Managerial ownership and corporate performance in Slovenian post-privatisation period

The Slovenian post-privatisation period has been characterised by a decline in the ownership by non-managerial owners (employees) and state-controlled funds. On the other hand, domestic and foreign non-financial firms, Privatisation Investment Funds and managers have been increasing their holdings. The latter, namely the growing managerial ownership, is likely to feature in future ownership dynamics in Slovenia. In fact, in 2002 the desired (optimal) ownership stakes estimated by Slovenian managers were 10.8 percentage points higher than their actual stakes. The aim of our paper is to describe the main trends in the ownership of Slovenian corporations in the post-privatisation period and to provide an answer to the basic economic question: what is the influence of the ongoing consolidation of managerial ownership on the performance of Slovenian firms. The empirical analysis testing this relationship is based on a panel of 182 Slovenian firms in the 1995-99 period and does not provide relevant evidence of any positive effects of the increasing managerial control on Slovenian firms' performance. If any, a positive incentive effect is only observed in those firms whose managers' holdings exceed 10-percent, only with regards to firms' financial performance (but not total factor productivity) and only in firms that are not listed on the capital market. Further, the negative effect of the current gap between the desired and actual managerial ownership seems to exceed any positive incentive effect arising out of managerial ownership.managerial ownership; ownership consolidation; corporate performance; corporate governance; transparency

Decision Making and the Brain: Neurologists' View

The article reflects the fact, that concepts like decision making and free will have entered the field of cognitive neuroscience towards the end of 20th century. It gives an overview of brain structures involved in decision making and the concept of free will; and presenting the results of clinical observations and new methods (functional neuroimaging, electrophysiology) it postulates possible mechanisms of these processes. We give a review of the neuroanatomy, specially discussing those parts of the brain important to the present topic, because the process of decision making is dependent on deep subcortical as well as superficial cortical structures. Dopamine has a central role in the in process of reward related behaviour and hedonism. A list of brain structures, related to dopamine action, is also given. The article especially concentrates on the Single Photon Emission Computer Tomography studies in patients with Parkinson's disease (neuroimaging), as well as to the studies concerning the Readiness Potential and Endogeneous Potential P300 (electrophysiology). In the end, we discuss the volition, whose functional anatomy overlaps with the functional anatomy of free will and decision making processes.cognitive neuroscience, brain, decision making, free will, electrophysiology, functional imaging, dopamine

The Devinatz-Hopkins Theorem via Algebraic Geometry

In this note, we show how a continuous action of the Morava stabilizer group $\mathbb G_n$ on the Lubin-Tate spectrum $E_n$, satisfying the conclusion $E_n^{h\mathbb G_n}\simeq L_{K(n)} S$ of the Devinatz-Hopkins Theorem, may be obtained by monodromy on the stack of oriented deformations of formal groups in the context of formal spectral algebraic geometry.Comment: 17 page

Dark Matter Detection with the Dark Matter Time Projection Chamber Collaboration

Evidence from many sources suggests that dark matter (matter that does not interact electromagnetically) accounts for a significant fraction of the mass density of the universe. The fact that dark matter has yet to be observed directly is one of the biggest outstanding problems in modern physics. Directional detection, one of the many branches of dark matter searches, involves reconstructing the direction of an incoming dark matter particle through observations of its interaction with a standard model particle. The work described in this thesis was completed as a part of the Dark Matter Time Projection Chamber (DMTPC) collaboration, a group working to create a directional dark matter detector. DMTPC detectors are designed to produce both a charge signal and scintillation light (detected by PMTs and CCDs) when an ionization event occurs within the volume of the detector. In this thesis, we present the results of a study conducted to characterize the radial decrease in image intensity (termed “vignetting”) for the CCD/lens system used in DMTPC’s directional detector at Bryn Mawr College. Additionally, we describe the work involved in setting up this detector, including upgrading the time projection chamber hardware and designing a light-tight mount for the optical instruments

Informal peer mentoring during the doctoral journey: perspectives of two postgraduate students

Doctoral studies can be isolating for postgraduate students who do not have strong connections with peers within the department through which they are enrolled. Collaboration of doctoral students across disciplines represents an exciting opportunity to decrease isolation, build networks and maximise research output and development of research skills. This paper reports on an informal peer mentoring relationship between two doctoral students at Flinders University in South Australia. The relationship developed through a university writing group in 2008. This progressed to a mentoring relationship built on similar research interests. The students met regularly to assist each other, reflect on the doctoral experience and share learnings. They also supported each other informally through emails. In this paper, we report on how our mentoring relationship relates to postgraduate socialisation and the stages of mentoring reported in the literature. This relationship created a safe “space” outside of the students’ disciplines to talk about issues related to their doctorates. This assisted with coping with the challenges of a doctorate. Through assisting each other, the students learnt that there is much that can be transferred across disciplines. Removing this discipline specific nature of research assisted in developing general research skills. Research output was increased through this process. From 2009 until 2011, the students presented at two conferences, had two papers accepted as conference posters and submitted one manuscript to a peer-reviewed journal, all related to their collaboration. A willingness and commitment from both parties, including a desire to learn about the other discipline, increased the effectiveness of collaborative efforts and enabled the relationship to continue. This experience demonstrates the benefits of collaborating across disciplines. Collaborations between doctoral students from different disciplines could be encouraged by universities as a strategy for supporting postgraduate students and maximising their research output

Dark Matter Detection with the Dark Matter Time Projection Chamber Collaboration

Evidence from many sources suggests that dark matter (matter that does not interact electromagnetically) accounts for a significant fraction of the mass density of the universe. The fact that dark matter has yet to be observed directly is one of the biggest outstanding problems in modern physics. Directional detection, one of the many branches of dark matter searches, involves reconstructing the direction of an incoming dark matter particle through observations of its interaction with a standard model particle. The work described in this thesis was completed as a part of the Dark Matter Time Projection Chamber (DMTPC) collaboration, a group working to create a directional dark matter detector. DMTPC detectors are designed to produce both a charge signal and scintillation light (detected by PMTs and CCDs) when an ionization event occurs within the volume of the detector. In this thesis, we present the results of a study conducted to characterize the radial decrease in image intensity (termed “vignetting”) for the CCD/lens system used in DMTPC’s directional detector at Bryn Mawr College. Additionally, we describe the work involved in setting up this detector, including upgrading the time projection chamber hardware and designing a light-tight mount for the optical instruments