scholarly journals Staggered Boards and the Value of Voting Rights

2021 ◽  
Author(s):  
Oğuzhan Karakaş ◽  
Mahdi Mohseni
Keyword(s):  
Voting Rights ◽  
Option Prices ◽  
Private Benefits ◽  
Cross Sectional ◽  
Staggered Boards ◽  
The Cross ◽  
Voting Premium ◽  
The Impact

Abstract This paper examines the impact of staggered boards on the value of voting rights (i.e., the voting premium) estimated using option prices. We find companies with staggered boards have a higher voting premium. Exploiting plausibly exogenous court rulings, we confirm that weakening the effectiveness of staggered boards decreases the voting premium. Given that the voting premium reflects private benefits consumption and associated managerial inefficiencies, our findings are consistent with the entrenchment view of staggered boards. Analyzing the cross-sectional heterogeneity in our sample, we find the entrenchment effect of staggered boards to be particularly pronounced for firms in noncompetitive industries and for mature firms.

scholarly journals Analisa Pengaruh Luas Penampang Penghantar dan Cuaca Terhadap Rugi Daya Akibat Korona Pada SUTT 150 kV (Studi Kasus: Gardu Induk Bangkalan – Gardu Induk Sampang)

2019 ◽  
Vol 11 (2) ◽  
pp. 149-159
Author(s):  
Ibnu Hajar ◽  
Tito Dias Fernando
Keyword(s):  
Air Temperature ◽  
Electrical Power ◽  
Cross Sectional Area ◽  
Electricity Sector ◽  
Sectional Area ◽  
Power Losses ◽  
Cross Sectional ◽  
The Cross ◽  
The Impact ◽  
Corona Losses

PT. PLN (PERSERO) as a state-owned company responsible in the electricity sector is required to improve the quality of electricity transmission. In the transmission of electrical power to consumers will be got losses of power. Raising the voltage is an alternative to this problem but it creates new problems because the higher the voltage has increased the corona will occur. The impact of the corona in addition to damaging equipment, noise, and disturbing radio waves, the corona also causes power losses that are proportional to the length of the transmission line. This study uses a quantitative method, by calculating the corona power losses by comparing 4 different cross-sectional areas of the conductor and 4 different air temperatures. The results of this study found that the smaller the cross-sectional area of the conductor the power losses due to corona are smaller, conversely the greater the cross-sectional area the greater the power losses. At the smallest cross-sectional area of 282.6 mm2, the power losses that occurred were 2.013% and at the largest cross-sectional area of 378.7 mm2, the power losses were 5.251%. While the influence of air temperature, the lowest corona losses occur at 29 0C which are 1,223,886 kW and the biggest occur at 24 0C which are 1,373,419 kW, so the higher the air temperature the smaller the corona losses, conversely the lower the air temperature than the higher the corona losses that occur.

Alterations in Vessel Size in Twigs Of Quercus Robur and Q. Petraea Upon Defoliation and Consequences For Water Transport Under Drought

IAWA Journal ◽  
2006 ◽  
Vol 27 (4) ◽  
pp. 395-407 ◽  
Author(s):  
Frank M. Thomas ◽  
Christiane Bartels ◽  
Thomas Gieger
Keyword(s):  
Quercus Robur ◽  
Ring Width ◽  
Hydraulic Conductance ◽  
Stress Factors ◽  
Cross Sectional ◽  
Size Classes ◽  
Earlywood Vessel ◽  
The Cross ◽  
And Control ◽  
The Impact

In the complex of natural factors responsible for damage to the Central European oak species Quercus robur and Q. petraea, repeated defoliation and drought are considered the most important ones. To investigate the impact of these factors on xylem anatomy and hydraulic conductance, saplings of both species were manually defoliated in the spring of two consecutive years, and equal fractions of defoliated and control saplings were subjected to drought stress in the third year of the study. Defoliation did not significantly reduce the annual ring width of the twigs, but in the twigs of Q. robur it resulted in a significant reduction of the cross-sectional area of early- and latewood vessels, and in a shift in the distribution of the earlywood vessel cross-sectional areas towards smaller size classes in the year after the first defoliation. In the earlywood of Q. petraea twigs, repeated defoliation led to a significant increase in the cross-sectional vessel areas and to a shift in their distribution towards larger size classes. No significant differences in the percentage loss of hydraulic conductance (PLC) occurred between trees that had been defoliated in two successive years prior to the drought experiment and control trees. However, PLC was significantly increased by drought. The different responses of the oak species are attributed to their different capability to recover from the applied stress factors.

