Does banks’ dual holding affect bank lending and firms’ investment decisions? Evidence from China

This study investigates the effect of banks’ dual holding on bank lending and firms’ investment decisions using a sample of listed firms in China. We find that dual holding leads to easier access to bank loans, a result that is more pronounced for non-state-owned enterprises (non-SOEs) than SOEs. We also find that dual holding distorts banks’ lending decisions and harms the investment efficiency for SOEs, while resulting in optimal lending decisions and enhanced investment efficiency for non-SOEs. For non-SOEs, further analysis suggests that optimal lending decisions and efficient investment can be achieved for firms with higher ownership concentration, and firms in which the family and foreign investors are the controlling shareholders. We argue that, in emerging markets, whether a bank plays a monitoring role by directly holding the debt and equity claims of companies relies heavily on whether the potential collusion between firm executives and bank managers can be averted, which in turn is determined by the firms’ governance framework and ownership structure.

Changing social norms and CEO pay: the role of norms entrepreneurs

This is the third in a series of papers examining different aspects of the CEO compensation debate. This Article will explore attempts by norms entrepreneurs to create or modify social norms. It argues that the relevant social norms are in a state of flux because of the work of norms entrepreneurs, whose efforts might reduce the need for legislative intervention. Several new norms like majority voting for board election, say on pay, smaller multiples for severance packages, and respect for shareholder activists may be emerging due to the work of norms entrepreneurs. Part II analyzes the rich literature on social norms to determine if there are models capable of application to better correlate executive compensation with performance. Despite several problems at the definitional level, it argues that the actions of constituencies relevant to the CEO pay debate might be explained by signaling, esteem, and expressive theories. Further, social norms theories neglecting internalization are deficient; corporate actors undertake self-improvement only when they internalize norms. Part III identifies the work of norms entrepreneurs in creating or changing norms pertaining to CEO compensation, and analyzes the reasons for their success. The examples considered demonstrate the effects of dynamic normative transformations on corporate actors and illustrate the contrast in behavioral changes accompanying resistance and acceptance of new norms. Part IV concludes that norm creation in corporate law is facilitated by the role of groups where membership benefits are dependent on reputation; that directors cannot tradeoff reputation like CEOs, making the deployment of reputational sanctions against them powerful; that behavioral change is more effective when there is norm internalization; and that norms entrepreneurs ought to focus on socializing relevant actors if they aspire to be successful in achieving normative change.

GCC-Australian trade and investment trends and patterns

This chapter provides an overview of the recent trends and developments in Gulf Cooperation Council (GCC)–Australian trade and investment. GCC–Australian trade and investment has increased significantly over the last two decades. However, a closer look at the recent trends shows that so far Australian–GCC trade and investment remain highly concentrated in a few countries and in a narrow range of sectors. Opportunities therefore exist for Australian businesses to expand and diversify more broadly across all GCC states in more sectors of the economy.

Tough decisions: Reproductive timing and output vary with individuals' physiology, behavior and past success in a social opportunistic breeder

This article is part of a Special Issue SBN 2014. Photoperiod and the hormonal response it triggers are key determinants of reproductive timing in birds. However, other cues and physiological traits may permit flexibility in the timing of breeding and perhaps facilitate adaptation to global change. Opportunistic breeders are excellent models to study the adaptive significance of this flexibility, especially at the individual level. Here, we sought to quantify whether particular male physiological and behavioral traits were linked to reproductive timing and output in wild-derived zebra finches. We repeatedly assessed male stress-induced corticosterone levels (CORT), basal metabolic rate (BMR), and activity before releasing them into outdoor aviaries and quantifying each pair's breeding timing, investment, and output over a seven-month period. Despite unlimited access to food and water, the colony breeding activity occurred in waves, probably due to interpair social stimulations. Pairs adjusted their inter-clutch interval and clutch size to social and temperature cues, respectively, but only after successful breeding attempts, suggesting a facultative response to external cues. When these effects were controlled for statistically or experimentally, breeding intervals were repeatable within individuals across reproductive attempts. In addition, males' first laying date and total offspring production varied with complex interactions between pre-breeding CORT, BMR and activity levels. These results suggest that no one trait is under selection but that, instead, correlational selection acts on hormone levels, metabolism, and behavior. Together our results suggest that studying inter-individual variation in breeding strategy and their multiple physiological and behavioral underpinnings may greatly improve our understanding of the mechanisms underlying the evolution of breeding decisions.

