Iowa Community Empowerment Newsletter, October 2004, Vol.5, no.5

Monthly newsletter for the Iowa Department of Public Health

Clarke Community School District Independent Auditor's Reports Basic Financial Statements and Supplementary Information Schedule of Findings and Questioned Costs, June 30, 2004

Clarke Community School District Independent Auditor's Reports Basic Financial Statements and Supplementary Information Schedule of Findings and Questioned Costs, June 30, 2004

Community Colleges for International Development Inc., Independent Auditor's Report Financial Statements, June 30, 2004

Community College Audit Reports

KCCK-FM Radio, A Public Telecommunications Entity Operated by Kirkwood Community College, Independent Auditor's Reports and Basic Financial Statements, June 30, 2004

Community College Audit Reports

Sheldon Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2004

Community School District Audit Report

Indian Hills Community College, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2004

Community College Audit Reports

Iowa Community Empowerment Newsletter, December 2004, Vol.5, no.6

Monthly newsletter for the Iowa Department of Public Health

A-H-S-T Community School District, Auditor of State's Report on Reaudit, For the Period July 1, 2002 through June 30, 2003

Community School District Audit Report - Reaudit

KCCK-FM Radio, A Public Telecommunications Entity Operated by Kirkwood Community College, Independent Auditor's Reports, Basic Financial Statements, June 30, 2004

Community College Audit Reports

Kirkwood Community College, Independent Auditor's Reports, Basic Financial Statements and Supplemental Information, Schedule of Findings and Questioned Costs, June 30, 2004

Community College Audit Reports

Iowa Community Empowerment Newsletter, February 2005, Vol.6, no.1

Monthly newsletter for the Iowa Department of Public Health

Adaptação cultural e validação do instrumento The Bowel Function in the Community para o Brasil

Estudos sobre hábito intestinal, considerando cultura, hábitos alimentares e de vida entre outros, não existem no Brasil. O objetivo deste artigo é apresentar o The Bowel Function in the Community, ferramenta específica para avaliação do hábito intestinal das populações, adaptado e validado para o Brasil. O processo de adaptação cultural incluiu tradução, retrotradução e avaliação por comitê de especialistas, obtendo-se uma versão traduzida do instrumento, posteriormente submetida a análises que atestaram a validade de conteúdo do mesmo. A confiabilidade inter-observadores e estabilidade (teste-reteste) foram confirmadas por níveis de concordância de boa a excelente e de moderada a excelente para a maioria das questões e agrupamentos do instrumento. Concluiu-se que a versão adaptada do instrumento pode ser aplicada em nosso meio para dar continuidade ao processo de validação, bem como para ampliar o conhecimento do hábito intestinal na população brasileira.

How does ownership structure invfluence bank risk? Analyzing the role of managerial incentives

This paper analyzes how ownership concentration and managerial incentives influences bank risk for a large sample of US banks over the period 1997-2007. Using 2SLS simultaneous equations models, we show that ownership concentration has a positive total effect on bank risk. This is the result of a positive direct effect, which reflects monitoring and opportunistic behavior, and a negative indirect effect, which works through the design of managerial incentive contracts and reflects shareholder preferences toward risk. Large shareholders reduce bank risk by reducing the sensitivity of CEO wealth to stock volatility (Vega) and by increasing the CEO pay-performance sensitivity (Delta). In addition, we show that the direct and indirect effect of ownership concentration on bank risk depends on the type of the largest shareholder (a family, a bank, a corporation or an institutional investor), as well as, on the total shareholding held by each type as a group. Our results suggest that the positive relation between ownership concentration and risk is not the result of preferences towards more risk. Rather, they point at opportunistic behavior of large shareholders.

Iowa Community Empowerment Newsletter, April 2005, Vol.6, no.2

Monthly newsletter for the Iowa Department of Public Health

Impact of Ownership Structure on the Performance of China’s Feed Mill Sector, April 2005

In the decade of the 1990s, China’s feed sector became increasingly privatized, more feed mills opened, and the scale of operation expanded. Capacity utilization remained low and multi-ministerial supervision was still prevalent, but the feed mill sector showed a positive performance overall, posting a growth rate of 11 percent per year. Profit margin over sales was within allowable rates set by the government of China at 3 to 5 percent. Financial efficiency improved, with a 20 percent quicker turnover of working capital. Average technical efficiency was 0.805, as more efficient feed mills increasingly gained production shares. This study finds evidence that the increasing privatization explains the improved performance of the commercial feed mill sector. The drivers that shaped the feed mill sector in the 1990s have changed with China’s accession to the World Trade Organization. With the new policy regime in place, the study foresees that, assuming an adequate supply of soy meal and an excess capacity in the feed mill sector, it is likely that China will allow corn imports up to the tariff rate quota (TRQ) of 7.2 mmt since the in-quota rate is very low at 1 percent. However, when the TRQ is exceeded, the import duty jumps to a prohibitive out-quota rate of 65 percent. With an import duty for meat of only 10 to 12 percent, China would have a strong incentive to import meat products directly rather than bringing in expensive corn to produce meat domestically. This would be further reinforced if structural transformation in the swine sector would narrow the cost differential between domestic and imported pork.