Why Do Governments Sell Privatised Companies Abroad?

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments favour domestic investors in the allocation of shares. Furthermore, the need to penetrate foreign markets and to warrant better legal protection to shareholders also appear as relevant. Significant differences emerge in OECD and non-OECD countries. In wealthy economies stock market liquidity favours cross-listing, while in emerging countries Governments resort to cross-list in order to "import" liquidity and to develop domestic stock markets. Legal institutions also play a different role. In OECD countries, weak shareholder protection induces Governments to cross-list, in order to borrow the reputation and best practices of established exchanges. On the other hand, creditors' protection is more relevant in non-OECD countries, where weak legal protection of creditors reduces the scope of bank finance, forcing Governments to look for external finance abroad.http://deepblue.lib.umich.edu/bitstream/2027.42/39677/3/wp293.pd

Why Do Governments Sell Privatised Companies Abroad?

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments favour domestic investors in the allocation of shares. Furthermore, the need to penetrate foreign markets and to warrant better legal protection to shareholders also appear as relevant. Significant differences emerge in OECD and non-OECD countries. In wealthy economies stock market liquidity favours cross-listing, while in emerging countries Governments resort to cross-list in order to "import" liquidity and to develop domestic stock markets. Legal institutions also play a different role. In OECD countries, weak shareholder protection induces Governments to cross-list, in order to borrow the reputation and best practices of established exchanges. On the other hand, creditors' protection is more relevant in non-OECD countries, where weak legal protection of creditors reduces the scope of bank finance, forcing Governments to look for external finance abroad.privitisation, cross-listing, international financial markets, political economy, investor protection

Capital Structure and Regulation: Does Ownership Matter?

We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage after becoming regulated by an independent regulatory agency, but only if they are privately controlled. Moreover, we find that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also has a positive and significant effect on their investment levels. Our results are consistent with the theory that privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism.Regulated Utilities, Regulatory Agencies, Capital Structure, Leverage, Investment, Private and State Ownership

Combined preliminary–detailed design of wind turbines

Abstract. This paper is concerned with the holistic optimization of wind turbines. A multi-disciplinary optimization procedure is presented that marries the overall sizing of the machine in terms of rotor diameter and tower height (often termed "preliminary design") with the detailed sizing of its aerodynamic and structural components. The proposed combined preliminary–detailed approach sizes the overall machine while taking into full account the subtle and complicated couplings that arise due to the mutual effects of aerodynamic and structural choices. Since controls play a central role in dictating performance and loads, control laws are also updated accordingly during optimization. As part of the approach, rotor and tower are sized simultaneously, even in this case capturing the mutual effects of one component over the other due to the tip clearance constraint. The procedure, here driven by detailed models of the cost of energy, results in a complete aero-structural design of the machine, including its associated control laws. The proposed methods are tested on the redesign of two wind turbines, a 2.2 MW onshore machine and a large 10 MW offshore one. In both cases, the optimization leads to significant changes with respect to the initial baseline configurations, with noticeable reductions in the cost of energy. The novel procedures are also exercised on the design of low-induction rotors for both considered wind turbines, showing that they are typically not competitive with conventional high-efficiency rotors

A survey on non specialized off-the-shelf JPEG2000 viewers for digital microscopy use

The present paper will present a survey on features of a number of non-specialized off-the-shelf JPEG2000 viewers, seen from the point of view of digital microscopy. Selected viewers were tested within a number of usage scenarios, including: i) open a conformance test JPEG2000 file; ii) open a large JPEG2000 file; iii) moving from one point to another; iv) changing resolution/magnification. For each scenario, data recorded included: successful or unsuccessful operation; time needed for conclusion; occasional problems

TOUGH2Viewer tutorial

TOUGH2Viewer is a Java program capable of displaying unstructured (Voronoi complying) grids, locally refined and structured grids (complying with the MESHMAKER iTOUGH2 format). In particular, TOUGH2Viewer allows to navigate through a 3D grid compatible with the iTOUGH2 data file format and see: (1) the thermodynamic variables and the material (namely, petrophysical properties) of each block; (2) maps of isovalues (2D) of all thermodynamic variables; (3) isosurfaces (3D) of all thermodynamic variables; (4) flows of mass and heat between blocks; (5) spatial profiles of thermodynamic variables, of a selected set of blocks, long a Cartesian directions; (6) time plot of thermodynamic variables of a selected block. All commands to manage a 3D visualization (zooming, pan, rotations) are CAD complying

Assessing the functional and structural stability of the Met80Ala mutant of cytochrome c in dimethylsulfoxide

The Met80Ala variant of yeast cytochrome c is known to possess electrocatalytic properties that are absent in the wild type form and that make it a promising candidate for biocatalysis and bi-osensing. The versatility of an enzyme is enhanced by the stability in mixed aqueous/organic solvents that would allow poorly water-soluble substrates to be targeted. In this work, we have evaluated the effect of dimethylsulfoxide (DMSO) on the functionality of the Met80Ala cyto-chrome c mutant, by investigating the thermodynamics and kinetics of electron transfer in mixed water/DMSO solutions up to 50% DMSO v/v. In parallel, we have monitored spectroscop-ically the retention of the main structural features in the same medium, focusing on both the overall protein structure and the heme center. We found that the organic solvent exerts only minor effects on the redox and structural properties of the mutant mostly as a result of the mod-ification of the dielectric constant of the solvent. This would warrant proper functionality of this variant also under these potentially hostile experimental conditions, that differ from the physi-ological milieu of cytochrome c

Anti-drug antibody detection with label-free electrolyte-gated organic field-effect transistors

The efficacy of immunotherapy can be undermined by the development of an immune response against a drug/antibody mediated by anti-drug antibodies (ADAs) in treated patients. We present the first label-free EGOFET immunosensor that integrates a biological drug, Nivolumab (Opdivo©), as a specific recognition moiety to quantitatively and selectively detect ADAs against the drug. The limit of detection is 100 fM. This demonstration is a prelude to the detection of ADAs in a clinical setting in the treatment of different pathologies, and it also enables rapid screening of biological drugs for immunogenicity