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محدودیتهای مالی و استفاده از عملکردهای حساس بدهی
سال انتشار: 2017 - تعداد صفحات فایل pdf انگلیسی: 12 - تعداد صفحات فایل doc فارسی: 39
عملکرد حساس بدهی (PSD) یکی از ابزارهای مالی مشهور در ساختار بازارهای بدهی (اوراق قرضه) شرکتهایِ خصوصی است. در محیط اختیارات واقعی این مطالعه با هدفِ تصریحِ چگونگی تاثیرگذاری PSD روی سیاست سرمایه گذاری ، ساختار سرمایه، و هزینه های نمایندگیِ محدودیتهای مالی ،زمانیکه شرکت با حد بالایی از صدور اواراق قرضه مواجهه شده ، صورت گرفته است . ما نشان میدهیم که اهرم های محدودیت مالی بسختی به حساسیت عملکرد وابسته هستند . بویژه ، نتایج ما پیش بینی میکند که PSD میتواند محدودیتهای تامینِ مالی را نسبت به سند قرضه ثابت کاهش دهد و ارزش شرکت وز بروز بیشتر کاهش می یابد که ناشی از تحریف مالی و سرمایه گذاری به دلیل وجود محدودیتهای مالی است . هر چه حساسیت عملکردی بیشتر باشد ، احتمال اینکه شرکت از نظر مالی دچار محدودیت شود کمتر است . این یافته ها توضیحی مبتنی بر سرمایه گذاری برای صدور اوراق قرضه ارایه میکنند .
واژگان کلیدی : عملکرد حساس بدهی | اختیارات واقعی / حقیقی | محدودیتهای مالی
|مقاله ترجمه شده|
Business Finance and Enterprise Management in the Era of Big Data: An introduction
کسب و کار مالی و مدیریت سازمانی در دوران داده های بزرگ: معرفی-2017
On March 10–11, 2016, National Taiwan Normal University, Beijing Tsinghua University, and National Chi Nan University jointly hosted 2016 Global Economics and Management Conference at Taipei and Nantou, Taiwan. The theme of the confer ence is ‘‘Business Finance and Enterprise Management in the Era of Big Data’’. Over recent years, big data has become a key basis for competition. Business enterprises have been gathering data alongside the rise of social media and the Internet, inviting collaboration among formerly walled-off functional units, and even seeking information from external suppliers or customers to create real-time customization. Within the financial services sector, big data strategies have begun to make some impacts in the areas of capital markets using sentiment analysis for trading, risk analytics, and market surveillance etc. Both industry and academia call for the attention on the rising challenges and opportunities presented by big data initiatives. This special issue comprises of ten papers investigating with various facets on the following aspects: utilization of market aggregated information, agency/governance issues and trade facilitation across countries.
The interplay of institutions, actors and technologies in socio-technical systems — An analysis of transformations in the Australian urban water sector
اثر متقابل موسسات، بازیگران و تکنولوژی ها در سیستم های تکنیکی اجتماعی - تجزیه و تحلیل تحولات در بخش آب شهری استرالیا-2016
Literature on socio-technical transitions has primarily emphasized the co-determination of institutions and technologies. In this paper, we want to focus on how actors play a mediating role between these two pillars of a socio-technical system. By introducing the theoretical concept of institutional work, we contribute to the conceptualization and empirical assessment of agency processes in socio-technical systems. We illustrate this ap- proach by analyzing recent developments in the Australian urban water sector, where seawater desalination technology has experienced an unexpected, but rapid diffusion to all major cities, often interpreted as a reaction to a major multi-year drought. However, the drought broke and left all but one plant unused. This has led many commentators wonder how such a massive investment – which is likely to limit alternative development trajec- tories in the sector for the coming decades – could have happened so quickly and why other, potentially more sustainable technologies, have not been able to use the momentum of the crisis to break through. A comparative analysis between seawater desalination and its main rival wastewater recycling in regard to processes of institu- tional work provides valuable insight into how technology, actors and institutions mutually shaped each other.© 2015 Elsevier Inc. All rights reserved.
