Intergenerational Transfer of Family Firm Control: Discount Expectations of Potential Successors

Building on institutional theory and family sociology literature we explore the logics that underlie the formation of transaction price expectations related to the intergenerational transfer of corporate ownership in private family firms. By probing a sample of 3'487 students with family business background from 20 countries we show that next generation family members expect to receive a 56.58% discount in comparison to some nonfamily buyer (i.e. the family discount) when taking over the parent's firm. We also show that the logic underlying the formation of family discount expectations is characterized by parental altruism, filial reciprocity, filial decency and parental inducement. These norms embrace both the family and market logics and accommodate the duties and demands of children and parents in determining a fair transfer price. These findings are important for institutional theory as well as for family business and entrepreneurial exit literatures.

Cuentos de poeta.

Author's presentation copy to Manuel Puga y Acal.

Trudy.

Added title in French: Travaux; English: Reports; or German: Arbeiten.

De la Beneficencia en Inglaterra y en España : informe leído en la Academia de Ciencias Morales y Políticas /

Enc. con otras obras.

Interesting tales : consisting of Isidore, Arthur, The clear-sighted blind man, Robert, and The hogshead /

Moon attributes this translation to Elizabeth Semple.

Democracy and social ethics,

Series title also at head of t.-p.

Democracy and social ethics /

Introduction -- Charitable effort -- Filial relations -- Household adjustment -- Industrial amelioration -- Educational methods -- Political reform -- Index.

Nijūshikō genkai.

Cover title.

Miss Nonentity /

Mode of access: Internet.

Biology and conservation of the rare New Zealand land snail Paryphanta busbyi watti (Mollusca, Pulmonata)

The biology of Paryphanta busbyi watti, an endangered carnivorous land snail, was studied mostly by following large juvenile and adult snails with harmonic radar. The snails are nocturnally active and most (79%) hide during the day under leaf litter or in dense vegetation. Fecal analysis showed that the diet is primarily earthworms, but some cannibalism of smaller snails occurs. Empty shells appear to be an additional source of dietary calcium. Mating occurred most frequently between April and July. Mating snails stayed together for 4-7 days, and each pair reversed their positions at least twice. Four snails were first found mating 151-1240 d after they acquired adult shells, and 7 snails were observed mating a second time after 66-298 d. We found 8 nests and observed 6 snails ovipositing; 5 snails laid eggs in holes they dug and one laid eggs in a crevice between rocks. In 2 instances, oviposition was recorded 52 and 140 d after mating. Snails were estimated to lay on average similar to17.5 eggs per year in 3-5 clutches. Most oviposition was observed in August/September, but some occurred between November and February. Of the snails that died, pigs killed 13.6% and humans inadvertently killed another 13.6%. Other snails died from unknown causes mostly during the drier and warmer months, from November to April. This large land snail survives in the presence of introduced predators, but some life history traits could predispose it to a rapid decline in numbers if new predators arrive.

The large peculiar velocity of the cD galaxy in Abell 3653

We present a catalogue of galaxies in Abell 3653 from observations made with the 2-degree field (2dF) spectrograph at the Anglo-Australian Telescope. Of the 391 objects observed, we find 111 are bona fide members of Abell 3653. We show that the cluster has a velocity of cz= 32 214 +/- 83 km s(-1) (z= 0.10 738 +/- 0.00 027), with a velocity dispersion typical of rich, massive clusters of sigma(cz)= 880(-54)(+66). We find that the cD galaxy has a peculiar velocity of 683 +/- 96 km s(-1) in the cluster rest frame - some 7 sigma away from the mean cluster velocity, making it one of the largest and most significant peculiar velocities found for a cD galaxy to date. We investigate the cluster for signs of substructure, but do not find any significant groupings on any length scale. We consider the implications of our findings on cD formation theories.

