Voluntary Adoption of Corporate Governance Mechanisms

We model firms' incentives to voluntarily adopt corporate governance mechanisms and hypothesize that management's ability to extract private benefits, the need for external funds, and the ease with which a firm's assets may be monitored are important determinants of the level of governance. Using hand-collected data, we test these hypotheses and examine firms' propensity to adopt recommended but not required governance standards from their home and neighboring country's jurisdictions. We document that a significant level of voluntary adoption occurs and that this level has been both increasing over time and declining in variability across firms. Governance mechanisms are least likely to be voluntarily implemented when management controls a significant portion of common stock votes or a majority owner exists. In contrast, voluntary adoption increases when the firm faces significant investment opportunities and employs large levels of expenditures which are difficult to monitor such as research and development expenses.Corporate Governance, Empirial Finance

Effects of increased soil water availability on grassland ecosystem carbon dioxide fluxes

There is considerable interest in how ecosystems will respond to changes in precipitation. Alterations in rain and snowfall are expected to influence the spatio-temporal patterns of plant and soil processes that are controlled by soil moisture, and potentially, the amount of carbon (C) exchanged between the atmosphere and ecosystems. Because grasslands cover over one third of the terrestrial landscape, understanding controls on grassland C processes will be important to forecast how changes in precipitation regimes will influence the global C cycle. In this study we examined how irrigation affects carbon dioxide (CO2) fluxes in five widely variable grasslands of Yellowstone National Park during a year of approximately average growing season precipitation. We irrigated plots every 2weeks with 25% of the monthly 30-year average of precipitation resulting in plots receiving approximately 150% of the usual growing season water in the form of rain and supplemented irrigation. Ecosystem CO2 fluxes were measured with a closed chamber-system once a month from May-September on irrigated and unirrigated plots in each grassland. Soil moisture was closely associated with CO2 fluxes and shoot biomass, and was between 1.6% and 11.5% higher at the irrigated plots (values from wettest to driest grassland) during times of measurements. When examining the effect of irrigation throughout the growing season (May-September) across sites, we found that water additions increased ecosystem CO2 fluxes at the two driest and the wettest sites, suggesting that these sites were water-limited during the climatically average precipitation conditions of the 2005 growing season. In contrast, no consistent responses to irrigation were detected at the two sites with intermediate soil moisture. Thus, the ecosystem CO2 fluxes at those sites were not water-limited, when considering their responses to supplemental water throughout the whole season. In contrast, when we explored how the effect of irrigation varied temporally, we found that irrigation increased ecosystem CO2 fluxes at all the sites late in the growing season (September). The spatial differences in the response of ecosystem CO2 fluxes to irrigation likely can be explained by site specific differences in soil and vegetation properties. The temporal effects likely were due to delayed plant senescence that promoted plant and soil activity later into the year. Our results suggest that in Yellowstone National Park, above-normal amounts of soil moisture will only stimulate CO2 fluxes across a portion of the ecosystem. Thus, depending on the topographic location, grassland CO2 fluxes can be water-limited or not. Such information is important to accurately predict how changes in precipitation/soil moisture will affect CO2 dynamics and how they may feed back to the global C cycl

How important is pro-social behaviour in the delivery of public services?

A number of papers have posited that there is a relationship between institutional structure and pro-social behaviour, in particular donated labour, in the delivery of public services, such as health, social care and education. However, there has been very little empirical research that attempts to measure whether such a relationship exists in practice. This is the aim of this paper. Including a robust set of individual and job-specific controls, we find that individuals in the non-profit sector are significantly more likely to donate their labour, measured by unpaid overtime, than those in the for-profit sector. We can reject that this difference is simply due to implicit contracts or social norms. We find some evidence that individuals differentially select into the non-profit and for-profit sectors according to whether they donate their labour.pro-social behaviour; public services; donated labour; motivation

Effects of grazing and soil micro-climate on decomposition rates in a spatio-temporally heterogeneous grassland

Grazing and seasonal variation in precipitation and temperature are important controls of soil and plant processes in grasslands. As these ecosystems store up to 30% of the world's belowground carbon (C), it is important to understand how this variability affects mineral soil C pools/fluxes, and how C cycling might be affected by changes in precipitation and temperature, due to climate change. The aim of this study was to investigate the effects of grazing and differences in soil temperature and moisture on standard organic matter (OM) decomposition rates (cotton cloth) incubated in the top 10cm soil of grasslands with variable topography in Yellowstone National Park (YNP) during the 2004 growing season. Grazing did not affect soil temperature, moisture, cotton cloth decomposition rates, soil bulk density, soil C and N concentrations, or soil C:N ratios. However, a large spatio-temporal variability in decomposition was observed: cotton cloth decomposition was positively related to soil moisture and soil C and N concentrations, and negatively to soil temperature. Highest decomposition rates were found in wetter slope bottom soils [season averages of decomposition given as rate of decomposition (cotton rotting rate = CRR) = 23-26%] and lower rates in drier, hill-top soils (season averages, CRR = 20%). Significantly higher decomposition rates were recorded in spring, early summer and early fall when soils were moist and cool (spring, CRR = 25%; early summer, CRR = 26%; fall, CRR = 20%) compared to mid-summer (CRR = 18%) when soils were dry and warm. Our findings suggest that climate-change related decreases in precipitation and increases in temperature predicted for North American grasslands would decrease soil OM decomposition in YNP, which contrasts the general assumption that increases in temperature would accelerate OM decomposition rate

