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.     

基于SWOT分析理论的施工企业安全管理要点

针对近几年施工企业安全形势严峻,安全管理急需转型的形势完成本文。本文通过对企业安全管理的内部能力与外部因素运用SWOT分析,阐述了施工企业安全管理战略从过去突击式的安全大检查到以预防为主的危险源辨识管控的转变。     

卷烟企业制丝线管控目标分析与设计

文章基于制丝线管理目标需求进行系统目标分析,分解系统结构并且进行优化设计,旨在改善制丝线管控目标控制效果,提高生产效能。     

HACCP在观赏鱼配合饲料中的应用

本文对HACCP对观赏鱼配合饲料的应用进行了分析,并提出了相应的风险质量管控措施,仅供参考。     

浅析新农村民用建筑的造价控制

本文总结分析了新农村民用建筑的建设现状及特点,探讨了新农村民用建筑的造价控制,并提出了相关对策。     

监视和测量设备的控制——写给从事管理体系认证的工作者

监视和测量设备是组织提供的产品是否符合规定要求的耳目和神经。因此,组织的监视和测量设备必须灵敏、准确,并满足产品的需要。本文首先分析了监视和测量设备控制的总体要求,指出应按照需求,配备合适的监视设备和测量设备。     

混凝土简易温控措施在公路施工中的实践与应用

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基于遗传算法的锅炉水位控制器设计

文章分析了锅炉水位控制系统的基本原理及结构,针对传统PID控制器的不足之处设计了基于遗传算法的新型锅炉水位控制器,在此基础上搭建了锅炉水位控制系统。最后,通过仿真验证了该水位控制器在改善水位系统稳态误差及动态超调方面均具有较好的作用。     

Corporate smart phones: professionals' conscious engagement in escalating work connectivity

This article explores how the adoption of company sponsored smart phones inflicts upon the lives of professionals. Drawing upon qualitative interviews at a law firm in Brazil, the experiences of new smart phone users are reported upon in detail. Increased accessibility, accuracy and speed in exchanges gave the users a sense of autonomy and flexibility. However, the technology also helped to intensify the organisation's hold on employees outside of regular working hours, reaching into new settings, time slots and social contexts. Employees expressed concerns regarding demands from superiors that negatively affected their private spheres, yet many of them paradoxically requested more efficient smart phone connectivity. The article focuses on the justifications, the different narrative strategies, employed by professionals for their conscious engagement in escalating work connectivity. It is suggested that these justifications display users' attempt to ‘dis‐identify’ with the role and practice they perform.     

关于政府投资项目造价控制的问题及策略

政府投资建设项目不同于一般的企业投资项目,多以公益和必要设施为主,但是由于经手部门多、结构复杂等原因,在工程造价控制上面临许多问题,不仅浪费资源、资金,同时不利于廉政建设,也会缩减其他方面的财政支出,因此合理控制政府投资建设项目工程造价成为一个广受重视的问题。