WHAT DRIVES FIRMS TO DIVERSITY? By RONG GUO Committee Chair: Dr. Omesh Kini Major Department: Finance This paper examines whether corporate governance structures, serving as proxies for agency costs, can explain firms’ decision to diversify. Specifically, it has been hypothesized that firms with worse corporate governance structures are more likely to diversify. The extant literature usually compares the governance characteristics of multi-segment firms to those of single segment firms to address this issue. However, different governance characteristics may simply reflect differences in firm characteristics of diversified firms and focused firms. Furthermore, industry factors may affect both the propensity of firms to diversify and their governance characteristics. To separate out the agency costs explanation of firms’ decision to diversify, I compare the corporate governance structures of single segment firms that choose to diversify with those of a matched sample of single segment firms in the same industry that choose to remain focused. I find that firms with a higher percentage of outsiders on the board and smaller board size are more likely to diversify. These findings are inconsistent with the agency costs explanation of why firms choose to diversify. In addition, the CEO pay-to-performance sensitivity of diversifying firms is also not significantly different from that of firms that stay focused. The corporate governance characteristics cannot explain the changes in excess value around diversification either. Although some of the governance characteristics are significantly related to the announcement effects of diversifying mergers, these relations are often inconsistent with the agency cost explanation. Taken together, my evidence indicates that diversifying firms do not systematically have worse governance structures than firms that stay focused and, therefore, higher agency costs do not appear to drive the decision to diversify.

<p>Adaptation is central to our understanding of the origin of biological diversity. Yet whether adaptive divergence promotes the formation of new lineages remains poorly understood. My dissertation addresses the role of adaptive divergence in diversification and speciation. I also investigate an alternative mechanism: dispersal, which can promote diversification and speciation through its effects on gene flow and allopatry. To address the role of divergent adaptation and dispersal in the process of diversification, I take an integrated approach, combining both comparative methods with quantitative genetics to characterize patterns of diversification and speciation in the tribe Brassiceae and genus Cakile. I start with a comparative study of the role of dispersal and adaptation in diversification, and then focus on the role of climatic and latitudinal divergence in the processes of adaptive divergence and speciation. In general, I find limited evidence for the role of divergent adaptation in the evolution of intrinsic reproductive isolation. Diversification in the tribe Brassiceae appears to be mediated by dispersal ability, while in the genus Cakile, the evolution of intrinsic reproductive isolation is largely independent of ecological divergence. Thus, while divergent adaptation to novel habitats and climate are likely occurring in Brassiceae, mediated in part by the evolution of long-distance dispersal, the evolution of intrinsic genic reproductive barriers appears to not be influenced by adaptation.</p> / Dissertation

Proposed Omkareshwar National Park Complex (ONPC), is a planned park in Madhya Pradesh (central India) that is being designed as a compensatory conservation plan to overcome the loss of wildlife and forest by the construction and submergence from nearby Indira-Sagar and Omkareshwar dams, part of the infamous multi-purpose Narmada dam project. All the village communities in the ONPC largely depend on the forest resources for their daily sustenance, particularly fuel-wood and non-timber forest products such as tendupatta, mahua, kullu and dhavda gums. The local people typically engage as gatherers of non-timber forest resources, farmers or work as labors on other agricultural farms. Enclosing, this forest commons, threatens the livelihood opportunities of adivasis. Hence, this dissertation questions how compensatory conservation transforms the forest governance and the economic activities of the local communities. I examine how rules-in-use control spatial actions alter economic, political and social relationships within proposed ONPC in central India. I gathered the economic, social and political data through interviews, case-studies and surveys. Farmers benefit from the creation of the ONPC as a biodiversity offset, while other villagers engaged in off-farm and NTFP extraction labor, are more economically vulnerable. Adivasi depend mostly on the forest resource extraction for their income generation. Therefore, with increasing restrictions placed on the resource access and control, resource users are forced to travel outside their villages in search of wage labor.

