186,708 research outputs found
Tunneling and Propping: A Justification for Pyramidal Ownership
No full textThis paper presents a formal model of tunneling and propping in a pyramidal ownership structure. Tunneling refers to controlling shareholders shifting resources from one firm to another in the same pyramid. Propping is tunneling that is done to save the receiving firm from bankruptcy. We compare the pyramidal ownership structure to the horizontal ownership structure, in which shifting resources between firms is not possible (i.e. illegal). We show that tunneling may justify the pyramidal structure only in the presence of myopic investors or in combination with propping.Tunneling; Propping; Pyramids; Ownership Structure; Business Groups
Tunneling and Propping: A Justification for Pyramidal Ownership
No full textThis paper presents a formal model of tunneling and propping in a pyramidal ownership structure. Tunneling refers to controlling shareholders shifting resources from one firm to another in the same pyramid. Propping is tunneling that is done to save the receiving firm from bankruptcy. We compare the pyramidal ownership structure to the horizontal ownership structure, in which shifting resources between firms is not possible (i.e. illegal). We show that tunneling may justify the pyramidal structure only in the presence of myopic investors or in combination with propping
The Choice of Group Structure: Divide and Rule
No full textThis paper concerns the structure of Korean business groups. We investigate the factors that affect a controlling shareholder's decision regarding the structure of his business group and the location of its member firms, using financial and ownership data on conglomerate groups in Korea. We define new measures that represent the levels of vertical and circuitous structures of a group, and the location of member firms in the group. We empirically confirm that controlling shareholders strategically choose the structure of their business groups to secure control over the groups and to seek private benefit of control. The risk diversification and propping incentive of controlling shareholders is also found to affect the decisions.
Temporary propping at Crossrail Paddington Station
No full textThe construction of Crossrail Paddington station in London (between 2011 and 2018) required a large temporary propping system, which contained one of the most comprehensive monitoring schemes to date. This paper explores the design and operation of this system through the analysis of a data set collected during the construction period and the numerical modelling undertaken at Durham University. The effects of temperature variation on the partially exposed propping system are quantified, as well as the impact of events in the construction sequence including slab casting, adjacent prop removal and excavation. Several lessons were learned during the construction, in terms of prop installation and removal and the management of the monitoring system. These are discussed for the benefit of future projects using temporary propping and monitoring schemes. The findings from this research have led to a greater understanding of the behaviour of propping systems under different environmental conditions, and may therefore lead to more efficient and safer designs in the future
Parachute and lateral propping reaction in preterm children
No full textCom o objetivo de traçar um perfil clinico-epidemiológico e estabelecer marcos do desenvolvimento neurológico de recém-nascidos prematuros aos 3, 6, 9 e 12 meses de idade corrigida, quanto às reações do paraquedismo e do apoio lateral, foi realizado estudo de coorte não controlado, com enfoque prognóstico. Foram incluídos no estudo recém-nascidos com idade gestacional até 36 semanas e 6 dias, com 2000g ou menos de peso ao nascimento. As reações do paraquedismo e apoio lateral estavam presentes em 8,1% aos 6 meses, em 87,5% e 90% respectivamente aos 9 meses. Foi possível avaliar as reações posturais do paraquedismo e do apoio lateral em crianças prematuras no periodo de um ano. Alterações na coordenação tronco-membros pode ser evidenciada no 1o ano de vida através de reações posturais, que são mantidas como marcadores de prematuridade até a idade escolar.A non-controlled, prognostic cohort study was performed with the aim of establishing markers of neurological development and defining a clinical and epidemiological profile of preterm newborns at 3, 6, 9, and 12 months of gestation-corrected age in terms of parachute and lateral propping reactions. Newborns with gestational age of up to 36 weeks and 6 days, weighing 2,000 g or less at birth, were included in the study At 6 months of age, parachute and lateral propping reactions were present in 8.1% of the patients. At 9 months, the parachute reaction was present in 87.5%, and the lateral propping reaction was present in 90% of the children. It was possible to assess parachute and lateral propping reactions in preterm children in the first year of life. Alterations in trunk-limb coordination may be evidenced in the 1st year of life through postural reactions, which are maintained as prematurity markers until school age