Monitoring to Reduce Agency Costs: Examining the Behavior of Independent and Non-Independent Boards

Berle and Means’s analysis of the corporation—in particular, their view that those in control are not the owners of the corporation—raises questions about actions that corporations take to counter concerns regarding management’s influence. What mechanisms, if any, do corporations implement to balance the distribution of power in the corporation? To address this question, we analyze boards of directors’ propensity to voluntarily adopt recommended corporate governance practices. Because board independence is one way to enhance shareholders’ ability to monitor management, we probe whether firms with independent boards of directors (which we define as boards with either an independent chair or a majority of independent directors) are more likely than firms without independent boards to adopt these practices. We focus on boards’ willingness to monitor their firms’ agents, examining the relationship between board independence and the voluntary adoption of corporate governance guidelines

Voluntary Adoption of Corporate Governance Mechanisms

We examine the extent to which firms adopt recommended but not required corporate governance guidelines and establish that firms voluntarily implement suggested domestic best practices and the mandatory practices of neighboring countries as well. Drawing on the intuition of a principal-agent model in which the entrepreneur cannot fund all positive NPV projects, we hypothesize that access to capital is a primary determinant of the willingness of firms to voluntarily adopt corporate governance mechanisms. Our empirical results provide significant evidence that firms voluntarily adopt corporate governance guidelines. These results suggest that global competition for capital encourages firms to voluntarily adopt governance mechanisms that are attractive to both domestic and foreign investors. We provide some evidence that the integration of global capital markets may lead to convergence in governance standards across countries

The grapheme-valued Wright-Fisher diffusion with mutation

In [Athreya, den Hollander, R\"ollin; 2021, arXiv:1908.06241] models from population genetics were used to define stochastic dynamics in the space of graphons arising as continuum limits of dense graphs. In the present paper we exhibit an example of a simple neutral population genetics model for which this dynamics is a Markovian diffusion that can be characterised as the solution of a martingale problem. In particular, we consider a Markov chain in the space of finite graphs that resembles a Moran model with resampling and mutation. We encode the finite graphs as graphemes, which can be represented as a triple consisting of a vertex set, an adjacency matrix and a sampling measure. We equip the space of graphons with convergence of sample subgraph densities and show that the grapheme-valued Markov chain converges to a grapheme-valued diffusion as the number of vertices goes to infinity. We show that the grapheme-valued diffusion has a stationary distribution that is linked to the Poisson-Dirichlet distribution. In a companion paper [Greven, den Hollander, Klimovsky, Winter; 2023], we build up a general theory for obtaining grapheme-valued diffusions via genealogies of models in population genetics.Comment: 25 page

Single-step isolation of extracellular vesicles by size-exclusion chromatography

Background: Isolation of extracellular vesicles from plasma is a challenge due to the presence of proteins and lipoproteins. Isolation of vesicles using differential centrifugation or density-gradient ultracentrifugation results in co-isolation of contaminants such as protein aggregates and incomplete separation of vesicles from lipoproteins, respectively. Aim: To develop a single-step protocol to isolate vesicles from human body fluids. Methods: Platelet-free supernatant, derived from platelet concentrates, was loaded on a sepharose CL-2B column to perform size-exclusion chromatography (SEC; n=3). Fractions were collected and analysed by nanoparticle tracking analysis, resistive pulse sensing, flow cytometry and transmission electron microscopy. The concentrations of high-density lipoprotein cholesterol (HDL) and protein were measured in each fraction. Results: Fractions 9–12 contained the highest concentrations of particles larger than 70 nm and platelet-derived vesicles (46%±6 and 61%±2 of totals present in all collected fractions, respectively), but less than 5% of HDL and less than 1% of protein (4.8%±1 and 0.65%±0.3, respectively). HDL was present mainly in fractions 18–20 (32%±2 of total), and protein in fractions 19–21 (36%±2 of total). Compared to the starting material, recovery of platelet-derived vesicles was 43%±23 in fractions 9–12, with an 8-fold and 70-fold enrichment compared to HDL and protein. Conclusions: SEC efficiently isolates extracellular vesicles with a diameter larger than 70 nm from platelet-free supernatant of platelet concentrates. Application SEC will improve studies on the dimensional, structural and functional properties of extracellular vesicles

Standoff laser induced fluorescence of living and inactivated bacteria

Biological hazards, such as bacteria, represent a non-assessable threat in case of an accident or a terroristic attack. Rapid detection and highly sensitive identification of released, suspicious substances at low false alarm rates are challenging requirements which one single technology cannot cope with. It has been shown that standoff detection using laser-induced fluorescence (LIF) can provide information on the class of bioorganic substances in real-time1. In combination with traditional, highly sensitive, but non-standoff methods, the time for identification of the threat can be optimized. This work is aimed at the selectivity of LIF technology for different bacterial strains. A second important aspect examines how to deal with inactivated bacteria and how their fluorescence signature changes after deactivation. LIF spectra of closely and more distantly related bacterial strains are presented as well as spectra of bacteria treated by different inactivation methods