bluuebunny/crossref_metadata_2025_split huggingface dataset:
Demographics, Stock Market Flows, and Stock Returns
Authors: Goyal Amit 
Published: April 2009

AbstractThis paper studies the link between population age structure, net outflows (dividends plus repurchases less net issues) from the stock market, and stock market returns in an overlapping generations framework. I find support for the traditional lifecycle models—the outflows from the stock market are positively correlated with the changes in the fraction of old people (65 and over) and negatively correlated with the changes in the fraction of middle-aged people (45 to 64). Changes in population age structure also add significant explanatory power to equity premium regressions. The population structure adds to the predictive power of regressions involving the investment/savings rate for the U.S. economy. Finally, international demographic changes have some power in explaining international capital flows.
Financial Innovation, Market Participation, and Asset Prices
Authors: Calvet Laurent , Gonzalez-Eiras Martín , Sodini Paolo 
Published: April 2009

AbstractThis paper investigates the pricing effects of financial innovation in an economy with endogenous participation and heterogeneous income risks. The introduction of non-redundant assets endogenously modifies the participation set, reduces the covariance between dividends and participants' consumption and thus leads to lower risk premia. In multisector economies, financial innovation spreads across markets through the diversified portfolio of new entrants, and has rich effects on the cross-section of expected returns. The price changes can also lead some investors to leave the markets and give rise to non-degenerate forms of participation turnover. The model is consistent with several features of financial markets over the past few decades: substantial innovation, higher participation, significant turnover in investor composition, improved risk management practices, a slight increase in real interest rates, and a reduction in risk premia.
Initial Public Offerings in Hot and Cold Markets
Authors: Helwege Jean , Liang Nellie 
Published: April 2009

AbstractThe literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975–2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism.
Why Do IPO Underwriters Allocate Extra Shares when They Expect to Buy Them Back?
Authors: Zhang Donghang 
Published: April 2009

AbstractI argue that overallocation is used as a marketing strategy to increase the offer price and aftermarket price of an initial public offering (IPO). I show that, when there is weak demand, it can be optimal for the underwriter to oversell an issue and take a naked short position. The issuing firm benefits from a higher expected offer price. This is in spite of the fact that, in equilibrium, allocating more shares when there is weak demand requires greater underpricing when there is strong demand.
Limited Partnerships and Reputation Formation
Authors: Kallberg Jarl G. , Liu Crocker H. , Srinivasan Anand 
Published: April 2009

AbstractThis paper analyzes the optimal quality decision of a producer in a multi-period setting with reputation effects. Using a unique database of returns on real estate limited partnerships (RELPs), we empirically examine alternative theoretical predictions of optimal producer strategy. In particular, we test whether the producers in our market invest in reputation building by initially selling high quality goods and then lowering quality. Using a variety of statistical tests, we find evidence consistent with reputation building, both in the aggregate and for individual developers.
The Value of the Designated Market Maker
Authors: Venkataraman Kumar , Waisburd Andrew C. 
Published: April 2009

AbstractThe proliferation of electronic limit order books operating without dealers raises questions regarding the need for intermediaries with affirmative obligations to maintain markets. We develop a simple model of dealer participation and test it using a sample of less liquid firms that trade on the Paris Bourse. The results indicate that firms with designated dealers exhibit better market quality, and that younger firms, smaller firms, and less volatile firms choose a designated dealer. Around the announcement of dealer introduction, stocks experience an average cumulative abnormal return of nearly 5% that is positively correlated with improvements in liquidity. Overall, these findings emphasize the potential benefits of designing better market structures, even within electronic limit order books, and suggest that purely endogenous liquidity provision may not be optimal for all securities.
The Role of Underwriter-Investor Relationships in the IPO Process
Authors: Binay Murat M. , Gatchev Vladimir A. , Pirinsky Christo A. 
Published: April 2009

AbstractWe find that in allocating initial public offerings (IPOs), underwriters favor institutions they have previously worked with. Regular investors benefit more than casual investors in IPOs through greater participation in underpriced issues. Relationship participation is more important in the distribution of IPOs with stronger demand, IPOs of less liquid firms, and deals by less reputable underwriters. Overall, our results are consistent with book-building theories of IPOs. Interestingly, for 1999–2000 we find that regular investors receive even more underpriced IPOs relative to previous years while we do not find evidence that they provide additional services in IPOs.
Pseudo Market Timing: A Reappraisal
Authors: Dahlquist Magnus , de Jong Frank 
Published: April 2009

