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Essays in corporate finance
Full text linkThis dissertation bundles three essays in the area of corporate finance. It deals with two main issues:
capital structure decisions in financially distressed firms and the role of the investor identity on the
acquisition performance.
The first essay is a literature review about equity issues as a means to recover from financial distress.
The study provides, firstly, an overview of the extant literature on capital structure theory and financial
distress in order to deepen the understanding of how a firm can resolve its financial constraints. On the
one hand, some of the most important contributions in capital structure theory are reviewed with a
specific focus on equity issues. On the other hand, financial distress is discussed examining the main
solutions adopted by distressed firms in order to reorganize (i.e. formal in court proceedings and
private reorganizations). Finally, it is discussed a possible gap in capital structure theory and financial
distress literature arguing that most of previous research, in the attempt to explain the occurrence of
equity issues, just focused on firm specific determinants. With the aim to provide a further perspective
for future research, the study examines a series of contributions that consider how capital structure
decisions can be affected by external determinants related to the legal system in which the firm
operates. These works are aggregated to the discussion in order to suggests a conceptual framework
suitable to explain equity issues in financial distress through the integrations of capital structure theory
with Law literature.
The second essay is a theoretical and empirical investigation on equity issues in distressed firms.
Specifically, I explore the effectiveness of equity issue as a means to recover from distress. I argue the
relationship between equity issues and recovery controlling for the legal system in which the firm
operates. Central to the thesis is the role of the Bankruptcy Law on the firm’s propensity to issue equity
which varies according to the legal protection of the creditors. Controlling for this exogenous factor
allows me to explain how recovery is affected by the issuance of equity. This study contributes to both
capital structure theory and financial distress literature providing evidence on how the capital structure
decision to issue equity can drive the process of firm’s recovery from distress. Then, it suggests an
alternative explanation of the decision to issue equity in distress arguing the relevance of the legal
system as a determinant of this choice. The hypotheses are tested on a sample of 70 firms that
recovered from financial distress in 49 countries. The sample is divided in to 34 distressed firms who
recovered issuing equity and 36 firms who recovered without an equity issue. Results show that the
legal system matters for understanding the occurrence of equity issues in distress; they are more likely
to occur in countries with a debtor friendly legal system. Conditionally to the incidence of the law on
the firm’s choice to issue equity, equity issues positively affect the firm’s recovery from distress.
The third study is a theoretical and empirical examination about the relationship between the buyer
identity and the acquisition performance. This relationship is argued advancing and testing the idea that
different identities of the buyer, specifically strategic or financial investors, have different effects on
the performance of the target firm after an acquisition. We suggest that the different resource and
knowledge base of the buyer, i.e. its identity, drives the target performance: on the one hand it affects
the innovative output and so the patenting activity of the target, on the other hand it has an impact on
the economic results of the acquired firm. This study contributes to literature on M&A by providing a
complementary explanation of M&A performance, unraveling how the identity of the buyer can play a
significant role in driving post-acquisition performance. Moreover, it suggests a more complete
analysis of the deal’s output considering both the innovative and the economic output. The study relies
on a sample of 234 acquisitions in any industry completed between 2006 and 2011. Results show that
the identity of the buyer has a direct effect on the performance of the target firm after the acquisition.
The results also highlight how identity has a different impact regarding to the different measures of
performance: whilst the strategic buyers, moved by the interest for additional knowledge and
technology, tend to integrate their capabilities with target fostering innovative processes and improving
the innovative performance, the financial buyers use to undertake deals in order to maximize their
profits at the expense of the innovative performance. Different evidences emerge for the economic
performance of the involved firm which is positively affected by financial buyers respect to strategic
ones since they induce the target firm to undertake highly risky and long term investments in R&D.
The two papers of this dissertation have been presented at international Conferences on management
such as EURAM 2014 (European Academy of Management) and BAM 2015 (British Academy of
Management). The papers will be submitted to journals soon
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
Author Under Sail The Imagination of Jack London, 1893-1902
No full textIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Intro -- Title Page -- Copyright Page -- Dedication -- Contents -- Acknowledgments -- Introduction -- 1. Spirit Truth -- 2. From Absorption to Theatricality and Back Again -- 3. "I Will Build a New Present" -- 4. Sons as Authors -- 5. Fathers as Publishers -- 6. The Daughter as Author -- 7. Lovers as Authors -- 8. At Sea with the Family -- 9. Yellow News, Yellow Stories -- 10. The Return Home -- Notes -- Bibliography -- Index -- About Jay WilliamsIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
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