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Inconclusive Findings (inconclusive + finding)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%

Selected Abstracts

Does market misvaluation help explain share market long-run underperformance following a seasoned equity issue?

ACCOUNTING & FINANCE, Issue 2 2006
Philip Brown
G10; G14 Abstract We examine the relation between pre-seasoned equity offering (SEO) announcement date misvaluation and long-run post-SEO performance for a large sample of Australian SEOs made between 1993 and 2001. Our study is motivated by inconsistent findings across countries with respect to the SEO long-run underperformance anomaly first documented in the USA, inconclusive findings with respect to the hypothesis that managers exploit market misvaluation when timing equity issues, and a recent Australian Stock Exchange proposal to loosen SEO regulation. We find SEO firms underperform common share market benchmarks for up to 5 years after the announcement. Using a residual income valuation method, we show that this underperformance is related to pre-announcement date misvaluation. An unexpected result is that underperformance and misvaluation are more severe for private placements than rights issues. Institutional factors unique to the Australian setting, particularly the large number of smaller loss-making firms among private placement issuers, appear to explain the poorer performance of placement firms. Our results are robust to various measurement methods and assumptions, and demonstrate the importance of researching SEO performance in alternative institutional settings. [source]

Domain Poisoning: The Redundancy of Current Models of Assessment through Art

INTERNATIONAL JOURNAL OF ART & DESIGN EDUCATION, Issue 3 2006
Tom Hardy
With the National Foundation for Educational Research concluding that schools which include Contemporary Art Practice (CAP) in their curriculum add significant value to their students' art experience, [1] and at a time when much of the discussion around contemporary art questions the value of the art object itself, this article addresses the question: how are we to engage students with the contemporary and, at the same time, make value judgments of their own work? And, while the professional fine art world subscribes increasingly to the ,rhizomatic' [2] template of art processes, how do we square this with current assessment criteria which require that students produce work where the preparation and finished product occupy separate domains and rely on ,procedures and practices that reach back to the nineteenth century'? [3] By way of a postscript to the inconclusive findings of the Eppi-centre art and design review group [4], this article will also address what we have lost in the drive for domain-based assessment and how to regain some of the ground lost since the introduction of Curriculum 2000. [source]

Does it pay to plan?: Strategic planning and financial performance

AGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 3 2001
Gregory A. Baker
Previous research on the effects of strategic planning on firm performance has yielded inconsistent and inconclusive findings. In this study, we use a recently validated measurement model of strategic planning to examine the planning-performance relationship in the California processing tomato industry. Results indicate a strong correlation between the degree of emphasis firms place on strategic planning and financial performance. Moreover, several specific strategic planning tools, specifically, the use of a mission statement, long-term goals, and ongoing evaluation, were also more heavily emphasized by high-performing firms. These results suggest that strategic planning does pay off in terms of improved financial performance and that some planning tools may have a significant impact. [Econ-Lit citations: L100, L660] © 2001 John Wiley & Sons, Inc. [source]

Transfer appropriate processing for prospective memory tests

APPLIED COGNITIVE PSYCHOLOGY, Issue 7 2000
Beat Meier
Transfer appropriate processing (TAP) is the assumption that retrospective memory test performance reflects the overlap between study and test phase processing. In a task analysis, we identify a similar sequential-type of processing overlap in prospective memory (ProM) situations. In addition, ProM test performance can also involve a concurrent overlap between processes engaged for an ongoing task and those required for recognizing relevant cues. A review of the ProM literature shows consistent TAP effects due to sequential processing overlap manipulations, but inconclusive findings for concurrent processing overlap manipulations. We examined the latter in a new experiment with young adult participants. The ongoing task required either semantic or perceptual processing of words, and the ProM task required either semantic or perceptual processing of words. Consistent with TAP, performance was higher when the ongoing task and the ProM task required the same kind of processing (i.e. semantic,semantic, perceptual,perceptual) rather than different kinds of processing (i.e. semantic,perceptual, perceptual,semantic). Copyright © 2000 John Wiley & Sons, Ltd. [source]

Testing the Time-Variancy of Explanatory Factors of Strategic Change,

BRITISH JOURNAL OF MANAGEMENT, Issue 2 2006
José David Vicente-Lorente
The article proposes an empirical framework able to: (1) assess the relative validity of both adaptive and inertial views of strategic change and (2) verify the potential time- or context-dependency by testing the structural stability of the empirical model, in Spanish banks, 1983,1997. Results offer inconclusive findings regarding (1) but strong evidence to answer (2). The assumption of structural stability is rejected and the effect of many explanatory factors considered in the empirical model varies over time as some factors show different effects and/or significance levels depending on the period considered. These findings suggest that explanatory models of strategic change should be viewed as ,time-' or ,context-dependent'. The article provides a conceptual model in which alternative explanations operate in a sequential way. The results highlight, first, that inconclusive past findings about adaptive versus inertial views should be reviewed under this new evidence, and future empirical research must assure that its methods and interpretations are robust to potential structural breakdowns; and second, the limitations raised by the static approach offered by the available theories/models when approaching the dynamic and complex nature of strategic change. Theoretical developments and implications for managerial practice are suggested. [source]