Agency Conflicts and Corporate Payout Policies: A Global Study

We investigate the roles of finn and country level agency conflicts in determining corporate payout policics. Based on a large sample of 29,610 firms in 42 countries from 2001 to 2006, we show there is a form of "pecking order" in investors' ability to extract cash (whether as dividends only or share repurchases) from firms. Although investors are able to use their legal powers to extract cash from firms in high protection countries, their ability to do so can be substantially hindered when agency costs at the firm level are high. In poor protection countries, investors seem to take whatever cash they can get, even though the amount may be small, and with scant regard for investment opportunities and firm level agency conflicts. Finally, compared to repurchases, we find dividends are more likely to be the sole method of payout in high protection countries and in non insider-dominated firms.

The home stigma : adverse selection in ADRs and the home capital market environment

We investigate whether characteristics of the home country capital environment, such as information disclosure and investor rights protection continue to affect ADRs cross-listed in the U.S. Using microstructure measures as proxies for adverse selection, we find that characteristics of the home markets continue to be relevant, especially for emerging market firms. Less transparent disclosure, poorer protection of investor rights and weaker legal institutions are associated with higher levels of information asymmetry. Developed market firms appear to be affected by whether or not home business laws are common law or civil law legal origin. Our finding contributes to the bonding literature. It suggests that cross-listing in the U.S. should not be viewed as a substitute for improvement in the quality of local institutions, and attention must be paid to improve investor protection in order to achieve the full benefits of improved disclosure. Improvement in the domestic capital market environment can attract more investors even for U.S. cross-listed firms.

Deriving word association networks from text corpora

This article presents and evaluates a model to automatically derive word association networks from text corpora. Two aspects were evaluated: To what degree can corpus-based word association networks (CANs) approximate human word association networks with respect to (1) their ability to quantitatively predict word associations and (2) their structural network characteristics. Word association networks are the basis of the human mental lexicon. However, extracting such networks from human subjects is laborious, time consuming and thus necessarily limited in relation to the breadth of human vocabulary. Automatic derivation of word associations from text corpora would address these limitations. In both evaluations corpus-based processing provided vector representations for words. These representations were then employed to derive CANs using two measures: (1) the well known cosine metric, which is a symmetric measure, and (2) a new asymmetric measure computed from orthogonal vector projections. For both evaluations, the full set of 4068 free association networks (FANs) from the University of South Florida word association norms were used as baseline human data. Two corpus based models were benchmarked for comparison: a latent topic model and latent semantic analysis (LSA). We observed that CANs constructed using the asymmetric measure were slightly less effective than the topic model in quantitatively predicting free associates, and slightly better than LSA. The structural networks analysis revealed that CANs do approximate the FANs to an encouraging degree.

Beach monitoring project Sand Key Phase II Beach nourishment program (North Redington Beach and Redington Shores) Post-Nourishment Report Part II Offshore Profiles and Wave Data

This study presents the third post-nourishment survey (January 1989) results for the Sand Key Phase II beach nourishment project carried out in June, 1988. The monitoring program to this beach nourishment project is a joint effort between the University of South Florida and University of Florida. The field surveys include a total of 26 profiles, encompassing approximately 3 miles of shoreline extending from DNR R-96 to R-1ll. The total calculated volume loss of sand in the nourished segment (from R-99G to R-107) between the July 88 and January 89 surveys is 51,113 cubic yards, which is a loss about 9.7 percent of 529,150 cubic yards actually placed in the nourishment project. The total loss of sand computed in the entire survey area is 26,796 cubic yards, which is only 5.1 percent of the sand placed in the nourishment project. It is stressed that a part of these net volume reductions is due to the background erosion and not due to spreading losses induced by the nourishment project. (PDF contains 168 pages.)

Perdurabilidad empresarial: concepto y significados

Los grandes aportes generados por las antiguas civilizaciones y los filósofos más destacados a lo largo del tiempo, permiten entender la procedencia de algunos términos de los que hoy en día se hace uso. Estas contribuciones comienzan a través de la concepción del término tiempo, desde la antigüedad hasta los tiempos modernos, las cuales conllevan a entender que el tiempo es aquel que define la durabilidad de las cosas. De acuerdo a esto, se propone un acercamiento sobre el origen del término perdurabilidad, el cual será la base de la presente investigación. Entender la procedencia del término y el uso que se le da a sí mismo, facilita la aplicación el ámbito empresarial; el cual, a partir de diferentes posturas de autores nacionales e internacionales y basados en los parámetros que ha establecido la Universidad del Rosario, se establece un marco teórico de apoyo para futuras investigaciones dedicadas a la perdurabilidad empresarial. Asimismo, se establecen o se plasman algunos principios o factores de éxito que ayudan a que una empresa logre traspasar fronteras en tiempo y en rentabilidad; es decir que no solo permanezca muchos años en el mercado, sino que además se mantenga en constante crecimiento y rentabilidad.

Programa de auto ejercitación basado en el modelo de creencias en salud

El diseño del programa se realizó bajo el Modelo de Creencias en Salud, teniendo en cuenta la importancia de hacer uso de las teorías y modelos que pretenden explicar el comportamiento de las personas en salud, y permiten a su vez su aplicación tanto en investigación como en intervención directa. Para emplear el Modelo de Creencias en salud en un programa que pretende entre varias cosas, generar una modificación en el cambio del comportamiento frente a la realización de la actividad física en la persona, se hace necesario revisar sus orígenes, su descripción y constructos que lo conforman.