Capital structure of Finnish firms – Estimating the effects of firm characteristics on capital structure

One of the most disputable matters in the theory of finance has been the theory of capital structure. The seminal contributions of Modigliani and Miller (1958, 1963) gave rise to a multitude of studies and debates. Since the initial spark, the financial literature has offered two competing theories of financing decision: the trade-off theory and the pecking order theory. The trade-off theory suggests that firms have an optimal capital structure balancing the benefits and costs of debt. The pecking order theory approaches the firm capital structure from information asymmetry perspective and assumes a hierarchy of financing, with firms using first internal funds, followed by debt and as a last resort equity. This thesis analyses the trade-off and pecking order theories and their predictions on a panel data consisting 78 Finnish firms listed on the OMX Helsinki stock exchange. Estimations are performed for the period 2003–2012. The data is collected from Datastream system and consists of financial statement data. A number of capital structure characteristics are identified: firm size, profitability, firm growth opportunities, risk, asset tangibility and taxes, speed of adjustment and financial deficit. A regression analysis is used to examine the effects of the firm characteristics on capitals structure. The regression models were formed based on the relevant theories. The general capital structure model is estimated with fixed effects estimator. Additionally, dynamic models play an important role in several areas of corporate finance, but with the combination of fixed effects and lagged dependent variables the model estimation is more complicated. A dynamic partial adjustment model is estimated using Arellano and Bond (1991) first-differencing generalized method of moments, the ordinary least squares and fixed effects estimators. The results for Finnish listed firms show support for the predictions of profitability, firm size and non-debt tax shields. However, no conclusive support for the pecking-order theory is found. However, the effect of pecking order cannot be fully ignored and it is concluded that instead of being substitutes the trade-off and pecking order theory appear to complement each other. For the partial adjustment model the results show that Finnish listed firms adjust towards their target capital structure with a speed of 29% a year using book debt ratio.

Approximate ab initio calculations and the method of molecular fragments

A two stage approach to performing ab initio calculations on medium and large sized molecules is described. The first step is to perform SCF calculations on small molecules or molecular fragments using the OPIT Program. This employs a small basis set of spherical and p-type Gaussian functions. The Gaussian functions can be identified very closely with atomic cores, bond pairs, lone pairs, etc. The position and exponent of any of the Gaussian functions can be varied by OPIT to produce a small but fully optimised basis set. The second stage is the molecular fragments method. As an example of this, Gaussian exponents and distances are taken from an OPIT calculation on ethylene and used unchanged in a single SCF calculation on benzene. Approximate ab initio calculations of this type give much useful information and are often preferable to semi-empirical approaches, since the nature of the approximations involved is much better defined.

A Case of Infectious Purpura Fulminans: An Unusual Organism and Method of Diagnosis

Infectious purpura fulminans is a rapidly progressive skin necrosis that carries a mortality rate of 30%. Here, we described a case of infectious purpura fulminans caused by Capnocytophaga diagnosed by a blood film.

Inclusion as a Moral Challenge: the Potential of the Konstanz Method of Dilemma Discussion® (KMDD®)

This article presents the Konstanz Method of Dilemma Discussion ® (KMDD ®) and explains the integration of the KMDD ® in ethics lessons. In this paper, some special learning effects of this inclusive teaching and learning method are shown. Furthermore, it investigates the questions of how to achieve more knowledge in ethics lessons by dialogue and how to realize better moral development, particularly by handling of differentiation. Moral education of all participants who are involved in the learning process (learners and teacher alike) is a crucial task of every true inclusion. True inclusion means building optimal learning conditions in keeping with the free will of all participants. Because our society is transforming constantly in both global and demographic aspects, coping with these challenges is mandatory.

