Who Disciplines Management in Poorly Performing Companies?
|Abstract||Economic theory points to five parties disciplining management of poorly performing firms: holders of large share blocks, acquirers of new blocks, bidders in takeovers, nonexecutive directors, and investors during periods of financial distress. This paper reports the first comparative evaluation of the role of these different parties in disciplining management. We find that, in the United Kingdom, most parties, including holders of substantial sh ... [truncated at 450 characters in length]|
|Author||Colin Mayer; Julian Franks; Luc Renneboog;|
Eigenvalues and Pseudospectra of Rectangular Matrices
|Abstract||Pseudospectra of rectangular matrices vary continuously with the matrix entries, a feature that eigenvalues of rectangular matrices do not have. Some properties of eigenvalues and pseudospectra of rectangular matrices are explored, and an efficient algorithm for the computation of pseudospectra is given. Applications are given in (square) eigenvalue computation (Lanczos and Arnoldi iteration), square pseudospectra approximation, control theory (n ... [truncated at 450 characters in length]|
|Author||Thomas G. Wright; Lloyd N. Trefethen;|
Nonnormal energy transient growth in the Taylor-Couette problem
|Abstract||This work is devoted to the study of transient growth of perturbations in the Taylor-Couette problem due to nonnormal mechanisms. The study is carried out for a particular small gap case and is mostly focused on the linearly stable regime of counter-rotation. The exploration covers a wide range of inner and outer angular speeds as well as axial and azimuthal modes. Clear evidence of transient growth is found as long as the counter-rotation is inc ... [truncated at 450 characters in length]|