Essays on Stock Market Reactions to New Information

A functioning stock market is an essential component of a competitive economy, since it provides a mechanism for allocating the economy’s capital stock. In an ideal situation, the stock market will steer capital in a manner that maximizes the total utility of the economy. As prices of traded stocks depend on and vary with information available to investors, it is apparent that information plays a crucial role in a functioning stock market. However, even though information indisputably matters, several issues regarding how stock markets process and react to new information still remain unanswered. The purpose of this thesis is to explore the link between new information and stock market reactions. The first essay utilizes new methodological tools in order to investigate the average reaction of investors to new financial statement information. The second essay explores the behavior of different types of investors when new financial statement information is disclosed to the market. The third essay looks into the interrelation between investor size, behavior and overconfidence. The fourth essay approaches the puzzle of negative skewness in stock returns from an altogether different angle than previous studies. The first essay presents evidence of the second derivatives of some financial statement signals containing more information than the first derivatives. Further, empirical evidence also indicates that some of the investigated signals proxy risk while others contain information priced with a delay. The second essay documents different categories of investors demonstrating systematical differences in their behavior when new financial statement information arrives to the market. In addition, a theoretical model building on differences in investor overconfidence is put forward in order to explain the observed behavior. The third essay shows that investor size describes investor behavior very well. This finding is predicted by the model proposed in the second essay, and hence strengthens the model. The behavioral differences between investors of different size furthermore have significant economic implications. Finally, the fourth essay finds strong evidence of management news disclosure practices causing negative skewness in stock returns.

G82-621 Sources of Livestock and Poultry Market Information (Revised July 1994)

This NebGuide provides a list of various market information sources, each followed by a brief summary of issue schedules and contents. It provides a listing of widely used and readily available market information sources that contain information which may be useful to agricultural producers, lenders and agribusiness firms when making livestock and poultry marketing decisions. Most of the available market information and statistical data comes from the U.S. Department of Agriculture (USDA). Many now require an annual subscription fee.

New Evidence on the Properties of the Financial Statement Information Pricing Process

This study contributes to our knowledge of how information contained in financial statements is interpreted and priced by the stock market in two aspects. First, the empirical findings indicate that investors interpret some of the information contained in new financial statements in the context of the information of prior financial statements. Second, two central hypotheses offered in earlier literature to explain the significant connection between publicly available financial statement information and future abnormal returns, that the signals proxy for risk and that the information is priced with a delay, are evaluated utilizing a new methodology. It is found that the mentioned significant connection for some financial statement signals can be explained by that the signals proxy for risk and for other financial statement signals by that the information contained in the signals is priced with a delay.

How Do Different Types of Investors React to New Financial Statement Information?

The study contributes to our understanding of the forces that drive the stock market by investigating how different types of investors react to new financial statement information. Using the extremely comprehensive official register of share holdings in Finland, we find that the majority of investors are more probable to sell (buy) stocks in a company after a positive (negative) earnings surprise, and show a bias towards buying after the disclosure of new financial statement information. Large investors, on the other hand, show behavior opposite to that of the majority of investors in the market. Further, foreign investors show behavior similar to that of domestic investors. We suggest investor overconfidence and asymmetric information as possible explanations for the documented behavior.

ANN based day-ahead spinning reserve forecast for electricity market simulation

Electricity market players operating in a liberalized environment require adequate decision support tools, allowing them to consider all the business opportunities and take strategic decisions. Ancillary services represent a good negotiation opportunity that must be considered by market players. This paper deals with short-term predication of day-ahead spinning reserve (SR) requirement that helps the ISO to make effective and timely decisions. Based on these forecasted information, market participants can use strategic bidding for day-ahead SR market. The proposed concepts and methodologies are implemented in MASCEM, a multi-agent based electricity market simulator. A case study based on California ISO (CAISO) data is included; the forecasted results are presented and compared with CAISO published forecast.

Consumers' attitudes, trust and willingness to pay for food information

Market failure can be corrected using different regulatory approaches ranging from high to low intervention. Recently, classic regulations have been criticized as costly and economically irrational and thus policy makers are giving more consideration to soft regulatory techniques such as information remedies. However, despite the plethora of food information conveyed by different media there appears to be a lack of studies exploring how consumers evaluate this information and how trust towards publishers influence their choices for food information. In order to fill such a gap, this study investigates questions related to topics which are more relevant to consumers, who should disseminate trustful food information, and how communication should be conveyed and segmented. Primary data were collected both through qualitative (in depth interviews and focus groups) and quantitative research (web and mail surveys). Attitudes, willingness to pay for food information and trust towards public and private sources conveying information through a new food magazine were assessed using both multivariate statistical methods and econometric analysis. The study shows that consumer attitudes towards food information topics can be summarized along three cognitive-affective dimensions: the agro-food system, enjoyment and wellness. Information related to health risks caused by nutritional disorders and food safety issues caused by bacteria and chemical substances is the most important for about 90% of respondents. Food information related to regulations and traditions is also considered important for more than two thirds of respondents, while information about food production and processing techniques, life style and food fads are considered less important by the majority of respondents. Trust towards food information disseminated by public bodies is higher than that observed for private bodies. This behavior directly affects willingness to pay (WTP) for food information provided by public and private publishers when markets are shocked by a food safety incident. WTP for consumer association (€ 1.80) and the European Food Safety Authority (€ 1.30) are higher than WTP for the independent and food industry publishers which cluster around zero euro. Furthermore, trust towards the type of publisher also plays a key role in food information market segmentation together with socio-demographic and economic variables such as gender, age, presence of children and income. These findings invite policy makers to reflect on the possibility of using information remedies conveyed using trusted sources of information to specific segments of consumers as an interesting soft alternative to the classic way of regulating modern food markets.

