Stocks

Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Stocks

  • brood stock
  • building stock
  • c stock
  • capital stock
  • carbon stock
  • cod stock
  • common stock
  • company stock
  • different stock
  • digital stock
  • distinct stock
  • domestic stock
  • fish stock
  • genetic stock
  • growing stock
  • housing stock
  • index stock
  • individual stock
  • internet stock
  • knowledge stock
  • nasdaq stock
  • natural stock
  • oil stock
  • public capital stock
  • resource stock
  • salmon stock
  • small stock
  • soc stock
  • soil carbon stock
  • spawning stock
  • standing stock
  • underlying stock
  • wild stock

  • Terms modified by Stocks

  • stock abundance
  • stock assessment
  • stock biomass
  • stock characteristic
  • stock component
  • stock dividend
  • stock enhancement
  • stock exchange
  • stock exchange listing
  • stock exchanges
  • stock index
  • stock index future
  • stock index return
  • stock index volatility
  • stock level
  • stock market
  • stock market bubble
  • stock market crash
  • stock market data
  • stock market development
  • stock market participation
  • stock market performance
  • stock market reaction
  • stock market response
  • stock market return
  • stock market valuation
  • stock option
  • stock option grant
  • stock option portfolios
  • stock ownership
  • stock performance
  • stock price
  • stock price behavior
  • stock price decline
  • stock price dynamics
  • stock price performance
  • stock price reaction
  • stock price response
  • stock price volatility
  • stock return
  • stock return volatility
  • stock size
  • stock solution
  • stock structure
  • stock value
  • stock volatility

  • Selected Abstracts


    A Comparison of Two Botulinum Type A Toxin Preparations for the Treatment of Glabellar Lines: Double-Blind, Randomized, Pilot Study

    DERMATOLOGIC SURGERY, Issue 12 2005
    Philippa L. Lowe MB ChB
    Background. Botulinum toxins have been proven effective for reducing facial lines. There are two commercial types of botulinum toxin type A available in many countries but no published comparison studies. Objective. To compare the efficacy and tolerability of Botox Cosmetic and Dysport 50 U in the treatment of glabellar lines (using 20 U of Botox Cosmetic, which is the dose approved by the US Food and Drug Administration for the treatment of glabellar lines, and 50 U of Dysport, which has been reported to be the optimal dose for this formulation). Study Design. Parallel-group double-blind pilot study. Evaluation by observing physician, photographic, and patient evaluations. Conclusion. Botox 20 U provided better and more prolonged efficacy than Dysport 50 U in the treatment of glabellar lines. NICHOLAS LOWE, MD, FRCP, AND RICKIE PATNAIK, MD, HAVE RECEIVED RESEARCH GRANTS FROM ALLERGAN INC. NICHOLAS LOWE OWNS STOCK IN ALLERGAN INC AND HAS RECEIVED CONSULTING PAYMENTS AND EDUCATIONAL GRANTS FROM ALLERGAN INC. THIS STUDY WAS FUNDED BY A GRANT FROM ALLERGAN INC. [source]


    DEVELOPMENT OF PROTOPLASTS OF ULVA FASCIATA (CHLOROPHYTA) FOR ALGAL SEED STOCK

    JOURNAL OF PHYCOLOGY, Issue 3 2000
    Yean-Chang Chen
    The aim of this study was to isolate and cultivate protoplasts of the green alga Ulva fasciata Delile and subsequently induce them to form a microthallus suspension for algal seed stock. The protoplasts were covered with secreted mucilage following 6 h of culture when viewed with SEM. The mucilage fused to form thick layers during day 1 of culture. Microfibrillar cell walls were deposited into the thick layers of mucilage on the 5th day of culture. An average of about 10% of the freshly isolated protoplasts began to divide at 6,14 days. These protoplasts subsequently developed varied morphologies, depending on the time of collection during the year. Protoplasts isolated from U. fasciata collected in March to June developed frond thalli or microthalli when they were cultured in low or high densities (cells/area), respectively. The microthallus suspension was cultured for more than two years at 10,40 ,mol·m,2·s,1. Frond thalli formed when the suspension was cultivated at 100,160 ,mol·m,2·s,1. Therefore, microthallus suspension can serve as a seed stock of U. fasciata. [source]


