47,871 research outputs found

    The Disciplining Role of Leverage in Dutch Firms

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    In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and bankruptcy theories.Representing growth opportunities, q is expected to be an agency-based determinant of leverage.Simultaneously, q represents firm value, which is determined by leverage and governance structures.We test a structural equations model in which we deal with this simultaneous nature of the relation between leverage and q.Our results indicate that Dutch managers avoid the disciplining role of debt, when they are most likely to overinvest.Leverage is mainly determined by tax advantages and bankruptcy costs.In addition, we test the impact of leverage on excess investment.We do not find a difference in the influence of leverage on investment between potential overinvestors and other firms.This confirms that the disciplinary role of leverage in Dutch firms is absent.agency theory;corporate growth;capital structure;corporate governance;leverage

    Person to Person in Japan

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    While still in the midst of their study abroad experiences, students at Linfield College write reflective essays. Their essays address issues of cultural similarity and difference, compare lifestyles, mores, norms, and habits between their host countries and home, and examine changes in perceptions about their host countries and the United States. In this essay, Stacey Strovink describes her observations during her study abroad program at Kanto Gakuin University in Yokohama, Japan

    Multimedia information technology and the annotation of video

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    The state of the art in multimedia information technology has not progressed to the point where a single solution is available to meet all reasonable needs of documentalists and users of video archives. In general, we do not have an optimistic view of the usability of new technology in this domain, but digitization and digital power can be expected to cause a small revolution in the area of video archiving. The volume of data leads to two views of the future: on the pessimistic side, overload of data will cause lack of annotation capacity, and on the optimistic side, there will be enough data from which to learn selected concepts that can be deployed to support automatic annotation. At the threshold of this interesting era, we make an attempt to describe the state of the art in technology. We sample the progress in text, sound, and image processing, as well as in machine learning

    Latent dirichlet markov allocation for sentiment analysis

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    In recent years probabilistic topic models have gained tremendous attention in data mining and natural language processing research areas. In the field of information retrieval for text mining, a variety of probabilistic topic models have been used to analyse content of documents. A topic model is a generative model for documents, it specifies a probabilistic procedure by which documents can be generated. All topic models share the idea that documents are mixture of topics, where a topic is a probability distribution over words. In this paper we describe Latent Dirichlet Markov Allocation Model (LDMA), a new generative probabilistic topic model, based on Latent Dirichlet Allocation (LDA) and Hidden Markov Model (HMM), which emphasizes on extracting multi-word topics from text data. LDMA is a four-level hierarchical Bayesian model where topics are associated with documents, words are associated with topics and topics in the model can be presented with single- or multi-word terms. To evaluate performance of LDMA, we report results in the field of aspect detection in sentiment analysis, comparing to the basic LDA model

    Determinants of Leverage and Agency problems

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    In this paper we empirically investigate the determinants of leverage and agency problems and we examine the relationships between leverage and agency problems. As in Titman and Wessels (1988) we use structural equations modeling with latent variables. In contrast to Titman and Wessels (1988), who employ data obtained from annual reports and capital markets, we use questionnaire data to measure firm characteristics. The questions concern the characteristics of the respondents’ firms, including the presence of agency problems. We estimate the relations between these characteristics. The results confirm that the trade-off between tax advantages and bankruptcy costs determines leverage. We also find free cash flow and corporate governance characteristics as determinants of overinvestment. Despite findings that agency problems are present, direct relationships between leverage and four agency problems are absent.capital structure;agency costs
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