1,508 research outputs found
The Impact of Institutional Differences on Derivatives Usage: A Comparative Study of US and Dutch Firms
No full textThis paper tests the influence of institutional differences on risk management practices.Several survey studies have investigated derivatives usage for risk management purposes in the US (see, among others, Bodnar, Hayt, Marston and Smithson, 1995 and Bodnar, Hayt and Marston, 1996, 1998).In this paper, we compare derivative practices of US and Dutch firms.This comparison is interesting because the institutional setting for Dutch firms differs from the US setting with respect to shareholder orientation, international trade, disclosure regulation, and the reliance on financial markets.In a number of survey studies additional countries have been studied, such as New Zealand (Berkman, Bradbury and Magan, 1997), Sweden (Alkebäck and Hagelin, 1999) and Germany (Bodnar and Gebhardt, 1999).In contrast with these papers, we facilitate a comparison by applying a matching and a weighting strategy, which corrects for different distributions over industry and size classes in the Dutch and US samples.After these corrections, the remaining results can be attributed to institutional differences.We find that Dutch firms hedge more financial risk. Because of the greater openness of the Netherlands, Dutch firms experience far more foreign exchange exposure and hedge more currency risk.US firms have more concerns regarding derivative usage, which may be linked to the stricter disclosure requirements in the US.US firms also focus more on accounting earnings, which may be attributable to the shareholder orientation in the US versus the stakeholder orientation in the Netherlands.Whereas Dutch firms tend to rely on OTC-transactions, US firms use exchange-traded derivatives and therefore require a higher counter party rating for derivatives transactions. This distinction can be accredited to the differences in the financial environments between the US and the Netherlands.The aforementioned results indicate that institutional differences between the US and the Netherlands have a significant effect on the risk management practices and derivatives use of US and Dutch firms.risk management;hedging;derivatives
The Impact of Institutional Differences on Derivatives Usage
No full textThis paper examines the influence of institutional differences on risk management practices in the US andthe Netherlands. This comparison is interesting because the Dutch firms' institutional setting differs fromthe US setting with respect to shareholder orientation, international trade, disclosure regulation, andreliance on financial markets. In contrast with previous comparisons, we apply a matching and weightingstrategy that corrects for differences over industry and size classes across the Dutch and US samples.After these corrections, the remaining results can be attributed more directly to institutional differences.We find that due to the greater openness of the Netherlands, Dutch firms hedge more financialrisk, especially more currency risk, than US firms. Dutch firms, however, show a lower level of concernover derivatives usage, which is consistent with having less active minority shareholders and less strictdisclosure requirements than the US has. Dutch firms focus le ss on stabilizing accounting earnings withderivatives than US firms, which is likely attributable to the strong shareholder orientation in the USversus the stakeholder orientation in the Netherlands. Whereas Dutch firms tend to rely almostexclusively on OTC-transactions, US firms use exchange-traded derivatives and more counter-parties.This results in US firms imposing stricter requirements on counter-party rating for derivativestransactions. This distinction can be attributed to the differences in the financial environments betweenthe US and the Netherlands. These, and other results, strongly suggest that institutional differencesbetween the US and the Netherlands have an important impact on risk management practices andderivatives use across US and Dutch firms.hedging;risk management;derivatives;international finance
The Impact of Institutional Differences on Derivatives Usage: A Comparative Study of US and Dutch Firms
No full textThis paper tests the influence of institutional differences on risk management practices.Several survey studies have investigated derivatives usage for risk management purposes in the US (see, among others, Bodnar, Hayt, Marston and Smithson, 1995 and Bodnar, Hayt and Marston, 1996, 1998).In this paper, we compare derivative practices of US and Dutch firms.This comparison is interesting because the institutional setting for Dutch firms differs from the US setting with respect to shareholder orientation, international trade, disclosure regulation, and the reliance on financial markets.In a number of survey studies additional countries have been studied, such as New Zealand (Berkman, Bradbury and Magan, 1997), Sweden (Alkebäck and Hagelin, 1999) and Germany (Bodnar and Gebhardt, 1999).In contrast with these papers, we facilitate a comparison by applying a matching and a weighting strategy, which corrects for different distributions over industry and size classes in the Dutch and US samples.After these corrections, the remaining results can be attributed to institutional differences.We find that Dutch firms hedge more financial risk. Because of the greater openness of the Netherlands, Dutch firms experience far more foreign exchange exposure and hedge more currency risk.US firms have more concerns regarding derivative usage, which may be linked to the stricter disclosure requirements in the US.US firms also focus more on accounting earnings, which may be attributable to the shareholder orientation in the US versus the stakeholder orientation in the Netherlands.Whereas Dutch firms tend to rely on OTC-transactions, US firms use exchange-traded derivatives and therefore require a higher counter party rating for derivatives transactions. This distinction can be accredited to the differences in the financial environments between the US and the Netherlands.The aforementioned results indicate that institutional differences between the US and the Netherlands have a significant effect on the risk management practices and derivatives use of US and Dutch firms
