bluuebunny/crossref_metadata_2025_split huggingface dataset:
Analysis of the yeast short‐term Crabtree effect and its origin
Authors: Hagman Arne , Säll Torbjörn , Piškur Jure 
Published: August 2014

The short‐term Crabtree effect is defined as the immediate occurrence of aerobic alcoholic fermentation in response to provision of a pulse of excess sugar to sugar‐limited yeast cultures. Here we have characterized ten yeast species with a clearly defined phylogenetic relationship. Yeast species were cultivated under glucose‐limited conditions, and we studied their general carbon metabolism in response to a glucose pulse. We generated an extensive collection of data on glucose and oxygen consumption, and ethanol and carbon dioxide generation. We conclude that the Pichia, Debaryomyces, Eremothecium and Kluyveromyces marxianus yeasts do not exhibit any significant ethanol formation, while Kluyveromyces lactis behaves as an intermediate yeast, and Lachancea, Torulaspora, Vanderwaltozyma and Saccharomyces yeasts exhibit rapid ethanol accumulation. Based on the present data and our previous data relating to the presence of the long‐term Crabtree effect in over 40 yeast species, we speculate that the origin of the short‐term effect may coincide with the origin of the long‐term Crabtree effect in the Saccharomycetales lineage, occurring ~ 150 million years ago.
The Nile perch fishery ofLakeVictoria: current status and management challenges
Authors: Mkumbo O. C. , Marshall B. E. 
Published: August 2014

AbstractThe Nile perch,Lates niloticus(L.), stock in Lake Victoria may be showing signs of overfishing as the average size of fish decreased rapidly in 2007 when the stock biomass fell by 50%. Fishers have increasingly abandoned large‐meshed gillnets in favour of small hooks on long lines. This has allowed prey species (Rastrineobola argentea[Pellegrin] and haplochromines) to increase, shifting the fishery to one dominated by species at lower trophic levels. These changes do not reflect deterioration in the environment because evidence suggests that conditions in the lake have improved and prey species sensitive to deoxygenation have increased. Management authorities have been criticised for relying only on the control of fishing effort rather than taking a holistic approach. However, fishing effort appears to be the main cause of the fishery problems and is the only aspect that can be controlled as environmental problems are too intractable.
THE DISPERSION OF BIDS ON INDIVIDUAL NEW MUNICIPAL ISSUES
Authors: Benson Earl D. 
Published: August 2014

AbstractThis paper examines the determinants of the dispersion of interest rates bid on competitively sold, new municipal issues. Theory suggests that the dispersion of prices (interest rates) on a new municipal issue depends on the expected costs and benefits of underwriter search on that issue. The greater the expected costs and the lower the expected benefits, the smaller will be underwriter search and the greater will be municipal interest rate dispersion. For empirical testing, the expected costs and benefits of underwriter search are measured by characteristics of the bond issue, the bond issuer, and the market conditions. The empirical tests suggest that the theory holds.
STOCK MARKET RETURNS AND INFLATIONARY EXPECTATIONS: ADDITIONAL EVIDENCE FOR 1975–1979
Authors: Chu Chen‐Chin , Whitford David T. 
Published: August 2014

AbstractThis research investigates the impacts that inflationary expectations and errors in those expectations had upon the stock market during 1975 to 1979. Expected rates of inflation were obtained via (1) Box‐Jenkins time‐series analysis and (2) naive extrapolation. Statistical analysis indicates only weak support for a Fisher effect in determining stock prices. However, the analysis consistently indicates that unanticipated changes in inflation are negatively related to stock market returns.
SINGLE‐PERIOD MEAN‐VARIANCE IN A MULTIPERIOD CONTEXT
Authors: Upton David E. 
Published: August 2014