    CRITICAL PRICE NEAR MATURITY FOR AN AMERICAN OPTION ON A DIVIDEND-PAYING STOCK IN A LOCAL VOLATILITY MODEL

    MATHEMATICAL FINANCE, Issue 3 2005
    Etienne ChevalierArticle first published online: 10 JUN 200
    We consider an American put option on a dividend-paying stock whose volatility is a function of the stock value. Near the maturity of this option, an expansion of the critical stock price is given. If the stock dividend rate is greater than the market interest rate, the payoff function is smooth near the limit of the critical price. We deduce an expansion of the critical price near maturity from an expansion of the value function of an optimal stopping problem. It turns out that the behavior of the critical price is parabolic. In the other case, we are in a less regular situation and an extra logarithmic factor appears. To prove this result, we show that the American and European critical prices have the same first-order behavior near maturity. Finally, in order to get an expansion of the European critical price, we use a parity formula for exchanging the strike price and the spot price in the value functions of European puts. [source]


    REBUILDING THE EASTERN BALTIC COD STOCK UNDER ENVIRONMENTAL CHANGE (PART II): TAKING INTO ACCOUNT THE COSTS OF A MARINE PROTECTED AREA

    NATURAL RESOURCE MODELING, Issue 1 2009
    CHRISTINE RÖCKMANN
    Abstract This study adds a cost analysis of the Eastern Baltic cod fishery to the existing model presented in Röckmann et al. [2007a]. As cost data on this international fishery do not exist, data from Denmark are extrapolated to the whole international fishery. Additionally, unit and total variable costs are simulated, and the sensitivity to a set of different cost,stock and cost,output elasticities is tested. The study supports preliminary conclusions that a temporary marine reserve policy, which focuses on protecting the Eastern Baltic cod spawning stock in the International Council for the Exploration of the Sea (ICES) subdivision 25, is a valuable fisheries management tool to (i) rebuild the overexploited Eastern Baltic cod stock and (ii) increase operating profits. The negative effects of climate change can be postponed for at least 20 years,depending on the assumed rate of future climate change. Including costs in the economic analysis does not change the ranking of management policies as proposed in the previous study where costs were neglected. [source]


    THE RELATIONSHIP BETWEEN CAPITAL STOCK, UNEMPLOYMENT AND WAGES IN NINE EMU COUNTRIES

    BULLETIN OF ECONOMIC RESEARCH, Issue 2 2007
    Philip Arestis
    E00; E22; E24 ABSTRACT The focus of this paper is to investigate the importance of the capital stock in the determination of wages and unemployment in a range of EMU countries and to compare the results across countries. A time-series analysis is conducted in the case of nine euro area countries, which were selected solely on the basis of data availability and consistency: Austria, Belgium, Finland, France, Germany, Italy, Ireland, the Netherlands and Spain. The paper begins with a short review of the literature on capital stock and unemployment, before it deals with the theoretical model. This is followed by estimation and testing of the theoretical model put forward, using both time-series and panel data. The results are supportive of the main hypothesis of the paper: capital stock is an important determinant of unemployment and wages in the countries considered for the purposes of the paper. [source]


    DO TRACKING STOCKS REDUCE INFORMATION ASYMMETRIES?

