bluuebunny/crossref_metadata_2025_split huggingface dataset:
A remark on a theorem of Caradus
Authors: Johnson J.A. 
Published: April 2009

It is shown how a result of S.R. Caradus on the approximation problem can be obtained from known theorems.Terms used here are standard (see [1] or [3]).Let X denote a Banach space, S its unit ball in the weak topology, and X* the dual of X. In [1], the following theorem is proved:
(I) If X is reflexive and X* (considered as a subspaoe of the continuous scalar-valued functions C(S) in the canonical way) is complemented in C(S), then X has the approximation property.It is our purpose to point out that (I) is a corollary to some known theorems that yield the stronger conclusion (II) below.
Eigenvalues of partitioned hermitian matrices
Authors: Thompson Robert C. , Freede Linda J. 
Published: April 2009

Let C = (Aij)1≤i, j≤t be a hermitian matrix in partitioned form; here Aij, is an ni × nj. block. The purpose of this paper is to obtain inequalities linking the eigenvalues of C to those of the main diagonal blocks A11, …, Att of C.These inequalities include, as special cases, inequalities due to N. Aronszajn and A. Hoffman.
A theorem on absolute summability of Fourier series by Riesz means
Authors: Chandra Prem , Izumi S. 
Published: April 2009

In 1951 Mohanty established the following theorem.If Φ(t)log is of bounded variation in (0, π), wherek ≥ πe2and, then is summable, for however large positive Δ. In this present note we have generalised the above theorem by taking a more general type of Riesz means and under the condition, is of bounded variation in (0, π), where c is finite, imposed upon the generating function of Fourier series.
Remarks on triples in enriched categories
Authors: Wiesler H. , Calugareanu G. 
Published: April 2009

Let v be a symmetric monoidal closed category with equalizers. The v–triples T, T′, … in the enriched category A, together with suitably defined morphisms form a category v–Trip(A). The v–categories AT, AT′, … and the v–functors R: AT′ → AT which are compatible with the forgetful functors form a category V–Alg(A).In the subsequent note it is shown that V–Trip(A) is isomorphic to the dual of V–Alg(A) and that the morphisms of V–Alg(A) are inverse limit preserving V–functors.
Convergence criteria for Fourier series
Authors: Gopal Rao V. Venu 
Published: April 2009

The following convergence criterion of Fourier series is due to M. Izumi, S. Izumi and the author:THEOREM. Let Δ ≥ 1. If(i) , and(ii) as t → 0for an a, 0 < a < 1 and for a δ, 0 < δ < π, then the Fourier series of φ(t) is convergent at the origin.The object of this paper is to generalize the above theorem in the Hardy-Littlewood direction.
On the extension of orders in ordered modules: Corrigenda
Authors: Ribenboim P. 
Published: April 2009

The author has noticed a faulty argument in his paper [1]; it occurs on p. 85 and requires the following changes:At the end of line 9, for (Qi)i=1,2,… read (Qi)i ∈ I; in line 10, the equation should read ; lines 15 to 20 should be replaced by the following: then there exists some n–tuple δ = (δ1, …, δn) such that for every io there exists i ≥ io with εi = δ. Then δ1a1, …, δnan are positively independent over Q; for if rj ∈ PR and then there exists io such that , and for appropriate i ≥ io it follows that rj = 0 for j = 1, …, n.
A skew-Hadamard matrix of order 92
Authors: Wallis Jennifer 
Published: April 2009

There is a skew-Hadamard matrix of order 92.Previously the smallest order for which a skew-Hadamard matrix was not known was 92. We construct such a matrix below. The orders < 200 which are now undecided are 100, 116, 148, 156, 172, 188, 196; see [2], [3]. The existence of any Hadamard matrix of order 92 was unknown until 1962 [1].
Cotorsion radicals and projective modules
Authors: Beachy John A. 
Published: April 2009

