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Brecailo, Helizander (Helizander de Oliveira). "Activist hedge funds." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/44443.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2008.Includes bibliographical references.
Hedge funds have played a significant role in shareholder activism in the U.S. They have appeared quite frequently in the media as the driving force behind changes in firms' management that generate higher returns on their investments. Nonetheless, many wonder whether they really bring long-term value and benefits to firms, stakeholders, or financial markets, or whether hedge funds net returns for their investments only. The purpose of this thesis, which is written as a case study based solely on public information, is to discuss the attributes of activist hedge funds and how they differ from corporate raiders and private equity firms. The case study then maps activists' most common mechanisms for accomplishing their goals. Finally, the restaurant industry-in particular, Wendy's International Inc., which has been highly targeted by activists-offers a platform for studying the outcomes of activists' maneuvers.
by Helizander Brecailo.
M.B.A.
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Wahlström, Johan, and Christian Karlsson. "Activist Funds' impact on Blue Chip Companies in Sweden : Analysing the implications on capital structure, valuation and credit rating." Thesis, Jönköping University, JIBS, Accounting and Finance, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-921.
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Bakgrund: De svenska börsbolagen gör större vinster än någonsin tidigare, men har fått stor kritik för att vara för långsamma i sin vinstallokering. Företag med överkapitaliserade balansräkningar utan investeringsbehov är potentiella måltavlor för riskkapitalisternas affärsidé om finansiell effektivisering och en aggressivare kapitalstruktur. Debatten i media har skapat kritik kring dessa så kallade kortsiktiga och giriga bolagsplundrare som påstås förstöra finansiella värden och kreditvärdigheten i företagen. I tidigare fall har marknaden svarat positivt på riskkapitalisternas investeringar, något som har reflekterats i ett kraftigt ökande aktiepris. Skeptiker hävdar dock att spekulationer är anledningen till att marknadsvärdet drivs upp, inte fundamentala aspekter.
Syfte: Syftet med denna magisteruppsats är att fastställa en bild av fenomenet riskkapital och hur dess aktiva ägande inverkar på svenska börsbolags kreditbetyg, kapitalstruktur och värdering.
Metod: För att uppnå syftet med vår magisteruppsats har en kvalitativ ansats till-lämpats baserad på tre börsbolag där riskkapitalisters aktiva ägande spelat en betydande roll. Det empiriska materialet har insamlats genom personliga intervjuer med aktie- och kreditanalytiker, och studien förlitar sig även på markandsdata, artiklar och nyhetssändningar i media, samt respektive bolags kvartals- och årsrapporter.
Slutsats: Studien har gjorts over den tidsperiod som varit riskkapitalisternas inve-steringshorisont – explicit och implicit. Genom att analysera det aktiva ägarskapet i tre svenska börsbolag kan slutsatsen dras att det inverkat positivt i form av högre prestanda och marknadsvärdering. De finansiella förändringarna har, till skillnad från kritiken, styrkt kreditbetyget i fallen Lindex och Volvo. En analys av Skandia/Old Mutual visade dock en marginellt ökad kreditrisk. Slutsatsen visar härmed att riskkapitalisternas inverkan på svenska börsbolag är värdeförädlande utan att äventyra den finansiella statusen.
Background: The Swedish blue chip companies are performing better than ever, but have been strongly criticised for being too slow in their excess fund allocation. Companies with overcapitalised balance sheets and no investment needs are potential targets for activist funds’ business idea of more aggressive capital structures and financial restructuring. In media, this debate has raised criticism against these so called short-sighted, greedy asset-strippers that destroy company values and increase the companies’ risk of default. In prior cases where activist funds have taken actions, the market has responded positively through increasing the share price. However, sceptics argue that the higher share price is merely a response to a speculative reaction with no fundamental argument supporting the upgrade in market capitalisation.
Purpose: The purpose of this thesis is to establish a view of the phenomenon of activist funds and their impact on blue chip companies’, listed on the Stockholm Stock Exchange, credit rating, capital structure and valuation.
Method: To fulfil the purpose of our master thesis, a qualitative approach has been applied based on three cases involving the activities of activist funds. The empirical findings have been retrieved via personal communications with stock- and credit analysts, and the study also relies on articles and news coverage from media, stock market data and annual reports from each of the chosen companies respectively.
Conclusion: The study has regarded the period of time which has been the investment horizon of the activist funds – explicitly and implicitly. Analysing their active ownership, the conclusion can be drawn that these activist funds have clearly had a positive impact on each of the blue chip companies’ performance and intrinsic value respectively. The financial restructuring has - contrarily to the criticism – strengthened the credit ratings in the cases of Lindex and Volvo. In the Skandia/Old Mutual-case, a marginally higher default risk was detected. Thus, the study has concluded that activist funds indeed add significant shareholder value without jeopardising the companies’ financial statuses.
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Solak, Ekrem. "Evolving role of shareholders and the future of director primacy theory." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31353.
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Over the last two decades, US corporate governance has witnessed a significant increase in the incidence and influence of shareholder activism. Shareholder activism, however, has been found to be inconsistent with US corporate governance which is framed within director primacy theory. In this theory, the board is able to carry out a unique combination of managerial and monitoring roles effectively, and shareholders are only capital providers to companies. Shareholder activism is normatively found inimical to effective and efficient decision-making, i.e. the board's authority, and to the long-term interests of public companies. The increasing willingness of institutional shareholders to participate into the decision-making processes of their portfolio companies is at odds with US corporate governance. Therefore, the aim of this thesis is to examine whether director primacy theory should be softened to accommodate greater shareholder activism in US corporate governance. This thesis presents an analysis of the legal rules that reflect director primacy theory. In this respect, US shareholders have traditionally had limited participatory power. The way in which the courts perceived the board's authority also stymied shareholder participation. This thesis considers not only legal and regulatory developments in the wake of the 2007-2008 financial crisis, but also the governance developments through by-law amendments which could potentially make an overall change in the balance of power between shareholders and the board. Shareholders are slowly moving to the centre of corporate governance in the US. History has shown that the board of directors often failed to prevent manager-induced corporate governance failures. This thesis argues that shareholder activism is necessary for improving the web of monitoring mechanisms and for a well-functioning director primacy model. Shareholder activism forces the board to more critical about management, which is a prerequisite for the director primacy model. Therefore, this thesis argues that shareholder activism should therefore be accommodated into US corporate governance. The proposed approach addresses accountability problems more effectively than the current director primacy model while recognising the board authority and enhances decision-making processes of public companies. In this regard, it makes several recommendations to soften the current director primacy model: establishing a level playing for private ordering, adopting the proxy access default regime, the majority voting rule, the universal proxy rules, and enhancing the disclosure requirements of shareholders. The present research also demonstrates that contemporary shareholder activism involves many complexities. It contains different types of shareholder activism, which differ by objectives, tools, and motives. It could be used for purely financial purposes or non-financial purposes or both. Furthermore, the concept of stewardship has been developed to address public interest concerns, namely short-termism in the market and pressures by activist funds through shareholder activism. In this way, this thesis develops a complete positive theory about shareholder activism rather than focussing on a specific type of activism. This complete analytical framework constitutes more reliable basis to draw normative conclusions rather than focussing on a particular type of activism.
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Duarte, Soraia de Oliveira. "Governança corporativa, mercado de capitais e desenvolvimento econômico: estudo de casos dos fundos de pensão e previdência do Brasil, Chile e México." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/84/84131/tde-09102012-102737/.
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A população mundial, em 2050, será formada por 9,3 bilhões de habitantes, número 33% superior ao atual, de 7,0 bilhões de pessoas. Essa expansão se refletirá, em grande parte, na população com mais de 65 anos. A ONU estima que, em países como Brasil e Chile, 26% dos habitantes estarão nessa faixa etária na metade deste século, um crescimento relevante em comparação com as médias atuais, de 11%. Além de serem em maior número, os idosos também contarão com maiores expectativas de vida. Atualmente, vivem, em média, 74 anos. Até 2050, estima a ONU, chegarão a 80 anos. Frente a esse panorama, garantir a aposentadoria à população é um desafio crescente para as economias, que já se movimentam no sentido de viabilizar, aos fundos de pensão e de previdência, mecanismos que maximizem os retornos de seus portfólios. Os investimentos em ações de companhias abertas, nesse contexto, ganham um espaço cada vez maior nas estratégias dos gestores dos fundos, mudança que acontece ao mesmo tempo em que a governança corporativa passa a ser vista como um instrumento para a valorização das companhias abertas e, consequentemente, para o desenvolvimento dos mercados de capitais. Considerando esse contexto, esta dissertação se propõe a analisar como a governança corporativa influencia a tomada de decisão de investimento dos gestores de fundos de pensão e de previdência do Brasil, do Chile e do México. O estudo será feito a partir da observação do marco regulatório sobre o tema nesses três países, e se embasará nas respostas dadas, pelos gestores, a questionário sobre as boas práticas de governança corporativa, adotadas pelas companhias abertas, que são observadas e valorizadas na escolha dos investimentos.In 2050, 9.3 billion inhabitants, a 33% rise in comparison to the current figure of 7.0 billion people, will form the world population. In most part, this expansion will be reflected in the population older than 65 years. The UN estimates that in countries such as Brazil and Chile, 26% of the inhabitants will be in this age group in the half of this century, a relevant growth in comparison with todays average of 11%. In addition to the increase in figures, the elderly people will also count on a longer life expectancy. Currently they live, in average, 74 years. Until 2050, the UN estimates that they will reach 80 years of age. Given this scenario, to guarantee retirement for the whole population is a growing challenge for the economies, which are already seeking mechanisms to maximize returns to pension and social security funds. In this context, investment in equity is gaining more and more emphasis from funds portfolio managers. This change takes place at the same time that corporate governance starts to be seen as an instrument for the appreciation of public companies and, consequently, for the development of stock markets. In this sense, this paper aims at reviewing how corporate governance influences the decision-making process for pension plans and social security portfolio managers in Brazil, Chile and Mexico. The study will be based on the observation of the legal framework around the theme in the three countries and on answers given by managers in a questionnaire on corporate governance best practices, adopted by public companies and that are considered and taken into account in the choice of investments.
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Rodrigues, Marco Antônio. "Pension funds asset allocation : an international analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19359.
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Mestrado em Economia Monetária e FinanceiraEsta dissertação sugere novas ideias na questão essencial sobre alocação de ativos de fundos de pensão e sua consistência com as premissas fundamentais da teoria econômica. A pesquisa consiste em uma confirmação empírica através de cálculos de regressão linear, em que a taxa de retorno do investimento foi estabelecida como variável central e dependente das variáveis indicativas de alocação de ativos em ações e alocação de ativos em títulos, utilizando dados de dez anos, especificamente para o período de 2008 a 2017 e, posteriormente, recalculando por um período mais longo de quinze anos, ou seja, de 2003 a 2017. Os resultados mais confiáveis sugerem que, para um grupo específico de países, onde os fundos de pensão de benefício definido (DB) representam a maioria dos ativos, em um cenário de longo prazo com danos de crise difundidos, é possível construir um modelo explicativo onde a taxa de retorno do investimento responde positivamente à maior alocação de ativos em ações. No entanto, esse achado é invertido quando consideramos os desequilíbrios e distorções no mercado resultantes de crises financeiras. Ainda para esse grupo específico de países, uma maior oferta de títulos, mais perdas nas bolsas de valores podem levar ao reequilíbrio da carteira, com melhores resultados nesse caso para alocação de ativos em títulos e obrigações.
This dissertation provides new insights on the essential question about pension fund asset allocation and its consistency with the fundamental economic theory assumptions. The research consists of an empirical confirmation through linear regression calculations, where the investment rate of return was established as the central variable and dependent on the indicative variables of asset allocation in equity and asset allocation in bills and bonds, using ten years' worth of data, specifically for the period from 2008 to 2017 and hereinafter recalculating for a longer period of fifteen years, i.e. from 2003 to 2017. The most reliable results suggest that for a specific group of countries, where defined benefit (DB) type of pension funds represents the majority of assets, in a long-term scenario with widespread crisis damage, it is possible to construct an explanatory model where the investment rate of return responds positively to higher asset allocation in equity. Nonetheless, this finding is inverted when we consider the imbalances and distortions in the market resulting from financial crises. Still for this specific group of countries, higher bonds supply plus losses in stock markets may lead to portfolio rebalancing, with better results in this case for assets allocation in bonds.
info:eu-repo/semantics/publishedVersion
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Hudson, Nicholas. "Undocumented Latino Student Activists' Funds of Knowledge| Transforming Social Movements." Thesis, The George Washington University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10602620.
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There are approximately 28,000 to 55,000 undocumented enrolled in postsecondary institutions in the United States (Passel, 2003). In order to achieve their educational ambitions despite the structural social, socioeconomic, political, and legislative barriers facing them, undocumented students utilize various resources they have at their disposal. Minoritized populations, specifically undocumented Latino students, have employed individual and collective agency in overcoming structural racism and barriers enacted to maintain the status quo. This study of eight undocumented Latino student activists in Virginia and Washington reveals the various forms of resources available undocumented Latino student activists and documents how these students utilize them to navigate the barriers they encounter, shape the undocumented student social movement, and achieve their educational aspirations. This study seeks to uncover what resources undocumented Latino student activists have at their disposal and how the usage of said resources impacts policy formation on an institutional, state and national level.
