The Impact of Investor Horizon on Say‐on‐Pay Voting

Shareholder investment horizons have a significant impact on say‐on‐pay voting patterns. Short‐term investors are more likely to avoid expressing opinion on executive pay proposals by casting an abstaining vote. They vote against board proposals on pay only in cases where the CEO already receives excessive pay levels. In contrast, long‐term investors typically cast favourable votes. According to our findings, this is due to effective monitoring rather than collusion with the management. Overall, investor heterogeneity in terms of investment horizons helps explain say‐on‐pay voting, in particular the low levels of say‐on‐pay dissent, which have recently raised questions over the efficiency of this corporate governance mechanism .     

The Anderson–Darling Goodness-of-Fit Test Statistic for the Three-Parameter Lognormal Distribution

Anderson–Darling goodness-of-fit test percentage points are given for the three-parameter lognormal distribution for both the cases of positive skewness and a lower bound and negative skewness and an upper bound. The focus is on the most practical case when all parameters are unknown and must be estimated from the sample data. Fitted response functions for the critical values based on the shape parameter and sample size are reported to avoid using a vast array of tables.     

A Necessary Power Divergence Type Family Tests of Multivariate Normality

In a recent article, Cardoso de Oliveira and Ferreira have proposed a multivariate extension of the univariate chi-squared normality test, using a known result for the distribution of quadratic forms in normal variables. In this article, we propose a family of power divergence type test statistics for testing the hypothesis of multinormality. The proposed family of test statistics includes as a particular case the test proposed by Cardoso de Oliveira and Ferreira. We assess the performance of the new family of test statistics by using Monte Carlo simulation. In this context, the type I error rates and the power of the tests are studied, for important family members. Moreover, the performance of significant members of the proposed test statistics are compared with the respective performance of a multivariate normality test, proposed recently by Batsidis and Zografos. Finally, two well-known data sets are used to illustrate the method developed in this article as well as the specialized test of multivariate normality proposed by Batsidis and Zografos.     

A generalized-moments specification test for the logistic link

The authors consider the problem of testing the validity of the logistic regression model using a random sample. Given the values of the response variable, they observe that the sample actually consists of two independent subsets of observations whose density ratio has a known parametric form when the model is true. They are thus led to propose a generalized-moments specification test in detail. In addition, they show that this test can be derived using Neyman's smooth tests for goodness of fit. They present simulation results and apply the methodology to the analysis of two real data sets.     

It Attacked My Change: An Exploratory Study with Young Adults on the Impact of Divorce and Their Adjustment Processes During Adolescence

Semistructured interviews were conducted with 2 female students, 21 and 24 years old. The participants experienced parental divorce during early adolescence (12 years old). This research examined the participants’ own views on the impact of parental divorce and their adjustment processes. The majority of participants’ narratives indicated that they had experienced negative effects of parental divorce. Results suggested that their adjustment was a long process in which mothers, peers, and psychologists had an important role in their coping process. Divorce and associated events were found to have a direct impact on participants’ development of identity, emotions, intimate relationships, father–child relationships, and views about forming their own families. The results were discussed in relation to the previous literature. Additionally, areas for psychotherapeutic emphasis are presented.     

Refugees in Greece: Facing a Multifaceted Labyrinth

The years after 2015 were remarkable for the reception and accommodation schemes of refugees fleeing Syria, Iraq and Afghanistan. The EU‐Turkey common statement of March 2016 and, most of all, the sealing of the Balkan corridor, blocked the flow of refugees towards central Europe through Greece, testing the readiness of the Greek authorities to take action to meet a series of urgent needs (accommodation, nutrition, asylum procedures, health) and social integration processes (education, training, access to labour). Approximately 45,000 refugees are settled in refugee camps or urban settlements all over the country. Those entrapped in the Eastern Aegean islands should be returned to Turkey, which is considered a “safe third country”. The purpose of this article is to shed light on a phenomenon that is ongoing and challenges a series of policies and legal principles both in Greece and the EU.