Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

What Does the Market Learn from Stock Offering Revisions?

We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investros. Revisions could deliver firm-originated infoirmation, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated information, which is information market participants have but which is not conveyed until trading takes place. Our results reject the notion that revisions reveal firm-originated news. Instead, the results are consistent with the market-originated news hypothesis and suggest a mechanism that investros and underwriters use to learn about the demand for an offering.

Postacquisition performance of acquiring firms

We investigate whether negative postacquisition stock-price performance of acquiring firms is a genuine phenomenon or a statistical artifact. Using a comprehensive sample of domestic acquisitions in the 1966-1986 period, we show that acquiring firms underperform a control portfolio only during the three years but not five years following the acquisition. There is evidence of negative performance in the second and third postacquisition years, but that performance occurs mainly in the 1960s and 1970s, and disappears in the 1980s. Thus, especially in the later years, the postacquisition years do not provide convincing evidence of wasteful corporate acquisitions, or strong evidence that contradicts market efficiency.

Corporate acquisitions by listed firms: the experience of a comprehensive sample

The sample used includes tender offers, mergers, acquisitions of privately held corporations, and comprehensive acquisitions of other firms' assets. According to the results, the majority of bid announcements prompt significant stock price increases, especially when controlling for partial anticipation problems and relative acquisition size. Furthermore, there is little evidence that firms that engage in "bad" acquisitions are more likely to be taken over.

Integrated care programmes for adults with chronic conditions: a meta-review.

OBJECTIVE To review systematic reviews and meta-analyses of integrated care programmes in chronically ill patients, with a focus on methodological quality, elements of integration assessed and effects reported. DESIGN Meta-review of systematic reviews and meta-analyses identified in Medline (1946-March 2012), Embase (1980-March 2012), CINHAL (1981-March 2012) and the Cochrane Library of Systematic Reviews (issue 1, 2012). MAIN OUTCOME MEASURES Methodological quality assessed by the 11-item Assessment of Multiple Systematic Reviews (AMSTAR) checklist; elements of integration assessed using a published list of 10 key principles of integration; effects on patient-centred outcomes, process quality, use of healthcare and costs. RESULTS Twenty-seven systematic reviews were identified; conditions included chronic heart failure (CHF; 12 reviews), diabetes mellitus (DM; seven reviews), chronic obstructive pulmonary disease (COPD; seven reviews) and asthma (five reviews). The median number of AMSTAR checklist items met was five: few reviewers searched for unpublished literature or described the primary studies and interventions in detail. Most reviews covered comprehensive services across the care continuum or standardization of care through inter-professional teams, but organizational culture, governance structure or financial management were rarely assessed. A majority of reviews found beneficial effects of integration, including reduced hospital admissions and re-admissions (in CHF and DM), improved adherence to treatment guidelines (DM, COPD and asthma) or quality of life (DM). Few reviews showed reductions in costs. CONCLUSIONS Systematic reviews of integrated care programmes were of mixed quality, assessed only some components of integration of care, and showed consistent benefits for some outcomes but not others.

The impact of 1995--1996 health sector reforms in the effectiveness of malaria control program in the state of Orissa, India

Malaria poses a significant public health problem worldwide. The World Health Organization indicates that approximately 40% of the world's population and almost 85% of the population from the South–East Asian region is at risk of contracting malaria. India being the most populous country in the region, contributes the highest number of malaria cases and deaths attributed to malaria. Orissa is the state that has the highest number of malaria cases and deaths attributable to malaria. A secondary data analysis was carried out to evaluate the effectiveness of the World bank-assisted Malaria Action Program in the state of Orissa under the health sector reforms of 1995-96. The secondary analysis utilized the government of India's National Anti Malaria Management Information System's (NAMMIS) surveillance data and the National Family Health Survey (NFHS–I and NFHS–II) datasets to compare the malaria mortality and morbidity in the state between 1992-93 and 1998-99. Results revealed no effect of the intervention and indicated an increase of 2.18 times in malaria mortality between 1992-1999 and an increase of 1.53 times in malaria morbidity between 1992-93 and 1998-99 in the state. The difference in the age-adjusted malaria morbidity in the state between the time periods of 1992-93 and 1998-99 proved to be highly significant (t = 4.29 df=16, p<. 0005) whereas the difference between the increase of age-adjusted malaria morbidity during 1992-93 and 1998-99 between Orissa (with intervention) and Bihar (no intervention) proved to be non significant (t=.0471 df=16, p<.50). Factors such as underutilization of World Bank funds for the malaria control program, inadequate health care infrastructure, structural adjustment problems, poor management, poor financial management, parasite resistance to anti-malarial drugs, inadequate supply of drugs and staff shortages may have contributed to the failure of the program in the state.^

