WorldWideScience

Sample records for investor forum program

  1. Shanghai housing reform. Program a burden on foreign investors.

    Science.gov (United States)

    Burke, F

    1991-09-23

    This document contains a summary of the Housing Reform Program created in Shanghai, China, in 1991, which requires monthly contributions of all employers and employees in Shanghai to a "Collective Reserve Fund." The program also applies to foreign investment enterprises and must be followed by all enterprises, regardless of any previous housing benefits that an enterprise may be providing its employees. Employers must deduct 5% from each employee's salary (with a minimum) monthly and must match that amount. The total is paid into an account in the employer's name with the People's Construction Bank of China. The total amount collected and matched for an employee is considered the property of the employee, but the account is administered by the employer as a collective trust account. Each employee's balance may be withdrawn upon retirement, leaving the area, or purchasing a home and leaving state-owned housing. Foreign investment enterprises contribute a reduced amount in recognition of the fact that they pay salaries that are higher than those of state enterprises. The Housing Reform Program also requires employers to contribute to doubled rent subsidies for public housing, requires workers to purchase housing construction bonds in order to be eligible for newly allocated public housing, calles for housing to be sold at favorable prices, and creates a system whereby mortgages can be obtained from the Collective Reserve Fund.

  2. Critical Issues Forum: A multidisciplinary educational program integrating computer technology

    Energy Technology Data Exchange (ETDEWEB)

    Alexander, R.J.; Robertson, B.; Jacobs, D. [Los Alamos National Lab., NM (United States)

    1998-09-01

    The Critical Issues Forum (CIF) funded by the US Department of Energy is a collaborative effort between the Science Education Team of Los Alamos National Laboratory (LANL) and New Mexico high schools to improve science education throughout the state of New Mexico as well as nationally. By creating an education relationship between the LANL with its unique scientific resources and New Mexico high schools, students and teachers participate in programs that increase not only their science content knowledge but also their critical thinking and problem-solving skills. The CIF program focuses on current, globally oriented topics crucial to the security of not only the US but to that of all nations. The CIF is an academic-year program that involves both teachers and students in the process of seeking solutions for real world concerns. Built around issues tied to LANL`s mission, participating students and teachers are asked to critically investigate and examine the interactions among the political, social, economic, and scientific domains while considering diversity issues that include geopolitical entities and cultural and ethnic groupings. Participants are expected to collaborate through telecommunications during the research phase and participate in a culminating multimedia activity, where they produce and deliver recommendations for the current issues being studied. The CIF was evaluated and found to be an effective approach for teacher professional training, especially in the development of skills for critical thinking and questioning. The CIF contributed to students` ability to integrate diverse disciplinary content about science-related topics and supported teachers in facilitating the understanding of their students using the CIF approach. Networking technology in CIF has been used as an information repository, resource delivery mechanism, and communication medium.

  3. Institutional Investors

    DEFF Research Database (Denmark)

    Birkmose, Hanne Søndergaard; Strand, Therese

    Research Question/Issue: Institutional investors are facing increased pressure and threats of legislation from the European Union to abandon passive ownership strategies. This study investigates the prerequisites for – and potential dissimilarities in the practice of, active ownership among...... institutional investors in two Scandinavian countries with diminutive legal and cultural distance in general. Research Findings/Insights: Using data on shareholder proposals from Danish and Swedish annual general meetings from 2006 throughout 2010, we find that institutional investors are approximately....../Policy Implications: Regulators should be aware of the impact by local governance mechanisms, and how shareholders react under different legal and practical prerequisites. The paper also highlights legal elements that differ between Denmark and Sweden, and which might affect institutional activism....

  4. The Relationships among Group Size, Participation, and Performance of Programming Language Learning Supported with Online Forums

    Science.gov (United States)

    Shaw, Ruey-Shiang

    2013-01-01

    This study examined the relationships among group size, participation, and learning performance factors when learning a programming language in a computer-supported collaborative learning (CSCL) context. An online forum was used as the CSCL environment for learning the Microsoft ASP.NET programming language. The collaborative-learning experiment…

  5. Forum of stakeholder confidence - Phase II of program of work

    International Nuclear Information System (INIS)

    Le Bars, Yves

    2006-01-01

    The author welcomed the Forum for Stakeholder Confidence (FSC) participants and introduced the day's meetings that would investigate the possible contributions and conditions for RD and D to support stakeholder confidence. In his introductory remarks, Mr. Le Bars reviewed the intent of this topical discussion and its contribution to the Phase 2 Programme of Work for FSC. Observations were drawn from previous FSC work concerning the evolving requirements for stakeholder involvement that require a new culture within the organizations. It is recognized that each actor must respect certain values and abilities, and have the capacity to communicate, to learn from the public and to adapt. In particular, it was suggested that the role of the expert in the decision-making process has changed, and there is a need to restore credibility to the voice of experts to support the processes relating to radioactive waste management. Mr. Le Bars spoke about the changing role of the 'expert' and increasing demands from the public to be informed, active participants in decision-making processes. As societal expectations have evolved over the years, there is less willingness to give the expert the legitimacy to decide, or the expert working solely with the decision-maker. Rather, there are growing demands for public policies to be defined and implemented through decision-making processes that also invite stakeholder participation, as another important category of actors. Thus, the decision-making process can be viewed as now involving three parties: the public, the experts and decision-makers. Research must be positioned in this context. Research must be part of the process, structure, behaviour and debate. It is meant to be introduced in the process as contributor to the project definition, by providing scientific background. Further, it is best undertaken through an adaptive behaviour, carried out by institutions with a clearly defined and communicated role. In setting

  6. The disposition effect and investor experience

    OpenAIRE

    Da Costa Jr, Newton; Goulart, Marco; Cupertino, Cesar; Macedo Jr, Jurandir; Da Silva, Sergio

    2013-01-01

    We examine whether investing experience can dampen the disposition effect, that is, the fact that investors seem to hold on to their losing stocks to a greater extent than they hold on to their winning stocks. To do so, we devise a computer program that simulates the stock market. We use the program in an experiment with two groups of subjects, namely experienced investors and undergraduate students (the inexperienced investors). As a control procedure, we consider random trade decisions made...

