Agency costs of free cash flow,internal capital markets and unrelated diversification

This paper investigates whether free cash flow arguments or the internal capital market perspective better explains diversification decisions. Based on a unique panel of hand-collected data from listed and unlisted Italian firms for the 1980–2010 time period, the results of this study generally reveal the predominant role of the internal capital market arguments. The benefits of unrelated diversification, which include the avoidance of costly external financing, outweigh its costs, which involve opportunistic problems. Although the literature suggests two distinct forces concurrently affect diversification decisions, in the Italian context, financial benefits appear to be the prevailing motivation for unrelated diversification decisions. Furthermore, the internal capital market argument has a strong effect on decisions to engage in unrelated diversification, particularly with respect to firms that are sensitive to financial constraints.     

Chronic Effects of Air Pollution are Probably Overestimated

Inappropriate measures of exposure, including inadequate consideration of latency in the analysis of chronic effects of air pollution, may lead to overestimation of the impact of air pollution on health effects. A relatively simple way to check the plausibility of results on chronic effects of air pollution would be to report in parallel the smoking‐associated risks.     

Chain graph models: topological sorting of meta-arrows and efficient construction of $${\mathcal{B}}$$ -essential graphs

Essential graphs and largest chain graphs are well-established graphical representations of equivalence classes of directed acyclic graphs and chain graphs respectively, especially useful in the context of model selection. Recently, the notion of a labelled block ordering of vertices was introduced as a flexible tool for specifying subfamilies of chain graphs. In particular, both the family of directed acyclic graphs and the family of “unconstrained” chain graphs can be specified in this way, for the appropriate choice of . The family of chain graphs identified by a labelled block ordering of vertices is partitioned into equivalence classes each represented by means of a -essential graph. In this paper, we introduce a topological ordering of meta-arrows and use this concept to devise an efficient procedure for the construction of -essential graphs. In this way we also provide an efficient procedure for the construction of both largest chain graphs and essential graphs. The key feature of the proposed procedure is that every meta-arrow needs to be processed only once.     

Structural reforms and labor markets in Argentina

Argentina is considered to be one of the most successful cases of structural reforms in Latin America, because of the extent and rapid pace of the reforms after the hyperinflationary process of 1989–1990. At the beginning of 1991, the convertible plan was launched and inflation fell sharply. However, even when the economy is growing fast, the problems in the labor market seem to worsen. Unemployment and underemployment have risen, and an increasing number of people have fallen out of normal work. The article analyzes how changes in labor markets are closely related to the transformation process in the economic system. After a summary of the situation before the crisis of the 1980s, the article analyzes the stabilization plans applied and then discusses the current dynamics of labor markets and the policies implemented to change labor regulations. Finally, some hypotheses about future scenarios are presented.     

Framing in Legislation: The Case of Population Policy in the Philippines

This paper investigates the political framing of population in policy discourse through an analysis of legislative documents. Semantic network analysis was conducted and results were interpreted through discourse analysis of the typical arguments identified. Policy texts were classified into three sets: population management, reproductive health and family planning, and anti-abortion and anti-FP. While the “population management” frame focuses on social and economic consequences of population growth, the “reproductive health” frame defines the problem from a health perspective. Both policies propose aggressive FP programs but each frame uses distinct political rhetoric and semantic approach in its arguments. The “anti-abortion and anti-FP” frame identifies two problems: rise in incidence of abortion and existing policy that prohibit health professionals from refusing patients information on contraception. By invoking a moral argument and anchoring on rights, these policies challenge the problem and solutions identified by the first two frames.     

广东走向可持续发展的十大主要问题

实现可持续发展是广东省跨世纪的发展战略 ,广东要实现可持续发展面临众多的问题 ,只有解决好这些问题 ,广东才有可能实现可持续发展。本文对这些问题进行了归纳 ,以期能引起有关部门的关注和学者们的探讨     

Figures of Motion: Integrating Movement Theories in Clinical Practice

In this paper the author summarizes and illustrates with case examples her theory of the clinical significance of nonverbal interaction and the usefulness of her integration of aspects of movement theory to facilitate its recognition and analysis. In this discussion, she reviews the concepts of kinetic transference and countertransference, the kinetic temperament, embodied history, kinetic therapeutic action and the kinetic text. Case examples illustrate the clinical importance of recognizing various aspects of movement, namely, the qualities of tension change, preferred movement dimensions, and body attitude, which come meaningfully into patient-analyst interaction.     

Behavioural Addictions in Adolescents and Young Adults: Results from a Prevalence Study

Our study aims to assess the prevalence of behavioural addictions in an adolescent population, evaluating the effects of gender and age, and to assess the correlations among different behavioural addictions. 2853 high school students were assessed in order to evaluate the prevalence of behavioural addictions such as Pathological Gambling (PG), Compulsive Buying (CB), Exercise Addiction (EA), Internet Addiction (IA), and Work Addiction (WA), in a population of Italian adolescents. The South Oaks Gambling Screen-Revised Adolescent (SOGS-RA), the Compulsive Buying Scale (CBS), the Exercise Addiction Inventory (EAI), the Internet Addiction Test (IAT), and the Work Addiction Risk Test (WART), were compiled anonymously by the students. Overall prevalence was 7.0% for PG, 11.3% for CB, 1.2% for IA, 7.6% for WA, 8.5% for EA. PG and EA were more common among boys, while gender had no effect on the other conditions. CB was more common among younger (<18 years old) students. The scores of all of these scales were significantly correlated. The strong correlation among different addictive behaviours is in line with the hypothesis of a common psychopathological dimension underlying these phenomena. Further studies are needed to assess personality traits and other clinical disorders associated with these problems behaviours.     

International News

3rd International Congress of Family Therapy Tel Aviv, Israel
FAMILY THERAPY IN THE COMMUNITY LA TERAPIA FAMILIARE NELLA COMMUNITA
Second International Conference in Florence, June 21–24, 1978     

Globalization, de-industrialization and Hong Kong's private rental sector

A number of scholars have identified a changing role for private rental housing, as it becomes a more mainstream tenure to house the insecure rich and poor alike in globalizing cities. Hong Kong is an important global city and is experiencing rising rates of social polarization associated with globalization generally, its articulation with the Chinese economy specifically and the impact of the Asian Financial Crisis in 1997. Our empirical research suggests that Hong Kong's private rental sector has responded to and articulates with the city's specific globalization trajectory. It increasingly houses the highly paid, highly skilled but relatively insecure elite and the low paid, low skilled and very insecure underclass, for whom prospects of public housing or home ownership are diminishing. Private renters are younger, more mobile and house both top-end and bottom-end ethnic minorities. The traditional role of private renting and large scale obsolete inner-city housing stock, combined with the aggressive development of up-market and highly desirable private housing estates makes the sector particularly adept at meeting the needs of Hong Kong's hour glass shaped global society. We anticipate that the size of the private rental sector will increase, albeit from a low base and that its hour-glass shape will become more pronounced.