We find direct evidence that institutions increase round-trip stock trades, increase average commissions per share, and pay unusually high commissions on some trades in order to send abnormally high commissions to the lead underwriters of profitable initial public offerings (IPOs). These excess commission payments are a particularly effective way for transient investors to receive lucrative IPO...

Institute for Global Health (N Watts MA, T Colbourn PhD, I Kelman PhD, Prof A Costello FMedSc) and Institute for Sustainable Resources (P Agnolucci PhD, P Drummond MSc, Prof P Ekins PhD, Prof M Grubb PhD, M Lott MSEng), and Department of Science, Technology, Engineering and Public Policy (J Blackstock PhD, A Cooper PhD) and Public Policy (S Chaytor MA) and Energy Institute (I Hamilton PhD, Prof...

We investigate the role of commissions paid by product providers to information intermediaries who advise customers on product suitability. These commissions and hidden “kickbacks” are widespread and controversial in markets for retail financial products and health services. We show that product providers have an incentive to pay commissions to steer the intermediary’s advice and to counteract ...

33. Almost like lesults were obtained by partially asphyxiating a clog as explained in the following experiment. The animal had been anaesthetised and its left carotid artery connected with both a Fick-Manometer and a Ludwio-'d spring-kymograph. It was arranged previously, that on eacli occasion on which a signal would be given, the chloroform cap was to be held closely over the mouth and nose,...

Brucellosis in Britain is usually caused by Brucella abortus and mainly affects those in direct contact with cattle or their unpasteurised milk products.1 2 Bone and joint brucellosis constitutes about 9° of brucellosis infections and the spine is the commonest site of skeletal infection.1 3Brucellar spondylitis most often presents with back pain and leg pain, resembling an intervertebral disc ...

Subjects read scenarios concerning pairs of options. One option was an omission, the other, a commission. Intentions, motives, and consequences were held constant. Subjects either judged the morality of actors by their choices or rated the goodness of decision options. Subjects often rated harmful omissions as less immoral, or less bad as decisions, than harmful commissions. Such ratings were a...

Previous work shows that establishments with higher proportions of women are more likely to use piece rates hut that individual women are less likely to receive performance pay. We present a model in which lower expected tenure and labor force attachment are positively associated with piece rates but are negatively associated with other forms of performance pay. Analysis of the National Longitu...