Market Performance of Spun-Off Subsidiaries: Effects of Board Independence and Directors’ Industry Experience

The goal of corporate spin-offs, as a corporate restructuring technique, is to create better value for both the divesting firm and its subsidiary/ division. These corporate transactions lead to the creation of independent, publicly traded entities, which are called spun-off subsidiaries. In this study, we examine the effect of board independence and directors’ industry experience on the market performance of spun-off subsidiaries by setting two main hypotheses. Our sample includes 123 completed U.S.-based spin-off events during a 14-year long time frame. According to our empirical analysis, we find support for both hypotheses, which appear to be significant and positive. In addition, our moderation analysis shows that the interaction effect of directors’ industry experience and board ownership is positive and significant. Based on the arguments of agency and resource dependence theories, this study contributes to the governance literature by proving the significant importance of board of directors (namely, their independence and industry experience) on the market performance of spun-off subsidiaries after being separated from their corporate parents. From the managerial contributions aspect, this study tells us that if the board is independent and includes directors with the same industry experience, these spun-off subsidiaries will experience positive change in their market performance. Our interaction effect also shows that if board members are offered more shares on the top of their industry experience, the change in market performance will be stronger

The Market Success of Corporate Spin-offs: Do CEO External Directorships, Age, and Their Interactions Matter?

Corporate spin-offs have been a major “preferred” restructuring technique in the previous couple decades in the U.S. This corporate transaction aims to create value for both divesting firm and its subsidiary. This study examines an understudied interaction of CEO external directorships and age (as well as their direct effects) in the strategy literature on the change in market valuation of spun-off subsidiaries. By drawing our cases from the SDC Platinum database, we identified 138 completed corporate U.S. spin-offs that took place between 2000 and 2014. Our empirical analysis indicates that the number of CEO external directorships as well as having a younger CEO positively and significantly affect the change in market valuation. In addition, our interaction effect shows significant results. Grounded in the upper echelons and resource dependence theories, this study contributes to the corporate governance literature in terms of understanding whether two particular CEO characteristics and their interactions hold a great deal of importance for spun-off subsidiaries’ market performance. From the perspective of managerial implications, this study suggests that having a younger CEO along with holding many external directorships will help these spun-off subsidiaries much better perform in the market

The Market Success of Corporate Spin-offs: Do CEO External Directorships, Age, and Their Interactions Matter?

Corporate spin-offs have been a major “preferred” restructuring technique in the previous couple decades in the U.S. This corporate transaction aims to create value for both divesting firm and its subsidiary. This study examines an understudied interaction of CEO external directorships and age (as well as their direct effects) in the strategy literature on the change in market valuation of spun-off subsidiaries. By drawing our cases from the SDC Platinum database, we identified 138 completed corporate U.S. spin-offs that took place between 2000 and 2014. Our empirical analysis indicates that the number of CEO external directorships as well as having a younger CEO positively and significantly affect the change in market valuation. In addition, our interaction effect shows significant results. Grounded in the upper echelons and resource dependence theories, this study contributes to the corporate governance literature in terms of understanding whether two particular CEO characteristics and their interactions hold a great deal of importance for spun-off subsidiaries’ market performance. From the perspective of managerial implications, this study suggests that having a younger CEO along with holding many external directorships will help these spun-off subsidiaries much better perform in the market

System Identification and Control of Front-Steered Ackermann Vehicles through Differentiable Physics

In this paper, we address the problem of system identification and control of a front-steered vehicle which abides by the Ackermann geometry constraints. This problem arises naturally for on-road and off-road vehicles that require reliable system identification and basic feedback controllers for various applications such as lane keeping and way-point navigation. Traditional system identification requires expensive equipment and is time consuming. In this work we explore the use of differentiable physics for system identification and controller design and make the following contributions: i)We develop a differentiable physics simulator (DPS) to provide a method for the system identification of front-steered class of vehicles whose system parameters are learned using a gradient-based method; ii) We provide results for our gradient-based method that exhibit better sample efficiency in comparison to other gradient-free methods; iii) We validate the learned system parameters by implementing a feedback controller to demonstrate stable lane keeping performance on a real front-steered vehicle, the F1TENTH; iv) Further, we provide results exhibiting comparable lane keeping behavior for system parameters learned using our gradient-based method with lane keeping behavior of the actual system parameters of the F1TENTH.Comment: Accepted for IROS 202

VACCINATION PRACTICES OF ADULT FAMILIAL MEDITERRANEAN FEVER PATIENTS IN TURKEY.

[Abstract Not Available

Astronomical Site Selection for Turkey Using GIS Techniques

A site selection of potential observatory locations in Turkey have been carried out by using Multi-Criteria Decision Analysis (MCDA) coupled with Geographical Information Systems (GIS) and satellite imagery which in turn reduced cost and time and increased the accuracy of the final outcome. The layers of cloud cover, digital elevation model, artificial lights, precipitable water vapor, aerosol optical thickness and wind speed were studied in the GIS system. In conclusion of MCDA, the most suitable regions were found to be located in a strip crossing from southwest to northeast including also a diverted region in southeast of Turkey. These regions are thus our prime candidate locations for future on-site testing. In addition to this major outcome, this study has also been applied to locations of major observatories sites. Since no goal is set for \textit{the best}, the results of this study is limited with a list of positions. Therefore, the list has to be further confirmed with on-site tests. A national funding has been awarded to produce a prototype of an on-site test unit (to measure both astronomical and meteorological parameters) which might be used in this list of locations.Comment: 17 pages, 10 figures, accepted by Experimental Astronom

Using Geographic Information Systems and Multi-Criteria Decision Analysis to Determine Appropriate Locations for Rainwater Harvesting in Erbil Province, Iraq

Water scarcity is a prominent consequence of global climate change, presenting a significant challenge to the livelihoods of wide parts of the world, particularly in arid and semi-arid regions. This study focuses on Erbil Province in Iraq, where the dual effects of climate change and human activity have significantly depleted water resources in the past two decades. To address this challenge, rainwater harvesting (RWH) is explored as a viable solution. The purpose of this study is to make a suitability zone map that divides the study area into several classes based on the features of each area and its ability to collect rainwater. The map will then be used to find the best place to build different RWH structures. Seven different layers are used to make the RWH suitability zone map: rainfall, runoff, land use/cover (LU/LC), soil texture, slope, drainage density, and the Topographic Wetness Index (TWI). Each layer was assigned specific weights through the Analytical Hierarchy Process (AHP), considering its relevance to RWH. Results revealed four suitability classes: very highly suitable 1583.25 km2 (10.67%), highly suitable 4968.55 km2 (33.49%), moderately suitable 5295.65 km2 (35.69%), and lowly suitable 2989.66 km2 (20.15%). Notably, the suitability map highlights the northern and central regions as particularly suitable for RWH. Furthermore, the study suggested three suitable locations for constructing medium dams, six for check dams, and twenty-seven for farm ponds, according to the requirements of each type. These findings provide valuable insights for the strategic planning and effective management of water resources in the study area, offering potential solutions to the pressing challenges of water scarcit