What Does the Market Learn from Stock Offering Revisions?

We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investros. Revisions could deliver firm-originated infoirmation, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated information, which is information market participants have but which is not conveyed until trading takes place. Our results reject the notion that revisions reveal firm-originated news. Instead, the results are consistent with the market-originated news hypothesis and suggest a mechanism that investros and underwriters use to learn about the demand for an offering.

The Staple Commodities of the Knowledge Market

In this paper, the “Information Market” is introduced as a payable information exchange and based on it information interaction. In addition, special kind of Information Markets - the Knowledge Markets are outlined. The main focus of the paper is concentrated on the investigation of the staple commodities of the knowledge markets. They are introduced as kind of information objects, called “knowledge information objects”. The main theirs distinctive characteristic is that they contain information models, which concern sets of information models and interconnections between them.

Plano de marketing aplicado ao CDI da Secretaria-Geral do MAMAOT

Trabalho de projecto de mestrado, Ciências da Documentação e Informação, Universidade de Lisboa, Faculdade de Letras, 2013

Gérer la ville au Bénin : la mise en œuvre du Registre foncier urbain à Cotonou, Porto-Novo et Bohicon

La gestion des villes d’Afrique de l’Ouest pose problème à la période contemporaine : extension urbaine non maitrisée, services de base insuffisants, insécurité foncière. À travers l’aide internationale, d’importantes réformes visant à améliorer son efficacité ont pourtant été mises en place, mais elles semblent avoir été inefficaces. Dépassant ce constat d’échec, la thèse vise à comprendre comment se déroule l’acte de gérer la ville dans les circonstances particulières des villes d’Afrique de l’Ouest. La mise en œuvre du Registre foncier urbain (RFU), système d’information foncière municipal multi-fonctions introduit au Bénin à travers des programmes de développement au début des années 1990, constitue le prisme à travers lequel la gestion urbaine est analysée. Celle-ci est ainsi approchée par les actes plutôt que par les discours. S’appuyant sur une démarche socio-anthropologique, la mise en œuvre de l’instrument est analysée depuis le point de vue des acteurs locaux et selon une double grille de lecture : d’une part, il s’agit de saisir les logiques de l’appropriation locale dont le RFU a fait l’objet au sein des administrations; d’autre part, il s’agit de comprendre son interaction avec le territoire, notamment avec les dynamiques complexes d’accès au sol et de sécurisation foncière. Une étude de cas multiple a été menée dans trois communes : Cotonou, Porto-Novo et Bohicon. Deux ensembles de conclusions en découlent. Tout d’abord, le RFU s’est imposé comme l’instrument pivot de la fiscalité locale, mais est mis en œuvre de manière minimale. Ce fonctionnement particulier est une adaptation optimale à un contexte fait de rivalités professionnelles au sein d’administrations cloisonnées, d’enjeux politico-financiers liés aux différentes sources de revenus communaux et de tensions politico-institutionnelles liées à une décentralisation tardive. Les impacts du RFU en termes de développement des compétences professionnelles nationales sont insuffisants pour réformer la gestion urbaine depuis l’intérieur de l’administration municipale. Ensuite, alors qu’il vise à centraliser l’information sur les propriétaires présumés de la terre, le RFU se heurte à la marchandisation de cette information et à la territorialisation de la régulation foncière. La mise en œuvre du RFU s’en trouve affectée de deux manières : d’une part, elle s’insère dans ces circuits marchands de l’information foncière, avec cependant peu de succès ; d’autre part, elle a un impact différencié selon les territoires de la régulation foncière. En définitive, l’acte de gérer la ville au Bénin n’est pas devenu automatique avec l’introduction d’instruments comme le RFU. La municipalité se repose plutôt sur les piliers classiques de l’action publique, l’administration et le politique, pour gérer la ville plurielle de manière différenciée. À l’endroit des concepteurs d’action publique, cette thèse plaide pour une prise en compte des modes de régulation existant dans les sociétés africaines, fussent-ils pluriels, reconnaissant les voies originales que prend la construction des institutions en Afrique.

Aplicación y desarrollo modelo de internacionalización : Intergráficas S.A.

Para el desarrollo del presente trabajo de grado, contamos con la valiosa colaboración del profesor Andrés Castro y la empresa Intergráficas S.A. La metodología utilizada consiste en aplicar un modelo desarrollado por el profesor Andrés Castro y en el cual, mediante unas encuestas se analiza la posibilidad que tiene la empresa para hacer un proceso de internacionalización. Dicho proceso para la empresa Intergráficas S.A. se estable a partir de información interna de la empresa, estudio del mercado, estrategias, financiamiento, tecnología, recurso humano, plan estratégico, conclusiones y recomendaciones. La intención es proponer un proceso de internacionalización para que la empresa de manera metódica incremente sus ingresos a través de nuevos mercados con énfasis en incrementar sus exportaciones y también de un mejoramiento interno de la organización mediante una propuesta o proyecto con unas fechas determinadas, para que sus resultados sean tangibles con talento humano encargado, presupuesto establecido y unas estrategias marcadas. De esta manera la empresa lograra una mayor competitividad en el mercado en el cual trabaja, tendrá la posibilidad de obtener certificaciones internacionales y contribuir al progreso de la nación y de la propiedad privada