Lenders’ selection capabilities, patent quality, and the outcome of patent-backed loans

2019 ◽  
Vol 29 (1) ◽  
pp. 43-60
Author(s):  
Federico Caviggioli ◽  
Giuseppe Scellato ◽  
Elisa Ughetto
Keyword(s):  
Intangible Assets ◽  
Positive Association ◽  
High Quality ◽  
Patent Quality ◽  
Security Interest ◽  
Security Agreements

Abstract In this paper, we investigate the phenomenon of patent collateralization by empirically focusing on the factors that affect the outcome of the collateralization process. In particular, we want to examine to what extent patent quality, lenders’ characteristics, as well as lenders’ selection capabilities (i.e. in identifying high-quality patents) affect the likelihood of observing a security interest release. We identify the patents recorded in security agreements and their release from the USPTO Patent Assignment database. The final dataset is made up of a total of 8818 security interest agreement records, involving 133,110 patents pledged as collateral for debt between 2007 and 2010. We find evidence that a security interest is more likely to be released for patents with a higher technical merit and when the lenders are more experienced and are specialty finance companies. When considering other types of lenders (i.e. banks in particular) or less experienced lenders, the positive association between the security interest release and the technical merit of the pledged patent is lower. The evidence suggests that IP-backed loans represent an effective financial channel for those firms that control valuable intangible assets and that experience and specialization allow lenders to develop better selection capabilities.

scholarly journals Breakfast: A Crucial Meal for Adolescents’ Cognitive Performance According to Their Nutritional Status. The Cogni-Action Project

Nutrients ◽  
2021 ◽  
Vol 13 (4) ◽  
pp. 1320
Author(s):  
Humberto Peña-Jorquera ◽  
Valentina Campos-Núñez ◽  
Kabir P. Sadarangani ◽  
Gerson Ferrari ◽  
Carlos Jorquera-Aguilera ◽  
...  
Keyword(s):  
Nutritional Status ◽  
Cognitive Performance ◽  
Cognitive Demand ◽  
Positive Association ◽  
Peak Height ◽  
The Body ◽  
Height Velocity ◽  
Peak Height Velocity ◽  
High Quality ◽  
Action Project

This study aimed to determine whether pupils who have breakfast just before a cognitive demand, do not regularly skip breakfast, and consume a high-quality breakfast present higher cognitive performance than those who do not; furthermore, to establish differences according to their nutritional status. In this study, 1181 Chilean adolescents aged 10–14 years participated. A global cognitive score was computed through eight tasks, and the body mass index z-score (BMIz) was calculated using a growth reference for school-aged adolescents. The characteristics of breakfast were self-reported. Analyses of covariance were performed to determine differences in cognitive performance according to BMIz groups adjusted to sex, peak height velocity, physical fitness global score, and their schools. A positive association was found in adolescents’ cognitive performance when they had breakfast just before cognitive tasks, did not regularly skip breakfast, presented at least two breakfast quality components, and included dairy products. No significant differences were found between breakfast components, including cereal/bread and fruits/fruit juice. Finally, pupils who were overweight/obese who declared that they skipped breakfast regularly presented a lower cognitive performance than their normal-BMIz peers. These findings suggest that adolescents who have breakfast just prior to a cognitive demand and regularly have a high quality breakfast have better cognitive performance than those who do not. Educative nutritional strategies should be prioritized, especially in “breakfast skippers” adolescents living with overweight/obesity.

