7,590 research outputs found
The Role of Self-Regulation in Corporate Governance
This paper assesses the effectiveness of self-regulation to promote investor interests. TheNetherlands provides an excellent opportunity to gather such evidence for two reasons. First,characteristics of the Dutch corporate governance structure have made it the recent focus ofattention by the European Union, the International Monetary Fund and countries (e.g., Korea)when deliberating issues of corporate governance. Second, during the period 1996-1998, aprivate sector initiative was undertaken to promote change in the balance of power betweenmanagement and investors. Not surprisingly, the United States Securities and ExchangeCommission has closely followed the Dutch "experiment" in self-regulation. We begin byidentifying corporate governance characteristics that are linked to firm value. We thencompare corporate governance characteristics and the relation between firm value and thesecharacteristics before and after the private sector initiative. We find that therecommendations of the private sector initiative had no substantive effect on corporategovernance characteristics or their relationship with firm value. Using event study techniqueswe document the market's skepticism about the successful evolution of corporate governancepractices in the Netherlands through self-regulation. The one exception to this generalconclusion is the market for new listings. Overall, our results confirm the importance ofshareholder voting rights, and who controls these rights, when considering the design of asuccessful self-regulation process.corporate governance;law and economics;financial economics;International economics
The Role of Self-Regulation in Corporate Governance: Evidence from the Netherlands
The purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when) market forces alone are sufficient to prompt change, and whether (and when) additional legal/political actions are required to write and enforce contracts between the owners and managers of capital.The Netherlands provides an excellent opportunity to gather such information.In 1996, a private sector Committee was formed to initiate debate and change in the balance of power between a company's management and investors.In 1997, the Committee issued its recommendations and one year later the Committee initiated a project to assess the impact of the report.We identify the corporate governance variables that are linked to firm value and assess the impact of the committee's recommendations on the identified variables.Finally, we use event study techniques to assess investors reactions to the various events associated with the evolution of corporate governance practices in the Netherlands during this period.international economics;financial economics;law and economics;corporate governance
DELPHES 3, A modular framework for fast simulation of a generic collider experiment
The version 3.0 of the DELPHES fast-simulation is presented. The goal of
DELPHES is to allow the simulation of a multipurpose detector for
phenomenological studies. The simulation includes a track propagation system
embedded in a magnetic field, electromagnetic and hadron calorimeters, and a
muon identification system. Physics objects that can be used for data analysis
are then reconstructed from the simulated detector response. These include
tracks and calorimeter deposits and high level objects such as isolated
electrons, jets, taus, and missing energy. The new modular approach allows for
greater flexibility in the design of the simulation and reconstruction
sequence. New features such as the particle-flow reconstruction approach,
crucial in the first years of the LHC, and pile-up simulation and mitigation,
which is needed for the simulation of the LHC detectors in the near future,
have also been implemented. The DELPHES framework is not meant to be used for
advanced detector studies, for which more accurate tools are needed. Although
some aspects of DELPHES are hadron collider specific, it is flexible enough to
be adapted to the needs of electron-positron collider experiments.Comment: JHEP 1402 (2014
The charm quark mass with dynamical fermions
We compute the charm quark mass in lattice QCD and compare different
formulations of the heavy quark, and quenched data to that with dynamical sea
quarks. We take the continuum limit of the quenched data by extrapolating from
three different lattice spacings, and compare to data with two flavours of
dynamical sea quarks with a mass around the strange at the coarsest lattice
spacing. Both the FNAL and ALPHA formalism are used. We find the different
heavy quark formulations have the same continuum limit in the quenched
approximation, and limited evidence that this approximation overestimates the
charm quark mass.Comment: Lattice2004(heavy) 3 pages, 2 figure
Testrun results from prototype fiber detectors for high rate particle tracking
A fiber detector concept has been realized allowing to registrate particles
within less than 100 nsec with a space point precision of about 0.1 mm at low
occupancy. Three full size prototypes have been build by different producers
and tested at a 3 GeV electron beam at DESY. After 3 m of light guides 8-10
photoelectrons were registrated by multichannel photomultipliers providing an
efficiency of more than 99%. Using all available data a resolution of 0.086 mm
was measured.Comment: 18 pages, 17 figure
Soliton ratchets in homogeneous nonlinear Klein-Gordon systems
We study in detail the ratchet-like dynamics of topological solitons in
homogeneous nonlinear Klein-Gordon systems driven by a bi-harmonic force. By
using a collective coordinate approach with two degrees of freedom, namely the
center of the soliton, , and its width, , we show, first, that
energy is inhomogeneously pumped into the system, generating as result a
directed motion; and, second, that the breaking of the time shift symmetry
gives rise to a resonance mechanism that takes place whenever the width
oscillates with at least one frequency of the external ac force. In addition,
we show that for the appearance of soliton ratchets, it is also necesary to
break the time-reversal symmetry. We analyze in detail the effects of
dissipation in the system, calculating the average velocity of the soliton as a
function of the ac force and the damping. We find current reversal phenomena
depending on the parameter choice and discuss the important role played by the
phases of the ac force. Our analytical calculations are confirmed by numerical
simulations of the full partial differential equations of the sine-Gordon and
systems, which are seen to exhibit the same qualitative behavior. Our
results are in agreement with recent experimental work on dissipation induced
symmetry breaking.Comment: Minor corrections, several references added, accepted for publication
in Chao
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Characterization of high purity germanium point contact detectors with low net impurity concentration
High Purity germanium point-contact detectors have low energy thresholds and excellent energy resolution over a wide energy range, and are thus widely used in nuclear and particle physics. In rare event searches, such as neutrinoless double beta decay, the point-contact geometry is of particular importance since it allows for pulse-shape discrimination, and therefore for a significant background reduction. In this paper we investigate the pulse-shape discrimination performance of ultra-high purity germanium point contact detectors. It is demonstrated that a minimal net impurity concentration is required to meet the pulse-shape performance requirements
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