The study seeks to uncover whether undocumented students utilize their available funds of knowledge to achieve their educational goals and navigate through the barriers they encounter. The study finds that undocumented Latino student activists utilize their funds of knowledge in agriculture, business, construction, mechanics, music, and religion to develop strategies to navigate through educational, financial, institutional, and intrapersonal barriers they encountered. This application of funds of knowledge and community cultural wealth to student activism moves the debate from a deficiency narrative that has long permeated higher education research to an agency narrative.
This study provides valuable insight into the increase of undocumented Latino students’ participation in activism and how one can best aid undocumented Latino student activists. Through the thematic narrative analysis, the lived history and stories of undocumented Latino student activists from Washington and Virginia are woven together to unveil individual and collective routes to educational attainment and activism on behalf of undocumented students.
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He, Yazhou. "Institutional investors and hedge fund activism." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/102339/.
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This thesis studies the institutional investor background in order to understand the working of hedge fund activism: how institutional investors affect hedge fund activists target selection and how activists share information and build alliances through social connections to achieve their goals. Chapter 2 utilizes a rich literature on institutional investors' governance roles and develops simple measures of institutional discontent expressed through holding, trading and voice channels, to predict hedge fund activism target selection. Discontent expressed through all three channels leads to subsequent targeting. Medium sized dissatisfied owners and sellers seem to be the main driving force, and institutions' discretionary disagreements on management compensation and governance related proposals have the highest explanatory power among other voice channels. Activists are more likely to gain higher announcement returns and threaten to take hostile actions against management with more discontented institutional investors in the target companies. Discontented institutions are more likely to vote pro-activist in the subsequent annual meetings after campaigns. Chapter 3 uses a social network framework to study information dissemination during activist campaigns. Actively managed funds whose managers are socially connected to the lead activist are more likely to increase their ownership in the target firms around the activist disclosure. In the cross sectional analysis, we find that the effect is stronger if the activists have better track records and if the ties are established via club membership, charity works, and other small circles. Connected institutions also earn significantly higher announcement returns relative to non-connected funds. The presence of connected institutions contributes to the activist's campaign success. Additional tests are performed to rule out alternative explanations such as fund manager ability or similarity in portfolio choices. Chapter 4 goes one step further to study alliance building among activist investors and institutional investors during the campaign period. A socially connected institution is 1.1 percentage points more likely to increase its ownership in the target firm during the campaign period, compared to funds that are not socially connected to the activist. We use a subsample that includes all institutions subject to M&As before activism events to identify plausibly exogenous shocks to social connections and find similar results. Furthermore, connected institutions also perform significantly better on their investments than non-connected institutions and they are more likely to vote pro-activist in routine proposals, especially director election proposals. The effect is stronger if connected institutions also purchase target stocks during a campaign. The thesis contributes to the literature by developing measures of revealed institutional governance preference based on theoretical and survey evidence in the literature. It also uncovers a channel through which hedge fund activists share information and build alliances and push for corporate changes facilitated by mutual benefits amongst their fellow institutional allies.
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Goodwin, Shane. "Corporate governance and hedge fund activism." Thesis, Oklahoma State University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10140676.
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Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the American economy will suffer unless hedge fund activism with its perceived short-termism agenda is significantly restricted. Shareholder activists and their proponents claim they function as a disciplinary mechanism to monitor management and are instrumental in mitigating the agency conflict between managers and shareholders. I find statistically meaningful empirical evidence to reject the anecdotal conventional wisdom that hedge fund activism is detrimental to the long term interests of companies and their long term shareholders. Moreover, my findings suggest that hedge funds generate substantial long term value for target firms and its long term shareholders when they function as a shareholder advocate to monitor management through active board engagement.
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Rönngren, Andreas, and Ding Xu. "Active Share in the Swedish Premium Pension System : A Study on Mutual Fund Activity and Performance." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73545.
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We investigate the activity and performance of 64 Swedish registered mutual equity funds available in the Swedish Premium Pension System from October 2002 to December 2011. Fund activity is measured by applying the holdings based analysis Active Share combined with Tracking Error Volatility (TEV). Active Share is a relatively new measure that compares a fund’s holdings with its benchmark index constituents (Cremers & Petajisto, 2009; Petajisto, 2013). This is used as a proxy for the fund’s stock selection strategy. As a complement, TEV is used as a proxy for the factor timing strategy. Performance are measured by using Jensen’s (1968) model, Fama and French’s (1993) model and Carhart’s (1997) model. We document that Swedish funds in the Premium Pension System are relatively passive in term of Active Share compared to US funds. We attribute this finding to the relative number of stocks held by a fund compared to the market. Swedish equity funds hold a relatively larger share of the number of stocks in the Swedish market while US funds hold a relatively smaller share of the stocks in the US market. We run a panel regression analysis to test the relation between Active Share and various variables. We find that funds with higher TER fees and fewer stocks on average have higher Active Share. There are also indications that TEV is positively related to Active Share. However, the overall explanatory power of the variables is low. We attribute this as evidence that Active Share is an independent measure of fund activity. Overall, we find neutral performance for an equally weighted portfolio of all funds in the PPS. To examine the performance differences between different levels of activity, we sort funds into five portfolios based on Active Share and TEV. The results show that, given a medium-to-low TEV, funds with high Active Share significantly outperform funds with low Active Share. Furthermore, it appears that the fee rebate in the Premium Pension System is important especially for the passive funds. Without the rebate, the passive funds underperform significantly. We run a panel regression analysis on the future fund performance to test the predictive abilities of Active Share and TEV. The results indicate that Active Share does not explain future performance differences. Conversely, TEV is negatively related to future performance which can be explained by fund managers being overconfident
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Pereira, Maria Leonor Vidal de Beça. "Gestão de carteira de activos de fundos de pensões." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10474.
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Mestrado em FinançasO sistema de pensões português passa por algumas dificuldades relativamente à sua sustentabilidade. Este facto levou a que em 2007 fossem levadas a cabo uma série de alterações na legislação, com a aprovação do Decreto-Lei n.º 187/2007 de 10 de Maio. Uma das principais alterações é a que introduz um factor de sustentabilidade no cálculo das pensões, de forma a garantir que os pagamentos das pensões não sejam afectados. É neste contexto, de alguma incerteza, que o recurso a Fundos de Pensões (FP) privados surge. O presente relatório diz respeito a um estágio realizado numa gestora de FP, a Caixa Gestão de Activos, SGPS, S.A.. O estágio teve a duração de 5 meses e centrou-se na gestão de activos e interpretação de medidas de apoio à gestão. O relatório divide-se em seis capítulos. Começa por introduzir o tema dos FP e apresentar um pouco da história da instituição onde foi realizado o estágio. Seguidamente apresenta-se uma revisão literária sobre os temas chave abordados e uma pequena informação estatística sobre o sector do FP em Portugal. No quarto capítulo apresenta-se as actividades desenvolvidas no âmbito estágio de forma detalhada. Os últimos dois capítulos são constituídos pelas conclusões do trabalho e a bibliografia utilizada.
The Portuguese pension system is going through a number of difficulties regarding its sustainability. This evidence led to several changes in legislation, with the approval of the Decreto-Lei nº187/2007 of the 10th of May. One of the main amendments introduces the element of sustainability in the calculation of pensions in order to ensure that pension payments are not affected. It is in this somewhat uncertain context that the use of private Pension Funds (FP) arises. The present report concerns an internship undertook in a FP manager, Caixa Gestão de Activos, SGPS, S.A. . The internship had the duration of 5 months and focused on asset management and on the interpretation of management supporting measures. The report is divided in six chapters. It begins by introducing the F.P. topic and the history of the institution where the internship was undertook. Then it is presented the literary review on the key topics studied and minor statistic information about the F.P. sector in Portugal. The fourth chapter focuses on the details regarding the activities developed during the internship. The two final chapters are reserved for the conclusion and bibliography.
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Foroughi, Pouyan. "Essays in Hedge Fund Activism Networks and Corporate Governance." Thesis, Boston College, 2017. http://hdl.handle.net/2345/bc-ir:107614.
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Thesis advisor: Ronnie SadkaIn the first essay, In this paper, I examine how the connections between activist hedge funds and other institutional investors affect the activist campaigns. I identify a positive causal effect of long-term relationships with other investors on the short-run and long-run performance of activists' target companies. Overall, my results highlight that connections to other institutional investors benefit institutional asset managers. In the second essay, we show that firms in the same board-interlock networks tend to have similar corporate governance practices. We utilize a novel instrument based on staggered adoptions of universal demand laws across states to identify causal peer effects in firms' decisions to adopt various governance provisions. The impact of universal demand laws on the incentives faced by directors as they seek to maximize their career outcomes is a likely mechanism explaining these effects. In the third essay, I investigate whether hedge funds employ short sales to mask their exiting intention when they engage in shareholder activism. Using a hand-collected sample, I find that the probability of a spike in short interest before exit announcements is higher in firms targeted by activists who have a history of short interest increase in their previous targets. According to my findings, the hypothesis is that these hedge funds are more likely to use short sales since they are more concerned about locking their profit and not taking the risk of exit announcements. Overall, this paper provides new evidence of a possible exiting strategy: Silent Exiting via short selling
Thesis (PhD) — Boston College, 2017
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Tavares, Carlos Alberto da Silva. "A influência da fiscalidade na gestão de activos financeiros." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11245.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisNo presente estudo procurou-se investigar em que medida a fiscalidade é suscetível de influenciar a gestão de ativos financeiros num mercado globalizado em que esta atividade desempenha um papel importante no crescimento económico, porque permite a canalização das poupanças dos investidores para as necessidades da economia real e em que a capacidade da economia para gerar e atrair poupança depende, entre outros fatores, das políticas orçamentais e de sistemas fiscais eficientes. O estudo evidencia áreas da tributação controversas e discutíveis, designadamente no respeitante ao enquadramento dos rendimentos gerados pelos investimentos em ativos financeiros, em termos da sua qualificação como rendimentos de capitais ou como rendimentos de mais-valias, bem como ao regime fiscal aplicável aos fundos de investimento mobiliário, sendo que a diferenciação de tratamento fiscal cria oportunidades de gestão fiscal aos investidores. Os resultados da investigação permitiram concluir que a fiscalidade é um dos fatores que influência as decisões dos investidores, que a concorrência fiscal internacional é uma realidade, e que o regime fiscal dos fundos, previsto no sistema fiscal português, não é internacionalmente competitivo, não conseguindo atrair investidores não residentes, sendo a otimização fiscal das carteiras de ativos financeiros uma preocupação dos gestores de ativos financeiros.
The present study sought to investigate the extent to which the tax is likely to influence the management of financial assets, in a globalized market, where this activity plays an important role in economic growth, as it allows the channeling of savings to investors for the needs of real economy and the economy's capacity to generate and attract savings depends, among other factors, of budgetary policies and efficient tax systems. This study highlights areas of taxation controversial and debatable, particularly as regards the classification of the income generated by investments in financial assets, as capital income or capital gains, the tax treatment investment funds and the differentiation of tax treatment which creates opportunities for tax management to investors. Research results showed that taxation is one of the factors that influence the decisions of investors, the international tax competition is a reality that the tax regime of the funds provided for in the Portuguese tax system it is not internationally competitive, unable to attract non-resident investors and the tax optimization of portfolios of assets a concern of financial asset managers.
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Aljahdali, Hani. "Building an effective framework for institutional investor activism and minority shareholder protection in Saudi Arabia : lessons from the UK." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/building-an-effective-framework-for-institutional-investor-activism-and-minority-shareholder-protection-in-saudi-arabia-lessons-from-the-uk(23c54771-8219-4c55-8fee-7876c145fbcd).html.
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Corporate governance practice differs regionally and nationally, depending on how each legal environment protects minority investors, capital markets and company ownership structure. Governance can also change spectacularly in regions or countries with comparatively high levels of institutional investment. The notion of institutional investors' activism is increasingly important in developed markets as the ideal corporate governance mechanism to monitor corporate managers and overcome agency problems arising from dispersed corporate ownership in modern companies. These institutions can work together on an improved corporate governance framework more effectively than individual investors, monitoring corporate controllers of listed companies in emerging and developing markets, using their influence more vigorously and in ways more fitting to a concentrated ownership environment such as that in Saudi Arabia. Consequently, the role of institutional investors in emerging and developing markets will depend strongly on institutional investors' activism and the arrangements determined and undertaken by the corporate governance regulatory framework in these markets. In considering the influential role of institutional investors to improve corporate governance practice, a high level of minority shareholder protection thus remains an indicator of good corporate governance and regulatory pressure of rights and incentives, which are necessary to empower non-controlling shareholders in these concentrated ownership markets to exert a strong activist influence in monitoring corporate activities, thus improving the corporate governance practices of investee companies. In this context, this thesis contends that in Saudi Arabia in particular, shareholder involvement in corporate governance is inadequate, as a result of a variety of economic and regulatory obstacles. It goes on to identify what improvements are necessary and where, to ensure a sound framework for effective institutional investor activism and to improve the level of minority shareholder protection. It also cautions Saudi legislators against erecting hurdles to the future engagement of Saudi and foreign institutional investors in monitoring corporate activities which may affect the conditions for access, allocation and monitoring of equity, which is so important for value creation and sustainable economic growth. The main benefit to be derived from this research is that it facilitates a fuller understanding of the Saudi approach to corporate governance, the corporate ownership environment and trends in the capital market. The analysis also deepens knowledge of corporate governance regimes, including the role of institutional investors, and of their characteristics and investment behaviours. In short, it considers whether institutional investors are willing or have been encouraged to use their power to engage in the companies in which they invest and whether they are qualified to solve the agency problem.