The evolution of pignus in classical Roman law
Ius honorarium and ‘ius novum’

2013 ◽  
Vol 81 (1-2) ◽  
pp. 51-79
Author(s):  
H.L.E. Verhagen
Keyword(s):  
Intangible Assets ◽  
Evolutionary Process ◽  
Roman Law ◽  
Party Autonomy ◽  
Leading Role ◽  
Security Interest ◽  
The Law ◽  
Physical Asset

The Roman pledge (pignus) developed from a possessory pledge on a single physical asset owned at the time of pledging by the debtor into a versatile security interest that could be created as a non-possessory security interest over all the debtor’s present and future tangible and intangible assets. This evolutionary process was triggered by transactional practices which were recognised by the ius honorarium. At a later stage the Severan rescript practice (‘ius novum’) took over the leading role in developing the law of pledge. While the ius honorarium generally recognised party autonomy, by upholding transactional practises, the ius novum placed limitations on it, in particular in order to protect the debtor. 


scholarly journals Audit committee compensation, best practices and audit fees

2019 ◽  
Vol 50 (1) ◽  
Author(s):  
Bum-Jin Park
Keyword(s):  
Best Practices ◽  
Financial Reporting ◽  
Regression Models ◽  
Audit Committee ◽  
Best Practice ◽  
Audit Quality ◽  
Positive Association ◽  
Audit Fees ◽  
High Quality ◽  
The Relationship

Background: It is extremely important that an audit committee (AC) monitors a company’s financial reporting process, and that the committee engages a high-quality auditor to carry this out effectively. Prior research on ACs has paid much attention to the relationship between AC best practices and audit fees (AF). Although compensation is a means of aligning interests between ACs and stakeholders, previous studies have neglected the complementary interaction between AC compensation and compliance with best practices on audit quality.Objectives: The purpose of this study is to investigate how compensation for ACs affects AF, and how the association is moderated by compliance with best practices to capture effective monitoring.Method: The regression models are estimated to verify how the relationship between AC compensation and AF is moderated by AC compliance with best practice. Moreover, the logistic regression models are used to investigate how the relationship between AC compensation and the opportunistic achievement of earnings goals is moderated by AC compliance with best practice.Results: The findings show a positive association between the levels of compensation AC members receive and AF, which is reinforced in firms that have ACs that comply with all best practices.Conclusion: The results suggest that highly paid ACs engage high-quality auditors to complement their function of monitoring management and AC compensation and compliance with best practices are complementary to enhance audit quality. This study thus provides the interesting insights that can be applicable to countries with requirements relating to the compensation schemes for ACs or the formation of the AC.

5 Agreements with Derived Asset Clauses

2018 ◽  
Author(s):  
Raczynska Magda
Keyword(s):  
Security Interest ◽  
The Relationship ◽  
Security Agreements

This chapter considers the ways in which a secured creditor or a holder of a title-based interest may bargain for interest in derived assets (proceeds, products or fruits) where the agreement contains a derived asset clause. Parties may bargain for interest in proceeds, products or fruits by way of a clause in the agreements or by virtue of the relationship between proprietary interests and derived assets. The effect of dispositions of assets subject to security interests depends on whether the charge is fixed and floating. The chapter first examines sale of goods contracts with retention-of-title (RoT) clauses that extend the retention of title to proceeds and products, along with security agreements bearing derived asset clauses. It also explains the effect of derived asset clauses as after-acquired property clauses, focusing on pledges and legal mortgages, equitable security interests, and security interest in after-acquired property granted in a document by an individual.

Audit committee returnees and auditor choice: evidence from China

2020 ◽  
Vol 28 (4) ◽  
pp. 635-663
Author(s):  
Zejiang Zhou ◽  
Haoran Wang ◽  
Xiaoyan Cheng
Keyword(s):  
Work Experience ◽  
Agency Costs ◽  
Audit Committee ◽  
Positive Association ◽  
Change Analysis ◽  
High Quality ◽  
Content Type ◽  
Auditor Choice ◽  
Board Monitoring ◽  
International Knowledge

