Linking Market Capitalisation and Voting Pattern in Corporate Meetings

[Abstract] This research seeks to investigate the connection between market capitalisation and the voting pattern related to proposals about executive compensation and directors’ election, using data about banks from the U.S.A. concerning the 2003–2013 period. Our findings indicate that there is a direct relationship between voting pattern and market capitalisation, suggesting that they are mutually interdependent. When the market value of the bank increases (decreases), the support given by shareholders through their votes in meetings increases (decreases) as well. Also, when the approval showed by shareholders to managerial proposals through their voting decisions gets higher (lower), the market value of the bank gets higher (lower) to

Financial Development and Standardized Reporting: A Comparison Among Developed, Emerging, and Frontier Markets

[Abstract] This study explores the influence of a country's financial development on the adherence of its companies to standardized reporting by comparing developed, emerging, and frontier markets. The results show that only high-income developed or emerging markets present a high number of companies committed to standardized reporting, although the conditions that lead to that outcome differ. Thus, a high level of institutional depth is the only necessary condition for developed markets, whereas for emerging markets, the results are more diverse and demanding. Both institutional depth and institutional efficiency could work, but two outstanding indicators of financial development are necessary. Therefore, emerging markets need stronger institutional support to deal with more areas of financial development; however, they also have multiple chances to achieve the outcome

Le potentiel economique du capital risque confronte a sa realite Une analyse appliquee a la region 'Saar-Lor-Lux'

Available at INIST (FR), Document Supply Service, under shelf-number : DO 797 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueSIGLEFRFranc

Les motivations strategiques explicites des offres publiques d'achat et d'echange en France de 1970 a 1990

Available at INIST (FR), Document Supply Service, under shelf-number : DO 3237 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueSIGLEFRFranc

Les motivations strategiques explicites de l'introduction sur le second marche boursier

Available at INIST (FR), Document Supply Service, under shelf-number : DO 3596 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueSIGLEFRFranc

The Effect of National Culture on the Role of Participation in Different Task Situations.

Prior studies primarily in Anglo-American and Asian cultural settings have found that budgetary participation interacts with reliance on accounting performance measures and task situations to affect managerial attitudes. Researchers have questioned if such findings can also be found in different cultural environments. As France has a high power distance and high individualism culture which is different from those of both the Anglo-American and Asian nations, this study investigates if such cultural differences may affect the findings of prior studies. Based on a sample of 44 French managers, the results indicate a similar significant three-way interaction effect. However, they also indicate that French managers have low levels of budgetary participation. Participation also has an insignificant effect on managers' job satisfaction in high task difficulty situations. These results are contrary to those of prior studies in Anglo-American and Asian cultural settings and may have important implications for the study of cultural effects on management control systems.6 page(s

High Risk of Anal and Rectal Cancer in Patients With Anal and/or Perianal Crohn’s Disease

International audienceBackground & AimsLittle is known about the magnitude of the risk of anal and rectal cancer in patients with anal and/or perineal Crohn’s disease. We aimed to assess the risk of anal and rectal cancer in patients with Crohn’s perianal disease followed up in the Cancers Et Surrisque Associé aux Maladies Inflammatoires Intestinales En France (CESAME) cohort.MethodsWe collected data from 19,486 patients with inflammatory bowel disease (IBD) enrolled in the observational CESAME study in France, from May 2004 through June 2005; 14.9% of participants had past or current anal and/or perianal Crohn’s disease. Subjects were followed up for a median time of 35 months (interquartile range, 29–40 mo). To identify risk factors for anal cancer in the total CESAME population, we performed a case-control study in which participants were matched for age and sex.ResultsAmong the total IBD population, 8 patients developed anal cancer and 14 patients developed rectal cancer. In the subgroup of 2911 patients with past or current anal and/or perianal Crohn’s lesions at cohort entry, 2 developed anal squamous-cell carcinoma, 3 developed perianal fistula–related adenocarcinoma, and 6 developed rectal cancer. The corresponding incidence rates were 0.26 per 1000 patient-years for anal squamous-cell carcinoma, 0.38 per 1000 patient-years for perianal fistula–related adenocarcinoma, and 0.77 per 1000 patient-years for rectal cancer. Among the 16,575 patients with ulcerative colitis or Crohn’s disease without anal or perianal lesions, the incidence rate of anal cancer was 0.08 per 1000 patient-years and of rectal cancer was 0.21 per 1000 patient-years. Among factors tested by univariate conditional regression (IBD subtype, disease duration, exposure to immune-suppressive therapy, presence of past or current anal and/or perianal lesions), the presence of past or current anal and/or perianal lesions at cohort entry was the only factor significantly associated with development of anal cancer (odds ratio, 11.2; 95% CI, 1.18-551.51; P = .03).ConclusionsIn an analysis of data from the CESAME cohort in France, patients with anal and/or perianal Crohn’s disease have a high risk of anal cancer, including perianal fistula–related cancer, and a high risk of rectal cancer