    THE JOURNAL OF FINANCIAL RESEARCH, Issue 2 2005
    AN ANALYSIS OF LIQUIDITY AND ADVERSE SELECTION
    Abstract A firm's announcement that it intends to restructure based on tracking stock is usually associated with a positive stock price reaction, at least in the short run. Typically, this reaction is attributed to expected reductions in a diversification discount, through reduced agency costs or information asymmetries. We reinvestigate this latter hypothesis by focusing on the liquidity provided by market makers before and after a firm issues a tracking stock. Our results suggest that such restructurings are not effective at reducing information asymmetries. Rather, firms that issue tracking stocks exhibit less liquidity and greater adverse selection than comparable control firms. [source]


    Taking Stock of Corporate Governance Research While Looking to the Future

    CORPORATE GOVERNANCE, Issue 3 2009
    Igor Filatotchev
    ABSTRACT Manuscript Type: Editorial Research Question/Issue: This essay identifies some key issues for the analysis of corporate governance based on the articles within this special review issue coupled with our own perspectives. Our aim in this issue is to distil some research streams in the field and identify opportunities for future research. Research Findings/Results: We summarize the eight papers included in this special issue and briefly highlight their main contributions to the literature which collectively deal with the role and impact of corporate boards, codes of corporate governance, and the globalization of corporate governance systems. In addition to the new insights offered by these reviews, we attempt to offer our own ideas on where future research needs to be targeted. Theoretical Implications: We highlight a number of research themes where future governance research may prove fruitful. This includes taking a more holistic approach to corporate governance issues and developing an inter-disciplinary perspective by building on agency theory while considering the rich new insights offered by complementary theories, such as behavioral theory, institutional theory and the resource-based views of the firm. In particular, future corporate governance research needs to be conducted in multiple countries, particularly in emerging economies, if we want to move closer to the journal's aim of producing a global theory of corporate governance. Practical Implications: Our analysis suggests that analytic and regulatory approaches to corporate governance issues should move from a "one-size-fits-all" template to taking into account organizational, institutional and national contexts. [source]


    In-Class Simulation of Pooling Safety Stock

    DECISION SCIENCES JOURNAL OF INNOVATIVE EDUCATION, Issue 2 2005
    D. Brent Bandy
    ABSTRACT In managing business process flows, safety stock can be used to protect against stockouts due to demand variability. When more than one location is involved, the concept of aggregation enables the pooling of demands and associated inventories, resulting in improved service levels without increasing the total level of safety stock. This pooling of safety stock can be done physically by consolidating inventory in one location, or by using virtual centralization, where inventories are kept at decentralized locations, but information is centralized. In teaching the concept of pooling safety stock, a simple in-class simulation can be helpful in demonstrating why the approach works. The approach presented here involves operations for a company where total product demand is constant, but there are two products and product mix can vary. The simulation can also be implemented using an electronic spreadsheet for classes that are taught on the Internet. A quiz was given to two sections, one that experienced the simulation and one that did not. A comparison of the results from the quiz provided evidence of the effectiveness of the simulation in helping students understand the impact of pooling safety stock. In addition, a brief anonymous survey that was administered in the section that had the simulation provided further support for the effectiveness of the simulation. [source]


    Entrepreneurship Research in Europe: Taking Stock and Looking Forward

    ENTREPRENEURSHIP THEORY AND PRACTICE, Issue 2 2008
    Friederike Welter
    With this article, as introduction to a special issue on entrepreneurship research in Europe, we hope to initiate a discussion about the importance of grounding entrepreneurship research in its national context. Different European researchers, all knowledgeable about the entrepreneurship research scene in their respective country, present the state of the research field for France, Germany, the United Kingdom (Blackburn & Smallbone, 2008); and Scandinavia. Two articles from U.S. authors complement this issue, reviewing differences in how entrepreneurship scholars measure the phenomenon and assessing the European approach(es). This special issue sets out to demonstrate the value of variety in the field,variety that very much depends on the different national, methodological, and thematic contexts entrepreneurship research takes place in. [source]


    Short Selling and the Weekend Effect in Nasdaq Stock Returns

    FINANCIAL REVIEW, Issue 1 2009
    Stephen E. Christophe
    G10; G11 Abstract We examine daily short selling of Nasdaq stocks to explore whether speculative short selling causes a significant portion of the weekend effect in returns. We identify a weekend effect in speculative short selling whereby it constitutes a larger percentage of trading volume on Mondays versus Fridays. We find an opposite effect in dealer short selling, consistent with market makers adding liquidity and stability. Our main finding is that speculative short selling does not explain an economically meaningful portion of the weekend effect in returns, even among the firms most that are most actively shorted. This finding contradicts some prior studies. [source]