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Machado, Pablo C. "Investor Monitoring and Auditor Choice: Evidence from Hedge Fund Activism." Diss., The University of Arizona, 2016. http://hdl.handle.net/10150/613108.
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To gain insight into the impact that investors have on the firm's auditor choice decision, this study investigates the association between changes in investor monitoring and auditor turnovers. Hedge fund activism provides a unique setting to observe how highly motivated investors, willing to incur significant expense to effect changes in target firms, are able to influence a firm's decision to dismiss their external auditor. I find that activist hedge fund targets see an increase in auditor turnovers and dismissals during the years following hedge fund activism relative to both the two years' pre-activism and a propensity matched sample of firms. I document that the increase in auditor turnovers is primarily driven by target firms with a Big 4 auditor, and that hedge fund targets primarily seek a lateral change in auditors. Consistent with institutional concerns that excess compensation impairs auditor independence, I find that activist targets are more likely to dismiss their auditors when the auditor is earning high non-audit service fees and high abnormal audit fees. I then examine how the market interprets the lateral change in auditors. I find that financial statement reliability increases for lateral auditor changes associated with independence concerns. Finally, I examine the conditions under which the hedge funds are able to facilitate an auditor change. I find that hedge funds pursuing less aggressive activist campaigns, and hedge funds seeking less public forms of interventions are more likely to seek an auditor dismissal. This relation between non-confrontational campaigns and auditor dismissals is consistent with prior research suggesting that hedge funds seeking to work with management are better able to enact changes in a target firm.
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Capapé, Aguilar Javier. "Sovereign Wealth Funds: Strategic Governance and Responsible Ownership." Doctoral thesis, Universitat Ramon Llull, 2017. http://hdl.handle.net/10803/404967.
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Els recents esdeveniments globals, econòmics i polítics han facilitat l’aparició de noves formes d’organització com els Fons Sobirans (FS): fons d’inversió en mans de governs sense obligacions de pensions i amb estratègies d’inversió habitualment a llarg termini. No obstant, sabem encara poc sobre els reptes als quals s’enfronten aquests inversors institucionals o sobre les capacitats estratègiques que posseeixen per fer-los front.
Partint de la investigació sobre govern corporatiu comparat i estratègic, aquesta tesi desenvolupa un marc conceptual per entendre millor les característiques dels FS i les seves implicacions. Aquest marc conceptual mostra la tensió habitual dels FS per harmonitzar els objectius estratègics d’interès nacional i la recerca convencional de retorns financers.
Aquest marc conceptual s’aplica al cas d’Espanya. Mitjançant estudis de casos, s’analitzen els factors que expliquen la inversió dels FS a Espanya i es discuteixen les estratègies que els FS han seguit en la seva inversió en empreses espanyoles.
La tercera secció de la tesi s’enfoca sobre el fons sobirà de Noruega (NBIM). La literatura mostra que diferents tipus d’accionistes tenen diferents interessos sobre les empreses en les que inverteixen i que busquen alinear el govern corporatiu d’aquestes empreses amb els interessos que persegueixen. En el cas dels FS com inversors institucionals, queda molt per aprendre. Concretament, explorem si es produeix una millora en el govern corporatiu de les empreses de la cartera del NBIM després d’un anunci explícit i inesperat del NBIM al 2012. Mostrem que, comparat amb una mostra d’empreses similars, les empreses de la cartera del NBIM milloren el seu govern corporatiu després de l’anunci. No obstant, les pràctiques de govern corporatiu que adopten acostumen a ser les més tradicionals i no s’implementen al mateix ritme a totes les empreses.
Aquesta tesi millora la nostra comprensió dels accionistes activistes a través d’un grup únic d’inversors, els FS, i estén així el coneixement sobre l’heterogeneïtat dels accionistes. A més a més, l’anàlisi de les capacitats estratègiques multidimensionals dels FS contribueix a la literatura de capitalisme d’estat i de govern corporatiu comparat.Los recientes acontecimientos globales, económicos y políticos han facilitado la aparición de nuevas formas de organización como los fondos soberanos (FS): fondos de inversión en manos de los gobiernos sin obligaciones de pensiones y con estrategias de inversión habitualmente a largo plazo. Sin embargo, poco sabemos acerca de los retos a los que se enfrentan estos inversores institucionales o sobre las capacidades estratégicas que poseen para enfrentarse a ellos. Partiendo de la investigación sobre gobierno corporativo comparado y estratégico, esta tesis desarrolla un marco conceptual para entender mejor las características de los FS y sus implicaciones. Este marco conceptual muestra la tensión habitual de los FS para armonizar los objetivos estratégicos, de interés nacional, y la búsqueda convencional de retornos financieros. Este marco conceptual se aplica al caso de España. Mediante estudios de caso, se analizan los factores que explican la inversión de los FS en España y se discuten las estrategias que los FS han seguido en su inversión en empresas españolas. La tercera sección se enfoca en el fondo soberano de Noruega (NBIM). La literatura muestra que distintos tipos de accionistas tienen diferentes intereses sobre las compañías en las que invierten y que buscan alinear el gobierno corporativo de esas compañías con los intereses que persiguen. En el caso de los FS como inversores institucionales, queda mucho por aprender. En concreto, exploramos si se produce una mejora en el gobierno corporativo de las empresas de la cartera de NBIM después de un anuncio explícito e inesperado de NBIM en 2012. Mostramos que, comparado con una muestra de empresas semejantes, las empresas de la cartera de NBIM mejoran su gobierno corporativo tras el anuncio. Sin embargo, las prácticas de gobierno corporativo que adoptan suelen ser las más tradicionales y no se implementan al mismo ritmo en todas las empresas. Esta tesis mejora nuestro entendimiento de los accionistas activistas a través de un grupo único de inversores, los FS, y extiende así el conocimiento sobre la heterogeneidad de los accionistas. Además, el análisis de las capacidades estratégicas multidimensionales de los FS contribuye a la literatura de capitalismo de estado y de gobierno corporativo comparado.
Recent global, economic and political shifts have spurred the emergence of new organizational forms such as sovereign wealth funds (SWFs), government-owned investment funds without explicit pension liabilities that typically pursue long-term investment strategies. Little is known about the challenges these institutional investors face or about their strategic capabilities to address these concerns. Drawing on comparative and strategic corporate governance research, this thesis develops an organizing framework to better understand the firm-level characteristics of SWFs and their consequences. This original framework describes the challenges SWFs face to harmonize strategic goals in the national interest with conventional financial returns. The original organizing framework is applied to the case of Spain. It outlines the factors that have led SWFs to Spain and discusses the different corporate strategies that SWFs exhibit when investing in Spanish companies. The third section focuses on Norway’s sovereign wealth fund (NBIM). While we know that different owners have different interests in the firms they invest in and they align their corporate governance practices to serve these interests, there is much to learn from unique institutional investors such as SWFs. In particular, this thesis explores whether there has been any governance improvement after NBIM made an explicit and unexpected announcement in November 2012 that it will put pressure on firms in which they invest to improve their governance. The results show that, relative to a matching sample, companies invested by NBIM change their corporate governance post-announcement. However, the most adopted governance practices seem to be relatively traditional ones and they are not implemented at the same speed across all firms. This thesis sheds light on our understanding of shareholder activism among a unique set of owners and expand the knowledge of heterogeneous principals. Also, our analysis of SWFs’ multidimensional strategic governance traits contributes to the literature on state capitalism and comparative corporate governance.
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Katelouzou, Dionysia. "Hedge fund activism, corporate governance and corporate law : an empirical analysis across twenty-five countries." Thesis, University of Cambridge, 2013. https://www.repository.cam.ac.uk/handle/1810/244631.
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This study investigates the brand of shareholder activism hedge funds deploy by reference to a unique hand-collected dataset of 11 years’ activist hedge funds’ campaigns across 25 countries. The analysis has two core elements, one of which is to chart the emergence of hedge fund activism outside the United States and the other being to account why hedge fund activism has developed differently across the sample countries. Both issues have been to date only tangentially explored. This study is the first one to seek to determine the extent to which corporate law is a determinant of the hedge fund activism phenomenon using a fresh approach which combines theoretical and comparative legal analysis with empirical methods. While a single variable is unlikely to account for the emergence of hedge fund activism, the study describes hedge fund activism as a game of three sequential stages as a heuristic device and identifies market and legal parameters for each stage. To test the hypotheses advanced for the emergence of hedge fund the study draws upon the law and finance literature. For instance, to account to what extent the rights bestowed on shareholders by corporate law influence hedge fund activism the study uses the CBR shareholder rights index. The results indicate that the extent to which law matters depends on the stage which activism has reached. The study also puts hedge fund activism in its corporate governance context. Activist hedge funds’ interventions have been envisioned as a mechanism for ensuring effective control of managerial discretion. Opponents of hedge fund activism contend, however, that this new breed of activists has a dark side that raises various concerns. Activist hedge funds have been considered: as exacerbating short-termism; as being mainly aggressive to the incumbents; as bearing similarities to the 1980s-raiders; and as engaging in distorting equity decoupling techniques. The study presents new empirical data that shows that the perceived negative side-effects of hedge funds activism are greatly exaggerated: they are myths. Cumulatively, these findings question whether hedge fund activism warrants any type of legislative response so far as the goal of shareholder value maximization is succeeded.
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Roncha, Ana Teresa Gouveia. "Asset allocation in occupational defined contribution and defined benefit pension plans : an empirical analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16461.
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Mestrado em FinançasExistem vários estudos relacionados com a carteira de investimento dos fundos de pensões, definidos como os patrimónios constituídos com as contribuições para os planos com o objetivo de financiar os benefícios de pensões, e quais as suas implicações no retorno futuro. A alocação de ativos é contingente às características dos fundos e também ao ambiente económico de cada país onde os planos se estabelecem, tal como as regulamentações, as políticas de impostos, legislação e também características demográficas, como por exemplo a esperança média de vida. Os estudos empíricos sobre o assunto usam distintas metodologias de estudo relacionadas com a alocação de ativos em cada fundo, encontrando diferentes implicações visto que usam diferentes hipóteses. A principal pergunta que pretendemos responder e explorar no decorrer deste trabalho é se planos de pensões de benefício definido, contribuição definida e híbridos, que têm diversos riscos, características e objetivos, terão alocações de ativos também diferentes. Iremos focar-nos neste estudo na gestão de ativos e na diferença entre a carteira de investimento durante onze anos de dez países da OECD. Iremos, também, calcular alguns testes estatísticos a fim de perceber se, dadas as diferenças nos planos de pensões e na alocação de ativos, os mesmos têm retornos diferentes. Adicionalmente, tentamos perceber qual o melhor fundo. A conclusão que foi alcançada considerou que os fundos de pensões híbridos, devido à sua composição, apresentam um retorno superior aos restantes, e portanto é também o fundo mais arriscado, enquanto DC e DB são estatisticamente semelhantes no seu retorno.
There are plenty of studies regarding the allocation of assets of the pension funds, defined as assets bought with the contributions to a pension plan for the exclusive purpose of financing pension plan benefits, and the implications of such allocation on the future returns. The allocation of pension funds' assets is contingent to the characteristics of the plan and the economic environment of each country where the plans are based, such as regulation, tax policies, legislation, and demographics, like life expectancy. The empirical studies on the subject use different methodologies to study the asset allocation of each fund, finding different implications, since they use different assumptions. The main question that we intent to explore in this study is that whether defined benefit, defined contribution and hybrid pensions plans, that have different risks, characteristics and objectives, have a different asset allocation on their investment. We will focus our study on the asset management and on the differences between asset allocations through eleven years of ten different OECD countries. We will also perform some statistical tests on yearly data to understand if, given the differences between the pension plans and the allocation of the assets, the funds perform differently. We reached the conclusion that Hybrid pension plans, due to their composition, have an higher return and are the most risky type of pension, while DC and DB are statistically similar on their returns.
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Huang, Jiekun. "Three Essays in Corporate Finance and Institutional Investors." Thesis, Boston College, 2009. http://hdl.handle.net/2345/1402.
