UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

Method of calculating varying discharges in branch canals with bilateral division of the flow

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 5, pp. 28–29, May, 1995.     

Rates of Return to Schooling in China

This study uses data from a 1988 survey of Chinese individuals to estimate rates of return to schooling in China. The Mincer-type rate of return to schooling was estimated at 4.02 percent in the rural areas and 3.29 percent in the urban areas; these are fairly low estimates compared with similar estimates in other countries. The rate of return to schooling for females was significantly higher than that for males in urban areas. In addition, members of the Communist Party in urban areas had significantly lower returns to schooling compared with non-members.     

Productivity growth in Indian agriculture: is there evidence of convergence across states?

This paper explores the question of convergence in total factor productivity (TFP) in agriculture across fourteen major agricultural states of India. Using a Törnqvist–Theil index for TFP growth for the period 1973–1993, we find no evidence to support convergence to a single TFP level (σ‐convergence). After grouping the various states on the basis of their productivity performance, we find that the high‐performing states show a gradual movement towards the trend, whereas the low‐performing states generally show more volatility. Testing for long‐run convergence in levels of agricultural productivity, we find evidence of conditional beta‐convergence after controlling for state‐specific factors and idiosyncratic year‐specific volatility. The results are robust to alternative specifications of tests of unit root in panel data developed recently.     

Calculating nitrogen-removal efficiency with a one-dimensional nitrogen budget model of a reed-wetland soil system.

A simple one-dimensional model that can evaluate the transport and fate of nitrogen in wetland soil-vegetation systems was developed to calculate the nitrogen-removal efficiencies of reed-bed wetlands. A common wetland plant, Phragmites australis, was the focus of this study. Seasonal variations of temperature, seasonal changes of nitrogen uptake by vegetation, the vertical distribution of root biomasses and oxygen transport into the soil by vegetation were considered in the model. Field observations were conducted to determine some model parameters and to validate the model, although most of the parameters were adopted from data published in Europe and North America. Field observations were carried out at the Minuma-Tanbo wetland (35 degrees 52' N, 139 degrees 43' E) in Japan. The calculated concentrations of NH4-N in the soils were about 10 times larger than those of the observational results. On the other hand, calculated NO3-N concentrations were about half of the observational data. However, the calculated nitrogen-removal efficiencies indicated the same trends as previous studies. It was found that the hydraulic loading rate played a key role in relation to nitrogen removal and nitrogen transformation in reed wetland systems.     

Water and Radiation Effect on Sweet Sorghum Productivity

Suitability of sweet sorghum in Greece, where irrigation supply during crop development is limited as rainfall is scarce and evapotranspiration loss is high, is examined in relation with radiation availability. A two-year field experiment was conducted, in central Greece, imposing four soil water regimes via different irrigation treatments: (1) Highly irrigated, (2) Highly irrigated till anthesis when irrigation stopped, (3) Medium irrigated, and (4) Low irrigated. It was found that above-ground dry biomass production from non-water-stressed sweet sorghum plants suggests a high productivity potential among C₄ crops. Under water shortage, radiation use efficiency may be significantly lower. Radiation use efficiency seems to be linearly related to water consumption. Stressed plants (probably except severely stressed) seem to use available water more efficiently than unstressed plants. The slope of the line relating dry matter produced and water evapotranspired increases the sooner the stress is sensed. Yield reduction resulting from post-anthesis irrigation stopage is very little. High water use efficiency values tend to be related with low radiation use efficiency values.