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.

Earnings management and stock price crashes post-crossdelisting

We test whether cross-delisted firms from the major U.S. stock exchanges experience an increase in crash risk associated with earnings management. Consistent with our prediction, we find that earnings management have a greater positive impact on stock price crash risk post-cross-delisting when compared to a sample of still cross-listed firms. Moreover, our results suggest that this effect is more pronounced for crossdelisted firms from countries with weaker investor protection and poorer quality of their information environment. We further examine whether managers’ ability to manipulate earnings increases post-cross-delisting around seasoned equity offerings. Our evidence shows that cross-delisted firms that engage in earnings management to inflate reported earnings prior to a seasoned equity offering are more likely to observe a subsequent stock price crash.

Inovação como fator de competitividade da cadeia de valor da moda

Tese de Doutoramento em Engenharia Têxtil

Removal of Erythrosine B dye from water effluents using crop waste pumpkin seed hulls as adsorbent

Erythrosine B is widely used for coloring in various applications, especially in the food industry, despite its already proved toxicity and carcinogenicity. The agrowaste pumpkin seed hulls were applied as potential adsorbent for the removal of Erythrosine from aqueous solutions. Adsorption mechanism and kinetics were analyzed for design purposes. The seed hulls were characterized by specific techniques before and after dye retention. It was found that the attachment of Erythrosine B molecules on adsorbent surface may be attributed to the interactions between carboxyl and/or carbonyl groups of both dye and agrowaste wall components. A univariate approach followed by a factorial design was applied to study and analyze the experimental results as well as to estimate the combined effects of the process factors on the removal efficiency and dye uptake. Adsorption mechanism may be predominantly due to intraparticle diffusion, dependent on pore size. The four equilibrium models applied fitted the data well; the maximum adsorption capacity for Erythrosine was 16.4 mg/g. The results showed that adsorbent is effective for Erythrosine B removal for a large concentration range in aqueous solutions (5400 mg/L) in batch systems.

Behavior-based price discrimination in a multi-dimensional preferences market

NIPE WP 04/ 2016

A invalidade na coligação de contratos de crédito e venda para consumo

Dissertação de mestrado em Direito dos Contratos e da Empresa