Ownership Strucure ad the Performance of Belgian Listed Firms

In this study we investigate empirically the relationship between ownership structure of Belgian listed firms, and their performance measured by Tobin’s Q. We focus on the management and the largest shareholders equity ownership. We use first a cross-sectional estimation from 1991 to 1996. Second, we use panel data estimation to control whether the results found cross-sectionally are not due to unobserved firm heteroeneity. The use of panel data confirms the results obtained cross-sectionally for managerial ownership, that is, the relationship between the fraction of equities held by managers and Tobin’s Q is negative. However, panel data results for the relationship between largest sharholders equities ownership and Tobin’s Q become positive, while it is negative cross-sectionally. These results indicate that there is firm heterogeneity which is not captured in the cross-section estimation.Corporate governance, managerial ownership,largest shareholders ownership,firm performance,Tobin’sQ,cross-sectional models,panel data

Electrohydrodynamic deformation and rotation of a particle-coated drop

A dielectric drop suspended in conducting liquid and subjected to an uniform electric field deforms into an ellipsoid whose major axis is either perpendicular or tilted (due to Quincke rotation effect) relative to the applied field. We experimentally study the effect of surface-adsorbed colloidal particles on these classic electrohydrodynamic phenomena. We observe that at high surface coverage (>90%), the electrohydrodynamic flow is suppressed, oblate drop deformation is enhanced, and the threshold for tilt is decreased compared to the particle-free drop. The deformation data are well explained by a capsule model, which assumes that the particle monolayer acts as an elastic interface. The reduction of the threshold field for rotation is likely related to drop asphericity

Risk Assessment of the Project to Migrate to the Free Office Suite Under Linux "End-User" Group

The penetration and performance of free software is raising issues regarding its true capacities and, particularly, the desirability of choosing it. It is from this perspective that the Linux Migration Project was launched within the Sous-secrétariat à l’inforoute gouvernementale et aux resources informationnelles (SSIGRI). The project, supported by a CIRANO research team, seeks to assess the risks involved in the migration project and to identify the conditions for success. This report describes an assessment of the risk exposure of one of the groups participating in the project: end users. Principal results The risk assessment that was conducted enabled the following observations to be made: The project risk exposure is medium to high. Three objectives, and more particularly the first, are vulnerable to a relatively high level of risk: Operational continuity for the user, Interactional continuity for users, and Technical support. Two risk factors were undervalued in this project because of the very nature of the project: Mismatch between the functionalities of the free office suite/functionalities targeted by the organization; Degree of interdependence with non-project units/persons. This factor is important as a result of the context in which the project is being carried out, particularly the absence of a shared interoperability framework. A review of these risk factors could result in a new positioning on the risk exposure map for four of the five objectives, in particular for the two objectives that are related to the two undervalued factors.

Key Success Factors for the Project of Migrating to the Open Office Suite

The penetration and performance of free software is raising issues regarding its true capacities and, particularly, the desirability of choosing it. It is from this perspective that the Linux Migration Project was launched within the Sous-secrétariat à l’inforoute gouvernementale et aux resources informationnelles (SSIGRI). Its accompaniment by a team of researchers from CIRANO is intended to assess the risks and identify the conditions for success. The purpose of this report is to identify and assess the key success factors of this project. Principal results An analysis of the project’s characteristics has enabled its specific features to be identified and the analytical tool to be adapted. From this approach, analysis of the key success factors has revealed that the pilot project substantially contributes to the reflection about migrating to free software. It demonstrates that, despite medium to high risk exposure, such a migration can be controlled. This is supported by considerable managerial ability and the reliability of the technology. Finally, it draws attention to a major problem that arises in a migration context: the absence of a shared interoperability framework, as is seen in two out of three parameters. The assessment grid of the project’s key success factors (Table 1, p. 6) allows the following to be ascertained: The importance of the Risk Assessment and Monitoring factor during the software implementation process. Its estimated value of 3.7, in particular due to the absence of a common interoperability framework and the impossibility of remedying it within the context of the project, lowers the average of the Processes success factor, which is 4.8/7. Managerial skills are high (6.2/7), and the values found for this factor’s components are generally comparable. Technology is assessed at 5.5/7; this parameter covers a contrasted reality: The technology’s intrinsic characteristics (independence with regard to software and publishers, cost controls, data continuity), assessed at 6.6/7, raise this ratio. The technology’s performance, assessed at 4.5/7, lowers this ratio. It implicates both the intrinsically high quality of the software tested, and problems due to the context of the pilot project—characterized, as it was, by the absence of a migration plan (choice of services/people to migrate) and to the absence of a common interoperability framework.

Reforming Immigration Law to Allow More Foreign Student Entrepreneurs to Launch Job-Creating Ventures in the United States

As universities move toward a more experiential approach to entrepreneurship education, many academic units and cross-campus entrepreneurship programs are encouraging their students to actively engage with the curriculum and apply the skills they learn. One such approach is to have students start their own businesses before they graduate. In addition to enhancing their education, participation in the planning, launch and operation of a start-up venture can lead directly to the creation of new jobs for many other individuals. Unfortunately, being the founder of a start-up venture in the United States proves complicated for foreign students in our colleges and universities. Across the country, both undergraduate and graduate entrepreneurship students desiring to participate actively in a startup face vexing immigration law challenges. This paper outlines some of the barriers that foreign student entrepreneurs face, and describes how bipartisan legislation would help to address some of these roadblocks

Internal Capital Market Efficiency of Belgian Holding Companies

In this paper, we raise the following two questions : (1) do Belgian holding companies operate an internal capital market to transfer financial resources in between their subsidiaries ? And if yes, (2) is the internal capital market efficient ? To answer the first question, we check if the group cash flow is a determinant of the investment’s spending of group members. The answer is positive if the holding’s subsidiary is affilliated to a coordinate center and negative otherwise. To answer the second question, we evaluate if internal transfers are driven by efficiency. From our estimations, we cannot conclude that Belgian Holding companies have an efficient internal capital market.Investment; Holding; Internal capital market