  7. Designing nursing excellence through a National Quality Forum nurse scholar program.

    Science.gov (United States)

    Neumann, Julie A; Brady-Schluttner, Katherine A; Attlesey-Pries, Jacqueline M; Twedell, Diane M

    2010-01-01

    Closing the knowledge gap for current practicing nurses in the Institute of Medicine (IOM) core competencies is critical to providing safe patient care. The National Quality Forum (NQF) nurse scholar program is one organization's journey to close the gap in the IOM core competencies in a large teaching organization. The NQF nurse scholar program is positioned to provide a plan to assist current nurses to accelerate their learning about quality improvement, evidence-based practice, and informatics, 3 of the core competencies identified by the IOM, and focus on application of skills to NQF nurse-sensitive measures. Curriculum outline, educational methodologies, administrative processes, and aims of the project are discussed.

  8. On Algorithmic Portfolio Optimization for a Momentum Investor - a Stochastic Programming Approach with Moment-Matching Scenario Generation

    OpenAIRE

    Rønning, Håkon Sverre

    2016-01-01

    Momentum strategies based on continuation patterns in equity prices have attracted a wide following among money managers and financial investors attempting to exploit anomalies present in the stock market. In this thesis, we first perform out-of-sample tests of four long-only momentum strategies, one contrarian strategy and one low-volatility investment strategy on US and Norwegian equity samples. We find the momentum and contrarian strategies to yield statistically significant abnormal retu...

  9. Common mistakes of investors

    Directory of Open Access Journals (Sweden)

    Yuen Wai Pong Raymond

    2012-09-01

    Full Text Available Behavioral finance is an actively discussed topic in the academic and investment circle. The main reason is because behavioral finance challenges the validity of a cornerstone of the modern financial theory: rationality of investors. In this paper, the common irrational behaviors of investors are discussed

  10. Asynchronous Distance Education Forum - Brainstorming vs. Snowballing: A Case Study for Teaching in Programming Didactics

    Science.gov (United States)

    Patriarcheas, Kiriakos; Xenos, Michalis

    Asynchronous discussion fora all the more become part of the educational process of distance education. The goal of this research is the study of the educational techniques of Brainstorming and Snowballing to their utilisation in the frame of a distance education forum, both as far as participation and creation of learning environment and also educational effectiveness are concerned. This research refers to computer teachers’ training on didactics of programming within the framework of educational micro-worlds. As it is deduced from the data analysis and the study of the messages higher participation and improvement of critical thinking are noted when Brainstorming technique is used, while fairly less time is spent and less off-topic interventions are made when Snowballing technique is used. Meanwhile, Brainstorming is found to be more advantageous than Snowballing concerning the effectiveness both in primary level (trained teachers) and in secondary level of adaptation and knowledge impartment to the students (results of their students).

  11. 31 CFR 203.16 - Retainer and investor depositaries.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Retainer and investor depositaries... TREASURY TAX AND LOAN PROGRAM PATAX § 203.16 Retainer and investor depositaries. (a) Credit to TIP main account balance. On the business day that the TSC receives an AOC from a retainer or investor depositary...

  12. A Study of the Relationships among Learning Styles, Participation Types, and Performance in Programming Language Learning Supported by Online Forums

    Science.gov (United States)

    Shaw, Ruey-Shiang

    2012-01-01

    This study is focused on the relationships among learning styles, participation types, and learning performance for programming language learning supported by an online forum. Kolb's learning style inventory was used in this study to determine a learner's learning type: "Diverger", "Assimilator", "Converger", and "Accommodator". Social Learning…

  13. Investor Protections and Economic Growth

    OpenAIRE

    Haidar, Jamal Ibrahim

    2009-01-01

    Using objective measures of investor protections in 170 countries, I establish that the level of investor protection matters for cross-country differences in GDP growth: countries with stronger protections tend to grow faster than those with poor investor protections.

  14. The Cosmetic Ingredient Review Program-Expert Safety Assessments of Cosmetic Ingredients in an Open Forum.

    Science.gov (United States)

    Boyer, Ivan J; Bergfeld, Wilma F; Heldreth, Bart; Fiume, Monice M; Gill, Lillian J

    The Cosmetic Ingredient Review (CIR) is a nonprofit program to assess the safety of ingredients in personal care products in an open, unbiased, and expert manner. Cosmetic Ingredient Review was established in 1976 by the Personal Care Products Council (PCPC), with the support of the US Food and Drug Administration (USFDA) and the Consumer Federation of America (CFA). Cosmetic Ingredient Review remains the only scientific program in the world committed to the systematic, independent review of cosmetic ingredient safety in a public forum. Cosmetic Ingredient Review operates in accordance with procedures modeled after the USFDA process for reviewing over-the-counter drugs. Nine voting panel members are distinguished, such as medical professionals, scientists, and professors. Three nonvoting liaisons are designated by the USFDA, CFA, and PCPC to represent government, consumer, and industry, respectively. The annual rate of completing safety assessments accelerated from about 100 to more than 400 ingredients by implementing grouping and read-across strategies and other approaches. As of March 2017, CIR had reviewed 4,740 individual cosmetic ingredients, including 4,611 determined to be safe as used or safe with qualifications, 12 determined to be unsafe, and 117 ingredients for which the information is insufficient to determine safety. Examples of especially challenging safety assessments and issues are presented here, including botanicals. Cosmetic Ingredient Review continues to strengthen its program with the ongoing cooperation of the USFDA, CFA, the cosmetics industry, and everyone else interested in contributing to the process.

