Financing patterns in transition economies: Privatized former SOEs versus ab initio private firms

We employ 19,521 unique firms in 30 transition economies to investigate the relation between the origins of private firms and their financing patterns. In our sample, the private firms are either privatized former state-owned enterprises (SOEs) or ab initio (from the beginning) private firms. Our results show that privatized former SOEs finance a higher proportion of their fixed assets from bank finance and supplier credit, while ab initio private firms rely more on informal finance. We argue that privatized former SOEs continue to benefit from the political and financial connections established during their SOE era. We further document that financial institution development affects the financing patterns of these two groups differently. In our sample countries, financial institution advancement benefits privatized SOEs more than it benefits ab initio private firms

Comparison of orthogonal versus parallel double plating technique in patients type C distal humeral fractures: a randomised control trial

Background: Distal humerus fracture accounts approximately 2%-6% of all fractures and 30% of all elbow fractures, intra articular distal humerus fracture are rare accounting 0.5% of all fractures. These fractures had bimodal distribution, with respect to age and gender, with peaks of incidence in males aged 12 to 19 years and females aged 80 years and over. Methods: Patients were randomly divided into two groups, one undergoing perpendicular plating with 17 patients and the other parallel plating with 17 patients. Patients were followed up minimally for 12 months. Results: We observed that time of union for parallel plating method was 12.82 weeks and 12 weeks in orthogonal plating. In our study functional outcome based upon Mayo elbow performance score, in group 1 (Parallel plating) was excellent in 7 patients (41.17%), good in 6 patients (35.29%), fair in 4 patients (23.52%). Conclusions: In terms of arc of motion and stability a good to excellent functional outcome was achieved in >85% of the study group. In cases of osteoporotic and comminuted bones, a rigid construct must be achieved

Tree Islands in Everglades Landscapes: Current Status, Historical Changes, and Hydrologic Impacts on Population Dynamics and Moisture Relations, First Annual Report

In 2005 we initiated a project designed to better understand tree island structure and function in the Everglades and the wetlands bordering it. Focus was on the raised portions at the upstream end of the islands, where tropical hardwood species adapted to well-drained conditions usually are the most prominent component of the vegetation. The study design is hierarchical, with four levels; in general, a large number of sites is to be surveyed once for a limited set of parameters, and increasingly small sets of islands are to be sampled more intensively, more frequently, and for more aspects of ecosystem function. During the first year of the 3-year study, we completed surveys of 41 Level 1 (i.e., the least intensive level) islands, and established permanent plots in two and three islands of Levels 2 and 4 intensity, respectively. Tree species richness and structural complexity was highest in Shark Slough “hammocks”, while islands in Northeast Shark Slough and Water Conservation Area 3B, which receive heavy human use, were simpler, more park-like communities. Initial monitoring of soil moisture in Level 4 hammocks indicated considerable local variation, presumably associated with antecedent rainfall and current water levels in the adjacent marsh. Tree islands throughout the study area were impacted significantly by Hurricanes Katrina and Wilma in 2005, but appear to be recovering rapidly. As the project continues to include more islands and repeated measurements, we expect to develop a better grasp of tree island dynamics across the Everglades ecosystem, especially with respect to moisture relations and water levels in the adjacent marsh. The detailed progress report which follows is also available online at http://www.fiu.edu/~serp1/projects/treeislands/tree_islands_2005_annual_report.p

Woody Plant Invasion into the Freshwater Marl Prairie Habitat of the Cape Sable Seaside Sparrow: Final Report

In the fall of 2005, U.S. Fish and Wildlife Services (USFWS) contracted with Florida International University (FIU) to study the physical and biological drivers underlying the distribution of woody plant species in the marl prairie habitat of the Cape Sable Seaside Sparrow (CSSS). This report presents what we have learned about woody plant encroachment based on studies carried out during the period 2006-2008. The freshwater marl prairie habitat currently occupied by the Cape Sable seaside sparrow (CSSS; Ammodramus maritimus mirabilis) is a dynamic mosaic comprised of species-rich grassland communities and tree islands of various sizes, densities and compositions. Landscape heterogeneity and the scale of vegetative components across the marl prairie is primarily determined by hydrologic conditions, biological factors (e.g. dispersal and growth morphology), and disturbances such as fire. The woody component of the marl prairie landscape is subject to expansion through multiple positive feedback mechanisms, which may be initiated by recent land use change (e.g. drainage). Because sparrows are known to avoid areas where the woody component is too extensive, a better understanding of invasion dynamics is needed to ensure proper management

Marl Prairie/Slough Gradients; Patterns and Trends in Shark Slough and Adjacent Marl Prairies (CERP monitoring activity 3.1.3.5), First Annual Report (2005)

The work on CERP monitoring item 3.1.3.5 (Marl prairie/slough gradients) is being conducted by Florida International University (Dr Michael Ross, Project Leader), with Everglades National Park (Dr. Craig Smith) providing administrative support and technical consultation. As of January 2006 the funds transferred by ACOE to ENP, and subsequently to FIU, have been entirely expended or encumbered in salaries or wages. The project work for 2005 started rather late in the fiscal year, but ultimately accomplished the Year 1 goals of securing a permit to conduct the research in Everglades National Park, finalizing a detailed scope of work, and sampling marsh sites which are most easily accessed during the wet season. 46 plots were sampled in detail, and a preliminary vegetation classification distinguished three groups among these sites (Sawgrass marsh, sawgrass and other, and slough) which may be arranged roughly along a hydrologic gradient from least to most persistently inundated . We also made coarser observations of vegetation type at 5-m intervals along 2 transects totaling ~ 5 km. When these data were compared with similar observations made in 1998-99, it appeared that vegetation in the western portion of Northeast Shark Slough (immediately east of the L-67 extension) had shifted toward a more hydric type during the last 6 years, while vegetation further east was unchanged in this respect. Because this classification and trend analysis is based on a small fraction of the data set that will be available after the first cycle of sampling (3 years from now), the results should not be interpreted too expansively. However, they do demonstrate the potential for gaining a more comprehensive view of marsh vegetation structure and dynamics in the Everglades, and will provide a sound basis for adaptive management

Genetic association study of QT interval highlights role for calcium signaling pathways in myocardial repolarization.