The cross-section of Johannesburg Securities Exchange listed equity returns (1994-2011)

2015 ◽  
Vol 32 (4) ◽  
pp. 422-444 ◽  
Author(s):  
Jakobus Daniel Van Heerden ◽  
Paul Van Rensburg
Keyword(s):  
Cross Section ◽  
Equity Returns ◽  
Research Approach ◽  
Momentum Effect ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
Specific Factors ◽  
The Cross ◽  
The Impact

Purpose – The aim of this study is to examine the impact of technical and fundamental (referred to as firm-specific) factors on the cross-sectional variation in equity returns on the Johannesburg Securities Exchange (JSE). Design/methodology/approach – To reach the objective, the study follows an empirical research approach. Cross-sectional regression analyses, factor-portfolio analyses and multifactor analyses are performed using 50 firm-specific factors for listed shares over three sample periods during 1994 to 2011. Findings – The results suggest that a strong value and momentum effect is present and robust on the JSE, while a size effect is present but varies over time. Multifactor analyses show that value and momentum factors are collectively significant in explaining the cross-section of returns. The results imply that the JSE is either not an efficient market or that current market risk models are incorrectly specified. Practical implications – The findings of the study offers practical application possibilities to investment analysts and portfolio managers. Originality/value – To the authors’ knowledge, this is the first study to use such a comprehensive data set for the specific analyses on the JSE over such a long period. All previously identified statistical biases are addressed in this study. Different approaches are applied to compare results and test for robustness for the first time.

scholarly journals Design, content, and fieldwork procedures of the COVID-19 Psychological Research Consortium (C19PRC) Study – Wave 4

2021 ◽  
Author(s):  
Orla McBride ◽  
Sarah Butter ◽  
Jamie Murphy ◽  
Mark Shevlin ◽  
Todd K. Hartman ◽  
...  
Keyword(s):  
Northern Ireland ◽  
Retention Rate ◽  
Phase 1 ◽  
Psychological Research ◽  
Household Composition ◽  
Phase 2 ◽  
Cross Sectional ◽  
The Cross ◽  
Research Consortium ◽  
The Impact

Objectives: The COVID-19 Psychological Research Consortium (C19PRC) Study aims to assess the impact of the COVID-19 pandemic on the adult population in multiple countries. This paper describes the design and execution of the fourth wave of the UK survey (the ‘parent’ strand of the Consortium) during November-December 2020. Methods: This survey prioritised the collection of data pertaining to respondents’ socio-political attitudes, beliefs, and behaviours, as well as core mental health outcomes (anxiety, depression, and traumatic stress). In Phase 1, adults (n=2878) were reinvited to participate in this wave. A new recruitment strand (Phase 2) oversampled respondents from Wales, Scotland, and Northern Ireland to facilitate robust between-country analyses for core study outcomes. Weights were calculated using a survey raking algorithm to ensure that the cross-sectional sample is representative of the baseline sample characteristics (gender, age, household income, household composition, ethnicity, urbanicity, and born/raised in UK). Results: In Phase 1, 1796 adults were successfully recontacted and provided full interviews at Wave 4 (62.4% retention rate). Phase 2 recruitment achieved a robust sample of 1779 respondents from Wales, Scotland, and Northern Ireland, who were largely representative of the socio-demographic and political characteristics of the adult populations in these nations. The raking procedure successfully re-balanced the cross-sectional sample to within 1% of population estimates across selected socio-demographic characteristics. Conclusion: This paper outlines the growing strength of the C19PRC Study data to facilitate and stimulate interdisciplinary research addressing important public health questions relating to the COVID-19 pandemic.

