...results of reaction of share prices to earnings announcements from both China and developed countries, and has used event study method to focus on earnings announcements and share prices of all 29 real estate companies listed in Shanghai A-share market from 31 July 2012 to 30 Jun 2013. The event date was selected on the day when earnings for the year 2012 were announced. The method for calculating normal performance of shares was market model. The result of study showed that there was no significant reaction of share prices to earnings announcement containing good news in event window during [-30, -1] and [-1, +1], except 6 days before announcement day, 1 day before announcement day, and there was a significant reaction of share prices of real estate sector in Shanghai A-share market to earnings announcements containing good news in event window during [+1, +30]. For earnings announcements containing bad news, according to event study, we found no significant reaction of share prices of real estate sector in Shanghai A-share market in the event window between [-30, -1], [-1, +1] and [+1, +30], except 18 days and 7 days before earnings announcement day, 9 days, 21 days and 30 days after earnings announcement day. And we reached the conclusion that the real estate sector in Shanghai A-share does not conform to semi-strong form market efficiency. Key words: earnings announcement, share price, efficient market hypothesis, event studies, Chinese real estate market 1 Directory ...
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...Agency Problems can Effect the Investors Reaction Abstract Adverse Selection and agency problems are the major areas of Concern for both, the investors, and the corporate governance. Company’s good corporate structure can have a positive impact On investors. Our study, with the support of previous studies, tries to prove that the investors are also concerned about the adverse Section and agency problems. This study lacks evidences from the previous researchers regarding the relationship between investor’s reaction and adverse selection and agency problems. Even then it is a good attempt to study the behavior of investors towards investing in the company where the problems of adverse selection and agency problems are present. Key Words: Investors Reaction, Adverse Selection, Agency Problems, Corporate Governance Introduction: This paper describes the reactions of the investors to the corporate governance issues with an emphasis on the situation of agency problems and adverse selection. This paper adds to the existing literature of how investor reacts to different corporate governance issues. The idea is that how adverse selection and agency problems can directly or indirectly affect the investors thinking. Corporate governance has an influence on the investor’s reaction .Many corporate governance issues like board size, outside directors, CEO tenure and other such issues have the impact on investor’s reaction. Investors can react differently to the...
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...with the inclusion of nonverbal communication. If verbal and nonverbal communication are used together it creates a complementing relationship that shows we are actively listening and showing interest. The purpose of this paper is to show a time when I broke a nonverbal rule. The topics being addressed are the nonverbal rule I broke, the reaction of how it affected the speaker, and how I felt about the conversation and breaking the rule. The paper will also show highlights and concepts of nonverbal communication and its importance. Keywords: nonverbal communication, complementing relationship, conflicting relationship When we are talking among others we sometimes forget that our nonverbal communication can hold just as much meaning as verbal communication. With the knowledge that nonverbal communication is very important, we must also realize that often times nonverbal signs vary based on where we are in the world. We must pay close attention to the culture that we are in to ensure we do not offend anybody. Often times we don’t realize that we may be breaking these nonverbal rules, and how they affect not only ourselves, but also the people around us. Today I am going to tell you about an experiment where I broke one of these rules, the reaction I got from the speaker, and how I felt about the conversation. When tasked to pick a nonverbal rule to break I decided on the most important nonverbal communication rule to me; eye contact during conversation. I believe that...
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...Emerging Markets Review 13 (2012) 516–547 Contents lists available at SciVerse ScienceDirect Emerging Markets Review journal homepage: www.elsevier.com/locate/emr Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus “bonding” to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review. © 2012 Elsevier B.V. All rights reserved. 1. Introduction Cross-listing — also referred...
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...Table of Contents S. No Page No. 1. Tutorial 1………………………………………………………………………… 2 2. Tutorial 2………………………………………………………………………… 5 3. Tutorial 4………………………………………………………………………… 7 4. Tutorial 5………………………………………………………………………… 11 5. Tutorial 6………………………………………………………………………… 14 6. Tutorial 7………………………………………………………………………… 16 7. Tutorial 8………………………………………………………….…………….. 23 Tutorial 1: Question 1. In this paper, Collinson discussed based on shop-floor humor, particular its relationship on the organization. To purpose is to gender identify and working class resistance. 3 main points Collinson made in this paper: * Human as resistance * Human as conformity * Human as control Each element that author gave some exactly examples and databases in the work place and then he analyzed his opinion depend on Willis case study Question 2. There are 3 parts in structure of the paper: * Human as resistance * Human as conformity * Human as control Human as resistance * Shop-floor humor was in part a form of resistance both to the tightly controlled repetitious work tasks and to the social organization of production within a company * Some nicknames come from exaggerated and stereotyped personal characteristics. * Human was shown to operate as one medium through which collective solidarity to resist boredom, the organizational status system and managerial control emerged. Human...