  15. Morocco calls for investors

    International Nuclear Information System (INIS)

    Rigaud, Ch.

    2011-01-01

    Morocco imported more than 96% of its energy between 2002 and 2009. Moreover the economic and social development of the country requires important energy needs that will grow by 5% a year. The Morocco government has launched an ambitious plan for developing renewable energies that aims at trebling its today's production of electricity by 2020. 2000 MW of solar energy will be installed on 5 sites and at least 2000 MW of wind energy will also be installed. Morocco's potential for wind energy is assessed to reach 25000 MW. The investment for the solar program will reach 6.5*10 9 euros. The aim of the energy policy is also to create jobs and develop local skills for manufacturing components of wind turbines and solar panels. The idea is that investors produce in Morocco for the local energy market and for export to African countries. Exports of renewable energy toward Europe will also be possible as Morocco is the only Arab country to be connected on the European frequency. A third submarine power cable between Morocco and Europe is being installed. (A.C.)

  16. Experienced and Novice Investors

    DEFF Research Database (Denmark)

    Holm, Claus; Rikhardsson, Pall M.

    2008-01-01

    This paper examines the effect of environmental information on investment decisions. The results are based on an experiment in which groups of investors (varied by experience) were asked to make short and long term investment allocation decisions based on financial information and on supplementary...... environmental information (varied between cases). The results suggest that environmental information disclosure influences investment allocation decisions. The results also suggest that potentially mitigating factors such as the investment horizon and the experience level of investors affect investment...... allocation decisions, but the predicted main effect of positive environmental information holds across different investment horizons and investor types. Hence, the results are not attributable to interaction effects. Interestingly, compared to other company information, environmental information is not rated...

  17. New England Wind Forum: A Wind Powering America Project, Newsletter #5 -- January 2010, Wind and Hydropower Technologies Program (WHTP)

    Energy Technology Data Exchange (ETDEWEB)

    Grace, R. C.; Gifford, J.

    2010-01-01

    Wind Powering America program launched the New England Wind Forum (NEWF) in 2005 to provide a single comprehensive source of up-to-date, Web-based information on a broad array of wind energy issues pertaining to New England. The NEWF newsletter provides New England stakeholders with updates on wind energy development in the region. In addition to regional updates, Issue #5 offers an interview with Angus King, former governor of Maine and co-founder of Independence Wind.

  18. Danish farmers and investors

    DEFF Research Database (Denmark)

    Hajderllari, Luljeta; Karantininis, Konstantinos; Bonnichsen, Ole

    The purpose of this paper is to provide some evidence on the push and pull factors that motivate farmers to expand across their home countries’ borders. The focus is on Danish expansion farmers and investor farmers setting up activities in Central and Eastern European countries like Slovakia...

  19. EMERGING SCIENCE: EPA'S ORD SUPPORTS REGIONAL HAZE PROGRAM; POSTERS FROM BOSC REVIEW AND SCIENCE FORUM

    Science.gov (United States)

    A series of presentations from EPA's Board of Science Councilors review in April 2005 and the Science Forum in May 2005 are being made available to the Regional Planning Organization conference on June 9-10, 2005. Attendees will be able to review the materials during the confere...

  20. Experienced and Novice Investors

    DEFF Research Database (Denmark)

    Holm, Claus; Rikhardsson, Pall M.

    This paper examines the effect of environmental information on the investment decisions of investors. The motivation for the experimental design applied in this study is that unless actual decision making is observed, the potential usefulness of environmental information (or lack thereof) cannot...... be taken for granted. The study is based on an experiment where groups of investors (varied by experience) were asked to make investment allocation decisions based on financial information and on supplementary environmental information (varied between cases). As an investment allocation decision (varied...... by investment horizons) the groups were asked to allocate funds to two companies based on the available information. The findings suggest that environmental information has the potential to influence investment allocation decisions. The findings also suggest that the influence of environmental information...

  1. Portfolio optimization retail investor

    Directory of Open Access Journals (Sweden)

    I. А. Kiseleva

    2016-01-01

    Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.

  2. Information for investors

    International Nuclear Information System (INIS)

    1996-08-01

    A booklet was prepared by Imperial Oil for the benefit of investors. It includes a review of the company's current and historical financial situation by division, i.e., natural resources, petroleum products, chemicals and corporate divisions. Imperials' Resources Division is the largest producer of crude oil and a major producer of natural gas in Canada. Besides production of conventional crude and natural gas, the division is also responsible for the exploration and production of bitumen and is a major developer of Canada's reserves of oil sands through its operations at Cold Lake, Alberta. tabs., figs

  3. EDM forum supplement overview.

    Science.gov (United States)

    Calonge, Ned

    2012-07-01

    The Agency for Health Research and Quality funded the Electronic Data Methods Forum (EDM Forum) to share the experiences and learnings from 11 research teams funded through three different grant programs, each of which involve the use of electronic clinical data in Comparative Effectiveness Research and Patient-Centered Outcomes Research. This overview is meant to describe the context in which the EDM forum was created and to introduce the set of papers in this supplement to Medical Care that describe the challenges and approaches to the use of electronic clinical data in the three key areas of analytic methods, clinical informatics and data governance. The participants in the EDM Forum are providing innovative approaches to generate information that can support the building of a "learning health care system." The compilation of papers presented in this supplement should serve as a resource to others working to develop the infrastructure for collecting, validating and using electronic data for research.