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Thesis advisor: Thomas J. ChemmanurMy Ph.D. dissertation consists of three essays. The first essay examines the effect of hedge funds on target shareholder gains in leveraged buyouts (LBOs). I find that the initial buyout premium is increasing in the preannouncement presence of hedge funds, measured as the fraction of target equity held by hedge funds before the announcement. Using a geographic instrument for the presence of hedge fund, I find that this relationship persists even after controlling for endogeneity. I further show that this effect holds only for active hedge funds and long-term hedge funds, and is stronger for management-led LBOs than for third-party LBOs. Overall, the findings suggest that hedge funds protect target shareholder interests in LBOs by using their hold-out power. The second essay examines the relation between expected market volatility and the demand for liquidity in open-end mutual funds. The empirical results are consistent with precautionary motives for holding liquid assets, i.e., fund managers tilt their holdings more heavily toward liquid stocks when the market is expected to be more volatile. This dynamic preference for liquid stocks is more pronounced among small fund families, low-load funds, funds whose past performance has been unfavorable, funds with high return volatility, growth-oriented funds, and high-turnover funds. I further show that this type of behavior is valuable for fund investors during high volatility periods because it has led to significantly (both statistically and economically) higher subsequent abnormal returns. The third essay, co-authored with Thomas Chemmanur and Gang Hu, directly tests Brennan and Hughes' (1991) information production theory of stock splits by making use of a large sample of transaction-level institutional trading data. We compare brokerage commissions paid by institutional investors before and after a split, and relate the informativeness of institutional trading to brokerage commissions paid. We also compute realized institutional trading profitability net of brokerage commissions and other trading costs. Our results can be summarized as follows. First, both commissions paid and trading volume by institutional investors increase after a stock split. Second, institutional trading immediately after a split has predictive power for the firm's subsequent long-term stock return performance; this predictive power is concentrated in stocks which generate higher commission revenues for brokerage firms and is greater for institutions that pay higher brokerage commissions. Third, institutions make positive abnormal profits during the post-split period even after taking brokerage commissions and other trading costs into account; institutions paying higher commissions significantly outperform those paying lower commissions. Fourth, the information asymmetry faced by firms decreases after a split; the greater the increase in brokerage commissions after a split, the greater the reduction in information asymmetry. Overall, our results are broadly consistent with the implications of the information production theory
Thesis (PhD) — Boston College, 2009
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Dragon, Katharina Agnes. "Funding social sector activity in Brazil: a case study analysis of agency risk incidence and mitigation." reponame:Repositório Institucional do FGV, 2012. http://hdl.handle.net/10438/9929.
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Empresas e organizações sociais têm um papel cada vez mais importante no mercado brasileiro. Essas organizações - sejam elas com ou sem fins lucrativos –têm como objetivocausar um profundo e positivo impacto social.Ambas enfrentamtambém o mesmo desafio: financiar as suas operações. Recentemente, dois modelos inovadores de financiamento, o fundo de venture capitalVox Capital e o fundo de empréstimo social SITAWI, entraram no mercado brasileiro para solucionar esse desafio. Este estudo analisa ambos os fundos,associando o problema do financiamento de empresas e organizações sociais às teorias tradicionais de negócio. Mais especificamente, por meio de um estudo de caso,é avaliado se o risco de agência (agency risk) explica as práticas e o designcontratual utilizados pelos fundos. A pesquisa é baseada num estudo de Alemany e Scarlata (2010) sobre a estruturação dos negócios de fundos filantrópicos de capital empreendedor (PhVC, na sigla em inglês) na América do Norte e na Europa. Uma definição chave desse estudo é que organizações sem fins lucrativos, ao contrário daquelas com fins lucrativos, estão sujeitas a uma restrição de distribuição de lucros. Embora Alemany e Scarlata (2010) tivessem descobertoque parceria (stewardship), mais do que o problema de agência (agency problem), explica a estrutura dos negócios dos fundos PhVC, as implicações do presente estudo de caso para o Brasil são diferentes. Os resultados sugerem que o problema de agência,mais do que a parceria,descreve adequadamente os contratos analisados de financiamento. Detectou-seque cláusulas contratuais não foram apenas usadas para mitigar o risco de agênciaresultanteda ausência de uma restrição de distribuição de lucros, mas também para reger as estruturas cooperativas com organizações sem fins lucrativos. No caso de SITAWI, a restrição dos destinatários de fundos de distribuir lucros provou-se uma ferramenta efetiva para alinhar os interesses entre os financiadores e os destinatários dos fundos. Apesar daimplicação da presença de parceria, os contratos do fundo social contiveram cláusulas geralmente usadas para reduzir o risco de agência. No caso de Vox Capital, os destinatários dos fundos eram empresas com fins lucrativos, portanto não sujeitas à restrição de distribuição de lucros. O modelo de negócio de Vox Capital é organizado para impedir qualquer incidência potencial do problema de agência. Ambos os fundos, independentemente da estrutura jurídica dos beneficiários destes fundos, evidenciaram o intuito de garantir a aplicação de práticas de negócio utilizadas pelas empresas tradicionais do setor corporativo em vez daquelas utilizadas no setor social.
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Fragoso, Bruno Monteiro. "O Investimento Imobiliário nas Carteiras de Activos dos Fundos de Pensões e das Seguradoras em Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/3164.
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Mestrado em Gestão e Avaliação ImobiliáriaEste trabalho surgiu no sentido de tentar procurar uma resposta para a seguinte dúvida: se o imobiliário apresenta rentabilidades mais atractivas para horizontes de investimento de longo prazo, porque apresenta percentagens reduzidas no total das carteiras de activos dos investidores institucionais? Neste sentido, este trabalho terá como finalidade a caraterização do investimento imobiliário nas carteiras de activos dos fundos de pensões e das empresas seguradoras, em Portugal. As principais fontes de informação utilizadas, neste trabalho, foram os registos históricos tanto das carteiras de investimento dos investidores institucionais, como dos principais tipos de activos, nomeadamente, acções, obrigações e imobiliário, e a elaboração de um questionário dirigido aos gestores das carteiras de activos dos referidos investidores. Constatando-se que, para os investidores institucionais em análise, a razão mais atractiva para o investimento no imobiliário se prende com a possibilidade de diversificação da carteira de activos, e que o maior risco é o da falta de liquidez, a opção de investimento mais consensual, é contudo em obrigações, visto que o peso da classe do investimento imobiliário é obtido através do modelo de Asset Liability Management (ALM), que traduz a gestão integrada de activos e passivos.
This work emerged in attempting to seek an answer to the following question: if real estate has higher returns for long term investment horizons, why does it represent such a small percentage in the total asset portfolios of institutional investors? Thus, this work will aim at the characterization of real estate investment in the assets portfolios of pension funds and insurance companies in Portugal. The main sources of information used in this work were historical records of the investment portfolios of institutional investors, as the main types of assets, including equities, bonds and real estate, and the development of a questionnaire, directed to the managers of portfolios of assets of such investors. Overall, this study allowed the following assumptions: for companies managing pension funds and insurance companies the most attractive reason to invest in real estate is due to the possibility of portfolio diversification of assets, while the greatest risk factor was its lack of liquidity. Besides these guidelines, it was also clear that the analysed investors are still choosing to invest a large part of their portfolio not in real estate assets, but in bonds, because the weight class of property investment is obtained through the model of Asset Liability Management (ALM), which reflects the integrated management of assets and liabilities
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Antunes, Paulo Alexandre Rosa Pereira. "Modelação estocástica de fundos de pensões." Master's thesis, Instituto Superior de Economia e Gestão, 2010. http://hdl.handle.net/10400.5/2436.
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Mestrado em Ciências ActuariaisNesta dissertação é apresentado um modelo de análise da evolução de um plano de pensões de benefício definido, baseado na simulação estocástica da evolução dos salários dos participantes, responsabilidades, retorno dos activos e níveis de financiamento. O comportamento das variáveis subjacentes à evolução do modelo, nomeadamente a inflação, taxas de juro e retorno dos diversos activos é modelizado com base nos modelos financeiros de longo prazo de Wilkie e Hibbert. O risco associado às contribuições a efectuar pelo promotor do plano é medido através da dispersão das distribuições empíricas obtidas para o valor da taxa média de contribuição sobre os salários dos participantes. Os resultados obtidos a partir dos dois modelos são comparados graficamente e através da análise de estatísticas relevantes, interpretando-se as diferenças entre os resultados obtidos à luz das características dos modelos utilizados. Adicionalmente, são realizadas análises de sensibilidade dos resultados dos modelos face a variações de alguns dos parâmetros utilizados.
This dissertation presents an analytic model of the evolution of a defined benefit pension plan, based on the stochastic simulation of participant's wages, responsibilities, asset returns and funding levels. The behavior of the variables underlying the model, namely inflation, interest rates and asset returns is modeled based on the long term financial models of Wilkie and Hibbert. The risk related to the contributions to be made by the plan's sponsor is measured based on the dispersion of the empirical distributions obtained for the value of the average contribution rate on the participant's wages. The results obtained with the two models are compared graphically and by analysis of relevant statistics, and the differences between the results obtained interpreted considering the characteristics of the models used. Furthermore, sensitivity analyses of the results obtained, given variations of some of the parameters used, are made.
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Gunderson, David W. "Surface ship Shore Intermediate Maintenance Activity costs under Defense Business Operations Fund regulations." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1996. http://handle.dtic.mil/100.2/ADA311893.
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Skinner, Mary Lou. "Revised manual for student activity accounting for Virginia's public schools." Diss., This resource online, 1997. http://scholar.lib.vt.edu/theses/available/etd-10052007-143403/.
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Ben, Arfa Nouha. "Activisme actionnarial des hedge funds et création de valeur dans le cadre de la gouvernance actionnariale et partenariale d'entreprise : application au cas des entreprises françaises." Thesis, Bordeaux, 2016. http://www.theses.fr/2016BORD0154.
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L’étude du rôle de l’activisme actionnarial des hedge funds (HF) en matière de gouvernancedans la création de valeur des entreprises françaises constitue l’objet principal de cette thèse.Les réflexions menées, issues de la théorie de la gouvernance nous ont permis d’apporter lespremiers éléments de réponse à notre question centrale. L’approche exploratoire de cephénomène nous a conduits à déterminer un modèle français de l’activisme des HF. De notreapproche hypothético-déductive, nous avons pu élaborer un profil type des entreprises viséescotées et examiner les déterminants de la réaction du marché financier avant de mesurerl’effet de l’activisme des HF sur la création de valeur. Il en ressort que ce dernier est àl’origine de nouvelles situations d’équilibre organisationnel. Il est toutefois entravé par laréticence de la coalition de contrôle, renforcée par les caractéristiques spécifiques de lagouvernance et du contexte juridique en France, à entreprendre ces aménagements. Résultat,des coûts de conviction excessifs, des coûts d’enracinement et l’attentisme des investisseurssur le marché français. Contrairement aux investisseurs traditionnels, il est à admettre quel’activisme des HF est un mécanisme alternatif de contrôle efficient, là où certainsmécanismes de gouvernance actionnariale et partenariale semblent être insuffisammentdisciplinaires. Cependant, il est insuffisant pour inciter la coalition de contrôle à agir dansl’intérêt des différentes parties prenantes de l’entreprise. En France, la concentration et lanature actionnariale limitent, voire bloquent, les actions activistes des HF, contrairement auxentreprises américaines où le capital n’est pas verrouillé. La performance des entreprisesfrançaises est donc l’apanage du pouvoir managérial face à une influence activiste des HFThis research aims to analyse the role of hedge fund (HF) activism in corporate governanceand French firms value creation. The reflections devoted the theory of governance haveenabled us to provide first elements to our central question. The exploratory study allowed usto determine a French model of HF activism. Our hypothetical-deductive approach enabledus to develop a typical profile of a target-listed firm and to examine the determinants of themarket reaction before measuring the effect of HF activism on value creation. The resultsshow that HF activism is causing new organizational equilibrium situations. However, it isopposed by the reluctance of the control coalition due to French governance and legalcontext. Hence, the exorbitant costs of activism in addition to entrenchment problems andinvestors wait-and-see attitude on the French market. As opposed to traditional investors, HFactivism appears as an efficient alternative control mechanism, where some shareholder andstakeholder governance mechanisms seem to be insufficiently disciplinary. Still, HF activismis unable to encourage the reluctant control coalition to act in the firms’ stakeholders’interest. In France, the controlling and family shareholders are opposed to HF activism. It ismore difficult for them to act as they do in American firms where capital is not locked. Thevalue creation is thus confined to managerial power over HF activism
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Greenberg, Kendall. "You Can Run But You Can’t Hide: The Advance of Shareholder Activism." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1970.
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Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price gains around the time of activist arrival and positive longer term buy-and-hold abnormal returns as well. The question remains, however, whether those trends have continued as volume of transactions and number of activists have increased post the recent global financial crisis. In this report, we perform an empirical analysis focused on a hand-collected dataset of 1,088 activist interventions from 1995-present. This dataset includes all 13D filings, as well as Under the Threshold activist campaigns. First, we analyze stock price returns for this group over short- and long-term periods and find that activists continue to unlock shareholder value in recent deals comparable to that of earlier ones. We then perform a proprietary regression to identify which factors drive the most successful returns. Such insights should prove informative for investors employing an activist strategy and companies looking to manage areas of vulnerability.
