Food for plants / Harris and Myers ; edited and published by William S. Myers.

Harris, Joseph; Myers, Walter Dean

doi:10.5962/bhl.title.18835

Cited by 9 publications

(10 citation statements)

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“…Since the seminal work of Modigliani and Miller (1958), it has been well accepted that capital structure is one of the important determinants of firm value. 1 Many studies have identified determinants of capital structure. Among these determinants is the agency cost resulting from the conflicts of interest in the classic agency setting of managers versus shareholders.…”

Section: Introductionmentioning

confidence: 99%

Excess Control Rights and Debt Maturity Structure in Family‐Controlled Firms

Shyu

Lee²

2009

Corporate Governance

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Manuscript Type: EmpiricalResearch Question/Issue: Numerous studies have documented that the controlling shareholders in many firms worldwide possess control rights far greater than their cash flow rights. The excess of control rights over cash flow rights, hereafter referred to as excess control rights, leads to potential conflicts of interest between controlling and minority shareholders. The purpose of this study is to investigate the link between excess control rights and debt maturity structure in familycontrolled firms, a topic that has yet to be addressed in the literature. We attempt to examine how controlling shareholders exploit the excess control rights in making debt maturity decisions at the expense of minority shareholders. Research Findings/Insights: Using panel data for 611 firms listed on the Taiwan Stock Exchange from 2002 to 2006, we found that a robust, significantly negative link exists between excess control rights and short-term debt. This is consistent with the hypothesis that the divergence of control rights from cash flow rights offers an opportunity for the controlling shareholders in family-controlled firms to entrench themselves and expropriate wealth from minority shareholders. Furthermore, by examining board structure, CEO duality, and ownership structure, we show how these factors work together with excess control rights to help determine the debt maturity structure in the sample firms.c org_755 611..628 Theoretical/Academic Implications: The theoretical implication of this study is that corporate governance issues such as excess control rights in family-controlled firms are important in corporate decisions, and that studies on these issues enrich our understanding of corporate decision-making. Further studies along this line of corporate decisions -such as investment, leverage structure, and dividend policy -will be instrumental in the development of a comprehensive theory of how corporate governance influences a firm's valuation. Practitioner/Policy Implications: The fact that short-term debt is negatively linked to excess control rights suggests that short-term debt providers are an effective monitor for constraining entrenchment and expropriation activities of controlling shareholders. Investors who seek to invest in family-controlled firms, especially in, but not limited to, emerging markets, can benefit from being aware of this link and taking it into account in making investment decisions. Many corporate governance scorecards have emerged over the years to provide market participants a measure of a firm's corporate governance practice's soundness. In view of this study's findings, adding a new factor in measuring the monitoring level the providers of short-term debt can potentially increase its usefulness. Finally, policy makers, especially those in emerging markets, pursuing continuous reform to improve the functioning of their capital markets by improving the corporate governance landscape, should heed the findings and the aforementioned practical implications. This study ...

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Section: Introductionmentioning

confidence: 99%

Excess Control Rights and Debt Maturity Structure in Family‐Controlled Firms

Shyu

Lee²

2009

Corporate Governance

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“…11/, 22 (1960). (8 '(I')4 "K)')=(5/16 )~.o~o (8)', &i (5 16) where (8,)= - (8) independent of i. Finally, since we did not take account of the bandwidth of rotational excitations in Eq.…”

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confidence: 99%

Interactions between Molecules in Solid Hydrogen

Harris

1970

Phys. Rev. B

135

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The interactions between molecules in solid H 2 and D 2 are discussed with emphasis on those features which are of importance for the orientational properties. It is shown that pseudo-three-body interactions split by 0.1 cm −1 the rotational levels of a pair of J=1 molecules which are degenerate when only pairwise interactions are considered. The dielectric screening of quadrupole interactions due to these terms is also estimated. The static and dynamic renormalizations of the electric quadrupole-quadrupole interaction constant Γ due to phonon interactions are studied using the theory of quantum crystals and treating the dynamical interaction between phonons and rotations perturbatively. For H 2 and D 2 in the fcc phase, a reduction in Γ of about 12% is found therefrom, where as in the dilute J=1 solid practically no renormalization is expected. By comparing the author's calculations with experimental data, it is infered that perhaps the static renormalization has been underestimated as a result of the crude description of the phonon modes. However, the differing renormalizations for the dilute and concentrated J=1 systems are confirmed by experiment. Finally, the indirect interaction between distant J=1 molecules analogous to the Suhl-Nakamura interaction is discussed. It is shown that the NMR T 2 data place a bound on this interaction which can only be understood using rather small values of certain intermolecular interaction coefficients which are renormalized to take account of short-range correlations. Harmonic renormalization leads to anomalously large indirect interactions in disagreement with T 2 data. The interactions between molecules in solid H2 and D2 are discussed with emphasis on those features which are of importance for the orientational properties. It is shown that pseudo-three-body interactions split by 0.1 cm ' the rotational levels of a pair of J = 1 molecules which are degenerate when only pairwise interactions are considered. The dielectric screening of quadrupole interactions due to these terms is also estimated. The static and dynamic renormalizations of the electric quadrupole-quadrupole interaction constant F due to phonon interactions are studied using the theory of quantum crystals and treating the dynamical interaction between phonons and rotations perturbatively. For H2 and D2 in the fcc phase, a reduction in I' of about 12/0 is found therefrom, where as in the dilute J=1 solid practically no renormalization is expected. By comparing the author's calculations with experimental data, it is infered that perhaps the static renormalization has been underestimated as a result of the crude description of the phonon modes. However, the di6ering renormalizations for the dilute and concentrated J = 1 systems are confirmed by experiment. Finally, the indirect interaction between distant J = 1 molecules analogous to the Suhl-Nakamura interaction is discussed. Disciplines Physics | Quantum PhysicsIt is shown that the NMR T2 data place a bound on this interaction which can only be unders...

