scholarly journals Asymmetric information and monitoring behaviour in block trades: An empirical analysis for Spain

2004 ◽  
Vol 2 (1) ◽  
pp. 25-37 ◽  
Author(s):  
Belén Díaz Díaz ◽  
Myriam García-Olalla
Keyword(s):  
Asymmetric Information ◽  
Empirical Analysis ◽  
Value Creation ◽  
Capital Market ◽  
Institutional Investors ◽  
Control Group ◽  
Block Trades ◽  
Two Factors ◽  
Information Advantage

The aim of our study is to analyse if the purchase of share blocks in the Spanish capital market is due to any of the two factors that have justified block transactions in financial literature: monitoring or information advantage. Our results show that the control group, institutional investors and insiders have a higher probability to buy a block when an increase in value creation is expected due to the higher monitoring of managers carried out by these investors. A higher probability of purchase, only by insiders, is also observed when there is more asymmetric information and therefore the acquirers can benefit from their position of better informed investors.

Institutional Investors on the Securities Market

2003 ◽  
pp. 95-101
Author(s):  
O. Khmyz
Keyword(s):  
Financial Crisis ◽  
Capital Market ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Securities Market ◽  
Main Role ◽  
Investment Funds ◽  
Investment Process ◽  
The Capital Market

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

scholarly journals A mechanism for evolution of the physical concepts network

2021 ◽  
Vol 24 (2) ◽  
pp. 24001
Author(s):  
V. Palchykov ◽  
M. Krasnytska ◽  
O. Mryglod ◽  
Yu. Holovatch
Keyword(s):  
Synergistic Effect ◽  
Complex Network ◽  
Empirical Analysis ◽  
Growth Models ◽  
Underlying Mechanism ◽  
Scientific Concepts ◽  
Network Growth ◽  
Preferential Selection ◽  
Network Characteristics ◽  
Two Factors

We suggest an underlying mechanism that governs the growth of a network of concepts, a complex network that reflects the connections between different scientific concepts based on their co-occurrences in publications. To this end, we perform empirical analysis of a network of concepts based on the preprints in physics submitted to the arXiv.org. We calculate the network characteristics and show that they cannot follow as a result of several simple commonly used network growth models. In turn, we suggest that a simultaneous account of two factors, i.e., growth by blocks and preferential selection, gives an explanation of empirically observed properties of the concepts network. Moreover, the observed structure emerges as a synergistic effect of these both factors: each of them alone does not lead to a satisfactory picture.

Hyponatremia in the rat in the absence of positive water balance.

1997 ◽  
Vol 8 (4) ◽  
pp. 524-529
Author(s):  
M Gowrishankar ◽  
C B Chen ◽  
S Cheema-Dhadli ◽  
A Steele ◽  
M L Halperin
Keyword(s):  
Water Balance ◽  
Isotonic Saline ◽  
Extracellular Fluid ◽  
Free Water ◽  
Control Group ◽  
High Concentration ◽  
Additional Control ◽  
Two Factors ◽  
Negative Balance ◽  
Usual Diet

The purpose of this report is to determine the mechanisms that lead to hyponatremia when isotonic saline was the only fluid infused into rats given antidiuretic hormone (ADH), and what might minimize the degree of this hyponatremia. Normal rats were deprived of food and water for the 24-hr study period. They received an infusion of isotonic saline to expand their extracellular fluid (ECF) volume with and without exogenous ADH administration (N = 8 in each of the four groups). Similar studies were also carried out in 32 rats fed a low electrolyte diet for 72 hr before the experiment. An additional control group was fed the low electrolyte diet supplemented with sodium (Na), potassium (K), and chloride (Cl). Hyponatremia developed over 24 hr in rats fed their usual diet if treated with ADH and isotonic saline (fall, 13 +/- 2 mM, P < 0.01). The hyponatremia was caused by negative balance for Na + K salts. Hyponatremia did not develop after the saline + ADH treatment if rats were pretreated for 3 days with a low electrolyte diet. Two factors were required to develop this hyponatremia--generation of electrolyte-free water as a result of the excretion of a large quantity of Na + K salts at a high concentration in the urine, and prevention of the excretion of this electrolyte-free water by ADH. Increasing the avidity for Na reabsorption by the kidney prevented this type of hyponatremia from developing.

Value Creation, Innovation, and Entrepreneurship

2020 ◽  
pp. 1-20 ◽  
Author(s):  
Miguel-Angel Galindo-Martín ◽  
María-Teresa Méndez-Picazo
Keyword(s):  
Economic Policy ◽  
Empirical Analysis ◽  
Value Creation ◽  
Empirical Studies ◽  
European Countries ◽  
Entrepreneurial Activity ◽  
Feedback Effects ◽  
Policy Objectives ◽  
The Relationship ◽  
Innovation And Entrepreneurship

The literature has traditionally focused on the relationship between innovation and entrepreneurial activity, adopting mainly two perspectives when addressing entrepreneurship: empirical studies focusing on the behaviour of companies, and studies that consider entrepreneurship as a factor promoting the achievement of economic policy objectives. Following Schumpeter, innovation is a key source of value creation, generating growth in companies and the economy as a whole. But it is also important to remember the feedback effects generated in this process. This chapter analyses the relationship among three variables: entrepreneurship, innovation, and value creation, as well as the subsequent feedback effects. The theoretical aspects are considered and an empirical analysis is developed for the case of some European countries.

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