Career Concerns of Top Executives, Managerial Ownership and CEO Succession

We model the portfolio decisions by managers with career concerns in a context where ownership of the firm's stock can affect the outcome of promotion contests. In addition to their utility from wealth, such managers derive utility from the monetary and non-monetary benefits (prestige) of running a corporation. Our theory predicts that top managers competing for the CEO position will distort their investment decisions away from the optimum portfolio choice in the absence of career concerns. Thus, our model suggests that changing career opportunities can explain portfolio decisions by managers and that insider ownership can help explain the outcomes of promotion contests. Our main testable predictions are that higher ownership by insiders increases their chances of being appointed CEO; that lower ownership by inside managers makes outside CEO appointments more likely; and that a lower probability of CEO turnover (and thus reduced promotion opportunities) leads inside managers to reduce their ownership in the firm and/or to leave the company. Using data on managerial ownership surrounding CEO turnover events, we find evidence supporting the predictions of our model. Overall, our main insight is that insider ownership, the outcome of promotion contests, the choice between inside and outside CEO replacements, and executive departure decisions are all related. Nous développons un modèle de choix de portefeuille des gestionnaires dans un environnement où leurs chances d'être promu PDG sont liées à leur actionnariat dans l'entreprise. Puisque les gestionnaires valorisent leur nomination potentielle au rang de PDG, nous prédisons que leur choix de portefeuille sera biaisé par rapport au choix qu'ils auraient fait en l'absence d'anticipations carriéristes. Notre modèle prédit que des changements dans les chances d'être promu expliquent les choix de portefeuille des gestionnaires. En particulier, nous montrons empiriquement qu'un plus grand actionnariat augmente la chance d'être promu au rang de PDG, réduit la chance qu'un gestionnaire externe à l'entreprise soit nommé. De plus, une réduction dans la possibilité d'être promu réduit l'actionnariat des gestionnaires ou induit leur départ. Nous testons les hypothèses découlant du modèle en utilisant les changements dans l'actionnariat des gestionnaire lors de la démission du PDG. Les hypothèses importantes du modèle sont confirmées.managerial compensation, CEO succession, corporate tournament, portfolio allocation, rémunération des dirigeants, changement de PDG, tournoi corporatif, choix de portefeuille

Asset Liquidity and the Cost of Capital

We study the effect of real asset liquidity on a firm’s cost of capital. We find an aggregate asset-liquidity discount in firms’ cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms’ cost of capital both in the cross section and in the time series: Firms in industries with more liquid assets and during periods of high asset liquidity have lower cost of capital. This effect is stronger when the asset liquidity is provided by firms operating within the industry. We also find that higher asset liquidity reduces the cost of capital by more for firms that face more competitive risk in product markets, have less access to external capital or are closer to default, and for those facing negative demand shocks. Our results suggest that asset liquidity is valuable to firms and, more generally, that operating inflexibility is an economically important source of risk.

Bauxitas kársticas jurásicas en la zona subbética (Zarzadilla de Totana, prov. de Murcia, sureste de España): Interpretación paleogeográfica

Los yacimientos de bauxitas de Zarzadilla de Totana (Murcia) selocalizan en materiales jurásicos del Subbético interno. Las bauxitas se emplazan rellenando cavidades kársticas en el seno de calizas del Lias infradomerense indicando claramente una etapa de emersión de un umbral pelágico que pudo durar parte del Lias superior y del Dogger

Active Learning Methodologies in Teacher Training for Cultural Sustainability

Within the framework of sustainable development, the concept of cultural heritage is linked to the heritage awareness of a specific spatial context, and to the conservation of collective memory. Despite the clear interest in cultural sustainability, the lack of research devoted to interpreting different teaching methods for transmitting patrimonial assets and preserving natural heritage is noteworthy. For this reason, the present study takes various scientific contributions as the background for considering sustainable education as a fundamental instrument to recover and conserve heritage resources, both from an informative and educational point of view. The aim of this study was to assess the training of new teachers in terms of the particular skills needed to develop active learning methods related to the teaching of heritage sustainability. The research sample consisted of 488 students in the Degree in Primary Education program. The methodology combined both qualitative and quantitative techniques, to obtain information from both observation and an opinion survey given to the students. The results show several opinions related to achieving and facilitating the implementation of innovative methodologies, due to a lack of initial university training. Generally speaking, this work provided an opportunity for students to analyze a series of prejudices regarding their working methods, and to overcome excessive theorization in their university studies

Capas de Tormentas (tempestitas) en el Jurásico del Subbético Externo (Cordilleras Béticas)

Se estudian niveles de tempestitas calcáreas en el Dogger y Malm del Subbético Externo. Se describen las secuencias de estructuras internas y se interpreta su génesis en relación con tormentas tropicales o huracanes, lo que concuerda con la paleogeografía y paleolatitud admitida para el Jurásico

Entomological characterization of malaria in northern Colombia through vector and parasite species identification, and analyses of spatial distribution and infection rates

