Risking the ire of investors in pursuit of long-term value: an interview with Cynthia Carroll, the CEO of Anglo American plc

Purpose – The purpose of this paper is to demonstrate how key strategic decisions are made in practice at successful FTSE 100 companies. Design/methodology/approach – The paper is based on a semi-structured interview with Ms Cynthia Carroll, Chief Executive of Anglo American plc. Findings – The interview outlines a number of important factors on: the evolution of strategy within Anglo American, strategy execution, leadership at board and executive levels, and capturing synergies within the company. Originality/value – The paper bridges the gap between theory and practice. It provides a practical view and demonstrates how corporate leaders think about key strategic issues

A case study and interview with Jill McDonald CEO and President of McDonald's Northern Europe Division

Purpose – The purpose of this paper is to demonstrate how strategy is developed and implemented within a subsidiary of a global organization, the relationship between subsidiary and headquarters and the need for continuous change and adaption to remain relevant. Furthermore, this case study describes a successful process of invention and adoption. Design/methodology/approach – The paper draws on documentary evidence and a semistructured interview with Jill McDonald CEO and President of McDonald’s Northern Europe Division with responsibility for the UK, Sweden, Finland, Denmark, Norway and the Republic of Ireland. Management research rarely captures the views of the top executive, yet the top executives have a broad picture and are key strategic decision makers. Findings – The case study and interview offers a unique insight into factors contributing to McDonald’s unprecedented success (it has paid an increased dividend for the past 37 years). It also sheds light on its successful internationalization strategy. Originality/value – The case study draws on published material and augments this with an in-depth interview with the Chief Executive. Very few case studies offer insight into the thinking of a Chief Executive managing a subsidiary of a global organization. Its value lies in the lessons that managers and students of management can draw on the approach adopted by a highly successful global organization.

Improvement in the Reduction Behavior of Novel ZrO(2)-CeO(2) Solid Solutions with a Tubular Nanostructure by Incorporation of Pd

In this work, 1 wt % Pd/ZrO(2)-CeO(2) mixed oxide nanotubes with 90 mol % CeO(2) were synthesized following a very simple, high-yield procedure and their properties were characterized by synchrotron radiation X-ray diffraction, X-ray absorption near-edge spectroscopy (XANES), and scanning and high-resolution transmission electron microscopy (SEM and HRTEM). In situ XANES experiments were carried out under reducing conditions to investigate the reduction behavior of these novel nanotube materials. The Pd/CeO(2)-based nanotubes exhibited the cubic phase (Fm3m space group). The nanotube walls were composed of nanoparticles with an average crystallite size of about 7 nm, and the nanotubes exhibited a large specific surface area (85 m(2).g(-1)). SEM and HRTEM studies showed that individual nanotubes were composed of a curved sheet of these nanoparticles. Elemental analysis showed that the Ce:Zr:Pd ratios appeared to be approximately constant across space, suggesting compositional homogeneity in the samples. XANES results indicated that the extent of reduction of these materials is low and that the Ce(4+) state is in the majority over the reduced Ce(3+) state. The results suggest that Pd cations-most likely Pd(2+)-form a Pd-Ce-Zr oxide solid solution and that the Pd(2+) is stabilized against reduction in this phase. However, incorporation of the Pd (1 wt %) into the crystal lattice of the nanotubes also appeared to destabilize Ce(4+) against reduction to Ce(3+) and caused a significant increase in its reducibility.

CeO(2)-catalyzed ozonation of phenol

Three different cerium citrate-based precursors were used for synthesizing CeO(2) through thermal treatment. Three morphological types of CeO(2) were obtained. Characterization of these oxides was carried out by XRD patterns, SEM microscopy, N(2) adsorption isotherms, Raman spectroscopy, zeta potential, and UV/Vis luminescence. Ozonation of phenol catalyzed by CeO(2) was studied as a representative reaction of environmental interest. The differences on the catalytic activity showed by these three oxides could be correlated to amounts of Ce(3+) on CeO(2) surface and, consequently, to the demand for oxygen needed to burn each precursor.

