1,494 research outputs found

    Factorizations of Matrices Over Projective-free Rings

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    An element of a ring RR is called strongly J#J^{\#}-clean provided that it can be written as the sum of an idempotent and an element in J#(R)J^{\#}(R) that commute. We characterize, in this article, the strongly J#J^{\#}-cleanness of matrices over projective-free rings. These extend many known results on strongly clean matrices over commutative local rings

    Interactions with Frontiers of Financial Economic — A Research Agenda for Real Estate Finance

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    [Excerpt] Recent years have seen the emergence of substantial scholarly research in real estate finance that uses the methodology and paradigms at the frontiers of financial economics. Agency theory, search theory, and signaling have appeared in several models of real estate finance (see, for example, Damodaran, John, and Liu, 1998; Damodaran and Liu, 1993; Williams, 1993a, 1993b, 1995, 1998). Continuous time-valuation models of financial options, real options, and fixed-income securities and term structure models have also been applied in a number of papers on the pricing of mortgage-backed securities with and without sophisticated prepayment structures (for example, see Dunn and Spatt, 1985, 1986; Grenadier, 1995, 1996; John, Liu, and Radhakrishnan, 1997; Stanton and Wallace, 1998; Williams, 1993a, 1993b, 1997). Paradigms of securitization and optimal design of securities and organizational forms have also made their appearance in recent real estate research (see, for example, DeMarzo and Duffie, 1998; DeMarzo, 1998; Shiller andWeiss, 1998; Damodaran, John, and Liu, 1997). The objective of this special issue is to showcase some of this research in real estate and explore additional paradigms in financial economics that would provide the framework for interesting and innovative real estate research

    The Role of Supreme Audit Institutions in Improving Citizen Participation in Governance

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    Supreme Audit Institutions (SAIs) – key government agencies responsible for auditing how public funds are being spent – have been traditionally seen as insulated and technocratic entities serving other government organizations and having little to do with citizens and broader governance issues. This image has been slowly changing around the world in light of the broader transformations in governments’ roles, SAIs’ own practices, and increased public participation in governance. This article reviews why and how these changes are happening and barriers to the more productive collaboration between SAIs and the public. The article concludes with implications for practitioners and researchers

    The Determinants of Organizational Form Changes: Evidence and Implications from Real Estate

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    We study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. All troubled firms in our sample move to a more flexible organizational structure, with subsequent reductions in dividends, improvements in performance, and increases in asset sales and investments. Healthy firms that move to a tighter structure have larger free cash flows before the change; they increase dividends, reduce free cash flows and improve profitability after the change. We document evidence of tax considerations in organizational changes

    What Motivates Managers? Evidence from Organizational Form Changes

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    We formulate and test several hypotheses on managerial motivation using organizational form changes in the real estate industry. We find that firms that switch to a more restrictive structure have increases in stock value and managerial ownership. Firms moving to a less restrictive structure have larger wealth effects when higher monitoring exists. Higher degree of financial distress and forced CEO replacement at the time of organizational form change are taken to be proxies for higher degree of (creditor) monitoring. The wealth effects are decreasing in the firm’s level of free cash flow at the time of organizational form change

    How Do You Like Me in This: User Embodiment Preferences for Companion Agents

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    We investigate the relationship between the embodiment of an artificial companion and user perception and interaction with it. In a Wizard of Oz study, 42 users interacted with one of two embodiments: a physical robot or a virtual agent on a screen through a role-play of secretarial tasks in an office, with the companion providing essential assistance. Findings showed that participants in both condition groups when given the choice would prefer to interact with the robot companion, mainly for its greater physical or social presence. Subjects also found the robot less annoying and talked to it more naturally. However, this preference for the robotic embodiment is not reflected in the users’ actual rating of the companion or their interaction with it. We reflect on this contradiction and conclude that in a task-based context a user focuses much more on a companion’s behaviour than its embodiment. This underlines the feasibility of our efforts in creating companions that migrate between embodiments while maintaining a consistent identity from the user’s point of view

    Molecular surveillance of Theileria parasites of livestock in Oman

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    Background: Theileriosis is one of the most prevalent infectious diseases of livestock in the Arabian Peninsula, and causes high rates of mortality and morbidity in sheep and cattle. However, there is a paucity of information on the distribution of Theileria spp. over the whole region and their impact on different hosts. The present study carried out a country-wide molecular survey for Theileria spp. of livestock in Oman across four governorates. The aim of the survey was to define the prevalence of Theileria spp. in cattle, sheep and goats, highlight risk factors for infection and identify the main tick species involved in parasite transmission. Material and methods: A total of 2020 animals were examined in the survey consisting of sheep [n = 592], goats [n = 981] and cattle [n = 447]. All three species were raised and co-grazed on the same farms. Theileria parasites were detected using PCR-RFLP and RLB of the 18S rRNA gene. Cloning and sequencing of the 18S rRNA was carried out on 11 T. lestoquardi isolates from Ash-Sharqiyah, and Ad-Dhahira governorates, and phylogenetic relationships were inferred using additional sequences of T. lestoquardi, T. annulata and T. ovis available in GenBank. Results: Theileria spp. prevalence was 72.3%, 36.7% and 2.7% among cattle, sheep and goats, respectively. Strong similarity in results was obtained using RLB and PCR-RFLP for detection of Theileria spp. however, RLB detected a higher rate of mixed infection than PCR-RFPL (P < 0.001). Theileria annulata was the only parasite detected in cattle, while sheep and goats carried T. ovis, T. lestoquardi and T. annulata as well as Theileria spp. OT1. Of the four Theileria spp. detected in small ruminants, overall T. ovis was most prevalent (sheep [33.4%], goats [2.0%]), whereas T. lestoquardi was less prevalent (sheep [22.0%], goats [0.5%]). A large proportion of infected sheep (19%) carried mixed infection of T. ovis and T. lestoquardi. However, single T. lestoquardi infections (3.0%) were less prevalent than T. ovis infections (14.5%). Risk of Theileria spp. infection was significantly higher for exotic breeds, relative to native breeds, of cattle (p = 0.00002) and sheep (p = 0.005). Phylogenetic analysis placed T. lestoquardi in Oman in the same clade as other T. lestoquardi strains isolated from the same regional area (Iraq and Iran). The main tick species, identified on the examined animals, Hyalomma anatolicum, was widely distributed and was found in all of the surveyed governorates. Conclusion: Theileria spp. are widespread in Oman with variable prevalence detected in different regions. Two economically important hosts, cattle and sheep are at high risk from virulent T. annulata and T. lestoquardi, respectively. The survey indicates extensive exposure to ticks and transmission of infection that has a significant economic impact. The higher prevalence of T. lestoquardi as mixed rather than single infection requires further investigation