Measuring the impact of short and lending practices using the DGTW benchmarks

Mutual fund managers increasingly lend their holdings and/or use short sales to generate higher returns for their funds. This project presents a first look into the impact these practices on performance using the performance measures: i) Characteristic Selectivity (CS), the ability of the fund's managers to choose stocks that outperform their benchmarks; ii) Characteristic Timing (CT), the ability of the manager to time the market; iii) and Average Style (AS), the returns from funds systematically holding stocks with certain characteristics. These returns are computed through the DGTW benchmarks. The effect of other variables that have also been shown to impact fund’s returns – total net assets under management, investment styles, turnover and expense ratios – will also be analyzed. I find that managers who use short-sales do not exhibit better stock picking abilities than those who do not, while mutual funds that lend do present higher CS returns. In addition, while lending is not significant for the total performance of a fund, the employment of short-sales and of both short-sales and lending has a negative impact on the fund’s performance.

Farm Poverty in Kerala: A case study of Alappuzha, Trissur, Palakkad and Wayanad

The present study was an attempt to analytically approach the problem of farm poverty in Kerala from an entirely different angle by incorporating an independently developed and reformulated definition of poverty line in terms of physical units of operational holdings (say, acre). The entire discussion on farm poverty emerged out of proper co-ordination of two important factors popularly considered as the distinct features of Iholdings and the unique and emirable position enjoyed by the state in terms of farm productivity. This brief analytical study on farm poverty, conducted in the light of inter regional variations in farm productivity tried to highlight various grave issues deserving thorough introspection.

La gestión colectiva: Una estrategia para las holdings. Estudio comparativo entre derecho francés y derecho colombiano

Originalmente presentada en francés como proyecto de grado para la Maestría en Derecho Bancario y Financiero de la Universidad de Estrasburgo, la presente monografía tiene por objetivo analizar la Gestión Colectiva como estrategia para las Holdings. La Gestión Colectiva es un término francés empleado para designar al intermediario financiero que convierte el ahorro individual en portafolios colectivos. En Colombia, la Gestión Colectiva es conocida como Carteras Colectivas o Fondos de Inversión Colectiva, (su nombre más reciente). Este vehículo financiero, es en cierto modo una democratización de las finanzas, ya que canaliza el ahorro de la población hacia las principales industrias, permitiendo que las empresas hagan del ahorro individual una fuente de financiación para sus proyectos, y que la mayor parte de la población tenga acceso a las finanzas. Es por esto, que el tema frecuentemente es abordado desde el punto de vista de la protección a los inversionistas y no, desde los vehículos que prestan dicho servicio. Sin embargo, la presente Monografía estudia la Gestión Colectiva como una posible estrategia para las Holdings, analizando desde este punto de vista, la pertinencia de implementar la Gestión Colectiva como estrategia para reunir fondos para las Holdings. De ahí que el derecho comparado sea de gran ayuda para comprender si dicha estrategia es viable en todos los países en general o si, por el contrario, como lo vemos en Derecho Bancario, unos países sean más favorables que otros. El presente, es un estudio multidisciplinario en el cual se tienen en cuenta variables de tipo legal, económico y político, y se implementan teorías económicas aplicables al estudio del Derecho como Law & Economics. En una primera parte nos centramos en un análisis comparado de las legislaciones de dos países con niveles de desarrollo diferente, a saber, Francia y Colombia. Y, en la segunda parte analizamos el rol de la Gestión Colectiva en las Holdings, así como sus ventajas y desventajas según la legislación aplicable.

The effects of institutional distance and headquarters’ financial performance on the generation of environmental standards in multinational companies

This article combines institutional and resources’ arguments to show that the institutional distance between the home and the host country, and the headquarters’ financial performance have a relevant impact on the environmental standardization decision in multinational companies. Using a sample of 135 multinational companies in three different industries with headquarters and subsidiaries based in the USA, Canada, Mexico, France, and Spain, we find that a high environmental institutional distance between headquarters’ and subsidiaries’ countries deters the standardization of environmental practices. On the other hand, high-profit headquarters are willing to standardize their environmental practices, rather than taking advantage of countries with lax environmental protection to undertake more pollution-intensive activities. Finally, we show that headquarters’ financial performance also imposes a moderating effect on the relationship between environmental institutional distance between countries and environmental standardization within the multinational company.

