The influence of corporate governance characteristics on changes in risk following the global financial crisis evidence from companies listed in the portuguese stock market

Apesar da crescente regulação da atividade empresarial e do estabelecimento de normas e recomendações relativamente ao governo das sociedades verificados desde o início da década passada, as empresas de grande parte dos sectores de atividade económica foram seriamente afetadas durante a crise financeira global. Este estudo permite concluir que houve aumentos significativos no risco total e idiossincrático das empresas não financeiras cotadas na Euronext Lisboa após a falência do banco Lehman Bothers, a 15 de Setembro de 2008. Estes resultados são coerentes com o aumento da incerteza dos investidores verificado durante o período de crise, resultante do colapso de alguns dos maiores bancos do último século, que se traduziu numa falta de confiança generalizada nas instituições financeiras que resultou em maiores dificuldades na obtenção de créditos bancários e num aumentos dos custos de capital, durante este período. Os resultados sugerem que as alterações verificadas nas medidas do risco variaram de acordo com as características de governação e características específicas das empresas, quer num horizonte temporal mais curto, quer num horizonte temporal mais alargado. O mercado de capitais premiou as empresas com um número relativamente maior de administradores não-executivos e com administradores que exercem (em média) cargos de gestão num maior número de empresas ou instituições. Por outro lado, o mercado de capitais penalizou as empresas com um número relativamente maior de administradores independentes, maior concentração de capital, maiores oportunidades de crescimento, maior alavancagem financeira e maior liquidez corrente.

Changes in the global carbon cycle and the biosphere /

Mode of access: Internet.

Satellite acquisition : global positioning system acquisition changes after Challenger's accident : briefing report to the chairman, Subcommittee on Defense, Committee on Appropriations, House of Representatives /

Bill Chappell, Jr., chairman, Subcommittee on Defense, Committee on Appropriations, House of Representatives. -- p. [1].

Global changes in gene expression observed at the transition from growth to stationary phase in Listeria monocytogenes ScottA batch culture

Listeria monocytogenes is a food-borne Gram-positive bacterium that is responsible for a variety of infections (worldwide) annually. The organism is able to survive a variety of environmental conditions and stresses, however, the mechanisms by which L. monocytogenes adapts to environmental change are yet to be fully elucidated. An understanding of the mechanism(s) by which L. monocytogenes survives unfavourable environmental conditions will aid in developing new food processing methods to control the organism in foodstuffs. We have utilized a proteomic approach to investigate the response of L. monocytogenes batch cultures to the transition from exponential to stationary growth phase. Proteomic analysis showed that batch cultures of L. monocytogenes perceived stress and began preparations for stationary phase much earlier (approximately A(600) = 0.75, mid-exponential) than predicted by growth characteristics alone. Global analysis of the proteome revealed that the expression levels of more than 50% of all proteins observed changed significantly over a 7-9 h period during this transition phase. We have highlighted ten proteins in particular whose expression levels appear to be important in the early onset of the stationary phase. The significance of these findings in terms of functionality and the mechanistic picture are discussed.

Global processing speed as a mediator of developmental changes in children's auditory memory span

This study examined the role of global processing speed in mediating age increases in auditory memory span in 5- to 13-year-olds. Children were tested on measures of memory span, processing speed, single-word speech rate, phonological sensitivity, and vocabulary. Structural equation modeling supported a model in which age-associated increases in processing speed predicted the availability of long-term memory phonological representations for redintegration processes. The availability of long-term phonological representations, in turn, explained variance in memory span. Maximum speech rate did not predict independent variance in memory span. (c) 2005 Elsevier Inc. All rights reserved.

