Investor protection and corporate control

We argue that investor protection changes the relative importance of productivity and scale as drivers of corporate control transfers. Using a large sample of European firms we find that control transfers are more correlated with increasing profitability and less correlated with increasing size when investor protection is strong. This suggests that improving productivity is more important as a driver of acquisitions when investor protection is strong, and alleviating financial constraints or empire building are more important when investor protection is weak. Our evidence is consistent with the idea that good investor protection promotes a more productive use of corporate assets

How Do Internal Capital Markets Work? Evidence from the Great Recession

We study the inner workings of internal capital markets during the 2008-9 recession using a unique dataset of loans between business-group firms in an emerging market. Intra-group loans increase quickly during the recession. Firms that are more central in the ownership network simultaneously increase lending and borrowing. Acting like simple intermediaries, central firms do not increase net lending. Our results imply that formal control rights are essential for intermediation in internal capital markets, particularly during distress. In line with previous results on winner-picking, receivers of intra-group loans are high-Q, financiallyconstrained firms, which also perform significantly better than providers during the recession

The Effects of Losing a Business Group Affiliation

We propose a novel identification strategy for estimating the effects of business group affiliation. We study two-firm business groups, some of which split up during the sample period, leaving some firms as stand-alone firms. We instrument for stand-alone status using shocks to the industry of the other group firm. We find that firms that become stand-alone reduce leverage and investment. Consistent with collateral cross-pledging, the effects are more pronounced when the other firm had high tangibility. Consistent with capital misallocation in groups, the reduction in leverage is stronger in firms that had low (high) profitability (leverage) relative to industry peers

Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs

We study the relationship between ownership concentration and firm value using hand‐collected data on the stakes of owner‐managers before and after IPOs. We instrument for the reduction in stake using market returns shortly before IPOs. Short‐run market returns are plausible instruments since owners engage in market timing by selling more when prior returns are high, but high short‐run returns are unlikely to directly affect firm value years after the IPO. As predicted by agency theory, a large reduction in ownership concentration at the IPO is negatively related to valuation. Future asset growth is low when owners have low stakes

Un yacimiento de cazadores-recolectores marinos en la terraza litoral de Bajo Patache, sur de Iquique

El presente artículo presenta los nuevos e importantes descubrimientos en la terraza litoral al pie del oasis de niebla, a partir de Noviembre de 2003, que junto a estudios anteriores conforman un cuadro general bastante completo de los patrones de asentamiento, modus vivendi, costumbres y actividades económicas de los antiguos pobladores costeros del norte de Chile, que reafirman la enorme importancia que adquirió el ecosistema de oasis de niebla costero en el género de vida, tipos de asentamiento y desplazamientos de los cazadores-recolectores marinos del litoral norte.Cet article présente les nouvelles et importantes découvertes dans la terrasse littorale se trouvant au pied de l’oasis de brume, à partir de Novembre 2003, lesquelles, associées à des études antérieures, conforment un cadre général très complet de patrons d’établissement, modus vivendi, d’habitudes et d’activités économiques des anciens habitants de la côte dans le nord du Chili, ce qui renforce l’importance de l’écosystème de l’oasis de brume côtier quant à la connaissance du mode de vie, de types d’établissement et de déplacements des chasseurs-cueilleurs marins du littoral du nord.This paper presents important new findings on the terrace at the foot of coastal mist oases, from November 2003, which together with previous studies form a fairly complete picture of settlement patterns, modus vivendi, customs and economic activities of the ancient inhabitants of northern coastal Chile, to reaffirm the great importance that acquired the ecosystem of coastal mist oases in the way of life, types of settlement and displacement of hunter-gatherers of the north coast marine

Un yacimiento de cazadores-recolectores marinos en la terraza litoral de Bajo Patache, sur de Iquique

El presente artículo presenta los nuevos e importantes descubrimientos en la terraza litoral al pie del oasis de niebla, a partir de Noviembre de 2003, que junto a estudios anteriores conforman un cuadro general bastante completo de los patrones de asentamiento, modus vivendi, costumbres y actividades económicas de los antiguos pobladores costeros del norte de Chile, que reafirman la enorme importancia que adquirió el ecosistema de oasis de niebla costero en el género de vida, tipos de asentamiento y desplazamientos de los cazadores-recolectores marinos del litoral norte.Cet article présente les nouvelles et importantes découvertes dans la terrasse littorale se trouvant au pied de l’oasis de brume, à partir de Novembre 2003, lesquelles, associées à des études antérieures, conforment un cadre général très complet de patrons d’établissement, modus vivendi, d’habitudes et d’activités économiques des anciens habitants de la côte dans le nord du Chili, ce qui renforce l’importance de l’écosystème de l’oasis de brume côtier quant à la connaissance du mode de vie, de types d’établissement et de déplacements des chasseurs-cueilleurs marins du littoral du nord.This paper presents important new findings on the terrace at the foot of coastal mist oases, from November 2003, which together with previous studies form a fairly complete picture of settlement patterns, modus vivendi, customs and economic activities of the ancient inhabitants of northern coastal Chile, to reaffirm the great importance that acquired the ecosystem of coastal mist oases in the way of life, types of settlement and displacement of hunter-gatherers of the north coast marine

Linking learning with governance in networks and clusters: key issues for analysis and policy

In this paper we analyse the relationship between governance and learning in clusters and networks. In particular, we see these two key elements as interdependent, suggesting that, under particular circumstances, such interdependence may drive clusters and networks towards a dynamic development trajectory. A pure ‘governance perspective’ makes the development of any locality dependent on the system of powers which exists within the locality or across the global value chain. In parallel, a pure ‘competence-based approach’ focuses mainly on the capabilities of actors to learn and undertake activities. In contrast, we open the prospects for an interdependent relation that may change the actual competences of actors as well as the governance settings and dynamics in networks and clusters. When supported by public policies, the learning process may have the potential to modify the governance environment. Simultaneously, the learning process is intrinsically influenced by economic power, which may seriously affect the development prospects of clusters and networks. This is why an intertwined consideration of both aspects is necessary to promote specific approaches to learning and to design appropriate policies. In this paper we offer two preliminary case studies to clarify some of these dynamics: the first taken from the computers cluster in Costa Rica and the second from an Italian bio-pharmaceutical firm and its production network. The first case study refers to the software cluster that was created from scratch in Costa Rica thanks to an enlightened government policy in coordination with new local enterprises and an important foreign direct investor; while the second reflects on the ability of an individual company to create a network of relationships with large transnational companies in order to acquire new competences without falling into a subordinate position with respect to its larger partners

Treatment of glenohumeral instability in rugby players

Rugby is a high-impact collision sport, with impact forces. Shoulder injuries are common and result in the longest time off sport for any joint injury in rugby. The most common injuries are to the glenohumeral joint with varying degrees of instability. The degree of instability can guide management. The three main types of instability presentations are: (1) frank dislocation, (2) subluxations and (3) subclinical instability with pain and clicking. Understanding the exact mechanism of injury can guide diagnosis with classical patterns of structural injuries. The standard clinical examination in a large, muscular athlete may be normal, so specific tests and techniques are needed to unearth signs of pathology. Taking these factors into consideration, along with the imaging, allows a treatment strategy. However, patient and sport factors need to be also considered, particularly the time of the season and stage of sporting career. Surgery to repair the structural damage should include all lesions found. In chronic, recurrent dislocations with major structural lesions, reconstruction procedures such as the Latarjet procedure yields better outcomes. Rehabilitation should be safe, goal-driven and athlete- specific. Return to sport is dependent on a number of factors, driven by the healing process, sport requirements and extrinsic pressures