74 research outputs found
Do share pledges by insiders influence firm performance and value?
Get PDFThe first chapter demonstrates the prevalence and importance of pledging of shares by insiders in the U.S. I create the first comprehensive database of share pledges by insiders in the U.S. to reveal the prevalence of this practice and its role in encouraging earnings management. I find that, during the fiscal years 2006 to 2014, insiders at one of every three S&P1500 firms pledged their ownership in the firm as collateral to obtain loans at least once. I exploit a 2012 market-wide advisory against share pledges by Institutional Shareholder Services, the largest proxy advisory firm, as a quasi-natural experiment. A difference-in-differences estimation reveals that, after the shock, insiders curtailed share pledge activity by approximately 40% and firms with share pledges reduced earnings manipulation by an average 15% of their reported profits. The results suggest that share pledges distort the incentives of insiders and motivate them to inflate earnings.
The second chapter segregates the two types of share pledges and shows that they have divergent effects on firm performance and value. Insiders pledge their ownership in the firm to offer collateral for not only their personal loans but also the loans to the firm. Pledging of shares modifies their payoff structure without altering their control rights. This modification in the payoff structure can influence the incentives of controlling shareholders and have real effects on the firm's value and performance. Using hand-collected data from India,I find that share pledges for personal loans reduce the effective ownership of controlling shareholders and destroy firm value. In contrast, share pledges for firm's loans mitigate borrowing constraints for the firm and add value to firms with limited access to debt finance or high growth opportunities.
The third and last chapter documents that share pledges by insiders create moral hazards by motivating them to alter the risk-taking ability of firms and encouraging them to avoid reporting small losses. During the years 2009 to 2015, firms in India displayed a higher tendency to avoid reporting small losses by converting them to small profits when their controlling shareholders pledged shares. Share pledges for personal loans and firm's loans have contrasting effects on the aggregate risk-taking ability of firms. Share pledges for personal loans predict a decline in the risk-taking ability of firms over the subsequent year. On the contrary, share pledges for firm's loans may lead to excessive risk-taking.Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2021-05-01The student, Pranav Singh, accepted the attached license on 2019-04-07 at 18:54.The student, Pranav Singh, submitted this Dissertation for approval on 2019-04-07 at 19:05.This Dissertation was approved for publication on 2019-04-12 at 07:42.DSpace SAF Submission Ingestion Package generated from Vireo submission #13508 on 2019-08-22 at 16:20:51Made available in DSpace on 2019-08-23T20:44:39Z (GMT). No. of bitstreams: 2
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Previous issue date: 2019-04-12Embargo set by: Seth Robbins for item 112285
Lift date: 2021-08-23T20:44:50Z
Reason: Author requested closed access (OA after 2yrs) in Vireo ETD systemEmbargo set by: Seth Robbins for item 112285
Lift date: 2021-08-23T20:46:41Z
Reason: Author requested closed access (OA after 2yrs) in Vireo ETD systemEmbargo set by: Seth Robbins for item 112285
Lift date: 2021-08-23T20:47:38Z
Reason: Author requested closed access (OA after 2yrs) in Vireo ETD systemEmbargo set by: Seth Robbins for item 112285
Lift date: 2021-08-23T20:48:32Z
Reason: Author requested closed access (OA after 2yrs) in Vireo ETD systemLimited Restriction Lifted for Item 112285 on 2021-08-24T09:15:31Z
Performance analysis of dual-hop optical wireless communication systems over k-distribution turbulence channel with pointing error
No full textAerodynamic interactions between canard and multi-cranked wing at low speeds: An Experimental Study
No full textThe longitudinal characteristics of a multi cranked wing in tandem with a canard were investigated on a 2\% scaled generic, modular wind tunnel model in the 2.85m x 2.85m Open Jet Facility (OJF) at Delft University of Technology. The experimental campaign yielded force, moment and surface oil flow data for a moderate angle of attack range of –5 to +22 °, at a free stream velocity of 30 m/s, and at a Reynolds number of 0.5 million based on the wing mean aerodynamic chord. An experimental approach was followed to understand the complex aerodynamic characteristics of the multi cranked wing. The results presented in this thesis provide the low speed trends for a canard and multi cranked wing configuration, with emphasis on the canard and wing interactions. It provides insights on optimal longitudinal and vertical placement of the canard with respect to the multi-cranked wing for maximizing improvements with respect to lift, drag and longitudinal stability characteristics of the configuration. High fidelity aerodynamic database developed as part of this thesis can be used in the design of future fuel-efficient unconventional canard aircraft configuration(s).Aerospace Engineering | Aerodynamics and Wind Energ
Study of Electrochemical Performance of Lithium and Zinc Metal Anodes for Rechargeable Batteries