AbstractThe average firm going public or issuing new equity underperforms the market in the long run. This underperformance could be related to the endogeneity of the number of new issues if new issues cluster after periods of high abnormal returns on new issues. In such a case, ex post measures of new issue abnormal returns may be negative on average, despite the absence of ex ante abnormal returns. We evaluate this endogeneity problem in event studies of long-run performance. We argue that it is unlikely that the endogeneity of the number of new issues explains the long-run underperformance of equity issues.
The Cost to Firms of Cooking the Books
Authors: Karpoff Jonathan M. , Lee D. Scott , Martin Gerald S. 
Published: April 2009

AbstractWe examine the penalties imposed on the 585 firms targeted by SEC enforcement actions for financial misrepresentation from 1978–2002, which we track through November 15, 2005. The penalties imposed on firms through the legal system average only $23.5 million per firm. The penalties imposed by the market, in contrast, are huge. Our point estimate of the reputational penalty—which we define as the expected loss in the present value of future cash flows due to lower sales and higher contracting and financing costs—is over 7.5 times the sum of all penalties imposed through the legal and regulatory system. For each dollar that a firm misleadingly inflates its market value, on average, it loses this dollar when its misconduct is revealed, plus an additional $3.08. Of this additional loss, $0.36 is due to expected legal penalties and $2.71 is due to lost reputation. In firms that survive the enforcement process, lost reputation is even greater at $3.83. In the cross section, the reputation loss is positively related to measures of the firm's reliance on implicit contracts. This evidence belies a widespread belief that financial misrepresentation is disciplined lightly. To the contrary, reputation losses impose substantial penalties for cooking the books.
Aggregate Earnings, Firm-Level Earnings, and Expected Stock Returns
Authors: Bali Turan G. , Demirtas K. Ozgur , Tehranian Hassan 
Published: April 2009

AbstractThis paper provides an analysis of the predictability of stock returns using market-, industry-, and firm-level earnings. Contrary to Lamont (1998), we find that neither dividend payout ratio nor the level of aggregate earnings can forecast the excess market return. We show that these variables do not have robust predictive power across different stock portfolios and sample periods. In contrast to the aggregate-level findings, earnings yield has significant explanatory power for the time-series and cross-sectional variation in firmlevel stock returns and the 48 industry portfolio returns. The mean reversion of stock prices as well as the earnings' correlation with expected stock returns are responsible for the forecasting power of earnings yield. These results are robust after controlling for bookto-market, size, price momentum, and post-earnings announcement drift. At the aggregate level, the information content of firm-level earnings about future cash flows is diversified away and higher aggregate earnings do not forecast higher returns.
Home-Biased Analysts in Emerging Markets
Authors: Lai Sandy , Teo Melvyn 
Published: April 2009

AbstractWe find that local analyst recommendations are systematically more optimistic than foreign analyst recommendations in emerging markets. The effects of this novel “home bias” among local analysts overwhelm any information asymmetry between foreign and local analysts. Consequently, local analyst upgrades underperform foreign analyst upgrades, while local analyst downgrades outperform foreign analyst downgrades. Neither foreign investors, local institutions, nor retail investors appear to be fully cognizant of this bias. Trade reactions suggest that foreign investors overestimate the bias in foreign analyst recommendations while local institutions underestimate the bias in local analyst recommendations. These results are pervasive across countries, time periods, and stock groupings, and can be traced to investment banking pressure.
The Costs of Owning Employer Stocks: Lessons from Taiwan
Authors: Lee Yi-Tsung , Liu Yu-Jane , Zhu Ning 
Published: April 2009

AbstractUsing data on all employees at listed companies in Taiwan, we find that the bias toward employer stocks is generic to individual investor decision making, but not limited to retirement plans. Seventy-one percent of the sample employees invest in employer stocks and employer stocks make up on average 47% of employee equity portfolios. The underdiversification resulting from the bias toward employer stocks is very costly. Holding current portfolio risk constant, employees forego 4.89% per annum in raw returns by investing in employer stocks, which represents 39.74% of their average 1998 salary income. Our findings have important implications for social security reform and retirement account management.
Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions Advisors
Authors: Kolasinski Adam C. , Kothari S. P. 
Published: April 2009

AbstractWe find evidence that conflicts of interest arising from mergers and acquisitions (M&A) relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e., M&A relations, not previously examined in research on analyst conflicts. In addition, the M&A context allows us to disentangle the conflict of interest effect from selection bias. We find that analysts affiliated with acquirer advisors upgrade acquirer stocks around M&A deals, even around all-cash deals, in which selection bias is unlikely. Also consistent with conflict of interest but not selection bias, target-affiliated analysts publish optimistic reports about acquirers after, but not before, the exchange ratio of an all-stock deal is set.
Generation of magnetic fields by the ponderomotive force of electromagnetic waves in dense plasmas
Authors: SHUKLA P. K. , SHUKLA NITIN , STENFLO L. 
Published: April 2009