Electro-oxidation of ethanol on PtSn/CeO(2)-C electrocatalyst

PtSn/CeO(2)-C electrocatalyst was prepared in a single step by an alcohol-reduction process using ethylene glycol as solvent and reducing agent and CeO(2) (15 wt%) and Vulcan XC72 (85 wt%) as supports. The performance for ethanol oxidation was investigated by cyclic voltammetry and in situ FTIR spectroscopy. The electrocatalytic activity of the PtSn/CeO(2)-C electrocatalyst was higher than that of the PtSn/C electrocatalyst. FTIR studies for ethanol oxidation on PtSn/C electrocatalyst showed that acetaldehyde and acetic acid were the principal products formed, while on PtSn/CeO(2)-C electrocatalyst the principal products formed were CO(2) and acetic acid.

Production of hydrogen via steam reforming of biofuels on Ni/CeO(2)-Al(2)O(3) catalysts promoted by noble metals

The catalytic activity of Ni/CeO(2)-Al(2)O(3) catalysts modified with noble metals (Pt, Ir, Pd and Ru) was investigated for the steam reform of ethanol and glycerol. The catalysts were characterized by the following techniques: Energy-dispersive X-ray, BET, X-ray diffraction, temperature-programmed reduction, UV-vis diffuse reflectance spectroscopy and X-ray absorption near edge structure (XANES). The results showed that the formation of inactive nickel aluminate was prevented by the presence of CeO(2) dispersed on alumina. The promoting effect of noble metals included a decrease in the reduction temperatures of NiO species interacting with the support, due to the hydrogen spillover effect. It was seen that the addition of noble metal stabilized the Ni sites in the reduced state along the reforming reaction, increasing the ethanol and glycerol conversions and decreasing the coke formation. The higher catalytic performance for the ethanol steam reforming at 600 degrees C and glycerol steam reforming was obtained for the NiPd and NiPt catalysts, respectively, which presented an effluent gaseous mixture with the highest H(2) yield with reasonably low amounts of CO. (c) 2009 International Association for Hydrogen Energy. Published by Elsevier Ltd. All rights reserved.

Hydrogen purification for fuel cell using CuO/CeO(2)-Al(2)O(3) catalyst

CuO/CeO(2), CuO/Al(2)O(3) and CuO/CeO(2)-Al(2)O(3) catalysts, with CuO loading varying from 1 to 5 wt.%, were prepared by the citrate method and applied to the preferential oxidation of carbon monoxide in a reaction medium containing large amounts of hydrogen (PROX-CO). The compounds were characterized ex situ by X-ray diffraction, specific surface area measurements, temperature-programmed reduction and temperature-programmed reduction of oxidized surfaces; XANES-PROX in situ experiments were also carried out to study the copper oxidation state under PROX-CO conditions. These analyses showed that in the reaction medium the Cu(0) is present as dispersed particles. On the ceria, these metallic particles are smaller and more finely dispersed, resulting in a stronger metal-support interaction than in CuO/Al(2)O(3) or CuO/CeO(2)-Al(2)O(3) catalysts, providing higher PROX-CO activity and better selectivity in the conversion of CO to CO(2) despite the greater BET area presented by samples supported on alumina. It is also shown that the lower CuO content, the higher metal dispersion and consequently the catalytic activity. The redox properties of the ceria support also contributed to catalytic performance. (C) 2010 Elsevier B.V. All rights reserved.

CuO and CuO-ZnO catalysts supported on CeO(2) and CeO(2)-LaO(3) for low temperature water-gas shift reaction

This paper describes an investigation on CuO and CuO-ZnO catalysts supported on CeO(2) and CeO(2)-La(2)O(3) oxides, which were designed for the low temperature water-gas shift reaction (WGSR). Bulk catalysts were prepared by co-precipitation of metal nitrates and characterized by energy-dispersive spectroscopy (EDS), X-ray diffraction (XRD), surface area (by the BET method), X-ray photoelectron spectroscopy (XPS), and in situ X-ray absorption near edge structure (XANES). The catalysts` activities were tested in the forward WGSR, and the CuO/CeO(2) catalyst presented the best catalytic performance. The reasons for this are twofold: (1) the presence of Zn inhibits the interaction between Cu and Ce ions, and (2) lanthanum oxide forms a solid solution with cerium oxide, which will cause a decrease in the surface area of the catalysts. Also the CuO/CeO(2) catalyst presented the highest Cu content on the surface, which could influence its catalytic behavior. Additionally, the Cu and Cu(1+) species could influence the catalytic activity via a reduction-oxidation mechanism, corroborating to the best catalytic performance of the Cu/Ce catalyst. (c) 2010 Elsevier B.V. All rights reserved.

