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Abstract

In this number of the journal a paper of Dr. Filip Lundberg is published, in which he thoroughly deals with certain problems of the theory of risk. As all the former works of Dr. Lundberg about the theory of risk with only one exception (the paper “Über die Theorie der Rückversicherung” in the transactions of the Congress of Actuaries in Wien 1909) are published in the Swedish language and consequently inaccessible to the international insurance world, a simultaneous report of some of the fundamental ideas in this former production perhaps will offer some interest. Though the latest paper follows a special line, the starting points and the manner of consideration are unaltered, and hence an aquaintance with the simpler problems which here will be dealt with will be rather illustrative.  相似文献   
2.
In this article, we test for the existence of a relationship between per capita Gross Domestic Product (GDP) and trade, for 15 Spanish Autonomous Communities between 1988 and 2004, using a panel cointegration methodology. In particular, we implement several panel unit root tests (Maddala and Wu, 1999; Levin et al., 2002; Im et al., 2003) and panel cointegration tests (Pedroni, 1999, 2004), with a special attention to their behaviour in a small sample. We also develop a Seemingly Unrelated Regression Estimation (SURE) residual based test, in order to explicitly take into account the cross regional correlation pattern. Appropriate confidence intervals are estimated with a sieve bootstrap designed for our small time sample, preserving the dependence structure among cross sectional units. Our cointegration tests reject the existence of a significant relationship between GDP per capita and exports. However, we do find some evidence of a significant relationship between GDP per capita and imports or with total trade.  相似文献   
3.
Abstract

In 1977 Thorin introduced the class of generalized Γ-convolutions and proved that the Pareto distribution belongs to this class. In subsequent papers Thorin, Bondesson and others have shown that several important distributions are generalized Γ-convolutions.

The purpose of the present paper is to provide a very short proof of Thorin's result that the Pareto distribution is a generalized Γ-convolution. The proof is based on an old stability property of the Stieltjes cone due to Reuter (1956) and Itô (1974).  相似文献   
4.
Abstract:  Recent empirical evidence indicates that the largest publicly traded companies throughout the world have concentrated ownership. This is the case in Canada where voting rights are often concentrated in the hands of large shareholders, mostly wealthy families. Such concentrated ownership structures can generate specific agency problems, such as large shareholders expropriating wealth from minority shareholders. These costs are aggravated when large shareholders don't bear the full costs of their decisions because of the presence of mechanisms (dual class voting shares, pyramids) which lead to voting rights being greater than the cash flow rights (separation). We assess the impact of separation on various performance metrics while controlling for situations when the large shareholder has (1) the opportunity to expropriate (high free cash flows in the firm) and (2) the incentive to expropriate (low cash flow rights). We also control for when the large shareholder has the power to expropriate (high voting rights, outright control and insider management) and for the presence of family ownership. The results support our hypotheses and indicate that firm performance is lower when large shareholders have both the incentives and the opportunity to expropriate minority shareholders.  相似文献   
5.
Abstract *** :  The purposes of the paper are to determine whether governments underprice shares in fixed‐price share‐issue privatizations (SIPs) and, if so, what their motivations are for doing so. This paper develops three models of SIP underpricing: one based on revenue goals, one based on political goals and an inclusive model which supposes that the level of underpricing depends on both government revenue goals and political goals. These models are estimated using an international sample of 104 SIPs from 25 countries. We find that, on average, SIPs are underpriced by approximately the same amount as private sector initial public offerings (IPOs). This is not consistent with the sole goal of revenue maximization because SIPs should not require the same degree of underpricing as IPOs. The inclusive regression fits the data well and indicates that both revenue and political goals affect the level of SIP underpricing .  相似文献   
6.
Shareholders in many share issued privatizations (SIPs) have enjoyed substantial increases in the value of their investments. This study examines the factors that influence the long-run stock price performance of an international sample of SIPs, focusing on three-year buy and hold returns. After controlling for market-wide changes in stock prices, one finds that the relative size of the company has a negative effect on stock price performance, retained government ownership has a positive effect, the presence of a golden share has a negative effect, initial underpricing has a positive effect, and the timing of the privatization has no effect. Performance also depends on the industry and home country.  相似文献   
7.
This study examines the link between ownership structures and R&D activities in Canada. We hypothesize that highly concentrated ownership structures or the presence of controlling minority shareholders negatively affects R&D intensity of Canadian manufacturing firms. Our results show that the concentration of voting rights is negatively related to the level of R&D expenditure and R&D outcomes. Furthermore, we show that the level of separation between the voting and cash flow rights held by dominant shareholders of “Controlling Minority Structure” firms has a positive effect on R&D intensity but a negative effect on R&D outcomes. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.  相似文献   
8.
In 2005, Wegmans Food Markets Inc., the family-owned supermarket chain, was awarded the number one spot on the Fortune “100 Best Companies To Work For.” Wegmans’ recognition illustrates an exemplary case of strategic human resource management embedded in an overall culture of social responsibility, amidst a highly competitive and low margin industry. We detail Wegmans’ human resource practices and its overall stakeholder orientation, arguing that the treatment of employees as strategic assets constitutes an effective approach to social responsibility. In other words, strategic human resource management can help organizations reconcile the often cited conflict between profits and principles. We therefore begin with an overview of the contemporary supermarket industry, provide a brief history of Wegmans, and showcase the supermarket chain’s human resource practices. In closing, we discuss Wegmans’ stakeholder orientation and comment on the divide between strategic human resource management and social responsibility research.  相似文献   
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