How do investment patterns of independent and captive private equity funds differ? Evidence from Germany

Empirical literature emphasizes a positive contribution of private equity investors, which results from their combined provision of capital, monitoring, and management support. The aim of this study is to show that these previous results, which are based mostly on the analysis of US independent closed-end private equity funds, cannot be generalized since the private equity industry should not be treated as homogenous. We argue that it is necessary to distinguish between different types of private equity providers because their differing governance structures, strategic goals and experiences have a decisive influence on their value adding activities. The results of this study—which uses a data set of 179 German private equity-backed companies—are consistent with the conjecture that independent and corporate private equity providers tend to have a more pronounced role in corporate governance and monitoring of the companies they finance, than bank-dependent and governmental funds which often serve only as bridge investors.      

Enhancing Practicing Primary School Teachers' Pedagogical Content Knowledge in Technology

This paper describes the frameworks and cognitive tools that have been developed to enhance practising teachers' pedagogical content knowledge in primary school technology education. The frameworks evolved from our research that firstly examined existing teaching practices, secondly enhanced formative interactions and thirdly enhanced summative assessment strategies. The evidence gained over the three years demonstrated how the effective use of frameworks could be utilised to enhance teacher pedagogical content knowledge (PCK). How we see learning is of prime importance in examining the development of teacher pedagogical content knowledge. A sociocultural view of learning is taken where human mental processes are situated within their historical, cultural and institutional setting. In the research project we strongly emphasised the need for teachers to build a knowledge base for teaching technology. Critical aspects identified as enhancing PCK included: negotiated intervention, planning frameworks, reflection on case studies, workshops and support in classrooms, appropriate resources, teacher agreement meetings, portfolios of student work and summative profiles. The increased PCK resulted in: enhanced teacher knowledge about technology including the nature of technology, areas of technology and specific technological knowledge, changed pedagogical approaches, enhanced teacher student interaction, refinement of appropriate learning outcomes, critical decision making, improved teacher confidence, and enhanced student learning. Seven characteristics or features of pedagogical content knowledge that we believe are important for effective teaching and learning in technology are presented. This revised version was published online in July 2006 with corrections to the Cover Date.     

浅议高职院校体育教学中存在的问题及对策

高职院校人才培养应符合社会需要。随着素质教育概念的提出和实施,高职院校体育教学加快了改革的步伐,"健康第一"的教育理念逐渐深入人心,这对高职体育教学提出了更高的要求。目前,高职院校体育教学中仍存在很多问题,直接影响着教学质量。只有充分认识问题,分析问题,才能更有效地解决问题。     

法律院校参与法律援助的价值及利用

服务社会是高等学校的应有功能与职责。于高等学校法律院系而言,参与法律援助应该是践行社会责任的最基本和最重要的形式。随着人权事业的日趋进步和发展,法律院系参与法律援助面临更大的机遇和挑战。正确认识高校参与法律援助的资源优势、价值,正视并有效解决存在的问题,对于法律合格人才的培养、对于法律援助本身均具有超越性的意义。     

Private benefits from control block trades in the Spanish stock exchange

A control block trade can be explained by the expectation of financial gains, shared by all shareholders, or by the expectation of private benefits, exclusive to the buyer and possibly at the expense of other shareholders’ rents. The market for corporate control contributes to social welfare when it improves the efficiency of the allocation of resources. When the objective of a block transaction is private benefits, social welfare may be negatively impacted as minority shareholders could withdraw from the market. Therefore the estimation of private benefits would allow the efficiency of the market for corporate control to be assessed. Specifically, the aim of this paper is to calculate private benefits in the Spanish market for partial control. Using a sample of partial control transactions over the period 1990–2016, we find that the median of private benefits is negative, therefore it appears that there is no inefficient use of resources in the Spanish partial control market as a whole, however private costs are detected. The variability of private benefits is explained in a significant way by variables related to the control structure of the target firm, such as the controlling position of the buyer after the transaction, the contestability of control and the cross-shareholdings between the buyer and large shareholders. Performance and the size of the firm are significant as well.     

