Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms

This paper seeks to provide an answer to the following question, namely when and how does privatization work? Using a unique sample of 201 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using univariate tests, we show that corporate governance mechanisms and economic reforms and environment have an effect on the changes in operating performance. For example, we find that privatization yields better results when stock market and trade liberalizations precede it. The results of a regression analysis, across a number of specifications, indicate that economic reforms and environment as well as corporate governance variables explain the post-privatization performance changes. In particular, economic growth, control relinquishment by the government and foreign ownership are key determinants of profitability changes. We also find higher improvements in efficiency and output for firms in countries in which stock markets are more developed and where property rights are better protected and enforced. Finally, our results suggest that trade openness is an important determinant of the post-privatization increase in investment.http://deepblue.lib.umich.edu/bitstream/2027.42/39803/3/wp419.pd

Acceptance testing - Space vehicle design criteria /structures/

Standardization of structural acceptance tests conducted on flight hardwar

Mariner IV Mission to Mars. Part I

This technical report is a series of individual papers documenting the Mariner-Mars project from its beginning in 1962 following the successful Mariner-Venus mission. Part I is pre-encounter data. It includes papers on the design, development, and testing of Mariner IV, as well as papers detailing methods of maintaining communication with and obtaining data from the spacecraft during flight, and expected results during encounter with Mars. Part 11, post-encounter data, to be published later, will consist of documentation of the events taking place during Mariner IV's encounter with Mars and thereafter. The Mariner-Mars mission, the culmination of an era of spacecraft development, has contributed much new technology to be used in future projects

Preliminary design study of SLAMAST Scout- launched advanced materials and structures test-bed. Volume III - Summary

Program considerations and results of feasibility study for small, recoverable lifting reentry vehicle test bed launched by Scout vehicl

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. The evidence indicates that 10 percent higher local tax rates are associated with 2.8 percent higher debt/asset ratios of American-owned affiliates, and that borrowing from related parties is particularly sensitive to tax rates. Borrowing by American affiliates responds to local inflation and political risks, and is more costly in countries with underdeveloped capital markets and those providing weak legal protections for creditors. Affiliates in environments where external borrowing is costly borrow less from unrelated parties: one percent higher interest rates are associated with 1.4 to 2.0 percent less external debt as a fraction of assets. Instrumental variables analysis reveals that affiliates substitute loans from parent companies for between half and three quarters of the reduced borrowing from unrelated parties stemming from adverse local capital market conditions. These patterns suggest that multinational firms are able to structure their finances in response to tax and capital market conditions, thereby creating opportunities not available to many of their local competitors.

Institutions, Capital Constraints and Entrepreneurial Firm Dynamics: Evidence from Europe

We explore the impact of the institutional environment on the nature of entrepreneurial activity across Europe. Political, legal, and regulatory variables that have been shown to impact capital market development influence entrepreneurial activity in the emerging markets of Europe, but not in the more mature economies of Europe. Greater fairness and greater protection of property rights increase entry rates, reduce exit rates, and lower average firm size. Additionally, these same factors also associated with increased industrial vintage a size-weighted measure of age and reduced skewness in firm-size distributions. The results suggest that capital constraints induced by these institutional factors impact both entry and the ability of firms to transition and grow, particularly in lesser-developed markets.

Aid and Growth: What Does the Cross-Country Evidence Really Show?

We examine the effects of aid on growth--in cross-sectional and panel data--after correcting for the bias that aid typically goes to poorer countries, or to countries after poor performance. Even after thiscorrection, we find little robust evidence of a positive (or negative) relationship between aid inflows into a country and its economic growth. We also find no evidence that aid works better in better policy or geographical environments, or that certain forms of aid work better than others. Our findings, which relate to the past, do not imply that aid cannot be beneficial in the future. But they do suggest that for aid to be effective in the future, the aid apparatus will have to be rethought. Our findings raise the question: what aspects of aid offset what ought to be the indisputable growth enhancing effects of resource transfers? Thus, our findings support efforts under way at national and international levels to understand and improve aid effectiveness.

Space tug thermal control

For abstract, see N74-33309

Composing features by managing inconsistent requirements

One approach to system development is to decompose the requirements into features and specify the individual features before composing them. A major limitation of deferring feature composition is that inconsistency between the solutions to individual features may not be uncovered early in the development, leading to unwanted feature interactions. Syntactic inconsistencies arising from the way software artefacts are described can be addressed by the use of explicit, shared, domain knowledge. However, behavioural inconsistencies are more challenging: they may occur within the requirements associated with two or more features as well as at the level of individual features. Whilst approaches exist that address behavioural inconsistencies at design time, these are overrestrictive in ruling out all possible conflicts and may weaken the requirements further than is desirable. In this paper, we present a lightweight approach to dealing with behavioural inconsistencies at run-time. Requirement Composition operators are introduced that specify a run-time prioritisation to be used on occurrence of a feature interaction. This prioritisation can be static or dynamic. Dynamic prioritisation favours some requirement according to some run-time criterion, for example, the extent to which it is already generating behaviour