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Benedetti, Hugo. "3 Essays in Empirical Finance:." Thesis, Boston College, 2019. http://hdl.handle.net/2345/bc-ir:108387.
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Thesis advisor: Vyacheslav FosIn the first essay, I examine the role of cross-listings in the digital token marketplace ecosystem. Using a unique set of publicly available and hand-collected data from 3,625 tokens traded in 108 marketplaces, I find significant increases in price and trading activity around the date of a token’s first cross-listing. Tokens earn a 49% raw cumulative return in the two weeks around the cross-listing date. Global token-trading volume is almost 50 times higher after cross-listing. Using the uniquely heterogeneous characteristics of token marketplaces, I am able to identify specific value-creation channels. I provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, I find higher returns for cross-listings that reduce market segmentation and improve information production. In the second essay, we analyze a dataset of 4,003 executed and planned ICOs, which raised a total of $12 billion in capital, nearly all since January 2017. We find evidence of significant ICO underpricing, with average returns of 179% from the ICO price to the first day’s opening market price, over a holding period that averages just 16 days. After trading begins, tokens continue to appreciate in price, generating average buy-and-hold abnormal returns of 48% in the first 30 trading days. We also study the determinants of ICO underpricing and relate cryptocurrency prices to Twitter followers and activity. In the third essay, I examine reputation building by activist hedge funds and document two new findings with regard to hostile activism. First, there is evidence of a permanent reputation effect to hostile activism. Activist hedge funds that have engaged in hostile tactics, receive on average a 3% higher CAR [-10,+10] on their subsequent non-hostile campaigns, compared to hedge funds that have never engaged in hostile tactics. This abnormal return is positively correlated with the level of hostile reputation of the campaigning hedge fund. Second, I find that activist hedge funds with more hostile reputation modify their non-hostile activism style to engage “hostile-like” targets and pursue “hostile-like” objectives, but withhold the use of hostile tactics. These findings imply that hedge funds are able to build reputation using their past engagement tactics and that market participants value such reputation as evidenced by the higher announcement return observed in their targets
Thesis (PhD) — Boston College, 2019
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Olsson, Sandberg Kajsa, and Báez Nicole Boudassou. "Fund Our Future & Fees Must Fall : En komparativ fallstudie om två studentprotester." Thesis, Stockholms universitet, Sociologiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-150856.
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Studiens syfte är att se hur sociala rörelser och stater interagerar, samt hur dialogen ser ut inom respektive part. Frågeställningarna som syftar till att fånga det är således; Hur ser relationen mellan sociala rörelser och stater ut, och hur påverkar var sidas val av strategier motpartens handlingsmönster? Samt; Vilka interna strategier inom kampanj respektive stat är mest framträdande? För att undersöka det har två kampanjer valts ut, Fees Must Fall i Sydafrika och Fund Our Future i Storbritannien. Vidare har nyhetsartiklar valts från sammanlagt nio av ländernas mest lästa nyhetstidningar. Fyra teoretiska ingångar fått vägleda analysarbetet; radical flank effect, symbolic damage, protest policing och eventful protest. Dessa är alla analytiska verktyg som hjälper oss förstå de mångfacetterade dimensionerna som existerar parallellt inom sociala rörelser och statens arbete. Den samlade tidigare forskningen har utforskat specifika delar av de nämnda begreppen, men däremot har aspekternas samverkande förmåga inte tidigare studerats. Studiens resultat visar att våldsamma aktioner ofta leds av radikala demonstranter. Dessa leder ofta inte enbart till stor medial uppmärksamhet, utan kan beroende på kontext förändra sociala rörelser och statens interna strategiska struktur. Det innebär även att fredliga aktioner ofta hamnar i skymundan, vilket bidrar till att befästa uppfattningen om att våld krävs för att sociala rörelsers syfte ska synas. Även stater kan uppleva sig nödgade att använda våldsamma strategier i mötet med demonstranter. Vidare visar resultaten på att det finns en interaktiv dynamik mellan kampanjer och stater, som även visar på aktörskap inom respektive part.
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Nkomo, Juliana. "Can individuals be influential in driving sustainable and responsible investing?" Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/29045.
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Trust law has hindered beneficiaries from exerting their voice in the administration of their funds. Yet, individuals do have opinions on how they want their funds to be invested and wish to direct the investments to align with their values. For a majority of individuals, this influence is mainly through their retirement fund investments. However, trust law means that the ultimate power to decide on the investment process rests in the hands of trustees to act on behalf of all beneficiaries. And trustees also further delegate most investment decisions to the investment managers. The findings of this research, as other researchers have also found, suggests that individuals who have some knowledge of SRI show a greater willingness to invest in sustainable funds. It also suggests that after choosing the type of funds that they wish to invest in, individuals place a lot of trust in their trustees to act in their best interests by investing responsibly. The research explores the various dynamics that are at play that explain individual behaviour and attitudes towards financial planning with regards to their retirement investments. The implications of my findings may have relevance in understanding what drives individuals to become active in the investment arena and may serve as a harbinger to changes in fiduciary relationships as we know them. Further research can be done in this area that will assist policy makers to consider regulation changes that could lead to the greater inclusion of final beneficiaries in the investment management process.
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Pereira, Karina Rodrigues. "Os princípios para o investimento responsável (PRI) e o ativismo dos fundos de pensão." Universidade do Vale do Rio dos Sinos, 2012. http://www.repositorio.jesuita.org.br/handle/UNISINOS/4695.
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Os Fundos de Pensão são importantes investidores institucionais, detentores de um grande volume de recursos, proveniente das poupanças previdenciárias de seus participantes. Com a finalidade de cumprir com seu principal objetivo (pagamento de benefícios futuros), os Fundos de Pensão precisam empregar seus recursos nas modalidades mais rentáveis de investimentos, levando em consideração o prazo e o nível de risco apresentado. Para auxiliá-los nesta questão, foram criados os Princípios para o Investimento Responsável (Principles for Responsible Investment - PRI), os quais consideram que empresas sustentáveis, do ponto de vista, ambiental, social e de governança corporativa podem gerar maior valor para o acionista no longo prazo, pois estão mais preparadas para enfrentar riscos futuros. Considerando que os Fundos de Pensão podem ocupar assento no conselho das empresas investidas, buscando auxiliá-las nas questões abordadas pelo PRI, o presente estudo tem como principal objetivo analisar a relação entre o ativismo exercido por um Fundo de Pensão brasileiro, signatário do PRI, e o nível de governança corporativa e práticas sustentáveis adotados pelas empresas investidas. Para a realização desta pesquisa foram elaborados e testados três modelos estatísticos. O primeiro modelo avalia a relação entre ativismo e responsabilidade ambiental (IRA), o segundo avalia a relação entre ativismo e responsabilidade social (IRS), e o último avalia a relação entre ativismo e governança corporativa (IGOV). Os dados foram coletados através do método de pesquisa documental e foram extraídos de diversas fontes. A amostra utilizada neste estudo foi selecionada a partir da carteira de investimentos da PETROS – Fundação Petrobras de Seguridade Social, segundo maior Fundo de Pensão brasileiro. Foram consideradas 41 empresas, observadas pelo período de 10 anos (2001 à 2010). A metodologia aplicada para a regressão dos modelos estatísticos foi o método de Dados de Painel, com efeitos aleatórios. Por fim, foram apurados os resultados e analisados os índices de responsabilidade ambiental (IRA), responsabilidade social (IRS) e governança corporativa (IGOV) das empresas investidas, antes e após a presença do ativismo do Fundo de Pensão. Os resultados encontrados suportam as hipóteses de que o ativismo exercido pelos Fundos de Pensão está positivamente relacionado com o desempenho socioambiental e o nível de governança corporativa das empresas nas quais investem.
Pension Funds are important institutional investors which hold a large amount of resources from the pension savings of their participants. In order to fulfill its main purpose (future benefit payments), Pension Funds need to invest their resources in the most profitable forms of investment, taking into account the time and the level of risk presented. The Principles for Responsible Investment - PRI were created in order to help them in this issue. The PRI consider that sustainable companies, in terms of environmental, social and corporate governance can generate higher shareholder value in the long run because they are better prepared to face future risks. Whereas Pension Funds can occupy a seat on the board of investee companies, seeking help them on issues addressed by the PRI, the present study has the main objective to analyze the relationship between activism practiced by a Brazilian Pension Fund, PRI signatory, and level of corporate governance and sustainable practices adopted by investees. To conduct this research three statistical models were developed and tested. The first model assesses the relationship between activism and environmental responsibility, the second evaluates the relationship between activism and social responsibility, and the last one evaluates the relationship between activism and corporate governance. Data were collected using the method of documentary research and were obtained from various sources. The sample used in this study was selected from the investment portfolio of PETROS - Petrobras Social Security Foundation, the second largest Pension Fund in Brazil. Forty one companies were considered, observed for a 10-year period (2001 to 2010). The methodology applied to the statistical models regression was the method of Panel Data, with random effects. Finally, the results were calculated and the rates of environmental responsibility, social responsibility and corporate governance of investees were analyzed before and after the presence of the activism of the Pension Fund. The results support the hypothesis that activism practiced by the Pension Funds is positively related to the level of socio-environmental performance and the level of corporate governance of companies in which they invest.
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Didjurgis, Tim J., and Kyle J. Fullerton. "The advantages and disadvantages of converting the Naval Postgraduate School to a Navy Working Capital Fund Activity." Thesis, Monterey, California: Naval Postgraduate School, 2014. http://hdl.handle.net/10945/42627.
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Approved for public release; distribution is unlimitedThe Naval Postgraduate School (NPS) is the Navy’s principal institution for providing advanced education to the Navy and Marine Corps. Funded in part by direct funding through annual appropriations, NPS also receives a substantial amount of reimbursable funding through sponsored research, education, professional development, and other sponsored activities. In recent years, the amount of reimbursable funding NPS receives on an annual basis has grown considerably while direct funding has remained relatively constant. Consequently, the Naval Inspector General conducted inspections of NPS in 2009 and 2012 to address this as well as other issues. As a result, there has been ongoing discussion regarding NPS’s mission and the role reimbursable funded work should play at the school. Like other Navy organizations, NPS is also working toward achieving auditable financial statements in compliance with the Department of Defense Comptroller’s Financial Improvement and Audit Readiness Plan by 30 September 2017. The purpose of this MBA professional report is to evaluate the feasibility and appropriateness of converting NPS from a direct and reimbursable funded organization to a Navy Working Capital Fund activity to uphold the school’s mission and support the Navy in achieving financial auditability.
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Punsuvo, Fábio Riberi. "Qualidade da governança corporativa e participação societária dos fundos de pensão nas empresas de capital aberto brasileiras." Universidade Presbiteriana Mackenzie, 2006. http://tede.mackenzie.br/jspui/handle/tede/515.
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The corporate governance normally is related with the efforts undertaken for the organization, in the direction to search the monitoring of the potential conflicts of interest between the majority, minority and managing shareholders, through the establishment of rules of conduction and behavior. This work if inserts in a group of studies that it intends to revise the theory produced on the corporate governance and as this theory is understood by Brazilian pension funds. The work is organized in 5 chapters. The first chapter is introductory, disclosing in first plan the problem of research and the justifications that had motivated the author in the development of the subject matter. In chapter 2 the theoretical concerning is presented that is used as base for the development of the research, enclosing the available theory of the agency and mechanisms for the promotion of optimum alignment of interests. It presents the legal and institucional incentives (auto regulation) for the corporate governance. The law of the anonymous societies and the impacts in the corporate governance are identified to the main modifications in. The regulatory environment of the closed entities of complementary providence is evaluated (pension fund), evidencing that a great incentive promoted for the Secretariat of Complementary Providence exists so that the pension funds adopt good practical of corporate governance. Chapter 3 presents the methodology of the research. The determinative variable of the corporate governance, previously selected on the basis of the research academic, are related, based and defined operationally. Chapter 4 is dedicated the presentation and interpretation of the results of the research. A set of 34 regressions is used to evaluate the influence of diverse independent variable in the quality of the corporate governance of the companies of open capital. Later a new set of 18 models of regressions is processings, in order to evaluate the influence of the same independent variable in the influence of the stockhoding of the pension funds. The negative relation between the variable that measures the quality of the corporate governance and the stockhoding of the pension funds raises an important question. One has left of literature on governança suggests that the activism of the pension funds could take the companies to improve its mechanisms of governance. However, in a market where the stockhodings so are concentrated, as in Brazil, it seems to be reasonable the idea of that a corporate governance of quality can be substituted by a bigger stockhoding of the pension funds. The excess of common shares withheld by the shareholder inve rsely is related with the quality of the corporate governance. The stockhoding of the pension funds, the adhesion to the differentiated levels of corporate governance of the BOVESPA and the emission of ADRs had been the variable that had differentiated the quality of the corporate governance of the companies who had participated of the research. The use of new parameters of comparison for the pension funds - as the IGC and the ITAG - will be able to contribute in the diffusion of the corporate governance. The theoretical referencial discloses that the corporate governance requires the agreement of the potential conflicts that can occur between minority and majority. The delegation of the management third requires the inclusion of incentive mechanisms. The purpose is to motivate the manager of resources to take the investment decisions that better take care of the interests of the pension funds. The corporate governance can assist the institucional investors to watch over for the duty trustee to protect the plan of benefits and its participants. One expects that the presented results contribute for one better agreement of the politics of investments of the pension funds, as well as of the efforts that the companies must undertake to attract the resources of the pension funds as well as of other institucional investing potentials.
