The Structure of Debt and Active Equity Investors: The Case of the Buyout Specialist

This paper examines the role buyout specialists play in structuring the debt used to finance the LBO and in monitoring management in the post-LBO firm. We find that when buyout specialists control the majority of the post-LBO equity, the LBO transaction is likely to be financed with less short-term and/or senior debt and less likely to experience financial distress. We also find that buyout specialists have greater board representation on smaller boards, suggesting that they actively monitor managers, and that for these transactions, using debt with tighter terms does not significantly increase the firm\u27s performance. In contrast, in all other transactions using such debt does significantly increase the firm\u27s performance. These findings suggest that active monitoring by a buyout specialist substitutes for tighter debt terms in monitoring and motivating managers of LBOs

Measuring Securities Market Efficiency in the Regulatory Setting

In Nov 1998, the SEC proposed a modification to the federal securities law disclosure requirements to facilitate the process of issuing new securities. Thomas and Cotter discuss how to determine when companies should be able to issue simplified disclosure documents

Glacial and Postglacial History of the White Cloud Peaks-Boulder Mountains, Idaho, U.S.A.

Glacial and glaciofluvial deposits are mapped and differentiated to develop new local, relative-age (RD) stratigraphies for the North Fork of the Big Lost River, Slate Creek and Pole Creek drainages in the White Cloud Peaks and Boulder Mountains, Idaho. This stratigraphic model expands the areal extent of the "Idaho glacial model". Volcanic ash samples collected from the study area are petrographically characterized and correlated, on the basis of mineralogy and glass geochemistry, to reference samples of identified Cascade Range tephras. Four distinct tephras are recognized including; Mount St. Helens-Set S (13,600-13,300 yr BP), Glacier Peak-Set B (11,250 yr BP), Mount Mazama (6600 yr BP) and Mount St. Helens-Set Ye (4350 yr BP). A core of lake sediments containing two tephra units was obtained from a site called "Pole Creek kettle". Pollen and sediment analyses indicate three intervals of late Pleistocene and Holocene climatic change. Cool and wet climatic conditions prevailed in the region shortly before and immediately following the deposition of the Glacier Peak-Set B ash (11,250 yr BP). Climatic warming occurred from approximately 10,500 to 6600 yr BP after which warm, dry conditions prevailed. Sediment accumulation in the kettle ceased by 4350 yr BP. The presence of Glacier Peak-Set B tephra in the base of the Pole Creek kettle core provides a minimum age of 11,250 yr BP for the retreat of valley glaciers from their Late Wisconsinan maximum position. A radiocarbon date of 8450 + 85 yr BP (SI-5181), and the presence of Mount Mazama ash (6600 yr BP) up-core support the Glacier Peak-Set B identification.La cartographie et l'identification des dépôts glaciaires et fluvioglaciaires a permis d'établir la stratigraphie locale des bassins du North Fork de la Big Lost River, du Pole Creek et du Slate Creek. Le modèle stratigraphique établi augmente la superficie déjà couverte par le modèle glaciaire de l'Idaho. Les échantillons de cendre volcanique prélevés ont été identifiés sur le plan pétrographique et mis en corrélation avec des tephras témoins provenant du Cascade Range, en se fondant sur la composition minérale et sur la géochimie du verre. On distingue quatre types de tephras: ceux de la série S du mont St. Helen's (13 600-13 300 BP), ceux de la série B du Glacier Peak (11 250 BP), ceux de la série S du mont St. Helen's (4350 BP) et ceux du mont Mazama (6600 BP). Une carotte de sédiments lacustres prélevée dans le kettle Pole Creek renferme deux tephras. L'analyse du pollen et des sédiments révèle l'existence de trois grands changements climatiques au Pleistocene supérieur et à l'Holocène: un climat frais et humide un peu avant et immédiatement après la mise en place des cendres de la série B du Glacier Peak (11 250 BP); une période de réchauffement (10 500-6600 BP); un climat chaud et sec. L'accumulation de sédiments dans le kettle prit fin vers 4350 BP. La présence du tephra de la série B du Glacier Peak à la base de la carotte donne la date minimale du retrait des glaciers de vallée (11 250 BP) à partir de leur emplacement au Wisconsinien supérieur. La date de 8450 + 85 ans BP et la présence, dans la partie supérieure de la carotte, de cendres provenant du mont Mazama (6600 BP) confirment l'identification de la série B du Glacier Peak.Idaho, U.S.A. Glaziale und glaziofluviale Ablagerungen wurden kartographiert und identifiziert, um eine neue, lokale, relative Alters-Stratigraphie der North Fork des Big Lost River, des Slate Creek und des Pole Creek in den White Cloud Peaks und Boulder Mountains, Idaho, zu en-twickeln. Proben vulkanischer Asche, die im untersuchten Gebiet gesammelt wurden, werden petrographisch bestimmt und auf der Basis von mineralogischer Zusammensetzung und Geochemie des Glases in Wechselbe-ziehung zu Referenz-Belegen von identifi-zierten Tephras von den Cascade Ranges gesetzt. Es werden vier verschiedene Tephras identifiziert: von der Série S des Mount St. Helens (13 600-13 300 v.u.Z.), von der Série B des Glacier Peak (11 250 v.u.Z.), von der Série Ye des Mount Mazama (6600 v.u.Z.) und des Mount St. Helens (4350 v.u.z.). Eine Probe von See-Sedimenten, der vom Pole Creek Kettle gewonnen wurde, enthâlt zwei Tephra-Einheiten. Die Pollen- und Sediment-Analysen lassen drei Intervalle klimatischen Wechsels im spâten Pleistozân und im Ho-lozan erkennen. Kalte und feuchte Klimatische Bedingungen herrschten in diesem Gebiet vor, kurz vor und unmittelbar nach der Ablagerung der Asche der Série B des Glacier Peak (11 250 v.u.Z.). Eine klimatische Erwàrmung trat zwischen ungefàhr 10 500 bis 6600 v.u.Z. auf, nach welcher warme, trockene Bedingungen vorherrschten. Die Sediment-An-hàufung in dem Kettel endete ungefàhr um 4350 v.u.Z. Das Vorkommen von Tephra der Série B des Glacier Peak in der Basis der Probe des Pole Creek Kettle ergibt ein Minimum-Alter von 11 250 v.u.Z. fur den Ruckzug der Gletscher des TaIs von ihrer maximalen Position im spâten Wisconsin. Ein Radiokar-bon-Datum von 8450 + 85 v.u.Z. (SI-5181) und das Vorkommen von Asche des Mount Mazama (6600 v.u.Z.) im oberen Teil der Probe stutzen die Identifizierung der Série B des Glacier Peak

