Management Ownership and Firm's Value: An Empirical Analysis Using Panel Data

Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments.

Management ownership and firm's value: An empirical analysis using panel data

Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments

Tectonics of the East Pacific rise : studies of faulting characteristics and magnetic and gravity anomalies

Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Earth, Atmospheric, and Planetary Sciences, 1995.Includes bibliographical references.Sang-Mook Lee.Ph.D

Management Ownership and Firm Value: An Empirical Analysis using Panel Data

A majority of existing empirical studies report different relation between ownership and firm value using different sets of cross-sectional data. In this paper, we re-estimate the relation between management ownership and firm value after controlling for the history of management ownership as well as inter-firm differences using a panel data set. Further, we consider the possibility that the current ownership structure is jointly determined with the firm value, an endogeneity argument a la Demsetz (1983). We find that history of the management ownership, not its current level, matters in determining the firm value, which is consistent with information asymmetry arguments

Definition and Classification of Healthy Foodservice for Business and Industry

This study was designed to provide useful information for South Korean foodservice management in developing and implementing healthy menus. Using in-depth interviews and data from previous studies, this study was conducted to characterize and classify healthy food. In-depth interviews were conducted with six people in charge of menu management at six different foodservice companies in South Korea. A healthy menu was defined as “a menu with increased nutrition value and/or decreased unhealthy factors by changing to ingredients or cooking methods.” Under the definition, four categories of healthy menus were defined as containing: “nutritionally-fortified food,” “natural food,” “organic food,” and “medicinal food.” Examples of unhealthy food or products included additives such as “MSG,” “use bad fats,” and “over processed foods.

The effect of board gender diversity on cross-listing

Acknowledgments: We greatly appreciate the feedback provided by Geoff Wood, Ofra BazelShoham, participants of the annual meeting of the Academy of International Business 2018, and the participants of the paper development workshop at Kent Business School, University of Kent, UK. We also like to thank the TU CIBER grant for supporting this research.Peer reviewedPostprin

The effect of board gender diversity on cross-listing

Acknowledgments: We greatly appreciate the feedback provided by Geoff Wood, Ofra BazelShoham, participants of the annual meeting of the Academy of International Business 2018, and the participants of the paper development workshop at Kent Business School, University of Kent, UK. We also like to thank the TU CIBER grant for supporting this research.Peer reviewedPostprin

Classifying Defects in Pallet Stringers by Ultrasonic Scanning

Detecting and classifying defects are required to grade and sort pallet parts. Use of quality parts can extend the life cycle of pallets and can reduce long-term cost. An investigation has been carried out to detect and classify defects in yellow-poplar (Liriodendron tulipifera, L.) and red oak (Quercus rubra, L.) stringers using ultrasonic scanning. Data were collected for sound and unsound knots, bark pockets, decay, holes, and wane using rolling transducers in a pitch-catch arrangement. Data from eight ultrasonic variables—energy, pulse length, time of flight (TOF)-amplitude, TOF-energy, TOF-centroid, energy value, energy pulse value, and peak frequency—were used to classify defects. Three different types of classifiers were used to categorize defects—a multi-layer perceptron network (MLP), a probabilistic neural network (PNN), and a k-nearest neighbor (KNN) classifier. Mean values for the energy variables demonstrated statistically significant differences between clear wood and defects and among defect types. Mean values for the TOF variables did not differ significantly between clear wood and knots. All three types of classifiers were able to distinguish defected from clear wood in oak with accuracies above 95%; accuracies for yellow-poplar were somewhat lower for the MLP and PNN classifiers. Among the defect classes, decay exhibited the highest recognition rate for both yellow-poplar and oak. Wane and holes in oak were readily confused owing to their common loss of transducer contact. Overall accuracy at the data-point level varied from 69-78%. Simple post-processing operations are expected to improve that substantially. Based on accuracy performance alone, the MLP and KNN appear equally preferable for this task