Multinationals Do It Better: Evidence on the Efficiency of Corporations’ Capital Budgeting

This paper examines the effectiveness of multinational enterprises’ capital budgeting decisions as compared to the decisions of purely domestic enterprises. This is an important question because of multinationals’ role in allocating capital globally. Answering this question may also shed light on whether multinationals are indeed better managed than are purely domestic firms. We examine this question empirically using the deviation of a firm’s estimated marginal Tobin’s q from an appropriate benchmark as an indicator of effective resource allocation. We find that multinationals make more efficient capital budgeting decisions than do purely domestic firms. The result stems from multinational enterprises’ exercising greater restraint on over-investment, but is not due to looser liquidity constraints. In obtaining the result, we account for the impact of institutional ownership, managerial ownership, and managerial entrenchment. We also test whether multinationals’ greater capital budgeting efficiency might be due to their investment locations, since they might thereby be monitored by more agents and also may be more successful in resisting pressures from special interest groups and governments to adopt practices that are not consistent with firm value maximization. We do not find support for the monitoring and bargaining hypotheses. Our observations therefore suggest that multinationals may be intrinsically better managed firms than are purely domestic firms

Premiers résultats des plongées de la campagne SUBPSO 1 dans la zone de collision des rides d'Entrecasteaux et de l'arc des Nouvelles-Hébrides

International audienceGeological cross-sections,constructed from observations and samples collected during seven dives of theFrench submersible Nautile,reveal that the inner wall of the New Hebrides trench, in front of the North d'Entrecasteaux ridge and the Bougainville guyot,is primarily composed of volcanic and volcaniclastic rocks, most likely shed from the arc. Observations indicate that the bedding of thearc-slope rocks,which generally slopes trench ward in this collision zone,dips steeply (40-80°) arcward near the contact of the colliding features. In this particular area, arc-slope rocks are generally highly fractured and sheared, an exception being rocks forming the ridge east of the Bougainville guyot.Arc-slope rocks are deeply incised by erosional channels and show numerous fresh slump scars. These scars confirm the importance of mass wasting along the deformation front. No evidence for fluid venting,such as clams and mud volcanoes,was observed during the dives.Les coupes géologiques réalisées à partir de sept plongées du Nautile ont montré que le mur interne de la fosse des Nouvelles-hébrides,en face de la ride Nord d'Entrecasteaux et du guyot Bougainville,est essentiellement constitué par des formations volcaniques et volcano-détritiques provenant probablement de l'arc. Ces formations, généralement inclinées vers la fosse, ont,au contact de la ride et du guyot,rebroussées vers le haut et pentées de 40 à 80°vers l'arc. A ces niveaux,les roches sont intensément fracturées et cisaillées à l'exception de celles constituant le bourrelet qui surplombe le toit du guyot Bougainville.Le mur interne présente enfin une morphologie remarquable comprenant des loupes d'arrachement gravitaire,des chenaux d'érosion, des canyons et,localement,des marmites de géant.Ces figures confirment l'importance de l'érosion gravitaire le long du front de déformation.Aucune manifestation de sorties de fluides n'a été observée lors de ces plongées

Geology of the d'Entrecasteaux - New Hebrides arc collision zone : results from a deep submersible survey

International audienceDuring the SuBPSOl cruise, seven submersible dives were conducted between water depths of 5350 and 900 m over the collision zone between the New Hebrides island arc and the d'Entrecasteaux Zone (DEZ). The DEZ, a topographic high on the Australian plate, encompasses the North d'Entrecasteaux Ridge (NDR) and the Bougainville guyot, both of which collide with the island-arc slope. In this report we use diving observations and samples, as well as dredging results, to analyse the geology of the Bougainville guyot and the outer arc slope in the DEZ-arc collision zone, and to decipher the mechanisms of seamount subduction. These data indicate that the Bougainville guyot is a middle Eocene island arc volcanocapped with reef limestones that appear to have been deposited during the Late Oligocene to Early Miocene and in Miocene-Pliocene times. This guyot possibly emerged during the Middle and Late Miocene, and started to sink in the New Hebrides trench after the Pliocene. The rocks of the New Hebrides arc slope, in the collision zone, consist primarily of Pliocene-Recent volcaniclastic rocks derived from the arc, and underlying fractured island-arc volcanic basement, possibly of Late Miocene age. However, highly sheared, Upper Oligocene to Lower Miocene nannofossil ooze and chalk are exposed at the toe of the arc slope against the northern flank of the NDR. Based on a comparison with cores collected at DSDP Site 286, the ooze and chalk can be interpreted as sediments accreted from the downgoing plate. East of the Bougainville guyot an antifonn that developed in the arc slope as a consequence of the collision reveals a 500-m-thick wedge of strongly tectonized rocks, possibly accreted from the guyot or an already subducted seamount. The wedge that is overlain by less deformed volcaniclastic island-arc rocks and sediments includes imbricated layers of Late Oligocene to Early Miocene reef and micritic limestones. This wedge, which develops against the leading flank of the guyot, tends to smooth its high-drag shape. A comparison between the 500-m-thick wedge of limestones that outcrops southeast of the guyot and the absence of such a wedge over the flat top of the guyot, although the top is overthrust by island-arc rocks and sediments, can be interpreted to suggest that the wedge moves in the subduction zone with the guyot and facilitates its subduction by streamlining