  4. Science Education and Public Outreach Forums (SEPOF): Providing Coordination and Support for NASA's Science Mission Directorate Education and Outreach Programs

    Science.gov (United States)

    Mendez, B. J.; Smith, D.; Shipp, S. S.; Schwerin, T. G.; Stockman, S. A.; Cooper, L. P.; Peticolas, L. M.

    2009-12-01

    NASA is working with four newly-formed Science Education and Public Outreach Forums (SEPOFs) to increase the overall coherence of the Science Mission Directorate (SMD) Education and Public Outreach (E/PO) program. SEPOFs support the astrophysics, heliophysics, planetary and Earth science divisions of NASA SMD in three core areas: * E/PO Community Engagement and Development * E/PO Product and Project Activity Analysis * Science Education and Public Outreach Forum Coordination Committee Service. SEPOFs are collaborating with NASA and external science and education and outreach communities in E/PO on multiple levels ranging from the mission and non-mission E/PO project activity managers, project activity partners, and scientists and researchers, to front line agents such as naturalists/interpreters, teachers, and higher education faculty, to high level agents such as leadership at state education offices, local schools, higher education institutions, and professional societies. The overall goal for the SEPOFs is increased awareness, knowledge, and understanding of scientists, researchers, engineers, technologists, educators, product developers, and dissemination agents of best practices, existing NASA resources, and community expertise applicable to E/PO. By coordinating and supporting the NASA E/PO Community, the NASA/SEPOF partnerships will lead to more effective, sustainable, and efficient utilization of NASA science discoveries and learning experiences.

  5. Lights, camera, education! The potentials of forum theatre in a learning disability nursing program.

    Science.gov (United States)

    McClimens, Alex; Scott, Rachel

    2007-04-01

    Learning disability nurse education, with a current emphasis on inclusive practice and a history of listening to the person with the disability, is well placed to take advantage of more 'experimental' forms of classroom teaching. In this article we argue for the use of forum theatre as a method of addressing topics from practice within an educational setting. Based on our emergent and exploratory work with students we detail at length the theoretical background that supports such an approach and contextualise the issues with reference to a short piece of drama we have used successfully with different student groups. We feel that the success of this method is due to the involvement of students in directing their own education as well as the inclusion of individuals labelled with learning disability as an integral part of the process.

  6. The Inventor-Investor Conundrum

    Science.gov (United States)

    Hobbs, Francis

    2006-01-01

    The complexities of developing a business based on a novel product may appear insurmountable. Stereotypical convention suggests that there are two major players: polarized inventors and "greedy" investors. Surely there is a way of aligning the inventor-investor relationship into something positive for both parties? In this paper Francis…

  7. 24 CFR 330.35 - Investors.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Investors. 330.35 Section 330.35... SECURITIES § 330.35 Investors. Association guaranteed multiclass securities may not be suitable investments for all investors. No investor should purchase securities of any class unless the investor understands...

  8. Visual Analysis of MOOC Forums with iForum.

    Science.gov (United States)

    Fu, Siwei; Zhao, Jian; Cui, Weiwei; Qu, Huamin

    2017-01-01

    Discussion forums of Massive Open Online Courses (MOOC) provide great opportunities for students to interact with instructional staff as well as other students. Exploration of MOOC forum data can offer valuable insights for these staff to enhance the course and prepare the next release. However, it is challenging due to the large, complicated, and heterogeneous nature of relevant datasets, which contain multiple dynamically interacting objects such as users, posts, and threads, each one including multiple attributes. In this paper, we present a design study for developing an interactive visual analytics system, called iForum, that allows for effectively discovering and understanding temporal patterns in MOOC forums. The design study was conducted with three domain experts in an iterative manner over one year, including a MOOC instructor and two official teaching assistants. iForum offers a set of novel visualization designs for presenting the three interleaving aspects of MOOC forums (i.e., posts, users, and threads) at three different scales. To demonstrate the effectiveness and usefulness of iForum, we describe a case study involving field experts, in which they use iForum to investigate real MOOC forum data for a course on JAVA programming.

  9. HIMSS Venture+ Forum and HX360 Provide Industry View of Health Technology Innovation, Startup and Investment Activity; Advancing the New Model of Care.

    Science.gov (United States)

    Burde, Howard A; Scarfo, Richard

    2015-01-01

    Presented by HIMSS, the Venture+ Forum program and pitch competition provides a 360-degree view on health technology investing and today's top innovative companies. It features exciting 3-minute pitch presentations from emerging and growth-stage companies, investor panels and a networking reception. Recent Venture+ Forum winners include TowerView Health, Prima-Temp, ActuaiMeds and M3 Clinician. As an industry catalyst for health IT innovation and business-building resource for growing companies and emerging technology solutions, HIMSS has co-developed with A VIA, a new initiative that addresses how emerging technologies, health system business model changes and investment will transform the delivery of care. HX360 engages senior healthcare leaders, innovation teams, investors and entrepreneurs around the vision of transforming healthcare delivery by leveraging technology, process and structure.

