Agency, Firm Growth, and Managerial Turnover ANDERSON, RONALD W.; BUSTAMANTE, M. CECILIA; GUIBAUD, STÉPHANE ...
The Journal of finance (New York),
February 2018, Letnik:
73, Številka:
1
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We study managerial incentive provision under moral hazard when growth opportunities arrive stochastically and pursuing them requires a change in management. A trade-off arises between the benefit of ...always having the "right" manager and the cost of incentive provision. The prospect of growth-induced turnover limits the firm's ability to rely on deferred pay, resulting in more front-loaded compensation. The optimal contract may insulate managers from the risk of growth-induced dismissal after periods of good performance. The evidence for the United States broadly supports the model's predictions: Firms with better growth prospects experience higher CEO turnover and use more front-loaded compensation.
Cash holding and control-oriented finance Anderson, Ronald W.; Hamadi, Malika
Journal of corporate finance (Amsterdam, Netherlands),
12/2016, Letnik:
41
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We critically reassess the notion that high liquid asset holding by firms faced with weak investor protection is evidence of managerial rent extraction. We show that firms facing agency problems may ...establish tight controls over management through concentrated ownership. Using data on Belgian listed firms between 1991 and 2006, we find a strong positive association between ownership concentration and cash holding. This indicates a precautionary motive on the part of the controlling shareholders who highly value control. We also find that firm market valuation is positively affected by the amount of cash held by firms. On the other hand, managerial ownership has no impact. These results are consistent with the hypothesis that firms' owners are pursuing a rational strategy to mitigate agency costs in the face of weak investor protections.
•In a control oriented system, that ownership concentration is positively associated with cash holdings. But managerial ownership has no impact.•Relatively high levels of cash holding are a reflection of a rational strategy by owners who seek value through long-term control.•In control-oriented finance, firms control management through concentrated ownership. This creates a precautionary motive for cash holding.•There is a positive association between cash holdings and firm value in family firms.•There is evidence that under-diversified shareholders are positively associated with high cash holding.
It has been widely argued that journal metrics are used in assessing publication records on resumes for academic jobs and assessments. Within that debate, two important considerations emerge. ...Firstly, academics belonging to different career cohorts may have different experiences which are reflected in their recommendations related to targeting and assessing publication records. Secondly, recruitment or assessment expectations that include publishing in highly rated journals may lead to the targeting of a smaller number of high rated publications, with perceived lower rated journal outlets being discouraged. Using an experimental design, an online survey collected data from 1011 academics across management and psychology disciplines in the UK and USA, exploring the association between journal ratings, the number of publications on a resume, and the length of time spent in academia. Analysis indicated that when assessing an academic resume, the discouraging of lower rated journal publications may be dependent on the length of time spent in academia. Specifically, in the context of exactly the same high rated journal publications on a resume, those who had been in academia for 10-20 years were less favorable towards the inclusion of additional low rated journals. The findings contribute to how we view the socialization of institutional influences on career decision making in higher education. The results add to emergent evidence of behavioral responses to the institutional pressures on academic careers, and how individuals at different career stages may be impacted differently. This has implications for the management of academic career progression and academic recruitment processes.
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BFBNIB, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
We solve for a firm's optimal cash holding policy within a continuous time, contingent claims framework using dividends, short-term borrowing, and equity issues as controls assuming mean reversion of ...earnings. Optimal cash is non-monotone in business conditions and increasing in the level of long-term debt. The model matches closely a wide range of empirical benchmarks and predicts cash and leverage dynamics in line with the empirical literature. Firm value is quite insensitive to changes in the level of long-term debt. The model has interesting implications for asset substitution, hedging, and pecking order. Growth opportunities do not greatly affect cash holding policy.
To present recommendations for the prevention and screening, recognition, and treatment of the most common conditions resulting in sudden death in organized sports.
Cardiac conditions, head injuries, ...neck injuries, exertional heat stroke, exertional sickling, asthma, and other factors (eg, lightning, diabetes) are the most common causes of death in athletes.
These guidelines are intended to provide relevant information on preventing sudden death in sports and to give specific recommendations for certified athletic trainers and others participating in athletic health care.
You Can Teach an Old Dog New Tricks Winstead, Vicki; Anderson, William A.; Yost, Elizabeth A. ...
Journal of applied gerontology,
08/2013, Letnik:
32, Številka:
5
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For adults in senior living communities, information and communication technologies (ICTs) can be used to increase and expand communication for a population that is often spatially and socially ...separated from the general public. Using qualitative observational data from a longitudinal study of the impact of ICT usage on the quality of life among residents in assisted and independent living communities, the authors examine whether ICTs can mitigate the effects of social and spatial barriers. The authors find that ICTs have the potential to allow individuals to transcend social and spatial barriers, providing residents with the ability to maintain and enhance social networks as well as provide a greater sense of connection to the world at large.