DNA methylation and the social gradient of osteoporotic fracture: a conceptual model

INTRODUCTION: Although there is a documented social gradient for osteoporosis, the underlying mechanism(s) for that gradient remain unknown. We propose a conceptual model based upon the allostatic load theory, to suggest how DNA methylation (DNAm) might underpin the social gradient in osteoporosis and fracture. We hypothesise that social disadvantage is associated with priming of inflammatory pathways mediated by epigenetic modification that leads to an enhanced state of inflammatory reactivity and oxidative stress, and thus places socially disadvantaged individuals at greater risk of osteoporotic fracture. METHODS/RESULTS: Based on a review of the literature, we present a conceptual model in which social disadvantage increases stress throughout the lifespan, and engenders a proinflammatory epigenetic signature, leading to a heightened inflammatory state that increases risk for osteoporotic fracture in disadvantaged groups that are chronically stressed. CONCLUSIONS: Our model proposes that, in addition to the direct biological effects exerted on bone by factors such as physical activity and nutrition, the recognised socially patterned risk factors for osteoporosis also act via epigenetic-mediated dysregulation of inflammation. DNAm is a dynamic modulator of gene expression with considerable relevance to the field of osteoporosis. Elucidating the extent to which this epigenetic mechanism transduces the psycho-social environment to increase the risk of osteoporotic fracture may yield novel entry points for intervention that can be used to reduce individual and population-wide risks for osteoporotic fracture. Specifically, an epigenetic evidence-base may strengthen the importance of lifestyle modification and stress reduction programs, and help to reduce health inequities across social groups. MINI ABSTRACT: Our conceptual model proposes how DNA methylation might underpin the social gradient in osteoporotic fracture. We suggest that social disadvantage is associated with priming of inflammatory signalling pathways, which is mediated by epigenetic modifications, leading to a chronically heightened inflammatory state that places disadvantaged individuals at greater risk of osteoporosis.

Incidence and course of adolescent deliberate self-harm in Victoria, Australia, and Washington State

PURPOSE: There have been few longitudinal studies of deliberate self-harm (DSH) in adolescents. This cross-national longitudinal study outlines risk and protective factors for DSH incidence and persistence. METHODS: Seventh and ninth grade students (average ages 13 and 15 years) were recruited as state-representative cohorts, surveyed, and then followed up 12 months later (N = 3,876), using the same methods in Washington State and Victoria, Australia. The retention rate was 99% in both states at follow-up. A range of risk and protective factors for DSH were examined using multivariate analyses. RESULTS: The prevalence of DSH in the past year was 1.53% in Grade 7 and .91% in Grade 9 for males and 4.12% and 1.34% for Grade 7 and Grade 9 females, respectively, with similar rates across states. In multivariate analyses, incident DSH was lower in Washington State (odds ratio [OR] = .67; 95% confidence interval [CI] = .45-1.00) relative to Victoria 12 months later. Risk factors for incident DSH included being female (OR = 1.93; CI = 1.35-2.76), high depressive symptoms (OR = 3.52; CI = 2.37-5.21), antisocial behavior (OR = 2.42; CI = 1.46-4.00), and lifetime (OR = 1.85; CI = 1.11-3.08) and past month (OR = 2.70; CI = 1.57-4.64) alcohol use relative to never using alcohol. CONCLUSIONS: Much self-harm in adolescents resolves over the course of 12 months. Young people who self-harm have high rates of other health risk behaviors associated with family and peer risks that may all be targets for preventive intervention.

Gender congruity and social processes of leadership: is gender balance important?

This article presents the results of a study investigating the effects of gender balance on leadership processes at a workgroup and industry level. Leadership is conceptualized as a social process occurring between individuals, rather than as the behavior or attribute of a single individual. Transformational leadership processes were found less often in male-dominated industries. Furthermore, gender congruity effects were found, showing that gender balance between work teams and industries affects leadership processes between individuals. Leadership processes were reported most often in female-dominated work teams within female-dominated industries, but least often in female-dominated work teams within male-dominated industries. The implications for both leadership and gender research are discussed.