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“…The current per unit length flowing around the soliton is ∼ eρ/hδ and the characteristic loop area of the circulating currents is ∼ dδ where d is the layer separation. For typical parameters, these currents produce a magnetic induction directed along the soliton axis with magnitude ∼ 0.1µ B /ℓ 2 δ, which could in principle be detected by a SQUID or with cantilever-based [15] magnetometers.…”

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confidence: 99%

Quantum Dynamics of Pseudospin Solitons in Double-Layer Quantum Hall Systems

1999

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Pseudospin solitons in double-layer quantum Hall systems can be introduced by a magnetic field component coplanar with the electrons and can be pinned by applying voltages to external gates. We estimate the temperature below which depinning occurs predominantly via tunneling and calculate low-temperature depinning rates for realistic geometries. We discuss the local changes in charge and current densities and in spectral functions that can be used to detect solitons and observe their temporal evolution. 73.40.Hm,71.10.Pm,73.40.Gk, The study of multicomponent Quantum Hall systems [1] has been enriched by the discovery of a variety of new phases. In double layers, the relevant discrete degrees of freedom are labelled by the electron's layer and spin indices. At Landau level filling factor ν = 2, recent theoretical work predicted several interesting phases [2] in which both layer and spin play a role; the existence of these phases has been confirmed by experiment [3]. The present study is on double-layer systems at fillingfactor ν = 1 [4,5]. At this filling factor, the low-energy electron states are spin-polarized and the system has a broken symmetry ground state with spontaneous interlayer phase coherence [6]. The rich phase diagram for these systems, including the effects of in-plane fields, has been discussed at length in Ref. [5].It is useful to describe this system using a pseudospin language [4,5] in which pseudospin-up (-down) refers to an electron in the top (bottom) layer. The action is that of a two-dimensional ferromagnet with a hard-axis anisotropy and a Zeeman field perpendicular to the hardaxis [5]. The pseudospin configuration is specified by the spherical-coordinate fields θ(x, y), which describes the difference in charge density between the layers, and φ(x, y), which describes the relative phase of electrons in top and bottom layers. Phase solitons φ 0 (x) exist as solutions to the classical equations of motion [5]. In this Letter we address the quantum dynamics of such solitons, predicting that, when pinned by applying gate voltages, depinning occurs at accessible temperatures predominantly via quantum tunneling. This system offers a number of advantages for macroscopic quantum tunneling studies, especially the possibility of using gate voltages and in-plane fields in combination to control metastable-state placement. We also discuss several local properties which can be used to detect solitons and observe their temporal evolution.Neglecting for the moment the effect of in-plane fields, the leading contributions to the imaginary-time effective action for the pseudospin field m(r, τ ) = (sin θ cos φ, sin θ sin φ, cos θ), in the presence of both tunneling and gates, is given by [5](1)The first term is the Berry phase, conveniently expressed asṁ · A =φ (1 − cos θ). The gradients are the exchange terms, with ρ the pseudospin stiffness. The term involving β 0 is a hard-axis anisotropy, and in the following term, t is the tunneling amplitude which acts as an in-plane pseudofield. Finally, V (x) is the ga...

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Food for plants / Harris and Myers ; edited and published by William S. Myers.

Cited by 9 publications

References 0 publications

Excess Control Rights and Debt Maturity Structure in Family‐Controlled Firms

Excess Control Rights and Debt Maturity Structure in Family‐Controlled Firms

Interactions between Molecules in Solid Hydrogen

Quantum Dynamics of Pseudospin Solitons in Double-Layer Quantum Hall Systems

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