Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

This paper examines the relation between cash-flow availability and investment spending in theNetherlands. In particular, we are interested whether managerial discretion and/or asymmetricinformation drive the positive relation between cash-flow and investment spending. This relation ispositive for both firms with low and high investment opportunities. It is however significantly larger forfirms with low investment opportunities suggesting that the managerial-discretion problem is mostimportant in the Dutch setting. Effective corporate-governance may reduce this agency problem.Specific to the Netherlands, firms with low shareholder influence posit a higher cash-flow-investmentsensitivity. The relevance of asymmetric information is confirmed as smaller firms and firms frominformation-sensitive industries show a larger cash-flow-investment sensitivity.The Netherlands;asymmetric information;Investment;financial constraints;managerial discretion

Styrene-divinylbenzene copolymers. II. The conservation of porosity in styrene-divinylbenzene copolymer matrices and derived ion-exchange resins

The collapse of pores in styrene-divinylbenzene copolymers and corresponding ion-exchange resins was studied during the removal of solvating liquids. The process can be followed in a most simple way by measuring the volume of the bead-shaped copolymers upon drying. Other parameters observed during drying were the apparent density and incidently the internal surface. The collapse of pores is considered to be a result of cohesional forces when solvated polymer chains are approaching each other by loss of solvent. The effect will thus be more pronounced in gel-type networks than in porous ones. In porous networks, the effect will be stronger in smaller pores than in larger ones. It is shown that crosslinks, increasing the rigidity of the structures, will favor the conservation of porosity. In ion-exchange resins the pore stability is best when the material is in its lowest state of hydration. Generally, the collapse of pores is a reversible process. The collapsed material can in most cases be reswollen by the proper choice of solvent

Within- and between-pen transmission of Classical Swine Fever Virus: a new method to estimate the basic reproduction ratio from transmission experiments

We present a method to estimate basic reproduction ratio R0 from transmission experiments. By using previously published data of experiments with Classical Swine Fever Virus more extensively, we obtained smaller confidence intervals than the martingale method used in the original papers. Moreover, our method allows simultaneous estimation of a reproduction ratio within pens R0w and a modified reproduction ratio between pens R'0b. Resulting estimates of R0w and R'0b for weaner pigs were 100 (95% CI 54.4-186) and 7.77 (4.68-12.9), respectively. For slaughter pigs they were 15.5 (6.20-38.7) and 3.39 (1.54-7.45), respectively. We believe, because of the smaller confidence intervals we were able to obtain, that the method presented here is better suited for use in future experiments

Fluency in dialogue: Turn‐taking behavior shapes perceived fluency in native and nonnative speech

Fluency is an important part of research on second language learning, but most research on language proficiency typically has not included oral fluency as part of interaction, even though natural communication usually occurs in conversations. The present study considered aspects of turn-taking behavior as part of the construct of fluency and investigated whether these aspects differentially influence perceived fluency ratings of native and non-native speech. Results from two experiments using acoustically manipulated speech showed that, in native speech, too ‘eager’ (interrupting a question with a fast answer) and too ‘reluctant’ answers (answering slowly after a long turn gap) negatively affected fluency ratings. However, in non-native speech, only too ‘reluctant’ answers led to lower fluency ratings. Thus, we demonstrate that acoustic properties of dialogue are perceived as part of fluency. By adding to our current understanding of dialogue fluency, these lab-based findings carry implications for language teaching and assessmen

Sustainable Soesterkwartier

The municipality of Amersfoort wants to construct an endurable and sustainable eco-town in the Soesterkwartier neighbourhood, by taking future climate change into account. The impact of climate change at the location of the proposed eco-town was studied by a literature review

Design and fabrication of a tapped densification apparatus for bulk solids

Experiments are commonly used to ascertain the flow properties of bulk solids. One such property is a measurement quantity known as the tapped density. Here, a container of granular material is subjected to a long sequence of discrete taps, after which the bulk density - the total mass divided by the volume occupied –- is determined. Current technology exists to achieve the maximum tap density by subjecting a container to a user defined number of taps at a specific, predetermined amplitude and frequency. However, the final bulk density is known to be dependent on the tap parameters. It can therefore be beneficial to alter both the frequency and the amplitude during the experimental process to determine what role these two factors contribute to the tap density of a sample. Thus, the topic of this thesis is the design, fabrication and testing of a mechanical system device that allows for finite control of the tap stroke and force, as well as quantitative measurement feedback for the motion of the sample. The first phase of the work consisted of the design and fabrication of a prototype system, which was tested for the proper functioning of the mechanical components. The results of the tests suggested modifications were required. A series of revisions were preformed on the prototype in order to satisfy the updated design requirements. Final tests and calibrations were preformed on the new apparatus and the results are discussed

The Central Region in M100: Observations and Modeling

We present new high-resolution observations of the center of the late-type spiral M100 (NGC 4321) supplemented by 3D numerical modeling of stellar and gas dynamics, including star formation (SF). NIR imaging has revealed a stellar bar, previously inferred from optical and 21 cm observations, and an ovally-shaped ring-like structure in the plane of the disk. The K isophotes become progressively elongated and skewed to the position angle of the bar (outside and inside the `ring') forming an inner bar-like region. The galaxy exhibits a circumnuclear starburst in the inner part of the K `ring'. Two maxima of the K emission have been observed to lie symmetrically with respect to the nucleus and equidistant from it slightly leading the stellar bar. We interpret the twists in the K isophotes as being indicative of the presence of a double inner Lindblad resonance (ILR) and test this hypothesis by modeling the gas flow in a self-consistent gas + stars disk embedded in a halo, with an overall NGC4321-like mass distribution. We have reproduced the basic morphology of the region (the bar, the large scale trailing shocks, two symmetric K peaks corresponding to gas compression maxima which lie at the caustic formed by the interaction of a pair of trailing and leading shocks in the vicinity of the inner ILR, both peaks being sites of SF, and two additional zones of SF corresponding to the gas compression maxima, referred usually as `twin peaks').Comment: 31 pages, postscript, compressed, uuencoded. 21 figures available in postscript, compressed form by anonymous ftp from ftp://asta.pa.uky.edu/shlosman/main100 , mget *.ps.Z. To appear in Ap.