Are Busy Boards Effective Monitors? FICH, ELIEZER M.; SHIVDASANI, ANIL
The Journal of finance (New York),
April 2006, Letnik:
61, Številka:
2
Journal Article
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Firms with busy boards, those in which a majority of outside directors hold three or more directorships, are associated with weak corporate governance. These firms exhibit lower market-to-book ...ratios, weaker profitability, and lower sensitivity of CEO turnover to firm performance. Independent but busy boards display CEO turnover-performance sensitivities indistinguishable from those of inside-dominated boards. Departures of busy outside directors generate positive abnormal returns (ARs). When directors become busy as a result of acquiring an additional directorship, other companies in which they hold board seats experience negative ARs. Busy outside directors are more likely to depart boards following poor performance.
Studies of institutional monitoring focus on the fraction of the firm held by institutions. We focus on the fraction of the institution׳s portfolio represented by the firm. In the context of ...acquisitions, we hypothesize that institutional monitoring will be greatest when the target firm represents a significant allocation of funds in the institution׳s portfolio. We show that this measure is important in reconciling mixed findings for total institutional ownership in the prior literature. The results indicate that our measure of institutional holdings leads to greater bid completion rates, higher premiums, and lower acquirer returns. This empirical evidence provides support for theories predicting a beneficial effect of blockholders in monitoring the firm in general and in enhancing the gains to takeover targets in particular.
We investigate the reputational impact of financial fraud for outside directors based on a sample of firms facing shareholder class action lawsuits. Following a financial fraud lawsuit, outside ...directors do not face abnormal turnover on the board of the sued firm but experience a significant decline in other board seats held. This decline in other directorships is greater for more severe allegations of fraud and when the outside director bears greater responsibility for monitoring fraud. Interlocked firms that share directors with the sued firm also exhibit valuation declines at the lawsuit filing. Fraud-affiliated directors are more likely to lose directorships at firms with stronger corporate governance and their departure is associated with valuation increases for these firms.
In this paper, we present the first observations of the Ophiuchus molecular cloud performed as part of the James Clerk Maxwell Telescope (JCMT) Gould Belt Survey (GBS) with the SCUBA-2 instrument. We ...demonstrate methods for combining these data with previous HARP CO, Herschel, and IRAM N2H+ observations in order to accurately quantify the properties of the SCUBA-2 sources in Ophiuchus. We produce a catalogue of all of the sources found by SCUBA-2. We separate these into protostars and starless cores. We list all of the starless cores and perform a full virial analysis, including external pressure. This is the first time that external pressure has been included in this level of detail. We find that the majority of our cores are either bound or virialized. Gravitational energy and external pressure are on average of a similar order of magnitude, but with some variation from region to region. We find that cores in the Oph A region are gravitationally bound prestellar cores, while cores in the Oph C and E regions are pressure-confined. We determine that N2H+ is a good tracer of the bound material of prestellar cores, although we find some evidence for N2H+ freeze-out at the very highest core densities. We find that non-thermal linewidths decrease substantially between the gas traced by C18O and that traced by N2H+, indicating the dissipation of turbulence at higher densities. We find that the critical Bonnor–Ebert stability criterion is not a good indicator of the boundedness of our cores. We detect the pre-brown dwarf candidate Oph B-11 and find a flux density and mass consistent with previous work. We discuss regional variations in the nature of the cores and find further support for our previous hypothesis of a global evolutionary gradient across the cloud from south-west to north-east, indicating sequential star formation across the region.
