A5043692130- Corporate Finance and Governance
- Auditing, Earnings Management, Governance
- Financial Reporting and Valuation Research
- Animal Disease Management and Epidemiology
- Vector-Borne Animal Diseases
- Viral Infections and Immunology Research
- Private Equity and Venture Capital
- Banking stability, regulation, efficiency
- Financial Markets and Investment Strategies
- Firm Innovation and Growth
- Law, Economics, and Judicial Systems
- Working Capital and Financial Performance
- Corporate Taxation and Avoidance
- vaccines and immunoinformatics approaches
- SARS-CoV-2 and COVID-19 Research
- Olfactory and Sensory Function Studies
- Viral Infections and Vectors
- Corporate Insolvency and Governance
- Hospital Admissions and Outcomes
- Immunotherapy and Immune Responses
- Youth Development and Social Support
- Blood transfusion and management
- Bacillus and Francisella bacterial research
- Animal Behavior and Welfare Studies
- Trauma, Hemostasis, Coagulopathy, Resuscitation
Arizona State University
2009-2024
Lawrence Livermore National Laboratory
2003-2024
Lawrence Livermore National Security
2022
University of Illinois Urbana-Champaign
2020
University of Arizona
2006-2009
Fisher College
2006-2009
Hong Kong University of Science and Technology
2009
University of Hong Kong
2009
University of Chicago
2009
University of Georgia
2009
ABSTRACT The average cash‐to‐assets ratio for U.S. industrial firms more than doubles from 1980 to 2006. A measure of the economic importance this increase is that at end sample period, firm can retire all debt obligations with its cash holdings. Cash ratios because firms' flows become riskier. In addition, change: They hold fewer inventories and receivables are increasingly R&D intensive. While precautionary motive holdings plays an important role in explaining ratios, we find no...
The average cash-to-assets ratio for U.S. industrial firms more than doubles from 1980 to 2006. A measure of the economic importance this increase in cash holdings is that at end sample period, firm can pay back all its debt obligations with holdings; other words, has no leverage if measured as net debt. This change ratios and result a secular trend rather outcome recent buildup some large firms, it much pronounced do not dividends industries whose flows became riskier. increases over period...
The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 2004.Because of this increase in the ratio, American at end sample period can pay back their debt obligations with holdings, so that firm has no leverage when is measured net debt.This change ratios and result a secular trend rather than outcome recent buildup holdings some large firms.It concentrated among do not dividends.The over because flow become riskier, these hold fewer inventories accounts...
We empirically investigate whether corporate governance structure is different between focused and diversified firms, any differences in are associated with the value loss from diversification. find that, relative to CEOs firms have lower stock ownership pay-for-performance sensitivities. Diversified companies, however, more outside directors, no difference independent block-holdings, sensitivity of CEO turnover performance similar that single-segment firms. Moreover, we compelling evidence...
The value of corporate cash holdings has increased significantly in recent decades. On average, $1 is valued at $0.61 the 1980s, $1.04 1990s, and $1.12 2000s. This increase predominantly driven by investment opportunity set cash-flow volatility, as well secular trends product market competition, credit risk, within-firm diversification. We document a decrease speed adjustment (SOA) holdings, particularly for financially constrained firms with deficits, suggesting that capital frictions can...
The COVID-19 pandemic underscored the promise of monoclonal antibody-based prophylactic and therapeutic drugs
ABSTRACT This study examines the allocation of cash proceeds following 400 subsidiary sales between 1990 and 1998. Retention probabilities are increasing in divesting firm's contemporaneous growth opportunities expected investment. Retaining firms, however, also systematically overinvest relative to an industry benchmark. Shareholder returns retention decisions positively correlated with benchmarked investment, but negatively investment for firms poor opportunities. debt distributions...
Abstract Objective —To develop a spatial epidemic model to simulate intraherd and interherd transmission of footand- mouth disease (FMD) virus. Sample Population —2,238 herds, representing beef, dairy, swine, goats, sheep, 5 sale yards located in Fresno, Kings, Tulare counties California. Procedure —Using Monte-Carlo simulations, stochastic simulation was developed identify new herds that would acquire FMD following random selection an index herd assess progression after implementation...
