On the relation between ownership structure and capital structure

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link between ownership structure and capital structure. Using an agency framework, it is argued that the distribution of equity ownership among corporate managers and external blockholders may have a significant relation with leverage. The empirical results provide support for a positive relation between external blockholders and leverage, and non-linear relation between the level of managerial share ownership and leverage. The results also suggest that the relation between external block ownership and leverage varies across the level of managerial share ownership. These results are consistent with active monitoring by blockholders, and the effects of convergence-of-interests and management entrenchment.

Skin toxins and external parasitism of coral-dwelling gobies

Toxic (Gobiodon spp.) and non-toxic (Paragobiodon xanthosomus) gobies became infected with external parasites (gnathiid isopods) at equal rates in a laboratory experiment. Parasites were evenly distributed over the body of P. xanthosomus but were mostly confined to the fins of Gobiodon spp., where toxin glands are less abundant. Skin toxins were not associated with the rate of infection but their distribution did appear to influence the site of parasite attachment. (C) 2003 The Fisheries Society of the British Isles.

Integrated control of nitrate recirculation and external carbon addition in a predenitrification system

The integrated control of nitrate recirculation and external carbon addition in a predenitrification biological wastewater treatment system is studied. The proposed control structure consists of four feedback control loops, which manipulate the nitrate recirculation and the carbon dosage flows in a highly coordinated manner such that the consumption of external carbon is minimised while the nitrate discharge limits (based on both grab and composite samples) are met. The control system requires the measurement of the nitrate concentrations at the end of both the anoxic and the aerobic zones. Distinct from ordinary control systems, which typically minimise the variation in the controlled variables, the proposed control system essentially maximises the diurnal variation of the effluent nitrate concentration and through this maximises the use of influent COD for denitrification, thus minimising the requirement for external carbon source. Simulation studies using a commonly accepted simulation benchmark show that the controlled system consistently achieves the designated effluent quality with minimum costs.

Public investment and the risk premium for equity

Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.

As estatais e as PPPs: o project finance como estrat??gia de garantia de investimentos em infra-estrutura

Este trabalho discute o papel das estatais nas PPPs, de modo a garantir investimentos em infraestrutura pelo financiamento via project finance. Partindo de um contexto de privatiza????es desse setor, que, no Brasil, efetivou-se na d??cada de 1990, buscou-se mostrar como surgiu espa??o para o estabelecimento de PPPs, advindas de novas institui????es resultantes do processo de reforma do Estado. O project finance ?? colocado como uma forma de garantir o financiamento desses investimentos. Sua estrutura financeira, baseada na cria????o de uma pessoa jur??dica para a gest??o do empreendimento, busca dirimir os riscos pela eleva????o do n??mero de participantes e pela securitiza????o de receitas futuras, tornando-as l??quidas em curto prazo. A discuss??o sobre o papel do project finance revela que essa ?? uma estrat??gia vi??vel para a garantia de investimentos por parte das estatais, em parceria com o governo e com outras empresas, que levem ao desenvolvimento socioecon??mico sustent??vel do Pa??s.

Brazilian external sector so far in the 21st century

Although Brazil has traditionally been characterized by a culture of inward-looking policy making, the presence of foreign firms in the Brazilian productive sector has always been significant. The share of foreign-owned firms is one of the highest that can be found among developing countries. This article discusses the main features of the external sector of the Brazilian economy, regarding trade flows, foreign investment, the internationalization of Brazilian entrepreneurial groups and the short-term financial requirements in foreign currencies

Variations of the soft tissue thicknesses external to the ribs in Pectus Excavatum patients