PurposeThe purpose of this paper is to examine whether the presence of returnees serving on the audit committee affects auditor choice in emerging markets.Design/methodology/approachUsing a logistic model, this study tests the relationship between the presence of returnees in the audit committee and auditor selection and how this relationship varies with the level of agency costs. The authors also perform several other additional analyses to ensure the robustness of the results, including propensity score matching, Heckman’s two-stage model and change analysis.FindingsUsing A-share listed companies in China from 2008 to 2016, the authors find a positive association between the presence of audit committee returnees and a demand for high-quality auditors and such association is strengthened in firms with a higher level of agency costs. The authors further find that discretionary accruals and the incidence of financial restatements are lower in firms with audit committee returnees.Research limitations/implicationsAlthough this study focuses on audit committee members with foreign study or foreign work experience, it remains to be seen if similar effects could be achieved through foreign ownership or work experience with foreign customers or suppliers.Originality/valueThis study provides evidence on a new channel of international knowledge spillover through which the emigration of talent increases board monitoring by demanding high-quality auditors in an emerging economy.

scholarly journals The Influence of Academic Independent Directors and Confucianism on Carbon Information Disclosure: Evidence from China

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Ren He ◽  
Mingdian Zhou ◽  
Jing Liu ◽  
Qing Yang
Keyword(s):  
Global Warming ◽  
Information Disclosure ◽  
Positive Association ◽  
Independent Directors ◽  
High Quality ◽  
Listed Firms ◽  
Empirical Results ◽  
Informal System ◽  
The Relationship

As global warming has received widespread attention, the disclosure of firms’ carbon information has been expected by increasing stakeholders. This study extends the previous literature on the determinants of firms’ carbon information disclosure by examining the influence of academic independent directors and Confucianism on the quality of carbon information disclosure. Using a sample of Chinese listed firms in the CSI 300 Index during the period of 2012–2018, our empirical results show that academic independent directors have a significantly positive association with the quality of carbon information disclosure. The results also reveal that Confucianism positively affects the quality of carbon information disclosure. Moreover, Confucianism positively moderates the relationship between academic independent directors and the quality of carbon information disclosure. The results imply that Confucianism, as an informal system, can promote the governance effect of academic independent directors on firms’ carbon information disclosure behaviour. Our findings offer shareholders, regulators, and other stakeholders an integrating perspective on motivating firms to disclose high quality carbon information.

Competitive Poaching in Search Advertising: Two Randomized Field Experiments

2021 ◽  
Author(s):  
Siddharth Bhattacharya ◽  
Jing Gong ◽  
Sunil Wattal
Keyword(s):  
Business School ◽  
Field Experiments ◽  
Positive Association ◽  
Brand Names ◽  
High Quality ◽  
Search Advertising ◽  
Quality Signals ◽  
Different Types ◽  
Keyword Searches ◽  
Better Than

Keyword searches with brand names enable firms to generate traffic from search advertising by bidding not only on their own keywords but also on competitors’ keywords. The strategy of bidding on competitors’ keywords, known as competitive poaching, presents unique opportunities for practitioners. This study examines factors that influence the effectiveness of competitive poaching. We collected data from two randomized field experiments, one with a business school in the Northeastern United States and the other one with a leading automobile dealership company, where these firms bid on keywords of competing brands and randomly display different types of ad copies in the sponsored search listings. We find that, when poaching on keywords of high-quality brands, ad copies that feature vertical differentiation through quality signals are more effective than the control ad copies that do not convey any differentiation or prescriptive messages. We also find that when poaching from low-quality brands, ad copies featuring horizontal differentiation through nonquality attributes perform better than the control ad copies. Finally, the presence of the poached brand’s own ad has a positive association with the ad effectiveness of the poaching brand when that poached brand is high quality and a negative association when the poached brand is low quality.

scholarly journals A systematic review of socioeconomic position in relation to asthma and allergic diseases

2014 ◽  
Vol 46 (2) ◽  
pp. 364-374 ◽  
Author(s):  
Eleonora Uphoff ◽  
Báltica Cabieses ◽  
Mariona Pinart ◽  
Macarena Valdés ◽  
Josep Maria Antó ◽  
...  
Keyword(s):  
Systematic Review ◽  
Socioeconomic Position ◽  
Odds Ratio ◽  
Positive Association ◽  
Allergic Diseases ◽  
Allergic Rhinoconjunctivitis ◽  
Sensitivity Analyses ◽  
Prevalence Rates ◽  
High Quality

