bluuebunny/crossref_metadata_2025_split huggingface dataset:
Dividend Smoothing and Debt Ratings
Authors: Aivazian Varouj A. , Booth Laurence , Cleary Sean 
Published: April 2009

AbstractWe find that firms that regularly access public debt (bond) markets are more likely to pay a dividend and subsequently follow a dividend smoothing policy than firms that rely exclusively on private (bank) debt. In particular, firms with bond ratings follow a traditional Lintner (1956) style dividend smoothing policy, where the influence of the prior dividend payment is very strong and the current dividend is relatively insensitive to current earnings. In contrast, firms without bond ratings flow through more of their earnings as dividends and display very little dividend smoothing behavior. In effect, they seem to follow a residual dividend policy.
Chapter 11: Duration, Outcome, and Post-Reorganization Performance
Authors: Denis Diane K. , Rodgers Kimberly J. 
Published: April 2009

AbstractWe find that among firms that file Chapter 11 those that are smaller have better operating performance, and are in higher operating margin industries spend less time in Chapter 11. Firms are more likely to emerge as going concerns and to achieve positive post reorganization profitability if they significantly reduce assets and liabilities while in Chapter 11. Higher pre-bankruptcy industry-adjusted operating margins and improvements in margin are associated with post-reorganization profitability but do not impact the decision to reorganize. These results reveal characteristics and actions associated with successful reorganizations and, furthermore, suggest that Chapter 11 allows promising firms to successfully reorganize.
Horses and Rabbits? Trade-Off Theory and Optimal Capital Structure
Authors: Ju Nengjiu , Parrino Robert , Poteshman Allen M. , Weisbach Michael S. 
Published: April 2009

AbstractThis paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target debt to total capital ratio by refinancing maturing debt. Using this model, we calculate optimal capital structures in a realistic representation of the traditional trade-off model. In contrast to previous research, the calculated optimal capital structures do not imply that firms tend to use too little leverage in practice. We also estimate the costs borne by a firm whose capital structure deviates from its optimal target debt to total capital ratio. The costs of moderate deviations are relatively small, suggesting that a policy of adjusting leverage infrequently is likely to be reasonable for many firms.
Learning with Information Capacity Constraints
Authors: Peng Lin 
Published: April 2009

AbstractMotivated by the fact that investors have limited time and attention to process information, this paper provides a continuous-time equilibrium model to analyze the effects of a capacity constraint in the learning process of a representative investor, who optimally allocates her information capacity across multiple sources of uncertainty. Consequently, the cross-sectional structure of information and the resulting asset price dynamics are determined endogenously. The model provides implications on both consumption behavior and the cross-sectional differences in price informativeness in terms of supply of information, speed of price adjustments to fundamental shocks, and price reactions to firm disclosures.
Multifactor Evaluation of Style Rotation
Authors: Wang Kevin Q. 
Published: April 2009

AbstractA growing literature documents that various strategies of rotating across equity styles generate significant returns. However, the conventional risk adjustment regression is problematic in evaluating the gains from style rotation. I propose a weight-based multifactor risk adjustment approach as a solution. When interpreted as a performance attribution procedure, this approach extends Sharpe's (1992) classic method by emphasizing factor loading rotation. I use a logit-based timing strategy to show that the conventional procedure produces misleading results and the new method leads to the opposite conclusion.
IPO Pricing with Bookbuilding and a When-Issued Market
Authors: Aussenegg Wolfgang , Pichler Pegaret , Stomper Alex 
Published: April 2009

AbstractWe study IPO pricing in Germany to determine whether when-issued trading provides information that is useful for setting IPO offer prices, and whether such trading supplants bookbuilding as a source of information. We find that when-issued trading reveals relevant information for pricing IPOs, and that, once when-issued trading has begun, bookbuilding is not a source of costly information for pricing. But bookbuilding does not appear to be fully supplanted as a source of pricing information. We find evidence consistent with bookbuilding being used to gather information prior to the onset of when-issued trading.
Order Consolidation, Price Efficiency, and Extreme Liquidity Shocks
Authors: Barclay Michael J. , Hendershott Terrence , Jones Charles M. 
Published: April 2009