We study the notion (for categories of modules) dual to that of torsion radical and its connections with projective modules.Torsion radicals in categories of modules have been studied extensively in connection with quotient categories and rings of quotients. (See [8], [12] and [13].) In this paper we consider the dual notion, which we have called a cotorsion radical. We show that the cotorsion radicals of the category RM correspond to the idempotent ideals of R. Thus they also correspond to TTF classes in the sense of Jans [9].It is well-known that the trace ideal of a projective module is idempotent. We show that this is in fact a consequence of the natural way in which every projective module determines a cotorsion radical. As an application of these techniques we study a question raised by Endo [7], to characterize rings with the property that every finitely generated, projective and faithful left module is completely faithful. We prove that for a left perfect ring this is equivalent to being an S-ring in the sense of Kasch. This extends the similar result of Morita [15] for artinian rings.
Interpretation of data from the monitoring thermal camera of Stromboli volcano (Aeolian Islands, Italy)
Authors: ZANON V. , NERI M. , PECORA E. 
Published: April 2009

AbstractTwenty eruptive events from the Northeast Crater of Stromboli volcano recorded by a thermal monitoring camera in early 2004 were analysed in order to understand the eruptive dynamics. Selected events were chosen to be typical of explosions that characterize the steady activity of Stromboli in terms of jet height and duration. Most of the explosions consisted of clast-rich single bursts, originating from the same vent inside the Northeast Crater. Conspicuous ash emission was scarce. Eruptions were preceded by the flashing of a perturbation wave characterized by low temperatures and an average propagation velocity of about 35–100 m s−1. This perturbation was thought to be caused by the bursting of the gas slug at the bottom of the crater and is interpreted as an air wave. This was immediately followed by the expansion of a jet of ‘hot’ gas and particles, at a velocity of 35–75 m s−1. Ejecta coarser than 138 cm appeared ~1.6–2 s after the onset of the explosion, moving at a variable velocity (30–60 m s−1). Eruptive events were either vertical or inclined 7–13° towards the NNW. This inclination is thought to be a consequence either of the morphology of the conduit, following modest rock falls that partially obstructed the uppermost part of the crater, or of the displacement of the internal conduit due to the explosive activity of the volcano. The instability of the summit area is a further possible cause of the deformation of the conduit.
Ownership Structure and Firm Value in China's Privatized Firms: 1991–2001
Authors: Wei Zuobao , Xie Feixue , Zhang Shaorong 
Published: April 2009

AbstractThis paper investigates the relation between ownership structure and firm value across a sample of 5,284 firm years of China's partially privatized former state–owned enterprises (SOE) from 1991–2001. We find that state and institutional shares are significantly negatively related to Tobin's Q, and that significant convex relations exist between Q and state shares, as well as between Q and institutional shares. We also find that foreign ownership is significantly positively related to Tobin's Q. We test for potential endogeneity of ownership, and find that Q and state/foreign ownership are not jointly determined. We also test for time-series, industry, and geo-economic location effects, and find our results to be robust.
The Information Content of Institutional Trades on the London Stock Exchange
Authors: Bozcuk Aslihan , Lasfer M. Ameziane 
Published: April 2009

AbstractWe construct a unique data set that includes all reported institutional block trades on the London Stock Exchange and analyze the market reaction to buy and sell trades. We find that the type of investors behind the trade and the combination of the trade's size and the trader's resulting level of ownership are the major determinants of the information effects and the asymmetry between price impacts of buy and sell trades. In particular, large trades undertaken by fund managers, the most active investors in our sample, have strong information content, while, for the remaining trades, we report limited support for the information and the price impact asymmetry hypotheses. These results hold even after accounting for trade complexity and volatility effects in the regressions.
Pricing European and American Derivatives under a Jump-Diffusion Process: A Bivariate Tree Approach
Authors: Hilliard Jimmy E. , Schwartz Adam 
Published: April 2009

