The major challenges facing the 21 st century world demands disruptive technology based solutions. One of the most promising exponential technology set to address world challenges is the Internet of Things (IoT) based Trillion Sensor System (TSS). The IoT supports many revolutionary commercial and societal solutions including wearable or unobtrusive medical sensors, Industry 4.0, power and water grids, smart cities, food production, education, transportation and roadway infrastructure needs. However, to support these solutions the current IoT infrastructure needs improved spectrum and the use of between one to ten Trillion Sensors (TS). The development of a robust IoT based TSS infrastructure would create an addition to world GDP equal to that of the U.S. GDP to double the worlds GDP. This new IoT based TSS would create a high paying job base that will form a new vibrant world middle class and an abundant economy. Yet while much is written about the ability of the IoT to transform society little effort is focused on its infrastructure. If this is true there is cause for concern. We add to the literature by developing a precursor road mapping construct which focuses on the service sector and supports 3 rd generation road mapping techniques. We utilize the emerging IoT TSS technology base as our case study. We utilize the best thoughts of hundreds of experts from three organizations focused on accelerating IoT TSS road mapping efforts.
We examine changes in managers' investment in the firm around leveraged buyouts and find agency costs counter to those described in extant literature. In majority of deals during 1997–2008, managers divested a portion of their pre‐LBO shareholdings while maintaining an ownership stake in the post‐LBO firm. Such divestment opportunities encourage managers to behave in a way that benefits existing shareholders but is costly to new investors. We report a positive relation between management's divestment and pre‐LBO earnings management, market timing, and better buyout pricing. Although managerial divestment also leads to subpar post‐buyout performance, the involvement of private equity mitigates it.
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