title: An empirical investigation of agency costs and ownership structure in unlisted small businesses

authors: Wellalage, Nirosha Hewa

subjects: agency costs

abstract: The study uses panel data to investigate agency costs, both principal-agent (PA) and principal-principal (PP), in 240 small businesses not listed on the New Zealand Stock Exchange. Results show that both forms of agency cost vary according to industry, the life of the business and size. The results indicate that the degree of owner involvement in the business influences firm PA and PP agency costs. Moreover, this study finds non-linear relationship between agency costs and ownership structure align with convergence of interest hypothesis and managerial entrenchment hypothesis. It is noted that the distortion between equity returns and debt returns gives rise to a preference for quasi-equity and distorts the productive base and effective pricing of risk. The analysis indicates there is considerable variability in the burden of agency cost and that this raises the potential for regulatory and policy reforms that may enhance the productivity and growth in the sector.

text: An empirical investigation of agency costs and ownership structure in unlisted small businesses The study uses panel data to investigate agency costs, both principal-agent (PA) and principal-principal (PP), in 240 small businesses not listed on the New Zealand Stock Exchange. Results show that both forms of agency cost vary according to industry, the life of the business and size. The results indicate that the degree of owner involvement in the business influences firm PA and PP agency costs. Moreover, this study finds non-linear relationship between agency costs and ownership structure align with convergence of interest hypothesis and managerial entrenchment hypothesis. It is noted that the distortion between equity returns and debt returns gives rise to a preference for quasi-equity and distorts the productive base and effective pricing of risk. The analysis indicates there is considerable variability in the burden of agency cost and that this raises the potential for regulatory and policy reforms that may enhance the productivity and growth in the sector.

year: 2012

title: Quadratic algebra contractions and second-order superintegrable systems

authors: Kalnins, Ernie G.

abstract: Quadratic algebras are generalizations of Lie algebras; they include the symmetry algebras of second-order superintegrable systems in two dimensions as special cases. The superintegrable systems are exactly solvable physical systems in classical and quantum mechanics. For constant curvature spaces, we show that the free quadratic algebras generated by the first- and second-order elements in the enveloping algebras of their Euclidean and orthogonal symmetry algebras correspond one-to-one with the possible superintegrable systems with potential defined on these spaces. We describe a contraction theory for quadratic algebras and show that for constant curvature superintegrable systems, ordinary Lie algebra contractions induce contractions of the quadratic algebras of the superintegrable systems that correspond to geometrical pointwise limits of the physical systems. One consequence is that by contracting function space realizations of representations of the generic superintegrable quantum system on the 2-sphere (which give the structure equations for Racah/Wilson polynomials) to the other superintegrable systems one obtains the full Askey scheme of orthogonal hypergeometric polynomials. © 2014 World Scientific Publishing Company.

text: Quadratic algebra contractions and second-order superintegrable systems Quadratic algebras are generalizations of Lie algebras; they include the symmetry algebras of second-order superintegrable systems in two dimensions as special cases. The superintegrable systems are exactly solvable physical systems in classical and quantum mechanics. For constant curvature spaces, we show that the free quadratic algebras generated by the first- and second-order elements in the enveloping algebras of their Euclidean and orthogonal symmetry algebras correspond one-to-one with the possible superintegrable systems with potential defined on these spaces. We describe a contraction theory for quadratic algebras and show that for constant curvature superintegrable systems, ordinary Lie algebra contractions induce contractions of the quadratic algebras of the superintegrable systems that correspond to geometrical pointwise limits of the physical systems. One consequence is that by contracting function space realizations of representations of the generic superintegrable quantum system on the 2-sphere (which give the structure equations for Racah/Wilson polynomials) to the other superintegrable systems one obtains the full Askey scheme of orthogonal hypergeometric polynomials. © 2014 World Scientific Publishing Company.

year: 2014

title: Boat electrofishing survey of fish populations in the Ohau Channel in December 2010

authors: Hicks, Brendan J.

abstract: The original purpose of this series of surveys was to apply an independent method to estimate the densities of common smelt and bullies in the Ohau Channel at fixed points along the bank which coincided with trap netting sites used by the National Institute of Water and Atmospheric Research (NIWA). Since the low number of smelt captured by a single day’s boat electrofishing became apparent compared to the numbers captured by seasonal trapping, the aim of the survey has been modified to provide on-going monitoring of the fish communities and abundance in the Ohau Channel, especially fish species that are taonga to Maori (eels, goldfish, and koura).

text: Boat electrofishing survey of fish populations in the Ohau Channel in December 2010 The original purpose of this series of surveys was to apply an independent method to estimate the densities of common smelt and bullies in the Ohau Channel at fixed points along the bank which coincided with trap netting sites used by the National Institute of Water and Atmospheric Research (NIWA). Since the low number of smelt captured by a single day’s boat electrofishing became apparent compared to the numbers captured by seasonal trapping, the aim of the survey has been modified to provide on-going monitoring of the fish communities and abundance in the Ohau Channel, especially fish species that are taonga to Maori (eels, goldfish, and koura).

year: 2011-11-15