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Dynamic Linkages (dynamic + linkage)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	40%

Selected Abstracts

Capital Investment and Earnings: International Evidence

CORPORATE GOVERNANCE, Issue 5 2009
Ahmet Can Inci
ABSTRACT Manuscript Type: Empirical Research Question/Issue: We examine the nature of the dynamic linkage (causality) between earnings and capital investment using firm-level data from around the world to see whether the legal environment, including corporate governance and monitoring mechanisms, and financial development are important in the profitability of capital investment. Research Findings/Insights: Using firms in 40 countries over the period 1988,2004, we find that the causality from earnings to capital investment is positive and strong in almost all countries, irrespective of the type of legal system and the degree of financial development. However, the causality from capital investment to earnings is generally negative for firms in civil law and financially undeveloped countries, while the causality is generally positive in common law and financially developed countries. Therefore, our international cross-country study enables us to find that the legal system and financial development are factors in the determination of the profitability of capital investment. Theoretical/Academic Implications: Our findings imply that internal financing is a significant constraint for capital investment, which provides support for the pecking order theory even for financially developed markets and for the free cash flow theory. Common law and financially developed countries tend to provide better shareholder protection with more efficient corporate governance and better investment decisions. Practitioner/Policy Implications: To encourage managers to make capital investments in value-increasing projects, it is important to further improve a legal environment that includes corporate governance, monitoring, and incentive mechanisms. Financial development that includes effective financial regulatory agencies should be sought. [source]

Interregional Disparities in Productivity and the Choice of Fiscal Regime

JOURNAL OF PUBLIC ECONOMIC THEORY, Issue 3 2009
KIMIKO TERAI
Two districts with divergent productivity levels engage in policy-making on the provision of local public goods that enhance future income and hence create a dynamic linkage across periods. The policy choices of district representatives are derived under alternative fiscal systems, and the relative merits of the systems are evaluated. It is predicted that a decentralized system is more likely to be selected in a more equal society. On the other hand, when a great deal of benefit spills over from a local public good, or when policy makers are expected to care solely about the immediate effects of their decisions on their districts, a centralized system is more likely to be selected. [source]

Defining the moment of erosion: the principle of thermal consonance timing

EARTH SURFACE PROCESSES AND LANDFORMS, Issue 13 2005
D. M. LawlerArticle first published online: 9 DEC 200
Abstract Geomorphological process research demands quantitative information on erosion and deposition event timing and magnitude, in relation to fluctuations in the suspected driving forces. This paper establishes a new measurement principle , thermal consonance timing (TCT) , which delivers clearer, more continuous and quantitative information on erosion and deposition event magnitude, timing and frequency, to assist understanding of the controlling mechanisms. TCT is based on monitoring the switch from characteristically strong temperature gradients in sediment, to weaker gradients in air or water, which reveals the moment of erosion. The paper (1) derives the TCT principle from soil micrometeorological theory; (2) illustrates initial concept operationalization for field and laboratory use; (3) presents experimental data for simple soil erosion simulations; and (4) discusses initial application of TCT and perifluvial micrometeorology principles in the delivery of timing solutions for two bank erosion events on the River Wharfe, UK, in relation to the hydrograph. River bank thermal regimes respond, as soil temperature and energy balance theory predicts, with strong horizontal thermal gradients (often >1 K cm,1 over 6·8 cm). TCT fixed the timing of two erosion events, the first during inundation, the second 19 h after the discharge peak and 13 h after re-emergence from the flow. This provides rare confirmation of delayed bank retreat, quantifies the time-lag involved, and suggests mass failure processes rather than fluid entrainment. Erosion events can be virtually instantaneous, implying ,catastrophic retreat' rather than ,progressive entrainment'. Considerable potential exists to employ TCT approaches for: validating process models in several geomorphological contexts; assisting process identification and improving discrimination of competing hypotheses of process dominance through high-resolution, simultaneous analysis of erosion and deposition events and driving forces; defining shifting erodibility and erosion thresholds; refining dynamic linkages in event-based sediment budget investigations; and deriving closer approximations to ,true' erosion and deposition rates, especially in self-concealing scour-and-fill systems. Copyright © 2005 John Wiley & Sons, Ltd. [source]

Disulfides, Imines, and Metal Coordination within a Single System: Interplay between Three Dynamic Equilibria

CHEMISTRY - A EUROPEAN JOURNAL, Issue 34 2007
Rupam
Abstract We report a system in which three distinct dynamic linkages, disulfide (SS), imine (CN), and coordinative (N,metal) bonds were shown to be capable of simultaneous reversible exchange. The "disulfide layer" of the system under study consists of two homo-disulfides, bis(4-aminophenyl) disulfide 1 and bis(4-methoxyphenyl) disulfide 2 that equilibrate in the presence of catalytic amount of triethylamine to favor the formation of a hetero-disulfide product, 4-aminophenyl-4,-methoxyphenyl disulfide 3. The addition of 2-formylpyridine and a metal salt strongly perturbed this 1+2,3 equilibrium through the formation of metal complexes incorporating disulfide 1 as a subcomponent. CuI perturbed the equilibrium by a factor of 3.3, and FeII by a factor of 179, in both cases in favor of the homo-disulfides. The disulfide equilibrium could be further modified, following metal-complex formation, by coordinative (transmetallation: substitution of FeII for CuI) or covalent (imine exchange: the substitution of one amine residue for another) exchange. Thus, although the three kinds of dynamic linkages were demonstrated to be mutually compatible, changes at one kind of linkage could be used to predictably perturb an equilibrium involving another. [source]