Thermodynamics and Lithium Intercalation in CeO(2)-TiO(2) Thin Film

The kinetics and the thermodynamics of electrochemical intercalation of lithium into CeO(2)-TiO(2) films prepared by the sol-gel process were studied by galvanostatic intermittent titration technique (GITT) as function of the depth of lithium intercalation. The open-circuit-potential versus x in Li(x)(CeO(2)-TiO(2)) curve consists of two straight lines with different slopes, one in the range of 0.03 <= x <= 0.09 and the other of 0.09 < x <= 0.15. The standard Gibbs energy for lithium intercalation Delta G(1)(0) was 6kJ/mol for x = 0.09 in Li(x)(CeO(2)-TiO(2)) at room temperature. The chemical diffusion coefficient value, D(Li+), of lithium intercalation into thin film oxide was 2.14.10(-11) cm(2)/s at x = 0.15, and the value of the component diffusion coefficient D(Li+),(k) was about one order of magnitude lower than the coefficient of chemical diffusion.

Synthesis, Characterization, and Electrocatalytic Activity toward Methanol Oxidation of Carbon-Supported Pt(x)-(RuO(2)-M)(1-x) Composite Ternary Catalysts (M = CeO(2), MoO(3), or PbO(x))

Carbon-supported platinum is commonly used as an anode electrocatalyst in low-temperature fuel cells fueled with methanol. The cost of Pt and the limited world supply are significant barriers for the widespread use of this type of fuel cell. Moreover, Pt used as anode material is readily poisoned by carbon monoxide produced as a byproduct of the alcohol oxidation. Although improvements in the catalytic performance for methanol oxidation were attained using Pt-Ru alloys, the state-of-the-art Pt-Ru catalyst needs further improvement because of relatively low catalytic activity and the high cost of noble Pt and Ru. For these reasons, the development of highly efficient ternary platinum-based catalysts is an important challenge. Thus, various compositions of ternary Pt(x)-(RuO(2)-M)(1-x)/C composites (M = CeO(2), MoO(3), or PbO(x)) were developed and further investigated as catalysts for the methanol electro-oxidation reaction. The characterization carried out by X-ray diffraction, energy-dispersive X-ray analysis, transmission electron microscopy, X-ray photoelectron spectroscopy, and cyclic voltammetry point out that the different metallic oxides were successfully deposited on the Pt/C, producing small and well-controlled nanoparticles in the range of 2.8-4.2 nm. Electrochemical experiments demonstrated that the Pt(0.50)(RuO(2)-CeO(2))(0.50)/C composite displays the higher catalytic activity toward the methanol oxidation reaction (lowest onset potential of 207 mV and current densities taken at 450 mV, which are 140 times higher than those at commercial Pt/C), followed by the Pt(0.75)(RuO(2)-MoO(3))(0.25)/C composite. In addition, both of these composites produced low quantities of formic acid and formaldehyde when compared to a commercially available Pt(0.75)-Ru(0.25)/C composite (from E-Tek, Inc.), suggesting that the oxidation of methanol occurs mainly by a pathway that produces CO(2) forming the intermediary CO(ads).

CEO overconfidence and the impact on M&A activity

What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence. Using a sample of 8,895 takeover transactions completed by 993 CEOs in the United States – between 1992 and 2008 – it can be noticed that overconfident CEOs have 22% higher odds of engaging in corporate takeovers than rational CEOs.

Empresas com CEO/Chairman fundador apresentam retorno superior ao mercado?

Esse trabalho mostra que o retorno das ações de empresas que possuem como CEO ou Chairman o próprio fundador da empresa supera o retorno do S&P 500 no período de 1995 a 2011. É realizada também uma análise utilizando-se o Modelo de 4 Fatores de Fama-French e o resultado obtido indica que a carteira possui um retorno anualizado em excesso ajustado pelo risco de 5,79% com alta significância estatística e econômica. O trabalho também propõe mais duas análises: uma decomposição setorial da carteira, onde se verifica que o setor de tecnologia é o que mais contribui com o resultado acumulado da carteira; e um estudo sobre o múltiplo P/E (preço sobre lucro) da carteira, que surpreende ao mostrar que o P/E da carteira é sistematicamente superior ao P/E do S&P 500 no período analisado.