Dr. Stonehill is Professor, Oregon State University and Courtesy Visiting North European Management Institute (NEMI), Oslo, Norway. Beekhuisen INSEAD, formerly The Netherlands School of Business, Breukelen. Wright Associate Professor at McGill for International Studies Training, Japan. Remmers INSEAD. Toy Assistant Columbia NEMI. Pares INSEAD-CEDEP. Egan Marketing, Georgia University. Bates Director the Center World California San Francisco.
Abstract Objective —To estimate direct and indirect contact rates on livestock facilities distance traveled between herd contacts. Sample Population —320 beef, dairy, goat, sheep, swine herds, 7 artificial insemination technicians, 6 hoof trimmers, 15 veterinarians, 4 sales yard owners, managers of livestock-related companies within a 3-county region California. Procedure —A questionnaire was mailed to producers, personal telephone interviews were conducted with individuals. Results —Mean...
This paper considers the relation between board classification, takeover activity, and transaction outcomes for a panel of firms 1990 2002. Target classification does not change likelihood that firm, once targeted, is ultimately acquired. Moreover, shareholders targets with classified realize bid returns are equivalent to those single class directors, but receive higher proportion total surplus. Board reduce receiving bid, however, economic effect deterrence on value firm quite small....
Abstract Objective —To assess estimated effectiveness of control and eradication procedures for foot-andmouth disease (FMD) in a region California. Sample Population —2,238 herds 5 sale yards Fresno, Kings, Tulare counties Procedure —A spatial stochastic model was used to simulate hypothetical epidemics FMD specified scenarios that included baseline strategy mandated by USDA supplemental strategies slaughter or vaccination all animals within distance infected herds, only high-risk identified...
To assess relative costs and benefits of vaccination preemptive herd slaughter to control transmission foot-and-mouth disease (FMD) virus (FMDV).2,238 herds 5 sale yards located in Fresno, Kings, Tulare counties California.Direct associated with indemnity, slaughter, cleaning disinfecting livestock premises, were compared for various eradication strategies. Additional cost, total program net benefit, benefit-cost value (B/C) each supplemental strategy estimated, based part on results...
This paper provides large-sample evidence pertaining to the use of and wealth effects associated with provisions for termination fees in merger agreements between 1989 1998. The suggests that target fee clauses are an efficient contracting device through which managers compensate bidders costs bid negotiation potential information expropriation by third parties. While truncate a normal bidding process, shareholders gain from higher completion rates greater negotiated takeover premiums deals...
Intraherd transmission of foot and mouth disease virus (FMDV) was examined using a simulation model for hypothetical 1,000-cow dairy, assuming clinical diagnosis made when at least 1% (10 cows) or 5% (50 had signs FMD, I index case cow, transition state distributions the latent, subclinically infectious, clinically infectious periods FMD calculated from published data. Estimates assumed number animal-to-animal contacts (k) adequate ranged 0.6 to 9.0 per hour (13.7-216.0 day). A total 40,000...
We empirically investigate the relationship between corporate governance structure and diversification. Using a sample of 199 firms beginning in 1985 following these through 1994, we examine 1) if is significantly different focused diversified firms; 2) differences are associated with decision to become more or diverse; 3) previously documented value loss from diversification structure. find that, relative firms, exhibit higher levels pay lower sensitivity firm performance, have outsiders on...
This paper examines management’s motives for rejecting takeover bids and the associated shareholder wealth effects. We develop measures of initial bid quality find a significant negative correlation between rejection. The likelihood higher follow-on offers decreases with is greater when targets have classified boards chief executive officers (CEOs) personal tied to transaction. Target CEOs who fail close high-quality experience rate forced turnover. Overall, results support price improvement...
Using an occupational probability of computerization, we measure a firm’s ability to replace labor with automated capital. Our evidence suggests that the potential automate workforce enhances operating flexibility, allowing firms hold less precautionary cash. To provide for this mechanism, exploit 2011–2012 Thailand hard drive crisis as exogenous shock cost automation. In addition, negative relation between prospective automation and cash holdings is greater lower expected worker...
Despite numerous calls for improvement, the US biosurveillance enterprise remains a patchwork of uncoordinated systems that fail to take advantage rapid progress in information processing, communication, and analytics made past decade. By synthesizing components from extensive literature, we propose conceptual framework national architecture provide suggestions implementation. The differs current federal development pathway it is not focused on useful "situational awareness" but instead...