Essays in banking and corporate finance

Abstract This paper presents a model of executive compensation in which the executive is risk-averse and has specific knowledge -knowledge about the optimal actions to take that is costly to transfer to the principal. The model generates predictions that are consistent with the available evidence and provides a rationale for a number of unresolved puzzles in executive compensation. Notably, we find that relative performance evaluation is optimal only if the quality of specific knowledge is low. We also show (1) why some common risk components are not filtered out of executives' pay, (2) why performance is more likely to be evaluated relative to aggregate market movements than relative to industry movements, and (3) why executives with higher perceived abilities are given stronger incentives. Finally, we demonstrate that the relation between risk and incentives may be positive or negative, depending on the quality of the executive's specific knowledge.

Iowa Comprehensive Strategy for Serious, Violent, and Chronic Juvenile Offenders 1999 - 2000 Report, 2000

The Division of Criminal and Juvenile Justice Planning, as part of its duties to administer the Comprehensive Strategy in Iowa, compiled the information contained in this report.

Autumnal vs spring hatching in the fairy shrimp Siphonophanes grubii (Dybowski) (Crustacea, Anostraca): diversified bet-hedging strategy ?

Polyphenisms, as opposed to polymorphism, refers to coexistence of several distinct phenotypes having a common genotype. Polyphenism can be selected for in unpredictable environments. Here we document and anlyse a case of siphenism in the north-European fairy shrinp Siphonophanes grubii (Dybowski), in relation to the temporary and unpredictable nature of its habitat. The active part of this species'life cycle usually consists of a single, short-lived, spring cohort. Here we report field observations on autumnal hatching and on a long-lived, overwintering cohort; we show that the winter cohort runs the risk of total failure, due to the pond freezing entirely or drying up during winter. If, however, environmental conditions allow winter survival, animals reach a larger size, reproduce for a longer time, and display higher fecundity, than do animals from the spring cohort. Laboratory experiments support the theory that these differences are purely phenotypic and dependent on temperatur. Using an analytical model adapted from Cohen (1966), we propose that the coexistence of both a winter and a spring cohort in the same ponds can be interpreted as a diversified bet-hedging strategy.

Adaptive strategy for the statistical analysis of connectomes.

We study an adaptive statistical approach to analyze brain networks represented by brain connection matrices of interregional connectivity (connectomes). Our approach is at a middle level between a global analysis and single connections analysis by considering subnetworks of the global brain network. These subnetworks represent either the inter-connectivity between two brain anatomical regions or by the intra-connectivity within the same brain anatomical region. An appropriate summary statistic, that characterizes a meaningful feature of the subnetwork, is evaluated. Based on this summary statistic, a statistical test is performed to derive the corresponding p-value. The reformulation of the problem in this way reduces the number of statistical tests in an orderly fashion based on our understanding of the problem. Considering the global testing problem, the p-values are corrected to control the rate of false discoveries. Finally, the procedure is followed by a local investigation within the significant subnetworks. We contrast this strategy with the one based on the individual measures in terms of power. We show that this strategy has a great potential, in particular in cases where the subnetworks are well defined and the summary statistics are properly chosen. As an application example, we compare structural brain connection matrices of two groups of subjects with a 22q11.2 deletion syndrome, distinguished by their IQ scores.

The 15-minute family interview: a family health strategy tool

The 15-minute family interview is a condensed form of the Calgary Family Assessment and Intervention Models (CFAM and CFIM) that aims to contribute to the establishment of a therapeutic relationship between nurses and family and to implement interventions to promote health and suffering relief, even during brief interactions. This study investigated the experience of nurses from the Family Health Strategy (FHS) who used the 15-minute interview on postpartum home. The qualitative research was conducted in three stages: participants' training program, utilization of the 15-minute family interview by participants, and interviews with nurses. The data were collected through semi-structured interviews with eight nurses. The thematic analysis revealed two main themes: dealing with the challenge of a new practice and evaluating the assignment. This work shows that this tool can be used to deepen relationships between nurses and families in the Family Health Strategy.

Ankle-Brachial Index: Nurses Strategy To Cardiovascular Disease Risk Factors Identification

Elevated risk of fatal and non-fatal cardiovascular events is associated with high prevalence of peripheral arterial disease, with assessment through the ankle-brachial index (ABI). This study aimed to demonstrate that the ABI and the Edinburgh Claudication Questionnaire are tools to be used by nurses in prevention and/or treatment of CVD (cardiovascular disease). A cross-sectional study was carried out with patients from a cardiovascular clinic. The Edinburgh Claudication Questionnaire was applied and the ABI was measured with the formula (ABI= Blood Pressure Ankle/Blood Pressure Brachial). A total of 115 patients were included, most were females (57.4%), aged 60.6 ± 12.5 years. The most prevalent risk factors were hypertension (64.3%), physical inactivity (48.7%) and family history (58.3%). The study showed that abnormal ABI was frequently found and 42.6% of the patients with abnormal ABI showed intermittent claudication. The method to evaluate the ABI associated to the Edinburg Claudication Questionnaire, can be easily used by nurses in the clinical evaluation of asymptomatic and symptomatic CVD patients.