A Governança Corporativa está normalmente relacionada com os esforços empreendidos pela organização, no sentido de buscar o monitoramento dos potenciais conflitos de interesse entre os acionistas majoritários, minoritários e gestores, através do estabelecimento de regras de condução e comportamento. Este trabalho se insere em um grupo de estudos que pretende revisar a teoria produzida sobre a governança corporativa e como essa teoria é compreendida pelos fundos de pensão brasileiros. O trabalho está organizado em 5 capítulos. O primeiro capítulo é introdutório, revelando em primeiro plano o problema de pesquisa e as justificativas que motivaram o autor no desenvolvimento do tema. No capítulo 2 é apresentado o referencial teórico que é utilizado como base para o desenvolvimento da pesquisa, abrangendo a teoria da agência e os mecanismos disponíveis para a promoção do melhor alinhamento de interesses. Apresenta os incentivos legais e institucionais (auto regulação) para a Governança Corporativa. São identificadas as principais modificações na lei das sociedades anônimas e os impactos na governança corporativa. É avaliado o ambiente regulatório das entidades fechadas de previdência complementar (fundos de pensão), evidenciando que existe um grande incentivo promovido pela Secretaria de Previdência Complementar para que os fundos de pensão adotem boas práticas de governança corporativa. O capítulo 3 apresenta a metodologia da pesquisa. As variáveis determinantes da governança corporativa, previamente selecionadas com base na pesquisa acadêmica, são relacionadas, fundamentadas e definidas operacionalmente. O capítulo 4 é dedicado a apresentação e interpretação dos resultados da pesquisa. É utilizado um conjunto de 34 regressões para avaliar a influência de diversas variáveis independentes na qualidade da governança corporativa das empresas de capital aberto. Posteriormente um novo conjunto de 18 modelos de regressões são processados, a fim de avaliar a influência das mesmas variáveis independentes na influência da participação acionária dos fundos de pensão. A relação negativa entre a variável que mede a qualidade da governança corporativa e a participação acionária dos fundos de pensão levanta uma questão importante. Uma parte da literatura sobre governança sugere que o ativismo dos fundos de pensão poderia levar as empresas a melhorar seus mecanismos de governança. Entretanto, num mercado em que as participações acionárias são tão concentradas, como no Brasil, parece ser razoável a idéia de que uma governança corporativa de qualidade possa ser substituída por uma maior participação acionária dos fundos de pensão. O excesso de ações ordinárias detidas pelo acionista está inversamente relacionado com a qualidade da governança corporativa. A participação acionária dos fundos de pensão, a adesão aos níveis diferenciados de governança corporativa da BOVESPA e a emissão de ADRs foram as variáveis que diferenciaram a qualidade da governança corporativa das empresas que participaram da pesquisa. A utilização de novos parâmetros de comparação pelos fundos de pensão como o IGC e o ITAG poderão contribuir na difusão da governança corporativa. Para que a governança corporativa seja exercida de forma mais efetiva pelos investidores institucionais, é necessário ocorrer uma mudança no processo de investimento dessas entidades. O referencial teórico revela que a governança corporativa requer o entendimento dos potenciais conflitos que podem ocorrer entre minoritários e majoritários. A delegação da gestão a terceiros requer a inclusão de mecanismos de incentivo. A finalidade é motivar o gestor de recursos a tomar as decisões de investimento que melhor atendam os interesses dos fundos de pensão. A governança corporativa pode auxiliar os investidores institucionais a zelar pelo dever fiduciário de proteger o plano de benefícios e os seus participantes. Espera-se que os resultados apresentados contribuam para um melhor entendimento das políticas de investimentos dos fundos de pensão, bem como dos esforços que as empresas devem empreender para atrair os recursos dos fundos de pensão bem como de outros potenciais investidores institucionais.
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Sartori, Ana Carolina. "Qualidade física e química da água e sedimentos de fundo da porção SW do reservatório de Biritiba-Mirim (SP) e sua implicação ambiental." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/44/44138/tde-22122015-145457/.
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Essa dissertação teve como objetivo principal comparar parâmetros físicos e químicos da água e sedimentos de fundo em dez pontos delimitados do reservatório de Biritiba-Mirim, uma próxima à atividade agrícola e outra em que havia proteção de mata nativa. Como objetivo secundário, avaliar o uso e ocupação do solo no entorno do reservatório, utilizando imagens obtidas por sensoriamento remoto e também, discutir os parâmetros utilizados para delimitar a qualidade da água e sedimentos de fundo balizados pelos critérios do CONAMA, CETESB e MINISTÉRIO DA SAÚDE. A qualidade da água e sedimentos de fundo do reservatório foi determinada com base na coleta e análise laboratorial das amostras. Os resultados obtidos evidenciam variações nos parâmetros físico-químicos da água, pH e OD. As amostras CAL estão dentro dos valores referenciados pelos critérios estudados, mas algumas amostras CAS e os pontos de referência apresentaram os elementos alumínio, ferro e manganês em concentração acima do valor permitido pelas normativas em questão. As amostras CAL apresentaram-se mais com maior quantidade dos elementos químicos: fósforo, enxofre, potássio, manganês, cobre, zinco e chumbo do que as amostras CAS. Nas duas amostras retiradas do ponto de referência, o esperado era não encontrar os elementos químicos fósforo, enxofre e cobre. A análise das imagens de uso e ocupação do solo por sensoriamento remoto exibiu um aumento considerável da área de horticultura, ao mesmo tempo que apresentou diminuição das áreas cobertas de vegetação. Conclui-se que a alteração do pH e OD, assim como a presença de alumínio, ferro e manganês em concentrações acima do valor permitido na amostras CAS e ponto referência da água, pode estar relacionado ao despejo de aditivos agrícolas. Pode ser que devido a presença e quantidade de elementos químicos presentes no sedimento de fundo não haja comprometimento ambiental. Para evitarmos o comprometimento da água e solo dos reservatórios destinados a captação de água e, consequentemente, o desabastecimento das grandes cidades, como o que vem acontecendo nos anos de 2014 e 2015, deve haver uma melhor gestão dos recursos hídricos, que proiba o manejo inadequado do solo e que proteja as áreas de mananciais e a mata ciliar do entorno dos reservatórios.This dissertation aimed to compare physical and chemical parameters of water and bottom sediments in ten delimited points Biritiba-Mirim reservoir, one next to agriculture and one where there were native forest protection. As a secondary objective, to evaluate the use and occupation of land around the reservoir, using images obtained by remote sensing, and also discuss the parameters used to define the quality of water and bottom sediments marked by CONAMA criteria, CETESB and MINISTRY OF HEALTH. The water quality and bottom sediments was determined based on the collection and laboratory analysis of samples that were sent for chemical analysis. The results show variations in physical and chemical parameters of water, pH and OD. The CAL samples are within the range referenced by the criteria studied, but some CAS samples and reference samples presented the elements aluminum, iron and manganese in concentrations above the amount permitted by the regulations in question. The CAL samples that had become more enriched by chemical elements phosphorus, sulfur, potassium, manganese, copper, zinc and lead than CAS samples. In both samples taken from the reference point, it wasn\'t expected to find chemical elements phosphorus, sulfur and copper. The analysis of land use and occupation by remote sensing images showed a considerable increase in the horticultural area, while presented decrease in areas covered by vegetation. It is concluded that the change in pH and OD, as well as the presence of aluminum, iron and manganese in concentrations above the permitted value in the CAS sample and reference point of water, may be related to the presence of agricultural additives. It may be that due to the presence and amount of chemical elements present in the bottom sediment there is no environmental impairment. To avoid compromising the water and soil of the reservoires intended for the abstraction of water and hence the shortage of large cities such as what happened in the years 2014 and 2015, there should be a better management of water resources, which prohibit inadequate management of soil and protect the watershed areas and riparian forest surrounding the reservoirs.
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Reimers, Anne Kerstin, Stephanie Schoeppe, Yolanda Demetriou, and Guido Knapp. "Physical Activity and Outdoor Play of Children in Public Playgrounds—Do Gender and Social Environment Matter?" MDPI AG, 2018. https://monarch.qucosa.de/id/qucosa%3A31243.
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Background: Few studies have delved into the relationship of the social environment with children’s physical activity and outdoor play in public playgrounds by considering gender differences. The aim of the present study was to examine gender differences and the relationship of the social environment with children’s physical activity and outdoor play in public playgrounds. Methods: A quantitative, observational study was conducted at ten playgrounds in one district of a middle-sized town in Germany. The social environment, physical activity levels, and outdoor play were measured using a modified version of the System for Observing Play and Leisure Activity in Youth. Results: In total, 266 observations of children (117 girls/149 boys) between four and 12 years old were used in this analysis. Significant gender differences were found in relation to activity types, but not in moderate-to-vigorous physical activity (MVPA). The presence of active children was the main explanatory variable for MVPA. In the models stratified by gender, the presence of opposite-sex children was a significant negative predictor of MVPA in girls but not in boys. Conclusions: The presence of active children contributes to children’s physical activity levels in public playgrounds. Girls’ physical activity seems to be suppressed in the presence of boys.
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Wang, Yong. "Institutional Investors and Corporate Governance." Diss., Temple University Libraries, 2010. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/68464.
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Business AdministrationPh.D.
The role of Institutional investors in alleviating the agent problem of management and its valuation effect has been studied extensively in corporate finance. We complement this stream of research by exploring management's control over institutional investors with misaligned objectives, particularly public pension fund, and the consequential valuation effect. We investigate the politic motive of public pension fund's shareholder activism and its impact on the target firms' operational performance, address the control of a strong management on public pension funds' self-serving agenda, and finally we compare the ownership adjustment pattern of public pension funds to other institutional investors to conclude public pension funds' ownership adjustment reflects their private pursuit. The first chapter explores the politic facet and performance effect of shareholder activism sponsored by public pension fund. In this study, we show that having a public pension fund as the leading sponsor of a shareholder proposal significantly improves the proposal's likelihood of being accepted by the target firm. The increased acceptance rate sources from the subset of proposals addressing a social responsibility issue, and targeting firms with weak insider control. An investigation of the public pension board reveals that the board's political profile is the primary determinant of public pension fund's propensity to lead a proposal, and the target firm's acceptance rate. We also assess the performance impact of shareholder proposals. For target firms with strong insider control, the performance impact of accepted social responsibility proposals is significantly positive; that of governance proposals is negligible. For target firms with weak insider control, the performance impact associated with public pension funds is either negative or negligible. These results suggest that the motive driving public pension funds' dominant presence in shareholder activism is not market based, but laden with purpose other than value creation. In the second chapter, we postulate that the widely documented negative valuation effect of ownership by public pension will be weak on firms with extra managerial control mechanism and/or whose managerial ownership of cash flow is high. For firms with high level managerial ownership of cash flow, management bears higher cost for a concession made with public pension fund's misaligned objective. An efficient market will expect this effect and value the managerial control over public pension fund to the extent that the management's benefit is aligned with outside shareholders. Consequently, the cross section valuation difference of firms held by public pension funds can be explained by the managerial ownership of cash flow, managerial control derived from extra mechanism such as dual class share, however, has no explanative power. The last chapter investigates the link between private benefits and institutional holding change. We assume the cross section equilibrium of block holding will break when market sentiment is high. Consequently, block holder tends to shed more shares loaded with less private benefits by taking advantage of opportunities available in a high sentiment market. The empirical results support this conjecture. When the market sentiment is high, Institutional block holders tend to shed more private benefits meager dual-class share than private benefits affluent non-dual class share. This pattern does not exist when the market sentiment is low. Most importantly, public pension fund is identified as the major driver of this effect.
Temple University--Theses
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Tepe, Mete. "Two Essays on Executive Compensation." Diss., Virginia Tech, 2017. http://hdl.handle.net/10919/78706.
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This dissertation consists of two essays, both co-authored with Ugur Lel. The first essay (Chapter 1) examines whether high CEO pay inequality (CPI), the share of total managerial pay captured by the CEO, is an outcome of poor corporate governance, and its implications for shareholder wealth. We exploit the 2002 NYSE and NASDAQ governance reforms that mandated firms to have majority independent boards as a quasi-exogenous source of variation in the internal governance environment of firms. Results show that CPI decreases following the passage of these exchange listing regulations, but only in firms with entrenched CEOs affected by the exchange listing regulations. Firm value also increases for these firms. These results are robust to a variety of robustness checks such as a matched sample analysis and placebo tests. Overall, our results suggest that poor governance environments are associated with high managerial pay differences and consequently lower firm valuations, supporting the view that high CEO pay inequality reflects managerial entrenchment.