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...TUN 132BAG23 “For the firm, resources and products are two sides of the same coin” is a famous sentence of Birger Wernerfelt’s paper called “A Resource-based view of the firm”. The paper elucidates the usefulness of the analysing firms from the resource side rather than from the product side. To explain under what circumstances a resource will lead to high returns, the researcher used Porter’s five competitive forces. 1. General Effect 2. First mover advantages- resource position barriers 3. Attractive resources 4. Mergers and acquisition In the paper, it is explained that first movers have advantages like gaining control of resources that followers may not be able to match. But these results are expected only if the strategy is successful. For first mover strategy, the success and the failure exits at different sides. It is a very dangerous strategy for the firm to implement, I suppose. There are so many firms who tried to use first mover strategy and failed. However, second mover strategy is quite a safe strategy comparing to the first mover strategy. Second mover strategy is the strategy that the company offers a product or service later than a competitor after learning customers' reactions and offer something better than its competitor. Because the firm starts offering the products after surveying the customers’ reaction, it has less chances to be failed. Although first mover strategy have the high expectancy to control the resources, it has high...
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...implementation of novel approaches has been consistently performed, and more so in recent years, where significant advances in enzyme engineering has fastened the place of such developments. Targeted improvements aim at enzymes with enhanced thermal and operational stability, improved specific activity, modification of pH-activity profiles, and increased product specificity, among others. This has been mostly achieved through protein engineering and enzyme immobilization, along with improvements in screening. The latter has been considerably improved due to the implementation of high-throughput techniques, and due to developments in protein expression and microbial cell culture. Expanding screening to relatively unexplored environments (marine, temperature extreme environments) has also contributed to the identification and development of more efficient biocatalysts. Technological aspects are considered, but economic aspects are also briefly addressed. INTRODUCTION: Food processing through the use of biological agents is historically a well-established approach. The earliest applications go back to 6,000 BC or earlier, with the brewing of beer, bread baking, and cheese and wine making, whereas the first purposeful microbial oxidation dates from 2,000 BC, with vinegar production. Coming to modern days, in the late XIX, century Christian Hansen reported the use of rennet (a mixture of chymosin and pepsin) for cheese making, and production of bacterial amylases was started at Takamine (latter...
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...The Missing Link; How Corporate Social Responsibility Increases Market Value Bachelor Thesis Marketing Supervisor: Ph.D. Ernst Osinga 2009/2010 ANR Name E-mail Subject : 888692 : Puck van den Biggelaar : P.vdnBiggelaar@uvt.nl : Marketing and firm value Subject Area : Marketing corporate social responsibility and market value Study Program: International Business 1 Abstract Corporate social responsibility is profitable for a company, but only when the following requirements are met. First the CSR strategy has to be properly motivated, thus the goal of the CSR should not be profit generation. Second the level of trust of customers should be high enough so that customers will not respond skeptical to the CSR strategy. Third the company should be innovative and not be exposed to too much risk. If these requirements are met it is necessary to choose a CSR strategy that fits the brand and to use the right communication strategy. Only then will market value rise as a result of the higher level of customer satisfaction CSR creates. 2 Table of content Chapter 1: Research proposal 1.1 The problem background 1.2 The problem statement 1.3 Research questions 1.4 Academic relevance 1.5 Managerial relevance 1.6 Overview of the rest of the chapters Chapter 2: Corporate social responsibility from the consumer perspective 2.1 Introduction 2.2 CSR and customers Chapter 3: Consumer reactions and attitudes towards trust, communication strategy and fit 3.1 Introduction 3.2...
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...Paper continues to be a major commodity and substitutions are limited. Paper finds usefulness in many products that we use daily for things like writing, the walls in our homes, and we have even found opportunities to eat our food on it. It is evident the paper and paper products are considered a necessity for consumers daily usage. Paper is used for personal and professional use. Paper is used to make money, bills, paper to complete class assignments, advertisement, and many other daily activities. There has been a small shift in paper due to some ecological experts. Many companies give consumers the option to have direct deposit, receive bills online and also to pay bills online. (Hubbard, 2010, p. 175) Perhaps we will never see the complete “paperless environment” for business operations which many businesses refer to. The challenge is that there exist very few if any substitutions for paper and all that this commodity is useful for. However, recently we find some substitutions for some of the products that paper has been used for. Where one may have seen commercial paper towels in public restrooms in past years, one often finds such paper products replaced by electric hand dryers. Where many business offices have been accused of killing forests with the amount of paper that has been used for their operations, a revolution towards digital imaging is beginning to reduce paper usage in offices. Yet, even with all these innovative substitutions for paper products, this commodity...
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...Apple……………………….3 1. Employees………………………………………...…...……4 2. Environment ………………………………………………..5 3. Consumers…………………………………………………..6 3. Evaluation on CSR activities………………………………….6 3.1 Employees………………………………………………...6 3.2 Environment……………………………………...………7 3.3 Consumers ……………………………………………….8 4. Conclusion…………………………………………………….8 References…………………………………………………………….9 Executive Summary Recent years, encouraged by cultural and economic globalization, the world market is growing rapidly. With the market becoming increasingly mature and rational, corporations not only pay attention to profit and business opportunities, but also the obligation and responsibility to employees, environment and customers. Therefore, corporate social responsibility (CSR) has become more and more popular among enterprises and markets. Thus, it is important to study the way CSR initiative depicts what corporations have to do in order to shoulder the responsibility for their employees, environment as well as consumers and CSR’s influence on various economic behaviors. This report analyses the CSR activities of Sony, Dell and Apple which are three electronic corporations. Specifically, it focuses on the effect on their employees, environment and consumers. The first part will mainly introduce their CSR initiatives and standards respectively. After that comes the second part which evaluate all these CSR activities. The goal of this paper is to discuss the significance of CSR and how firms can involve...