Carisma e poder no discurso religioso: um estudo do legado de Masaharu Taniguchi A Seicho-No-Ie no Brasil

A inserção das novas religiões japonesas no Brasil, entre elas a Seicho-No-Ie, está diretamente ligada à imigração japonesa, iniciada em 1908. Esses imigrantes trouxeram com eles cosmovisões e práticas religiosas, que faziam parte de um antigo e rico legado cultural. No Japão, o surgimento dessas novas religiões se deu, principalmente, em decorrência da Restauração Meiji (1868-1912), um período de modernização daquele país. Nessa época apareceram a Oomoto, Tenrikyô, Soka Gakkai, Igreja Messiânica Mundial e a Seicho-No-Ie. Masaharu Taniguchi (1893-1985) fundou a Seicho-No-Ie em 1930, um movimento filosófico-religioso, cujo nome significa lar do progredir infinito . A sua base doutrinária está fundamentada nas tradições budistas e xintoístas mescladas, posteriormente, com preceitos do cristianismo. O fato fundante dessa nova religião são as revelações que Taniguchi afirma ter recebido de uma divindade xintoísta. Foi, no entanto, a divulgação de seus ensinamentos, por meio de uma revista, que deu início à sua expansão no Japão e depois em várias partes do mundo. Taniguchi foi um líder profético e carismático, que instaurou um sistema de dominação simbólica peculiar, mas passível de ser analisada à luz das teorias de Max Weber e Pierre Bourdieu. O processo de institucionalização tomou a família Taniguchi como o modelo ideal, articulando-se a partir dela um sistema de dominação misto de patriarcal, carismático e burocrático. Assim se formou um legado, inicialmente inspirado na tradição imperial japonesa, em que o papel feminino está subordinado à ordem androcêntrica. Esse fator privilegiou a sucessão do Mestre Taniguchi por seu genro, Seicho Arachi, que adotou o sobrenome do sogro e, anos mais tarde, se reproduziu na ascensão do primogênito do casal Seicho e Emiko, Masanobu Taniguchi. No Brasil, os imigrantes japoneses, já no início dos anos 30, descobriram a Seicho-No-Ie, graças ao recebimento do mensário editado no Japão por Taniguchi. Foi, entretanto, o trabalho missionário dos irmãos Daijiro e Miyoshi Matsuda, imigrantes japoneses no Brasil, que a Seicho-No-Ie aqui se estabeleceu e se desenvolveu, obtendo o seu reconhecimento oficial como filial da sede japonesa, em 30/05/51. Inicialmente a Seicho-No-Ie se restringiu às fronteiras étnicas e culturais da colônia japonesa, porém, a partir de 1960, passou a atrair brasileiros, enquanto buscava aculturar as suas atividades doutrinárias. Busca-se neste estudo descrever a organização assumida no Brasil pela Seicho-No-Ie, a sua estrutura doutrinária e administrativa, apresentando-as como uma reprodução da Sede Internacional situada no Japão. Procuramos valorizar o discurso religioso da Seicho-No-Ie contido nos livros e revistas publicados, e atualmente, em programas de televisão. Acreditamos serem esses meios, ao lado dos ensinamentos transmitidos por um seleto corpo de preletores, as principais formas de reprodução desse legado que Masaharu Taniguchi deixou aos seus seguidores, japoneses, brasileiros e de outras nacionalidades.

Studies on the behaviour of Reticulitermes santonensis (Feytaud) in laboratory colonies and its implications for some methods of termite control

An investigation of behavioural patterns that form a basis for termite control in the Australasian region was undertaken using laboratory colonies of the subterranean termite Reticulitermes santonensis (Feytaud). The study attempted to build a picture of the behavioural elements of individuals in a colony and based on this, trophallaxis, aggression and cannibalism were investigated in detail. Preliminary study of food transmission showed that 'workers' played a major role in the distribution of food. It was found, that among factors responsible for release of trophallactic behaviour the presence of 'right odour' between participants was important. It also appeared that the role taken by individuals depended on whether they were hungry or fully fed. Antennal palpation was shown by donors and acceptors alike and this seemed to be excitatory in function. Introduction of aliens into nests elicited aggression and these aliens were often killed. Factors eliciting aggression were investigated and colony odour was found to be important. Further investigations revealed that development of colony odour was governed by genetical and environmental mechanisms. Termite response to injury and death was also governed by odour. In the case of injury either the fresh haemolymph from the wound or some component of the haemolymph evoked cannibalism. Necrophagic behaviour was found to be released by fatty acids found in the corpses. Finally, the response of colonies to nestmates carrying arsenic trioxide was investigated. It was found that living and freshly dead arsenic-carrying nestmates were treated like normal nestmates, resulting in high initial mortality. However, poisoned cadavers soon became repellant and were buried thus preventing further spread of the poison to the rest of the colony. This suggested that complete control of subterranean termites by arsenic trioxide is unlikely to be fully effective, especially in those species which are capable of developing secondary reproductives from survivors and thus rebuilding the community.