Method of numerical correction of errors occasioned by delay of records during the monitoring of environmental variables of interest for animal production

As condições de ambiente térmico e aéreo, no interior de instalações para animais, alteram-se durante o dia, devido à influência do ambiente externo. Para que análises estatísticas e geoestatísticas sejam representativas, uma grande quantidade de pontos distribuídos espacialmente na área da instalação deve ser monitorada. Este trabalho propõe que a variação no tempo das variáveis ambientais de interesse para a produção animal, monitoradas no interior de instalações para animais, pode ser modelada com precisão a partir de registros discretos no tempo. O objetivo deste trabalho foi desenvolver um método numérico para corrigir as variações temporais dessas variáveis ambientais, transformando os dados para que tais observações independam do tempo gasto durante a aferição. O método proposto aproximou os valores registrados com retardos de tempo aos esperados no exato momento de interesse, caso os dados fossem medidos simultaneamente neste momento em todos os pontos distribuídos espacialmente. O modelo de correção numérica para variáveis ambientais foi validado para o parâmetro ambiental temperatura do ar, sendo que os valores corrigidos pelo método não diferiram pelo teste Tukey, a 5% de probabilidade dos valores reais registrados por meio de dataloggers.

Hoyle's games improved : being practical treatises on the following fashionable games, viz. ... : in which are also contained the method of betting at those games upon equal, or advantageous terms : including the laws of the several games...

Classified for chess; Introduction to the game of chess, p. 156-171.

Hoyle's games improved : being practical treatises on the following fashionable games, viz, whist, quadrille, chess, in which are also contained, the method of betting at those games upon equal or advantageous terms, including the laws of the several games /

Mode of access: Internet.

An Innovative Method of Increasing Early Detection for Skin Cancer in Australia

Abstract Objective: To evaluate a family practice intervention to encourage patients to request a skin examination during their consultation. Methods: Family physicians in Queensland, Australia, were randomized to intervention or control groups. In the intervention group, materials were provided by the office receptionist and supported by the family physician. Results: The rate of full-body skin examination was 99.3/ 1000 consultations in intervention-group practices compared to 22.4/ 1000 in control-group practices (p

Analysis of Land Use Change as a Method of Predicting Water Demands in an Urbanizing Environment: Redland, Miami-Dade County, Florida

The fluctuation in water demand in the Redland community of Miami-Dade County was examined using land use data from 2001 and 2011 and water estimation techniques provided by local and state agencies. The data was converted to 30 m mosaicked raster grids that indicated land use change, and associated water demand measured in gallons per day per acre. The results indicate that, first, despite an increase in population, water demand decreased overall in Redland from 2001 to 2011. Second, conversion of agricultural lands to residential lands actually caused a decrease in water demand in most cases while acquisition of farmland by public agencies also caused a sharp decline. Third, conversion of row crops and groves to nurseries was substantial and resulted in a significant increase in water demand in all such areas converted. Finally, estimating water demand based on land use, rather than population, is a more accurate approach.

Properties of a method of fundamental solutions for the parabolic heat equation

We show that a set of fundamental solutions to the parabolic heat equation, with each element in the set corresponding to a point source located on a given surface with the number of source points being dense on this surface, constitute a linearly independent and dense set with respect to the standard inner product of square integrable functions, both on lateral- and time-boundaries. This result leads naturally to a method of numerically approximating solutions to the parabolic heat equation denoted a method of fundamental solutions (MFS). A discussion around convergence of such an approximation is included.

Congenital thoracic vertebral malformations in brachycephalic “screw-tailed” dog breeds: Validation of a human classification scheme and a method of Cobb angle measurement in the assessment of vertebral column deformity

Congenital vertebral malformations are common in brachycephalic “screw-tailed” dog breeds such as French bulldogs, English bulldogs, Boston terriers, and Pugs. Those vertebral malformations disrupt the normal vertebral column anatomy and biomechanics, potentially leading to deformity of the vertebral column and subsequent neurological dysfunction. The initial aim of this work was to study and determine whether the congenital vertebral malformations identified in those breeds could be translated in a radiographic classification scheme used in humans to give an improved classification, with clear and well-defined terminology, with the expectation that this would facilitate future study and clinical management in the veterinary field. Therefore, two observers who were blinded to the neurologic status of the dogs classified each vertebral malformation based on the human classification scheme of McMaster and were able to translate them successfully into a new classification scheme for veterinary use. The following aim was to assess the nature and the impact of vertebral column deformity engendered by those congenital vertebral malformations in the target breeds. As no gold standard exists in veterinary medicine for the calculation of the degree of deformity, it was elected to adapt the human equivalent, termed the Cobb angle, as a potential standard reference tool for use in veterinary practice. For the validation of the Cobb angle measurement method, a computerised semi-automatic technique was used and assessed by multiple independent observers. They observed not only that Kyphosis was the most common vertebral column deformity but also that patients with such deformity were found to be more likely to suffer from neurological deficits, more especially if their Cobb angle was above 35 degrees.