The QT interval, an electrocardiographic measure reflecting myocardial repolarization, is a heritable trait. QT prolongation is a risk factor for ventricular arrhythmias and sudden cardiac death (SCD) and could indicate the presence of the potentially lethal mendelian long-QT syndrome (LQTS). Using a genome-wide association and replication study in up to 100,000 individuals, we identified 35 common variant loci associated with QT interval that collectively explain ∼8-10% of QT-interval variation and highlight the importance of calcium regulation in myocardial repolarization. Rare variant analysis of 6 new QT interval-associated loci in 298 unrelated probands with LQTS identified coding variants not found in controls but of uncertain causality and therefore requiring validation. Several newly identified loci encode proteins that physically interact with other recognized repolarization proteins. Our integration of common variant association, expression and orthogonal protein-protein interaction screens provides new insights into cardiac electrophysiology and identifies new candidate genes for ventricular arrhythmias, LQTS and SCD

Essays on the impact of CEO gender on corporate policies and outcomes

In the first essay I examine the cash policies of female-led firms. Recent research finds that female CEOs eschew riskier corporate policies, but it makes contradicting claims whether this is due to risk aversion. Benchmarking risk aversion by the management of firms’ cash, I find that female CEOs are risk averse relative to male CEOs. Specifically, they hold significantly (18%) more cash, even for the same level of dividend payout as male CEOs. Further, they have significantly higher speed of adjustment for cash deficits, are more likely to use excess cash to increase dividends, but are equally likely to use it to increase investment. Collectively, these results indicate that greater risk aversion in the general female population continues beyond the glass ceiling and likely influences female CEOs’ corporate policies. Nonetheless, cash held by female CEOs has greater marginal value, suggesting a dividend-clientele effect. In the second essay I examine the impact of CEO gender on compensation keeping in view the corporate outcomes that they beget. Risk aversion may influence CEOs’ intertemporal choices and effort regarding short-term and long-term corporate activities. Given that females are more risk averse, I examine whether there are gender-based differences in short- and long-term corporate outcomes and whether these lead to gender-based disparity in CEO compensation. I find that female CEOs have significantly (10%) superior performance on short-term firm outcomes, but inferior (24%) performance on long-term outcomes, relative to male CEOs. However, for a given level of short-term (long-term) performance female CEOs obtain relatively more (less) short-term (short-term and long-term) compensation. The end result is that there is no difference in the total compensation between male and female CEOs. This suggests that female CEOs are well rewarded for their short-termism, enough to make up for their relative underperformance on long-term goals

Essays on the impact of CEO gender on corporate policies and outcomes

In the first essay I examine the cash policies of female-led firms. Recent research finds that female CEOs eschew riskier corporate policies, but it makes contradicting claims whether this is due to risk aversion. Benchmarking risk aversion by the management of firms’ cash, I find that female CEOs are risk averse relative to male CEOs. Specifically, they hold significantly (18%) more cash, even for the same level of dividend payout as male CEOs. Further, they have significantly higher speed of adjustment for cash deficits, are more likely to use excess cash to increase dividends, but are equally likely to use it to increase investment. Collectively, these results indicate that greater risk aversion in the general female population continues beyond the glass ceiling and likely influences female CEOs’ corporate policies. Nonetheless, cash held by female CEOs has greater marginal value, suggesting a dividend-clientele effect. In the second essay I examine the impact of CEO gender on compensation keeping in view the corporate outcomes that they beget. Risk aversion may influence CEOs’ intertemporal choices and effort regarding short-term and long-term corporate activities. Given that females are more risk averse, I examine whether there are gender-based differences in short- and long-term corporate outcomes and whether these lead to gender-based disparity in CEO compensation. I find that female CEOs have significantly (10%) superior performance on short-term firm outcomes, but inferior (24%) performance on long-term outcomes, relative to male CEOs. However, for a given level of short-term (long-term) performance female CEOs obtain relatively more (less) short-term (short-term and long-term) compensation. The end result is that there is no difference in the total compensation between male and female CEOs. This suggests that female CEOs are well rewarded for their short-termism, enough to make up for their relative underperformance on long-term goals

Litigation risk and working capital

Purpose: The purpose of this paper is to understand the association between litigation risk and working capital management. Design/methodology/approach: The authors employ four different regression techniques (OLS regressions, regressions with industry and time controls, median regressions, and Fama Macbeth regressions) to study the relation between litigation risk (contemporaneous and lagged measures) and working capital management (cash conversion cycle (CCC) and its components). The authors also conduct numerous robustness tests. Findings: The authors find that high-litigation risk firms tend to have longer CCC. Decomposing CCC into days receivable outstanding, days inventory outstanding and days payable outstanding, the authors find that high-litigation risk firms have longer receivable periods, take a longer time to convert inventory to cash and do not pay their suppliers promptly. These results are robust to a series of robustness tests including using an alternate measure of working capital and accounting for firm type (high-tech vs labor intensive). Originality/value: This paper contributes in several ways to the litigation and corporate finance literature. The authors identify another determinant of working capital management and document another avenue whereby legal institutions affect short-term financial decision making. The link between litigation risk and working capital management is of interest to the business community, financial economists, management and the investing public