Oil exports and non-oil exports

2017 ◽  
Vol 44 (4) ◽  
pp. 540-551 ◽  
Author(s):  
Huseyin Karamelikli ◽  
Guray Akalin ◽  
Unal Arslan
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Dynamic Panel Data ◽  
Cross Sectional ◽  
Content Type ◽  
Oil Exports ◽  
Cross Sectional Dependence ◽  
The Cross ◽  
Opec Member ◽  
The Impact

Purpose The purpose of this paper is to examine the dynamic relationship between oil exports, non-oil exports, imports and economic growth in the Organization of Petroleum Exporting Countries (OPEC), covering the period 1972-2013 by using panel data analysis. Design/methodology/approach The results from the dynamic panel data methods are as follows: there exists the cross-sectional dependence on each variable. According to the cross-sectionally augmented panel unit root tests, all variables are stationary at the first difference. Westerlund and Edgerton (2007) LM Bootstrap cointegration test shows that there is a long-term relationship between variables. Findings The results obtained by the Common Correlated Effects (CCE) estimator indicate that the increase in oil exports has a positive impact on the GDP of all countries, while the increase in oil exports has a negative impact on the non-oil exports of some countries. Originality/value In this study, the relationship between oil exports, economic growth, imports and non-oil exports of the 12 OPEC member countries is tested by considering the cross-sectional dependence between 1972 and 2013. In the study, the authors found a positive relationship as a result of researching the impact of oil exports on economic growth in the frame of CCE panel estimations results.

scholarly journals Liquidity risk and stock returns: empirical evidence from industrial products and services sector in Bursa Malaysia

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Rapheedah Musneh ◽  
Mohd. Rahimie Abdul Karim ◽  
Caroline Geetha A/P Arokiadasan Baburaw
Keyword(s):  
Stock Returns ◽  
Liquidity Risk ◽  
Market Liquidity ◽  
Policy Implications ◽  
Liquidity Premium ◽  
Industrial Products ◽  
Cross Sectional ◽  
Services Sector ◽  
The Cross ◽  
The Impact

AbstractThis study investigates the impact of liquidity risk on stock returns of 149 firms in the industrial products and services sectors of Bursa Malaysia from January 2000 to December 2018 with a monthly frequency dataset. This study employed the two-stage standard procedures in asset pricing to estimate the significant effect of liquidity risk on industrial products and services stock returns. The results show that the investors require liquidity premium for stocks whose illiquidity co-moves with market illiquidity and market return while shifting their investment to liquid stocks when the market becomes illiquid, thus positive premium for stocks whose return is higher during the illiquid market. It suggests that two liquidity risks, namely commonality in liquidity and the covariances between stock illiquidity and market returns, and aggregate liquidity risk explain the cross-sectional returns variations across stocks in the industrial products and services sector, thus partly support the LCAPM model. We provide evidence on the important role of liquidity risks on the cross-sectional industrial products and services stock returns in Bursa Malaysia in the LCAPM framework. The findings of this study may be useful for investment decision-making and portfolio allocation strategy under the liquid and illiquid securities conditions. For policymakers, understanding the impact of liquidity risks on stock returns for the industrial products and services sectors may help enhance market liquidity for economic growth. Therefore, our findings contribute to the practical and policy implications.

scholarly journals A longitudinal study of the impact of COVID-19 restrictions on students’ health behavior, mental health and emotional well-being

PeerJ ◽  
2021 ◽  
Vol 9 ◽  
pp. e12528
Author(s):  
Peter R. Reuter ◽  
Bridget L. Forster ◽  
Bethany J. Kruger
Keyword(s):  
Health Behavior ◽  
Online Teaching ◽  
Emotional Health ◽  
Well Being ◽  
Human Interaction ◽  
Cross Sectional ◽  
Significant Difference ◽  
Negative Effect ◽  
The Cross ◽  
The Impact

