Universal banks and corporate control: Evidence from the global syndicated loan market

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance

O Papel das Prostaglandinas na Dinâmica do Tracto Urinário Inferior de Doentes Prostatectomizados: um Ensaio com Indometacina e Aspirina

Using 49 prostatectomized patients as experimental subjects, we studied the effects of Inclometnacin and acetylsalicylic acid — accredited prostaglandin synthetase inhibitors — from a urodynamic and clinical standpoint. Relevant urodynamic data was gathered 1 hr 30 mi after the patients had taken the drugs and placebo. Clinical results were further scrutinized after 8 days of treatment, at which time a new urodynamic workup was again performed on some patients. Results were again studied shortly after the end of treatment. The effect of the drugs on bladder and urethral structures was borne out by clear-ct!t clinical and urodynamic changes. After statistically analyzing such changes, we concluded that prostaglandin synthesis inhibition resulting in the inhibition of prostaglandin action had, at least in part, led to the changes noted. In the present report we shall discuss the role played by the highly complex mechanisms at work

Postgraduate Medical Teaching

Os autores afirmam a urgência em reestruturar o ensino medico pós-graduado em Portugal. De uma forma critica, analisam esquematicamente a situação actual do ensino médico pós-graduado em geral e da Urologia em particular, no nosso país. Depois de enunciar as etapas para atingir o internato da especialidade, resumem o Plano de preparação para a especialidade de Urologia do Conselho Directivo do Colégio de Urologistas da Ordem dos Médicos, de 1979. 0 Plano refere-se a tempos de estágio, programas teórico e prático, e formas de avaliação dos internos e aponta ainda as características para que um serviço seja considerado idóneo. Referindo que a realidade actual não corresponde às exigências preconizadas, os autores indicam aquilo que de facto acontece. Respondendo negativamente a uma série de questões sobre pontos fulcrais para uma prática correcta do ensino pós-graduado, os autores terminam a primeira parte da sua exposição perguntando se, nas condições actuais, o resultado final da preparação dos médicos será mesmo um Especialista. Na segunda parte fazem propostas para a reestruturação do ensino pós-graduado em Portugal. Referem-se sucessivamente as seguintes alíneas: criação de institutos ou escolas médicas hospitalares de pós graduação, universitários; elaboração de um programa padrão nacional do ensino médico pós-graduado; criação de comissões para o ensino médico pós-graduado; definição exigente do perfil de serviço idóneo para o ensino médico pós-graduado; elaboração de programas individuais pelos serviços dos institutos de pós-graduação; caderneta; fiscalização da actividade dos docentes e discentes; avaliação, contínua e por provas intercalar e final; mestrado. Dado o carácter auto-explicativo dos quadros, os autores, para além de alguns comentários, apenas desenvolvem as alíneas referentes aos Institutos ou Escolas Médicas de Pós-graduação, Universitários e ao Mestrado, expondo, duma maneira sucinta, a forma como pensam que deviam ser organizados

A code form game in a selection process

WOS:000455265500012The aim of this paper is to present, in the scope of game theory, a new games representation: the code form, consisting of a table which contains the whole information, without any suppression or “adulteration “with regards to the game. After the theoretical description, its application is exemplified in solving the problem of selecting a candidate up to his/her acceptance trough game theory. The originality this paper proposes is how this problem will be approached: it will be treated as a single game which is made up of two parts, going as far as to state that the payoffs in the first part of the game will be the mediators of the second part of the game, instead of using the stochastic dynamic programming approach. The solution of the problem using stochastic dynamic programming is also presented to highlight empirically the parallelism between the two modes of resolution.info:eu-repo/semantics/publishedVersio

Implementing and solving games with best payoff method

It is our intention, in this chapter, to propose and discuss the Best Payoff Method, a new method to resolve games. This is made exemplifying the application of the method to a pay raise voting game, that is a perfect information sequential game, without having yet formulated it, and then deploying the algorithm for its implementation. In the next examples we consider an imperfect information game and a game with random characteristics. We finish confronting the equilibrium concepts mentioned in this work: Subgame Perfect Nash Equilibrium, Nash Equilibrium, and Best Payoff Equilibrium through the formulation of some conjectures, and with a short conclusions section.info:eu-repo/semantics/acceptedVersio

Convex sets strict separation in the minimax theorem

The convex sets strict separation is very useful to obtain mathematical optimization results. The minimax theorem, a key result in Game Theory is an example. It will be outlined in this work.info:eu-repo/semantics/publishedVersio

Why a new representation model for games: the code form

The aim of this work is to present a representation model of games which will establish the characteristics of each game with complete rigour. This model is presented emphasizing applications of theory, as much or more than the theory itself due to thinking, on the one hand, that applications help understand theory, and on the other, that applications illustrate the process of model building. Thus, this model is intended to illustrate the full rigour games both in terms of information, and in terms of real time structure of the gamesinfo:eu-repo/semantics/publishedVersio

Indexing and active fund management: International evidence

Author's pre-printWe examine the relation between indexing and active management in the mutual fund industry worldwide. Explicit indexing and closet indexing by active funds are associated with countries’ regulatory and financial market environments. We find that actively managed funds are more active and charge lower fees when they face more competitive pressure from low-cost explicitly indexed funds. A quasi-natural experiment using the exogenous variation in indexed funds generated by the passage of pension laws supports a causal interpretation of the results. Moreover, the average alpha generated by active management is higher in countries with more explicit indexing and lower in countries with more closet indexing. Overall, our evidence suggests that explicit indexing improves competition in the mutual fund industry.Inquire Europe, European Research Counci

The long-term effects of foreign institutional ownership

Funding: European Research Council (ERC); Batten Institute; Batten Institute; Richard A. Mayo Center for Asset Management at Darden School of Business; Social Sciences and Humanities Research Council (SSHRC) of Canada. "Close funding text: the authors acknowledge financial support from the European Research Council (ERC), the Batten Institute and the Richard A. Mayo Center for Asset Management at the Darden School of Business, and the Social Sciences and Humanities Research Council (SSHRC) of Canada."This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. We find instead that greater foreign institutional ownership fosters long-term investment in fixed capital, innovation, and human capital. Foreign institutional presence also leads to a higher innovation productivity. We identify these effects by exploiting the exogenous variation in foreign institutional ownership that follows the addition of a stock to the MSCI World index. Our findings are explained by the disciplinary role of foreign institutions on lazy managers worldwide.authorsversionpublishe