1,721,222 research outputs found
Do share pledges by insiders influence firm performance and value?
Full text linkThe 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
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
Agences de notation et conflits d’intérêts
Full text linkCredit Rating Agencies and Conflicts of Interest.
While the creation of the credit rating industry traces back to the beginning of the twentieth century, conflicts of interest have emerged particularly since the 1970s, and they escalated in the run-up to the subprime mortgage crisis. In the 1970s, the leading credit rating agencies shifted from an investor-pays to an issuer-pays business model, i. e. issuers that were willing to be rated started to hire the agencies. This shift has been best explained by the quasi-regulatory role given to the leading agencies by regulators in the United States and later worldwide. Consequently, the leading credit rating agencies Moody’s, Standard & Poor’s and Fitch have become increasingly profitable. However, numerous rating scandals during the recent financial crisis highlighted the fact that credit ratings have in fact little informational value as compared to the significant revenues they generate. This paradoxal situation gives rise to concern about the lack of regulatory oversight in the credit rating industry and the need of monitoring conflicts of interest. In the United States, the Dodd-Frank Act of 2010 partly addresses these concerns in its credit rating agency reform.
Classification JEL : G01, G24, G28.Alors que la création des agences de notation financière remonte au début du XX e siècle, le problème des conflits d’intérêts a tout particulièrement émergé dans les années 1970, et s’est intensifié à l’aube de la crise des subprimes. Dans les années 1970, les principales agences de notation sont passées du modèle de l’investisseur-payeur au modèle de l’émetteur-payeur, c’est-à-dire que les émetteurs voulant être notés ont commencé à avoir recours aux services de ces agences. Ce changement s’explique essentiellement par le rôle de quasi-régulateur donné aux agences aux États-Unis, et plus tard, au niveau international. Par conséquent, les principales agences de notation Moody’s, Standard& Poor’s et Fitch sont devenues de plus en plus rentables. Cependant, au cours de la crise financière, de nombreux scandales ont dénoncé le fait que les notations de crédit ont peu de qualité informative par rapport aux revenus substantiels qu’elles génèrent. Cette situation paradoxale attire l’attention sur le manque de surveillance des agences de notation et le besoin de contrôler et minimiser les conflits d’intérêts. Aux États-Unis, le Dodd-Frank Act de 2010 répond en partie à ces problèmes dans le cadre de sa réforme des agences de notation.
Classification JEL : G01, G24, G28.Darbellay Aline, Partnoy Frank. Agences de notation et conflits d’intérêts. In: Revue d'économie financière, n°105, 2012. La nouvelle finance américaine. pp. 309-318
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
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