  10. SAMJ FORUM

    African Journals Online (AJOL)

    2006-09-01

    Sep 1, 2006 ... SAMJ FORUM. 862. Undernutrition, brain growth and intellectual development ... They were matched for age and sex with a control group of 11 ... of the average weight for Cape Coloured children of this age.' Thus was the ...

  11. Forum Commentary

    Science.gov (United States)

    Kanno, Yasuko

    2014-01-01

    Social class has been underresearched in the field of applied linguistics. The central goal of this forum was to stimulate more conversation about social class as it impacts language learning and teaching. In this article, I comment on 3 salient themes that have emerged in the 5 articles: (1) agency and structure in language learning and teaching,…

  12. Dominant investors and strategic transparency

    NARCIS (Netherlands)

    Perotti, E.C.; von Thadden, E.-L.

    1998-01-01

    This paper studies product market competition under a strategic transparency decision. Dominant investors can influence information collection in the financial market, and thereby corporate transparency, by affecting market liquidity or the cost of information collection. More transparency on a

  13. Dominant investors and strategic transparency

    NARCIS (Netherlands)

    Perotti, E.C.; von Thadden, E.-L.

    1999-01-01

    This paper studies product market competition under a strategic transparency decision. Dominant investors can influence information collection in the financial market, and thereby corporate transparency, by affecting market liquidity or the cost of information collection. More transparency on a

  14. Investor Perceptions of Board Performance

    DEFF Research Database (Denmark)

    Fischer, Paul E.; Gramlich, Jeffrey D.; Miller, Brian P.

    2009-01-01

    This paper provides evidence that uncontested director elections provide informative polls of investor perceptions regarding board performance. We find that higher (lower) vote approval is associated with lower (higher) stock price reactions to subsequent announcements of management turnovers. In...

  15. Conditional Betas and Investor Uncertainty

    OpenAIRE

    Fernando D. Chague

    2013-01-01

    We derive theoretical expressions for market betas from a rational expectation equilibrium model where the representative investor does not observe if the economy is in a recession or an expansion. Market betas in this economy are time-varying and related to investor uncertainty about the state of the economy. The dynamics of betas will also vary across assets according to the assets' cash-flow structure. In a calibration exercise, we show that value and growth firms have cash-flow structures...

  16. Attracting Investor Attention through Advertising

    OpenAIRE

    Dong Lou

    2014-01-01

    This paper provides empirical evidence that managers adjust firm advertising expenditures to influence investor behavior and short-term stock prices. First, this paper shows that increased advertising spending is associated with individual investor buying and a contemporaneous rise in abnormal stock returns, which is then reversed in subsequent years. Second, there is a significant rise in firm advertising expenditures prior to insider sales and seasoned equity offerings. This large increase ...

  17. Responsible investors acting on climate change. Investors acting on climate change. Climate: Investors take action

    International Nuclear Information System (INIS)

    Simon, Marie; Blanc, Dominique; Husson-Traore, Anne-Catherine; Amiell, Alison; Barochez, Aurelie de; Conti, Sophie; Kamelgarn, Yona; Bonnet, Olivier; Braman, Stuart; Chenet, Hugues; Fisher, Remco; Hellier, Mickael; Horster, Maximilian; Kindelbacher, Sophie; Leaton, James; Lieblich, Sebastien; Neuneyer, Dustin; Lenoel, Benjamin; Smart, Lauren; Torklep Meisingset, Christine

    2015-02-01

    Some investors are willing to lower the carbon emission financed by their investment, recognizing that climate change has financial impacts. At first they measure the carbon footprint of their portfolio, than initiate shareholder engagement actions at oil and gas companies, publish list of exclusion composed of the most carbon-intensive companies and ask for ex fossil fuels indices. In June 2015, Novethic launches the first actualisation of its study released on February 2015 on the mobilisation of investors on climate change over the whole 2015 year. The trend is gaining momentum since more than 200 additional investors publicly disclosed commitments to integrate climate risk into their investment and management practices. In September 2015, for its second update of the report on how investors are taking action on climate change, more than 800 entities were screened. As a key result, investor's actions gain momentum: approaches are growing in number and becoming more expert, divestments are widespread in Europe, and green investments promises are more ambitious. The last edition of November 2015 highlights and scans an exclusive panel of 960 investors worth Euro 30 trillion of assets who have made steps forward to tackle climate change. During the last 8 months, their number has almost increased twofold. This document brings together the first edition of Novethic's study and its three updates

  18. The Local Bias of Individual Investors

    OpenAIRE

    Ning Zhu

    2002-01-01

    This study investigates individual investors' bias towards nearby companies. Using data from a large U.S. discount brokerage, we find that individual investors tend to invest in companies closer to them relative to the market portfolio. Unlike Coval and Moskowitz's (1999) findings on institutional investors, however, we find that advantageous information cannot explain individual investors' local bias. Accounting numbers and information asymmetry matter less to individual investors' local bia...

  19. Radiation protection forum

    International Nuclear Information System (INIS)

    Cabral, W.

    2010-01-01

    The National Director of the Nuclear Regulatory Authority and Radiation Protection of Uruguay in the first forum for radiation protection set out the following themes: activity of regulatory body, radiation safety, physical security, safeguards, legal framework, committed substantive program, use of radiation, risks and benefits, major sources of radiation, the national regulatory framework, national inventory of sources, inspections, licensing, import and export of sources control , radioactive transport, materials safety, agreements, information and teaching, radiological emergencies and prompt response.

