Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.

The export performance of the 2004 EU enlargement economies since the 1990s : a constant market share analysis

This study focuses the export performance of the 2004 EU enlargement economies between 1990 and 2013. The long time span analysed allows to capture different stages in the relationship of these new members with the EU before and after accession. The study is based on the Constant Market Share methodology of decomposing an ex-post country’s export performance into different effects. Two different Constant Market Share Analysis (CMSA) were selected in order to disentangle, for the exports of the new members to the EU15, (i) the growth rate of exports and (ii) the growth rate of exports relatively to the world. Both approaches are applied to manufactured products first without disaggregating results by sectors and then grouping all products into two different classification of sectors: one considering the technological intensity of manufactured exports and another evaluating the specialization factors of the products exported. Results provide information not only on the ten economies’ export performance as a group but also individually considered and on the importance of each EU15 destination market to the export performance of these countries.

Vocal negotiation over parental care? Acoustic communication at the nest predicts partners' incubation share

In species with biparental care, individuals adjust their workload to that of their partner to either compensate or match its investment. Communication within a pair might be crucial for achieving this adjustment. Zebra finches, Taeniopygia guttata, form life-long monogamous pair bonds, in which partners are highly coordinated and both incubate the eggs. When relieving each other during incubation, partners perform a structured call duet at the nest. If this duet functions to coordinate incubation workload, disrupting the pair's usual nest-relief pattern by delaying the male's return to the nest should affect the structure of the duet. Using domesticated birds breeding in a large aviary, we found that delaying the male's return induced shorter duets with higher call rates. In addition, we tracked the location of individuals with a transponder at the nest and the feeder, and showed that these accelerated duets were associated with an increased haste of the partners to take turns incubating and foraging. Females also spent less time incubating during their subsequent shift, and females' time off-nest was best predicted by their mate's calling behaviour in the previous duet. Taken together, these results suggest that duets may function as 'vocal negotiation' over parental care.

Spreading the word: using film to share research findings and knowledge about children with disabilities in Vanuatu and Papua New Guinea

While there is increasing international interest in disability inclusive development, people with disability largely remain ‘unseen, unheard and uncounted’ (UN ESCAP 2012:1). Children with disability, particularly, remain excluded from research informing development, and there is a paucity of information that is drawn directly from the self-report of children with disability living in developing countries. This exclusion occurs across all stages of research, including access to research findings. When child research is conducted in such countries, to gain further evidence to support disability inclusive development and advance human rights, researchers must question how findings will be reported back to participants and their communities, and seek a method that is both accessible and culturally relevant. This paper reports on the Voices of Pacific children with disability research project about the human rights of children with disability in Vanuatu and Papua New Guinea (PNG), and focuses on film as a dissemination method. Project researchers developed methods to enhance the participation of children with diverse disabilities as informants, and drew upon community development principles to disseminate research findings via film; a method that resonated with the aural and visual story telling traditions of participants.This medium also included accessibility features that have been utilised by local and international audiences.

Competitividade e parcelas de mercado: um estudo do modelo Constant Market Share para as exportações do melão brasileiro.

Terceiro maior produtor de frutas frescas do mundo, o Brasil se destaca no mercado agrícola por apresentar um clima tropical favorável à produção de diversas frutas. O melão e a manga são exemplos de frutas frescas que apresentam grandes índices de exportação. Os estados do Ceará e do Rio Grande do Norte são responsáveis pela maior parte da produção do melão brasileiro, já o mercado da União Europeia, é responsável quase que pela totalidade da importação do melão brasileiro. O objetivo desta pesquisa é analisar a competitividade e as parcelas de mercado do melão brasileiro no mercado mundial, no período de 2003 a 2011, tomando como base o modelo Constant Market Share. Os resultados mostram a diferença de direção dos subperíodos analisados. No primeiro subperíodo, têm-se o crescimento da exportação ocasionado pelo crescimento do comércio mundial e pelo fator competitividade, diferente do segundo período em que há uma queda principalmente na competitividade ocasionando o declínio na exportação da fruta produzida no Brasil