AbstractWe show that the non-stationary ponderomotive force of a large-amplitude electromagnetic wave in a very dense quantum plasma with streaming degenerate electrons can spontaneously create d.c. magnetic fields. The present result can account for the seed magnetic fields in compact astrophysical objects and in the next-generation intense laser–solid density plasma interaction experiments.
Back to the Future: Today's and Tomorrow's Politics of Degrowth Economics (Décroissance) in Light of the Debate over Luxury among Eighteenth and Early Nineteenth Century Utopists
Authors: Sippel Alexandra 
Published: April 2009

AbstractFrench Socialists currently appear less and less convinced of the relevance of rejecting today's consumption-oriented society and turn increasingly to more center-left models in order to refound their party. (Refoundation is one of the most frequently used terms within the party.) Therefore, it is instructive to go back to the eighteenth-century roots of socialism and note the way many of its founding theorists promoted the establishment of truly social communities set in a perfectly harmonious relationship to the natural environment.As the intellectual debate was not confined within French borders at the time of the Enlightenment, this study will create a dialogue between those who argued that luxury was absolutely essential in a modern society (Mandeville, and later Malthus, whose views are echoed in the voices of contemporary right-wing politicians) and those who, on the contrary, advocated a return to a voluntary state of nature, which implied the rejection of material accumulation and social inequality (such as Rousseau and later William Godwin, whose concerns are nowadays echoed by the defenders of décroissance). This article also explores the most utopian propositions coming from objecteurs de croissance, individuals who side with the far left while adding their concern for the environment and emphasis on humane values.
Class, Nation, and Political Organization: The Anti-Zionist Left in Israel/Palestine
Authors: Greenstein Ran 
Published: April 2009

AbstractThe paper discusses historical lessons offered by the experience of two leftwing movements, the pre-1948 Palestinian Communist Party, and the post-1948 Israeli Socialist Organization (Matzpen). The focus of discussion is the relationship between class and nation as principles of organization.The Palestinian Communist Party was shaped by forces that shaped the Israeli-Palestinian conflict: British rule, Zionist ideology and settlement practices, and Arab nationalism. At intensified conflict periods it was torn apart by the pressures of competing nationalisms. By the end of the period, its factions agreed on one principle: the need to treat members of both national groups equally, whether as individuals or as groups entitled to self-determination. This position was rejected by both national movements as incompatible with their quest for control.In the post-1948 period, Matzpen epitomized the radical critique of Zionism. It was the clearest voice speaking against the 1967 occupation and for restoration of Palestinian rights. However, it never moved beyond the political margins, and its organization failed to provide members with a sustainable mode of activism. It was replaced by a new mode, mobilizing people around specific issues instead of presenting an overall program.The paper concludes with suggestions on how the Left may use these lessons to develop a strategy to focus on the quest for social justice and human rights.
In Search of a Post-Neoliberal Paradigm: The Brazilian Left and Lula's Government
Authors: Fortes Alexandre 
Published: April 2009

AbstractThe first decade of the twenty-first century has seen extraordinary political developments in the Latin American left. Indeed, there is no historical precedent for the simultaneous election across the region of governments that can be identified with the political left. From Tabaré Vasquez in Uruguay to Martín Torrijos in Panama; from Néstor and Cristina Kirchner in Argentina to Daniel Ortega in Nicaragua; from Michelle Bachelet in Chile to Hugo Chavez in Venezuela; from Evo Morales in Bolivia to Rafael Correa no Ecuador—as well as Luis Inácio Lula da Silva in Brazil and, more recently, Fernando Lugo in Paraguay—representatives of practically all of the region's formative leftist currents have taken over the governments of large, medium, and small countries.This article takes Brazil under Lula's government as a case study in order to explore the relationship between the various dimensions of the region's lefts: the social and the institutional, civil society and the state, the national and the international, and stability and transformation. Indeed, the election to the presidency of a survivor of the extreme poverty and harsh droughts of northeastern Brazil, a one-time metalworker with little access to formal education, had a profound impact on both the country's social movements and the political party that he founded and led. By examining the hopes and frustrations, dilemmas, and accomplishments of Lula's government, we can better achieve a more dense and nuanced understanding of the larger historical process through which the Latin American Left has reached power.
Is Labor Dead?
Authors: Friedman Gerald 
Published: April 2009