Dodd-Frank\u27s Say On Pay: Will It Lead to a Greater Role for Shareholders in Corporate Governance?

Say on pay gives shareholders an advisory vote on a company\u27s pay practices for its top executives. Beginning in 2011, Dodd-Frank mandated such votes at public companies. The first year of say on pay under the new legislation may have changed the dialogue and give-and-take in the shareholder-management relationship at some companies, particularly on the question of executive pay. We study the evolution of shareholder voting on say on pay - beginning in 2006 as a fledgling shareholder movement to get say on pay on the corporate ballot, evolving as a handful of companies and later the financial firms receiving TARP funds conducted say on pay votes, and leading to Dodd-Frank’s extension of the process to all public companies. Using results from an empirical analysis of data from the pre-Dodd-Frank period, we project that the new mandatory management-sponsored “say on pay” proposals will attract strong shareholder support at most companies, while poorly performing companies with high pay levels can expect shareholder dissent. These projections are confirmed by early results in the first year of post-Dodd-Frank experience with “say on pay.” Our empirical analysis of the pre-Dodd-Frank data supports the potential importance of third party voting advisor recommendations, particularly by the ISS, on executive pay proposals. The raw data show 20 percent swing in shareholder support for management “say on pay” proposals associated with a negative ISS recommendation. However, once we take into account the different recommendations issued by management and ISS, the net effect of an ISS negative recommendation on the overall shareholder vote is relatively small at most companies. Nevertheless, the early Dodd-Frank results show that all 37 companies that failed to obtain majority support in these advisory votes had received negative ISS recommendations. The early results show that companies that initially received negative “say on pay” recommendations by the ISS often modified their disclosure filings or changed their pay practices. This may indicate to a growing role for shareholders in influencing executive pay practices and more generally corporate governance

Moving in extreme environments:extreme loading; carriage versus distance

This review addresses human capacity for movement in the context of extreme loading and with it the combined effects of metabolic, biomechanical and gravitational stress on the human body. This topic encompasses extreme duration, as occurs in ultra-endurance competitions (e.g. adventure racing and transcontinental races) and expeditions (e.g. polar crossings), to the more gravitationally limited load carriage (e.g. in the military context). Juxtaposed to these circumstances is the extreme metabolic and mechanical unloading associated with space travel, prolonged bedrest and sedentary lifestyle, which may be at least as problematic, and are therefore included as a reference, e.g. when considering exposure, dangers and (mal)adaptations. As per the other reviews in this series, we describe the nature of the stress and the associated consequences; illustrate relevant regulations, including why and how they are set; present the pros and cons for self versus prescribed acute and chronic exposure; describe humans’ (mal)adaptations; and finally suggest future directions for practice and research. In summary, we describe adaptation patterns that are often U or J shaped and that over time minimal or no load carriage decreases the global load carrying capacity and eventually leads to severe adverse effects and manifest disease under minimal absolute but high relative loads. We advocate that further understanding of load carrying capacity and the inherent mechanisms leading to adverse effects may advantageously be studied in this perspective. With improved access to insightful and portable technologies, there are some exciting possibilities to explore these questions in this context

Selective Ligand Recognition by a Diversity-Generating Retroelement Variable Protein

Diversity-generating retroelements (DGRs) recognize novel ligands through massive protein sequence variation, a property shared uniquely with the adaptive immune response. Little is known about how recognition is achieved by DGR variable proteins. Here, we present the structure of the Bordetella bacteriophage DGR variable protein major tropism determinant (Mtd) bound to the receptor pertactin, revealing remarkable adaptability in the static binding sites of Mtd. Despite large dissimilarities in ligand binding mode, principles underlying selective recognition were strikingly conserved between Mtd and immunoreceptors. Central to this was the differential amplification of binding strengths by avidity (i.e., multivalency), which not only relaxed the demand for optimal complementarity between Mtd and pertactin but also enhanced distinctions among binding events to provide selectivity. A quantitatively similar balance between complementarity and avidity was observed for Bordetella bacteriophage DGR as occurs in the immune system, suggesting that variable repertoires operate under a narrow set of conditions to recognize novel ligands