An empirical analysis of the global audit market: International Financial Reporting Standards-related changes and differences within the Big 4 global networks

Ongoing debates within the professional and academic communities have raised a number of questions specific to the international audit market. This dissertation consists of three related essays that address such issues. First, I examine whether the propensity to switch between auditors of different sizes (i.e., Big 4 versus non-Big 4) changes as adoption of International Financial Reporting Standards (IFRS) becomes a more common phenomenon, arguing that smaller auditors have an opportunity to invest in necessary skills and training needed to enter this market. Findings suggest that clients are relatively less (more) likely to switch to (away from) a Big 4 auditor if the client's adoption of IFRS occurs in more recent years. ^ In the second essay, I draw on these inferences and test whether the change in audit fees in the year of IFRS adoption changes over time. As the market becomes less concentrated, larger auditors becomes less able to demand a premium for their services. Consistent with my arguments, results suggest that the change in audit service fees declines over time, although this effect seems concentrated among the Big 4. I also find that this effect is partially attributable to a differential effect of the auditors' experience in pricing audit services related to IFRS based on the period in which adoption occurs. The results of these two essays offer important implications to policy debates on the costs and benefits of IFRS adoption. ^ In the third essay, I differentiate Big 4 auditors into three classifications—Parent firms, Brand Name affiliates, and Local affiliates—and test for differences in audit fee premiums (relative to non-Big 4 auditors) and audit quality. Results suggest that there is significant heterogeneity between the three classifications based on both of these characteristics, which is an important consideration for future research. Overall, this dissertation provides additional insights into a variety of aspects of the global audit market.^

Estimates of global sources and sinks of carbon from land cover and land use changes

The distribution of sources and sinks of carbon over the land surface is dominated by changes in land use such as deforestation, reforestation, and agricultural management. Despite, the importance of land-use change in dominating long-term net terrestrial fluxes of carbon, estimates of the annual flux are uncertain relative to other terms in the global carbon budget. The interaction of the nitrogen cycle via atmospheric N inputs and N limitation with the carbon cycle contributes to the uncertain effect of land use change on terrestrial carbon uptake. This study uses two different land use datasets to force the geographically explicit terrestrial carbon-nitrogen coupled component of the Integrated Science Assessment Model (ISAM) to examine the response of terrestrial carbon stocks to historical LCLUC (cropland, pastureland and wood harvest) while accounting for changes in N deposition, atmospheric CO2 and climate. One of the land use datasets is based on satellite data (SAGE) while the other uses population density maps (HYDE), which allows this study to investigate how global LCLUC data construction can affect model estimated emissions. The timeline chosen for this study starts before the Industrial Revolution in 1765 to the year 2000 because of the influence of rising population and economic development on regional LCLUC. Additionally, this study evaluates the impact that resulting secondary forests may have on terrestrial carbon uptake. The ISAM model simulations indicate that uncertainties in net terrestrial carbon fluxes during the 1990s are largely due to uncertainties in regional LCLUC data. Also results show that secondary forests increase the terrestrial carbon sink but secondary tropical forests carbon uptake are constrained due to nutrient limitation.

Changes in Work from the Global Value Change Perspective The Case of Transformation Economies: Bulgaria and Hungary

The core aim of this paper is to evaluate to what extent were companies able to join to the global value chains (GVCs) through some selected company case studies.

A Method of Preparing Future Hourly Weather Data for the Study of Global Warming Impact on the Built Environment

The dynamic interaction between building systems and external climate is extremely complex, involving a large number of difficult-to-predict variables. In order to study the impact of global warming on the built environment, the use of building simulation techniques together with forecast weather data are often necessary. Since all building simulation programs require hourly meteorological input data for their thermal comfort and energy evaluation, the provision of suitable weather data becomes critical. Based on a review of the existing weather data generation models, this paper presents an effective method to generate approximate future hourly weather data suitable for the study of the impact of global warming. Depending on the level of information available for the prediction of future weather condition, it is shown that either the method of retaining to current level, constant offset method or diurnal modelling method may be used to generate the future hourly variation of an individual weather parameter. An example of the application of this method to the different global warming scenarios in Australia is presented. Since there is no reliable projection of possible change in air humidity, solar radiation or wind characters, as a first approximation, these parameters have been assumed to remain at the current level. A sensitivity test of their impact on the building energy performance shows that there is generally a good linear relationship between building cooling load and the changes of weather variables of solar radiation, relative humidity or wind speed.

