Recent studies document that firms conducting seasoned equity offerings experience poor stock price and earnings performance in the post-offering period. I investigate whether earnings management ...around the time of the offering can explain a portion of the poor performance. Consistent with this explanation, I show that earnings management during the year around the offering predicts both earnings changes and market-adjusted stock returns in the following year. These findings suggest that the stock market temporarily overvalues issuing firms and is subsequently disappointed by predictable declines in earnings caused by earnings management.
Der Band dokumentiert und analysiert - nach einem ausführlichen historischen Rückblick auf die Jahre von 1949 bis 1987 - die Entwicklung der politisch-diplomatischen Beziehungen zwischen der ...Bundesrepublik Deutschland und Ungarn von Sommer 1987 bis zur deutschen Vereinigung im Herbst 1990. Im Fokus steht vor allem, wie sich die dynamischen politischen Veränderungen in Ungarn seit Mitte 1987 und der mit dem Mauerfall vom November 1989 einsetzende Prozess der deutschen Vereinigung auf die bilateralen Beziehungen auswirkten. Nach einer knapp vier Jahrzehnte andauernden Vorgeschichte, die durch die sich anfänglich allmählich, dann immer dynamischer entwickelnden Kontakte in Wirtschaft, Politik und Kultur geprägt waren, erreichten die Beziehungen beider Staaten in den Jahren von 1987 bis 1990 - vor dem Hintergrund der spektakulären, mit den Veränderungen in der Weltpolitik verbundenen Wendepunkte in der inneren Entwicklung Ungarns und Deutschlands - einen historischen Höhepunkt.
Der »Mauerfall« brachte die Frage der »Wiedervereinigung« überraschend rasch zurück auf die Tagesordnung der internationalen Politik. Dies galt auch für die österreichische Diplomatie und Politik, ...wie die 180 in dieser Edition erstmals veröffentlichten Dokumente zeigen. Das Verhältnis des neutralen Landes zu beiden deutschen Staaten hatte sich von 1949 bis 1989/90 kontinuierlich entwickelt. Zur Bundesrepublik bestanden aufgrund des Außenhandels und der Westorientierung Österreichs weit engere und intensivere wirtschaftliche und kulturelle Beziehungen. Abwartend und weit weniger intensiv war das Verhältnis zum ostdeutschen Staat. Nichtsdestotrotz waren die Kontakte zur DDR nach Aufnahme diplomatischer Beziehungen 1972 von schrittweiser Normalisierung, wechselseitiger Besuchsdiplomatie und gut entwickelten Wirtschaftsbeziehungen gekennzeichnet, die allerdings hinter der Stärke von jenen mit der Bundesrepublik zurückblieben. Österreich verfolgte in dieser Zeit als kritischer Beobachter au
"Drawing on original ethnographic field-research conducted primarily with former guerrilla insurgents in southern and central Sri Lanka, this book analyses the memories and narratives of people who ...have perpetrated political violence. It explores how violence is negotiated and lived with in the aftermath, and its implications for the self and social relationships from the perspectives of those who have inflicted it.The book sheds ethnographic light on a largely overlooked and little-understood conflict that took place within the majority Sinhala community in the late 1980s, known locally as the Terror (Bheeshanaya). It illuminates the ways in which the ethical charge carried by violence seeps into the fabric of life in the aftermath, and discusses that for those who have perpetrated violence, the mediation of its memory is ethically tendentious and steeped in the moral, carrying important implications for notions of the self and for the negotiation of sociality in the present. Providing an important understanding of the motivations, meanings, and consequences of violence, the book is of interest to students and scholars of South Asia, Political Science, Trauma Studies and War Studies"--
An important factor driving energy policy over the past two decades has been the "energy paradox," the perception that consumers apply unreasonably high hurdle rates to energy-saving investments. We ...explore one possible explanation for this apparent puzzle: that realized returns fall short of the returns promised by engineers and product manufacturers. Using a unique data set, we find that the realized return to attic insulation is statistically significant, but the median estimate (9.7%) is almost identical to a discount rate for this investment implied by a CAPM analysis. We conclude that the case for the energy paradox is weaker than has previously been believed.
I study the large premium (82 percent) attributed to voting shares on the Milan Stock Exchange. The premium varies according to the ownership structure and the concentration of the voting rights, and ...it can be rationalized in the presence of enormous private benefits of control. A case study seems to indicate that in Italy private benefits of control can easily be worth more than 60 percent of the value of nonvoting equity. A tentative explanation for these findings is provided.
A school policy of grouping students by ability has little effect on average math achievement growth. Unlike earlier research, this paper also finds little or no differential effects of grouping for ...high-achieving, average, or low -achieving students. One explanation is that the allocation of students and resources into classes is remarkably similar between schools that claim to group and those that claim not to group. The examination of three school inputs : class size, teacher education, and teacher experience, indicates that both types of schools tailor resources to the class ability level in similar ways, for instance by putting low-achieving students into smaller classes. (DIPF/ orig.)
Using data that permit a distinction between flows of workers (directly measured) and job creation and destruction (again, directly measured), we develop employment and job flow statistics for a ...representative sample of French establishments from 1987 to 1990. Annual job creation can be characterized as hiring three persons and separating two for each job created in a given year. Annual job destruction can be characterized as hiring one person and separating two for each job destroyed in a given year. When an establishment is changing employment, the adjustment is made primarily by reducing entry and not by changing the separation rates. There is considerable simultaneous hiring and separation, even controlling for skill group. Two-thirds of all hiring is on short-term contracts, and more than half of all separations are due to the end of these short-term contracts.
Mammography rates reported by women in the National Health Interview Surveys of 1990 and 1987 are examined. Why this screening modality is not more frequently used is explored.
Data from the 1987 and ...1990 National Health Interview Surveys, conducted by the National Center for Health Statistics, are cross-tabulated and compared.
In 1987, approximately 17% of women over 40 years of age reported having had a screening mammogram in the previous year. In 1990, the rate doubled. Race declined in importance; income and education remained strong, positive predictors of screening.
Despite this dramatic increase, two thirds of women are not having screening mammograms. Use was not higher primarily because women did not realize that screening mammography tests for breast cancer in asymptomatic women. Primary care physicians are the main source of health education for screening mammography. The data suggest that public health programs to promote screening mammography should especially target primary care physicians and women with low incomes and education. Likewise, health care providers should ensure that their patients are referred to facilities that deliver high-quality mammography at low cost to make the procedure more accessible.
We investigate the relationship between financial wealth, reservation wages, and labor market transitions. Wealth is assumed to affect the level of the reservation wage and the employment ...probability. We test for the validity of this assumption by estimating a simultaneous‐equations model of reservation wages, labor market transitions, and wealth. The data used for the analysis relate to a sample of unemployed job searchers. We use subjective information on the reservation wage. Wealth is found to have a significantly positive impact on the reservation wage. The overall impact of wealth on the employment probability is negative though small.
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