The financing behavior of Dutch firms

This paper investigates the financing behaviour of Dutch firms by testing whether a firm’s financing decisions are determined by certain factors identified in various theories. Since a firm’s financing decision is reflected in the changes of its leverage, our research focuses on the relationship between a firm’s debt ratio change and the changes in certain factors. The approach used in the paper is the structural equation modeling (SEM) technique. The model identifies various important factors that are related to Dutch firms’ financing decisions. The empirical results provide moderate support for the static trade-off theory, the pecking-order hypothesis, as well as the dynamic capital structure model. However, our data set is insuffi- cient to confirm the static trade-off theory, and our results provide little evidence to back the asymmetric information argument behind the pecking-order hypothesis.

The determinants of Dutch capital structure choice

This paper uses the structural equation modeling (SEM) technique to empirically test the determinants of capital structure choice for Dutch firms. We include major factors identified by capital structure theories and construct proxies for these factors with consideration of specific institutional settings in the Netherlands. We also carefully rescale the observed variables in order to conform with the linear structure of the model and the multivariate normality assumption. Our empirical results shed many important insights on Dutch firms’ financing behavior. In particular, we identified important factors that have so far been ignored in the literature for the Dutch capital structure choice. Furthermore our results provide evidence supporting the “static trade-off" hypothesis. While the “pecking-order" behavior is observed for Dutch firms, our results cast doubt on the rationale of asymmetric information behind the “pecking-order" hypothesis. We also point out that the static cross-section evidence is not sufficient to conclude whether or not the management of Dutch firms is entrenched. Models based on the dynamic behavior of firms’ capital structure choice are called for such tests.

The determinants of capital structure: evidence from Dutch panel data

This paper studies the determinants of capital structure choice of Dutch firms. Our main objective is to investigate whether and to what extent the main capital structure theories can explain capital structure choice of Dutch firms. A better understanding of the capital structure determinants in a rela-tively small yet open industrialized economy is essential not only for enrich-ing empirical studies in this field, but also for the purpose of cross country asset evaluation. By estimating a panel data model explaining both the ab-solute level of leverage with respect to various factors and the year-to-year changes in leverage with respect to the changes of various factors, we find evidence suggesting the relevance of the pecking order hypothesis in ex-plaining the financing choice of Dutch firms, which implies the importance of asymmetric information models in explaining capital structure choice of Dutch firms. We argue that factors based on agency costs and corporate con-trol considerations are relatively unimportant for the Dutch case.

The Value of Transportation for Improving the Quality of Life of the Rural Elderly

When an elderly individual living in a rural community is no longer able to drive, issues that come with living in an isolated area (i.e. limited access to health and personal services, distance between home and town centers) are exaggerated and the individual may experience a decrease in their quality of life. Public transportation that supports elderly individuals may be an important issue for rural communities to consider in creating an aging-friendly community and maintaining quality of life for residents who are no longer able to drive. The purpose of this research is to obtain an understanding of opinions about public transportation for the elderly held by rural county residents and their WTP for transportation options through an additional vehicle registration fee. To achieve this objective, a survey with choice experiments was distributed to residents in Atascosa and Polk County, Texas in September 2011. Researchers employed a conditional logit model to analyze the choice survey data and examine county residents’ WTP for various transportation options. The results of this study provide public transportation managers insights into the attributes taxpayers expect in transportation routes and programs.Elderly Transportation, Rural Transportation, Rural Elderly, Rural Quality of Life, Community/Rural/Urban Development,

In vitro and in vivo studies of the trypanocidal properties of WRR-483 against Trypanosoma cruzi.

BackgroundCruzain, the major cysteine protease of Trypanosoma cruzi, is an essential enzyme for the parasite life cycle and has been validated as a viable target to treat Chagas' disease. As a proof-of-concept, K11777, a potent inhibitor of cruzain, was found to effectively eliminate T. cruzi infection and is currently a clinical candidate for treatment of Chagas' disease.Methodology/principal findingsWRR-483, an analog of K11777, was synthesized and evaluated as an inhibitor of cruzain and against T. cruzi proliferation in cell culture. This compound demonstrates good potency against cruzain with sensitivity to pH conditions and high efficacy in the cell culture assay. Furthermore, WRR-483 also eradicates parasite infection in a mouse model of acute Chagas' disease. To determine the atomic-level details of the inhibitor interacting with cruzain, a 1.5 A crystal structure of the protease in complex with WRR-483 was solved. The structure illustrates that WRR-483 binds covalently to the active site cysteine of the protease in a similar manner as other vinyl sulfone-based inhibitors. Details of the critical interactions within the specificity binding pocket are also reported.ConclusionsWe demonstrate that WRR-483 is an effective cysteine protease inhibitor with trypanocidal activity in cell culture and animal model with comparable efficacy to K11777. Crystallographic evidence confirms that the mode of action is by targeting the active site of cruzain. Taken together, these results suggest that WRR-483 has potential to be developed as a treatment for Chagas' disease