The second essay (Chapter 2) examines whether shareholders use executive compensation channel to align managerial horizon with their investment horizon. We utilize a newly emerged empirical measure, pay duration, to measure managerial horizon. For shareholder horizon, we use the fraction of long-term institutional ownership in the firm. Results show that there is a positive association between long-term institutional ownership and CEO pay duration, suggesting that shareholder horizon is a determining factor in compensation contracts. We address reverse causality using indexer institutions. We also establish a causal link from investor horizon to CEO pay duration using institution mergers as a source of exogenous variation in investor horizon of the firm. We extend our results to hedge fund activism and document a negative relation between hedge fund activism and pay duration, which is consistent with our argument. Overall our results suggest that shareholders structure CEO pay in a way that is consistent with their investment horizon.Ph. D.
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Veselý, Jiří. "Financování projektu z fondů EU." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223049.
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Pejšková, Helena. "Financování, účetnictví a daně neziskových organizací v konkrétních podmínkách občanského sdružení Tělovýchovná jednota Radlice, o. s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114010.
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The thesis deals with specific of financing, accounting and tax policy in Tělovýchovná jednota Radlice, o. s., which tries to support development of physical education and sports. The study pursues accounting of these citizens association, which gains funds from non-profit and commercial activities. The aim of thesis is demonstrate the accounting in connection with tax liability and analysis of economic results in definite years.
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Enge, Sören, Monika Fleischhauer, Anne Gärtner, Andreas Reif, Klaus-Peter Lesch, Matthias Kliegel, and Alexander Strobel. "Brain-Derived Neurotrophic Factor (Val66Met) and Serotonin Transporter (5-HTTLPR) Polymorphisms Modulate Plasticity in Inhibitory Control Performance Over Time but Independent of Inhibitory Control Training." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-221795.
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Several studies reported training-induced improvements in executive function tasks and also observed transfer to untrained tasks. However, the results are mixed and there is a large interindividual variability within and across studies. Given that training-related performance changes would require modification, growth or differentiation at the cellular and synaptic level in the brain, research on critical moderators of brain plasticity potentially explaining such changes is needed. In the present study, a pre-post-follow-up design (N = 122) and a 3-weeks training of two response inhibition tasks (Go/NoGo and Stop-Signal) was employed and genetic variation (Val66Met) in the brain-derived neurotrophic factor (BDNF) promoting differentiation and activity-dependent synaptic plasticity was examined. Because Serotonin (5-HT) signaling and the interplay of BDNF and 5-HT are known to critically mediate brain plasticity, genetic variation in the 5-HTT gene-linked polymorphic region (5-HTTLPR) was also addressed. The overall results show that the kind of training (i.e., adaptive vs. non-adaptive) did not evoke genotype-dependent differences. However, in the Go/NoGo task, better inhibition performance (lower commission errors) were observed for BDNF Val/Val genotype carriers compared to Met-allele ones supporting similar findings from other cognitive tasks. Additionally, a gene-gene interaction suggests a more impulsive response pattern (faster responses accompanied by higher commission error rates) in homozygous l-allele carriers relative to those with the s-allele of 5-HTTLPR. This, however, is true only in the presence of the Met-allele of BDNF, while the Val/Val genotype seems to compensate for such non-adaptive responding. Intriguingly, similar results were obtained for the Stop-Signal task. Here, differences emerged at post-testing, while no differences were observed at T1. In sum, although no genotype-dependent differences between the relevant training groups emerged suggesting no changes in the trained inhibition function, the observed genotype-dependent performance changes from pre- to post measurement may reflect rapid learning or memory effects linked to BDNF and 5-HTTLPR. In line with ample evidence on BDNF and BDNF-5-HT system interactions to induce (rapid) plasticity especially in hippocampal regions and in response to environmental demands, the findings may reflect genotype-dependent differences in the acquisition and consolidation of task-relevant information, thereby facilitating a more adaptive responding to task-specific requirements.
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Becker, Linda, D. F. Kutz, and Claudia Voelcker-Rehage. "Exercise-induced changes in basal ganglia volume and their relation to cognitive performance." Universitätsbibliothek Chemnitz, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-213533.
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Physical activity, especially cardiovascular fitness training, has been shown to enhance cognitive performance and to counteract age-related cognitive decline1-5. Furthermore, regular physical activity has been demonstrated to diminish age-related volume-shrinkage in several brain regions particularly in the prefrontal cortex and hippocampus6-10. In the same vein, physical activity and high levels of cardiovascular fitness seem to enhance neurocognition during childhood11-13. In this context, the basal ganglia and its components, the caudate nucleus, the putamen and the globus pallidus, are of special interest as animal research indicates that exercise also seems to influence the molecular architecture and the metabolic capacity of the basal ganglia14,15. Besides their fundamental role in motor execution16, the basal ganglia are also involved in many cognitive functions like mental flexibility17, task-switching ability18 and cognitive control19. Furthermore, age-related disorders like Parkinson’s disease are related to a decline in the dopamine circuits of the basal ganglia20,21.
The striatum is the input nucleus of the basal ganglia and is composed of caudate nucleus and putamen. The pars interna of the globus pallidus is (together with the substantia nigra pars reticulata) the output region of the basal ganglia and conveys information from the striatum to the thalamus and back to the frontal areas22. The striatum, which is essential for cognitive flexibility and attentional control, shows an increase during childhood and adolescence23,24 and a particularly rapid and early age-related change9,25 in older adults. Furthermore, the described cognitive functions are essential for academic success of children and young adults. Thus, it is of particular interest to find appropriate interventions that could mitigate both the volume-shrinkage and the (presumably) related cognitive decline in older adults and/or that could support academic success in children. In this review, we will summarize research that investigated whether physical activity has the potential to be such an intervention. First, we will show that neuroplasticity in the basal ganglia is possible in principle. Second, we will report studies where the relationship between physical fitness level and volume of the basal ganglia and its relation to cognitive performance were investigated. Besides cross-sectional studies, we will report studies that investigated exercise-induced changes in the volume of the basal ganglia and related changes in cognitive performance after long-term fitness interventions.
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Nascimento, Luciana Ara?jo. "Diagn?stico da poss?vel influ?ncia da atividade petrol?fera em sedimentos de fundo da Bacia Piranhas-A?u, regi?o Baixo A?u/RN." Universidade Federal do Rio Grande do Norte, 2008. http://repositorio.ufrn.br:8080/jspui/handle/123456789/12885.
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Previous issue date: 2008-09-19It is located in an area of increasing oil exploration, the region of the Lower A?u is at the mercy of a possible pollution generated by this economic activity, which includes various chemical substances harmful to health, such as metals. This thesis aims to, diagnose the areas of River Piranhas-A?u, a region of the Lower A?u, which are polluted by traces factors and more. In this study, it was determined the concentration of the chemica elements Al, CD, Cr, Cu, Fe, Mn, Ni, P, Pb, V and Zn, through the technique of ICP-OES analysis and the size of sediments and their contents organic matter. Were mapped by GPS, 12 points from collections. The interpretations of the results, together associating that allowed pollution to a possible contamination by oil activity. The results showed tha some regions have low concentrations of cadmium, lead, copper, manganese and zinc unable to promote damage to human health. However, there are places where the concentrations of certain metals chromium, iron and zinc are moderately polluted compared to the results with the reference values of literature and others that are highly polluted by iron. However, due to a greater number of wells in production in those locations, those higher concentrations, it can be suggested a possible influence of oi production in some areas with concentrations of chromium and lead are higher than the rest of the points of monitoring. Moreover, it is observed that the highest levels of metals found in sediment of finer texture and more organic matter content
Por estar situada em uma ?rea de crescente explora??o petrol?fera, a regi?o do Baixo A?u encontra-se ? merc? de uma poss?vel polui??o gerada por esta atividade econ?mica, que inclui diversas subst?ncias qu?micas prejudiciais ? sa?de, tais como os metais. Esta disserta??o tem como objetivo, diagnosticar as ?reas do Rio Piranhas-A?u, regi?o do Baixo A?u, que se encontram polu?das por elementos maiores e tra?os. Neste estudo, determinou-se a concentra??o dos elementos qu?micos Al, Cd, Cr, Cu, Fe, Mn, Ni, P, Pb, V e Zn, atrav?s da t?cnica de ICP-OES e das an?lises granulom?tricas dos sedimentos e seus respectivos teores de mat?ria org?nica. Foram mapeados por GPS, 12 pontos de coletas. As interpreta??es dos resultados, em conjunto, possibilitaram associar essa polui??o a uma poss?vel contamina??o pela atividade petrol?fera. Os resultados mostraram algumas regi?es que apresentam baixas concentra??es de c?dmio, chumbo, cobre, mangan?s e zinco, incapazes de promover preju?zos ? sa?de humana. No entanto, h? localidades nas quais as concentra??es determinadas dos metais cromo, ferro e zinco s?o moderadamente polu?das, comparando-se esses resultados com valores de refer?ncia da literatura e outras que s?o altamente polu?das por ferro. No entanto, devido a uma maior quantidade de po?os em produ??o nessas localidades, essas maiores concentra??es, pode-se inferir uma poss?vel influ?ncia da produ??o de petr?leo em algumas ?reas cujas concentra??es de cromo e chumbo s?o mais elevadas que o restante dos pontos de monitoramento. Al?m disso, observa-se que os maiores teores de metais ocorrem em sedimento de textura mais fina e com maior teor de mat?ria org?nica
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Reimers, Anne Kerstin, Guido Knapp, and Carl-Detlev Reimers. "Effects of Exercise on the Resting Heart Rate: A Systematic Review and Meta-Analysis of Interventional Studies." MDPI AG, 2018. https://monarch.qucosa.de/id/qucosa%3A33158.
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Resting heart rate (RHR) is positively related with mortality. Regular exercise causes a reduction in RHR. The aim of the systematic review was to assess whether regular exercise or sports have an impact on the RHR in healthy subjects by taking different types of sports into account. A systematic literature research was conducted in six databases for the identification of controlled trials dealing with the effects of exercise or sports on the RHR in healthy subjects was performed. The studies were summarized by meta-analyses. The literature search analyzed 191 studies presenting 215 samples fitting the eligibility criteria. 121 trials examined the effects of endurance training, 43 strength training, 15 combined endurance and strength training, 5 additional school sport programs. 21 yoga, 5 tai chi, 3 qigong, and 2 unspecified types of sports. All types of sports decreased the RHR. However, only endurance training and yoga significantly decreased the RHR in both sexes. The exercise-induced decreases of RHR were positively related with the pre-interventional RHR and negatively with the average age of the participants. From this, we can conclude that exercise—especially endurance training and yoga—decreases RHR. This effect may contribute to a reduction in all-cause mortality due to regular exercise or sports.
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Enge, Sören, Monika Fleischhauer, Anne Gärtner, Andreas Reif, Klaus-Peter Lesch, Matthias Kliegel, and Alexander Strobel. "Brain-Derived Neurotrophic Factor (Val66Met) and Serotonin Transporter (5-HTTLPR) Polymorphisms Modulate Plasticity in Inhibitory Control Performance Over Time but Independent of Inhibitory Control Training." Frontiers Research Foundation, 2016. https://tud.qucosa.de/id/qucosa%3A30228.
Full textAbstract:
Several studies reported training-induced improvements in executive function tasks and also observed transfer to untrained tasks. However, the results are mixed and there is a large interindividual variability within and across studies. Given that training-related performance changes would require modification, growth or differentiation at the cellular and synaptic level in the brain, research on critical moderators of brain plasticity potentially explaining such changes is needed. In the present study, a pre-post-follow-up design (N = 122) and a 3-weeks training of two response inhibition tasks (Go/NoGo and Stop-Signal) was employed and genetic variation (Val66Met) in the brain-derived neurotrophic factor (BDNF) promoting differentiation and activity-dependent synaptic plasticity was examined. Because Serotonin (5-HT) signaling and the interplay of BDNF and 5-HT are known to critically mediate brain plasticity, genetic variation in the 5-HTT gene-linked polymorphic region (5-HTTLPR) was also addressed. The overall results show that the kind of training (i.e., adaptive vs. non-adaptive) did not evoke genotype-dependent differences. However, in the Go/NoGo task, better inhibition performance (lower commission errors) were observed for BDNF Val/Val genotype carriers compared to Met-allele ones supporting similar findings from other cognitive tasks. Additionally, a gene-gene interaction suggests a more impulsive response pattern (faster responses accompanied by higher commission error rates) in homozygous l-allele carriers relative to those with the s-allele of 5-HTTLPR. This, however, is true only in the presence of the Met-allele of BDNF, while the Val/Val genotype seems to compensate for such non-adaptive responding. Intriguingly, similar results were obtained for the Stop-Signal task. Here, differences emerged at post-testing, while no differences were observed at T1. In sum, although no genotype-dependent differences between the relevant training groups emerged suggesting no changes in the trained inhibition function, the observed genotype-dependent performance changes from pre- to post measurement may reflect rapid learning or memory effects linked to BDNF and 5-HTTLPR. In line with ample evidence on BDNF and BDNF-5-HT system interactions to induce (rapid) plasticity especially in hippocampal regions and in response to environmental demands, the findings may reflect genotype-dependent differences in the acquisition and consolidation of task-relevant information, thereby facilitating a more adaptive responding to task-specific requirements.