AbstractWe develop a straightforward procedure to price derivatives by a bivariate tree when the underlying process is a jump-diffusion. Probabilities and jump sizes are derived are derived by matching higher order moments or cumulants. We give comparisons with other published results along with convergence proofs and estimates of the order of convergence. The bivariate tree approach is particularly useful for pricing long-term American options and long-term real options because of its robustness and flexibility. We illustrate the pedagogy in an application involving a long-term investment project.
Long-Run Investment Decisions, Operating Performance, and Shareholder Value Creation of Firms Adopting Compensation Plans Based on Economic Profits
Authors: Hogan Chris E. , Lewis Craig M. 
Published: April 2009

AbstractFor firms that adopted economic profit plans between 1983 and 1996, we document changes in investment behavior that lead to improvements in operating performance and growth opportunities relative to these firms' past performance. The improvements, however, are similar to those realized by a set of non-adopting control firms that are selected on the basis of a logistic regression model of adoption choice. We then consider the possibility that some firms are better candidates for economic profit plans than others and classify adopters according to whether they make anticipated or surprising choices based on the adoption choice model. We find that anticipated adopters make changes in investment behavior that reduce invested capital and allow them to become more profitable than a sample of control firms that were expected to adopt but chose to continue using a traditional plan. A similar analysis of surprise adopters does not reveal significant performance differences relative to a sample of anticipated non-adopters. The classification analysis suggests that economic profit plans work best for firms that are expected to adopt such plans based on pre-adoption operating, organizational, financial, and compensation characteristics.
Opening and Closing the Market: Evidence from the London Stock Exchange
Authors: Ellul Andrew , Shin Hyun Song , Tonks Ian 
Published: April 2009

AbstractWe investigate the performance of call markets at the open and close using a unique natural experiment provided by the London Stock Exchange where traders can choose between a call and an off-exchange dealership system. Although the call market dominates dealers in terms of price discovery, it suffers from a high failure rate to open and close trading especially when trading conditions are difficult. The call's trading costs increase with asymmetric information, slow trading, order flow imbalances, and uncertainty. Traders' resort to use of call auctions is negatively correlated with firm size, implying that the call may not be the optimal method for opening and closing trading of medium and small sized stocks.
The Volatility Risk Premium Embedded in Currency Options
Authors: Low Buen Sin , Zhang Shaojun 
Published: April 2009

AbstractThis study employs a non-parametric approach to investigate the volatility risk premium in the over-the-counter currency option market. Using a large database of daily delta-neutral straddle quotes in four major currencies—the British pound, the euro, the Japanese yen, and the Swiss franc—we find that volatility risk is priced in all four currencies across different option maturities. We find that the volatility risk premium is negative, with the premium decreasing in maturity. Finally, we also find evidence that jump risk may be priced in the currency option market.
Equilibrium Pricing in Incomplete Markets
Authors: Bizid Abdelhamid , Jouini Elyès 
Published: April 2009

AbstractGiven the exogenous price process of some assets, we constrain the price process of other assets that are characterized by their final payoffs. We deal with an incomplete market framework in a discrete-time model and assume the existence of the equilibrium. In this setup, we derive restrictions on the state-price deflators. These restrictions do not depend on a particular choice of utility function. We investigate numerically a stochastic volatility model as an example. Our approach leads to an interval of admissible prices that is more robust than the arbitrage pricing interval.
Yield Spreads as Alternative Risk Factors for Size and Book-to-Market
Authors: Hahn Jaehoon , Lee Hangyong 
Published: April 2009

AbstractThis paper investigates whether the size and book-to-market factors of Fama and French (1993) proxy for the risks associated with business cycle fluctuations. We find that changes in default spread (Δdef) and changes in term spread (Δterm) capture the systematic differences in average returns along the size and book-to-market dimensions in the way that the Fama-French factors do: small stock portfolios have higher loadings on Δdef than large stock portfolios, while high book-to-market portfolios have higher loadings on Δterm than low book-to-market portfolios. Furthermore, in the presence of Δdef and Δterm, the Fama-French factors are superfluous in explaining the size and book-to-market effects. The results suggest that the size and value premiums are compensation for higher exposure to the risks related to changing credit market conditions and interest rates proxied by Δdef and Δterm.
The U-Shaped Investment Curve: Theory and Evidence
Authors: Cleary Sean , Povel Paul , Raith Michael 
Published: April 2009