Design of propping schemes of 60-storey reinforced concrete building: a case study
No full textA study of a 60-storey reinforced concrete residential building was undertaken to evaluate the propping schemes supporting the flat slabs. Relevant data necessary for evaluation were acquired from the construction site. Based on the obtained data, a simple methodology to formulate the alternative propping schemes is presented in this paper. The propping scheme designed at the construction site for a 10 d slab cycle is analysed and possible alternative schemes are proposed. The primary objectives of the alternative schemes are to ensure safety and economy, and to minimise the number of construction activities on each level. A comparison of the propping schemes suitable for different slab cycle durations was also performed. It is shown that specific slab cycle durations are comparatively more cost-effective
Muir-Torre syndrome - Treatment with isotretinoin and interferon alpha-2a can prevent tumour development
No full textMuir-Torre syndrome is a genodermatosis in which multiple internal malignancies are associated with cutaneous sebaceous tumours and kerato-acanthomas. A 57-year-old man presented with multiple sebaceous tumours, kerato-acanthomas, verrucous carcinoma of the nose, renal cell and transitional cell carcinomas of the left kidney, adenoma of the colon and a positive family history of colon carcinoma. He was treated with interferon (IFN-alpha Pa) s.c. 3 x 10(6) U three times a week along with 50 mg isotretinoin daily as well as topical isotretinoin gel. During a follow-up of 29 months, only 1 sebaceous skin tumour developed and was removed, whereas more than 30 such skin tumours had been surgically removed during the last 3 years. No evidence of internal tumour development or recurrence was found. The combination of IFN with retinoids seems to be of promise to prevent tumour development in Muir-Torre syndrome. Copyright (C) 2000 S. Karger AG, Basel
Politik und Vererbung
No full textWeingart P. Politik und Vererbung. In: Propping P, Schrott H, eds. Wissenschaft auf Irrwegen: Biologismus - Rassenhygiene - Eugenik. Bonn, Berlin: Bouvier; 1992: 23-43
Tunneling and propping up: An analysis of related party transactions by Chinese listed companies
No full textWe examine a sample of related party transactions between Chinese publicly listed firms and their controlling shareholders during 2001-2002. Minority shareholders in these firms seem to be subject to expropriation through tunneling but also gain from propping up. On balance, there seems to be more tunneling than propping up. Both types of firms have larger state ownership compared to the rest of the Chinese market but firms that are propped up are larger and have larger state ownership than firms subject to tunneling. Propped up firms are more likely to have foreign shareholders and to be cross-listed abroad compared to firms that are subject to tunneling. Propped up firms also tend to have worse operating performance in the fiscal year preceding the announcement of the related party transaction. Finally, we find that related party transactions representing tunneling are accompanied by significantly less information disclosure compared to related party transactions representing propping.International corporate governance China Related party transactions Tunneling Propping
Tunneling or propping: Evidence from connected transactions in China
No full textFriedman et al. (2003) develop a model in which, in equilibrium, controlling shareholders may choose either tunneling or propping of their listed companies depending on the magnitude of an adverse shock and the magnitude of the private benefits of control. In this paper, we employ connected transaction data from China to test the implications of their model. We hypothesize that, when listed companies are financially healthy (in financial distress), their controlling shareholders are more likely to conduct connected transactions to tunnel (prop up) their listed companies and the market reacts unfavorably (favorably) to the announcement of these transactions. Our empirical findings strongly support our hypotheses. We also find that all of the transaction types in our sample can be used for tunneling or propping depending on different financial situations of the firms. Finally, political connection is negatively associated with the announcement effect. Overall, our analysis supports Friedman et al.'s (2003) model by furnishing clear evidence for propping and tunneling to occur in the same company but at different times.</p
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