    The Information Content of Multiple Stock Splits

    FINANCIAL REVIEW, Issue 4 2008
    Gow-Cheng Huang
    G14 Abstract We examine the relationship between the frequency of stock splits and firms' motives for splitting their stock. Compared to their peers, infrequent splitters show higher post-split operating performance, but not so for frequent splitters. We find that split ratio and liquidity change explain the stock split announcement effect for the frequent splitters. In contrast, the change in operating performance in the split year explains the announcement effect for the infrequent splitters. Our results suggest that frequent splits are more consistent with the trading range-improved/liquidity hypothesis and infrequent splits are more consistent with the signaling hypothesis. [source]


    Can Asset Pricing Models Price Idiosyncratic Risk in U.K. Stock Returns?

    FINANCIAL REVIEW, Issue 4 2007
    Jonathan Fletcher
    G12 Abstract I examine how well different linear factor models and consumption-based asset pricing models price idiosyncratic risk in U.K. stock returns. Correctly pricing idiosyncratic risk is a significant challenge for many of the models I consider. For some consumption-based models, there is a clear tradeoff in the performance of the models between correctly pricing systematic risk and idiosyncratic risk. Linear factor models do a better job in most cases in pricing systematic risk than consumption-based models but the reverse is true for idiosyncratic risk. [source]


    Permanent and Transitory Driving Forces in the Asian-Pacific Stock Markets

    FINANCIAL REVIEW, Issue 1 2002
    Ali F. Darrat
    This paper uses weekly data from November 1987 through May 1999 to examine whether U.S. or the Japan stock market (or both) is the main driving force behind major movements in eleven emerging Asian-Pacific stock markets. We find a robust cointegrating relation linking each of the emerging market with the two matured markets of the U.S. and Japan. The results also show that the U.S., rather than Japan, is the main permanent force driving the equilibrium relations across all Asian-Pacific markets. In contrast, the effect of the Japanese market on the Asian-Pacific region is only transitory. Therefore, strategic asset portfolios in the Asian-Pacific region should include Japanese stocks to diversify any country specific risks. As to U.S. investors, the persistent influence of the U.S. market may limit long-run diversification gains from Asian-Pacific stocks. [source]


    Taking Stock of Constitutional Reform

    GOVERNMENT AND OPPOSITION, Issue 3 2001
    Nevil Johnson
    First page of article [source]


    When do high-level managers believe they can influence the stock price?

    HUMAN RESOURCE MANAGEMENT, Issue 1 2010
    Antecedents of stock price expectancy cognitions
    Abstract Stock based rewards are often used to motivate high-level managers to take actions to increase the stock price of the firm. However, numerous constraints may weaken the perceived link between individual effort and stock price appreciation for many recipients. This study introduces a new construct, stock price expectancy, which we define as individuals' perceptions of influence over their firm's stock price. We examined its antecedents in a sample of 349 high-level U.S. managers and found that employment at corporate headquarters, firm size, hierarchical level, and contact with investment analysts predicted stock price expectancy perceptions. © 2010 Wiley Periodicals, Inc. [source]