Keywords: Sustainability transitions | Embedded agency | Socio-technical change | Institutional work | Desalination | Australia
تبدیل محتوای ایجاد شده کاربر مرتبط با سلامت به دانش عملی از طریق خدمات تجزیه و تحلیل متن
Turning user generated health-related content into actionable knowledge through text analytics services-2016
In the last years, the habit of discussing healthcare issues with family and friends, even with unknown people, in the context of social networks has increased and processing user generated content has become a new challenge. This can help in on-line crowd surveillance for different applications (pharmacovigilance and ﬁltering health contents in blogs among others) as well as extracting knowledge from unstructured text sources. In this article, a system that monitors health social media streams is described. It is based on several text analytics processes supported, among others, by MeaningCloud, a commercial platform which provides meaning extraction from texts in a Software as a Service mode. In this architecture, several domain resources are integrated to detect drugs and drug effects such as CIMA (ofﬁcial information about authorized drugs in Spain maintained by the Spanish Agency of Medicines and Health Products), MedDRA (Medical Dictionary for Regulatory Activities) and the SpanishDrugEffectDB database that contains relations between drugs and effects. Different ways of visualizing data considering time lines and aggregated data have been implemented. In order to show performance, an evaluation has been carried out over Named Entities Recognition (NER) and Relation Extraction (RE) tasks.© 2015 Elsevier B.V. All rights reserved.
Bridging science and technology through academic–industry partnerships
پل علم و فن آوری از طریق مشارکت صنعت علمی-2016
Article history:Received 18 August 2014Received in revised form 15 July 2015 Accepted 21 July 2015Keywords:Economic development Technological change and growth Technological changeResearch and development Government policyPartnerships that foster the translation of scientiﬁc advances emerging from academic research orga- nizations into commercialized products at private ﬁrms are a policy tool that has attracted increased interest. This paper examines empirical data from the Danish National Advanced Technology Founda- tion, an agency that funds partnerships between universities and private companies. We assess the effect on participating ﬁrms’ innovative performance, comparing patent count, publication count and propor- tion of cross-institutional publications between funded and unfunded ﬁrms. Speciﬁcally, we measure the impact on each of these variables based on three dimensions – small and medium-sized enterprises (SME), younger ﬁrms, and size of the collaboration ﬁrms participated in – to establish boundary condi- tions. Our results suggest that receiving funding affects ﬁrms’ innovative behavior differently depending on the type of ﬁrm, where (1) peer-reviewed publications increased signiﬁcantly more for SMEs and larger projects, (2) granted patents increased signiﬁcantly up to 4 years after funding for young ﬁrms and those in larger projects, and (3) proportion of cross-institutional publications increased signiﬁcantly more 3 years after funding for all three sample speciﬁcations.© 2015 Elsevier B.V. All rights reserved.
Economic development |Technological change and growth | Technological change | Research and development | Government policy
Research assessment in the UK and Italy: Costly and difficult, but probably worth it (at least for a while)
ارزیابی پژوهش در انگلستان و ایتالیا: پرهزینه و دشوار است، اما احتمالا ارزش آن (حداقل برای مدتی)-2016
Article history:Received 3 June 2014 Received in revised form 15 September 2015Accepted 22 September 2015JEL classiﬁcation:I2 Z18 H5Keywords:Higher education policy Public funding Research assessment University researchThis paper provides a comparative analysis of the development of the UK and Italian university research funding systems with a special focus on Peer Review-Based Research Assessment (PRBRA) and its cost. Much of the debate surrounding the value of performance-based allocation systems hinges on the dis- advantages versus the beneﬁts of their implementation, and there is very little evidence on either their absolute cost or their cost relative to other allocation systems. Our objective is to ﬁll this gap, collating the best possible estimates of the costs of alternative research funding methods to inform the ongoing policy debate. First, we compare funding in the UK and Italy during the period 2005–2012 and analyze the development of performance-based allocation in the two systems. Second, based on public reports and documents collected from universities, we discuss the public agency and university costs of RAE2008 and REF2014 and provide some estimates for VQR2012. We ﬁnd that RAE2008 costs accounted for less than 1% of the total performance allocation in the related period while the VQR2012 efﬁciency ratio is estimated at around 2.5%. Finally, we compare the costs and efﬁciency ratios of PRBRA with metrics-based assessment and Research Council allocations and show that costs increase going from metrics to PRBRA to Research Council allocation.© 2015 Elsevier B.V. All rights reserved.