The purpose of this study was to determine the effects of supplementation with a water-soluble cinnamon extract (Cinnulin PF(R)) on body composition and features of the metabolic syndrome.
Twenty-two ...subjects with prediabetes and the metabolic syndrome (mean +/- SD: age, BMI, systolic blood pressure SBP, fasting blood glucose FBG: 46.0 +/- 9.7 y; 33.2 +/- 9.3 kg/m2; 133 +/- 17 mm Hg; 114.3 +/- 11.6 mg/dL) were randomly assigned to supplement their diet with either Cinnulin PF(R) (500 mg/d) or a placebo for 12-weeks. Main outcome measures were changes in FBG, SBP, and body composition measured after 12-weeks of supplementation. The primary statistical analyses consisted of two factor (group x time), repeated-measures ANOVA for between group differences over time. In all analyses, an intent-to-treat approach was used and significance was accepted at P < 0.05.
Subjects in the Cinnulin PF(R) group had significant decreases in FBG (-8.4%: 116.3 +/- 12.8 mg/dL pre to 106.5 +/- 20.1 mg/dL post, p < 0.01), SBP (-3.8%: 133 +/- 14 mm Hg pre to 128 +/- 18 mm Hg post, p < 0.001), and increases in lean mass (+1.1%: 53.7 +/- 11.8 kg pre to 54.3 +/- 11.8 kg post, p < 0.002) compared with the placebo group. Additionally, within-group analyses uncovered small, but statistically significant decreases in body fat (-0.7%: 37.9 +/- 9.2% pre to 37.2 +/- 8.9% post, p < 0.02) in the Cinnulin PF(R) group. No significant changes in clinical blood chemistries were observed between groups over time.
These data support the efficacy of Cinnulin PF(R) supplementation on reducing FBG and SBP, and improving body composition in men and women with the metabolic syndrome and suggest that this naturally-occurring spice can reduce risk factors associated with diabetes and cardiovascular diseases.
As the U.S. population ages, interventions are needed to ensure quality of life continues as boomers enter assisted and independent living communities (AICs). These transitions can significantly ...affect quality of life. Activity and continuity theories maintain that participation in discretionary/informal activities is crucial for psychosocial health and well-being (aspects of quality of life). This study evaluates the impacts of participation in discretionary activities on life satisfaction, social isolation, and loneliness, using data from a longitudinal study of older adults in AICs. Older adults who participated in 8 weeks of discretionary activities reported greater life satisfaction and lower levels of social isolation compared with non-participants. Forming alliances and group identities is the key for building new relationships and maintaining relationships in the community. Determining the impact participation in activities has on residents is vital to being able to help develop a more comprehensive understanding of how quality of life can be maintained in AICs.
Cryptococcus neoformans is a basidiomycetous yeast ubiquitous in the environment, a model for fungal pathogenesis, and an opportunistic human pathogen of global importance. We have sequenced its ...approximately20-megabase genome, which contains approximately6500 intron-rich gene structures and encodes a transcriptome abundant in alternatively spliced and antisense messages. The genome is rich in transposons, many of which cluster at candidate centromeric regions. The presence of these transposons may drive karyotype instability and phenotypic variation. C. neoformans encodes unique genes that may contribute to its unusual virulence properties, and comparison of two phenotypically distinct strains reveals variation in gene content in addition to sequence polymorphisms between the genomes.
Osteoblasts are continually recruited from stem cell pools to maintain bone. Although their immediate precursor is a plastic-adherent mesenchymal stem cell able to generate tissues other than bone, ...increasing evidence suggests the existence of a more primitive cell that can differentiate to both hematopoietic and mesenchymal cells. We show here that the "side population" (SP) of marrow stem cells, defined by their ability to rapidly expel a DNA-binding dye and to regenerate the hematopoietic compartment, can differentiate to osteoblasts through a mesenchymal intermediate. When transplanted into lethally irradiated mice, single gene-marked murine SP cells reconstituted depleted osteoprogenitor pools, such that a large proportion of the osteogenic cells in the epiphysis of long bone carried the donor SP cell marker. These findings suggest that the developmental capacity of SP cells is not restricted to the hematopoietic lineages but extends to osteogenic differentiation. This property not only elucidates a previously unrecognized step in osteoblast development, but also has intriguing implications for the use of SP cells in clinical orthopedics and stem cell-based disorders of bone.
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