Adherence To Diabetes Mellitus Treatments In Family Health Strategy Units

This cross-sectional study aimed to analyze the adherence to drug and non-drug treatments in 17 Family Health Strategy units. A total of 423 patients with type 2 diabetes mellitus were selected through stratified random sampling in Family Health Strategy units of a city in the state of Minas Gerais, Brazil, in 2010. The results showed that the prevalence rate of adherence to drug therapy was higher than 60% in the 17 units investigated; in relation to physical activity, adherence was higher than 60% in 58.8% units; and for the diet plan, there was no adherence in 52.9% units. Therefore, we concluded that adherence to drug therapy in most units was high and the practice of physical activity was heterogeneous, and in relation to diet adherence, it was low in all units. We recommend strengthening of institutional guidelines and educational strategies, in line with SUS guidelines, so that, professionals may face the challenges imposed by the lack of adherence.



O Papel das Demonstrações Financeiras na Corporate Governance: O caso da Cabo Verde Telecom

O fenómeno da Corporate Governance tem vindo a ocupar um lugar importante na literatura moderna dada a sua importância no mercado global e competitivo em que vivemos. A partir do final dos anos 80, esta matéria ganhou um grande relevo devido ao aumento da participação activa dos investidores institucionais e pequenos investidores individuais nos mercados de capitais e sua crescente exigência por uma gestão mais rigorosa, transparente e que defende os interesses dos accionistas ou shareholders. Os grandes escândalos financeiros, envolvendo diversas empresas nos EUA e na Europa, que causaram prejuízos incomensuráveis ao mercado, despertaram a atenção do mundo para a relevância das boas práticas de Corporate Governance. O maior destaque para este tema aconteceu em 2002, após a ocorrência os escândalos com as multinacionais Enron, WorldCom, Parmalat, entre outros. Naturalmente, para os países em desenvolvimento, a qualidade da Corporate Governance local é de fundamental importância para o crescimento económico duradouro. Essa visão global e transversal da Corporate Governance veio acentuar a procura de soluções para o alinhamento dos interesses entre gestores e accionistas. A solução para os conflitos de agência e a melhoria dos mecanismos de gestão estão no cerne do debate sobre o tema. Este estudo faz uma análise das teorias da Corporate Governance, a sua evolução e importância e o papel das demonstrações financeiras como um dos elementos que suportam a boa Corporate Governance, aplicada na gestão de uma empresa cabo-verdiana – A CVTelecom. Pretende-se, assim, identificar os benefícios advindos da aplicação das boas práticas de Corporate Governace para a gestão da empresa e para a sociedade como um todo. A escolha da CVTelecom, operadora de telecomunicações, prende-se com dois aspectos fundamentais: i) ser a empresa privada que exerce maior impacto sobre a economia cabo-verdiana, empregando cerca de 1,3% do total dos trabalhadores do sector privado no País; ii) o crescimento da economia cabo-verdiana estar suportado, mais do que nunca, nas TIC, constituindo, por essa razão, num dos principais desafios do País. Concluiu-se que a CVTelecom, embora esteja localizada num país onde ainda não existe uma entidade com a responsabilidade de fazer a avaliação da gestão das empresas no quadro das normas que enformam a Corporate Governance, encontra-se bem encaminhada ao nível da implementação de normas e procedimentos que favoreçam uma boa Corporate Governance.

Generating Brand Equity through Corporate Social Responsibility to Key Stakeholders

In this paper we argue that socially responsible policies have a positive impact on a firm's brand equity in the short-term as well as in the long-term. Moreover, once we distinguish between different stakeholders, we posit that secondary stakeholders such as community are even more important than primary stakeholders (customers, shareholders, workers and suppliers) in generating brand equity. Policies aimed at satisfied community interests act as a mechanism to reinforce trust that gives further credibility to social responsible polices with other stakeholders. The result is a decrease in conflicts among stakeholders and greater stakeholder willingness to provide intangible resources that enhance brand equity. We provide support of our theoretical contentions making use of a panel data composed of 57 firms from 10 countries (the US, Japan, South Korea, France, the UK, Italy, Germany, Finland, Switzerland and the Netherlands) for the period 2002 to 2007. We use detailed information on brand equity obtained from Interbrand and on corporate social responsibility (CSR) provided by the SiRi Global Profile database, as compiled by the Sustainable Investment Research International Company (SiRi).

Stakeholder Activism, Managerial Entrenchment, and the Congruence of Interests between Shareholders and Stakeholders

We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders other than shareholders thus benefit from corporate governance rules putting managers under a tough replacement threat. We show that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in the firm charter, may deprive CEOs of the alliance with powerful social activists, thus increasing managerial turnover and shareholder value. These results rationalize a recent trend whereby well-known social activists like Friends of the Earth and active shareholders like CalPERS are showing a growing support for each other s agendas.

Health facility environment as humanization strategy care in the pediatric unit: systematic review

Objective: To identify and analyze the production of knowledge about the strategies that health care institutions have implemented to humanize care of hospitalized children. Method: This is a systematic review conducted in the Virtual Health Library - Nursing and SciELO, using the seven steps proposed by the Cochrane Handbook. Results: 15 studies were selected, and strategies that involved relationship exchanges were used between the health professional, the hospitalized child and their families, which may be mediated by leisure activities, music and by reading fairy tales. We also include the use of the architecture itself as a way of providing welfare to the child and his/her family, as well as facilitating the development of the work process of health professionals. Conclusion: Investments in research and publications about the topic are necessary, so that, the National Humanization Policy does not disappear and that the identified strategies in this study do not configure as isolated and disjointed actions of health policy.