IoWoman, September/October 2005, Vol.35, no.5

Newsletter for the Iowa Commission on the Status of Women

I-35 Corridor Trade Study Newsletter, Winter 1998

The Federal Highway Administration (FHWA)and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct The I-35 Trade Corridor Study.

I-35 Corridor Trade Study - Final Executive Summary, 2005

The Federal Highway Administration (FHWA) and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct a study of Interstate Highway 35 (I-35) from Laredo, Texas to Duluth, Minnesota. The purpose of the study was to assess the need for improved local, intrastate, interstate, and international service on I-35 and to clearly define a general feasible improvement plan to address those needs

I-35 Corridor Trade Study Newsletter, Fall 1999

The Federal Highway Administration (FHWA)and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct The I-35 Trade Corridor Study.

I-35 Corridor Trade Study Newsletter, Spring 1999

The Federal Highway Administration (FHWA)and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct The I-35 Trade Corridor Study.

I-35 Corridor Trade Study Newsletter, Fall 1998

The Federal Highway Administration (FHWA)and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct The I-35 Trade Corridor Study.

I-35 Corridor Trade Study Newsletter, Spring 1998

The Federal Highway Administration (FHWA)and the Departments of Transportation in Texas, Oklahoma, Kansas, Missouri, Iowa and Minnesota combined their efforts to conduct The I-35 Trade Corridor Study.

IoWoman November/December 2005, Vol.35, no.6

Newsletter for the Iowa Commission on the Status of Women

Derivats financers al mercat espanyol: el Model de Black-Scholes i corbes de volatilitat per opcions sobre l'índex niniIBEX-35

El nostre treball es centrarà en conèixer i aprendre les nocions bàsiques del mercat financer espanyol, primer; i aplicar uns coneixements per veure si es verifica unahipòtesi plantejada, després. La incògnita que volem resoldre és la següent: comprovarsi tots els supòsits i resultats que faciliten els models teòrics emprats en l’estudi dels mercats financers a l’hora de la veritat es compleixen.D’entre els múltiples conceptes que ens proporcionen els estudis de mercatsfinancers ens centrarem sobretot en el model de Black-Scholes i els somriures devolatilitat per desenvolupar el nostre treball. Després de cercar les dades necessàries a través de la web del M.E.F.F., entrevistar-nos amb professionals del sector i fer un seguiment d’aproximadament dos mesos dels moviments de les opcions sobre l’Índex Mini-Íbex 35, amb l’ajuda d’un programa informàtic en llenguatge C, hem calculat les corbes de volatilitat de les opcions sobre l’Índex Mini-Íbex 35.Les conclusions més importants que hem extret són que el Model de Black-Scholes, malgrat va revolucionar el món dels mercats financers, està basat en 2 supòsits que no es compleixen a la realitat: la distribució lognormal del preu de les accions i unavolatilitat constant. Tal i com hem pogut comprovar, la corba de volatilitat de lesopcions sobre l’Índex Mini-Íbex 35 és decreixent amb el preu d’exercici i laMoneyness, tal i com sostenen les teories dels somriures de volatilitat; per tant, no és constant. A més, hem comprovat que a mesura que s’apropa el venciment d’una opció,el preu acordat de l’actiu subjacent a l’opció s’apropa al preu de mercat.

Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.

Physiological state and rate protein synthesis of phytoplankton off the coast of Peru as measured by sulfur-35 incorporation

Analiza el estado de la fisiología del fitoplancton de las aguas costeras cercanas a Perú

[Collection Jules Beau. Photographie sportive] : T. 35. Années 1908, 1909 et 1910 / Jules Beau

Donateur : Touring-Club de France

Footnotes, January - February - March 2010, Vol.35, no.1-3

Monthly newsletter of State Library

Footnotes, April-May-June 2010, Vol.35, no.4-6

Monthly newsletter of State Library