Cross-listing in the U.S. and domestic investor protection

Using the change in ordinary dividend payout as a proxy for improved governance, I show that cross-listing in the U.S. is associated with enhanced protection for the minority ordinary shareholders of exchange listed non-U.S. firms. These firms substitute dividends for enhanced governance. I find no such effect for Rule 144a firms. Interestingly, I document evidence inconsistent with the legal bonding hypothesis for Level 1 firms. I believe that their ability to pay lower dividends post-listing is primarily due to their ability to credibly commit to fair treatment of thek minority investors, given their record for equitable treatment of their ordinary shareholders. They achieve this reputation by consistently paying out a sizable proportion of their earnings as dividends. I find that the firm-level governance of Level 1 firms, as measured by the number of closely held shares improves in the post-listing period. I find no such effect for Rule 144a traded firms. My results also have important implications for the agency models of dividends.Cross-listing, legal bonding, dividend policy

Is there a cross listing premium for non-exchange traded depositary receipts?

In this paper, I examine the valuation effects of trading in the U.S. as non-exchange issues i.e. Level 1 and 144 firms for non-U.S. firms. The study is motivated by two facts; first, while the number of new Level 2/3 issues has fallen 2001, Level 1 issues have remained an attractive listing option for non-U.S. firms. Second, while on theoretical grounds, firms from low-disclosure regimes have most to gain from exchange listing; these firms tend to list in the U.S. as non-exchange issues. Here, I examine whether the continuing attractiveness of, and the tendency of firms to choose a Level l/144a listing is value enhancing. My results suggest that the tendency on the part of firms from low-disclosure regimes to choose non-exchange issues is justified. Relative to their high-disclosure peers, these firms tend to gain most from trading in the U.S. However, for Rule 144a issues, the valuation gains are short-lived.Cross listing, Level 1, Rule 144a, Tobin's q

The relationship between entrapment and suicidal behavior through the lens of the integrated motivational-volitional model of suicidal behavior

Suicide and suicidal behavior are major public health concerns. As a result, a number of psychological models have been developed to better understand the emergence of suicidal ideation and suicide attempts. One such model is the integrated motivational–volitional model, a tri-partite model of suicidal behavior, which posits that entrapment is central to the final common pathway to suicide. In this review, we summarize the extant research evidence for the relationship between entrapment and suicidal ideation and behavior. Although there is robust evidence for the relationship between entrapment and suicidal ideation and behavior, there are gaps in our knowledge. We discuss the clinical implications and suggest key directions for future research

Environmentally Friendly Renormalization

We analyze the renormalization of systems whose effective degrees of freedom are described in terms of fluctuations which are ``environment'' dependent. Relevant environmental parameters considered are: temperature, system size, boundary conditions, and external fields. The points in the space of \lq\lq coupling constants'' at which such systems exhibit scale invariance coincide only with the fixed points of a global renormalization group which is necessarily environment dependent. Using such a renormalization group we give formal expressions to two loops for effective critical exponents for a generic crossover induced by a relevant mass scale $g$. These effective exponents are seen to obey scaling laws across the entire crossover, including hyperscaling, but in terms of an effective dimensionality, d\ef=4-\gl, which represents the effects of the leading irrelevant operator. We analyze the crossover of an $O(N)$ model on a $d$ dimensional layered geometry with periodic, antiperiodic and Dirichlet boundary conditions. Explicit results to two loops for effective exponents are obtained using a [2,1] Pad\'e resummed coupling, for: the ``Gaussian model'' ($N=-2$), spherical model ($N=\infty$), Ising Model ($N=1$), polymers ($N=0$), XY-model ($N=2$) and Heisenberg ($N=3$) models in four dimensions. We also give two loop Pad\'e resummed results for a three dimensional Ising ferromagnet in a transverse magnetic field and corresponding one loop results for the two dimensional model. One loop results are also presented for a three dimensional layered Ising model with Dirichlet and antiperiodic boundary conditions. Asymptotically the effective exponents are in excellent agreement with known results.Comment: 76 pages of Plain Tex, Postscript figures available upon request from [email protected], preprint numbers THU-93/14, DIAS-STP-93-1

Studies of Stellar Collapse and Black Hole Formation with the Open-Source Code GR1D

We discuss results from simulations of black hole formation in failing core-collapse supernovae performed with the code GR1D, a new open-source Eulerian spherically-symmetric general-relativistic hydrodynamics code. GR1D includes rotation in an approximate way (1.5D) comes with multiple finite-temperature nuclear equations of state (EOS), and treats neutrinos in the post-core-bounce phase via a 3-flavor leakage scheme and a heating prescription. We chose the favored K_0 = 220 MeV-variant of the Lattimer & Swesty (1990) EOS and present collapse calculations using the progenitor models of Limongi & Chieffi (2006). We show that there is no direct (or “prompt”) black hole formation in the collapse of ordinary massive stars (8M_☉ ≲ M_(ZAMS) ≲ 100 M_☉) present first results from black hole formation simulations that include rotation

Geometry the Renormalization Group and Gravity

We discuss the relationship between geometry, the renormalization group (RG) and gravity. We begin by reviewing our recent work on crossover problems in field theory. By crossover we mean the interpolation between different representations of the conformal group by the action of relevant operators. At the level of the RG this crossover is manifest in the flow between different fixed points induced by these operators. The description of such flows requires a RG which is capable of interpolating between qualitatively different degrees of freedom. Using the conceptual notion of course graining we construct some simple examples of such a group introducing the concept of a ``floating'' fixed point around which one constructs a perturbation theory. Our consideration of crossovers indicates that one should consider classes of field theories, described by a set of parameters, rather than focus on a particular one. The space of parameters has a natural metric structure. We examine the geometry of this space in some simple models and draw some analogies between this space, superspace and minisuperspace.Comment: 16 pages of LaTex, DIAS-STP-92-3

The integrated motivational–volitional model of suicidal behaviour

Suicide is a major public health concern accounting for 800 000 deaths globally each year. Although there have been many advances in understanding suicide risk in recent decades, our ability to predict suicide is no better now than it was 50 years ago. There are many potential explanations for this lack of progress, but the absence, until recently, of comprehensive theoretical models that predict the emergence of suicidal ideation distinct from the transition between suicidal ideation and suicide attempts/suicide is key to this lack of progress. The current article presents the integrated motivational–volitional (IMV) model of suicidal behaviour, one such theoretical model. We propose that defeat and entrapment drive the emergence of suicidal ideation and that a group of factors, entitled volitional moderators (VMs), govern the transition from suicidal ideation to suicidal behaviour. According to the IMV model, VMs include access to the means of suicide, exposure to suicidal behaviour, capability for suicide (fearlessness about death and increased physical pain tolerance), planning, impulsivity, mental imagery and past suicidal behaviour. In this article, we describe the theoretical origins of the IMV model, the key premises underpinning the model, empirical tests of the model and future research directions