Submillimetre Common-User Bolometer Array 2 (SCUBA-2) is an innovative 10 000 pixel bolometer camera operating at submillimetre wavelengths on the James Clerk Maxwell Telescope (JCMT). The camera has ...the capability to carry out wide-field surveys to unprecedented depths, addressing key questions relating to the origins of galaxies, stars and planets. With two imaging arrays working simultaneously in the atmospheric windows at 450 and 850 μm, the vast increase in pixel count means that SCUBA-2 maps the sky 100-150 times faster than the previous SCUBA instrument. In this paper, we present an overview of the instrument, discuss the physical characteristics of the superconducting detector arrays, outline the observing modes and data acquisition, and present the early performance figures on the telescope. We also showcase the capabilities of the instrument via some early examples of the science SCUBA-2 that have already been undertaken. In 2012 February, SCUBA-2 began a series of unique legacy surveys for the JCMT community. These surveys will take 2.5 yr and the results are already providing complementary data to the shorter wavelength, shallower, larger area surveys from Herschel. The SCUBA-2 surveys will also provide a wealth of information for further study with new facilities such as ALMA, and future telescopes such as CCAT and SPICA.
I analyze 1,493 first‐time director appointments toFortune1000 boards, during 1997–99, to investigate whether certain outside directors are better than others. Reactions to director appointments are ...higher when appointees are CEOs of other companies than when they are not. CEOs are more likely to obtain outside directorships when the companies they head perform well. Well‐performing CEOs are also more likely to gain directorships in organizations with growth opportunities. Because, for these firms, a large portion of their value hinges upon realizing their growth potential, I conclude that CEOs are sought as outside directors to enhance firm value.
Abstract
The James Clerk Maxwell Telescope Nearby Galaxies Legacy Survey (NGLS) comprises an H i-selected sample of 155 galaxies spanning all morphological types with distances less than 25 Mpc. We ...describe the scientific goals of the survey, the sample selection and the observing strategy. We also present an atlas and analysis of the CO J=3 - 2 maps for the 47 galaxies in the NGLS which are also part of the Spitzer Infrared Nearby Galaxies Survey. We find a wide range of molecular gas mass fractions in the galaxies in this sample and explore the correlation of the far-infrared luminosity, which traces star formation, with the CO luminosity, which traces the molecular gas mass. By comparing the NGLS data with merging galaxies at low and high redshift, which have also been observed in the CO J=3 - 2 line, we show that the correlation of far-infrared and CO luminosity shows a significant trend with luminosity. This trend is consistent with a molecular gas depletion time which is more than an order of magnitude faster in the merger galaxies than in nearby normal galaxies. We also find a strong correlation of the L
FIR/L
CO(3-2) ratio with the atomic-to-molecular gas mass ratio. This correlation suggests that some of the far-infrared emission originates from dust associated with atomic gas and that its contribution is particularly important in galaxies where most of the gas is in the atomic phase.
ABSTRACT The James Clerk Maxwell Telescope Gould Belt Legacy Survey obtained SCUBA-2 observations of dense cores within three sub-regions of Orion B: LDN 1622, NGC 2023/2024, and NGC 2068/2071, all ...of which contain clusters of cores. We present an analysis of the clustering properties of these cores, including the two-point correlation function and Cartwright's Q parameter. We identify individual clusters of dense cores across all three regions using a minimal spanning tree technique, and find that in each cluster, the most massive cores tend to be centrally located. We also apply the independent M- technique and find a strong correlation between core mass and the local surface density of cores. These two lines of evidence jointly suggest that some amount of mass segregation in clusters has happened already at the dense core stage.
This paper is dedicated to the study of the chemistry of the intermediate-mass (IM) hot core NGC 7129 FIRS 2, probably the most compact warm core found in the 2-8 Mmiddot in circle stellar mass ...range. Our aim is to determine the chemical composition of the IM hot core NGC 7129 FIRS 2, and to provide new insights on the chemistry of hot cores in a more general context. We find a quite similar chemistry in FIRS 2 and Orion. Most of the studied fractional molecular abundances agree within a factor of 5. Since the physical conditions are similar in both hot cores, only different initial conditions (warmer pre-collapse and collapse phase in the case of Orion) and/or different crossing times of the gas in the hot core can explain this behavior. We discuss these two scenarios.
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