AbstractIt is not readily apparent that the single‐period mean and variance are sufficient to specify the investor choice problem when the investor horizon is greater than one period. It is pointed out that the standard justifications for use of single‐period mean‐variance analysis are inconsistent with the assumptions usually made in the multiperiod problem. It is argued, however, that if the investor horizon is long enough, the single‐period mean and variance will be approximately sufficient. The argument is much less restrictive than the standard justifications for the use of single‐period mean‐variance analysis. The predictions of this alternative justification are empirically tested and found to be quite accurate for the time frames found in the literature.
THE ECONOMIC CONSEQUENCES OF ESOPS
Authors: Johnson Ramon E. , Pratt Richard T. , Stewart Samuel S. 
Published: August 2014

AbstractThe purpose of this paper is to assess the economic consequences of Employee Stock Ownership Plans (ESOPs) by developing a general analytical model. The model is used to compare ESOPs with attempts to replicate the effects of ESOPs via alternative arrangements. The general conclusion of the paper is that in the absence of improved employee motivation, ESOP implementation has no particular economic consequence. However, an important exception to this finding may be the inexpensive access to the equity markets for the smaller, non‐public firm provided by the ESOP.
STOCK DIVIDENDS AS SIGNALS
Authors: Woolridge J. Randall 
Published: August 2014

AbstractThis study analyzes stock dividends as signals from managers. It is argued that in the presence of information asymmetries between managers and investors, stock dividends provide a relatively inexpensive and unambiguous signalling device. Based on an examination of the daily returns around 317 stock dividend announcements, it is concluded that these announcements are interpreted by investors as signals from managers. Further analysis also indicates that stock dividend size is positively related to announcement day returns.
BANK HOLDING COMPANY EXPANSION: A REFOCUS ON ITS FINANCIAL RATIONALE
Authors: Frieder Larry A. , Apilado Vincent P. 
Published: August 2014

AbstractThis paper addresses managerial motivation, stockholder motivation, organizational effects of affiliation, and the proper analytical approach to study bank holding companies. A consolidated entity viewpoint is employed. A valuation model is developed and empirically implemented in which important factors such as intra‐organizational effects, service fees, expanded debt capacity, and equity adjustments are considered. These factors have been ignored by conventional studies. In addition, this study's methodology extends considerably that of the prior studies incorporating a consolidated entity valuation approach. A valuation model, despite its requirements for highly specific empirical data, is generally superior over univariate, multivariate, and market models in assessing BHC performance.
AN EXAMINATION OF MERGER SYNERGISM
Authors: Choi Dosoung , Philippatos George C. 
Published: August 2014

AbstractThe empirical research discussed in this paper measures the synergistic effects of mergers on the stockholders of the acquiring and acquired firms. Synergism is defined as the incremental wealth to the shareholders of both merging firms due to the merger—net of any potential gains achievable through investors' personal diversification over the common stocks of the merging firms. Three types of mergers are identified and studied—nonconglomerate, conglomerate with increasing financial leverage, and conglomerate with decreasing financial leverage. The results indicate that these types of mergers are affected differently by the combination. Moreover, the evidence suggests operational and/or financial synergism.
DIVERSIFICATION, DOUBLE LEVERAGE, AND THE COST OF CAPITAL
Authors: Pettway Richard H. , Jordan Bradford D. 
Published: August 2014

AbstractPublic utility regulators choose between “double leverage” and “independent company” approaches to determine the cost of equity capital for electric utility holding companies that have diversified and telephone holding companies that have diversified and issued parent debt. Dissimilarities between these two approaches result in significant differences in cost of capital estimates, in allowed rates of return, and in prices of utility services. No valid support for the “double leverage” approach is found after an analysis of descriptive examples and a general theoretical examination of the two approaches compared against established goals of rate of return regulation. The “independent company” approach is shown to be universally correct. The authors suggest, therefore, that only the “independent company” approach should be employed in rate of return cases of regulated public utilities whose parents own subsidiaries with unequal risk and/or whose parent has its own debt.
THE INTERACTION BETWEEN PRICING AND UNDERWRITING SPREAD IN THE NEW ISSUE CONVERTIBLE DEBT MARKET
Authors: Stover Roger D. 
Published: August 2014