    Taking Stock at Quantum University,/INVENTAIRE À L'UNIVERSITÉ QUANTUM

    ACCOUNTING PERSPECTIVES, Issue 4 2007
    Gary Grudnitski
    ABSTRACT This case describes the operations and procedures of a major university's athletic equipment room. It details the functions of requisitioning, purchasing, and receiving of equipment and gear used by the university's sports teams; and the custody, management, and record keeping of these items. On the basis of this description, the student is asked to prepare a two-part report. In the first part of the report the student should identify the weaknesses and associated risks that existed in the operations of the equipment room and its inventory of athletic equipment, gear, and clothing. Furthermore, instances in the case that provide evidence of these weaknesses and risks should also be reported. Upon receiving feedback on the adequacy of the first part of the report, the student in the second part of the report should delineate the controls that might be implemented to address these weaknesses and mitigate their associated risks. RÉSUMÉ Le cas élaboré par les auteurs contient une description du fonctionnement et des méthodes de gestion de la salle de matériel de sport d'une grande université. Les fonctions de demande d'achat, d'achat et de réception du matériel et des appareils utilisés par les équipes sportives de l'université y sont décrites avec précision, de même que celles de la garde et de la gestion de ce matériel ainsi que de la tenue des registres de stock. À partir de cette description, l'étudiant est appelé à préparer un rapport en deux volets. Dans le premier volet doivent être relevés les faiblesses que présentent le fonctionnement de la salle de matériel de sport et la tenue de l'inventaire du matériel, des appareils et des vêtements de sport, et les risques qui y sont associés. Les données du cas établissant l'existence de ces faiblesses et de ces risques doivent aussi figurer dans le rapport. Lorsque l'étudiant reçoit une appréciation de la pertinence du premier volet du rapport, il doit, dans le second volet, décrire les contrôles qui pourraient être mis en ,uvre pour combler ces faiblesses et atténuer les risques qui y sont associés. [source]


    Simulation of the Impact of the Recognition of Stock Options on the Earnings: The case of Canadian Companies,

    ACCOUNTING PERSPECTIVES, Issue 1 2005
    SILVA BODJOVA
    ABSTRACT One of the most controversial accounting issues pertains to stock compensation. In Canada, the Canadian Institute of Chartered Accountants (CICA) approved section 3870, Stock-based Compensation and Other Stock-Based Payments, on November 13, 2001, to take effect in January 2002. Section 3870 forces companies to "take a look at the real economic cost of most of the stock-based compensation mechanisms" (AcSB Bulletin, October 2001, 1). The adoption of section 3870 was aimed at harmonizing Canadian accounting practice with U.S. standards. The new standard, which was initially based on two American accounting standards - APB Opinion No. 25 and SFAS No. 123 - gave companies the choice of using either the fair value method or the pro forma disclosure of net income and adjusted earnings per share to account for stock-based compensation. The Accounting Standards Board (AcSB) nevertheless recommended that Canadian companies use the fair value method, which consists in estimating and recognizing the value of the stock options at the grant date. [source]


    Taking Stock of the Nuclear Nonproliferation Regime: Using Social Psychology to Understand Regime Effectiveness

    INTERNATIONAL STUDIES REVIEW, Issue 3 2008
    Maria Rost Rublee
    Since the Nuclear Nonproliferation Treaty (NPT) came into force almost 40 years ago, only four states have acquired nuclear weapons. What accounts for such near-universal compliance? This paper argues that social psychology can help us understand the puzzle of nuclear restraint in two ways. First, nuclear forbearance should be unpacked into three outcomes: persuasion (behavior resulting from genuine transformation of preferences), social conformity (behavior resulting from the desire to maximize social benefits and/or minimize social costs, without a change in underlying preferences), and identification (behavior resulting from the desire or habit of following the actions of an important other). Second, through social psychology, we can specify the mechanisms by which the norm of nonproliferation has influenced policymakers. Indeed, the case of Japan shows that both these contributions help us better understand nuclear decision-making and offer larger insights into regime compliance more generally. [source]


    Nowcasting quarterly GDP growth in a monthly coincident indicator model

    JOURNAL OF FORECASTING, Issue 8 2005
    Luis C. NunesArticle first published online: 20 DEC 200
    Abstract This paper presents an extension of the Stock and Watson coincident indicator model that allows one to include variables available at different frequencies while taking care of missing observations at any time period. The proposed procedure provides estimates of the unobserved common coincident component, of the unobserved monthly series underlying any included quarterly indicator, and of any missing values in the series. An application to a coincident indicator model for the Portuguese economy is presented. We use monthly indicators from business surveys whose results are published with a very short delay. By using the available data for the monthly indicators and for quarterly real GDP, it becomes possible to produce simultaneously a monthly composite index of coincident indicators and an estimate of the latest quarter real GDP growth well ahead of the release of the first official figures. Copyright © 2005 John Wiley & Son, Ltd. [source]