Facing the future: energy performance certificates and commercial property

Purpose – The paper aims to present the findings of a “situation review” of the Energy Performance of Buildings Directive (EPBD), focusing on energy performance certificates (EPCs) to highlight areas of specific importance for the UK property investment community. The paper is based on research commissioned by the Investment Property Forum (IPF) and funded through the IPF Research Programme (2006-2009). Design/methodology/approach – Interviews were undertaken with experts from the fields of property investment and building engineering. The interviews were undertaken with to identify: the current knowledge of EPCs in the property investment sector; key issues with practical implementation of the legislation; and perceptions of the potential impacts of legislation, particularly in relation to value stakeholder and behaviour. Findings – The paper finds that, although the regulations have been published, there is still a need for clarification in the marketplace with regard to some of the detail of regulations and the certification process. The following areas are of most concern to property investors: costs of surveys; potential difficulties with the process; and a shortage of assessors. With respect to these impacts it is becoming clear that investors who have not yet started considering the EPBD and its requirements within their strategy are likely to face difficulties in the short term. The most significant value-related impacts of EPBD are expected to be value differentiation of properties and “price chipping” against the rental or capital value of the property, where an occupier or potential purchaser will use the recommendations contained within an EPC to force a reduction in value. The latter is expected to emerge in the short term, whereas the former is expected to be realised over the medium to long term. Both these impacts have potentially significant implications for property investment holdings and also future investment behaviour.

Vantagens e desvantagens da estrutura de holding na administração pública: um estudo de caso do Ministério da Defesa

Esse estudo buscou identificar vantagens e desvantagens da estrutura de holding na Administração Pública a partir da análise da constituição e organização do Ministério da Defesa. Realizamos um estudo de caso e, para a preparação do mesmo, partimos de referenciais teóricos que nos permitissem entender a estrutura de holding e controladas, a administração privada, a pública e a diferença entre elas. Foram realizadas doze entrevistas em duas etapas. A primeira abrangeu consultas a especialistas sobre holdings, e a segunda, pessoas com conhecimento sobre o Ministério da Defesa e Forças Armadas. As respostas das entrevistas foram analisadas tomando como base o que foi apresentado no Referencial Teórico. De forma geral, os entrevistados apresentaram como vantagens de uma holding na administração pública: facilitar maior integração e diálogo entre as partes; centralizar o poder norteando o rumo da organização; facilitar o desempenho estratégico e a visão; fomentar a governança; intensificar o diálogo, pensamento conjunto e atuação sistêmica; identificar maior poder de barganha e representatividade política; gerar maior eficácia por conta do entendimento entre as partes e melhor aproveitamento dos recursos; permitir a tradução de objetivos em diretrizes; aumentar a possibilidade de reduzir as desigualdades quando não pensa só no lucro; e buscar o benefício público. Como desvantagens foram citados o aumento de problemas no compartilhamento entre as controladas; a intensificação da possibilidade de choques de culturas diferentes; a possibilidade de cada gestor se voltar mais para sua organização quando os recursos são limitados; o maior esvaziamento da discussão de assuntos importantes na controlada; brecha para a ocorrência de retrabalho; possibilidade de atrasos na entrega das compras, que agora são centralizadas; maior exposição à politização e influência política; insuficiência de mecanismos de controle de desempenho; limitação das decisões e da gestão pelo que é estabelecido pela lei; existência de Forças políticas atuando e negociando; inexistência de carreiras civis em certas áreas aumentando essa exposição; falta de blindagem política e ingerência política; capacitação e estruturação não satisfatórios.