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...Selecting a Training Method Prerequisite of selecting a particular training method a. Cost of the method b. The number of individuals to be trained c. The location d. The availability of trainees, training rooms, and training technology e. The skill and preferences of the trainer and the instructional designer f. Trainee preferences expectations likely reactions. Some critical concept of selecting a training method a. Reactions to training content and methods very across cultures, so training that will be presented in overseas locations requires special considerations. b. The most important criteria in selecting a training method is its match with the training content. c. The methods chosen must convey needed information and allow trainees to engage in the appropriate type and amount of practice for the skills they one trying to learn. d. Adult learners need variety and involvement. So methods should be as active as possible. E-learning E-learning methods include training delivered by * CD-ROM * Intranet or inter satellite broadcasts * Virtual classrooms * Digital collaboration between trainees Advantages of E-learning * Training can be conducted at remote or international sites * Training is available on demand, when needed or when the work schedule permits * Costs for...
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...was discovered by Ball and Brown in 1968 and it is still one of the most robust discoveries in the financial markets. The phenomenon was discovered when testing for market efficiency. Ball and Brown (1968) were estimating how fast a financial market incorporates new earnings information into the stock prices. They found an upward drift much longer than expected in stock prices after a ”good news” earnings announcement and a similar downward drift for a ”bad news” announcement. PEAD is the tendency for a stock’s cumulative abnormal returns to drift for several weeks (even several months) following positive earnings announcement. It is an academically well-documented anomaly first discovered by Ball and Brown in 1968 (we present links to several related academic research papers). Since then it has been studied and confirmed by countless academics in many international markets. There are a number of ways to define an earnings surprise (or ways to filter stocks with positive response to earnings) - earnings higher than analysts estimates, earnings higher than some average earnings or stock’s price appreciation during earnings announcement period higher than expected. Each factor shows strong prediction ability for the stock’s future returns, and it is good to use some combination of factors just to enhance the PEAD effect. We present one such strategy from the source paper related to this anomaly. This strategy is presented in its long-short form, but most of the returns come from...
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...Nike Case Analysis 1 Nike Case Analysis Contents I. Introduction............................................................................................................................................................3 II. Conclusions of Nike Core Marketing Strategy .......................................................................................................3 2.1. Pros: ............................................................................................................................................................3 2.2. Cons: ...........................................................................................................................................................3 2.3. Risks: ...........................................................................................................................................................3 III. Nike Core Marketing Strategy ...........................................................................................................................4 3.1. IV. Core marketing strategies .........................................................................................................................4 SWOT analysis .................................................................................................................................................6 4.1. 4.2. Weakness ..................................................................
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...MP A R Munich Personal RePEc Archive The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review Anton Miglo University of Bridgeport 2010 Online at http://mpra.ub.uni-muenchen.de/46691/ MPRA Paper No. 46691, posted 6. May 2013 19:07 UTC The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review Anton Miglo Associate professor, University of Bridgeport, School of Business, Bridgeport, CT 06604, phone (203) 576-4366, email: amiglo@bridgeport.edu. This version: 2013 Initial version: 2010 Abstract. This paper surveys 4 major capital structure theories: trade-off, pecking order, signaling and market timing. For each theory, a basic model and its major implications are presented. These implications are compared to the available evidence. This is followed by an overview of pros and cons for each theory. A discussion of major recent papers and suggestions for future research are provided. Introduction The modern theory of capital structure began with and the famous proposition of Modigliani Miller (1958) that described the conditions of capital structure irrelevance. Since then, been changing these conditions to explain factors driving capital many economists have structure decisions. Harris and Raviv (1991) synthesized major theoretical literature in the field, related these to the known empirical evidence, and suggested promising avenues for future research. They argued...
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...and institutions are paying attention to this concept as a new opportunity of realizing profits. Traditionally, the finance paradigms relied heavily on understanding finance markets using the models that had agents who were rational. In the Scenario, rationality implied that when the companies received new information, they updated their agents believes as described by the Bayes law. Besides, with their beliefs, managers and agents made decisions that are acceptable because they are consistent with the Savage idea of Subjective Expected Utility. This traditional approach was viewed as successful if it received data backing. However, as markets became complicated, it became clear that basic acts involving the stock market, the average returns and peoples trading behaviours could not be comprehended in the traditional model. The behavioural finance is the new approach to the emerging financial markets as it addressed the challenges faced by the traditional paradigms. The basic argument of this paradigm is that some financial phenomena can be best can be best comprehended by the use of the models in which some agents do not have the full rational status. Furthermore, behavioural finance analyses the end results of relaxing one or both tenets that are applicable in individual’s rationality. This paper will be based on the research by Massey and Wu (2005), it will use their approaches in the insurance scenario where the two different Domains to imitate the...
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