WOS 8th international conference - Book of Abstracts

Proceedings book of the WOS 8th international conference - Book of Abstracts Edited by WOS2015 - University of Minho Includes biographical references and index.

Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Conflito e trauma: XVI Colóquio de Outono

It has been the main concern of CEHUM, as a Research Centre within the Humanities which operates in an inter and transdisciplinary structure to listen attentively to the “noise of the world” and attempt a global interpretation of the signs of the times issuing from the world around us, as vibrant echoes of many social and cultural pressing issues. Every year each new Colóquio de Outono attempts to give evidence of that concern through the topic chosen for debate, ample enough and challenging enough to trigger a lively multidisciplinary dialogue amongst the diff erent research groups that compose this centre, the participants and our invited guest speakers. Throughout the three days of this 16th Colóquio de Outono we had the privilege to debate the propositions of a vast number of national and international specialists in the manifold fi elds of inquiry here represented, engaging keynote speakers, project advisors, members of research teams and external researchers attached to the various research projects currently running in CEHUM, in the fi elds of literature, linguistics, philosophy, ethics, visual arts, cultural studies, music and performance. Each specifi c fi eld of studies was however never seen isolated, but always embodied in a geo-cultural context and within the scope of a wide variety of critical debates and current theories of knowledge, as a signal of our understanding of the Humanities as a rich and plural territory which engages us all, scholars, researchers, students.

O acesso enquanto direito humano: relato da Conferência Federation of International Human Rights Museums

Centro em Rede de Investigação em Antropologia UID/ANT/04038/2013