A comparison of techniques for forecasting utilization of Veterans Affairs hospitals

This study demonstrated that accurate, short-term forecasts of Veterans Affairs (VA) hospital utilization can be made using the Patient Treatment File (PTF), the inpatient discharge database of the VA. Accurate, short-term forecasts of two years or less can reduce required inventory levels, improve allocation of resources, and are essential for better financial management. These are all necessary achievements in an era of cost-containment.^ Six years of non-psychiatric discharge records were extracted from the PTF and used to calculate four indicators of VA hospital utilization: average length of stay, discharge rate, multi-stay rate (a measure of readmissions) and days of care provided. National and regional levels of these indicators were described and compared for fiscal year 1984 (FY84) to FY89 inclusive.^ Using the observed levels of utilization for the 48 months between FY84 and FY87, five techniques were used to forecast monthly levels of utilization for FY88 and FY89. Forecasts were compared to the observed levels of utilization for these years. Monthly forecasts were also produced for FY90 and FY91.^ Forecasts for days of care provided were not produced. Current inpatients with very long lengths of stay contribute a substantial amount of this indicator and it cannot be accurately calculated.^ During the six year period between FY84 and FY89, average length of stay declined substantially, nationally and regionally. The discharge rate was relatively stable, while the multi-stay rate increased slightly during this period. FY90 and FY91 forecasts show a continued decline in the average length of stay, while the discharge rate is forecast to decline slightly and the multi-stay rate is forecast to increase very slightly.^ Over a 24 month ahead period, all three indicators were forecast within a 10 percent average monthly error. The 12-month ahead forecast errors were slightly lower. Average length of stay was less easily forecast, while the multi-stay rate was the easiest indicator to forecast.^ No single technique performed significantly better as determined by the Mean Absolute Percent Error, a standard measure of error. However, Autoregressive Integrated Moving Average (ARIMA) models performed well overall and are recommended for short-term forecasting of VA hospital utilization. ^

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio

Consultoría en el marco económico-financiero de la empresa

Muchas de las grandes iniciativas empresariales, se ven truncadas por falta de un adecuado análisis económico-financiero. Incluso, muchas grandes ideas no son implantadas correctamente en el primer intento por este motivo, y son otras personas las que consiguen posteriormente el éxito de esas brillantes ideas gracias a una correcta aproximación financiera. Las empresas necesitan definir sus objetivos, establecer las para lograrlos, identificar las personas responsables de su ejecución (sus roles y funciones) y elaborar un plan económico-financiero que recoja el estudio de inversiones necesarias, el análisis de costes, la previsión de ingresos, así como la estrategia financiera más adecuada para la captación de los fondos necesarios para llevar a cabo las acciones programadas. Una vez iniciado el proyecto empresarial, será imprescindible realizar un seguimiento y control de la evolución (integración), tomando las medidas que se estimen oportunas para mantener el rumbo adecuado durante todo el tiempo de actividad. En este trabajo, aplicaremos las metodologías y buenas prácticas de la gestión de proyectos, como marco estructurado que nos permita abordar las principales cuestiones económico-financieras a tener en cuenta a la hora de enfrentarnos a un proyecto empresarial, para contribuir, en la medida de lo posible, a que los emprendedores tengan en cuenta estas cuestiones, facilitando así el desarrollo de negocios, en un difícil entorno económico de crisis como el que actualmente estamos viviendo en España, y animando de esta manera a optar por la iniciativa emprendedora, tratando de minimizar el riesgo en base al contenido. ---ABSTRACT---Lack of adequate economic and financial analysis truncates many of the entrepreneurship and innovation programs. Because of that reason, many great ideas are not even correctly implemented on the first attempt, and the person who finds the proper financial approach, succeed. All the enterprises have to establish clear objectives, actions to accomplish those objectives, assign roles, responsibilities and executive functions to specific people. Elaborate funding plan that contains surveys on necessary investments, cost analysis, estimate the income, liquid assets and also financial strategy suitable for fundraising to finance programmed actions. Once the project has been executed it is essential to monitor and control the development and integration adopting measures accordingly to the needs. This thesis applies methodology and best practice of project management as structured framework for the principal economic and financial issues facing business project. It is necessary contribution to entrepreneurs understanding of business, therefore facilitates business development in such rough environment as Spain is at this moment, and at the same time encourages adopting entrepreneur’s solution as less risky one. This document aims to explore all the economic and financial issues from methodological point of view based on my own professional experience, resulting in helping to understand the importance that economy and finances have in developing adequate corporate strategy. Crisis has highlighted inadequate functionality of many companies. Most popular first symptom is lack of cash flow that deteriorates the company, and results in suspension of payments followed by closing. In other cases, difficulties appear due to poor financial management of committed resources; to be observed in lack of prevision and planning or incorrect basic functionality and operational matters on daily basis. What would be your advice to someone who have magnificent business idea however no knowledge on how to handle finances in order to succeed in initiating and executing the project? Despite of the fact that the central nucleus of this paper is at economics and finances area, all the other concepts and topics given during master will be revived; for example business strategy, consultants abilities, organization and standard processes, among others, are impregnated with knowledge of project management.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital.