Simple Excitation Model for Coaxial Driven Monopole Antennas

A new excitation model for the numerical solution of field integral equation (EFIE) applied to arbitrarily shaped monopole antennas fed by coaxial lines is presented. This model yields a stable solution for the input impedance of such antennas with very low numerical complexity and without the convergence and high parasitic capacitance problems associated with the usual delta gap excitation.

Transações com partes relacionadas : determinantes e impactos no desempenho das empresas

A literatura internacional que analisa os fatores impactantes das transações com partes relacionadas concentra-se no Reino Unido, nos EUA e no continente asiático, sendo o Brasil um ambiente pouco investigado. Esta pesquisa tem por objetivo investigar tanto os fatores impactantes dos contratos com partes relacionadas, quanto o impacto dessas transações no desempenho das empresas brasileiras. Estudos recentes que investigaram as determinantes das transações com partes relacionadas (TPRs), assim como seus impactos no desempenho das empresas, levaram em consideração as vertentes apresentadas por Gordon, Henry e Palia (2004): (a) de conflitos de interesses, as quais apoiam a visão de que as TPRs são danosas para os acionistas minoritários, implicando expropriação da riqueza deles, por parte dos controladores (acionistas majoritários); e (b) transações eficientes que podem ser benéficas às empresas, atendendo, desse modo, aos objetivos econômicos subjacentes delas. Esta pesquisa apoia-se na vertente de conflito de interesses, com base na teoria da agência e no fato de que o cenário brasileiro apresenta ter como característica uma estrutura de propriedade concentrada e ser um país emergente com ambiente legal caracterizado pela baixa proteção aos acionistas minoritários. Para operacionalizar a pesquisa, utilizou-se uma amostra inicial composta de 70 empresas com ações listadas na BM&FBovespa, observando o período de 2010 a 2012. Os contratos relacionados foram identificados e quantificados de duas formas, de acordo com a metodologia aplicada por Kohlbeck e Mayhew (2004; 2010) e Silveira, Prado e Sasso (2009). Como principais determinantes foram investigadas proxies para captar os efeitos dos mecanismos de governança corporativa e ambiente legal, do desempenho das empresas, dos desvios entre direitos sobre controle e direitos sobre fluxo de caixa e do excesso de remuneração executiva. Também foram adicionadas variáveis de controle para isolar as características intrínsecas das firmas. Nas análises econométricas foram estimados os modelos pelos métodos de Poisson, corte transversal agrupado (Pooled-OLS) e logit. A estimação foi feita pelo método dos mínimos quadrados ordinários (MQO), e para aumentar a robustez das estimativas econométricas, foram utilizadas variáveis instrumentais estimadas pelo método dos momentos generalizados (MMG). As evidências indicam que os fatores investigados impactam diferentemente as diversas medidas de TPRs das empresas analisadas. Verificou-se que os contratos relacionados, em geral, são danosos às empresas, impactando negativamente o desempenho delas, desempenho este que é aumentado pela presença de mecanismos eficazes de governança corporativa. Os resultados do impacto das medidas de governança corporativa e das características intrínsecas das firmas no desempenho das empresas são robustos à presença de endogeneidade com base nas regressões com variáveis instrumentais.

Extremum estimators and stochastic optimization methods

Submitted in partial fulfillment for the Requirements for the Degree of PhD in Mathematics, in the Speciality of Statistics in the Faculdade de Ciências e Tecnologia