Background COVID-related restrictions impacted the lives of students on and off campus during Academic Year 2020/2021. Methods Our study collected data on student health behavior and habits as well as their mental and emotional health using anonymous surveys. We compared these data with data collected prior to COVID in the longitudinal part of our study (n = 721) and analyzed them for the cross-sectional part of the study (n = 506). Results The longitudinal data show a significant difference for some student behaviors and habits, such as sleeping habits, physical activity, breakfast consumption, time spent online or playing video games, vaping, and marijuana use, during the COVID pandemic compared with pre-COVID data. Respondents also reported a significant increase in difficulty concentrating, remembering, or making decisions, as well as being impacted by feelings of sadness or hopelessness. Yet, there was no increase in the proportion of respondents considering, planning or attempting suicide during COVID. The cross-sectional data illuminate the negative effect of the overall situation and the restrictions on students’ mental and emotional well-being. Three-quarters of respondents reported having craved human interaction during the past six months, more than half felt that their mental/emotional health had been impacted by the lack of social events or the switch to virtual (online) teaching. Two-thirds or more of respondents also expressed that they felt less connected to their peers and less motivated in their studies than in previous semesters. Fifty percent or more of respondents selected anxious, stressed, overwhelmed, disconnected, tired, and fatigued as words that best described their emotional state during the pandemic. Conclusions The impact of COVID-related restrictions on students’ behaviors and habits as well as their mental and emotional health was less severe than one would have expected based on studies during the early stage of the pandemic. While some behaviors and habits changed during the COVID pandemic compared with the pre-COVID period, the changes were not substantial overall. Our study did not find an increase in the proportion of respondents considering, planning or attempting suicide during COVID, although the cross-sectional data from our survey make the negative effect of the overall situation and the restrictions on students’ mental and emotional well-being evident. The impact of the pandemic will unquestionably be long-lasting and will necessitate further and future investigations.

scholarly journals Context, design and conduct of the longitudinal COVID-19 Psychological Research Consortium (C19PRC) Study – Wave 3

2020 ◽  
Author(s):  
Orla McBride ◽  
Sarah Butter ◽  
Jamie Murphy ◽  
Mark Shevlin ◽  
Todd K. Hartman ◽  
...  
Keyword(s):  
Adult Population ◽  
Psychological Research ◽  
Study Data ◽  
Household Composition ◽  
Cross Sectional ◽  
The Cross ◽  
Nationally Representative ◽  
Research Consortium ◽  
The Uk ◽  
The Impact

Objectives: The COVID-19 Psychological Research Consortium (C19PRC) Study aims to assess the impact of the COVID-19 pandemic in the adult population in multiple countries. This paper describes the execution of the third wave of the UK survey (the ‘parent’ strand of the Consortium) during July-August 2020. Methods: Adults (N=2025) who previously participated in the baseline and/or the first follow-up surveys were reinvited to participate in this survey, which assessed: (1) COVID-19 related knowledge, attitudes, and behaviours; (2) the occurrence of common mental health disorders; as well as the role of (3) psychological factors and (4) social and political attitudes, in influencing the public’s response to the pandemic. Weights were calculated using a survey raking algorithm to ensure that the cross-sectional sample is nationally representative in terms of gender, age, household income, household composition, and urbanicity. Results: 1166 adults (57.6% of baseline participants) were successfully recontacted and provided full interviews at Wave 3. As expected, the raking procedure successfully re-balanced the cross-sectional sample to within 1% of population estimates across the selected socio-demographic characteristics. Conclusion: This paper outlines the growing strength of the C19PRC Study data to facilitate and stimulate interdisciplinary research addressing important public health questions relating to the COVID-19 pandemic.

scholarly journals NUMERICAL SIMULATION OF THE BROKEN ROCK MASS TRANSPORTATION IN A ROTATING PIPELINE

2021 ◽  
Vol 2 (4) ◽  
pp. 141-150
Author(s):  
Guil Nam Khan ◽  
Evgeny P. Rusin
Keyword(s):  
Cross Section ◽  
Bulk Material ◽  
Longitudinal Axis ◽  
Pneumatic Conveying ◽  
Discrete Elements ◽  
Cross Sectional ◽  
Horizontal Pipe ◽  
Angular Velocities ◽  
The Cross ◽  
The Impact

The impact of the angular velocity of a horizontal pipe rotating around its longitudinal axis and the shape of its cross-section on the efficiency of pneumatic conveying of bulk material in it has been numerically investigated by the discrete elements method. The maximum number of non-contact particles, that is, particles being not in contact with other material particles and with the pipe, in the cross section of the pipe during one its revolution, is assumed the condition for effective pneumatic conveying. A method for searching for non-contact particles is proposed, which makes it possible to calculate their number at fixed pipe position angles during its rotation. For various cross-sectional shapes, the optimal angular velocities are determined at which the average number of non-contact particles in the cross-section is maximum. The results of the study can be used to increase the productivity of the removal of products of destruction when drilling horizontal boreholes in rocks and soils.

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