  20. Institutional Investors as Minority Shareholders

    OpenAIRE

    Assaf Hamdani; Yishay Yafeh

    2013-01-01

    We examine the link between minority shareholders' rights and corporate governance by studying institutional investors' voting patterns in a concentrated ownership environment. Institutions rarely vote against insider-sponsored proposals even when the law empowers the minority. Institutions vote against compensation-related proposals more often than against related party transactions even when minority shareholders cannot influence outcomes. Potentially conflicted institutions are more likely...

  1. Politics, investor protection and competition

    NARCIS (Netherlands)

    Perotti, E.; Volpin, P.

    2007-01-01

    External finance is critical for less established entrepreneurs, so poor investor protection can hinder competition. We model how lobbying by incumbents may reduce access to finance in countries where politicians are less accountable to voters. In a broad cross-section of countries and industries,

  2. Investment Behaviour of Institutional Investors

    NARCIS (Netherlands)

    G. Rubbaniy (Ghulame)

    2013-01-01

    textabstractThis study examines the portfolio choice anomalies and trading strategies of two types of institutional investors, Dutch pension funds (PFs) and US mutual funds (MFs), and presents some explanation for the unexpected behaviour in their trading. Particularly we focus on the determinants

  3. Ethics, investments and investor behavior

    NARCIS (Netherlands)

    Zhang, C.

    2006-01-01

    The second part of the dissertation studies the impact of information on investor behavior. In particular, Chapter 5 investigates the impact of information salience on investors’ reactions to news by studying soccer clubs listed on the London Stock Exchange. Chapter 6 is an experimental study which

  4. Financial Advice and Individual Investor Portfolio Performance

    NARCIS (Netherlands)

    Kramer, M.M.

    2012-01-01

    This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these

  5. Are two investors better than one?

    OpenAIRE

    Annamaria Menichini; Peter Simmons

    2001-01-01

    This paper compares the optimal investor repayment contracts of a firm which has private information over its expost revenues when the finance can be provided by a single or by two investors (say a big shareholder and a group of small dispersed shareholders). Costly monitoring can be carried out by those investors who have a larger stake into the contract. When they are the only investors we use the Khalil-Parigi financial contract with non-contractible monitoring, in which the probabilities ...

  6. Essays on investor behavior and trading activity

    OpenAIRE

    Kyröläinen, P. (Petri)

    2007-01-01

    Abstract This thesis investigates a set of equity market phenomena associated with investors' trading activity, using a comprehensive Finnish Central Securities Depository (FCSD) database that records practically all trades by Finnish investors. This database enables us to classify a large number of heterogeneous investors using both economic and institutional characteristics. The first essay classifies investors by trading activity. It analyzes trading styles of active and passive inv...

  7. Option trading and individual investor performance

    NARCIS (Netherlands)

    Bauer, R.; Cosemans, M.; Eichholtz, P.

    2009-01-01

    This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor

  8. 78 FR 66318 - Securities Investor Protection Corporation

    Science.gov (United States)

    2013-11-05

    ...] Securities Investor Protection Corporation AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities Investor Protection Corporation (``SIPC'') filed a proposed rule change with the... satisfaction of customer claims for standardized options under the Securities Investor Protection Act of 1970...

  9. Investor Flows to Asset Managers

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Musto, David K.; Wermers, Russ

    2014-01-01

    of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial...... decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools......Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds' managers, the pricing and comovement of the assets they trade, the stability...

  10. Warren Buffett, the intelligent investor

    OpenAIRE

    Popescu, D.

    2010-01-01

    Starting from the difficult economic conditions in Romania, the paper identifies the qualities of an intelligent investor on the background of the economic and financial crisis by presenting Warren Buffet’s strategy and action in the recent times. The conclusion is that Warren Buffet remains in the economic history as the most atypical capitalist that Americans have ever had and his behaviour could be successfully followed by the Romanian business men.

  11. Warren Buffett, the intelligent investor

    Directory of Open Access Journals (Sweden)

    Popescu, D.

    2010-12-01

    Full Text Available Starting from the difficult economic conditions in Romania, the paper identifies the qualities of an intelligent investor on the background of the economic and financial crisis by presenting Warren Buffet’s strategy and action in the recent times. The conclusion is that Warren Buffet remains in the economic history as the most atypical capitalist that Americans have ever had and his behaviour could be successfully followed by the Romanian business men.

  12. Forum on orthophotography: Summary Report

    Science.gov (United States)

    ,

    1990-01-01

    A Forum on Orthophotography was held on May 15, 1990, at the National Aeronautics and Space Administration's Goddard Space Flight Center in Greenbelt, Maryland. The forum was sponsored jointly by the U.S. Soil Conservation Service, the U.S. Geological Survey, the National Governors' Association, and the National Association of Counties. The purpose of the forum was to expand the understanding and use of orthophoto products among the user community, as well as among those currently considering, or as yet unfamiliar with, the use of these products. It was also intended to provide a forum for assessing requirements for, and interest in, orthophoto products and for the identification and discussion of issues and future needs concerning orthophoto use and coordination. The 1-day forum was organized into three major sessions that focussed on technical aspects, user applications, and management issues. The first session presented a brief background and overview of the technical characteristics of standard and digital orthophotos. The second session included formal presentations by Federal, State, and county government agencies on their current and planned applications of orthophoto products, with particular emphasis on their use within geographic information systems. In the third session, private industry addressed their community's interest, capabilities, and potential role. This session also included a proposal by the U.S. Soil Conservation Service for a national cooperative program for the production of l:12,000-scale orthophotoquad products. In addition to the formal presentations, the forum provided a time for open discussion in which attendees had an opportunity to exchange information and make statements about their needs or other items pertinent to the production and dissemination of orthophoto products. Several agency orthophoto product exhibits and interactive demonstrations were also available throughout the day. This report includes a forum agenda and

