Causes and Consequences of Block Share Purchases. Evidence from Spanish Non-Financial Firms

The structure of Spanish capital markets doesnot facilitate an efficient market forcorporate control through takeover process,which assumes that inefficient management isreplaced by competing teams. The ownershipstructure of listed companies is highlyconcentrated, with extremely low floating stockfor some companies. At the same time animportant number of companies have introducedanti-takeover provisions in their statutes.There is another way of disciplining managementthrough the exit solution: by transferring theownership of significant blocks of shares, amarket for partial corporate control, asalternative to the takeover market. Theobjective of this paper is to test empiricallythe causes and consequences of block purchasesin Spain for non-financial listed companies.The main results are: i) There is no evidencethat previous poor performance of the companiescauses block increases; ii) Block increasesoccur more frequently in companies with lowerownership concentration. After the blockincrease, on average, the ownership of thelargest shareholder increases. iii) After blockincreases there are significant board changes,for both executive board members and also fornon-executives. (iv) The transfer of blocksoccurs more frequently for smaller companies.We conclude that agency theory predictionsabout the disciplining role of partial takeoveractivity are not fully supported. They arecontingent on institutional characteristics ofthe corporate governance system.     

A cross-country comparison of alcohol,tobacco, and marijuana use among youth who are employed,in school or out of the labor force and school (OLFS)

Labor force and school attachment may influence alcohol, tobacco, and marijuana use in the US and Canada. Differences in social welfare provision, which provide protections for individuals with insecure attachments to the labor force or education, may in turn impact the behavior and health of youth in these countries. Yet, there is little research to understand the health consequences for youth of being out of the labor force and school (OLFS). Data of 25–29 year old participants of the National Longitudinal Survey of Youth (year 2010) and the Canadian Community Health Survey (2009–2010) were used to examine differences in substance use by labor force and school attachment. Logistic regression suggests that OLFS in the US and Canada were less likely to report alcohol uptake and more likely to use tobacco compared to employed youth. Unemployment was differentially associated with substance use behaviors by country. Country of residence and subsequent exposure to social welfare policy does not appear to impact substance use behaviors among OLFS. However, associations of unemployment and gender by country indicates differences in substance use behavior. More research should seek to understand factors that influence alcohol, tobacco, and marijuana use among OLFS and unemployed youth.     

Ergoecology: evolution and challenges

This work details the conceptual and methodological evolution of 'Ergoecology' and its relationship to certain comparable disciplinary proposals and standards, with a view to making its current status known and fostering discussion and development of it in a broader context. 'Ergoecology' is a discipline which relates the ergonomic system to 'environmental factors', stressing the relationships between ecological-geographical aspects and human activities. After analyzing previously-developed and partially-validated methods, strengths are established, together with areas where there is room for improvement, based on conceptual validity. The objectives, principles, and premises of 'Ergoecology' will be revised and therefore it will be able to be compared with other disciplinary and regulatory developments. Finally, new concepts and notions are proposed, together with basic principles and axioms that will enable 'Ergoecology' to advance in both, the theoretical and the practical dimensions, leaving the door open to be disseminated and applied.     

A continuous general multivariate distribution and its properties

Starting from two known continuous univariate distributions, a bivariate distribution is constructed depending on a parameter which measures the degree of stochastic dependence between the two random variables. From the foregoing construction we then pass to a multivariate-type distribution, constructed using only univariate distributions and an association matrix. Some properties of the multivariate and bivariate case are studied.     

Choice of link and variance function for generalized linear mixed models: a case study with binomial response in proteomics

Abstract

Non-normality is a common phenomenon in data from agricultural and biological research, especially in molecular data (for example; -omics, RNAseq, flow cytometric data, etc.). For over half a century, the leading paradigm called for using analysis of variance (ANOVA) after applying a data transformation. The introduction of generalized linear mixed models (GLMM) provides a new way of analyzing non-normal data. Selecting an apt link function in GLMM can be quite influential, however, and is as critical as selecting an appropriate transformation for ANOVA. In this paper, we assess the performance of different parametric link families available in literature. Then, we propose a new estimation method for selecting an appropriate link function with a suitable variance function in a quasi-likelihood framework. We apply these methods to a proteomics data set, showing that GLMMs provide a very flexible framework for analyzing these kinds of data.     

Constructing copula functions with weighted geometric means

The weighted arithmetic mean of two copulas is a copula. In some cases, geometric and harmonic means also provide copulas. There are copulas specially appropriate to be combined by using weighted geometric means. With this method of construction we combine Farlie–Gumbel–Morgentern and Ali–Mikhail–Haq copulas to obtain families of copulas which can be expressed in terms of double power series. The Gumbel–Barnett copula is also considered and a new copula is proposed, which arises as the first order approximation of the weighted geometric mean of two copulas. Invariance of two multivariate distributions (Cuadras–Augé and Johnson–Kotz) by weighted geometric and arithmetic means is also studied.     

Floristic and structural differentiation between gardens of primary and secondary residences in the Costa Brava (Catalonia,Spain)

Urban Ecosystems - Urban sprawl along the Mediterranean coast is characterized by single-family houses and domestic gardens. Many new residences are secondary homes for socio-demographically...     

Youth and social movements on the move: political engagement among young Spanish migrants in London

Since the beginning of the economic crisis in Spain young people have migrated abroad looking for job opportunities. In the meantime, after the 15-M movement in 2011, Spanish society created various social movements hoping to make change happen, as well as the pro-independence movement in Catalonia that gathered strength as a response to the Spanish economic and political crisis. This paper analyses how Spanish young people in London, as transmigrants rooted in two different countries, engage with the politics of their home country through two transnational social movements in London: ANC England and the Maroon Wave London. The article describes both local movements (comparing their goals, structure and activities), showing the reasons that young Spanish migrants get involved and their experiences within them. It also rethinks the nature and modalities of young diasporic identities and political engagement in the global age through the experiences of the young people interviewed.     

Demanding work schedules and mental health in nursing assistants working in nursing homes

Nursing home assistants have physically and emotionally challenging jobs, and they often work demanding schedules in order to provide 24-h care. While the physical effects of demanding work schedules have been studied, little is known about the impact on mental health. This study explored the relationship between demanding scheduling variables and mental health indicators of depression, anxiety and somatization. A cross-section of 473 US female nursing assistants working in nursing homes was surveyed. Work schedule characteristics included shiftwork, hours per day and week, days per week, number of weekends per month, number of double shifts per month, breaks, and number of jobs worked. Working two or more double-shifts per month was associated with increased risk for all mental health indicators, and working 6-7 days per week was associated with depression and somatization. There was a trend for increasing odds of adverse mental health with increased numbers of demanding work schedule factors. The odds of depression was increased four-fold when working 50+ h/week, more than two weekends/month and more than two double shifts/month. Providing work schedules that are less unhealthy may have implications for both worker retention and the quality of care delivered to nursing home residents.