Knowledge Sharing within IT Projects

Even though today’s corporations recognize that they need to understand modern project management techniques (Schwalbe, 2002, p2), many researchers continue to provide evidence of poor IT project success. With Kotnour, (2000) finding that project performance is positively associated with project knowledge, a better understanding of how to effectively manage knowledge in IT projects should have considerable practical significance for increasing the chances of project success. Using a combined qualitative/quantitative method of data collection in multiple case studies spanning four continents, and comprising a variety of organizational types, the focus of this current research centered on the question of why individuals working within IT project teams might be motivated towards, or inhibited from, sharing their knowledge and experience in their activities, procedures, and processes. The research concluded with the development of a new theoretical model of knowledge sharing behavior, ‘The Alignment Model of Motivational Focus’. This model suggests that an individual’s propensity to share knowledge and experience is a function of perceived personal benefits and costs associated with the activity, balanced against the individual’s alignment to a group of ‘institutional’ factors. These factors are identified as alignments to the project team, to the organization, and dependent on the circumstances, to either the professional discipline or community of practice, to which the individual belongs.

An Efficient and Verifiable Solution to the Millionaire Problem

A new solution to the millionaire problem is designed on the base of two new techniques: zero test and batch equation. Zero test is a technique used to test whether one or more ciphertext contains a zero without revealing other information. Batch equation is a technique used to test equality of multiple integers. Combination of these two techniques produces the only known solution to the millionaire problem that is correct, private, publicly verifiable and efficient at the same time.

Developing a supportive culture for teaching and learning : a university, faculty and school perspective

In the early 1990's the University of Salford was typical of most pre-1992 Universities in that whilst students provided much of it's income, little attention was paid to pedagogy. As Warren Piper (1994) observed, University teachers were professional in their subject areas but generally did not seek to acquire a pedagogy of HE. This was the case in Alsford. Courses were efficiently run but only a minority of staff were engaged in actively considering learning and teaching issues. Instead staff time was spent on research and commercial activity.----- In the mid-1990's the teaching environment began to change significantly. As well as Dearing, the advent of QAA and teaching quality reviews, Salford was already experiencing changes in the characteristics of its student body. Wideing access was on our agenda before it was so predominant nationally. With increasing numbers and heterogeneity of students as well as these external factors, new challenges were facing the University and teaching domain.----- This paper describes how a culture which values teaching, learning and pedagogic inquiry is being created in the university. It then focuses on parts of this process specific to the Faculty of Business and Informatics, namely the Faculty's Learning and Teaching Research Network and the establishment of the Centre for Construction Education in the School of Construction and Property Management.----- The Faculty of Business and Informatics' Learning and Teaching Research Network aims to raise the profile, quality and volume of pedagogic research across the five schools in the faculty. The initiative is targeted at all academics regardless of previous research experience. We hope to grow and nurture research potential where it exists and to acknowledge and use the existing expertise of subject-based researchers in collaborative ventures. We work on the principle that people are deliged to share what they know but need appreciation and feedback for doing so. A further ain is to surface and celebrate the significant amount of tacit knowledge in the area of pedagogy evidenced by the strength of student and employer feedback in many areas of the faculty's teaching.----- The Faculty embraces generic and core management expertise but also includes applied management disciplines in information systems and construction and property management where internationally leading research activities and networked centres of excellence have been established. Drawing from this experience, and within the context of the Faculty network, a Centre for Construction Education is being established with key international external partners to develop a sustainable business model of an enterprising pedagogic centre that can undertake useful research to underpin teaching in the Faculty whilst offering sustainable business services to allow it to benefit from pump-priming grant funding.----- Internal and external networking are important elements in our plans and ongoing work. Key to this are our links with the LTSN subject centres (BEST and CEBE) and the LTSN generic centre. The paper discusses networking as a concept and gives examples of practices which have proved useful in this context.----- The academic influences on our approach are also examined. Dixon’s (2000) work examining how a range of companies succeed through internal knowledge sharing has provided a range of transferable practices. We also examine the notion of dialogue in this context, defined by Ballantyne (1999) as ‘The interactive human process of reasoning together which comes into being through interactions based on spontaneity or need and is enabled by trust’ Social constructionist principles of Practical Authorship (Shotter, 1993, Pavlica, Holman and Thorpe, 1998)) have also proved useful in developing our perspective on learning and knowledge creation within our community of practice.

Clipping noise compensation for OFDMA systems

This paper presents an efficient low-complexity clipping noise compensation scheme for PAR reduced orthogonal frequency division multiple access (OFDMA) systems. Conventional clipping noise compensation schemes proposed for OFDM systems are decision directed schemes which use demodulated data symbols. Thus these schemes fail to deliver expected performance in OFDMA systems where multiple users share a single OFDM symbol and a specific user may only know his/her own modulation scheme. The proposed clipping noise estimation and compensation scheme does not require the knowledge of the demodulated symbols of the other users, making it very promising for OFDMA systems. It uses the equalized output and the reserved tones to reconstruct the signal by compensating the clipping noise. Simulation results show that the proposed scheme can significantly improve the system performance.