  13. Investor response to consumer elasticity

    International Nuclear Information System (INIS)

    Grenaa Jensen, Stine; Meibom, Peter; Ravn, H.F.; Straarup, Sarah

    2004-01-01

    In the Nordic electricity system there is considerable uncertainty with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started in a situation with a large reserve margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime it is unknown if and when investments will take place. The electricity price is the key market signal to potential investors. The price is settled as a balance between supply and demand, and it is generally assumed that the demand side has an important role in this, and increasingly so. However, since consumers have not earlier had the incentive to respond to electricity prices, no reliable estimate of demand elasticity is known. The purpose of the present study is to analyse the role of electricity demand elasticity for investments in new electricity production capacity. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the demand elasticity are used. The simulated investment decisions are taken in a stochastic, dynamic setting, where a key point is the timing of the investment decision in relation to the gathering of new information relative to the stochastic elements. Based on this, the consequences of the development in consumer price elasticity for investments in a base load and a peak load plant are investigated. The main result of the analysis is that peak load investments can be made unprofitable by the development in consumer price elasticity, such that an investor will tend to wait with his peak load investment, until the development in consumer price elasticity has been revealed. (au)

  14. Investor relations and information asymmetry

    Directory of Open Access Journals (Sweden)

    Sandrielem da Silva Rodrigues

    2017-03-01

    Full Text Available ABSTRACT Companies invest significant volumes of resources in investor relations (IR departments. The professionals working in the IR department are responsible for communication between the company and the market, so that the information generated is widely disseminated and understood by investors. In this context, this research aims to investigate whether there is evidence that the IR activity decreases information asymmetry between the company and the market. Specifically, we evaluate the hypothesis that Brazilian companies with IR websites classified as more informative have a reduced bid-ask spread (proxy for asymmetry. Therefore, this paper classifies the informative content from IR websites of Brazilian companies for the years 2013 and 2014 and relates the outcomes obtained with information asymmetry metrics. Initially, the estimation considers the pooled ordinary least squares (POLS model and, at a second moment, in order to mitigate potential endogeneity problems, the pooled two-stage least squares (2SLS model is used. The results indicate that more informative IR websites are able to decrease the bid-ask spread of Brazilian listed companies. This finding strongly encourages companies to provide information to stakeholders on well-structured IR websites of their own.

  15. A Conceptual Model of Investor Behavior

    OpenAIRE

    Lovric, M.; Kaymak, U.; Spronk, J.

    2008-01-01

    textabstractBased on a survey of behavioral finance literature, this paper presents a descriptive model of individual investor behavior in which investment decisions are seen as an iterative process of interactions between the investor and the investment environment. This investment process is influenced by a number of interdependent variables and driven by dual mental systems, the interplay of which contributes to boundedly rational behavior where investors use various heuristics and may exh...

  16. Investor attention and FX market volatility

    OpenAIRE

    Goddard, John; Kita, Arben; Wang, Qingwei

    2015-01-01

    We study the relationship between investors’ active attention, measured by a Google search volume index (SVI), and the dynamics of currency prices. Investor attention is correlated with the trading activities of large FX market participants. Investor attention comoves with comtemporaneous FX market volatility and predicts subsequent FX market volatility, after controlling for macroeconomic fundamentals. In addition, investor attention is related to the currency risk premium. Our results sugge...

  17. Lithuanian Investors' Behaviour During Financial Crisis

    OpenAIRE

    Bikas, Egidijus; Kavaliauskas, Andrius

    2010-01-01

    Based on research of academic literature, this article analyses Lithuanian investors' behaviour during financial crisis. The article summarizes the newest finance science subjects, theories of behavioural finance, and works of various scientists, in order to find cognitive and emotional investors' deviations from rational behaviour, and also to better understand and explain how emotions and environment valuation mistakes influence investors and their decision-making. Emotional nature of inves...

  18. Do Older Investors Make Better Investment Decisions?

    OpenAIRE

    George M Korniotis; Alok Kumar

    2011-01-01

    This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of ...

  19. Lighting detectives forum

    DEFF Research Database (Denmark)

    Bülow, Katja; Skindbjerg Kristensen, Lisbeth

    2003-01-01

    Belysning for boligområder var emnet for lighting detectives forum, der blev afholdt i Stockholm i august 2003.......Belysning for boligområder var emnet for lighting detectives forum, der blev afholdt i Stockholm i august 2003....

  20. Investors' performance and trading behavior on the Norwegian stock market

    OpenAIRE

    Che, Limei

    2011-01-01

    This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

  1. Investor perceptions of nuclear power

    International Nuclear Information System (INIS)

    Hewlett, J.G.