Agricultural Policymaking: Interest Groups and Access to Governmental Officials

Conservation agriculture that focuses on soil recovery is both economically and environmentally sustainable. This lies in contrast with many of the current agricultural practices, which push for high production, which, in turn lead to over-depletion of the soil. Agricultural interest groups play a role in crafting farming policies with governmental officials. Therefore, my study examined three interest group types agribusinesses, farmer organizations, and environmental NGOs that seek to influence agricultural policy, specifically focusing on the federal farm bill, due to its large impact throughout the nation. The research in which data wasgathered through subject interviews, a literature review, and databases found that access to governmental officials affects the amount of influence a group can have. Access is contingent upon: 1) the number of networks (social, professional, and political), 2) amount of money spent through campaign contributions and lobbying expenditures, and 3) extent of business enterprises and subsidiaries. The evidence shows that there is a correlation between these variables and the extent of access. My research concludes that agribusiness interest groups have the most access to government officials, and thus have the greatest influence on agricultural policies. Because agribusinesses support subsidies of commodity-crops this indirectly impacts conservation agriculture, as the two programs compete in a zero-sum game for funding in the farm bills.

JRNL: Journal Retention and Needs Listing — A Software Tool for Managing Print Journal Archives

The Journal Retention and Needs Listing (JRNL) program: 1) allows libraries to expose lists of print journals for which they have made retention commitments; 2) express needs (or gaps) in their holdings; and 3) communicate offers to fill the gaps in other participating libraries’ holdings. Multiple library consortia and their member libraries use JRNL to facilitate communication between library staff to identify holding commitments, fill gaps, and guide deselection decisions. JRNL is commonly developed and governed by the participating consortia. Currently, those consortia are the Florida Academic Repository (FLARE), the Association of Southeastern Research Libraries (ASERL)/Washington Research Library Consortium (WRLC), and the Western Regional Storage Trust (WEST).

Corpus juris : being a complete and systematic statement of the whole body of the law as embodied in and developed by all reported decisions /

Includes index (in v. 72).

CEO compensation, option incentives and information disclosure

This paper examines the impact of information disclosure on the valuation of CEO options and the incentives created by those options. Prior executive compensation research in the US has made assumptions about key input variables that can affect the calculation of option values and financial incentives. Accordingly, biases may have ensued due to incomplete information disclosure about noncurrent option grants. Using new data on a sample of UK CEOs, we value executive option holdings and incentives for the first time and estimate the levels of distortion created by the less than complete US-style disclosure requirements. We also investigate the levels of distortion in the UK for the minority of companies that choose to reveal only partial information. Our results suggest that there have to date been few economic biases arising from less than complete information disclosure. Furthermore, we demonstrate that researchers using US data, who made reasonable assumptions about the inputs of noncurrent option grants, are unlikely to have made significant errors when calculating CEO financial incentives or option wealth. However, the recent downturn in the US stock market could result in the same assumptions, producing exaggerated incentive estimates in the future.

Selling, resistance and reconciliation:a critical discursive approach to subsidiary role evolution in MNEs

Studies of political dynamics between multinational enterprise (MNE) parents and subsidiaries during subsidiary role evolution have focused largely on control and resistance. This paper adopts a critical discursive approach to enable an exploration of subtle dynamics in the way that both headquarters and subsidiaries subjectively reconstruct their independent-interdependent relationships with each other during change. We draw from a real-time qualitative study of a revealing case of charter change in an important European subsidiary of an MNE attempting to build closer integration across European country operations. Our results illustrate the role of three discourses – selling, resistance and reconciliation – in the reconstruction of the subsidiary–parent relationship. From this analysis we develop a process framework that elucidates the important role of these three discourses in the reconstruction of subsidiary roles, showing how resistance is not simply subversive but an important part of integration. Our findings contribute to a better understanding of the micro-level political dynamics in subsidiary role evolution, and of how voice is exercised in MNEs. This study also provides a rare example of discourse-based analysis in an MNE context, advancing our knowledge of how discursive methods can help to advance international business research more generally.