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Finne, Emily, Melanie Glausch, Anne-Kathrin Exner, Odile Sauzet, Friederike Stölzel, and Nadja Seidel. "Behavior change techniques for increasing physical activity in cancer survivors: a systematic review and meta-analysis of randomized controlled trials." Dove Medical Press, 2018. https://tud.qucosa.de/id/qucosa%3A33823.
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Purpose: The purpose of this systematic review and meta-analysis is to investigate how physical activity (PA) can be effectively promoted in cancer survivors. The effect of PA-promoting interventions in general, behavior change techniques (BCTs), and further variables as moderators in particular are evaluated.
Methods: This study included randomized controlled trials of lifestyle interventions aiming at an increase in PA that can be carried out independently at home, published by December 2016, for adults diagnosed with cancer after completion of the main treatment. Primary outcomes were subjective and objective measures of PA prior to and immediately after the intervention. Meta-analysis and meta-regression were used to estimate effect sizes (ES) in terms of standardized mean differences, variation between ES in terms of heterogeneity indices (I2), and moderator effects in terms of regression coefficients.
Results: This study included 30 studies containing 45 ES with an overall significant small positive effect size of 0.28 (95% confidence interval=0.18–0.37) on PA, and I2=54.29%. The BCTs Prompts, Reduce prompts, Graded tasks, Non-specific reward, and Social reward were significantly related to larger effects, while Information about health consequences and Information about emotional consequences, as well as Social comparison were related to smaller ES. The number of BCTs per intervention did not predict PA effects. Interventions based on the Theory of Planned Behavior were associated with smaller ES, and interventions with a home-based setting component were associated with larger ES. Neither the duration of the intervention nor the methodological quality explained differences in ES.
Conclusion: Certain BCTs were associated with an increase of PA in cancer survivors. Interventions relying on BCTs congruent with (social) learning theory such as using prompts and rewards could be especially successful in this target group. However, large parts of between-study heterogeneity in ES remained unexplained. Further primary studies should directly compare specific BCTs and their combinations.
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Colla?o, Karlla de Morais Souza Lima. "Uso de habitat, or?amento temporal e influ?ncia da mar? da geomorfologia do fundo sobre o comportamento do boto Sotalia guianensis Van B?n?den, 1864 (Cetacea: Delphinidae) no Porto de Macei? - Alagoas, Brasil." Universidade Federal do Rio Grande do Norte, 2008. http://repositorio.ufrn.br:8080/jspui/handle/123456789/17277.
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Previous issue date: 2008-12-12The physical and environmental factors presented by each habitat and the rhythm of behavior patterns strongly influence the ecology and behavior of the all living beings. At same time this factors may provide clues about the structure of a population and its ecological balance. The organizational structure, ecology and behavior of a species appraised in a region if we know be in balance when compared to the same type of appraisal made in a degraded area can provide a clear view of how the anthropogenic influences acted on these species and what steps can be taken in order to mitigate the effects and keep the population. The region where this study was conducted is, like most areas of port, subject to intense physical and environmental degradation. With the emerging interest of change in the quality of these environments also by the companies themselves that use the port services, the proposed study aimed to characterize the use of habitat, the distribution of behavioral activities carried out throughout the day and influence of geomorphology of the bed, depth and variation of tide on the expression of the behavior of Sotalia guianensis in the port of Maceio - Alagoas. From this information will be possible establish parameters for comparison with other populations of S. guianensis and establish conservation measures for the population occurring in the port of Maceio - AL, serving also as a basis for conservation actions future performed in other port regions
Os fatores f?sicos e ambientais apresentados por cada h?bitat e a ritimicidade dos padr?es comportamentais influenciam fortemente a ecologia e o comportamento dos seres vivos em geral. Ao mesmo tempo tais fatores podem fornecer pistas sobre a estrutura de uma popula??o e seu equil?brio ecol?gico. A estrutura organizacional, ecol?gica e comportamental de uma esp?cie avaliada em regi?es sabidamente em equil?brio quando comparada ? mesma avalia??o feita em ?reas degradadas pode fornecer um panorama claro de como as influ?ncias antr?picas agiram sobre estas esp?cies e que medidas podem ser tomadas no intuito de mitigar os efeitos nocivos e conservar a popula??o. A regi?o onde foi realizado esse estudo est?, assim como a maioria das ?reas de porto, sujeita ? intensa degrada??o f?sica e ambiental. Com o interesse emergente de mudan?a na qualidade desses ambientes por parte tamb?m das pr?prias empresas que utilizam os servi?os portu?rios, o estudo proposto visou caracterizar o uso do habitat, a distribui??o das atividades comportamentais realizadas ao longo do dia e a influ?ncia da geomorfologia do fundo, profundidade e das varia??es da mar? sobre a express?o dos comportamentos de Sotalia guianensis na regi?o do Porto de Macei? Alagoas. A partir dessas informa??es ser? poss?vel estabelecer par?metros para compara??o com outras popula??es de S. guianensis e delinear medidas de conserva??o para a popula??o ocorrente no Porto de Macei? AL, servindo ainda como base para a??es de conserva??o futuramente executadas em outras regi?es portu?rias
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Rai, Prabhat. "Building common knowledge : a cultural-historical analysis of pedagogical practices at a rural primary school in Rajasthan, India." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:22402128-d2ca-4de5-8255-c15e4b4699dd.
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The centralised control over curriculum framing and pedagogy, the generally poor quality of teaching with little sensitivity to children’s sociocultural environment; and very high drop out rates, even at the primary school level, are some of the challenges facing school education in many of the regions of India. However, one of the successful approaches to these challenges has been the Digantar school system, working in rural communities. The study is based in one Digantar School in Rajasthan and employs concepts derived from the Vygotskian tradition to interrogate the methods employed in Digantar school system. The study took Edwards’ (2010a, 2011, 2012) idea of common knowledge and Hedegaard’s (2008, 2012, 2013) idea of institutional demand in practices as conceptual lenses through which to investigate the components of the pedagogical practices that help Digantar teachers to align the motives of the school with those of the child in classroom activities. In doing so it analyses the institutional practices that lead to the development of common knowledge that in turn facilitates how teachers engage pupils as learners. Data were gathered over six months and comprised around 120 hours of school-based video data together with interviews and detailed observations with teachers and community members. Data were gathered in classrooms, teacher meetings, meetings between parents and teachers and at school-community meetings. Analyses focused on the construction of common knowledge and the use made of it by the school to achieve a mutual alignment of motives between the practices of the school with the community and the families. The study has revealed that teachers’ engagement with the knowledge and motives of other teachers and community members helped to create common knowledge, i.e. an understanding of what mattered for each participating group, which facilitated teaching-learning in the school. The analysis also points towards a form of democracy, which enhances children’s participation in their learning. It was found that building and sharing of common knowledge and creating a socially articulated ‘space of reasons’ (Derry 2008) produced a pedagogical model that engaged children in creating their social situation of development, seeking and recognising the curriculum demands being placed on them.
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Steinebrunner, Iris, Uta Gey, Manuela Andres, Lucila Garcia, and Daniel H. Gonzalez. "Divergent functions of the Arabidopsis mitochondrial SCO proteins: HCC1 is essential for COX activity while HCC2 is involved in the UV-B stress response." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-147367.
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The two related putative cytochrome c oxidase (COX) assembly factors HCC1 and HCC2 from Arabidopsis thaliana are Homologs of the yeast Copper Chaperones Sco1p and Sco2p. The hcc1 null mutation was previously shown to be embryo lethal while the disruption of the HCC2 gene function had no obvious effect on plant development, but increased the expression of stress-responsive genes. Both HCC1 and HCC2 contain a thioredoxin domain, but only HCC1 carries a Cu-binding motif also found in Sco1p and Sco2p. In order to investigate the physiological implications suggested by this difference, various hcc1 and hcc2 mutants were generated and analyzed. The lethality of the hcc1 knockout mutation was rescued by complementation with the HCC1 gene under the control of the embryo-specific promoter ABSCISIC ACID INSENSITIVE 3. However, the complemented seedlings did not grow into mature plants, underscoring the general importance of HCC1 for plant growth. The HCC2 homolog was shown to localize to mitochondria like HCC1, yet the function of HCC2 is evidently different, because two hcc2 knockout lines developed normally and exhibited only mild growth suppression compared with the wild type (WT). However, hcc2 knockouts were more sensitive to UV-B treatment than the WT. Complementation of the hcc2 knockout with HCC2 rescued the UV-B-sensitive phenotype. In agreement with this, exposure of wild-type plants to UV-B led to an increase of HCC2 transcripts. In order to corroborate a function of HCC1 and HCC2 in COX biogenesis, COX activity of hcc1 and hcc2 mutants was compared. While the loss of HCC2 function had no significant effect on COX activity, the disruption of one HCC1 gene copy was enough to suppress respiration by more than half compared with the WT. Therefore, we conclude that HCC1 is essential for COX function, most likely by delivering Cu to the catalytic center. HCC2, on the other hand, seems to be involved directly or indirectly in UV-B-stress responses.
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Kim, Sehoon. "Three Essays in Finance." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1498750199681262.
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Lehmann, Franziska, Lindeman Katharina von, Jörg Klewer, and Joachim Kugler. "BMI, physical inactivity, cigarette and alcohol consumption in female nursing students: a 5-year comparison." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-147480.
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Background: Nursing staff are often involved in counseling patients with regard to health behavior. Although care promoting healthy lifestyle choices is included in the curriculum of nursing students in Germany, several studies of nursing students have reported a high prevalence of unhealthy behavior. This paper focuses on the behavior of female nursing students with regard to body mass index (BMI), physical activity, and cigarette and alcohol consumption. It describes trends through the comparison of results from 2008 and 2013. Methods: Data was collected in two waves at a regional medical training college. First, 301 nursing students were asked to fill out a 12 page questionnaire on health behavior in 2008. The questioning was repeated in 2013 with 316 participating nursing students using the previous questionnaire. Results: 259 female nursing students completed the questionnaire in 2013. 31.6% of them were either overweight or obese, 28.5% exercised less than once a week, 42.9% smoked between 10 and 20 cigarettes a day and 72.6% drank alcohol, wherefrom 19.7% consumed alcohol in risky quantities. In comparison to the data of 266 female nursing students from 2008, there were significant differences in the BMI and alcohol consumption: The percentage of overweight and obese students and the percentage of alcohol consumers at risk increased significantly. Conclusions: Health behavior of female nursing students is often inadequate especially in regard to weight and cigarette and alcohol consumption. Strategies are required to promote healthy lifestyle choices.
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Marzi, Isabel, and Anne Kerstin Reimers. "Children’s Independent Mobility: Current Knowledge, Future Directions, and Public Health Implications." MDPI AG, 2018. https://monarch.qucosa.de/id/qucosa%3A33155.
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Environmental changes significantly impact health behavior. Active travel behavior is mostly affected by increasing motorization, urban sprawl, and traffic safety. Especially for children, active and independent travel can contribute to physical activity, social and motor development, and other health-related outcomes. A reduced number of children engaging in independent mobility over the last 20 years demanded researchers to further examine the construct of children’s independent mobility. By examining relevant literature, this narrative review aims to provide the current state of knowledge on children’s independent mobility, and identify future directions in research, as well as practical implications. From a public health perspective, considering children’s independent mobility in intervention programs is recommended, since it is associated with numerous health and environmental benefits. To develop interventions, multilevel socio-ecological influences on children’s independent mobility are widely examined; however, evidence is limited due to heterogeneous measurements and a lack of high-quality prospective studies. To oppose the decline in children’s independent mobility, further analysis using comparable measures is needed to understand the determinants of children’s independent mobility and to enable international comparison.
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Boxberger, Karolina, and Anne Kerstin Reimers. "Parental Correlates of Outdoor Play in Boys and Girls Aged 0 to 12: A Systematic Review." MDPI AG, 2019. https://monarch.qucosa.de/id/qucosa%3A33160.
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Outdoor play is one major source of physical activity (PA) in children. In particular, parents act as gatekeepers, because they can enable their children’s outdoor play. This systematic review aims to provide an overview of parental correlates of outdoor play. A systematic literature research of six electronic databases (ERIC, PsycARTICLES, PsycINFO, PubMed/Medline, SCOPUS, and Web of Science Core Collection) was conducted with previously defined search terms, focusing on children 0–12 years old. In total, 1719 potentially publications were screened based on eligibility criteria. Included studies were scored for overall study quality. Findings were summarized using a semi-quantitative method. Twenty-one peer-reviewed publications which examined the relationship of parental correlates and outdoor play were included. Overall, five parental correlates were associated with children’s amount of outdoor play: mothers’ ethnicity, mothers’ employment status, parents’ education level, the importance parents assign to outdoor play, and perceived social cohesion in the neighborhood. Merely four studies reported sex/gender-stratified results. In summary, only parents’ encouragement/support provided evidence for girls’ amount of outdoor play. The findings are considered to be of public health relevance for developing intervention programs to increase outdoor play and for improving child’s health. More research, especially considering sex/gender of the child, is required.