The cost of multiple large shareholders

Previous research argues that large non-controlling shareholders enhance firm value because they deter expropriation by the controlling shareholder. We propose that the conflicting incentives faced by large shareholders may induce a nonlinear relationship between the relative size of large shareholdings and firm value. Consistent with this prediction, we present evidence that there are costs of having a second (and third) largest shareholder, especially when the largest shareholdings are similar in size. Our results are robust to various relative size proxies, firm performance measures, model specifications, and potential endogeneity issues.

Efficacy of a four-week uphill sprint training intervention in field hockey players

Current evidence increasingly suggests that very short, supra-maximal bouts of exercise can have significant health and performance benefits. The majority of research conducted in the area however, uses laboratory-based protocols, which can lack ecological validity. The purpose of this study was to examine the effects of a high intensity sprint-training programme on hockey related performance measures. 14 semi-professional hockey players completed either a 4-week high intensity training (HIT) intervention, consisting of a total of six sessions HIT, which progressively increased in volume (n=7), or followed their normal training programme (Con; n=7). Straight-line sprint speed with and without a hockey stick and ball, and slalom sprint speed, with and without a hockey stick and ball were used as performance indicators. Maximal sprint speed over 22.9m was also assessed. Upon completion of the four-week intervention, straight-line sprint speed improved significantly in the HIT group (~3%), with no change in performance for the Con group. Slalom sprint speed, both with and without a hockey ball was not significantly different following the training programme in either group. Maximal sprint speed improved significantly (12.1%) in the HIT group, but there was no significant performance change in the Con group. The findings of this study indicate that a short period of HIT can significantly improve hockey related performance measures, and could be beneficial to athletes and coaches in field settings.