Dividend policy, corporate control and tax clienteles : the case of Germany

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governanc

Economic consequences of private equity investments on the German stock market

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership structure of publicly listed companies and the protection of minority shareholders. We find that PE investors generate positive wealth effects for target shareholders of 5.90% around the event day (t = -1 to t = 0). In addition, we find that the wealth effects of PE investor involvement in Germany are positively related to the target's tax liabilities and degree of undervaluation and negatively related to the target's leverage and the shareholding of the second largest ownership block. The latter effect can be interpreted as a supplementary monitoring effect of the management or a monitoring effect of the largest shareholder through which private benefits of control are reduced. --Private Equity,Corporate Governance,Agency Theory,Event Study

Shareholder wealth gains through better corporate governance: the case of European LBO transactions.

We examine shareholder wealth effects in a heterogeneous sample of 115 European leveraged going private transactions from 1997 to 2005. Average abnormal returns as reaction to the LBO announcement amount to 24.20%. In cross-sectional regressions, we find that these value gains can largely be attributed to differences in corporate governance: on a macro level, abnormal returns for pre-LBO shareholders are larger in countries with a poor protection of minority shareholders. On a firm level, companies with a high pre-LBO free float and comparatively weak monitoring by shareholders tend to show high abnormal returns. Furthermore, companies that are undervalued with respect to an industry peer-group exhibit higher announcement returns, indicating that agency conflicts and/or market inefficiencies can serve as an explanation

Plano Estratégico de Marketing para empresa S.O.S. Cerveja

TCC (graduação) - Universidade Federal de Santa Catarina, Centro Sócio Econômico, Curso de Administração.0 presente trabalho consisti na elaboração de um Plano de Marketing para a empresa S.O.S. Cerveja, com o objetivo de propor ações estratégicas, de marketing, para a melhoria do desempenho da organização no mercado em que atua. Inicialmente, foi feito um levantamento do material bibliográfico necessário para o embasamento teórico do trabalho, e em seguida, foi realizado o diagnóstico da organização. 0 estudo do seu ambiente interno e, com base nisto, apresentado os pontos fortes e fracos da empresa. E, o estudo do seu ambiente externo, apresentando as oportunidades e ameaças da organização. Logo após o diagnóstico, foi realizado o prognóstico, que é o plano de marketing propriamente dito, com o plano de ações estratégicas propostas, a projeção dos resultados da empresa para o ano de 2005, e as ações para a manutenção e a avaliação do plano

Resilient and Survivable Ring Star Problems

In this paper, we consider both the Resilient Ring Star Problem, in which a solution should be easy to fix when a single hub fails, and the Survivable Ring Star Problem, in which a solution guarantees that a Ring Star topology is available at no cost when a single hub fails. An ILP formulation is proposed for both problems, as well as a Benders decomposition. The solution provided by both problems are also compared in order to determine which problem returns the most appropriate solutions, when the failure rate varies.Comment: ROADEF 2023, ROADEF, Feb 2023, Rennes, Franc

Competitive Ability of Rice Cultivars in the Era of Weed Resistance

Almost all plants are negatively affected by neighboring plants, which impose some degree of competition within the population, depending mainly on the quantity and quality of natural resources available in the environment. In rice cultivation, the occurrence of a high and diverse infestation of weeds results in high competition levels among the species. In addition, the high and growing number of cases about herbicide-resistant weeds, especially the widespread distribution of Imidazolinone-resistant weedy-rice and the high infestation of weeds belonging to the Echinochloa genus, has increased the competition levels within rice cultivation due to the lack of control. Therefore, the inclusion of rice cultivars with greater competitive ability represents a promising tool for weed management, since new cases of resistance to herbicides are often reported and alternative control strategies are scarce. The use of rice cultivars with a greater ability to suppress weeds can alleviate the competitive effect of these species, giving priority to the crop for the use of environmental resources due to the faster occupation of the ecological niches. Thus, this chapter aims to explore the competitive ability of rice cultivars against troublesome weed species, accounting for the role of their morphological and physiological traits as a function of environment-friendly crop practices

Fitness of Echinochloa crusgalli var. mitis biotypes susceptible and resistant to imazapyr + imazapic herbicide

The continuous use of herbicides with the same mechanism of action has caused the selection of resistant weed biotype that may present differences in fitness when compared with susceptible biotype. The objective of the present study was to identify and distinguish the fitness of barnyardgrass biotypes resistant and susceptible to imazapyr + imazapic herbicide under controlled and noncompetitive conditions. For that, there were used barnyardgrass biotype susceptible (ECH1 and ECH38) and resistant (ECH14 and ECH44) to ALS inhibitors, collected at Pelotas/RS and Rio Grande/RS cities, respectively, in experiment installed in a greenhouse in a completely randomized experimental design during the months from October to December 2015. The biotype were evaluated during the period of 15 to 120 days after the emergence related to plant height, foliar area, shoot dry matter mass and root dry matter mass. The results showed insignificant differences between the biotypes during the development of the plants. The susceptible biotype ECH44 showed a higher number of panicles per plant and seeds along with the resistant ECH1. There is variability among Echinochloa crusgalli var. mitis biotypes resistant and susceptible to ALS inhibitors, indicating an absence in fitness penalty caused by resistance when cultivated without the selection of pressure (herbicide).The continuous use of herbicides with the same mechanism of action has caused the selection of resistant weed biotype that may present differences in fitness when compared with susceptible biotype. The objective of the present study was to identify and distinguish the fitness of barnyardgrass biotypes resistant and susceptible to imazapyr + imazapic herbicide under controlled and noncompetitive conditions. For that, there were used barnyardgrass biotype susceptible (ECH1 and ECH38) and resistant (ECH14 and ECH44) to ALS inhibitors, collected at Pelotas/RS and Rio Grande/RS cities, respectively, in experiment installed in a greenhouse in a completely randomized experimental design during the months from October to December 2015. The biotype were evaluated during the period of 15 to 120 days after the emergence related to plant height, foliar area, shoot dry matter mass and root dry matter mass. The results showed insignificant differences between the biotypes during the development of the plants. The susceptible biotype ECH44 showed a higher number of panicles per plant and seeds along with the resistant ECH1. There is variability among Echinochloa crusgalli var. mitis biotypes resistant and susceptible to ALS inhibitors, indicating an absence in fitness penalty caused by resistance when cultivated without the selection of pressure (herbicide)

Water mass characteristics and sill dynamics in a subpolar cold-water coral reef setting at Stjernsund, northern Norway

The Stjernsund, located in subpolar setting at 70.5°N off northern Norway, hosts a thriving cold-water coral reef community on a morainic sill. Dives with manned submersible JAGO identified the different reef zones and sedimentary facies on top and on the slopes of the sill. Hydrographic investigations indicate different water mass distribution east and west of the sill. Winter Mode Water and Norwegian Coastal Water variability depends on the runoff and freshwater discharge into the fjord. Atlantic Water dynamics are almost entirely tidally driven. High-resolution CTD time series covering a full tidal cycle demonstrate mixing processes occurring east of the sill. Additionally, the different bathymetric distribution of living corals on the western and eastern slope of the sill portrays the dependence on these tidal dynamics. The living corals thrive just below the isopycnal of 27.5 kg m−3, which marks the boundary between Norwegian Coastal Water and Atlantic Water