Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

This paper examines the relation between cash-flow availability and investment spending in theNetherlands. In particular, we are interested whether managerial discretion and/or asymmetricinformation drive the positive relation between cash-flow and investment spending. This relation ispositive for both firms with low and high investment opportunities. It is however significantly larger forfirms with low investment opportunities suggesting that the managerial-discretion problem is mostimportant in the Dutch setting. Effective corporate-governance may reduce this agency problem.Specific to the Netherlands, firms with low shareholder influence posit a higher cash-flow-investmentsensitivity. The relevance of asymmetric information is confirmed as smaller firms and firms frominformation-sensitive industries show a larger cash-flow-investment sensitivity.The Netherlands;asymmetric information;Investment;financial constraints;managerial discretion

Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

This paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation is positive for both firms with lo

Fractionation of lead in soil by isotopic dilution and sequential extraction

‘Reactivity’ or ‘lability’ of lead is difficult to measure using traditional methods. We investigated the use of isotopic dilution with 204Pb to determine metal reactivity in four soils historically contaminated with contrasting sources of Pb, including (i) petrol-derived Pb, (ii) Pb/Zn minespoil, (iii) long-term sewage sludge application and (iv) 19th century urban waste disposal; total soil Pb concentrations ranged from 217 to 13 600 mg kg–1. A post-spike equilibration period of 3 days and suspension in 5.0 × 10–4 M ethylenediaminetetraacetic acid provided reasonably robust conditions for measuring isotopically exchangeable Pb. However, in acidic organic soils a dilute Ca(NO3)2 electrolyte may be preferable to avoid mobilisation of ‘non-labile’ Pb. Results showed that the reactive pool of soil Pb can be a large proportion of the total soil lead content but varies with the original Pb source. A comparison of isotopic exchangeability with the results of a sequential extraction procedure showed that (isotopically) ‘non-labile’ Pb may be broadly equated with ‘residual’ Pb in organic soils. However, in mineral soils the ‘carbonate’ and ‘oxide-bound’ Pb fractions included non-labile forms of Pb. The individual isotopic signatures of labile and non-labile Pb pools suggested that, despite prolonged contact with soil, differences between the lability of the original contaminant and the native soil Pb may remain

Botulinum toxin type A in the prophylactic treatment of chronic tension-type headache: A multicentre, double-blind, randomized, placebo-controlled, parallel-group study

We studied the safety and efficacy of 0 U, 50 U, 100 U, 150 U (five sites), 86 Usub and 100 Usub (three sites) botulinum toxin type A (BoNTA; BOTOX); Allergan, Inc., Irvine, CA, USA) for the prophylaxis of chronic tension-type headache (CTTH). Three hundred patients (62.3% female; mean age 42.6 years) enrolled. For the primary endpoint, the mean change from baseline in the number of TTH-free days per month, there was no statistically significant difference between placebo and four BoNTA groups, but a significant difference favouring placebo vs. BoNTA 150 was observed (4.5 vs. 2.8 tension headache-free days/month; P = 0.007). All treatment groups improved at day 60. Although efficacy was not demonstrated for the primary endpoint, at day 90, more patients in three BoNTA groups had \u3eor=50% decrease in tension headache days than did placebo (

Yolk sac tumor of the ovary

Background: A 10-year-old girl presented to the emergency department with acute abdominal pain in the right fossa. There was no known previous medical history. She had a fever up to 38,4°C without any complaints of nausea, vomiting or diarrhea

Mass in the back as manifestation of neurofibromatosis type 2

Background: A 13-year-old boy was referred for MR imaging of the thoracolumbar spine to further differentiate a spindle shaped hyporeflective soft tissue mass in the back seen on ultrasonography (not shown) most characteristic for a lipoma. After a closer look at the medical history we learn that the boy is known since the age of 7 with a problem of paresis with atrophy of the left arm. An earlier MR examination of the thoracic outlet showed bilateral soft tissue masses interpreted as diffuse thickening of the plexus brachialis nerves, thus explaining the patient’s complaints, without however a clear etiology being withheld. One year ago a new small mass was excised from the boy’s lip. Anatomopathological analysis revealed an interesting diagnosis: submucosal neurofibroma. Now putting these at first apparently independent events in a greater context, we decided to also realize a MR examination of the brain

Improving the efficacy of selenium fertilizers for wheat biofortification

© 2019, The Author(s). Increasing the selenium (Se) concentration of staple crops by fertilization is a valuable pathway to increase Se in the human diet, thus preventing Se deficiency. A pot trial was set up to investigate whether the application of 3.33 µg kg−1 of Se (equivalent to 10 g ha−1) to wheat can be made more efficient by its co-application with macronutrient carriers, either to the soil or to the leaves. In the soil, Se was applied either on its own (selenate only) or as a granular, Se-enriched macronutrient fertilizer supplying nitrogen, phosphorus, potassium or sulfur. Selenium was also applied to leaves at head emergence with, or without, 2% w/v N fertilizers. With grain Se concentrations varying from 0.13–0.84 mg kg−1, soil application of selenate-only was 2–15 times more effective than granular Se-enriched macronutrient fertilizers in raising grain Se concentrations. Co-application of foliar Se with an N carrier doubled the Se concentration in wheat grains compared to the application of foliar Se on its own, the majority of which was in the highly bioavailable selenomethionine fraction. Results from this study demonstrate the possibility of improving the efficacy of Se fertilizers, which could enrich crops with Se without additional application costs in the field

Duplicated Orders, Swift Cancellations, and Fast Market Making in Fragmented Markets

Employing unique data from 91 stocks trading on their primary exchanges and three alternative venues, we show that limit orders are duplicated across competing venues as a result of cross-venue market-making strategies, leading to swift cancellation of duplicate orders after one of them is filled. This Duplicated-then-Canceled Liquidity is predominantly used by high-frequency traders when their inventories are not excessive. It reduces the execution costs of fast traders on alternative venues. It however has some adverse impact on execution costs on primary exchanges but those negative effects fail to outweigh the liquidity benefits of market fragmentation

How Do Laws and Institutions Affect Recovery Rates for Collateral?

Using unique internal bank data on ex ante appraised liquidation and market values of assets pledged as collateral in sixteen countries, we show that laws and institutions that strengthen creditor protection increase expected recovery rates for collateral. Stronger creditor protection increases expected recovery rates for movable collateral relative to immovable collateral and shifts the composition of collateral toward movable assets, thereby increasing debt capacity through both higher loan-to-values and attenuating the creditor's liquidation bias. Our results suggest that the recovery rate for collateral is an important first-stage mechanism through which creditor protection can improve contracting efficiency and enhance access to credit