The Role of Self-Regulation in Corporate Governance

This paper assesses the effectiveness of self-regulation to promote investor interests. TheNetherlands provides an excellent opportunity to gather such evidence for two reasons. First,characteristics of the Dutch corporate governance structure have made it the recent focus ofattention by the European Union, the International Monetary Fund and countries (e.g., Korea)when deliberating issues of corporate governance. Second, during the period 1996-1998, aprivate sector initiative was undertaken to promote change in the balance of power betweenmanagement and investors. Not surprisingly, the United States Securities and ExchangeCommission has closely followed the Dutch "experiment" in self-regulation. We begin byidentifying corporate governance characteristics that are linked to firm value. We thencompare corporate governance characteristics and the relation between firm value and thesecharacteristics before and after the private sector initiative. We find that therecommendations of the private sector initiative had no substantive effect on corporategovernance characteristics or their relationship with firm value. Using event study techniqueswe document the market's skepticism about the successful evolution of corporate governancepractices in the Netherlands through self-regulation. The one exception to this generalconclusion is the market for new listings. Overall, our results confirm the importance ofshareholder voting rights, and who controls these rights, when considering the design of asuccessful self-regulation process.corporate governance;law and economics;financial economics;International economics

The Role of Self-Regulation in Corporate Governance: Evidence from the Netherlands

The purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when) market forces alone are sufficient to prompt change, and whether (and when) additional legal/political actions are required to write and enforce contracts between the owners and managers of capital.The Netherlands provides an excellent opportunity to gather such information.In 1996, a private sector Committee was formed to initiate debate and change in the balance of power between a company's management and investors.In 1997, the Committee issued its recommendations and one year later the Committee initiated a project to assess the impact of the report.We identify the corporate governance variables that are linked to firm value and assess the impact of the committee's recommendations on the identified variables.Finally, we use event study techniques to assess investors reactions to the various events associated with the evolution of corporate governance practices in the Netherlands during this period.international economics;financial economics;law and economics;corporate governance

The Role of Self-Regulation in Corporate Governance

This paper assesses the effectiveness of self-regulation to promote investor interests. The Netherlands provides an excellent opportunity to gather such evidence for two reasons. First, characteristics of the Dutch corporate governance structure have made it the recent focus of attention by the European Union, the International Monetary Fund and countries (e.g., Korea) when deliberating issues of corporate governance. Second, during the period 1996-1998, a private sector initiative was undertaken to promote change in the balance of power between management and investors. Not surprisingly, the United States Securities and Exchange Commission has closely followed the Dutch "experiment" in self-regulation. We begin by identifying corporate governance characteristics that are linked to firm value. We then compare corporate governance characteristics and the relation between firm value and these characteristics before and after the private sector initiative. We find that the recommendations of the private sector initiative had no substantive effect on corporate governance characteristics or their relationship with firm value. Using event study techniques we document the market's skepticism about the successful evolution of corporate governance practices in the Netherlands through self-regulation. The one exception to this general conclusion is the market for new listings. Overall, our results confirm the importance of shareholder voting rights, and who controls these rights, when considering the design of a successful self-regulation process

Precision and manufacturing at the Lawrence Livermore National Laboratory

Precision Engineering is one of the Lawrence Livermore National Laboratory's core strengths. This paper discusses the past and present current technology transfer efforts of LLNL's Precision Engineering program and the Livermore Center for Advanced Manufacturing and Productivity (LCAMP). More than a year ago the Precision Machine Commercialization project embodied several successful methods of transferring high technology from the National Laboratories to industry. Currently, LCAMP has already demonstrated successful technology transfer and is involved in a broad spectrum of current programs. In addition, this paper discusses other technologies ripe for future transition including the Large Optics Diamond Turning Machine

Small Schools: Great Strides, A Study of New Schools in Chicago

This book documents a two-year study and analysis of small schools in Chicago. Using a mixed-method study, gathering both quantitative and qualitative data, the research serves to compare results to previous studies of small urban schools.The study examines the effects of small schools on students, parents, teachers, and community members. Both previous and current research suggest that small school size is correlated with an increase in student attendance, performance, and better sense of community overall.https://educate.bankstreet.edu/books/1022/thumbnail.jp

NASA ESDIS Employs the Latest Generation Web Analytics Tool

Under the auspices of NASA's Earth Observing System Data and Information System (EOSDIS), The Earth Science Data and Information System (ESDIS) Project distributes science data to a wide community of users through its Distributed Active Archive Centers (DAACs). Much of this data is made available via interactive websites - which involve links, downloads, on page interaction, and referrals to additional online pages. To meet the earth science data and information needs of many data users representing numerous different science domains, over 80 specialized websites are supported by multiple distributed organizations under the ESDIS umbrella

Musicians’ perceptions and experiences of using simulation training to develop performance skills

Simulation has been applied as a tool for learning and training in sports, psychology and medicine for some time, but its current use and potential for training musicians is less well understood. The aim of this study was to explore musicians’ perceptions and experiences of using simulated performance environments. Nine conservatory students performed in two simulations, each with interactive virtual elements and vivid environmental cues: a recital with a virtual audience and an audition with virtual judges. Qualitative data were collected through a focus group interview and written reflective commentaries. Thematic analysis highlighted the musicians’ experiences in terms of (1) their anticipation of using the simulations, (2) the process of performing in the simulations, (3) the usefulness of simulation as a tool for developing performance skills and (4) ways of improving simulation training. The results show that while simulation was new to the musicians and individual levels of immersion differed, the musicians saw benefits in the approach for developing, experimenting with and enhancing their performance skills. Specifically, the musicians emphasised the importance of framing the simulation experience with plausible procedures leading to and following on from the performance, and they recognised the potential for combining simulation with complementary training techniques

A preliminary comparison study of burnout and engagement in performance students in Australia, Poland and the UK

While there is a growing body of research concerning the well-being of music students, burnout and engagement remain largely unexplored. Likewise, cross-national variations in approaches to music education, and different educational experiences of men and women may influence burnout and engagement. This preliminary study aimed to inform further research by establishing the levels of, and exploring cross-national and sex differences in burnout and engagement in music performance students at conservatoires in Australia, Poland and the UK (n = 331). Self-reported levels of burnout were, typically, low to moderate. Nevertheless, one in ten students reported symptoms such that they could be classified as burned out. Australian and UK students displayed more burnout than students in Poland, although Australian students reported lower levels of reduced sense of accomplishment than Polish and UK students. Self-reported engagement was, typically, moderate to high. Students in Poland reported higher levels of engagement than those in the UK. Women displayed higher levels of global burnout and emotional/physical exhaustion, while men reported lower levels of reduced sense of accomplishment. Further research on burnout and engagement could build on this investigation to gain a better understanding of their impact and the influence of the educational experience on students’ music-related well-being