The Wealth Effects Of Managerial Turnover: Implications For The Spanish Corporate Governance System

Managerial succession decisions constitute crucial events for the company, as they can generate important organizational changes that affect the shareholders wealth, and at the same time, entail important conflicts of interests between the managers and the shareholders. Our study of the market reactions to managerial turnover announcements in the Spanish market, reveal that these decisions have a positive effect on the shareholders wealth. These wealth effects are especially intense in the case of outsider successions and when the company preturnover performance has been poor. These findings suggest that managerial turnover is a restructuring decision that is most welcome under conditions of low performance. These results are reinforced by the existence of a negative relationship between the turnover wealth effects and the firm's preturnover performance. Our results also have implications regarding the effectiveness of the Spanish corporate governance system, suggesting that the Board's outsiders and the institutional shareholders play a major monitoring role in the managerial succession processes. The Board outsiders and the institutional shareholders influence the succession process protecting the shareholders interests against particular professional interests of the managers. We have also found evidences of the existence of entrenchment effects linked to managerial stock ownership. Finally, consistently with our event study results, we have found evidences of a positive effect of outside succession on the market's reaction to managerial turnover, in the case of a poor presuccession performance context. We have obtained no evidence about any effect from outside succession in good performing companies or inside succession in any company independently of its previous performance

Sizing up stability: combination therapy with Apo-AI peptide mimetics and statins in systemic lupus erythematosus-mediated atherosclerosis

In a study published recently in Arthritis Research & Therapy, Woo and colleagues investigated the effects of pravastatin in combination with an apolipoprotein-AI (Apo-AI) mimetic peptide in a mouse model of lupus-accelerated atherosclerosis. Combination treatment resulted in a significant decrease in systemic inflammation but increased aortic root lesion size. However, this treatment changed the phenotype of the lesion to a more stable plaque. Because plaque stability is also important for protection against the deadly manifestations of atherosclerosis, combination therapies using Apo-AI mimetics and statin might offer a good additional therapy to treat autoimmunity and cardiovascular disease in patients with lupus

The valuation impact of gender quotas in the boardroom: Evidence from the European markets

\ua9 2023 The Author(s)We investigate stock market reactions to the announcement of the new, June 2022 European Union (EU) regulation on board gender diversity, which requires firms to appoint a minimum of 33% female directors (or 40% female non-executive directors). We find that the abnormal market returns surrounding the EU announcement are positive. We also note that the observed positive valuation effects are particularly strong for: (1) firms in countries with softer existing regulations on board gender diversity; and (2) firms with a larger gap between current levels of board gender diversity and the 33% gender quota. Our analysis of the EU legislation on gender quotas offers solid evidence that board gender quotas are perceived by investors as beneficial, particularly for firms exposed to a large gender imbalance

Functional near-infrared spectroscopy in the neuropsychological assessment of spatial memory: A systematic review; 35123299

Functional near-infrared spectroscopy (fNIRS) is a non-invasive optical imaging technique that employs near-infrared light to measure cortical brain oxygenation. The use of fNIRS has increased exponentially in recent years. Spatial memory is defined as the ability to learn and use spatial information. This neuropsychological process is constantly used in our daily lives and can be measured by fNIRS but no research has reviewed whether this technique can be useful in the neuropsychological assessment of spatial memory. This study aimed to review empirical work on the use of fNIRS in the neuropsychological assessment of human spatial memory. We used four databases: PubMed, PsycINFO, Scopus and Web of Science, and a total of 18 articles were found to be eligible. Most of the articles assessed spatial or visuospatial working memory with a predominance in computer-based tasks, used fNIRS equipment of 16 channels and mainly measured the prefrontal cortex (PFC). The studies analysed found linear or quadratic relationships between working memory load and PFC activity, greater activation of PFC activity and worse behavioural results in healthy older people in comparison with healthy adults, and hyperactivation of PFC as a form of compensation in clinical samples. We conclude that fNIRS is compatible with the standard neuropsychological assessment of spatial memory, making it possible to complement behavioural results with data of cortical functional activity. © 202

CEO pay and family firm heterogeneity: A behavioral agency model perspective

\ua9 The Author(s) 2021. We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with particular focus on family firm’s generational stage and CEO family ties. Using a panel of Australian listed firms, we find that family firms present lower total and variable CEO pay, showing also less pay disparity between the CEO and other top executives. We also find that multi-generational family firms and those run by non-family CEOs offer higher total and variable CEO pay and present high pay disparity. The BAM and family’s aversion to socioemotional wealth loss can explain the effects of family control based on the pursuing of non-financial family goals. The decline of these goals derived from the aging of the firm and the hiring of external CEOs shape family control and should be considered in the design of executive compensation policies and by external parties when assessing their suitability. JEL CLASSIFICATION: G30; G32; G34; G3

