Some mutual funds do business with firms whose shares they own

Dragana Cvijanović, Amil Dasgupta and Konstantinos E. Zachariadis discuss how this presents a conflict of interes

Ties that bind: how business connections affect mutual fund activism

We investigate how business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive dataset spanning 2003 to 2011. In sharp contrast to the prior literature, we show that the proxy voting of mutual funds is significantly influenced by their business ties with portfolio firms. Our result holds at the level of individual proposals after robustly controlling for unobserved heterogeneity across firms and fund families and over time as well as for the effects of ISS recommendations and fund family holdings. We also show that the influence of business ties on proxy voting is strongest for highly contested shareholder proposals where proxy votes are most relevant for firm value. Finally, we show that the prominent class action lawsuits of 2006 against 401(K) sponsors and providers had differential effects on the voting of different fund families depending on whether they were sued, thus unearthing a potential link between investor attention and corporate governance

Within-bank spillovers of real estate shocks

By considering banks as portfolios of assets in different locations, we study how real estate shocks are transmitted across bank’s business areas while controlling for local demand shocks and bank location–specific factors. Affected banks substantially alter their loan portfolios: we find evidence of real estate price declines affecting both real estate and non-real estate types of lending. Banks also roll over and fail to liquidate problematic loans, while accumulating more non-performing loans. These results provide evidence of internal contagion of real estate shocks within banks

Agrotehnička opremljenost i skladišni kapaciteti u funkciji razvoja voćarsko-vinogradarske proizvodnje u Smederevu

The aim is to score agro technical equipment and the development of storage and additional processing capacity on the areas of the city of Smederevo, in order to consider the possibilities for improving fruit and wine production. Agro-technical equipment of farms is not satisfactory in terms of the existing machinery that is old and worn out. Storage and finishing facilities in Smederevo are also underdeveloped. Consequently, you need a large distribution center with a trademark and uniform packaging. At the same time, we should support the purchase of "cold flow" in which the temperature of the pedigrees of agricultural products at a level that is required for transport and export to the international market.Cilj rada je ocena agrotehničke opremljenosti i razvijenosti skladišnih i doradnih kapaciteta na područja grada Smedereva, kako bi se sagledale mogućnosti za unapređenje voćarsko-vinogradarske proizvodnje. Agrotehnička opremljenost poljoprivrednih gazdinstava nije na zavidnom nivou u pogledu postojeće mehanizacije koja je stara i dotrajala. Skladišni i doradni kapaciteti u Smederevu su takođe nedovoljno razvijeni. Shodno tome, potreban je jedan veliki distributivni centar sa zaštitnim znakom i uniformnom ambalažom. Istovremeno, treba podržati kupovinu „protočnih hladnjača” u kojima bi se temperatura poljoprivrednih proizvoda obarala na nivo koji je potreban za transport i izvoz na međunarodno tržište

Erazmo Handel, Sjećanja, prevela Vlasta Švoger, priredio Marko Trogrlić. Zagreb: Dom i svijet, 2007., 165 str.

Using hand-collected data on succession planning disclosures, we study how having a formal succession plan affects the efficiency of CEO turnovers. We find that firms with succession plans have a lower likelihood of forced CEO turnovers and non-CEO executive team resignations. They also experience lower uncertainty around successions and faster learning about the incoming CEO’s ability. Additionally, these firms implement more sophisticated performance evaluation procedures and are less reliant on exogenous factors in making CEO dismissal decisions. These results are not explained by firm-specific attributes and demonstrate that succession planning leads to significant improvements in the efficiency of management turnovers.

Komponente prinosa pasulja u zavisnosti od primene Guanita i mikrobioloških đubriva

The research was done in Bačka Topola on calcareous chernozem in the year 2016 by the principals of organic bean breeding technology. The experiment had a split-plot arrangement, with large plots as varieties, and subplots as various fertilizer treatments. Pelleted organic fertilizer and microbiological fertilizers did not contribute to a statistically significant increase of yield components and yield. There were differences between the applied varieties. The variety Zlatko gave better results by means of examined characteristics. The variety Zlatko has shown it self as better for organic production in comparison with the autochthonous variety which was chosen for examination.Istraživanje je sprovedeno u Bačkoj Topoli na karbonatnom černozemu u 2016. godini po principima organske tehnologije gajenja pasulja. Ogled je bio postavljen po modelu podeljenih parcela gde su velike parcele bile sorte, a potparcele – tretman različitim đubrivima. Peletirano organsko đubrivo i mikrobiološka đubriva nisu doprinela statistički značajnom povećanju komponenti prinosa i prinosa. Razlike između upotrebljenih sorti su postojale. Kod svih ispitivanih svojstava sorta Zlatko je dala bolje rezultate. Za organsku proizvodnju pokazala se boljom sorta Zlatko u odnosu na autohtonu sortu koja je izabrana za istraživanje