AbstractWe analyze how the availability of internal funds affects a firm's investment. We show that under fairly standard assumptions, the relation is U-shaped: investment increases monotonically with internal funds if they are large but decreases if they are very low. We discuss the tradeoff that generates the U-shape, and argue that models predicting an always increasing relation are based on restrictive assumptions. Using a large data set, we find strong empirical support for our predictions. Our results qualify conventional wisdom about the effects of financial constraints on investment behavior, and help to explain seemingly conflicting findings in the empirical literature.
An International Examination of Affine Term Structure Models and the Expectations Hypothesis
Authors: Tang Huarong , Xia Yihong 
Published: April 2009

AbstractWe examine the yield curve behavior and the relative performance of affine term structure models (ATSMs) using government bond yield data from Canada, Germany, Japan, the U.K., and the U.S. We find strong predictability of forward rates for excess bond returns and reject the expectations hypothesis in all five countries. A three-factor model is sufficient to capture movements in the yield curve of Canada, Japan, the U.K., and the U.S., but may not be enough for Germany. An exhaustive comparison among ATSMs with no more than three factors reveals that the three-factor essential affine model (A1(3)E), with only one factor affecting the volatility of the short rate but with all three factors affecting the price of risk, performs best in all five countries. Simulations provide inconclusive evidence on whether this best affine model can successfully generate the rich yield curve behavior observed in the data.
Time-Series Behavior of Share Repurchases and Dividends
Authors: Lee Bong-Soo , Rui Oliver Meng 
Published: April 2009

AbstractGiven the growth in the importance and popularity of share repurchases, we use an alternative time-series approach to test two hypotheses on the motives for share repurchases and dividends: the flexibility hypothesis and the substitution hypothesis. By investigating both share repurchase and dividend payout policies in the context of a time-series vector autoregression, we account for the dynamic and multi-dimensional nature of the two payout policies. We find that share repurchases are associated with temporary components of earnings, whereas dividends are not, and that share repurchases and dividends are imperfect substitutes.
All Events Induce Variance: Analyzing Abnormal Returns When Effects Vary across Firms
Authors: Harrington Scott E. , Shrider David G. 
Published: April 2009

AbstractWe demonstrate analytically that cross-sectional variation in the effects of events, i.e., in true abnormal returns, necessarily produces event-induced variance increases, biasing popular tests for mean abnormal returns in short-horizon event studies. We show that unexplained cross-sectional variation in true abnormal returns plausibly produces nonproportional heteroskedasticity in cross-sectional regressions, biasing coefficient standard errors for both ordinary and weighted least squares. Simulations highlight the resulting biases, the necessity of using tests robust to cross-sectional variation, and the power of robust tests, including regression-based tests for nonzero mean abnormal returns, which may increase power by conditioning on relevant explanatory variables.
Stock Market Liquidity and the Cost of Issuing Equity
Authors: Butler Alexander W. , Grullon Gustavo , Weston James P. 
Published: April 2009

AbstractWe show that stock market liquidity is an important determinant of the cost of raising external capital. Using a large sample of seasoned equity offerings, we find that, ceteris paribus, investment banks' fees are significantly lower for firms with more liquid stock. We estimate that the difference in the investment banking fee for firms in the most liquid vs. the least liquid quintile is about 101 basis points or 21% of the average investment banking fee in our sample. Our findings suggest that firms can reduce the cost of raising capital by improving the market liquidity of their stock.
Pricing of Seasoned Equity Offers and Earnings Management
Authors: Kim Yongtae , Park Myung Seok 
Published: April 2009