Challenges and limitations of intercultural training for inpatriates in German multinationals:a case study

Despite the increasing popularity of research on intercultural preparation and its effectiveness, research on training for inpatriates has not been developed with the same level of rigour as research on training for expatriates. Furthermore, research on intercultural training hardly ever includes the aspect of preparing for the corporate culture of a company. For expatriates coming from headquarters’ national culture and equipped with a good knowledge of headquarters’ corporate culture, it might be sufficient to address only the national culture of the location abroad. But can the same be said for inpatriates coming from a foreign subsidiary? Therefore the qualitative research of my thesis was aimed at finding out if intercultural training programmes that address only the national culture of the host country are sufficient to prepare inpatriates for working at headquarters. A case study using a German multinational company has been conducted in order to find out what kind of problems and irritations inpatriates at the company’s headquarters perceive at work. In order to determine whether the findings are related to the national or the corporate culture, Hall’s and Hofstede’s approaches to culture were used. The interview analysis produced the following conclusion: Although the researched company promotes standardised worldwide corporate guidelines, there are many differences between headquarters and subsidiaries regarding the interpretation and realisation of these guidelines. These differences cause irritation, confusion and problems for the inpatriates. Therefore an effective intercultural preparation for inpatriates should be tailor-made and take into account the aspect of corporate culture, as well as the specific roles and functions of inpatriates.

Motives for corporate cash holdings:the CEO optimism effect

We examine the chief executive officer (CEO) optimism effect on managerial motives for cash holdings and find that optimistic and non-optimistic managers have significantly dissimilar purposes for holding more cash. This is consistent with both theory and evidence that optimistic managers are reluctant to use external funds. Optimistic managers hoard cash for growth opportunities, use relatively more cash for capital expenditure and acquisitions, and save more cash in adverse conditions. By contrast, they hold fewer inventories and receivables and their precautionary demand for cash holdings is less than that of non-optimistic managers. In addition, we consider debt conservatism in our model and find no evidence that optimistic managers’ cash hoarding is related to their preference to use debt conservatively. We also document that optimistic managers hold more cash in bad times than non-optimistic managers do. Our work highlights the crucial role that CEO characteristics play in shaping corporate cash holding policy.

Livestock-Associated Methicillin Resistant and Methicillin Susceptible Staphylococcus aureus Sequence Type (CC)1 in European Farmed Animals: High Genetic Relatedness of Isolates from Italian Cattle Herds and Humans

Methicillin-resistant Staphylococcus aureus (MRSA) Sequence Type (ST)1, Clonal Complex(CC)1, SCCmec V is one of the major Livestock-Associated (LA-) lineages in pig farming industry in Italy and is associated with pigs in other European countries. Recently, it has been increasingly detected in Italian dairy cattle herds. The aim of this study was to analyse the differences between ST1 MRSA and methicillin-susceptible S. aureus (MSSA) from cattle and pig herds in Italy and Europe and human isolates. Sixty-tree animal isolates from different holdings and 20 human isolates were characterized by pulsed-field gel electrophoresis (PFGE), spa-typing, SCCmec typing, and by micro-array analysis for several virulence, antimicrobial resistance, and strain/host-specific marker genes. Three major PFGE clusters were detected. The bovine isolates shared a high (≥90% to 100%) similarity with human isolates and carried the same SCCmec type IVa. They often showed genetic features typical of human adaptation or present in human-associated CC1: Immune evasion cluster (IEC) genes sak and scn, or sea; sat and aphA3-mediated aminoglycoside resistance. Contrary, typical markers of porcine origin in Italy and Spain, like erm(A) mediated macrolide-lincosamide-streptograminB, and of vga(A)-mediated pleuromutilin resistance were always absent in human and bovine isolates. Most of ST(CC)1 MRSA from dairy cattle were multidrug-resistant and contained virulence and immunomodulatory genes associated with full capability of colonizing humans. As such, these strains may represent a greater human hazard than the porcine strains. The zoonotic capacity of CC1 LA-MRSA from livestock must be taken seriously and measures should be implemented at farm-level to prevent spill-over.

Thinking through things: Patrick Pound and the Flinders University art museum collections

Patrick Pound is known for his singular approach to art production: compiling, collecting, combining and captioning things in ways that challenge the orthodoxy of museums and their taxonomies. Working with public holdings and his own esoteric compendia of ‘stuff’, Pound uses self-devised cues to give shape, form and meaning to his exhibits. Pound makes his debut in Adelaide with Flinders University Art Museum, mining the 6,500 works in our care to make unexpected and unprecedented connections