Spitzer-IRS high resolution spectroscopic survey of the 12 micron Seyfert galaxies: II. Results for the Complete Dataset

We present the Spitzer 10-37um IRS high resolution (R~600) spectroscopic survey of the Seyfert galaxies of the 12 micron Galaxy Sample. The new spectra of 61 galaxies, with those already published, gives us a total of 91 12micron Seyfert galaxies observed, out of 112. We use an improved AGN classification for Seyfert galaxies: instead of the type 1 and 2 classes, we use the spectropolarimetric data to divide them into "AGN 1" and "AGN 2", where AGN 1's include all broad-line objects, including the Seyfert 2's showing hidden broad lines in polarized light, while AGN 2's contains only Seyferts with no detectable broad lines at all. We present various mid-IR observables and we find that these properties characterize the AGN 1's objects as a single family, with strongly AGN-dominated spectra. In contrast, the AGN 2's can be divided in two groups, the first one with properties similar to the AGN 1's and the second similar to the non-Seyfert galaxies, such as LINERs or starburst galaxies. We computed a semianalytical model to estimate the AGN and the starburst contributions to the mid-IR galaxy emission at 19um. We find that AGN 1 have an AGN contribution >73% and AGN 2 >45% of their total emission at 19um. The detection of [NeV] lines is an almost perfect signature of energy production by an AGN. We present mean spectra of the various AGN categories. We derive the first local luminosity functions for the mid-infrared lines and the PAH feature. No statistical difference is found in the space densities for Seyfert 1's and 2's, nor for the new classes of AGN 1's and 2's. The global output of accretion-powered galactic nuclei in the local universe is derived from the correlation between [NeV] line and the nonstellar IR continuum luminosity.Comment: Accepted in The Astrophysical Journal Part 1 on November 15, 2009. 58 page

Comparison of established and emerging biodosimetry assays

Rapid biodosimetry tools are required to assist with triage in the case of a large-scale radiation incident. Here, we aimed to determine the dose-assessment accuracy of the well-established dicentric chromosome assay (DCA) and cytokinesis-block micronucleus assay (CBMN) in comparison to the emerging γ-H2AX foci and gene expression assays for triage mode biodosimetry and radiation injury assessment. Coded blood samples exposed to 10 X-ray doses (240 kVp, 1 Gy/min) of up to 6.4 Gy were sent to participants for dose estimation. Report times were documented for each laboratory and assay. The mean absolute difference (MAD) of estimated doses relative to the true doses was calculated. We also merged doses into binary dose categories of clinical relevance and examined accuracy, sensitivity and specificity of the assays. Dose estimates were reported by the first laboratories within 0.3-0.4 days of receipt of samples for the γ-H2AX and gene expression assays compared to 2.4 and 4 days for the DCA and CBMN assays, respectively. Irrespective of the assay we found a 2.5-4-fold variation of interlaboratory accuracy per assay and lowest MAD values for the DCA assay (0.16 Gy) followed by CBMN (0.34 Gy), gene expression (0.34 Gy) and γ-H2AX (0.45 Gy) foci assay. Binary categories of dose estimates could be discriminated with equal efficiency for all assays, but at doses ≥1.5 Gy a 10% decrease in efficiency was observed for the foci assay, which was still comparable to the CBMN assay. In conclusion, the DCA has been confirmed as the gold standard biodosimetry method, but in situations where speed and throughput are more important than ultimate accuracy, the emerging rapid molecular assays have the potential to become useful triage tools

Free-Field Approach to D-Branes in Gepner Models

We represent free-field construction of boundary states in Gepner models basing on free-field realization of N=2 superconformal minimal models. Using this construction we consider the open string spectrum between the boundary states and show that it can be described in terms of Malikov, Schechtman, Vaintrob chiral de Rham complex of the Landau- Ginzburg orbifold. It allows to establish direct relation of the open string spectrum for boundary states in Gepner models to the open string spectrum for fractional branes in Landau-Ginzburg orbifolds. The example of $1^{3}$ model considered in details.Comment: 30 pages, LaTeX, misprints corrected, references and comments added, discussion in sect.5 improve