Risk attitudes in company boardrooms in a developing country

__Abstract__ We test risk attitude and risk propensity of executive and non-executive directors of almost all (read: 10) companies listed at the Suriname Stock Exchange. This stock exchange associates with an emerging market, which currently seems to be at its initia

Size and value effects in Suriname

__Abstract__ This paper studies the link between stock returns and size and book-to-market equity effects for 10 companies listed at the Suriname Stock Exchange. We analyze the cross-sectional variation in average returns and w

Risk attitudes in the board room and company performance: Evidence for an emerging economy

We personally interview thirteen board members of seven (out of the ten) companies listed at the Suriname Stock Exchange and ask questions about their past and current decisions and on their risk attitudes. Next, we correlate the answers to company performance in between 2003-2011, like earnings per share, stock returns, book value and market value. Recent literature on risk attitudes in the board, which usually draws on western economies, guides our formulation of hypotheses. At the same time we also perform some exploratory analyses. Our main result is that, for this emerging economy, more risk adversity leads to better firm performance

Essays on an Emerging Financial Market

Abstract Stock markets in emerging economies are often viewed as a source of financial development and ultimately economic growth. Well-operating or efficient stock markets may contribute to the development of a country’s financial sector through increase in savings, efficient allocation of capital to the most profitable investments and improved use of the existing resources. Efficiency of stock markets is especially important for countries with developing economies as these countries aim to catch up with global economic growth. For countries with emerging economies to benefit from equity financing, it is important that their stock exchanges at least pass the lowest level of market efficiency, that is, weak-form efficiency. This implies that existing stock prices reflect all information about historical prices and trading volumes. Emerging economies share common features in particular with respect to their financial sector where the banking system dominates in raising finance, while stock markets are relatively less important (indirect versus direct finance). However, by providing alternative means of financing investment, stock markets may curtail the effects of bank dominance. In Suriname the banking system has traditionally also been the major player in the financial sector. With this the stock exchange in Suriname can be seen as an alternative financial source. Given the role that the stock exchange in Suriname can perform, this thesis investigates the Suriname Stock Exchange (SSE) as part of Suriname’s financial market. We study the empirical properties including weak-form efficiency of the stock returns of ten companies listed at the SSE. We also considered stock price performance of these companies and the link between that performance and fundamentals. We managed to collect unique data through various possibilities of

The Stock Exchange of Suriname: Returns, Volatility, Correlations and Weak-form Efficiency

__Abstract__ The empirical properties of stock returns are studied for 10 companies listed at the Suriname Stock Exchange (SSE), which is a young and growing stock market. Individual stock returns are found to be predictable from

In Situ Dividing and Phagocytosing Retinal Microglia Express Nestin, Vimentin, and NG2 In Vivo

BACKGROUND: Following injury, microglia become activated with subsets expressing nestin as well as other neural markers. Moreover, cerebral microglia can give rise to neurons in vitro. In a previous study, we analysed the proliferation potential and nestin re-expression of retinal macroglial cells such as astrocytes and Müller cells after optic nerve (ON) lesion. However, we were unable to identify the majority of proliferative nestin(+) cells. Thus, the present study evaluates expression of nestin and other neural markers in quiescent and proliferating microglia in naïve retina and following ON transection in adult rats in vivo. METHODOLOGY/PRINCIPAL FINDINGS: For analysis of cell proliferation and cells fates, rats received BrdU injections. Microglia in retinal sections or isolated cells were characterized using immunofluorescence labeling with markers for microglia (e.g., Iba1, CD11b), cell proliferation, and neural cells (e.g., nestin, vimentin, NG2, GFAP, Doublecortin etc.). Cellular analyses were performed using confocal laser scanning microscopy. In the naïve adult rat retina, about 60% of resting ramified microglia expressed nestin. After ON transection, numbers of nestin(+) microglia peaked to a maximum at 7 days, primarily due to in situ cell proliferation of exclusively nestin(+) microglia. After 8 weeks, microglia numbers re-attained control levels, but 20% were still BrdU(+) and nestin(+), although no further local cell proliferation occurred. In addition, nestin(+) microglia co-expressed vimentin and NG2, but not GFAP or neuronal markers. Fourteen days after injury and following retrograde labeling of retinal ganglion cells (RGCs) with Fluorogold (FG), nestin(+)NG2(+) microglia were positive for the dye indicating an active involvement of a proliferating cell population in phagocytosing apoptotic retinal neurons. CONCLUSIONS/SIGNIFICANCE: The current study provides evidence that in adult rat retina, a specific resident population of microglia expresses proteins of immature neural cells that are involved in injury-induced cell proliferation and phagocytosis while transdifferentiation was not observed