    Effect of selected commercial substances with cryoprotective activity on the quality of mechanically recovered, washed and frozen stored poultry meat

    MOLECULAR NUTRITION & FOOD RESEARCH (FORMERLY NAHRUNG/FOOD), Issue 1 2003
    J. Stangierski
    Abstract Investigations were conducted on mechanically recovered poultry meat (MRPM) and on protein preparation obtained from MRPM by washing it first with 1% water solution of sodium chloride and with water afterwards. The raw materials were frozen at the temperature of ,23°C. The effect of added stabilizers on the quality of gels produced from fresh raw materials, and after freezing and frozen storage was assessed. The following additives were used: 1% pork hydrolizate (Pork Stock( 0.5% Cremodan containing carrageens, and 1.5% bovine blood plasma (AMP 600N). Freezing and frozen storage caused a significant reduction of functional properties of MRPM and its protein preparation. None of the examined additives protected simultaneously all the investigated functional properties of the frozen samples. The amount of thermal drip, the gel texture and the amount of protein transition heat were determined by scanning differential calorimetry. The lowest thermal drip in gels obtained from frozen-stored samples was observed when bovine blood plasma was used as a stabilizer. On the other hand, the most advantageous protective effect on the proteins of the frozen MRPM and on the preparation, determined by mechanical strain resistance of the gels, was found with 1% pork hydrolizate added. The results of thermodynamic investigations of proteins revealed that the best protective effect on the frozen preparation was observed with 1.5% blood plasma added. No protective activity of added Cremodan on proteins of the frozen protein preparation was noted. [source]


    A Coincident Index, Common Factors, and Monthly Real GDP,

    OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 1 2010
    Roberto S. Mariano
    Abstract The Stock,Watson coincident index and its subsequent extensions assume a static linear one-factor model for the component indicators. This restrictive assumption is unnecessary if one defines a coincident index as an estimate of monthly real gross domestic products (GDP). This paper estimates Gaussian vector autoregression (VAR) and factor models for latent monthly real GDP and other coincident indicators using the observable mixed-frequency series. For maximum likelihood estimation of a VAR model, the expectation-maximization (EM) algorithm helps in finding a good starting value for a quasi-Newton method. The smoothed estimate of latent monthly real GDP is a natural extension of the Stock,Watson coincident index. [source]


    A Simple Explanation of the Forecast Combination Puzzle,

    OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 3 2009
    Jeremy Smith
    Abstract This article presents a formal explanation of the forecast combination puzzle, that simple combinations of point forecasts are repeatedly found to outperform sophisticated weighted combinations in empirical applications. The explanation lies in the effect of finite-sample error in estimating the combining weights. A small Monte Carlo study and a reappraisal of an empirical study by Stock and Watson [Federal Reserve Bank of Richmond Economic Quarterly (2003) Vol. 89/3, pp. 71,90] support this explanation. The Monte Carlo evidence, together with a large-sample approximation to the variance of the combining weight, also supports the popular recommendation to ignore forecast error covariances in estimating the weight. [source]


    Regression-based Tests for a Change in Persistence,

    OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 5 2006
    Stephen J. Leybourne
    Abstract We show that the minimal forward (reverse) recursive unit tests of Banerjee, Lumsdaine and Stock [Journal of Business and Economics Statistics (1992) Vol. 10, pp. 271,288] are consistent against the alternative of a change in persistence from I(0) to I(1) [I(1) to I(0)]. However, these statistics are also shown to diverge for series which are I(0) throughout. Consequently, a rejection by these tests does not necessarily imply a change in persistence. We propose a further test, based on the ratio of these statistics, which is consistent against changes either from I(0) to I(1), or vice versa, yet does not over-reject against constant I(0) series. Consistent breakpoint estimators are proposed. [source]