No full textMetal anode based batteries, considered the ideal upgrade to Lithium ion batteries in terms of energy density, are currently held back by the non-homogeneous deposition phenomenon that leads to the formation of dendrites that short circuit the cell. The solution to this problem is twofold: while it is important to come up with solutions that mitigate/resist dendrite formation, it is more important to fully understand the deposition phenomena in metal anodes through experiments and theoretical analyses. This study aimed to first understand the deposition mechanism in Zinc and Lithium metal anodes, and then study the feasibility of polymer coatings based on Sulfonated Poly Ether Ether Ketone (SPEEK) as a solution to mitigating the dendrites.The electrochemical performance of Zinc in ZnSO4 electrolyte systems was studiedfor a wide range of current densities and for different operating conditions with the help of operando microscopy and ex-situ SEM. Further, the mechanism of initial Zinc deposition was visualized with the help of in-situ TEM. The origins of the different types of morphology observed at these conditions were explained on the basis of competition between the mass transfer and the kinetics for control over the overall process. Further, a proof of concept was established for the use of SPEEK based coatings on Zinc metal, and the electrochemical performance of polymer coated Zinc electrodes was analyzed.In the case of Lithium, the deposition in carbonate based electrolytes was first studied with the help of operando microscopy for Bare Lithium. Operando microscopy was also carried out to study the influence of the SEI, the separator and a standard polymer coating (PVDF) on Lithium deposition. Further, Lithiated SPEEK was used as a polymer coating on Lithium, and itwas observed that a more even Lithium deposition takes place with the Li-SPEEK coating on Lithium. Slight improvements were observed in the Li+ conductivity of the coating with the addition of TiO2 nanofiller to the polymer. However, performance issues were observed with long term cycling, possibly due to the instability of the polymer coating in carbonate electrolytes over long periods.Electrical Engineering | Sustainable Energy Technolog
Ultrahard Polycrystalline Cubic Boron Nitride Composite through Hybrid Laser/Waterjet Heat (LWH) Treatment
Get PDFAbstractUltra-hard materials that are chemically inert and thermally stable at high temperatures are desirable for enhancing machining and wear performance in demanding chemical and thermal environments. Single and polycrystalline diamonds are the hardest tool materials; however, at high temperatures, diamond reacts with ferrous alloys, losing its chemical inertness and thermal stability. In contrast, cubic boron nitride (cBN) has exceptional chemical and thermal stability but has much lower hardness (35-45GPa). Increasing the hardness of BN is expected to fill the property gap in state-of-the-art tool materials as shown and to generate huge industrial interest for meeting the stringent design requirements such as machining optical surfaces and reducing the cost and time for machining ferrous materials. A novel laser/waterjet heat treatment (LWH) process is investigated to enhance the surface hardness of a dual phase boron nitride (BN) material composed of 50% cubic and 50% wurtzite phases. Results indicate that experimentally measured hardness increase is dependent on the processing parameter such as laser fluence and overlap between heat treatment passes. Statistical analysis is carried out to identify the processing parameter that result in maximum hardness increase
Rurban Centres: The New Dimension of Urbanism
No full textAbstractIn recent years urbanization has become synonym to development. Developing countries like India has experienced huge shift in the economy from agrarian base to service oriented employment. Indian cities unlike the western are not planned; they evolve in layers as a testimony to different period. The settlement may be organic, with heterogeneity yet very well reflects the interwoven social fabric. As a result of urbanization the urban sprawl is approaching the rural hinterlands. The line of distinction is fading away between urban and rural. A new type of settlement is emerging which once termed as conurbation by the Scottish planner Patrick Geddes. The area with diffusion of urban and rural activities is termed as RURBAN. These rurbancentres are new emerging towns that are governed by rural local bodies, the activities possess in these areas are urban in nature. The paper attempts to develop a understanding of issues and challenges, possibilities and potential and development guidelines for this upcoming new centres of urban growth
A Descriptive study of Naadi Thervu and Its Clinical features based on the text “Sadhaga Naadi”
Get PDFNaadi diagnosis is the best diagnostic method in siddha system.
• Tree Naadi analytical methods, manual Naadi, naadi Thrangini & symptom based Naadi, are used in this descriptive analysis based on Agathiyar vaidhya sadhaga Naadi.
• The fundamentals and basic of Naadi and its diagnostic methods are discussed and data collected.
• The data analysis and interpretation done by T-Test and one way annova by using SPSS software and the results are discussed.
Naadi diagnosis is the best diagnostic method in siddha system. Tree Naadi analytical methods, manual Naadi, naadi Thrangini & symptom based Naadi, are used in this descriptive analysis based on Agathiyar vaidhya sadhaga Naadi. The fundamentals and basic of Naadi and its diagnostic methods are discussed and data collected. The data analysis and interpretation done by T-Test and one way annova by using SPSS software and the results are discussed.
The author concluded the descriptive analytical study of Naadi thervu and its clinical features based on “sadhaga naadi” if effective in diagnosis of disease. According to one way ANOVA The symptom based naadi is take as a control test & other two analysis of Naadi patern Manual Naadi & Nadditharangini is compared with one another. There is no significantly difference in between Manual naadi and symptom based naadi. The naadi tharangini and manual naadi is not significantly variable. Pitham only is significantly variable in between symptom based naadi and naadi tharangini. Author conclude that the brief history taking based on sadhaga naadi clinical feature and compare any one of the naadi thervu by manual or electronic based divice and correlative comparison method is effective in naadi based diagnosis. The naadi tharangini is not much more effective in diagnosis compared with the Manual naadi and symptom based naadi
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