AbstractWe show that the consolidation of orders is important for producing efficient prices, especially during times of high liquidity demand. The NYSE's centralized opening call market performs better than Nasdaq's decentralized opening process on typical trading days. The NYSE is much better than Nasdaq on witching days when index arbitrage activity subjects S&P 500 stocks to large, predictable, and mostly informationlessorder flow around quarterly futures contract expirations. Nasdaq opening price efficiency improves to NYSE levels once Nasdaq initiates a consolidated opening call in November 2004, but prices on the decentralized Nasdaq remain less efficient at other times of day.
Cookie Cutter vs. Character: The Micro Structure of Small Business Lending by Large and Small Banks
Authors: Cole Rebel A. , Goldberg Lawrence G. , White Lawrence J. 
Published: April 2009

AbstractThe informational opacity of small businesses makes them an interesting area for the study of banks' lending practices and procedures. We use data from a survey of small businesses to analyze the micro level differences in the loan approval processes of large and small banks. We provide evidence that large banks ($1 billion or more in assets) employ standard criteria obtained from financial statements in the loan decision process, whereas small banks rely to a greater extent on information about the character of the borrower. These cookie-cutter and character approaches are compatible with the incentives and environments facing large and small banks.
The Impact of Mutual Fund Family Membership on Investor Risk
Authors: Elton Edwin J. , Gruber Martin J. , Green T. Clifton 
Published: April 2009

AbstractMany investors confine their mutual fund holdings to a single fund family either for simplicity or through restrictions placed by their retirement savings plan. We find evidence that mutual fund returns are more closely correlated within than between fund families. As a result, restricting investment to one fund family leads to a greater total portfolio risk than diversifying across fund families. We examine the sources of this increased correlation and find that it is due primarily to common stock holdings, but is also more generally related to families having similar exposures to economic sectors or industries. Fund families also show a propensity to focus on high or low risk strategies, which leads to a greater dispersion of risk across restricted investors. An investor considering adding an additional fund, either in the same family or outside the family, would need to believe the inside fund offered an extra 50 to 70 basis points to have the same Sharpe ratio.
Why Do Controlling Families of Public Firms Sell Their Remaining Ownership Stake?
Authors: Klasa Sandy 
Published: April 2009

Abstract:I investigate what leads controlling families of publicly traded firms to sell their remaining ownership stake. The sale of a controlling stake is best explained in the context of theories of the firm related to optimal risk bearing, the separation of ownership and management expertise, the CEO succession process, and the monitoring provided by outside blockholders. A timing explanation is only marginally supported. The sale of a controlling stake is not explained by insufficient financial resources to fully invest in growth opportunities. This study offers insights into the final stage of the process in which entrepreneurs sequentially sell their firm to outside parties and also identifies the nature of costs of concentrated ownership.
Discounting and Clustering in Seasoned Equity Offering Prices
Authors: Mola Simona , Loughran Tim 
Published: April 2009

AbstractAn analysis of 4,814 SEOs during 1986–1999 indicates that the average offering ofnew shares is priced at a discount of 3% from the closing price on the day before the issue. Discounts have risen steadily over time, sharply increasing the indirect costs of issuing seasoned equity. There is evidence of increased clustering of offer prices at integers, and of greater importance in the analyst coverage provided by underwriters. Adjusting for other factors, we find that issues with integer offer prices, and underwriters with highly regarded analysts, are increasingly associated with larger discounts. The rise in discounts is consistent with an increased ability of investment bankers to extract rents from issuing firms.
Competitive Equilibrium with Debt
Authors: Zhdanov Alexei 
Published: April 2009

AbstractThis paper studies the interaction among financing, entry, and exit decisions of firms in a competitive industry subject to aggregate uncertainty. In contrast to Fries, Miller, and Perraudin (1997), I do not assume that a firm in default leaves the industry immediately. The implications on the optimal leverage ratios and equilibrium credit spreads are discussed. By incorporating the effect of competition, I show that the model results in significantly higher credit spreads than those predicted by traditional single firm models. Dynamic capital structure strategies in a competitive industry are also examined. The model renders a number of empirical predictions regarding leverage ratios and credit spreads of firms in a competitive industry.
On topological algebra sheaves
Authors: Kyriazis Athanasios 
Published: April 2009