    Investment in Fixed Capital Stock: Testing for the Impact of Sectoral and Systemic Uncertainty*

    OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 2 2004
    Johannes Fedderke
    Abstract This paper applies current theory recognizing the irreversibility of investment, in order to test for the impact of uncertainty on investment expenditure for a middle income country. The contribution of the paper is unique in two respects. First, it employs dynamic heterogeneous panel estimation techniques not previously applied to investment functions. Secondly, it explicitly tests for the impact of both sectoral and systemic uncertainty on investment expenditure. We find that both sectoral (as measured by output volatility) and systemic uncertainty (as measured by political instability) have a negative impact on investment rates in a middle income country context. Liquidity constraints and growth in total factor productivity are found to have no impact on investment, while trade liberalization has the impact predicted by Heckscher-Ohlin trade theory. Finally, we find complementarity effects between physical capital and skilled human capital, suggesting that South African educational policies may have hampered investment in physical capital as well as the growth performance of the economy. Policy implications emphasize the importance of lowering uncertainty for investors, and the need for sound human capital investment. [source]


    Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs

    THE JOURNAL OF FINANCE, Issue 4 2007
    JIE CAI
    ABSTRACT Acquisitions enable target chief executive officers (CEOs) to remove liquidity restrictions on stock and option holdings and diminish the illiquidity discount. Acquisitions also enable acquirer CEOs to improve the long-term value of overvalued holdings. Examining all firms during 1993 to 2001, we show that CEOs with higher holdings (illiquidity discount) are more likely to make acquisitions (get acquired). Further, in 250 completed acquisitions, target CEOs with a higher illiquidity discount accept a lower premium, offer less resistance, and more often leave after acquisition. Similarly, acquirer CEOs with higher holdings pay a higher premium, expedite the process, and make diversifying acquisitions using stock payment. [source]


    Competition For Order Flow, Market Quality, And Price Discovery In The Nasdaq 100 Index Tracking Stock

    THE JOURNAL OF FINANCIAL RESEARCH, Issue 3 2003
    Yiuman Tse
    Abstract We investigate competition for order flow, market quality, and price discovery in the Nasdaq 100 Index Tracking Stock (QQQ). The QQQ, an AMEX-listed, exchange-traded fund, is the most actively traded security in the U.S. equities market. On July 31, 2001, the NYSE began trading the QQQ, marking the first time it traded securities of companies it does not list. The greatest volume of trading takes place on electronic communication networks (ECNs), following by trading on the AMEX and the NYSE. Most of the block trades are executed on the AMEX, where the bid-ask spreads are narrower. We find that ECNs contribute the most to the price-discovery process. The spreads on all trading platforms have decreased and market quality and price discovery have improved since QQQ shares have traded on the NYSE. [source]


    A Note on Finding the Optimal Allocation Between a Risky Stock and a Risky Bond

    THE JOURNAL OF FUTURES MARKETS, Issue 12 2001
    John E. Angus
    The allocation of financial assets among securities with different levels of risk is an essential topic in the study, analysis, and strategic use of derivative securities and markets. In a recent paper, Browne (1999) determined the optimal allocation strategy for dividing investments between a risky stock and a risky bond. In this note, Browne's equation determining the optimal strategy is studied and some methods are described for solving it. In addition, some useful rules-of-thumb, computational methods, and approximation techniques are presented. © 2001 John Wiley & Sons, Inc. Jrl Fut Mark 21:1181,1196, 2001 [source]


    Twenty Years of the Journal of Product Innovation Management: History, Participants, and Knowledge Stock and Flows