Physical activity, approach-avoidance temperament and depressive symptoms

The goal was to assess the connections between vigorous physical activity (VPA), approach-avoidance temperament and depressive symptoms. Two studies were conducted. Study 1, correlational, to assess the mediating role of both dimensions of temperament, approach-avoidance contrast, between physical activity and depressive symptoms. Participants, 335 college students, completed the International Physical Activity Questionnaire, the Depressive Symptoms Scale (DSS) and the Approach-Avoidance Temperament Questionnaire (Ap-AvTQ). Results showed that approach-avoidance contrast could be considered a potential mediator between VPA and depressive symptoms. The global model was significant, F(2, 351)=3.22, p<.001, R2=14.91%, R2 adjusted=14.42%, and the bootstrapped upper and lower limits did not contain zero with the lower limit at -.05 and the upper at -14, suggesting a connection between VPA and depressive symptoms mediated by the approach-avoidance contrast temperament. Study 2, longitudinal, to test if a physical activity program could produce changes in approach-avoidance contrast temperament, manipulating the depressive symptoms. A VPA program was conducted with 149 college students. Participants completed the DSS and the Ap-AvTQ. The true intraindividual change modeling technique, a more direct approach to modeling interindividual differences in intraindividual change without using a control group, showed that participants’ depressive symptoms were predicted through the mediation of the approach-avoidance contrast temperament (γ=-.36, p<.001). VPA was positively linked to the approach-avoidance contrast temperament that was negatively connected to depressive symptoms, and negatively linked to the approach-avoidance contrast temperament that was positively connected to depressive symptoms. It seems possible to influence depressive symptoms through approach-avoidance contrast temperament using VPA

Las detenciones arbitrarias por abuso de autoridad a ciudadanos en el distrito de Surquillo, año 2021

La presente investigación denominada “La detención arbitraria de los ciudadanos por abuso de autoridad en el distrito de Surquillo, 2021”, fue desarrollada para lograr el título profesional de abogado, cuyo objetivo es determinar si las detenciones arbitrarias a los ciudadanos repercuten en el abuso de autoridad en el distrito de Surquillo, año 2021. Por otro lado, la metodología utilizada se adapta a un enfoque cualitativo, presenta un diseño de acuerdo a la teoría fenomenológica donde el tipo de investigación es básica, lo que nos permite realizar un estudio describiendo el significado de las experiencias vividas por un grupo de personas, a través de herramientas de recolección de datos. Por ello, mediante la investigación realizada, se obtuvo como resultado que, no obstante, los efectivos policiales, cuya responsabilidad es asegurar, preservar y restaurar el orden interno, ayudar y proteger a los ciudadanos, ejercen sobre los ciudadanos, violencia tanto física como emocional. De modo que, el Estado, a través de sus agentes policiales realiza detenciones arbitrarias, por lo cual, la característica protectora se transforma en violencia. Por ello, en la realidad, las detenciones arbitrarias muchas veces producen abuso de autoridad. Finalmente, se concluyó que las detenciones arbitrarias a los ciudadanos repercuten de manera significativa en el abuso de autoridad en el distrito de Surquillo, año 2021

Facial Geometry Identification through Fuzzy Patterns with RGBD Sensor

Automatic human facial recognition is an important and complicated task; it is necessary to design algorithms capable of recognizing the constant patterns in the face and to use computing resources efficiently. In this paper we present a novel algorithm to recognize the human face in real time; the systems input is the depth and color data from the Microsoft KinectTM device. The algorithm recognizes patterns/shapes on the point cloud topography. The template of the face is based in facial geometry; the forensic theory classifies the human face with respect to constant patterns: cephalometric points, lines, and areas of the face. The topography, relative position, and symmetry are directly related to the craniometric points. The similarity between a point cloud cluster and a pattern description is measured by a fuzzy pattern theory algorithm. The face identification is composed by two phases: the first phase calculates the face pattern hypothesis of the facial points, configures each point shape, the related location in the areas, and lines of the face. Then, in the second phase, the algorithm performs a search on these face point configurations

Fast Feedback Cycles in Empirical Software Engineering Research

Background/Context: Gathering empirical knowledge is a time consuming task and the results from empirical studies often are soon outdated by new technological solutions. As a result, the impact of empirical results on software engineering practice is often not guaranteed. Objective/Aim: In this paper, we summarize the ongoing discussion on ”Empirical Software Engineering 2.0” as a way to improve the impact of empirical results on indus- trial practices. We propose a way to combine data mining and analysis with domain knowledge to enable fast feedback cycles between researchers and practitioners. Method: We identify the key concepts on gathering fast feedback in empirical software engineering by following an experience-based line of reasoning by argument. Based on the identified key concepts, we design and execute a small proof of concept with a company, to demonstrate potential benefits of the approach. Results: In our example we observed that a simple double feedback mechanism notably increased the precision of the data analysis and improved the quality of the knowledge gathered. Conclusion: Our results serve as a basis to foster discus- sion and collaboration within the research community for a development of the idea

Topology optimization of flexoelectric metamaterials with apparent piezoelectricity

The flexoelectric effect, coupling polarization and strain gradient as well as strain and electric field gradients, is universal to dielectrics, but, as compared to piezoelectricity, it is more difficult to harness as it requires field gradients and it is a small-scale effect. These drawbacks can be overcome by suitably designing metamaterials made of a non-piezoelectric base material but exhibiting apparent piezoelectricity. We develop a theoretical and computational framework to perform topology optimization of the representative volume element of such metamaterials by accurately modeling the governing equations of flexoelectricity using a Cartesian B-spline method, describing geometry with a level set, and resorting to genetic algorithms for optimization. We consider a multi-objective optimization problem where area fraction competes with four fundamental piezoelectric functionalities (stress/strain sensor/ actuator). We computationally obtain Pareto fronts, and discuss the different geometries depending on the apparent piezoelectric coefficient being optimized. In general, we find competitive estimations of apparent piezoelectricity as compared to reference materials such as quartz and PZT ceramics. This opens the possibility to design devices for sensing, actuation and energy harvesting from a much wider, cheaper and effective class of materials