Women’s reproductive choices in Australia: mapping federal and state/territory policy instruments governing choice

The reproductive choices available to women, and the consequences of those choices, exist within the broader policy context whereby policy is influenced by pervasive ideologies of women’s roles in society and the family. Women’s reproductive rights and their resulting consequences are governed by policy at the federal and state/territory levels within Australia yet little is known about the number or scope of these policies. This study aimed to systematically search and map Australian policy to identify the number and scope of policies governing women’s reproductive choices and their consequences, including how policy interprets the role of women in society through their reproductive choices. The systematic search identified 147 Australian policies in 2013. The mapping of the policies identified common themes that drive policy agenda impacting women’s reproductive choices, including those where the focus is promoting motherhood and/or children, providing economic incentives, regulating reproduction, or a broader health focus. These policy agendas simultaneously construct and are shaped by the context in which women’s reproductive choices and impacts occur. Women’s reproductive choices are highly politicised and regulated, impacting women’s position within society.

Social values and species conservation: the case of Baudin's and Carnaby's black-cockatoos

We investigated how the socio–political and ecological environment are associated with the conservation management strategies for two rare, endemic and almost identical Australian white-tailed black-cockatoos: Baudin's (Calyptorhynchus baudinii) and Carnaby's black-cockatoo (C. latirostris). Substantially less investment and action has occurred for Baudin's black-cockatoo. Interviews with key informants revealed that this disparity has probably arisen because Baudin's black-cockatoo has long been considered a pest to the apple industry, lives primarily in tall forests and has had little research undertaken on its biology and threats. By contrast, Carnaby's black-cockatoo has been the subject of one of the longest running research projects in Australia, is highly visible within the urban environment and does not appear to affect the livelihoods of any strong stakeholder group. We suggest the social context within which recovery efforts occur could be an important determinant in species persistence. We argue that social research is fundamental to a better understanding of the nature of efforts to conserve particular species, the factors associated with these efforts and their likelihood of success.

Models of Community Investment and Partnership Strategies and Processes for Ensuring Mutual Benefit between Institution and Community

Institutions continue to face increasing pressure from faculty, students, and other concerned constituents to divest endowment holdings from perceived social injustices. In this report, investment officers and advisory committee members offer insight into institutional practices used to respond to these concerns through the adoption of socially responsible investment policies and other socially responsible investment options. Contacts offer recommendations on balancing the administration’s fiduciary responsibility to ensure maximum endowment returns with the social concerns of institutional constituents.

Minorias, localidade e inclusão social : uma proposta para o resgate da legitimidade estatal

o tema das minorias parece ter atingido um ponto importante de maturidade dialética no meio acadêmico. Em Estados democráticos, como são a maior parte dos estados contemporâneos, surge como algo premente a questão da inclusão social, da integração de todos os componentes, grupos e pessoas, neste projeto de construção de uma sociedade que seja, de fato, para todos. Sem isso, por outro lado, não há como se falar em legitimidade estatal, em legitimidade do poder político constituído. Hoje, a questão da inclusão social das minorias passa a ser não apenas uma opção, mas uma necessidade, se de fato quisermos conferir ao Estado democrático uma legitimidade popular genuína. Neste sentido, a valorização da comunidade local pode ser uma opção interessante, fazendo o Estado e a sociedade retornarem a uma situação de legitimidade mais evidente.

A prática da educação física : problemas e alternativas transformadoras na ação educativa e social

