a quasi experimental post-test only non-equivalent control group. The sampling technique used consecutive sampling with a sample of 30 respondents consisted of two groups (intervention and control group). Bivariate analysis was carried out of using the Mann Withney test. The results indicated level of pain of children in the intervention group the majority experienced hurt little more 5.07%. The pain level in the majority control group experienced 8.53% is hurt worst. Based on the results of the study obtained a significant value was 0.000 (p

DIVIDEND PAYOUTS: MAJORITY CONTROL AND RENT EXTRACTION

In Eurasia, Turkey has a “crony” capitalist system with majority control and business groups (BGs) in the hands of a few families. These business groups are often organised around a holding company. We analyse the dividend payouts of family controlled Borsa Istanbul companies, which are affiliated to holding and non-holding BGs. We investigate and quantify the effects of several control-enhancing mechanisms (CEMs) on dividend payouts. We use precise quantitative proxies for CEMs to measure the divergence between control and ownership rights. Supporting the rent extraction hypothesis, holding business group companies have lower dividend payouts as the divergence between control and ownership rights widens and the pyramid wedge increases. However, controlling foreign-family coalitions in holding business group companies curb the rent extraction problem by having a positive effect on the dividend payouts. Overall, for family controlled holding BG companies, the effects of company-specific financial control variables on dividend payouts are stronger than the effects of CEMs. For family controlled non-holding BG companies, there is no empirical support for either the rent extraction or the reputation building hypotheses. The company-specific financial control variables are the main determinants of dividend payouts for family controlled non-holding BG companies.

PELAKSANAAN DISCHARGE PLANNING DI RUMAH SAKIT

One of the nursing activities that have not been optimal now days is Discharge Planning. Discharge Planning in nursing is a related component with a nursing range of patients admitted to hospital until his return. The purpose of this research is to determine on how the describing of discharge planning implementation in inpatient care room of hospital CThis research is using descriptive method, the population of all nurses in the wards of RS.C 181 people. Obtaining sampling technique used is proportional random sampling. The research samples is 64 nurses inpatient care room in hospital CThe result of understanding the most diseases are not carried out (96.9%). Explanations majority diseases cause categorical are not carried out (87.5%). Explanations sign and majority diseases simptom categorical are not carried out (90.0%). Explanations majority depelopment categorical is implementated (93.8%). Explanation of majority nutritions category is conducted as many as 61 respondents (95.3%). Explanation of activity and majority rest categorical is implemented (90.6%). An explanation of the mobilization of the highest category is done (81.2%). Explanation giving majority motivation categorical is conducted (95.3%). Explanation the majority control categorical is done (71.9%).Implementation of majority discharge planning categorical is done based on SPO (65.6%). It is expected that the hospital discharge planning is more concerned by providing the motivation on the nurse to perform appropriate discharge planning based on SPO. Keywords: Nurses, Implementation, Discharge Planning, Hospital