AbstractThe objective of this research is to measure the interaction among pricing variables in new issues of convertible debt. In underwriting convertible debt issues, there is a simultaneous tradeoff among the conversion premium, yield, and underwriting spread. Since the three endogenous variables are interrelated, a simultaneous equation model is used to test for this interaction. Based on a sample of 264 new convertible debt offerings, the results indicate underpricing in terms of conversion premium and yield as well as simultaneous increases in yield and underwriting spread.
EVALUATING THE FINANCE JOURNALS: THE DEPARTMENT CHAIRPERSON'S PERSPECTIVE
Authors: Coe Robert K. , Weinstock Irwin 
Published: August 2014

AbstractFinance department chairpersons report that the role of published research is more important than ever in influencing appointment and promotion decisions of finance professors. This study and one conducted 15 years ago focus on the pivotal role of finance chairpersons in the evaluation of their faculties' journal publications. These studies show that the major factor influencing the finance chairpersons' evaluations of publications is the journal in which an article is published. Journals of high merit are perceived to have low acceptance rates and vice versa. These estimates of perceived acceptance rates are not correlated with actual acceptance rates. Because perceived acceptance rates play a key role in evaluating faculty publications, there is a need for finance chairpersons to know the relative difficulties of publishing in leading finance and related journals.
FINANCIAL STRUCTURE AND FINANCIAL STRATEGY
Authors: Gehr Adam K. 
Published: August 2014

AbstractEven if the value of the firm is unaffected by its capital structure, managers may have reasons to choose a particular structure. The prices of the firm's securities reflect the “market's” assessment of the value and riskiness of the firm. Should managers disagree with the market's assessment of the firm's risk or value, they will also disagree about the relative returns on the firm's securities. Concern about shareholder welfare may, therefore, lead them to prefer a specific capital structure. If managers believe the market has underestimated the firm's value, they will prefer debt financing; if the market has overestimated risk, they will prefer equity; and, if managers disagree about both risk and value, they may prefer to finance using both debt and equity.
THE ANOMALOUS AND ASYMMETRIC NATURE OF EQUITY RETURNS: AN EMPIRICAL SYNTHESIS
Authors: Beedles William L. 
Published: August 2014

AbstractOn the basis of seemingly anomalous common stock returns, several authors have concluded that the mean and variance testing paradigm is incomplete and that an unspecified missing factor or factors exist. This work advances distributional asymmetry as a reasonable explanation of the empirical results. This position is supported by evidence indicating that “variance,” “size,” and “price per share” effects are more closely associated with the second and third moments than with the first and second.
AN EMPIRICAL STUDY OF THE DIFFUSION PROCESS OF SECURITIES AND PORTFOLIOS
Authors: Ang James S. , Peterson David R. 
Published: August 2014

AbstractThe nature of the stochastic process generating the path of security prices through time plays an important role in dynamic theories of financial economics. An important consideration is the possible dependency of return variances on price levels. Using 55 years of data separated into five‐year intervals, this study demonstrates that, in general, security and portfolio variances are dependent on stock price levels and the relationship is a function of portfolio size. The relationship is unstable over time. The results suggest possible detrimental effects of diversification and financial models based on log‐normality are questionable.
CHANGES IN CAPITAL STRUCTURE, NEW EQUITY ISSUES, AND SCALE EFFECTS
Authors: Kolodny Richard , Suhler Diane Rizzuto 
Published: August 2014

AbstractThis study determines the impact of a new issue of common stock on security holder wealth and the magnitude attributable to transaction costs, tax shield dilution, wealth transfers, and informational content. The empirical results indicate that shareholders of firms announcing new equity issues experience significant, abnormal, negative returns.The per share transaction cost accounts for 22.6 percent of the observed abnormal return. The tax shield dilution effect accounts for 7.8 percent. No evidence of a wealth transfer effect is found. Thus, approximately 70 percent of the abnormal return can be attributed to new unfavorable information that becomes available to the market.
FACTORS INFLUENCING THE NEW YORK STOCK EXCHANGE SPECIALISTS' PRICE‐SETTING BEHAVIOR: AN EXPERIMENT
Authors: Schultz Joseph J. , Gustavson Sandra G. , Reilly Frank K. 
Published: August 2014