AbstractGiven two topological algebra sheaves, we seek that their tensor product be an (algebra) sheaf of the same type. We further study the latter sheaf in connection with the set of morphisms which are defined on it. As an application, we finally consider fundamental notions and results related to algebras of holomorphic functions in the framework of topological algebra sheaves.
On closed graph and implicit function theorems for multifunctions
Authors: Chou C. C. , Huang L. R. , Ng K. F. 
Published: April 2009

AbstractWe give several general implicit function and closed graph theorems for ser-valued functions. Let Z be a normed space,X, Ymetric spaces withXcomplete. Letf: X ⇉ Z,F: X × Y⇉ Z be multifunctions withz0∈ f(x0) ∩ F(x0, y0) such thatfis open at (x0, y0) andf‘approximates’Fin an appropriate sense. Suppose thatf−1(z) is closed,F(x, y)is compact for eachx, yandzand suppose thatF(x0, ·) is lower semi-continuous aty0. ThenF(·,y) is of closed graph ‘locally’, is open atx0, and there exists a functionx(·) withx(y)→x0fory→y0such thatz0∈F(x(y), (y))for allyneary0. A more general form dealing with the non-linear rate situation is also established.
Isometries of Hilbert space valued function spaces
Authors: Randrianantoanina Beata 
Published: April 2009

AbstractLet X be a (real or complex) rearrangement-invariant function space on Ω (where Ω = [0, 1] or Ω ⊆ N) whose norm is not proportional to the L2-norm. Let H be a separable Hilbert space. We characterize surjective isometries of X (H). We prove that if T is such an isometry then there exist Borel maps a: Ω → + K and σ: Ω → Ω and a strongly measurable operator map S of Ω into B (H) so that for almost all ω, S(ω) is a surjective isometry of H, and for any f ∈ X(H), T f(ω) = a(ω)S(ω)(f(σ(ω))) a.e. As a consequence we obtain a new proof of the characterization of surjective isometries in complex rearrangement-invariant function spaces.
Derived intertwining norms for reducible spherical principal series
Authors: Gilbert J. E. , Kunze R. A. , Meaney C. 
Published: April 2009

AbstractWe use the second derivative of intertwining operators to realize a unitary structure for the irreducible subrepresentations in the reducible spherical principal series of U(1, n). These representations can also be realized as the kernels of certain invariant first-order differential operators acting on sections of homogeneous bundles over the hyperboloid (U(1) × U(n))/U(1, n).
C*-crossed products by partial actions and actions of inverse semigroups
Authors: Sieben Nándor 
Published: April 2009

AbstractThe recently developed theory of partial actions of discrete groups on C*-algebras is extended. A related concept of actions of inverse semigroups on C*-algebras is defined, including covariant representations and crossed products. The main result is that every partial crossed product is a crossed product by a semigroup action.
Representations of triangular subalgebras of groupoid C*-algebras
Authors: Muhly Paul S. , Solel Baruch 
Published: April 2009

AbstractWe investigate the invariant subspace structure of subalgebras of groupoid C*-algebras that are determined by automorphism groups implemented by cocycles on the groupoids. The invariant subspace structure is intimately tied to the asymptotic behavior of the cocycle.
On complete integral closure and Archimedean valuation domains
Authors: Gilmer Robert 
Published: April 2009

AbstractSupposeDis an integral domain with quotient fieldKand thatLis an extension field ofK. We show in Theorem 4 that if the complete integral closure ofDis an intersection of Archimedean valuation domains onK, then the complete integral closure ofDinLis an intersection of Archimedean valuation domains onL; this answers a question raised by Gilmer and Heinzer in 1965.
More generalised Sylow theorems
Authors: Hawthorn I. J. 
Published: April 2009

