The price elasticity of demand for common stock

We study the price elasticity of demand for the common stock of an individual corporation. Despite the prevelance of assumptions that demand is perfectly elastic, there is little if any direct evidence in the literature to either support or reject that contention. Consistent with the notion of finite price elasticities, we find that the announcement of primary stock oferings by regulated firms depresses their stock prices and little if any evidence that this decline is the result of adverse information about future cash flows. Attempts to relate offer announcement effects directly to possible determinants of price elasticities, however, are inconclusive.

Messung dispositioneller Selbstkontroll-Kapazität: Eine deutsche Adaptation der Kurzform der Self-Control Scale (SCS-K-D)

Self-control is defined as the overriding or modification of one’s own response tendencies. Dispositional self control capacity is positively linked to various kinds of adaptive behavior. In order to economically measure self-control capacity in German-speaking samples, the brief version of the Self-Control Scale by Tangney, Baumeister and Boone (2004) was adapted into German. The translated entire Self-Control Scale consisting of 36 items was administered to university students (N = 316, study 1) and secondary school students (N = 335, study 2). The brief version consisting of 13 items, which were included in the entire scale, proved to be one-dimensional, reliable, and valid in terms of expected correlations with criteria. The comparison between the brief and the entire scale showed that the costs of the more economical brief measure with regard to reliability and validity are low.

Comment on “Low time resolution analysis of polar ice cores cannot detect impulsive nitrate events” by D.F. Smart et al.

Smart et al. (2014) suggested that the detection of nitrate spikes in polar ice cores from solar energetic particle (SEP) events could be achieved if an analytical system with sufficiently high resolution was used. Here we show that the spikes they associate with SEP events are not reliably recorded in cores from the same location, even when the resolution is clearly adequate. We explain the processes that limit the effective resolution of ice cores. Liquid conductivity data suggest that the observed spikes are associated with sodium or another nonacidic cation, making it likely that they result from deposition of sea salt or similar aerosol that has scavenged nitrate, rather than from a primary input of nitrate in the troposphere. We consider that there is no evidence at present to support the identification of any spikes in nitrate as representing SEP events. Although such events undoubtedly create nitrate in the atmosphere, we see no plausible route to using nitrate spikes to document the statistics of such events.