O presente trabalho teve por objetivo traçar um quadro das dificuldades enfrentadas pelos professores que lidam com a Educação Física nas escolas de 1º, 2º e 3º graus de Porto Alegre e apresentar alternativas práticas para a superação destas dificuldades. Fizeram parte do estudo professores de Educação Física de 74 escolas estaduais, particulares e municipais de 1º e 2º graus e, professores de 6 estabelecimentos particulares e federais de ensino superior de Porto Alegre, num total de 275 indivíduos. A coleta de dados realizou-se através de questionário aberto, escala de opinião tipo Likert, observação de aulas e análise de documentos legais. Para a interpretação estatística utilizou-se os testes t análise de variância e teste U de Mann-Whitney. Para as informações de natureza qualitativa utilizou-se a técnica da Análise de Conteúdo. Os resultados obtidos indicaram que em relação à formação profissional recebida no curso de Educação Física atender às exigências da realidade de trabalho, não houve diferença significativa entre os professores das escolas particulares e públicas de 1º e 2º grau. Os professores, de forma geral, consideraram a área biológica como a mais adequada, seguida das áreas técnico-profissional e didático-pedagógica. A área humanística foi considerada a menos adequada. Em relação aos aspectos estruturais houve diferença significativa entre as respostas dos professores das escolas particulares e públicas de 1º e 2º graus. Os professores das escolas particulares consideram suas condições mais adequadas que os professores das escolas públicas. No ensino superior a situação se inverteu, os professores das escolas públicas consideraram suas condições melhores do que os das escolas particulares. Em relação ao local de trabalho constatou-se diferença significativa entre as escolas públicas e particulares de 1º e 2º grau. Os professores das escolas particulares consideram as condições de seu local de trabalho mais adequadas. Quanto aos aspectos didáticos-pedagógicos, tanto os professores das escolas públicas como das particulares de 1º e 2º graus consideraram que seus alunos mostram-se comprometidos com as aulas de Educação Física. Esses resultados formaram um quadro bastante coerente quando confrontados com a política econômica adotada pelo governo nas últimas décadas que repercutiu na educação sobre a forma de privatização e de utilização do ensino superior como instrumento de formação de mão-de-obra para o desenvolvimento do país nos moldes capitalistas. Como alternativas para a superação dessas dificuldades recomendamos: - a nível de formação profissional: o acréscimo de disciplinas da área humanística que permitam a aquisição de conhecimentos mais aprofundados sobre as questões políticas e sociais do professor de Educação Física; - a nível de local de trabalho: a integração dos conteúdos das aulas de Educação Física aos conteúdos das outras disciplinas curriculares principalmente nas primeiras séries do 1º grau; - em relação aos aspectos didático-pedagógicos: fornecer conhecimentos teóricos sobre a Educação Física que permitam aos alunos desenvolver atividades físicas e desportivas, mesmo fora da escola, de forma consciente e independente, com condições de identificar seus benefícios e malefícios sem auxílio do professor; - a nível estrutural recomendamos a militância em espaços que permitam uma interferência mais direta nas questões políticas e econômicas do país, tais como: associações, sindicatos e partidos políticos.

Avaliação de riscos em estratégias de investimentos de longo prazo: aplicação prática em um fundo de pensão

O tema central deste trabalho é a avaliação de riscos em estratégias de investimentos de longo prazo, onde a necessidade de um exemplo prático direcionou à aplicação de Asset Liability Models em fundos de pensão, mais especificamente, a planos de benefício definido. Com os instrumentos de análise apresentados, acreditamos que o investidor com um horizonte de retorno de longo prazo tenha uma percepção mais acurada dos riscos de mercado a que está exposto, permitindo uma seleção de carteiras mais adequada aos objetivos de gestão. Para tanto, a inclusão de variáveis de decisão que procuram quantificar os objetivos de gestão - indo além do modelo simplificado de média-variância - exerce papel de fundamental importância.

The state of the youth: prisons, drugs and car crashes

By virtue of the volume and nature of their attributions, including secondary school as well as problem-areas such as security and traffic, the Brazilian states are the ultimate responsible entities for young people. This study argues in favour of granting greater freedom for the states to define their own public policy parameters to deal with local features and to increase the degree of learning about such actions at the national level. In empirical terms, the study assesses the impacts of new laws, such as the new traffic code (from the joint work with Leandro Kume, EPGE/FGV doctor’s degree student) and traces the statistics for specific questions like drugs, violence and car accidents. The findings show that these questions produce different results for young men and women.The main characters in these dramas are young single males, suggesting the need for more distinguished public policies according not only to age, but also by gender. The study also reveals that the magnitude of these problems changes according to the youth’s social class. Prisons concern poorer men (except for the functional illiterate) while fatal car accidents and the confessed use of drugs concern upper-class boys.