Background: Malaria remains a worldwide public health concern and, in Colombia, despite the efforts to stop malaria transmission, the incidence of cases has increased over the last few years. In this context, it is necessary to evaluate vector diversity, infection rates, and spatial distribution, to better understand disease transmission dynamics. This information may contribute to the planning and development of vector control strategies. Results: A total of 778 Anopheles mosquitoes were collected in fifteen localities of Córdoba from August 2015 to October 2016. Six species were identified and overall, Anopheles albimanus was the most widespread and abundant species (83%). Other species of the Nyssorhynchus subgenus were collected, including Anopheles triannulatus (13%), Anopheles nuneztovari (1%), Anopheles argyritarsis (< 1%) and two species belonging to the Anopheles subgenus: Anopheles pseudopunctipennis (3%) and Anopheles neomaculipalpus (< 1%). Four species were found naturally infected with two Plasmodium species: Anopheles nuneztovari was detected naturally infected with Plasmodium falciparum and Anopheles pseudopunctipennis with Plasmodium vivax, whereas An. albimanus and An. triannulatus were found infected with both parasite species and confirmed by nested PCR. Conclusions: In general, the obtained results were contrasting with previous studies in terms of the most abundant and widespread collected species, and regarding infection rates, which were higher than those previously reported. A positive relationship between mosquito local abundance at the locality level and human infection at the municipality level was found. Mosquito local abundance and the number of houses with mosquitoes in each village are factors explaining malaria human cases in these villages. The obtained results suggest that other factors related to the apparent variation in malaria eco-epidemiology in northern Colombia, must be identified, to provide health authorities with better decision tools aiming to design control and prevention strategies

Glauconite and phosphate peloids in Mesozoic carbonate sediments (eastern Subbetic Zone, Betic Cordilleras, SE Spain)

13 páginas, 4 figuras, 3 tablas.Glauconite and Ca phosphate peloids occur in Jurassic and Cretaceous bioclastic carbonate rocks from pelagic swell sequences of the Algayat-Crevillente Unit (Subbetic Zone). The size and morphology of the peloids are controlled by the bioclasts. The glauconite in both stratigraphic positions is K rich (>0.69 atoms p.f.u.) and shows well-defined 10 Aa lattice fringes. Poorly crystalline areas with a composition of Fe-smectite are found within the peloids, indicating the nature of the glauconitic precursor. This precursor would be formed in the shielded microenvironments of the bioclast and later transformed to glauconite by equilibration of peloids with sea water that culminated with the crystallization of a phosphatic phase. The greater presence of smectite areas in the Jurassic peloids and the lower K contents (0.69-0.81) of these glauconites, compared with the Cretaceous glauconites (0.81-0.89) can be explained by the calcitic early diagenetic cementation which stopped the process of glauconitization.Financial support was provided by the Research Groups 4065 and 4135 of the Junta de Andalucía and the Projects PB92-0961 and PB93-1150-CO2 of DGICYT.Peer reviewe

Predictor factors of perceived health in family caregivers of people diagnosed with mild or moderate Alzheimer's disease

Caring for a person diagnosed with Alzheimer’s disease has a negative impact on family caregivers’ psychological health. This study examined the factors related to ‘perceived health’ and ‘presence of new-onset mental health problems’ in family caregivers of people diagnosed with mild and moderate Alzheimer’s disease. A cross-sectional observational study carried out in Almeria’s Healthcare District (Spain). A total of 255 family caregivers (42.4% cared for people with mild Alzheimer’s disease and 57.6% cared for people with moderate Alzheimer’s disease) participated in the study from January to December 2015. Mainly, caregivers were women (81.5% in the mild Alzheimer’s disease group and 88.4% in the moderate Alzheimer’s disease group), and their average age was 56.54 years (standard deviation (SD) = 13.13) and 54.47 years (SD = 11.71), respectively. Around 47% of the caregivers had been caring for the person with Alzheimer’s between two and five years. The Goldberg General Health Questionnaire was used to measure perceived health and the presence of new-onset mental health problems. An exploratory descriptive analysis and a multivariate logistic regression analysis were conducted. For caregivers of people with mild Alzheimer’s disease, ‘perceived health’ was related to ‘perceived social support’ (r = −0.21; p = 0.028), ‘person’s level of dependency’ (r = −0.24, p = 0.05), ‘severity of the person’s neuropsychiatric symptoms’ (r = 0.22; p = 0.05), and ‘caregiver’s emotional distress in response to the person’s neuropsychiatric symptoms’ (r = 0.22; p = 0.05). For caregivers of people with moderate Alzheimer’s disease, ‘perceived health’ was related to ‘perceived social support’ (r = −0.31; p ˂ 0.01), ‘presence of neuropsychiatric symptoms’ (r = 0.27, p = 0.01), ‘severity of the person’s neuropsychiatric symptoms’ (r = 0.32, p = 0.01) and ‘caregiver’s emotional distress in response to the person’s neuropsychiatric symptoms’ (r = 0.029; p = 0.01). The presence of new-onset mental health problems was detected in 46.3% (n = 50) of caregivers of people with mild Alzheimer’s and 61.9% (n = 91) of caregivers of people with moderate Alzheimer’s. When people are diagnosed with mild Alzheimer’s disease, intervention programs for caregivers should aim to regulate emotions and promote positive coping strategies. When people are diagnosed with moderate Alzheimer’s disease, intervention programs for caregivers must allow them to adapt to caregiving demands that arise with the progression of Alzheimer’s disease