The role of socioeconomic position (SEP) in the development of asthma and allergies is unclear, with some pointing to the risks of low SEP and other research pointing in the direction of higher SEP being associated with higher prevalence rates. The aim of this systematic review is to clarify associations between SEP and the prevalence of asthma and allergies. Out of 4407 records identified, 183 were included in the analysis. Low SEP was associated with a higher prevalence of asthma in 63% of the studies. Research on allergies, however, showed a positive association between higher SEP and illness in 66% of studies. Pooled estimates for the odds ratio of disease for the highest compared with the lowest SEP confirmed these results for asthma (unadjusted OR 1.38, 95% CI 1.37–1.39), allergies in general (OR 0.67, 95% CI 0.62–0.72), atopic dermatitis (unadjusted OR 0.72, 95% CI 0.61–0.83) and allergic rhinoconjunctivitis (unadjusted OR 0.52, 95% CI 0.46–0.59). Sensitivity analyses with a subsample of high-quality studies led to the same conclusion. Evidence from this systematic review suggests that asthma is associated with lower SEP, whereas the prevalence of allergies is associated with higher SEP.

scholarly journals The Role of Celebrity and Status in the Performance–Pay Relationship: Evidence from the ‘Big Five’ European Football Leagues

M n gement ◽  
2021 ◽  
pp. 1-16
Author(s):  
Antonio Giangreco ◽  
Barbara Slavich ◽  
Alessandro Piazza ◽  
Fabrizio Castellucci ◽  
Cyrus Mohadjer
Keyword(s):  
Panel Data ◽  
Big Five ◽  
Intangible Assets ◽  
Positive Association ◽  
Individual Performance ◽  
Performance Pay ◽  
Data Set ◽  
Managerial Implications ◽  
European Football

This study explores the reasons behind the existence of frequent mismatches between performance of individuals in organisations and their salary, with a specific focus on contexts where actors or employees are highly visible and representative of organisations. We argue that two intangible assets – celebrity and status – might affect the intensity of the link between individual performance and pay levels. Using a panel data set of professional footballers from the top five European leagues, we find that there is a positive association between players’ performance in one period (season) and their salary in the subsequent season, and that this relationship is negatively moderated by both the players’ celebrity and status. Theoretical contributions and managerial implications are discussed, along with the generalisability of the results to other settings.

scholarly journals Higher Education as a Driver of Regional Economy

2020 ◽  
Vol 15 (6) ◽  
pp. 110-139
Keyword(s):  
Higher Education ◽  
Education System ◽  
Regional Economy ◽  
Positive Association ◽  
Local Economy ◽  
Quality Education ◽  
Regional Economies ◽  
High Quality ◽  
Higher Education System ◽  
High Quality Education

This paper discusses the details of the associative link between the structure of economy and the quality of higher education for Russian regions. Such a link facilitates the interplay between the sectoral structure of a regional economy and its higher education system. This kind of economic policy is consistent with a number of theoretical views on the role that human capital plays in the process of economic growth. On top of that, the paper provides an approach which helps in identifying the directions of development of both the system of higher education and the economic structure of the respective region, as well as coordinating these two processes. In addition, we characterize the complexity of each regional economy and the development of its higher education system. The corresponding indicators complement broadly accepted metrics, such as GRP per capita, which help distinguish between regional economies. In particular, the measure of economic complexity reflects how complex, on average, the industries producing the respective GRP level are. In the paper, we also identify a positive association between the complexity of regional economies and the quality and diversity of higher education programs at the regional level. Nevertheless, a number of regions stay apart because their higher education systems are relatively more advanced compared with the level of complexity of their economies. This result lets us suggest a discussion about the main goals of the regional system of higher education. The provision of training to meet the demands of the local labor market is an important task of the education system. However, a high-quality education system can in itself be considered as a sector of the local economy which is important to develop. Moreover, a high-quality education system facilitates labor mobility, providing better access to better jobs.

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