14,355 research outputs found

    Multiple large shareholders, excess leverage and tunneling: evidence from an emerging market

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    The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.Manuscript Type: Empirical Research Question/Issue: Past empirical efforts in corporate governance have examined the effects of large shareholders with the excess control rights on tunneling activities. However, no study has systematically investigated the effects of multiple large shareholders on excess leverage policies and tunneling in an emerging country environment where minority rights protection is weak. In this study, we examine the role of multiple large shareholders and the effects of control contestability of multiple large shareholders on firm excess leverage decision and tunneling by controlling shareholders. Research Findings/Insights: Using a sample of 2,341 Chinese firms for the years 2001 to 2013, we document that the contestability of multiple non-controlling large shareholders relative to controlling shareholders reduces the adoption of excess leverage policies, tunneling and enhances capital investment. Another intriguing finding is that the government as a controlling shareholder exerts significant influence and reduces the monitoring effectiveness of multiple larger shareholders. Theoretical/Academic Implications: By addressing the role of multiple large shareholders on excess leverage decisions, this study makes an important contribution to the corporate governance literature. We extend the recent developments in agency theory regarding the role of multiple large shareholders in constraining expropriation of controlling shareholders with excess control rights and their effect on firm leverage decisions. Our results support the theoretical models which indicate that the presence of multiple large shareholders is an important and efficient internal governance mechanism that mitigates a firm’s agency costs, particularly, in an emerging market environment where corporate governance is weak and inadequate to curb tunneling problem. JEL classification: G15; G34; G3

    Characterization of received signal strength perturbations using Allan variance

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    This is the author accepted manuscript. The final version is available from IEEE via the DOI in this record.The received signal strength (RSS) of wireless signals conveys important information that has been widely used in wireless communications, localisation and tracking. Traditional RSS-based research and applications model the RSS signal using a deterministic component plus a white noise term. This paper investigates the assumption of white noise to have a further understanding of the RSS signal and proposes a methodology based on the Allan Variance (AVAR) to characterise it. Using AVAR, we model the RSS unknown perturbations as correlated random terms. These terms can account for both coloured noise or other effects such as shadowing or smallscale fading. Our results confirm that AVAR can be used to obtain a flexible model of the RSS perturbations, as expressed by coloured noise components . The study is complemented by introducing two straightforward applications of the proposed methodology: 1) The modelling and simulation of RSS noise using Wiener processes, and 2) RSS localisation using the extended Kalman filterThis paper is sponsored by the Royal Society-MOST Grant (No. 185730) and the Royal Society of Edinburgh-NSFC Grant (NNS/INT 15-16 Casaseca). Thanks are also given to the Scottish Funding Council and the Centre for Excellence in Sensor and Imaging System (CENSIS, project ref. CAF-0036) and the Digital Health and Care Institute (DHI, project Smartcough-MacMasters) for partially covering Dr. Luo’s (CENSIS) and Dr. Casasecade-la-Higuera’s (CENSIS and DHI) time. The Royal Society of Edinburgh is also acknowledged for funding associated to project HIV

    Hubble Space Telescope WFC3 Grism Spectroscopy and Imaging of a Growing Compact Galaxy at z=1.9

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    We present HST/WFC3 grism spectroscopy of the brightest galaxy at z>1.5 in the GOODS-South WFC3 Early Release Science grism pointing, covering the wavelength range 0.9-1.7 micron. The spectrum is of remarkable quality and shows the redshifted Balmer lines Hbeta, Hgamma, and Hdelta in absorption at z=1.902, correcting previous erroneous redshift measurements from the rest-frame UV. The average rest-frame equivalent width of the Balmer lines is 8+-1 Angstrom, which can be produced by a post-starburst stellar population with a luminosity-weighted age of ~0.5 Gyr. The M/L ratio inferred from the spectrum implies a stellar mass of ~4x10^11 Msun. We determine the morphology of the galaxy from a deep WFC3 F160W image. Similar to other massive galaxies at z~2 the galaxy is compact, with an effective radius of 2.1+-0.3 kpc. Although most of the light is in a compact core, the galaxy has two red, smooth spiral arms that appear to be tidally-induced. The spatially-resolved spectroscopy demonstrates that the center of the galaxy is quiescent and the surrounding disk is forming stars, as it shows Hbeta in emission. The galaxy is interacting with a companion at a projected distance of 18 kpc, which also shows prominent tidal features. The companion has a slightly redder spectrum than the primary galaxy but is a factor of ~10 fainter and may have a lower metallicity. It is tempting to interpret these observations as "smoking gun" evidence for the growth of compact, quiescent high redshift galaxies through minor mergers, which has been proposed by several recent observational and theoretical studies. Interestingly both objects host luminous AGNs, as indicated by their X-ray luminosities, which implies that these mergers can be accompanied by significant black hole growth. This study illustrates the power of moderate dispersion, low background near-IR spectroscopy at HST resolution, which is now available with the WFC3 grism.Comment: 5 pages, 5 figures. Submitted to ApJ Letters

    The spatial distribution and origin of the FUV excess in early-type galaxies

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    We present surface photometry of a sample of 52 galaxies from the GALEX and 2MASS data archives, these include 32 normal elliptical galaxies, 10 ellipticals with weak Liner or other nuclear activity, and 10 star forming ellipticals or early-type spirals. We examine the spatial distribution of the Far Ultra-Violet excess in these galaxies, and its correlation with dynamical and stellar population properties of the galaxies. From aperture photometry we find that all galaxies except for recent major remnants and galaxies with ongoing star formation show a positive gradient in the (FUV-NUV) colour determined from the GALEX images. The logarithmic gradient does not correlate with any stellar population parameter, but it does correlate with the central velocity dispersion. The strength of the excess on the other hand, correlates with both [alpha/Fe] and [Z/H], but more strongly with the former. We derive models of the underlying stellar population from the 2MASS H-band images, and the residual of the image from this model reveals a map of the centrally concentrated FUV excess. We examine a possible hypothesis for generating the FUV excess and the radial gradient in its strength, involving a helium abundance gradient set up early in the formation process of the galaxies. If this hypothesis is correct, the persistence of the gradients to the present day places a strong limit on the importance of dry mergers in the formation of ellipticals.Comment: 36 pages, accepted for publication in MNRAS. Appendices will appear in online journal only. This version has reduced resolution for the figure in Appendix B to comply with arXiv size limit

    Superdense massive galaxies in the Nearby Universe

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    Superdense massive galaxies (r_e~1 kpc; M~10^{11} Msun) were common in the early universe (z>1.5). Within some hierarchical merging scenarios, a non-negligible fraction (1-10%) of these galaxies is expected to survive since that epoch retaining their compactness and presenting old stellar populations in the present universe. Using the NYU Value-Added Galaxy Catalog from the SDSS Data Release 6 we find only a tiny fraction of galaxies (~0.03%) with r_e<1.5 kpc and M_*>8x10^{10} Msun in the local Universe (z<0.2). Surprinsingly, they are relatively young (~2 Gyr) and metal-rich ([Z/H]~0.2). The consequences of these findings within the current two competing size evolution scenarios for the most massive galaxies ("dry" mergers vs "puffing up" due to quasar activity) are discussed.Comment: Accepted for publication in ApJ Letters; 3 figure
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