Developing a vision for an nD modelling tool

The design of a building is a complicated process, having to formulate diverse components through unique tasks involving different personalities and organisations in order to satisfy multi-faceted client requirements. To do this successfully, the project team must encapsulate an integrated design that accommodates various social, economic and legislative factors. Therefore, in this era of increasing global competition integrated design has been increasingly recognised as a solution to deliver value to clients.----- The ‘From 3D to nD modelling’ project at the University of Salford aims to support integrated design; to enable and equip the design and construction industry with a tool that allows users to create, share, contemplate and apply knowledge from multiple perspectives of user requirements (accessibility, maintainability, sustainability, acoustics, crime, energy simulation, scheduling, costing etc.). Thus taking the concept of 3-dimensional computer modelling of the built environment to an almost infinite number of dimensions, to cope with whole-life construction and asset management issues in the design of modern buildings. This paper reports on the development of a vision for how integrated environments that will allow nD-enabled construction and asset management to be undertaken. The project is funded by a four-year platform grant from the Engineering and Physical Sciences Research Council (EPSRC) in the UK; thus awarded to a multi-disciplinary research team, to enable flexibility in the research strategy and to produce leading innovation. This paper reports on the development of a business process and IT vision for how integrated environments will allow nD-enabled construction and asset management to be undertaken. It further develops many of the key issues of a future vision arising from previous CIB W78 conferences.

Tensions, transisitions and triumphs : examining the transitional experience of fashion students between school and university

Joining any new community involves transition and adaptation. Just as we learn to adapt to different cultures when we choose to live abroad, so students learn the language and culture of an academic community in order to succeed within that environment. At the same time however, students bring with them individual learning styles and expectations, influenced by their prior experiences of learning and of life more generally. Some have excelled at school; others have come to fashion seeking something in which to excel for the first time. Commencing a degree in fashion design brings students into contact with peers and lecturers who share their passion, providing them with a community of practice which can be both supportive and at the same time intimidating.----- In Queensland where university level study in fashion is such a new phenomenon, few applicants have any depth of training in design when they apply to study fashion. Unlike disciplines such as Dance or Visual Art, where lecturers can expect a good level of skill upon entry to a degree program, we have to look for the potential evidenced in an applicant’s portfolio, much of which is untutored work that they have generated themselves in preparation for application. This means that many first year fashion students at QUT whilst very passionate about the idea of fashion design are often very naïve about the practice of fashion design, with limited knowledge of the history or cultural context of fashion and few of the technical skills needed to translate their ideas into three dimensional products.----- For teachers engaging with first year students in the design studios, it is critical to be cognizant of this mix of different experiences, expectations and emotions in order to design curricula and assessment that stretch and engage students without unduly increasing their sense of frustration and anxiety. This paper examines a first year project designed to provide an introduction to design process and to learning within a creative discipline. The lessons learnt provide a valuable and transferable resource for lecturers in a variety of art and design disciplines.

Through the clock's workings

Through the Clock’s Workings is a world first: a remixed and remixable anthology of literature.----- Prominent Australian authors have written new short stories and released them under a Creative Commons Attribution Non-Commercial ShareAlike licence. What that means is you can remix the stories, but only if you acknowledge the author, the remix is not for commercial use, and your new work is available for others to remix. The authors’ stories were made available on our website and new and emerging writers were invited to create their own remixes to be posted on the website and considered for publication in the print anthology alongside the original stories.----- The result is a world first: a remixed and remixable anthology of literature. Buy your copy now from the Sydney University Press eStore or download the electronic version.----- So how do you use a remixable anthology? Simple.----- Step 1 - Read. Thumb your way through the pages at will. Find the stories you love, the ones you hate, the ones that could be better.----- Step 2 - Re/create. Each story is yours to share and to remix. Use only one paragraph or character or just make subtle changes. Change the genre, alter its formal or stylistic characteristics, or revise its message. Use as little or as much as you like - as long as it works.----- Step 3 - Share. Be part of a growing community of literature remixing. Email your remix to us and start sharing. The entire anthology can be remixed - the original stories, the remixes, and even the fonts.----- Through the Clock’s Workings is Read&Write!