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6. Adsorption of chlorine dioxide gas on activated carbons

Author

Wood, Joseph P., Ryan, Shawn P., Snyder, Emily Gibb, Serre, Shannon D., Touati, Abderrahmane, and Clayton, Matthew J.

Subjects
Gases -- Absorption and adsorption, Carbon, Activated -- Analysis, Company business management, Environmental services industry, Environmental issues, Science and technology
Abstract

ABSTRACT Research and field experience with chlorine dioxide ([ClO.sub.2]) gas to decontaminate structures contaminated with Bacillus anthracis spores and other microorganisms have demonstrated the effectiveness of this sterilant technology. However, [...]

Published
2010
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8. Debt, investment, and product market competition: A note on the limited liability effect

Author

Clayton, Matthew J.

Subjects
Competition (Economics), Liability (Law), Banking, finance and accounting industries, Business
Abstract

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jbankfin.2008.11.006 Byline: Matthew J. Clayton Keywords: Leverage; Investment; Imperfect competition; Commitment Abstract: This paper extends a model by Brander and Lewis [Brander, J., Lewis, T., 1986. Oligopoly and financial structure: The limited liability effect. American Economic Review 76, 956-970] on the relationship between capital structure, investment and product market competition based on the limited liability effect of debt. Empirical papers (see for example Campello [Campello, M., 2003. Capital structure and product markets interactions: Evidence from business cycles. Journal of Financial Economics 68, 353-378], and Chevalier [Chevalier, J., 1995a. Capital structure and product market competition: Empirical evidence from the supermarket industry. American Economic Review 85, 415-435; Chevalier, J., 1995b. Do LBO supermarkets charge more? An empirical analysis of the effect of LBOs on supermarket pricing. Journal of Finance 50, 1095-1112]) generally reject the limited liability theories in favor of the predatory theories because leverage leads to less investment and weaker product market competition. This paper shows that when firms also have an investment choice, leverage can lead to weaker product market competition in a limited liability model. In addition, non-zero leverage is still optimal within this model based solely on the limited liability effect. In predatory models debt is motivated by issues outside of product market concerns, for example to solve an agency problem. Finally, this model is also consistent with the investment decisions documented empirically. Author Affiliation: University of Virginia, P.O. Box 400173, Charlottesville, VA 22904, United States Article History: Received 1 July 2008; Accepted 20 November 2008

Published
2009

9. The impact of CEO turnover on equity volatility

Author

Clayton, Matthew J., Hartzell, Jay C., and Rosenberg, Joshua V.

Subjects
Führungskräfte, ComputingMilieux_MANAGEMENTOFCOMPUTINGANDINFORMATIONSYSTEMS, Executives, Labor turnover, ComputingMilieux_THECOMPUTINGPROFESSION, G14, ddc:330, ComputingMilieux_LEGALASPECTSOFCOMPUTING, Stock - Prices, G34, Börsenkurs, Volatilität, USA
Abstract

A change in executive leadership is a significant event in the life of a firm. This study investigates an important consequence of a CEO turnover: a change in equity volatility. We develop three hypotheses about how changes in CEO might affect stock price volatility, and test these hypotheses using a sample of 872 CEO turnovers over the 1979-95 period. We find that volatility increases following a CEO turnover, even when the CEO leaves voluntarily and is replaced by someone from inside the firm. Forced turnovers increase volatility more than voluntary turnovers - a finding consistent with the view that forced departures imply a higher probability of large strategy changes. For voluntary departures, outside successions increase volatility more than inside successions. We attribute this volatility change to increased uncertainty over the successor CEO's skill in managing the firm's operations. We also document a greater stock price response to earnings announcements following CEO turnover, consistent with more informative signals of value driving the increased volatility. Our findings are robust to controls for firm-specific characteristics such as firm size, changes in firm operations, and changes in volatility and performance prior to the turnover.

Published
2003

10. On the Formation and Structure of International Exchanges

Author

Clayton, Matthew J., Jorgensen, Bjorn N., and Kavajecz, Kenneth A.

Subjects
Internationaler Finanzmarkt, Internationaler Zahlungsverkehr, Welt, ddc:330
Abstract

We investigate the formation and structure of 248 financial exchangesthroughout the world. First, we empirically analyze the determinantsof exchange formation as well as the impact of exchange formation onthe domestic country's economy. Second, conditional on formation, weuse a probit model to relate the choice of trading mechanism to thecharacteristics of the economic environment in which the exchangeexists. We find that the main determinants of exchange formation in acountry are the degree of economic freedom, the size of the economy,the availability of technology, and the legal system. In addition, wefind that the impact of exchange formation on the macro economy islimited to a reduction in the growth of the monetary aggregates withno significant impact on productivity. Lastly, our results show thatthe choice if trading mechanism depends on the country's economicdevelopment, the degree of competition, and the extent of economicfreedom.

Published
1999

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