Higher education policy | Public fundin | Research assessment | University research
Turning language socialization ontological: Material things and the semiotics of scaling time in Peruvian Aymara boyhood
تبدیل اجتماعی سازی زبان هستی شناسی: چیزهای مادی و نشانه شناسی زمان مقیاس بندی در بچگی پرو آیمارا-2016
This article develops an approach to semiotically mediated processes of socialization that can make sense of the agency that non-humans – especially material things – wield in socialization. The empirical focus is the densely material game of marbles, as played among indigenous Southern Peruvian boys. I show how an account of the identities at stake in marbles – i.e., human-ness and masculinity – requires an analysis of the “dis- ordering” or “parasitical” (Serres, 1982) agency of the marbles playing ﬁeld. Doing so re- veals a graduated series of qualitative changes – i.e., a trajectory of identiﬁcation (Wortham, 2005) – across which boys appear more fully human and masculine.© 2015 Elsevier Ltd. All rights reserved.
Keywords: Semiotics | Language socialization | Ontology | Human development | Material things | Aymara
Agents or stewards in community forestry enterprises? Lessons from the Mayan Biosphere Reserve, Guatemala
نمایندگی ها و یا مباشرین در جوامع شرکت های جنگلی؟ درس هایی از ذخیره گاه زیستکره مایان، گواتمالا-2016
Community forestry enterprises are increasing participation in forestry activity and have become a favoured approach for reaching goals of conservation, poverty reduction and community development. Much has been written about the importance of supportive policy frameworks, technical assistance, the broader market in which these enterprises operate and the need for more significant control by communities over forests and their benefits through secure resource rights as key points of action. However, there is still a considerable knowledge gap in terms of understanding their organizational behaviour and how it affects the accomplishment of their goals. This paper takes a first step in filling this gap and analyses managerial behaviour in CFEs through the use of theories on principal–agent relationships. Data collected from CFEs in the Mayan Biosphere Reserve in Petén, Guatemala reveal important insights about managerial behaviour in these firms and how embeddedness of the CFE within the wider community plays a major role in managerial decision-making. Several policy implications are derived from these findings.
Keywords: Community forestry enterprises | Mayan Biosphere Reserve | Principal–agent relationships | Stewardship | Agency | Embeddedness
Sustainability in multi-tier supply chains: Understanding the double agency role of the first-tier supplier
توسعه پایدار در زنجیره تامین چند لایه: درک نقش دو سازمانی از تامین کنندگان ردیف اول-2016
In light of the growing complexity of globally dispersed, multi-tier supply chains, the involvement of ﬁrst-tier suppliers has become instrumental in the quest for achieving sustainability compliance along the supply chain. We describe this new responsibility as the double agency role. We employ agency and institutional theory arguments to explore the conditions under which ﬁrst-tier suppliers will act as agents who fulﬁll the lead ﬁrms sustainability requirements (i.e., the primary agency role) and imple- ment these requirements in their suppliers operations (i.e., the secondary agency role). The ﬁndings from three in-depth case studies embedded in different institutional contexts highlight the importance for lead ﬁrms to incentivize each agency role separately and to reduce information asymmetries, particularly at the second-tier level. In addition, our inductive analysis reveals several contingency fac- tors that inﬂuence the coupling of the secondary agency role of the ﬁrst-tier supplier. These factors include resource availability at the ﬁrst-tier suppliers ﬁrm, the lead ﬁrms focus on the triple-bottom- line dimension (i.e., environmental or social), the lead ﬁrms use of power, and the lead ﬁrms internal alignment of the sustainability and purchasing function. We integrate our ﬁndings in a conceptual framework that advances the research agenda on multi-tier sustainable supply chains, and we subse- quently outline the practical implications of assigning the double agency role to ﬁrst tier suppliers.© 2015 Elsevier B.V. All rights reserved.
Keywords: Sustainable supply chain management | Multi-tier supply chains | Double-agency | Agency theory
Realism, skill, and incentives: Current and future trends in investment management and investment performance
واقع گرایی، مهارت، و مشوق ها: روند حال و در آینده مدیریت سرمایه گذاری و عملکرد سرمایه گذاری-2016
We review the recent trends in investment management and performance research and highlight the ﬁelds expected to develop further in the future. The trend to adapt the classic CAPM and factor models seems likely to continue, with the drive for realistic factors, which best proxy the drivers of investment performance, playing a key role. The search for skill, based on enhanced benchmarks, is also a developing area, with new concepts of identiﬁcation and veriﬁcation at the fore. The availability of more qualitative data has allowed corporate ﬁnance themes such as agency conﬂict and incentives to be explored. These are some of the areas where we have seen major developments in recent years and where we expect to see continuing development.© 2015 The Authors. Published by Elsevier Inc.
Keywords: Investment management | Investment performance | Mutual funds | Factor models | Skill | Characteristics | Incentives