AbstractThis study uses an experimental approach to analyze variables hypothesized to influence specialists' behavior in establishing opening prices on the New York Stock Exchange. Participants in this study are actual NYSE specialists. A factorial design is employed, and data are analyzed using the analysis of variance model. Current demand and supply data are shown to have the most significant impact on specialists' decisions, with limit order book information and inventory position also proving to be significant and consistent for specialists participating in the study.
BANK HOLDING COMPANY ACQUISITIONS, STOCKHOLDER RETURNS, AND REGULATORY UNCERTAINTY
Authors: Desai Anand S. , Stover Roger D. 
Published: August 2014

AbstractThis paper examines the returns accruing to the bank holding company (BHC) stockholders when an acquisition is initiated by the BHC. There is a significant, positive abnormal return to these shareholders when the acquisition is announced. The magnitude of this return does not depend on the relative size of the acquired firm. Further, the regulatory environment for these BHC acquisitions introduces uncertainty about the eventual outcome of the review process. Upon approval from the Federal Reserve Board (FRB), the BHC stockholders earn an additional, significantly positive abnormal return.
THE WEALTH EFFECTS OF VOLUNTARY SELLOFFS: IMPLICATIONS FOR DIVESTING AND ACQUIRING FIRMS
Authors: Zaima Janis K. , Hearth Douglas 
Published: August 2014

AbstractPrevious research examining the wealth effects of voluntary selloffs has shown positive stock price movements around the announcement date for divesting firms. Shareholders realize positive economic gains from selloffs. One recent study indicates that shareholders of acquiring firms also realize economic gains. This study examines the division of economic gains between divesting and acquiring firms and the impact of the firm's financial condition and relative selloff size on the level of economic gains. Significant positive price movements are observed for divesting firms immediately prior to and on the announcement date. Some evidence of positive, although not significant, price movements is found for acquiring firms. These results suggest shareholders of divesting firms realize economic gains from selloffs while shareholders of acquiring firms neither gain nor lose. Also, as divesting firms sell off larger portions of their total assets, their shareholders realize greater economic gains; the division of economic gains becomes more one‐sided (in favor of divesting firms) as the relative size of the selloff increases.
NEW ESTIMATES OF THE TERM STRUCTURE OF INTEREST RATES: 1920–1939
Authors: Thies Clifford F. 
Published: August 2014

AbstractNew estimates of the term structures of interest rates for the inter‐war period are constructed using a McCulloch‐type bond pricing model. The new estimates are compared to the Durand Basic Yields. The Basic Yields are found to be poor estimates: being oversmoothed, wiping out humped term structures, and emasculating the liquidity premium. In contrast, the new estimates appear to behave very much like post‐war term structures: exhibiting humps at cyclic peaks and evidence of a liquidity premium.
THE ANNOUNCEMENT EFFECTS OF PREFERRED STOCK RE‐RATINGS
Authors: Davidson Wallace N. , Glascock John L. 
Published: August 2014

AbstractThis paper examines the equity return behavior of firms whose preferred stock ratings have been changed by Standard and Poor's. The evidence indicates that the market anticipates the re‐ratings by approximately 40 days for the complete sample. However, the downgrades for the utility subsample do not experience any downward drift before or after the re‐rating. In general, these results support the previous findings of Pinches and Singleton (1978) and Weinstein (1977).
THE IMPACT OF CREDITWATCH PLACEMENT ON EQUITY RETURNS AND BOND PRICES
Authors: Wansley James W. , Clauretie Terrence M. 
Published: August 2014

AbstractThis paper examines the equity returns and bond prices of firms around the dates of their placement on CreditWatch by Standard and Poor's. Bond prices and equity returns for companies listed on CreditWatch are compared with a set of firms whose debt was rerated during the same time period but were never placed on CreditWatch. The evidence indicates no market reaction when firms are listed on CreditWatch with subsequent rating affirmations, but a significant reaction exists in those cases where the listing was followed by downgradings. Furthermore, the bond market does not appear so efficient as the stock market since relative bond prices continue to decline as long as seven months after a rating change.
EXPECTATIONS, INTEREST RATES, AND COMMERCIAL BANK STOCKS
Authors: Booth James R. , Officer Dennis T. 
Published: August 2014

