CEO overconfidence and leverage ratio: Evidence from the founder members of Mila

The study investigates the impact of the managerial overconfidence bias on the capital structure of a sample of 78 firms from Chile, Peru and Colombia, during the years 1996-2014. We infer that there is a positive relation between the leverage ratio and a) the overconfidence; b) the experience and c) the male gender of the executive. Overconfidence is measured according to the status of the CEO (entrepreneur or not-entrepreneur) and the hypotheses are tested through dynamic panel data model. The empirical results show a highly significant positive correlation between overconfidence and leverage ratio and between gender and leverage ratio while, in contrast, the relation between experience and leverage ratio is negative.

Socio-demographic correlates of physical activity of European adults: A cross-sectional study from the European Social Survey

ABSTRACT - Background: From a public health perspective, the study of socio-demographic factors related to physical activity is important in order to identify subgroups for intervention programs. Purpose: This study also aimed to identify the prevalence and the socio-demographic correlates related with the achievement of recommended physical activity levels. Methods: Using data from the European Social Survey round 6, physical activity and socio-demographic characteristics were collected from 39278 European adults (18271 men, 21006 women), aged 18-64 years, from 28 countries in 2012. Meeting physical activity guidelines was assessed using World Health Organization criteria. Results: 64.50% (63.36% men, 66.49% women) attained physical activity recommended levels. The likelihood of attaining physical activity recommendations was higher in age group of 55-64 years (men: OR=1.22, p<0.05; women: OR=1.66, p<0.001), among those who had completed high school (men: OR=1.28, p<0.01; women: OR=1.26, p<0.05), among those who lived in rural areas (men: OR=1.20, p<0.001; women: OR=1.10, p<0.05), and among those who had 3 or more people living at home (men: OR=1.40, p<0.001; women: OR=1.43, p<0.001). On the other hand, attaining physical activity recommendations was negatively associated with being unemployed (men: OR=0.70, p<0.001; women: OR=0.87, p<0.05), being a student (men: OR=0.56, p<0.001; women: OR=0.64, p<0.01), being a retired person (men: OR=0.86, p<0.05) and with having a higher household income (OR=0.80, p<0.001; women: OR=0.81, p<0.01). Conclusion: This research helped clarify that, as the promotion of physical activity is critical to sustain health and prevent disease, socio-demographic factors are important to consider when planning the increase of physical activity.

Eggs and eggshells of Crocodylomorpha from the Upper Jurassic of Portugal

Crocodylomorph eggs are relatively poorly known in the fossil record when compared with skeletal remains, which are found all over the world, or when compared with dinosaur eggs. Herein are described crocodiloid eggshells from the Upper Jurassic Lourinhã Formation of Portugal, recovered from five sites: Cambelas (clutch), Casal da Rola, Peralta (eggshell fragments), and Paimogo North and South (three partial crushed eggs and eggshell fragments). The clutch of Cambelas, composed of 13 eggs, is the only sample not found in association with dinosaur eggshells. Morphological characters of the eggshells described herein, such as shell units and microstructure, are consistent with the crocodiloid morphotype. As such, this material is assigned to the oofamily Krokolithidae, making them the oldest known crocodylomorph eggs so far and the best record for eggs of non-crocodylian crocodylomorphs. Two new ootaxa are erected, Suchoolithus portucalensis oogen. et oosp. nov, for the clutch of Cambelas, and Krokolithes dinophilus, oosp. nov., for the remaining eggshells. The basic structure of crocodilian eggshells has remained stable since at least the Late Jurassic. Additionally, the findings suggest previously unknown biological associations with contemporary archosaurs, shedding light on the poorly understood egg morphology, reproduction strategies and paleobiology of crocodylomorphs during the Late Jurassic.