Modeling server-unreliability in closed queuing-networks

A method is presented to model server unreliability in closed queuing networks. Breakdowns and repairs of servers, assumed to be time-dependent, are modeled using virtual customers and virtual servers in the system. The problem is thus converted into a closed queue with all reliable servers and preemptive resume priority centers. Several recent preemptive priority approximations and an approximation of the one proposed are used in the analysis. This method has approximately the same computational requirements as that of mean-value analysis for a network of identical dimensions and is therefore very efficient

Corporate Governance Mechanisms and Firm Performance:Evidence from Finland

This paper examines the association between corporate governance attributes and firm performance of Finnish firms during 1990 – 2000. The empirical results suggest that corporate governance matters for firm performance. First, univariate test results indicate that firms characterized by a high (efficient) level of corporate governance have delivered greater stock returns, are higher valued based on the measure of Tobin’s Q, and exhibit higher ratios of cash flow to assets, on average, in comparison to their counterparts characterized by a low (inefficient) level of corporate governance. Second, controlling for a number of well-known determinants of stock returns, we find evidence that firms categorized by inefficient corporate governance have delivered inferior returns to shareholders during the investigation period. Finally, after controlling for several common determinants of firm value, we find that firms characterized by efficient corporate governance have been valued higher during the investigation period, measured by Tobin’s Q.