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Increasing introductions of non-native terrestrial slugs (Mollusca: Gastropoda) are a concern to North American regulatory agencies as these generalists impact the yield and reduce the aesthetic value of crop plants. Understanding how the increase in diversification in North American cropping systems affects non-native gastropods and finding effective biological control options are imperative for pest management; however, little research has been done in this area. This study tested the hypothesis that dietary diversification affects the biological control capacity of a generalist predator and allows the slug pest Deroceras reticulatum (Müller) (Stylommatophora: Agriolimacidae) to more effectively fulfill its nutritional requirements. Results showed no significant correlations between dietary diversification and slug development; however, this was likely due to the addition of romaine lettuce to all treatments. The study also showed that dietary diversification had no significant effect on D. reticulatum egg production, with self-fertilizing slugs consistently having significantly higher egg production than outcrossing slugs. Most significantly, this research demonstrated reductions in plant damage by D. reticulatum in treatments containing the North American carabid beetle Scarites quadriceps Chaudoir (Coleoptera: Carabidae) with the presence of alternative prey having no effect, supporting its use in biological control efforts in spite of its generalist feeding habits.

Le Bris a collecté environ 200 000 données sur les actions françaises entre 1854 et 1988 pour construire un indice de performances.Différents biais qui surestimaient la rentabilité dans les indices français existants sont identifiés. D'autres probables cas à l'étranger sont présentés.Sur le long terme, les actions offrent une meilleure rentabilité que les autres actifs mais sans prime particulière.Par rapport aux actions américaines, les françaises sous-performent y compris durant les périodes de paix.Le marché est très sensible aux changements de gouvernements et surperforme sous ceux de gauche.Une nouvelle méthode de détection des krachs est proposée. Elle identifie des krachs cohérents avec l'histoire.Les entreprises de services dominent la capitalisation boursière de manière quasi-continue depuis 1854.La rationalité des investissements en emprunts russes avant 1914 est démontrée grâce à une optimisation de portefeuille parmi les actifs français (action, obligation, rente) et huit emprunts d'Etats étrangers.Une nouvelle méthode de décomposition du bénéfice de diversification est proposée ; les investisseurs français étaient attirés par la faible corrélation plus que par les rentabilités étrangères supérieures avant 1914.Les actions françaises et américaines présentent une hausse de corrélation sur le long terme probablement suivant l'intégration des économies. Ainsi, l'incitation à diversifier internationalement a baissé.Le risque de marché enregistre une forte hausse durant l'entre-deux-guerres et le niveau pré-1914 n'est jamais retrouvé. Il semble lié à la fin du Gold Standard, à l'inflation et aux déficits publics.Conséquence de la hausse de ce risque commun, la corrélation entre actions françaises augmente, réduisant l'effet de diversification domestique ; a l'opposé un " super effet portefeuille " est identifiée avant 1914.

Statistically speaking, only between 4% and 6% individuals can afford to retire comfortably. When this fact is combined with changes such as a longer life expectancy, disintegration of family life and increasing pressure on public resources to deal with issues such as aids, the increasing need for personal financial planning for retirement becomes clear. Firstly, a framework was set of requirements which need to be met with regard to financial planning for retirement. This includes the need to diversify the portfolio (as a method to manage the acceptable risk level), as well as principles and techniques relating to diversification. The possibility of using the services of a financial planner to aid with the retirement planning, as well as aspects to be considered in this regard were discussed. It was also demonstrated that a variety of aspects should be considered when deciding on an investment, including market expectations, general economic conditions and the investor's own research, all within a long-term framework. The final aspect considered as part of the framework, was tax. Having set the framework for successful financial retirement planning in Chapter two, a number of pitfalls to be avoided were addressed in Chapter three. These included the investor's planned annual cost of living, since this is the single most important factor which will determine standard of living during retirement. The planned age at which the individual wishes to retire specifically also needs to be taken into account, seeing that this determines the amount of time he has to build up his investment. The planned rate of return on the investment has to be realistic, but also has to at least keep up with inflation. The effect of inflation could also for example mean that adequate present planning may fall short in 20 years' time. A final aspect to be considered is the importance of taking unforeseen events, such as a potential medical disability, into account. Having set the framework of factors to be taken into account, specific investment options were addressed in the main categories of equity, bonds, property and cash, as well as a pension find, provident fund and/or retirement annuity. Less traditional options such as collector's items, financial instruments or the option to start one's own business were also addressed in more detail. Finally, a questionnaire was addressed to professional people, as represented by auditors in the Northwest Province, with the view to determine the current level of retirement planning and whether or not their expectations matched the theoretic framework as discussed in the previous chapters. Suggestions were made as per the results of the questionnaire by linking the results of the questionnaire and the theoretical framework. Gaps were also highlighted, for instance that very few people as per the sample plan to fully retire, and this changing understanding of "retirement" is not fully captured by current literature. It also seems that professional persons, as per the questionnaire, have an over optimistic view regarding their retirement and funds needed during retirement. / Thesis (M.Com. (Business and Management Accounting))--North-West University, Potchefstroom Campus, 2007.