Lucumí (Yoruba) culture in Cuba: A reevaluation (1830s -1940s)

The status, roles, and interactions of three dominant African ethnic groups and their descendants in Cuba significantly influenced the island's cubanidad (national identity): the Lucumís (Yoruba), the Congos (Bantú speakers from Central West Africa), and the Carabalís (from the region of Calabar). These three groups, enslaved on the island, coexisted, each group confronting obstacles that threatened their way of life and cultural identities. Through covert resistance, cultural appropriation, and accommodation, all three, but especially the Lucumís, laid deep roots in the nineteenth century that came to fruition in the twentieth. During the early 1900s, Cuba confronted numerous pressures, internal and external. Under the pretense of a quest for national identity and modernity, Afro-Cubans and African cultures and religion came under political, social, and intellectual attack. Race was an undeniable element in these conflicts. While all three groups were oppressed equally, only the Lucumís fought back, contesting accusations of backwardness, human sacrifice, cannibalism, and brujería (witchcraft), exaggerated by the sensationalistic media, often with the police's and legal system's complicity. Unlike the covert character of earlier epochs' responses to oppression, in the twentieth century Lucumí resistance was overt and outspoken, publically refuting the accusations levied against African religions. Although these struggles had unintended consequences for the Lucumís, they gave birth to cubanidad's African component. With the help of Fernando Ortiz, the Lucumí were situated at the pinnacle of a hierarchical pyramid, stratifying African religious complexes based on civilizational advancement, but at a costly price. Social ascent denigrated Lucumí religion to the status of folklore, depriving it of its status as a bona fide religious complex. To the present, Lucumí religious descendants, in Cuba and, after 1959, in many other areas of the world, are still contesting this contradiction in terms: an elevated downgrade.

Densidade de estocagem em camarões da espécie Macrobrachium rosenbergii (De Man, 1879) na fase juvenil

Among the species of freshwater shrimp being cultivated, Macrobrachium rosenbergii stands out. Knowledge about the behavior of this species and the influence of certain factors on its development can help optimize management practices and minimize the likely impacts shrimp farming has on the environment and the animals themselves. The objective of this study was to characterize the species' behavior during early stages of development under different stocking densities over a 24-hour cycle. Ten day old postlarvae were transferred from the Jundiaí School of Agriculture (EAJ - Escola Agrícola de Jundiaí) in Macaíba (RN), Brazil to the Shrimp Behavior Laboratory (LSPR - Laboratório de Estudos do Comportamento do Camarão) at the Federal University of Rio Grande do Norte (UFRN), where they were weighed and measured. Eight aquaria with constant temperature, aeration and filtration, and subjected to a12 h light/12 h dark cycle were used for each experiment. Each aquarium also contained two shelters made of bricks and the water quality was monitored weekly. Behavioral observations were made at two densities: 25 individuals/m-² and 40 individuals/m-². The methods for recording behaviors were: behavioral sampling – enter and leave the shelter, exploring on the substrate, exploring in the water column, move away, attack, pursuit and cannibalism; scan sampling - inactivity, feeding, exploration, digging, swimming, cleaning and staying in the shelter. Observations were made during a 15 minute period/per aquarium at a frequency of 4 times daily, for 4 days/week, and over 4 weeks. Food was provided 2 times/day for each aquarium population, immediately before the 1st and 3rd observation periods. Our results demonstrate that at high density, there is an increased frequency of agonistic behavior; during the light phase, there is a greater frequency of behaviors that result in less exposure (inactivity, cleaning and staying in the shelter); during the dark phase, there is an increased frequency of behaviors that result in greater exposure (feeding, exploration, swimming and digging); at times of feed offer, there is an increased frequency of leaving the shelter, moving away, pursuit, feeding, exploration and swimming. At low density, the animals showed a lower frequency of agonistic behaviors, greater weight gain and higher growth rates, which indicates that this is a more favorable growing environment for cultivation and when applied, can generate better living conditions, favor survival rates and increase management success