How firms manage their cash flows: an examination of diversification’s effect

We extend recently documented evidence that diversified firms hold significantly less cash than specialized firms to consider differences in how diversified and specialized firms adjust their cash flows to achieve their target cash balance. We find that diversified firms have higher free cash flows as a result of equal operating cash flows and lower investment in comparison to specialized firms. Diversified firms save less cash by placing less reliance on external financing; by issuing less debt and equity, and distributing higher cash dividends. Our findings support the hypothesis that diversified firms are able to hold less precautionary cash as they are in better position to finance investment opportunities internally from operating cash flows

Functional Androdioecy in Critically Endangered Gymnocladus assamicus (Leguminosae) in the Eastern Himalayan Region of Northeast India

Gymnocladus assamicus is a critically endangered tree species endemic to Northeast India, and shows sexual dimorphism with male and hermaphrodite flowers on separate trees. We studied phenology, reproductive biology and mating system of the species. The flowers are small, tubular, odorless and last for about 96 hours. Pollen grains in both morphs were viable and capable of fertilization leading to fruit and seed set. Scanning electron micrographs revealed morphologically similar pollen in both male and hermaphrodite flowers. The fruit set in open pollinated flowers was 43.61 percent, while controlled autogamous and geitonogamous pollinations yielded 76.81 and 65.58 percent fruit set respectively. Xenogamous pollinations between male and hermaphrodite flowers resulted in 56.85 percent fruit set and pollinations between hermaphrodite flowers yielded 67.90 percent fruit set. This indicates a functionally androdioecious mating system and pollination limited fruit set in G. assamicus. Phylogenetic analyses of Gymnocladus and the sister genus Gleditsia are needed to assess if the androdioecious mating system in G. assamicus evolved from dioecy as a result of selection for hermaphrodites for reproductive assurance during colonization of pollination limited high altitude ecosystems

Costs and benefits of reproducing under unfavorable conditions: an integrated view of ecological and physiological constraints in a cerrado shrub

Disentangling the relative importance of biotic and abiotic constraints in plant reproduction is a major challenge in reproductive ecology. Here, we tested the 'resource limitation hypothesis'that predicts a high-level ovule abortion under resource scarcity; the 'flowering displacement hypothesis'that predicts low levels of pollen limitation driven by relaxed competition for pollinators; and the 'herbivory escape hypothesis'that predicts low impact by natural enemies during unfavorable conditions. We followed reproductive phenology, measured the seasonal variation in resource abundance, and calculated initial ovule budgets to estimate the relative importance of each limiting factor on final reproductive output. Ovule fate was determined of ovules in different positions within the pods, and a germination experiment was conducted to identify bottlenecks at the germination stage. Despite marked decreases in resource availability during the dry season, reproduction consistently occurred during mid-to-late dry season. Destruction by natural enemies and abortion were the most likely ovule fates, with only 2.2 % of flower buds converted into ripe fruits. Ovule fates were not random along fruit positions, with higher likelihood of well-formed seeds in fruit tips and higher likelihood of ovule abortion and non-fertilized ovules near the fruit bases. The benefits derived from flowering displacement to the dry season include reduced competition for pollinators and synchronization of seedling establishment with the onset of the rainy season. However, we found no support for the herbivory escape hypothesis. We argue that a cost-benefit approach is a useful framework to understand the evolutionary ecology of phenological strategies in seasonal environments.Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)Fundação de Amparo à Pesquisa do Estado de Minas Gerais (FAPEMIG)Universidade Federal de Uberlândia - Instituto de Biologia, Uberlândia, BrazilDepartamento de Botânica, Universidade Federal de Goiás, Goiânia, BrazilDepartamento de Botânica, Instituto de Biociências,Universidade Estadual Paulista (UNESP), Ria Claro, BrazilUniversidade Federal de Minas Gerais - Ecologia Evolutiva & Biodiversidade, Belo Horizonte, BrazilDepartment of Biology, Stanford University, Stanford, CA 94305, USAUniversidade Estadual Paulista, Ria Claro, Brazil - Departamento de Botânica, Instituto de BiociênciasCNPq: 486742/2012-