In recent years, investors have become more concerned about where they invest their capital and how to spread the risk among different asset types. The interest in commercial real estates has increased as this market is seen as less volatile than the stock market. Previous research for other economies has found that the commercial real estate market and the stock market do not cointegrate. Therefore it is possible to invest in both asset classes to create diversified portfolios. This thesis examines if such cointegration relationship exist on the Swedish market. Furthermore, the thesis examines the correlation and the lead-lag relationship between the two asset classes. The observed data is quarterly between the years 1994-2013 and the indices used are OMX Stockholm, sold multi-dwelling and commercial buildings, and sold manufacturers industries. To examine if there exist any cointegration between the indices the Engle-Granger 2-step method is used and the lead-lag relationship is tested by using the Granger Causality test. The results from the different tests do not show any short- or long-term relationship between the Swedish stock market and the Swedish commercial real estate market, neither do the assets show any lead-lag relationship. This means that the portfolio risk decreases and it is therefore possible for investors to diversify their portfolios with both short- and long-term time horizons.

Phylogenetics is the study of the evolutionary relationship between species. Inference of phylogeny relies heavily on statistical models that have been extended and refined tremendously over the past years into very complex hierarchical models. Paper I introduces probabilistic graphical models to statistical phylogenetics and elaborates on the potential advantages a unified graphical model representation could have for the community, e.g., by facilitating communication and improving reproducibility of statistical analyses of phylogeny and evolution. Once the phylogeny is reconstructed it is possible to infer the rates of diversification (speciation and extinction). In this thesis I extend the birth-death process model, so that it can be applied to incompletely sampled phylogenies, that is, phylogenies of only a subsample of the presently living species from one group. Previous work only considered the case when every species had the same probability to be included and here I examine two alternative sampling schemes: diversified taxon sampling and cluster sampling. Paper II introduces these sampling schemes under a constant rate birth-death process and gives the probability density for reconstructed phylogenies. These models are extended in Paper IV to time-dependent diversification rates, again, under different sampling schemes and applied to empirical phylogenies. Paper III focuses on fast and unbiased simulations of reconstructed phylogenies. The efficiency is achieved by deriving the analytical distribution and density function of the speciation times in the reconstructed phylogeny. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 4: Accepted.</p>

本研究係透過實地訪談並搭配以往文獻進行歸納，藉由瞭解企業進行多角化之動機、所採行之策略類型以及所搭配之進入方式，進而探討多角化經營如何影響智慧資本之蓄積及具體管理制度為何，以期對多角化營運之企業在資源之掌握與管理上作一參考。本研究係依據個案分析之結果，提出以下三項結論以回應研究問題，同時根據研究發現陳述相關建議，最後提出研究限制與未來研究之方向。 一、多角化動機會影響策略類型之選擇，且會搭配適合之多角化進入方式。 二、採取不同之多角化策略及進入方式，所重視之智慧資本項目不盡相同；而無論採取何種策略及其進入方式，所共同重視之項目為人力資本之「員工專業技能」、「向心力」，流程資本之「營運流程」、「創新流程」與「組織彈性」，創新資本之「創新投入」，關係資本之「策略夥伴」，共計七項。 三、針對不同的多角化策略及其進入方式下所重視之智慧資本，企業應採取適當之管理制度予以蓄積與維護，使其得以有效發揮效益。 / This research is primary to provide some references on resource control and management for enterprises which are diverdified or will diversify. By realizing the motivation, types of strategy, and the matching modes of entry for diversification by field interviews and based on previous literature, the study discusses how diversification affects the accumulation and pratical management system of intellectual capital. According to the result of case analysis, the research claims three conclusions in response to the research questions. meanwhile, we also propose some relevant suggestions, and state research limitation and direction in future. 1.The motivations would affect the types of strategy for diversification, and enterprises will choose appropriate modes of entry. 2.Within different diversification strategies and matching modes of entry, the emphasized intellectual capital items will be different. This study finds no matter what strategic types and modes of entry adopted, the common emphasized intellectual capital items include employees’ professional competence and centripetal force in human capital, operating process, innovative process, and organizational elasticity in process capital, innovative input in innovation capital, and strategic partnership in relational capital. 3.For different diversification strategies and the matching modes of entry, all enterprises should adopt appropriate management system to accumulate and maintain the important intellectual capitals, so that they could achieve remarkable success.