AbstractThe Labor Movement has entered a crisis. Declining support for unions and for socialist political movements reflects the exhaustion of a reformist growth strategy where capitalists and state officials accepted unions in exchange for labor peace. While winning real gains for workers, this strategy undermined labor and its broader democratic aspirations by establishing unions and union and party leaders as authoritiesoverthe workers themselves. In the upheavals of the late-1960s and the 1970s, dissident movements, directed as much against reformist leaders as against employers and state officials, pushed protest beyond traditional limits toward demands for popular empowerment and democracy. Union decline began then, not because workers had lost interest in collective action but because employers and state officials abandoned collective bargaining to find alternative means of controlling unrest. Capitalism entered a new post-union era, when national leaders like Margaret Thatcher and Ronald Reagan used policies of open trade and capital flows and high unemployment to discipline labor. Abandoned by their capitalist bargaining partners, reformist unions and political parties have withered. Now, without social space for reformist movements, the labor movement can only advance by openly avowing its original goals of popular empowerment and the establishment of economic democracy.
Tunes That Bind: Paul J. Seelig, Eva Gauthier, Charles T. Griffes, and the Javanese Other
Authors: SPILLER HENRY 
Published: April 2009

AbstractThe powerful concept of orientalism has undergone considerable refinement since Edward Said popularized the term with his eponymous book in 1978. Orientalism typically is presented as a totalizing process that creates polar oppositions between a dominating West and a subordinate East. U.S. orientalisms, however, reflect uniquely North American approaches to identity formation that include assimilating characteristics usually associated with the Other. This article explores the complex relationship among three individuals—U.S. composer Charles T. Griffes, Canadian singer Eva Gauthier, and German-trained Dutch East Indies composer Paul J. Seelig—and how they exploited the same Javanese songs to lend legitimacy to their individual artistic projects. A comparison of Griffes's and Seelig's settings of a West Javanese tune (“Kinanti”) provides an especially clear example of how contrasting approaches manifest different orientalisms. Whereas Griffes accompanied the melody with stock orientalist gestures to express his own fascination with the exotic, Seelig used chromatic harmonies and a chorale-like texture to ground the melody in the familiar, translating rather than representing its Otherness. The tunes that bind Griffes, Gauthier, and Seelig are only the raw materials from which they created their own unique orientalisms, each with its own sense of self and its own Javanese others.
Tejano Music in the Urbanizing Midwest: The Musical Story ofConjuntoMaster Jesse Ponce
Authors: HARNISH DAVID 
Published: April 2009

AbstractThis article explores the story and agency ofconjuntomaster musician Jesse Ponce from his early life in San Antonio to his migration to northwest Ohio as an “authentic” Tejano (Texas-Mexican) musician. Although Ponce used this status as a form of cultural capital to construct his identity, integrate into local Latino communities, and interface with Latino cultural institutions, three outside agents, including the author, worked to publicize his expertise in Ohio, which, in turn, led to new acknowledgment and self-identification. The recent history of the “traditional” conjunto style is revealed as paralleling Ponce's career and aesthetic preferences. Both are in slight decline: Ponce, because of his failing health and resulting fewer performance opportunities; traditionalconjunto, because of the rise of a more virtuosic “progressive” styleBourdieu's notion of cultural capital and Loza's concept of enculturation are utilized to explicate Ponce's experience and self-construction in urbanizing northwest Ohio. The author's experiences with Ponce (as promoter and musician) are included to demonstrate the constant negotiations between Ponce, his musical identity and authority, and the outside world
Forecasting seasonal to interannual variability in extreme sea levels
Authors: Menendez Melisa , Mendez Fernando J. , Losada Inigo J. 
Published: April 2009

Abstract
Menendez, M., Mendez, F. J., and Losada, I. J. 2009. Forecasting seasonal to interannual variability in extreme sea levels. – ICES Journal of Marine Science, 66: 1490–1496. A statistical model to predict the probability of certain extreme sea levels occurring is presented. The model uses a time-dependent generalized extreme-value (GEV) distribution to fit monthly maxima series, and it is applied for a particular time-series record for the Atlantic Ocean (Newlyn, UK). The model permits the effects of seasonality, interannual variability, and secular trends to be identified and estimated in the probability distribution of extreme sea levels. These factors are parameterized as temporal functions (linear, quadratic, exponential, and periodic functions) or covariates (for instance, the North Atlantic Oscillation index), which automatically yield the best-fit model for the variability present in the data. A clear pattern of within-year variability and significant effects resulting from astronomical modulations (the nodal cycle and perigean tides) are detected. Modelling different time-scales helps to gain a better understanding of recent secular trends regarding extreme climate events, and it allows predictions to be made (for example, up to 2020) about the probability of the future occurrence of a particular sea level.