AbstractThe study of classes of finite groups is divided into two parts. The projective theory studies formations and Schunck classes. The dual injective theory studies Fitting classes. In each type of class a generalisation of Sylow's theorem holds. In this paper we seek further generalisations of Sylow's theorem which hold for classes which are neither injective nor projective, but obey other related properties. Firstly a common framework for the injective and projective theories is constructed. Within the context of this common framework further types of Sylow theorem can then be sought. An example is given of a property which is a simple hybrid of injectivity and projectivity which we will call ‘interjectivity’. A generalised Sylow theorem is then proved in the interjective case.
Even compositions of entire functions and related matters
Authors: Horwitz Alan 
Published: April 2009

AbstractWe examine when the composition of two entire functions f and g is even, and extend some of our results to cyclic compositions in general. If p is a polynomial, then we prove that f ^ p is even for a non-constant entire function f if and only if p is even, odd plus a constant, or a quadratic polynomial composed with an odd polynomial. Similar results are proven for odd compositions. We also show that p ^ f can be even when f and no derivative of f are even or odd, where p is a polynomial. We extend some results of an earlier paper to cyclic compositions of polynomials. We also show that our results do not extend in general to rational functions or polynomials in two variables.
Duality on tori and multiplicative dependence relations
Authors: Bertrand Daniel 
Published: April 2009

AbstractIn this paper, we give multihomogeneous estimates for the group of relations linking multiplicatively dependent algebraic numbers. In the process, we raise a question in the style of Lehmer's problem, concerning multidimensional covolumes in the lattice of units. The proofs are based on the Brill-Gordan duality theorem on orthogonal lattices, and the paper closes with an algebraic version of the theorem, concerning orthogonal abelian subvarieties of an arbitrarily polarized abelian variety.
Existence and uniqueness of a solution for a minimization problem with a generic increasing function
Authors: Rubinov A. M. , Zaslavski A. J. 
Published: April 2009

AbstractIn this paper we study the existence and uniqueness of a solution for minimization problems with generic increasing functions in an ordered Banach space X. The standard approaches are not suitable in such a setting. We propose a new type of perturbation adjusted for the problem under consideration, prove the existence and point out sufficient conditions providing the uniqueness of a solution. These results are proved by assuming that the space X enjoys the following property: each decreasing norm-bounded sequence has a limit. We supply a counterexample, which shows that this property is essential and give a modification of obtained results for the space C(T), which does not possess this property.
Second-order strongly elliptic operators on Lie groups with Hölder continuous coefficients
Authors: Elst A. F. M. Ter , Robinson Derek W. 
Published: April 2009

AbstractLetGbe a connected Lie group with Lie algebra g anda1, …,adan algebraic basis of g. Further letAidenote the generators of left translations, acting on theLp-spacesLp(G; dg)formed with left Haar measuredg, in the directions ai. We consider second-order operatorsin divergence form corresponding to a quadratic form with complex coefficients, bounded Hölder continuous principal coefficientscijand lower order coefficientsci, c′ii, c0∈L∞such that the matrixC= (cij)of principal coefficients satisfies the subellipticity conditionuniformly overG.We discuss the hierarchy relating smoothness properties of the coefficients ofHwith smoothness of the kernel and smoothness of the domain of powers ofHon theLρ-spaces. Moreover, we present Gaussian type bounds for the kernel and its derivatives.Similar theorems are proved for strongly elliptic operatorsin non-divergence form for which the principal coefficients are at least once differentiable.
Invariant submanifolds in flow geometry
Authors: González-Dávila J. C. , González-Dávila M. C. , Vanhecke L. 
Published: April 2009

AbstractWe begin a study of invariant isometric immersions into Riemannian manifolds (M, g) equipped with a Riemannian flow generated by a unit Killing vector field ξ. We focus our attention on those (M, g) where ξ is complete and such that the reflections with respect to the flow lines are global isometries (that is, (M, g) is a Killing-transversally symmetric space) and on the subclass of normal flow space forms. General results are derived and several examples are provided.
On the action of the unitary group on the projective plane over a local field
Authors: Voskuil Harm 
Published: April 2009

AbstractLet G be a unitary group of rank one over a non-archimedean local field K (whose residue field has a characteristic ≠ 2). We consider the action of G on the projective plane. A G(K) equivariant map from the set of points in the projective plane that are semistable for every maximal K split torus in G to the set of convex subsets of the building of G(K) is constructed. This map gives rise to an equivariant map from the set of points that are stable for every maximal K split torus to the building. Using these maps one describes a G(K) invariant pure affinoid covering of the set of stable points. The reduction of the affinoid covering is given.
Algebraic characterizations of locally compact groups
Authors: Font Juan J. , Hernández Salvador 
Published: April 2009