AbstractThis study examines the relations between earnings management by firms offering seasoned equity issues and the pricing of their offers. We hypothesize that seasoned equity offering (SEO) firms that employ aggressive accounting decisions also more aggressively push up their offer prices, thereby leading to a decrease in the degree of underpricing. Consistent with our prediction (the issuer's greed hypothesis), evidence indicates that SEO firms that make opportunistic accounting decisions issue new shares at inflated prices. Our findings remain robust after controlling for other determinants of SEO underpricing and the possible endogeneity of pricing and earnings management.
The Value of Client Access to Analyst Recommendations
Authors: Green T. Clifton 
Published: April 2009

AbstractEarly access to stock recommendations provides brokerage firm clients with incremental investment value. After controlling for transaction costs, purchasing (selling) quickly following upgrades (downgrades) results in average two-day returns of 1.02% (1.50%). Short-term profit opportunities persist for two hours following the pre-market release of new recommendations. The results are robust within sub-periods and a calendar-based strategy produces positive abnormal daily returns of over 10 basis points, or roughly 30% annualized. Recommending firms' market makers shift their quotes accordingly, providing indirect evidence that clients make use of the informational advantage that arises from analysts' opinion changes.
Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers
Authors: Cheng Yingmei , Liu Mark H. , Qian Jun 
Published: April 2009

AbstractWe examine the role of financial analysts in forming institutional investors' investment decisions. In our model, a fund manager invests in a stock based on the optimal weighting of reports created by a biased sell-side analyst and an unbiased buy-side analyst. The manager puts a higher weight on the buy-side analyst's report when the quality of the buyside analyst's information relative to that of the sell-side analyst increases, or when the sell-side analyst's degree of bias or uncertainty about the bias increases. Utilizing a unique dataset of U.S. equity funds, we find evidence supporting our model predictions on how fund managers weigh buy-side research relative to sell-side and independent research.
The Cross Section of Analyst Recommendations
Authors: Sorescu Sorin , Subrahmanyam Avanidhar 
Published: April 2009

AbstractWe analyze the price reaction to analysts' revisions by testing the Griffin and Tversky (1992) hypothesis that agents place emphasis on the strength of the signal (the dramatic nature of the event) and may de-emphasize the weight (the ability of the analyst making the recommendation). Two attributes, namely, years of experience and the reputation of the analysts' brokerage houses form proxies for analyst ability (or weight) that we validate by documenting that revisions by high ability analysts outperform those by low ability ones. We find evidence of return persistence following small (low strength) revisions by high ability analysts and the opposite return pattern following large (high strength) revisions of low ability analysts, consistent with the arguments of Griffin and Tversky (1992). Our study provides an empirical link between evidence on individual decision making and stock market returns, and also helps promote an understanding of the analyst industry as well as its interaction with the investing population.
Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies
Authors: Clarke Jonathan , Ferris Stephen P. , Jayaraman Narayanan , Lee Jinsoo 
Published: April 2009

AbstractWe test whether a bias exists in analyst recommendations for firms that file for bankruptcy during 1995–2001. We fail to find overoptimism in analyst recommendations, including those of affiliated analysts. Our multivariate analysis of the market reaction to changes in analyst recommendations indicates that prior affiliation exerts no impact on either returns or trading volume. We find that the market does not view recommendation upgrades by affiliated analysts as biased since there is no price reversal following these recommendation changes. Overall, our results suggest that recently passed legislation to reduce analysts' conflicts of interest might be an overreaction.
Does Emerging Market Exchange Risk Affect Global Equity Prices?
Authors: Carrieri Francesca , Errunza Vihang , Majerbi Basma 
Published: April 2009

AbstractThis paper conducts empirical tests in a conditional setting for 10 developed and 12 emerging markets to determine whether emerging market currency risk is priced and if it spills over into developed market assets. Our empirical model is based on real exchange rate measures and it allows currency risk to compete with broader economic and political risks. We find that emerging market currency risk is priced separately from other local risk factors and that it represents a significant component of equity returns in both developed and emerging markets. We also find that the spillover impact is heightened during emerging market crisis episodes and affects the expected compensation for global risks.