123 research outputs found

    Nonexecutive direct influence on informational asymmetries in offshore financial centres

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    Question/issue: this is a study of the relationship between nonexecutive director personal ownership and firm's bid ask spreads in listed firms from across the Caribbean offshore securities exchanges. Research findings/insights: we report that bid ask spreads increase with nonexecutive ownership. However, this result is reduced (negatively moderated) in the context of higher formal institutional quality and also if the territory has a fixed exchange rate regime but exacerbated (positively moderated) if the firm is located within an offshore jurisdiction. Theoretical/academic implications: the results regarding the influence of nonexecutive director ownership on firm liquidity-based transaction costs, namely, market estimates of bid ask spreads, are interpreted in terms of the contingency of this relationship on the wider institutional context. The effectiveness of nonexecutive directors is highly contingent upon the specific institutional context. Higher formal institutional quality and the presence of a strong macroeconomic tie between territory and Organisation for Economic Co-operation and Development (OECD) country lead to a reduction in these costs, while offshore financial centers lead to their increase. We argue that this highlights a shortcoming of agency theory's more limited view of institutions. Practitioner/policy implications: the results support regulator's focus on board of director composition and in particular nonexecutive remuneration in the form of ownership. Given the increasing dominance of Anglo-American governance, firms worldwide are increasing the proportions of nonexecutive directors on their boards. However, their role is acutely context specific which is reflected in the relationship between their personal ownership and the liquidity-borne transaction costs of the firm as a whole.</p

    Satellite Tracking and Site Fidelity of Short Ocean Sunfish, Mola ramsayi, in the Galapagos Islands

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    Ocean sunfishes, with their peculiar morphology, large size, and surface habits, are valuable assets in ecotourism destinations worldwide. This study investigates site fidelity and long-range movements of short ocean sunfish, Mola ramsayi (Giglioli 1883), at Punta Vicente Roca (PVR) off Isabela Island in the Galapagos Islands. Five individuals were tracked between 32 and 733 days using ultrasonic receivers and transmitters. Two of the 5 were also tracked with towed pop-off satellite tags. One travelled to the equatorial front covering 2700 km in 53 days, with dive depths in the upper 360 m at temperatures between 9.2°C and 22°C. During its westward travel, dives extended to 1112 m (the deepest depth yet recorded for Molidae) into temperatures ranging between 4.5°C and 23.2°C. The remaining four individuals demonstrated site fidelity to PVR and were detected at the site between 128–1361 times for a total of 3557 reports. Forty-eight percent of the reports occurred during daytime hours and 52% after dark. Presumed cleaning session durations had a median of 15 minutes and a maximum of nearly 100 minutes. No other ultrasonic arrays around Galapagos or in the Eastern Pacific regional network recorded the presence of tagged individuals. These data are combined with tourist vessel sightings and submersible observations to confirm Punta Vicente Roca as an important sunfish hotspot

    ELF3 controls thermoresponsive growth in Arabidopsis

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    Plant development is highly responsive to ambient temperature, and this trait has been linked to the ability of plants to adapt to climate change [1]. The mechanisms by which natural populations modulate their thermoresponsiveness are not known [2]. To address this, we surveyed Arabidopsis accessions for variation in thermal responsiveness of elongation growth and mapped the corresponding loci. We find that the transcriptional regulator EARLY FLOWERING3 (ELF3) controls elongation growth in response to temperature. Through a combination of modeling and experiments, we show that high temperature relieves the gating of growth at night, highlighting the importance of temperature-dependent repressors of growth. ELF3 gating of transcriptional targets responds rapidly and reversibly to changes in temperature. We show that the binding of ELF3 to target promoters is temperature dependent, suggesting a mechanism where temperature directly controls ELF3 activity

    News from Academy Bay

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    CDRS Research Highlights, 2004. Plants. Social Sciences. Vertebrates. Invasive Species Total Control Plan. Terrestrial Invertebrates. Project Isabela. Marine Sciences
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