Background: Surgical repair of pectus excavatum (PE) has become more popular due to improvements in the minimally invasive Nuss procedure. The pre-surgical assessment of PE patients requires Computerized Tomography (CT), as the malformation characteristics vary from patient to patient. Objective: This work aims to characterize soft tissue thickness (STT) external to the ribs among PE patients. It also presents a comparative analysis between the anterior chest wall surface before and after surgical correction. Methods: Through surrounding tissue segmentation in CT data, STT values were calculated at different lines along the thoracic wall, with a reference point in the intersection of coronal and median planes. The comparative analysis between the two 3D anterior chest surfaces sets a surgical correction influence area (SCIA) and a volume of interest (VOI) based on image processing algorithms, 3D surface algorithms, and registration methods. Results: There are always variations between left and right side STTs (2.54±2.05 mm and 2.95±2.97 mm for female and male patients, respectively). STTs are dependent on age, sex, and body mass index of each patient. On female patients, breast tissue induces additional errors in bar manual

Variations of the soft tissue thicknesses external to the ribs in pectus excavatum patients

Background: Surgical repair of pectus excavatum (PE) has become more popular due to improvements in the minimally invasive Nuss procedure. The pre-surgical assessment of PE patients requires Computerized Tomography (CT), as the malformation characteristics vary from patient to patient. Objective: This work aims to characterize soft tissue thickness (STT) external to the ribs among PE patients. It also presents a comparative analysis between the anterior chest wall surface before and after surgical correction. Methods: Through surrounding tissue segmentation in CT data, STT values were calculated at different lines along the thoracic wall, with a reference point in the intersection of coronal and median planes. The comparative analysis between the two 3D anterior chest surfaces sets a surgical correction influence area (SCIA) and a volume of interest (VOI) based on image processing algorithms, 3D surface algorithms, and registration methods. Results: There are always variations between left and right side STTs (2.54±2.05 mm and 2.95±2.97 mm for female and male patients, respectively). STTs are dependent on age, sex, and body mass index of each patient. On female patients, breast tissue induces additional errors in bar manual

Angular and linear accelerations of a rolling cylinder acted by an external force

The dynamics of a cylinder rolling on a horizontal plane acted on by an external force applied at an arbitrary angle is studied with emphasis on the directions of the acceleration of the centre-of-mass and the angular acceleration of the body. If rolling occurs without slipping, there is a relationship between the directions of these accelerations. If the linear acceleration points to the right, then the angular acceleration is clockwise. On the other hand, if it points to the left, then the angular acceleration is counterclockwise. In contrast, if rolling and slipping occurs, the direction of the linear acceleration does not determine the direction of the angular acceleration. For example, the linear acceleration may point to the right and the angular acceleration clockwise or counterclockwise depending on the external force orientation and point of application.

O Impacto do project finance nas empresas portuguesas no setor têxtil

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Project finance

O Project Finance é uma forma de financiamento de projetos inovadora, muito utilizada nos Estados Unidos e na Europa e que se aplica essencialmente a projetos de grande escala devido às características subjacentes. Este tema é relevante devido às condições financeiras, sociais e políticas que estamos a viver. As empresas enfrentam muitas adversidades para manter o seu negócio em bom funcionamento, procurando obter vantagens competitivas, mas isso torna-se difícil quando estas não possuem meios financeiros e de gestão para sustentar os investimentos. E é aqui que o Project Finance tem um papel importante, pois é um tipo de financiamento que pode facilitar a execução de projetos em qualquer lugar do mundo, mais particularmente nos países em desenvolvimento em que as empresas enfrentam dificuldades em obter recursos financeiros.

Enhancing the selection of a model-based clustering with external categorical variables

In cluster analysis, it can be useful to interpret the partition built from the data in the light of external categorical variables which are not directly involved to cluster the data. An approach is proposed in the model-based clustering context to select a number of clusters which both fits the data well and takes advantage of the potential illustrative ability of the external variables. This approach makes use of the integrated joint likelihood of the data and the partitions at hand, namely the model-based partition and the partitions associated to the external variables. It is noteworthy that each mixture model is fitted by the maximum likelihood methodology to the data, excluding the external variables which are used to select a relevant mixture model only. Numerical experiments illustrate the promising behaviour of the derived criterion. © 2014 Springer-Verlag Berlin Heidelberg.