PADRÕES DE PRODUTIVIDADE EM PESQUISA NA LITERATURA DE FINANÇAS: UM ESTUDO BIBLIOMÉTRICO NOS PRINCIPAIS PERIÓDICOS CIENTÍFICOS NACIONAIS NO PERÍODO DE 2005 A 2014

A Administração Financeira surge no início do século XIX juntamente com o movimento de consolidação das grandes empresas e a formação dos mercados nacionais americano enquanto que no Brasil os primeiros estudos ocorrem a partir da segunda metade do século XX. Desde entãoo país conseguiu consolidar alguns centros de excelência em pesquisa, formar grupo significativo de pesquisadores seniores e expandir as áreas de pesquisa no campo, contudo, ainda são poucos os trabalhos que buscam retratar as características da produtividade científica em Finanças. Buscando contribuir para a melhor compreensão do comportamento produtivo dessa área a presente pesquisa estuda sua produção científica, materializada na forma de artigos digitais, publicados em 24 conceituados periódicos nacionais classificados nos estratos Qualis/CAPES A2, B1 e B2 da Área de Administração, Ciências Contábeis e Turismo. Para tanto são aplicadas a Lei de Bradford, Lei do Elitismo de Price e Lei de Lotka. Pela Lei de Bradford são identificadas três zonas de produtividade sendo o núcleo formado por três revistas, estando uma delas classificada no estrato Qualis/CAPES B2, o que evidencia a limitação de um recorte tendo como único critério a classificação Qualis/CAPES. Para a Lei do Elitismo de Price, seja pela contagem direta ou completa, não identificamos comportamento de uma elite semelhante ao apontado pela teoria e que conta com grande número de autores com apenas uma publicação.Aplicando-se o modelo do Poder Inverso Generalizado, calculado por Mínimos Quadrados Ordinários (MQO), verificamos que produtividade dos pesquisadores, quando feita pela contagem direta, se adequa àquela definida pela Lei de Lotka ao nível de α = 0,01 de significância, contudo, pela contagem completa não podemos confirmar a hipótese de homogeneidade das distribuições, além do fato de que nas duas contagens a produtividade analisada pelo parâmetro n é maior que 2 e, portanto, a produtividade do pesquisadores de finanças é menor que a defendida pela teoria.

Certification of Panama Canal Commission estimated revenue for fiscal year /

Description based on: Feb, 25, 1985; title from cover.

Transfer of interest on U.S. investment in the Panama Canal (GAO/AFMD-85-63).

Includes letter of April 8, 1985 from William R. Gianelli, Chairman, Board of Directors, Panama Canal Commission, to Frederick D. Wolf, Director, Accounting and Financial Management Division, U.S. General Accounting Office, Washington, D.C. (p. 12-17).