    THE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 3 2007
    Wim Biemans
    The Journal of Product Innovation Management (JPIM) serves as a marketplace for science-based, innovative ideas that are produced and consumed by scholars and businesspeople. Now that JPIM has existed for 20 years, two intriguing questions emerge: (1) How has the journal evolved over time in terms of knowledge stock, that is, what are the characteristics of the growing stock of knowledge published by JPIM over the years; and (2) how has the journal evolved in knowledge flow, that is, how is JPIM influenced by other scientific publications and what is its impact on other journals? In terms of knowledge stock, over 35% of the articles published over the 20 years investigate processes and metrics for performance management. The next most frequently published area was strategy, planning, and decision making (20%), followed by customer and market research (17%). The dominant research method used was a cross-sectional large-sample survey, and the focus most usually is at the project level of the firm. The large majority of JPIM authors (60%) have a marketing background, with the remaining 40% representing numerous functional domains. Academics at all levels publish in JPIM, and though most authors hail from North America, the Dutch are a significant second group. JPIM was analyzed from a knowledge-flow perspective by looking at the scientific sources used by JPIM authors to develop their ideas and articles. To this end a bibliometric analysis was performed by analyzing all references in articles published in JPIM. During 1984,2003 JPIM published 488 articles, containing 10,314 references to journals and 6,533 references to other sources. Some 20% of these references (2,020) were self-references to JPIM articles. The remaining 8,294 journal references were to articles in 287 journals in the fields of management (25%), marketing (24%), and management of technology (14%). However, it should be pointed out that many domains were dominated by a limited number of journals. The second component of knowledge flow concerns the extent to which the ideas developed in JPIM are consumed by other authors. Again, bibliometric analysis was used to analyze data from the Social Sciences Citation Index (SSCI) about citations to JPIM in other journals. For the period 1984,2005, the SSCI registered 7,773 citations to JPIM in 2,067 articles published in 278 journals (including the 2,020 self-citations in JPIM). The functional areas most frequently citing JPIM are management of technology (25%), marketing (15%), management (14%), and operations management and management science (9%). Again, several domains were found to be dominated by a limited number of journals. At the level of individual journals the analysis shows a growing impact of JPIM on management of technology journals. The knowledge-flow analysis demonstrates how JPIM functions as a bridge between the knowledge from various domains and the body of knowledge on management of technology. It suggests a growing specialization of the field of technology innovation management, with JPIM being firmly entrenched as the acknowledged leading journal. [source]


    Monetary Policy with an Endogenous Capital Stock When Inflation is Persistent

    THE MANCHESTER SCHOOL, Issue S1 2002
    Richard Mash
    The paper presents a monetary policy model with an endogenous capital stock when a backward,looking element in wage setting causes inflation persistence. We analyse how the endogeneity of the capital stock changes the macroeconomic dynamics with which policy interacts and its implications for optimal policy and time inconsistency. Capital stock endogeneity makes inflation more persistent in reduced form. This makes the optimal contemporaneous policy response to shocks more vigorous but the subsequent return to steady state more gradual. Observed output becomes more serially correlated. Capital endogeneity can also give rise to disinflation bias under discretion for some parameter values. [source]


    Interaction between Foreign and Domestic Investors in the Korean Stock and Futures Markets,

    ASIAN ECONOMIC JOURNAL, Issue 2 2009
    Young-Rae Song
    G1; F3 The present paper analyzes the behavioral relations of major investor groups in the stabilized Korean stock and futures markets after the 1997 Asian financial crisis. Investor groups cannot be classified as positive or negative feedback traders on market returns when both stock and futures markets are considered, which is inconsistent with the results in Ghysels and Seon (2005). Foreign investors and domestic institutions tend to take opposite positions in both markets. The impact of foreign investors on the basis change is significantly negative in the futures market, whereas domestic institutions have a negative relation in the stock market. This supports the view that selling activity of foreign investors in the futures market pulls the futures price down compared with the index value and, consequently, induces the reverse cash-and-carry trade of domestic institutions. This relationship, which negatively influenced the Korean economy during the crisis, as shown in Ghysels and Seon (2005), still exists in the Korean financial markets. [source]