AbstractLet G1, G2 be locally compact real-compact spaces. A linear map T defined from C(G1) into C(G2) is said to be separating or disjointness preserving if f = g ≡ 0 implies Tf = Tg ≡ 0 f or all f, g ∈ C(G1). In this paper we prove that both a separating map which preserves non-vanishing functions and a separating bijection which satisfies condition (M) (see Definition 4) are automatically continuous and can be written as weighted composition maps. We also study the effect of separating surjections (respectively injections) on the underlying spaces G1 and G2.Next we apply the above results to give an algebraic characterization of locally compact Abelian groups, similar to the one given in [7] for compact Abelian groups in the presence of ring isomorphisms.Finally, locally compact (not necessarily Abelian) groups are considered. We provide a sharpening of a result of Edwards and study the effect of onto (respectively injective) weighted composition maps on the groups G1 and G2.
Some challenging group presentations
Authors: Havas George , Holt Derek F. , Kenne P. E. , Rees Sarah 
Published: April 2009

AbstractWe study some challenging presentations which arise as groups of deficiency zero. In four cases we settle finiteness: we show that two presentations are for finite groups while two are for infinite groups. Thus we answer three explicit questions in the literature and we provide the first published deficiency zero presentation for a group with derived length seven. The tools we use are coset enumeration and Knuth-Bebdix rewriting, which are well-established as methods for proving finiteness or otherwise of a finitely presented group. We briefly comment on their capabilities and compare their performance.
Composition operators between weighted Banach spaces of analytic functions
Authors: Bonet J. , Domański P. , Lindström M. , Taskinen J. 
Published: April 2009

AbstractWe characterize those analytic self-maps ϕ of the unit disc which generate bounded or compact composition operators Cϕ between given weighted Banach spaces H∞v or H0v of analytic functions with the weighted sup-norms. We characterize also those composition operators which are bounded or compact with respect to all reasonable weights v.
Functional equations in total negation
Authors: McMaster T. B. M. , Turner C. R. 
Published: April 2009

AbstractIt is known that the only topological invariantsPfor which anti(P) = anti2(P), anti( ) denoting Bankston's total negation operator, are those which are determined purely by the cardinality of the underlying point-set. We examine equations of the form antin(P) = antin(notP), reaching similar conclusions forn≤ 2 but weaker ones forn> 3. A corresponding investigation for total negation within a constraint is initiated.
Congruence Representations of Join-homomorphisms of Finite Distributive Lattices: Size and Breadth
Authors: Grätzer G. , Lakser H. , Schmidt E. T. 
Published: April 2009

AbstractLet K and L be lattices, and let ϕ be a homomorphism of K into L.Then ϕ induces a natural 0-preserving join-homomorphism of Con K into Con L.Extending a result of Huhn, the authors proved that if D and E are finite distributive lattices and ψ is a 0-preserving join-homomorphism from D into E, then D and E can be represented as the congruence lattices of the finite lattices K and L, respectively, such that ψ is the natural 0-preserving join-homomorphism induced by a suitable homomorphism ϕ: K → L. Let m and n denote the number of join-irreducible elements of D and E, respectively, and let k = max (m, n). The lattice L constructed was of size O(22(n+m)) and of breadth n+m.We prove that K and L can be constructed as ‘small’ lattices of size O(k5) and of breadth three.
Finite dinilpotent groups of small derived length
Authors: Cossey John , Wang Yanming 
Published: April 2009

AbstractA finite dinilpotent groupGis one that can be written as the product of two finite nilpotent groups,AandBsay. A finite dinilpotent group is always soluble. IfAis abelian andBis metabelian, with |A| and|B| coprime, we show that a bound on the derived length given by Kazarin can be improved. We show thatGhas derived length at most 3 unlessGcontains a section with a well defined structure: in particular ifGis of odd order,Ghas derived length at most 3.