AbstractThis study examines the effect of current and expected interest rate changes on bank equity values and attempts to reconcile the conflicting findings of previous research regarding this issue. A multiple index market model of bank security returns is specified and estimated. The results confirm the existence of an interest rate effect on bank stocks that is not explained by returns on the market portfolio. In addition, bank stock returns appear to be sensitive to an interest rate forecast error.
THE RELATION BETWEEN RETURNS, OWNERSHIP STRUCTURE, AND MARKET VALUE
Authors: Lloyd William P. , Jahera John S. , Goldstein Steven J. 
Published: August 2014

AbstractNumerous empirical studies have documented the small firm effect of higher risk‐adjusted returns for small firms in contrast to large firms. The explanation for such a phenomenon remains incomplete. This research examines the relationship among ownership structure, size, and returns under the hypothesis that firms with diffuse ownership (manager controlled) have higher returns to compensate for the risk inherent in the agency relationship. This research adds a dimension to the explanation of the small firm effect, which is well‐founded in economic theory but has not been tested. The results indicate no significant relationship between ownership and return.
ANNOUNCEMENT EFFECTS OF WITHDRAWN SECURITY OFFERINGS: EVIDENCE ON THE WEALTH REDISTRIBUTION HYPOTHESIS
Authors: Officer Dennis T. , Smith Richard L. 
Published: August 2014

AbstractThis paper employs the comparison period returns approach to examine issuance and withdrawal announcement effects for stock portfolios of firms announcing equity or debt issues that are subsequently withdrawn. In contrast to previous literature, which generally attributes financing announcement effects to capital structure changes, the conclusion of this paper is that security price changes at the time an issue is announced or withdrawn prevent wealth redistributions between insiders and outsiders. Empirical findings are inconsistent with the interpretation of announcement effects as capital structure effects.
PORTFOLIO CHOICES, CONSUMPTION, AND PRICES IN A MARKET WITH DURABLE ASSETS
Authors: Bosch J. C. 
Published: August 2014

AbstractRecent research in investments has focused almost exclusively on financial assets such as corporate stocks. Although durable assets constitute an important part of investors' holdings, little effort has been made to explore their role in individuals' investments decisions and on assets pricing. This paper establishes results concerning the role of durable assets in the determination of optimum portfolio choices. The paper explores the effect of consumption considerations related to the service flows generated by durable assets on optimum portfolio considerations and asset prices. The main result is tied to the existence, or lack thereof, of efficient rental markets. In the absence of rental markets (or with restrictions on renting), investors' portfolio choices are not independent of consumption considerations as they are assumed to be in the standard CAPM. Individuals may thus hold different portfolios, and prices reflect the owner's inability to trade consumption flows. Under perfect market assumptions with unrestricted rental markets, optimum portfolio choices are undistinguishable from those implied by the standard CAPM in the sense that they are mean‐variance efficient and identical for all individuals. Consumption is adjusted by trading service flows in the rental market. Prices, and the price of risk, however, reflect the existence of durable assets service flows as well as the risks involved in trading these flows in the rental market. In the model, risky rental income is introduced by uncertain rental costs. Equilibrium rental rates, an important part of the return expected from holding durable assets, are determined in the context of the mean‐variance framework as a function of return and undiversifiable risk.
A PROGRAMMING MODEL FOR BANK HEDGING DECISIONS
Authors: Booth G. Geoffrey , Koveos Peter E. 
Published: August 2014

AbstractThis study constructs, solves, and interprets a normative model that focuses on the risk management needs of a banking institution. The optimization model is a prototype, and it explicitly incorporates uncertainty via the two‐stage linear programming format. Both the traditional asset‐liability management and the newer hedging risk management strategies are included. The model suggests that although the specific risk management strategy mix depends on the economic scenario, hedging should be actively considered as a workable strategy.