Maintaining your career “edge” in a global world of work

The world of work in the 21st century has been described by many as globalised (Peiperl & Jonsen, 2007; Levy, 2007; Bhagat, 2006; Czinkota & Ronkainen, 2005). Globalisation is generally understood as a greater awareness of the world as a whole; an integrated stage where the countries of the world are seen to be players on the one playing field. This notion is driven by a perception of the world as being occupied by global citizens who are affiliated not with the country in which they are born but whose loyalties lie with planet Earth. They strive to live and work with this focus foremost in their consciousness. Indeed, many of these global citizens will enjoy global careers during their lifetime whereby they work in more than one region of the world during the course of their employment. The present chapter will present a discussion on globalisation and its impact on the world of work, in particular the changes on particular demographic groups in both developed and developing economies. It will then discuss implications for workers and their careers, specifically focusing on changing relationships between workers and organisations and the need for individuals to maintain their competitive edge in the market place through an ongoing focus on relevant career management competencies.

Managerial effectiveness for a new millennium in the global higher education sector

With the global tertiary education environment undergoing some of the most rapid changes it has experienced since the 1980s, a technology-driven new millennium is requiring an unprecedented capacity for change on a number of fronts, one of these being the way managers manage. This article discusses some of the new realities facing tertiary education organizations, one of which is a realization that "knowledge capital" is the lifeline of an organization. It ultimately vests in the people whom successful organizations will lead, motivate, develop, and value in a manner sensitive to global trends of convergent social, cultural, and organizational change. This article suggests that the effective leadership of people will return as the touchstone for success, the technological age notwithstanding, and notes recent theory on increased reliance upon organizational integrity in the form of value-based policy and practice. This article draws on management and futurist theory to suggest some of the "flexibility imperatives" in managing the potentially different-looking work force of the future.

Wheat Production Systems And Global Climate Change

About this book: Over 100 authors present 25 contributions on the impacts of global change on terrestrial ecosystems including:key processes of the earth system such as the CO2 fertilization effect, shifts in disturbances and biome distribution, the saturation of the terrestrial carbon sink, and changes in functional biodiversity,ecosystem services such the production of wheat, pest control, and carbon storage in croplands, and sensitive regions in the world threaten by rapid changes in climate and land use such as high latitudes ecosystems, tropical forest in Southeast Asia, and ecosystems dominated by Monsoon climate.The book also explores new research developments on spatial thresholds and nonlinearities, the key role of urban development in global biogeochemical processes, and the integration of natural and social sciences to address complex problems of the human-environment system.

Assessing the relationship between global warming and mortality : lag effects of temperature fluctuations by age and mortality categories

Although interests in assessing the relationship between temperature and mortality have arisen due to climate change, relatively few data are available on lag structure of temperature-mortality relationship, particularly in the Southern Hemisphere. This study identified the lag effects of mean temperature on mortality among age groups and death categories using polynomial distributed lag models in Brisbane, Australia, a subtropical city, 1996-2004. For a 1 °C increase above the threshold, the highest percent increase in mortality on the current day occurred among people over 85 years (7.2% (95% CI: 4.3%, 10.2%)). The effect estimates among cardiovascular deaths were higher than those among all-cause mortality. For a 1 °C decrease below the threshold, the percent increases in mortality at 21 lag days were 3.9% (95% CI: 1.9%, 6.0%) and 3.4% (95% CI: 0.9%, 6.0%) for people aged over 85 years and with cardiovascular diseases, respectively. These findings may have implications for developing intervention strategies to reduce and prevent temperature-related mortality.