The synthesis of monodisperse alkanes with long chains
No full textThis thesis discusses reasons for the interest in monodisperse long chain alkanes and describes attempts, past and present, to synthesise such molecules. Chapter 1 discusses why the synthesis of such molecules are important and the objectives of this project. Chapter 2 reviews the methods previous groups have devised to prepare pure samples of long chain alkanes. In particular, work carried out by Whiting et al. at Bristol, whose scheme formed the basis of the early work in Durham. Chapter 3 describes the work in Durham and improvements which were made to Whiting's method, allowing the synthesis of longer chain lengths and greater quantities of materials to be achieved. Chapter 4 provides a summary of the practical work carried out by the author. Chapter 5 gives experimental details of the work described in Chapter 4
The Exchange Rate Exposure Puzzle
No full textBased on basic financial models and reports in the business press, exchange rate movements are generally believed to affect the value of nonfinancial firms. In contrast, the empirical research on nonfinancial firms typically produces fewer significant exposures estimates than researchers ex-pect, independent of the sample studied and the methodology used, giving rise to a situation known as “the exposure puzzle”. This paper provides a survey of the existing research on the exposure phenomenon for nonfinancial firms. We suggest that the exposure puzzle may not be a problem of empirical methodology or sample selection as previous research has suggested, but is simply the result of the endogeneity of operative and financial hedging at the firm level. Given that empirical tests estimate exchange exposures net of corporate hedging, both, firms with low gross exposure that do not need to hedge, as well as firms with large gross exposures that employ one or several forms of hedging, may exhibit only weak exchange rate exposures net of hedging. Consequently, empirical tests yield only small percentages of firms with significant stock price exposures in almost any sample.Exposure, risk management, derivatives, corporate finance, exchange rates
Towards the Theatre: Opasnyi Povorot (Dangerous Corner). The 1939 Production by G.M. Kozintsev at the Leningrad Comedy Theater
No full textThe subject of this research is the first production in a series of theatrical works by G.M. Kozintsev (1905–1973) of the late 1930s — early 1950s, which are fundamentally important both in his creative biography and in the history of Soviet theatre of that era. The author suggests that the entry of the famous film director into theatre was caused by the desire to find a way out of a creative impasse.
The director’s appeal to the play of the modern English novelist and playwright J.B. Priestley and its controversial interpretation were driven by the dramatic atmosphere of the late 1930s. The eccentric grotesque of the play and its pamphlet character, which was insisted on by the director, are considered as a parody of tragedy by the author of the research. This reveals a fundamental connection between the production under consideration and the subsequent successful experiments of G.M. Kozintsev in the field of theatrical Shakespeareana. The article draws attention to the fundamental connection between the style of the production and the general style of the Leningrad State Comedy Theatre developed by its director — the outstanding theatre director and set designer, G.M. Kozintsev and E.L. Schwartz’s friend and associate, N.P. Akimov. The research is based on the performance reviews, testimonies of the participants of the performance, contemporaries close to the director (especially the playwright and screenwriter E.L. Schwartz and the long-term G.M. Kozintsev’s co-author L.Z. Trauberg), as well as the surviving radio version of the play
Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets
No full textThis paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns should be conditional and show evidence of a significant return premium to firm-level currency exposures when conditioning on the exchange rate change. The return premium is directly related to the size and sign of the subsequent exchange rate change, suggesting fluctuations in exchange rates themselves as a source of time-variation in currency risk premia. For the entire sample the return premium ranges from 1.2 - 3.3% per unit of currency exposure. The premium is larger for firms in emerging markets, while in developed markets it is statistically significant only for local currency depreciations. Overall, the results indicate that exchange rate exposure plays an important role in generating cross-sectional return variation. Moreover, we show that the impact of exchange rate risk on stock returns is predominantly a cash flow effect as opposed to a discount rate effect.Exchange rate exposure, exchange rate risk, return premia, international finance
Stevin Outlet Sluices: Wave impact under a beam
