Corporate Governance and the Value of Excess Cash Holdings of Large European Firms

We examine the relation between the quality of corporate governance and the value of excess cash for large European firms (FTSEurofirst 300 Index). We use Deminor ratings for Shareholder rights, Takeover defences, Disclosure and Board as proxies for the quality of corporate governance. We find that the value of excess cash is positively related to the Takeover defences score only. It seems that governance mechanisms—except the market for corporate control—are not strong enough to prevent managers from wasting excess cash. For non-UK firms we find that the value of €1 of excess cash in a poorly governed firm is valued at only €0.89 while the value is €1.45 for a good governed firm. We show that poorly governed firms dissipate excess cash relatively quickly with a negative impact on their operating performance as a result.corporate governance;excess cash;take-over defences

Corporate Governance and the Value of Excess Cash Holdings of Large European Firms

We examine the relation between the quality of corporate governance and the value of excess cash for large European firms (FTSEurofirst 300 Index). We use Deminor ratings for Shareholder rights, Takeover defences, Disclosure and Board as proxies for the quality of corporate governance. We find that the value of excess cash is positively related to the Takeover defences score only. It seems that governance mechanisms—except the market for corporate control—are not strong enough to prevent managers from wasting excess cash. For non-UK firms we find that the value of €1 of excess cash in a poorly governed firm is valued at only €0.89 while the value is €1.45 for a good governed firm. We show that poorly governed firms dissipate excess cash relatively quickly with a negative impact on their operating performance as a result

Entropic effects on the Size Evolution of Cluster Structure

We show that the vibrational entropy can play a crucial role in determining the equilibrium structure of clusters by constructing structural phase diagrams showing how the structure depends upon both size and temperature. These phase diagrams are obtained for example rare gas and metal clusters.Comment: 5 pages, 3 figure

A christian cancellation of the secularist truce? Waning christian religiosity and waxing religious deprivatization in the west

Analysis of International Social Survey Program (ISSP) data collected in 18 Western countries in 1998 demonstrates that Christian desires for a public role of religion are strongest in countries where Christian religiosity is numerically most marginal. Moreover, Dutch data covering the period 1970-1996 confirm that the decline of the number of Christians in the Netherlands has been coincided by a strengthening of the call for public religion among the remaining faithful and by increased polarization about this with the nonreligious. Religious decline and religious privatization, two of the most crucial dimensions of secularization (Casanova 1994), hence develop dialectically: as the number of Christians declines, the remaining faithful seem increasingly unwilling to accept the " secularist truce" -the secularist contract that guarantees religious freedom yet bans religion from the public sphere by relegating it to the private realm

Dialectiek van secularisering: Hoe de afname van christelijke religiositeit samengaat met een sterkere nadruk op haar publieke belang in achttien westerse landen

In dit artikel wordt onderzocht of twee centrale aspecten van secularisering hand in hand gaan: een afname van het aantal christenen en een toenemende privatisering van het christelijk geloof. Via een analyse van gegevens over achttien westerse landen en voor Nederland over de periode van 1970 tot 1996 laat dit artikel zien dat afnemende christelijke kerkelijkheid opmerke

Christian Religion in the West: Privatization or Public Revitalization?

1. Introduction “After nearly three centuries of utterly failed prophesies and misrepresentations of both present and past, it seems time to carry the secularization doctrine to the graveyard of failed theories, and there to whisper ‘requiescat in pace’” (Stark 1999: 269). Stark’s words, published just before the turn of the century, may count on much approval among sociologists of religion today. Secularization theory has been discredited because of its inability to account for religious change in the modern world (e.g., Berger, 1999; Heelas and Woodhead, 2005; Houtman and Mascini, 2002) and because of its sheer broadness and lack of specificity, as emphasized by Hadden (1987: 587), for instance, when he noted that it is a “hotchpotch of loosely employed ideas rather than a systematic theory”. Secularization theory’s two principal subtheses, the ‘decline-of-religion thesis’ and the ‘privatization thesis’ (Casanova, 1994), have both become increasingly contested and recent research even suggests that these two aspects of secularization may develop in a remarkably uneven way. That idea is put forward by Achterberg et al. (2009), who point out that the decline of Christian religion in the West spawns its public revitalization rather than its further privatization. This paper elaborates on this by assessing the empirical merits of two objections that suggest that these recent findings may after all not contradict the established notion that religious decline and religious privatization occur in tandem

Telephone delivered incentives for encouraging adherence to supervised methadone consumption (TIES): study protocol for a feasibility study for an RCT of clinical and cost effectiveness

The majority of people receiving treatment for their heroin addiction, are prescribed methadone; for which there is an extensive evidence base. When treatment starts, people take their daily dose of methadone under supervision at a community pharmacy. Supervision guarantees methadone is taken as directed by the individual for whom it has been prescribed, helps to ensure individuals take their correct dose every day, and safeguards against diversion and overdose. However, individuals often fail to attend the pharmacy to take their methadone. Each missed dose is of concern. If a patient misses their daily dose of methadone, they will start to experience opiate withdrawal and cravings and are more likely to use heroin. If they miss three days dose, there are concerns that they may lose tolerance to the drug and may be at risk of overdose when the next dose is taken. Hence there is an urgent need to develop effective interventions for medication adherence. Research suggests that incentive-based medication adherence interventions may be very effective, but there are few controlled trials and the provision of incentives requires time and organisational systems which can be challenging in pharmacies. The investigators have developed the technology to deliver incentives by mobile telephone. This cluster randomised trial will test the feasibility of conducting a future trial evaluating the clinical and cost effectiveness of using telephone delivered incentives (praise and modest financial rewards via text messaging) to encourage adherence with supervised consumption of methadone in community pharmacies. Three drug services (each with two or three community pharmacies supervising methadone consumption that will enrol 20 individuals, a total of 60 participants) will be recruited and randomly allocated to deliver either i) telephone delivered incentives, ii) telephone delivered reminders or iii) no telephone system. Acceptability, recruitment, follow-up, and suitable measures of clinical and cost effectiveness will be assessed. Findings from this feasibility study will be assessed against stated progression criteria and used to inform a future confirmatory trial of the clinical and cost effectiveness of telephone delivered incentives to encourage medication adherence. ISRCTN58958179 (retrospectively registered). [Abstract copyright: © 2019 Published by Elsevier Inc.