The effects of private equity and venture capital on sales and employment growth in small and medium-sized businesses

We study the effects private equity (PE) and venture capital (VC) financing have on small and mid-sized single entity business establishments from 1995 to 2009. We focus on single entity establishments to cleanly examine the impact of PE and VC financing on establishments’ organic growth. This study reveals that PE and VC financing have positive impacts on single entity business establishments’ net sales and employment growth. The impact of PE financing on establishments’ growth is slower and smaller than VC financing. However, we find that the benefit of PE financing lasts longer than VC financing. We also find that ethnic minority, female, and foreign business owners are less likely to receive PE and VC financing. Finally, we find evidence that although establishments with government contracts are more likely to receive PE and VC financing, those contracts fail to produce marginal post-funding growth and employment benefits.     

The role of consumers' attitude towards economic climate in their reaction to ‘PL-only’ assortments: Evidence from the United States and Spain

Retailers’ assortment rationalisation strategies have found an “ally” in the current global economic crisis. Indeed, retail boycotts of individual brands in economic recession contexts are not uncommon in the CPG industry. In fact, many of the consumers who began buying PLs during the economic recession are continuing their PL behaviour post-recession. So, what is the role of the economic climate in consumers’ reaction– in terms of store loyalty – to retailers’ NB delisting decisions? Is it so relevant? This paper examines how consumers’ attitude towards the economic climate influences his/her reaction to retailers’ strategy of offering ‘PL-only’ assortments in the context of an economic slump (Spain) compared to a context of economic recovery (U.S.). To do so, we have designed a controlled online experiment for two large consumer panels in the Spanish and the U.S. markets. Our results suggest that consumers’ acceptance of ‘PL-only’ assortments is a separate phenomenon rather than merely being a “consequence” of the current economic situation. Nevertheless, in an economic recovery, such ‘PL-only’ assortments do not appear to be the best strategy.     

政治关系“力量”与民营企业价值研究:腐败的调节效应

从社会网络理论的强弱关系视角对2012-2014年福布斯中国富豪榜的企业家及其企业进行了政治关系的度量,检验了腐败是否会调节政治关系"力量"对企业价值的影响。研究发现,企业家本身所具有的政治关系对企业价值具有明显的正向影响作用,关系的"力量"越强,对企业价值的正向影响就越大;与此同时,腐败的出现会强化政治关系"力量"对民营企业价值的影响。通过分组验证发现,这种"力量"在腐败程度较高环境下更易对企业价值产生正向影响,但在腐败程度较低的环境中,政治关系对民营企业价值的影响很多时候并不显著。     

Wheat variety yield data: Do commercial and public performance tests provide the same information?

Wheat yields from reported performance test results are of economic importance to wheat producers, since their profits depend on selecting the optimal variety for their location. However, our data shows differences in absolute and relative wheat yields between commercial and public wheat breeding program's performance test data in Kansas. Newly available data are used to test if the difference in yields arose from potential selectivity bias, and to determine the contribution of private and public wheat breeding programs to varietal yield improvement during 2007–2012. Both Heckman selection models and multiple regression showed no statistical evidence of the potential presence of selectivity bias rather, managerial practices, agronomic conditions, field location, and inherent genetic traits of the seed variety were identify as the source of yield differences.     

结构性违约、信用分层与评级机构的策略性反应——来自中国信用债市场的证据

2014年以来，以主要集中于民企的"结构性违约"宣告了中国信用债市场刚性兑付的"结构性打破"，债券市场进入了新的发展阶段。利用2013-2017年债券数据，本文深入分析了结构性违约对评级机构行为和效率的影响，主要有如下发现：首先，信用评级的市场公信力会因政府隐性担保导致的"刚性兑付"而削弱；其次，结构性违约爆发之后，信用评级的整体效率有所提升，但在不同发行主体呈现分化，对于非城投类企业，信用评级对发行利差的影响显著增大，意味着评级公信力的显著提升，而对于城投类企业，评级效率并未明显改善；进一步研究表明，出现这种情况的原因在于评级机构在违约后采取了差异化的评级策略，对于违约风险较大的非城投类债券，评级机构倾向采取"收紧评级"的策略；对于违约风险较低的城投债，评级机构倾向于采取"放宽评级"的策略。这种策略性行为是导致市场"信用分层"的重要原因，并有可能推升民营企业的融资成本。