No full textThe Dutch department of Public Works had a problem regarding wave impacts on a beam in the Stevin outlet sluices, located in the Afsluitdijk. Wave impacts on this beam could also cause a peak pressure on the barrier gate, just behind the beam. The numerical program ComFLOW and physical scale experiments were used to predict the wave impacts for different hydraulic conditions (i.e. wave height, wave period and water level). The research questions were: 1. How is the wave load on the northern gates depending on the presence of the military beam? 2. How large is a wave impact load on the bottom of the military beam in the Stevin outlet sluices? 3. How well can the numerical model ComFLOW and physical modelling be used to determine the wave impact on the bottom of the military beam in the Stevin outlet sluices? 2D scaled experiments were performed making use of a model with the (simplified) geometry of the Stevin outlet sluices and regular waves. It was found that the largest wave impacts occurred for water levels equal to the bottom plane of the beam or slightly under it. This happened for the shortest waves in the test domain. The largest pressure measured on the beam was approximately 50 kPa or 35H, with H representing the incident wave height in front of the model. It was also found that the spread in the peak pressures for one single experiment was large. The results of the measured impulse per peak showed far less spread. The effect of wave impacts under the beam was also found on the vertical wall under the beam. The actual pressures however were less and they were decreasing with increasing depth. Besides physical wave impact testing, a few experiments were performed with the beam removed from the model. This resulted in wave simply running up the vertical wall of the model. They did not cause a wave impact. The measurements of both type of experiments, with and without a beam, were compared. This revealed that the total wave impulse on the gate was not affected by the presence of the beam. However the distribution of the pressure within a single wave period was significantly different. In case of a beam, a large impact peak was observed, whereas the other wave only showed a small hump caused by the deflected flow against the vertical wall. When the calculated and measured wave impact results were compared it became clear that ComFLOW underestimated the peak pressures by a factor 2 to 20 for the pressures on the impact plane. The same was done for the peak impulse. This showed that the impulse of the peak on the impact plane were underestimated by a factor 2 at most. These results confirmed that the used grid was too coarse for the program to model the physics correctly. The main conclusions to the research questions were: 1. The presence of the military beam causes a different distribution of the force on the gate within a wave period. The total amount of impulse is more or less the same as for the situation without a beam. With the military beam, a wave impact results in a peak force on the gate. Without the beam, there will be no peak force. 2. The largest measured wave impact pressure is 35H. 3. Both ComFLOW and physical modelling can be used to predict wave impacts for the geometry of Stevin outlet sluices. Much care should be taken when modelling and much attention should go to the input parameters of the program.Hydraulic StructuresHydraulic EngineeringCivil Engineering and Geoscience
A Professional Author-How G.M. Glaskin Earned a Living
No full textWestern Australian author Gerald Marcus Glaskin (GMG; 16 December 1923-11 March 2000) wrote from life, using his experiences to continually expand his creative repertoire. In one sense, this was to be his downfall, as his life was unconventional for his time. Because he mined own experiences so much in his creative writing, his works eventually moved out of mainstream markets. However, this paper focuses on his financial success as a writer, details of which can be documented through study of the meticulous records kept by both GMG and his publisher, Barrie & Rockliff of London. Other scholarly analysis of the income received by authors is limited. Katherine Bode (2012) does not deal with the subject in her otherwise comprehensive quantitative analysis of Australian publishing. What little is known about the income of professional authors from this or other periods, and whether they were able to survive on the proceeds of their writing, is incidental to other research
A more comprehensive and commanding delineation: Mary Shelley's narrative strategy in Frankenstein
No full textThis thesis argues that the first edition of Frankenstein challenges conventional reading by employing what Simpson in Irony and Authority in Romantic Poetry calls Romantic irony, where the absence of a stable 'metacomment' precludes an authoritative reading. The novel hints at such readings but prevents them. The insights offered by Tropp's Mary Shelley's Monster, Baldick's In Frankenstein's Shadow, Poovey's The Proper Lady and the woman writer and Swingle's, 'Frankenstein's Monster and its Relatives: Problems of Knowledge in English Romanticism' are considered, but none recognises the full implications of the instability deriving from multiple first- person narratives. Clemit's The Godwinian Navel acknowledges the novel's indeterminacy, but reads a specific ideological purpose in it. Paradise Last provides a language to describe the relationship between the monster and Frankenstein, but proves too unstable to fix identity or establish moral value. Similarly, Necessity ultimately fails to provide a stable explanation in terms of cause and effect. The status of nature shifts between foreground and background, never allowing final definition. These uncertainties destabilise knowledge which is compromised by its provisional nature: no authoritative reading is possible, yet the novel has narrative coherence. The reader is encouraged to try to develop a reading the structure prevents. The radical nature of the first edition is highlighted by comparison with the 1831 edition, which removes much of the ambivalence and gives the novel a clearer morality. The novel challenges conventional methods of deriving authority by disturbing the reader's orthodox orientation in the world around him' (Simpson) in order to afford 'a point of view to the imagination for the delineation of human passions more comprehensive and commanding than any which the ordinary relations of existing events can yield' (Mary Shelley)
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