Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit.This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature.I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001.Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms.corporate size;independency;panel data;simulation

The Trade-Off Between Risk and Control in Corporate Ownership

This paper analyses the risk control trade o$in corporate ownership. It presents a simple model in which large shareholders decide their share depending on their risk aversion, risk-neutral effects attached to rm size and the e$ectiveness of di$erent (external and internal) mechanisms for controlling managers behaviour. Two institutional settings in which the expected benefits from control appear to overcome risk aspects are explored: the USA at the turn of the 20th century and Spain in the 1990's. The empirical evidence seems to support the predictions of the model regarding the relationship between ownership concentration, the characteristics of governance and the size of the firm.Corporate Governance;Disciplinary Mechanisms;Large Shareholders

The Role of Stakeholders in Accounting of Private Patrimonies The Management Of The Osuna Ducal Estate (1590-1633)

The main aim of this paper is to test the validity of the stakeholder approach in a historical context (16th and 17th century), very different to the one in which the theory was originally developed and has normally been used. For this purpose, the paper deals with management in the Osuna Ducal Estate at the end of the 16th century and beginning of the 17th century. In that period, the Ducal Estate reached such a high level of indebtedness that creditors could not even collect the interest on their loans. This led them to lodge a complaint with the Crown and consequently, as of 1590, the Ducal Estate patrimony was seized by the Government. Since the changes that occurred in the ODE patrimony were promoted by creditors and the Crown, the stakeholder approach has been applied to analyse the case. We can conclude that stakeholder approach is sufficiently able to explain the changes that took place in the management of the Osuna Ducal Estate in the 16th and 17th century and, mainly, the role of accounting in these changes.Accounting History, Stakeholder Approach, Aristocratic Accounting, 16th and 17th century

Connecting the Dots to Economic and Cultural Revitalization in Fayette County, Ohio

IMPACT. 1: To stimulate economic development using art and culture as a foundational intervention in rural areas to improve quality of life and well-being. -- 2. To build a community collaboration or culture hub in Washington Court House, Bloomingburg and Jeffersonville in Fayette County, that incorporates businesses, elected officials, non-profit organizations, farmers, artists, and residents. -- 3. To utilize best practices that incorporate art and culture interventions in economic revitalization efforts in rural American towns and counties.OSU PARTNERS: Barnett Center for Integrated Arts and Enterprise; Center for Folklore Studies; University Extension Community Development; Think Tank Members: Youngaah Koh - Arts Administration, Education & Policy, Claire Melbourne - Dance, Karie Miller - Theatre, Molly Rideout - English, Katy Treitmaier - Arts Administration, Education & Policy, Yifan Xu - Arts Administration, Education & Policy, Yan Xiao - Arts Administration, Education & Policy, Charity Mack - Arts ManagementCOMMUNITY PARTNERS: Fayette County Travel and Tourism; City of Washington Court House/ Main Street Group; Fayette County Commission; Bloomingburg Mayor's Office; Jeffersonville Mayor's Office; Fayette County Public Library; Fayette County Historical Society and Museum; Fayette County Economic Development; Fayette County Geographical Information System; The Print Shop; Record Herald Newspaper; White Fence Gallery; Creative Courthouse; Anima Viva Arts; Miami Trace SchoolPRIMARY CONTACT: Sonia BasSheva Manjon ([email protected]) and Godwin Apaliyah ([email protected])This project uses community engagement interventions with various art practices to investigate the local culture of Washington Court House and other villages in Fayette County. This planning process brings together multiple partners from Fayette County and OSU to design opportunities and interventions (such as storytelling, interviews, community discussion forums, brainstorming sessions, and art making) that will lead towards sustainable economic revitalization efforts

Recent Developments in German Corporate Governance

We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity.However, the Act also allows anti-takeover devices.Despite the recent, substantial changes, we conclude that the main characteristics of the German system are still in place.Corporate governance;ownership structure;co-determination;mergers and acquisitions;board of directors

Geochemistry, petrogenesis and tectonic setting of igneous rocks of the Hartville uplift, Eastern Wyoming

The location of the eastern margin of the Wyoming Archaean Province and its Proterozoic evolution are still debated. Previous studies have attributed north-south and east-west directed structures to the Proterozoic Black Hills and Central Plains orogenies, respectively, but the tectonic details of these orogenies are unclear. I have studied igneous rocks in the Laramide-age Hartville Uplift (HU), which exposed Precambrian rocks. At least part of the NNE-trending HU is bisected along its length by the Hartville Fault (HF) that juxtaposes high-grade metamorphic rocks on its eastern side against lower-grade metamorphic rocks on its western side. The objective is to use the geochemical features of the igneous rocks to infer the tectonic settings in which they formed. The oldest dated magmatic rocks are 2.6 Ga Archaean Rawhide Buttes and Flattop Butte granites (SiO2 > 67 wt%; K2O /Na2O wt% > 1; ASI > 1.05). They crop out only in the northern part of the HU and appear to be of crustal origin. The next magmatic episodes involved basaltic volcanism. They are represented by the Mother Featherlegs metabasalt on the eastern side of the HF and the Muskrat Canyon metabasalt on the western side. Compositions of these basalts are attributed to rifting and a mantle plume, respetively. The ages of the metabasalts are unknown, thus it is not certain if they are coeval. However, they may correspond to the [about]2 Ga Kennedy dike swarm in the Laramie Range and amphibolites in the Black Hills that show similar extension and plume-related chemical characteristics

Econometric Modelling in Blockholder Systems of Corporate Governance

corporate governance;estimation;endogeniety;model selection

Ionized gas and sources of its ionization in the Irr galaxy IC 10

IC 10 is the nearest starburst irregular galaxy remarkable for its anomalously high number of WR stars. We report the results of an analysis of the emission spectra of HII-regions ionized by star clusters and WR stars based on observations made with the 6-m telescope of the Special Astrophysical Observatory of the Russian Academy of Sciences using MPFS field spectrograph and SCORPIO focal reducer operating in the slit spectrograph mode. We determine the masses and ages of ionizing star clusters in the violent star-forming region of the galaxy in terms of the new evolutionary models of emission-line spectra of HII-regions developed by Martin-Manjon et al. (2010). We estimate the amount of stars needed to ionize the gas in the brightest HII-region HL 111 and report new determinations of oxygen abundance in HII regions.Comment: To appear in the proceedings of the conference "A Universe of dwarf galaxies" (Lyon, June 14-18, 2010