Business Groups and Profit Redistribution: A Boon or Bane for Firms

This study investigates how profit redistribution affects the performance of firms affiliated to business groups.It shows that inefficient profit redistribution causes group-affiliated firms to perform poorly relative to independent firms.This underperformance persists even after controlling for other explanations such as diversification and resource transfers to unlisted firms.The study also shows that profit redistribution is more pronounced for groups of larger size and greater corporate control.The results of the study lend support for the inefficient profit redistribution explanation of the 'business group discount'.Business groups;corporate governance;firm performance

The Impact of Ownership Structure on Firm Performance: Evidence From a Large Emerging Market

We examine how ownership structure affects the performance of firms using firm level data from a large emerging market, India.We specifically focus on a previously unexplored phenomenon, namely the differential role played by foreign institutional and foreign corporate shareholders.An examination of more than one thousand Indian listed firms suggests that the positive effect on firm performance of foreign ownership is attributable to foreign corporations that have, on average, a larger shareholding and a higher degree of commitment and long-term involvement.Furthermore, we document the positive influence of domestic corporations, which are by far the largest blockholders with significant monitoring potential.We find an interesting dichotomy in their monitoring influence depending on whether they have a group affiliation.We also perform an analysis of group firms, the results of which generally suggest a negative impact on firm performance.corporate governance;corporate ownership;corporate performance

Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine this controversy by analyzing firms affiliated to business groups that are subject to less financing constraints relative to independent firms.Our results show strong investment - cash flow sensitivities for both group and non-group firms, but no significant difference between them.The finding is robust to alternative investment models and estimation techniques.We investigate this finding further by analyzing the influence of various firm-specific characteristics like size, age, leverage and ownership structure.We continue to observe that less financially constrained firms do not exhibit a significantly lower sensitivity of investment to cash flow.The results of the study thus provide new and compelling evidence demonstrating the inability of investment cash flow sensitivity to be a good measure of a firm's financing constraint.

Proof of principle : the adaptive geometry of social foragers

Acknowledgments We thank Cape Nature for permission to undertake the study. We thank Dr Matt Grove and two anonymous referees for comments and suggestions that improved the manuscript substantially. This research was funded by grants from the Leakey Foundation, National Science and Engineering Research Council, Canada to S.P.H. and L.B., and by the National Research Foundation, South Africa to S.P.H. His co-authors dedicate this paper to the memory of P.M.R.C. The authors declare no competing interests.Peer reviewedPostprin

DFT calculation of the intermolecular exchange interaction in the magnetic Mn4_4 dimer

The dimeric form of the single-molecule magnet [Mn$_4$O$_3$Cl$_4$(O$_2$CEt)$_3$(py)$_3$]$_2$ recently revealed interesting phenomena: no quantum tunneling at zero field and tunneling before magnetic field reversal. This is attributed to substantial antiferromagnetic exchange interaction between different monomers. The intermolecular exchange interaction, electronic structure and magnetic properties of this molecular magnet are calculated using density-functional theory within generalized-gradient approximation. Calculations are in good agreement with experiment.Comment: 4 page

Evolution of the Stellar-to-Dark Matter relation: separating star-forming and passive galaxies from z = 1 to 0

We use measurements of the stellar mass function, galaxy clustering, and galaxy-galaxy lensing within the COSMOS survey to constrain the stellar-to-halo mass relation (SHMR) of star forming and quiescent galaxies over the redshift range z = [0.2, 1.0]. For massive galaxies, M * gsim 1010.6 M ☉, our results indicate that star-forming galaxies grow proportionately as fast as their dark matter halos while quiescent galaxies are outpaced by dark matter growth. At lower masses, there is minimal difference in the SHMRs, implying that the majority low-mass quiescent galaxies have only recently been quenched of their star formation. Our analysis also affords a breakdown of all COSMOS galaxies into the relative numbers of central and satellite galaxies for both populations. At z = 1, satellite galaxies dominate the red sequence below the knee in the stellar mass function. But the number of quiescent satellites exhibits minimal redshift evolution; all evolution in the red sequence is due to low-mass central galaxies being quenched of their star formation. At M * ~ 1010 M ☉, the fraction of central galaxies on the red sequence increases by a factor of 10 over our redshift baseline, while the fraction of quenched satellite galaxies at that mass is constant with redshift. We define a "migration rate" to the red sequence as the time derivative of the passive galaxy abundances. We find that the migration rate of central galaxies to the red sequence increases by nearly an order of magnitude from z = 1 to z = 0. These results imply that the efficiency of quenching star formation for centrals is increasing with cosmic time, while the mechanisms that quench the star formation of satellite galaxies in groups and clusters is losing efficiency

Energy efficiency in trawling operations

Diurnal variation in trawl catches and its influence on energy efficiency of trawler operations are discussed in this paper, based on data on landings of a Japanese factory trawler which operated in the Indian waters during 1992-93. The factory vessel equipped for stern trawling had a length overall of 110 m, GT of 5460 and installed engine power of 5700 hp. Operations were conducted off west coast of India between 31 and 278 m depth contours, using a 80.4 m high opening bottom trawl with an adjusted vertical opening of 7.60.9 m. The catch data was grouped according to the median towing hour, by the time of the day. CPUE obtained was 3713.4 kg.h-1 for day time operations and 1536.6 kg.h-1 for night-time operations. Mean daily catches were 31367 kg.day-1 (SE: 2743) for day time operations and 9430 kg.day-1 (SE: 966) for night-time operations. Fuel consumption were 0.399 and 0.982 kg fuel.kg fish-1, respectively for day and night-time operations. Total catch and catch components such as threadfin bream, bulls eye, hairtails, trevelly, lizard fish showed significant improvement during day-time operations while swarming crabs showed a significant improvement in the night-time operations. The difference in catch rates between day and night could be attributed to diurnal variation in the spatial distribution and schooling behaviour of the catch categories, their differential behaviour in the vicinity of trawl systems under varying light levels of day and night and consequent effect on catching efficiency and size selectivity at different stages in the capture process. The results obtained in addition to its importance in the operational planning of trawling in order to realise objectives of maximising catch per unit effort and minimising fuel consumption per unit volume of fish caught, has added significance in the use of bottom trawl surveys in stock abundance estimates

Kappa symmetry, generalized calibrations and spinorial geometry

We extend the spinorial geometry techniques developed for the solution of supergravity Killing spinor equations to the kappa symmetry condition for supersymmetric brane probe configurations in any supergravity background. In particular, we construct the linear systems associated with the kappa symmetry projector of M- and type II branes acting on any Killing spinor. As an example, we show that static supersymmetric M2-brane configurations which admit a Killing spinor representing the SU(5) orbit of $Spin(10,1)$ are generalized almost hermitian calibrations and the embedding map is pseudo-holomorphic. We also present a bound for the Euclidean action of M- and type II branes embedded in a supersymmetric background with non-vanishing fluxes. This leads to an extension of the definition of generalized calibrations which allows for the presence of non-trivial Born-Infeld type of fields in the brane actions.Comment: 9 pages, latex, references added and minor change