Three Essays in Empirical Asset Pricing

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally assumed to be promptly removed via the actions of profit seeking arbitrageurs. These extreme events motivate the three essays in this work. The first essay seeks and fails to find evidence of investor behavior consistent with the broad 'Too Big To Fail' policies enacted during the crisis by government agents. Only in limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed, did investors impart a premium to the debt security prices of firms under stress. The second essay introduces the Inflation Indexed Swap Basis (IIS Basis) in examining the large differences between cash and derivative markets based upon future U.S. inflation as measured by the Consumer Price Index (CPI). It reports the consistent positive value of this measure as well as the very large positive values it reached in the fourth quarter of 2008 after Lehman Brothers went bankrupt. It concludes that the IIS Basis continues to exist due to limitations in market liquidity and hedging alternatives. The third essay explores the methodology of performing debt based event studies utilizing credit default swaps (CDS). It provides practical implementation advice to researchers to address limited source data and/or small target firm sample size.

What’s in a name : Is there a right to terminate a contract for purchase of a unit if the name changes?

The significance of the proposed name of a building to buyers of units off the plan has received recent attention in Queensland and the ACT with differing results. In Gough v South Sky Investments Pty Ltd the Queensland Court of Appeal concluded that the name of the building was not an essential term of the contract and rejected a claim by a number of buyers to terminate their contracts because of the change of name from Oracle to Peppers. In contrast, Rares J in the Federal Court decision of Madison Constructions Pty Ltd v Empire Building Group (ACT) Pty Ltd considered that the name of the building in a proposed development could potentially form the basis of misleading conduct about the association of the seller with a particular development corporation.

Privacy concerns and purchase of travel product online

The travel and tourism industry has come to rely heavily on information and communication technologies to facilitate relations with consumers. Compiling consumer data profiles has become easier and it is widely thought that consumers place great importance on how that data is handled by firms. Lack of trust may cause consumers to have privacy concerns and may, in turn, have an adverse impact on consumers’ willingness to purchase online. Three specific aspects of privacy that have received attention from researchers are unauthorized use of secondary data, invasion of privacy, and errors. A survey study was undertaken to examine the effects of these factors on both prior purchase of travel products via the Internet and future purchase probability. Surprisingly, no significant relationships were found to indicate that such privacy concerns affect online purchase behavior within the travel industry. Implications for managers are discussed.

Minutes of meeting regarding purchase of property in Beaver Street

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Financial assistance for purchase of large fishing vessels

The Government of Sri Lanka is improving off-shore and deep-shore fishing by introducing more sophisticated and larger vessels into the Sri Lanka waters, together with the offer of subsidies, tax holidays and other concessions to those who seek to operate such fishing vessels. As a first step, some thirty 38 foot class fishing vessels are to be introduced. The requisite variety and quantity of fishing gear is supplied together with the vessels, and operators will be given further assistance to either export or market their catches locally by provision of insulated fish transport vans, jeeps with trailers, crushed ice plants, fish storage cabinets and adequate spares for at least the next few years. A description is given of the credit terms offered for the purchase of such vessels, pre-shipment finance, and loans and hire purchase facilities.

History, an Exit Strategy: The Retrofuture Fabulations of kara lynch

A cartographer constructs a map of an individual creative history, that of the American artist kara lynch, as it emerges in connection to a collective history of African American cultural expression. Positioning history as complex, dynamic systems of interwoven memory networks, the map follows lynch’s traversals through various “zones of cultural haunting”: places where collective memories made invisible through systematic processes of cultural erasure may be recovered and revived. Through these traversals, which are inspired by lynch’s “forever project” Invisible, the map covers such terrains as haunted narratives, mechanisms of abstraction and coding within African American media production, water as an informational technology, the distribution of memory in blood, the dialectics of materiality and immateriality that frame considerations of black subjectivity, and the possibility that place of music might not be the site of sound but instead the social production of memory.

AGREED-UPON PROCEDURES REPORT ON CONTRACT FOR PURCHASE OF NURSING CARE SERVICES WITH STATE OF SOUTH CAROLINA DEPARTMENT OF HEALTH AND HUMAN SERVICES

The Medicaid Audits Section of the South Carolina Office of the State Auditor performs audits and reviews of cost reports filed by institutional providers of Medicaid services. These cost reports are used by the Health and Human Services Finance Commission to establish amounts to be paid to these providers for services provided to qualified Medicaid recipients. This report deals with A. Sam Karesh Long Term Care Nursing Facility in North Augusta, S.C.

Information needs for a purchase of fairtrade coffee

This research investigates what information German Fairtrade coffee consumers search for during pre-purchase information seeking and to what extent information is retrieved. Furthermore, the sequence of the information search as well as the degree of cognitive involvement is highlighted. The role of labeling, the importance of additional ethical information and its quality in terms of concreteness as well as the importance of product price and organic origin are addressed. A set of information relevant to Fairtrade consumers was tested by means of the Information Display Matrix (IDM) method with 389 Fairtrade consumers. Results show that prior to purchase, information on product packages plays an important role and is retrieved rather extensively, but search strategies that reduce the information processing effort are applied as well. Furthermore, general information is preferred over specific information. Results of two regression analyses indicate that purchase decisions are related to search behavior variables rather than to socio-demographic variables and purchase motives. In order to match product information with consumers’ needs, marketers should offer information that is reduced to the central aspects of Fairtrade.

The compulsory purchase of farmland: identifying severance and injurious affection claims

In situations of compulsory purchase of farmland, claims for the injurious affection of retained land can form a substantial part of the overall claim for compensation. This paper seeks to identify the problems of identifying injurious affection and severance items, and examines how statutory provision and subsequent case law have dealt with them.