Historically, trading volume reported for NASDAQ stocks has been overstated vis-à-vis New York Stock Exchange (NYSE) stocks, both because of the dealer's participation in trades as a market maker and because of interdealer trading. Beginning in 1997, the Securities and Exchange Commission changed order-handling rules and trade-reporting rules, which may have reduced or eliminated the overstatement of NASDAQ trading. We examine trading volumes of firms changing from NASDAQ to the NYSE since 1997 and document that reported trading volume for NASDAQ stocks continues to be overstated. Moreover, the degree of overstatement is much larger for firms with high trading volume. 2005 The Southern Finance Association and the Southwestern Finance Association.
Governance scholars debate the value of directors as an effective governance mechanism. We suggest that this value varies with director tenure. We study both how shareholder assessments of the value of individual directors vary with director tenure and whether director tenure actually makes a practical difference to governance effectiveness. Using data from abnormal stock price reactions to the sudden deaths of 274 outside directors, and integrating executive cognition and social capital perspectives applied to the dual roles of director monitoring and advising, our results confirm a curvilinear relationship between the assessed value of directors and tenure. We find that directors are more highly valued by investors over a tenure period between 7 and 18 years, moderated by director involvement on key committees. Further, in examining the S&P 1,500, we find that a one standard deviation increase in the percentage of outside directors in this prime tenure period strengthens the CEO pay-performance linkage by 2.5%, suggesting that directors in this tenure period are more effective in aligning CEO and shareholder interests. Our results demonstrate that individual director tenure makes a difference in governance effectiveness, and shareholders accurately assess this difference. Additionally, our findings provide important boundary conditions for when theories of executive cognition and social capital may be more/less applicable regarding director tenure.
Improvement of nitrogen use efficiency in maize production requires quantifying genotypic variability in response to soil N. The objective of this field study was to quantify the relationship between leaf N concentration and leaf photosynthetic rate from pre‐anthesis to grain fill for six maize (Zea mays L.) hybrids. Maize hybrids were grown at the Central Experimental Farm at Ottawa in Ontario (45°23′ N, 75°43′ W) in 1991, 1992, and 1993 at three N fertilizer rates (0, 100, and 200 kg N ha−1). A method of analysis was developed to relate leaf photosynthesis measurements at comparable irradiance levels to leaf N concentration measurements. Photosynthetic response to leaf N was characterized by two fitted coefficients, N0, threshold leaf N concentration for photosynthesis, and P3, photosynthetic rate at high (30 g N kg−1 dry weight) leaf N concentration. There were no hybrid differences in N0 (P > 0.05). There were differences in P3, notably a significantly lower P3 value at anthesis for an old hybrid compared with recent commercial hybrids. In 1992, a recent commercial hybrid, Pioneer 3902, had the highest P3 value, the second highest crop growth rate (CGR) and the highest grain yield, but hybrid differences in P3 were not generally correlated with CGR or grain yield (P > 0.05). Growth stage had a significant effect on both N0 and P3; both declined at later growth stages (P ≤ 0.05). The decline in P3 was greatest in Pride 5 in 1993. Photosynthate production during grain fill was potentially limited in all hybrids by a decline in P3 as the season progressed, although the degree of decline varied with year and hybrid. This analysis quantified the relationships between leaf N concentration and leaf photosynthetic rate for different growth stages and hybrids for evaluation of hybrid N use efficiency.
Glyphosate is a non-selective herbicide used for the control of annual and perennial grasses and broadleaf weeds. Registered for use in Canada in 1974, it is currently registered and used in over 125 countries. With annual sales in Alberta (1998) exceeding 2.6 million kg of active ingredient, it is by far the most commonly used pesticide in the province. Long considered by scientists and farmers around the world as an effective and environmentally friendly herbicide, recent studies have shown some persistence and mobility in the environment. This study was designed to explore some of the pathways of glyphosate to surface waters such as atmospheric deposition, emissions during spraying, and persistence in soil; the study also included the monitoring of water from selected streams and wetlands. The sampling year 2002 proved to be a difficult year to undertake a glyphosate residue study due to environmental factors. The severe drought conditions in east central Alberta hampered canola growth and subsequently greatly reduced the amount of glyphosate used in this growing and sampling season. Despite the drought and reduced usage, glyphosate was found in many environmental samples. Atmospheric deposition was measured at three sites in east central Alberta. Rainfall and particulate matter were collected as total deposition at seven-day intervals throughout the growing season. The three precipitation sites had glyphosate detections throughout the sampling time period. Glyphosate deposition rates ranged from <0.001 to 1.51 ligW/day. Volatile and particulate emissions of glyphosate were measured before and after the spraying of a canola field with Roundup®. This study component was conducted in the Mannville area on a field with glyphosate tolerant canola. Pre-event air samples were taken two weeks prior to spraying. Post-event air sampling was conducted for 24-hour periods beginning at 1-hour post spray, 25-hour post spray and 49-hour post spray. Glyphosate was not detected in any of the air samples collected with polyurethane foam (PUF) samples but it was detected in some of the particulate samples. The detection of glyphosate in soil samples 10 months after spraying was indicative of some persistence. Glyphosate was detected in most of the wetlands and streams sampled for this project. Concentrations were generally close to the detection limit (0.2 |Lig/L). Higher levels were recorded at some sites: Wetland #5 sample (1.066 |ug/L), two Haynes Creek samples (1.105 and 0.425 |ig/L) and a sample from the St. Mary's River Irrigation District (6.079 fig/L). This study determined that glyphosate is transported in association with particulate matter (dust) and not as vapour. Detections in precipitation are more likely due to glyphosate associated with dust particles being washed down with rain than to glyphosate dissolved in rain. A follow up study is recommended to document residue levels in a year where glyphosate use and moisture patterns are closer to normal for that part of the province. As well, the persistence of glypho...
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