    1984-05-01

    Evidence is provided that investor concerns about nuclear power have recently been reflected in the common stock returns of all utilities with such facilities and have resulted in a risk premium. In particular, over the 1978-1982 period, three nuclear-related events occurred at the same time as, and therefore appear to have caused, significant drops in the market values of nuclear utilities relative to their non-nuclear counterparts. The three events were as follows: the accident at TMI, which occurred in March 1979; the realization in the summer of 1980 that an accident of the magnitude of TMI could result in cleanup costs of over $1 billion, which are not completely insurable and could therefore result in substantial losses; and the summer 1982 decision by the Tennessee Valley Authority (TVA) to cancel some if its nuclear power plant construction projects, and the Nuclear Regulatory Commission (NRC) decision to stop work on the construction of the Zimmer reactor, followed by a warning that it might close the Indian Point 2 and 3 reactors. If an individual had invested $100 in an average nuclear utility on the day before the TMI accident and reinvested all dividends, the value of this investment would have fallen by 10% relative to an identical investment in the average non-nuclear utility. The risk of investments in nuclear power versus conventional generating technologies shows nuclear power to be a relatively risky investment. However, relative to all investments, nuclear power was less risky in terms of the type of risk that would cause investors to require a premium before purchasing their securities. 6 figures, 6 tables

  2. Are domestic investors more informed than foreign investors? Evidence from the Perfectly Segmented Market in China

    NARCIS (Netherlands)

    Chan, K.A.; Menkveld, A.J.; Yang, Z.

    2007-01-01

    This paper uses the perfect market segmentation setting in China's stock market to compare the information content of the stock trades of domestic and foreign investors. We study 76 firms that issue both A-shares (for domestic investors) and B-shares (for foreign investors) and compare the price

  3. A Conceptual Model of Investor Behavior

    NARCIS (Netherlands)

    M. Lovric (Milan); U. Kaymak (Uzay); J. Spronk (Jaap)

    2008-01-01

    textabstractBased on a survey of behavioral finance literature, this paper presents a descriptive model of individual investor behavior in which investment decisions are seen as an iterative process of interactions between the investor and the investment environment. This investment process is

  4. The Asymmetric Predictive Effects of Investor Sentiment

    DEFF Research Database (Denmark)

    Lutz, Chandler

    investors only act as corrective force during certain time periods. We also show that our index predicts implied volatility, media pessimism, and mutual fund flows. Overall, our findings are consistent with both the theories and anecdotal accounts of investor sentiment in the stock market....

  5. The Asymmetric Effects of Investor Sentiment

    DEFF Research Database (Denmark)

    Lutz, Chandler

    investors only act as corrective force during certain time periods. We also show that our index predicts implied volatility, media pessimism, and mutual fund flows. Overall, our findings are consistent with both the theories and anecdotal accounts of investor sentiment in the stock market....

  6. Modeling investor optimism with fuzzy connectives

    NARCIS (Netherlands)

    Lovric, M.; Almeida, R.J.; Kaymak, U.; Spronk, J.; Carvalho, J.P.; Dubois, D.; Kaymak, U.; Sousa, J.M.C.

    2009-01-01

    Optimism or pessimism of investors is one of the important characteristics that determine the investment behavior in financial markets. In this paper, we propose a model of investor optimism based on a fuzzy connective. The advantage of the proposed approach is that the influence of different levels

  7. NREL's Industry Growth Forum Boosts Clean Energy Commercialization Efforts (Fact Sheet)

    Energy Technology Data Exchange (ETDEWEB)

    2010-12-01

    For more than a decade, the National Renewable Energy Laboratory's (NREL) Industry Growth Forum has been the nation's premier event for early-stage clean energy investment. The forum features presentations from the most innovative, promising, and emergent clean energy companies; provocative panels led by thought leaders; and organized networking opportunities. It is the perfect venue for growing cleantech companies to present their business to a wide range of investors.

  8. Outsourcing by Real Estate investors: chances for real estate managers?

    NARCIS (Netherlands)

    Janssen, I.I.; Smits, M.

    2008-01-01

    In the Netherlands outsourcing real estate management by institutional investors is not generally accepted. Since real estate investment became common use by institutional investors about 1960, investors started their own real estate management departments. Only property management regarding daily

  9. 78 FR 68887 - Dodd-Frank Investor Advisory Committee; Meeting

    Science.gov (United States)

    2013-11-15

    ... Investor Advisory Committee; Meeting AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the...

  10. The Asymmetric Effects of Investor Sentiment

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2016-01-01

    We use the returns on lottery-like stocks and a dynamic factor model to construct a novel index of investor sentiment. This new measure is highly correlated with other behavioral indicators, but more closely tracks speculative episodes. Our main new finding is that the effects of sentiment...... are asymmetric: During peak-to-trough periods of investor sentiment (sentiment contractions), high sentiment predicts low future returns for the cross section of speculative stocks and for the market overall, whereas the relationship between sentiment and future returns is positive but relatively weak during...... trough-to-peak episodes (sentiment expansions). Overall, these results match theories and anecdotal accounts of investor sentiment....

  11. 78 FR 12032 - U.S. Department of Agriculture Multi-Family Housing Program 2013 Industry Forums-Open...

    Science.gov (United States)

    2013-02-21

    ... to register again. Non-Discrimination Statement USDA prohibits discrimination in all its programs and... status, familial status, parental status, religion, sexual orientation, political beliefs, genetic... program. (Not all prohibited bases apply to all programs.) To file a complaint of discrimination, complete...

  12. LLW Forum meeting report

    International Nuclear Information System (INIS)

    1996-01-01

    This report summarizes the Low-Level Radioactive Waste Forum (LLW Forum) meeting on May 29 through May 31, 1996.The LLW Forum is an association of state and compact representatives, appointed by governors and compact commissions, established to facilitate state and compact implementation of the Low-Level Waste Policy Act of 1980 and the Low-Level Radioactive Waste Policy Amendments Act of 1985 and to promote the objectives of low-level radioactive waste regional compacts. The LLW forum provides an opportunity for state and compact officials to share information with one another and to exchange views with officials of federal agencies and other interested parties

  13. LLW Forum meeting report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-08-01

    This report summarizes the Low-Level Radioactive Waste Forum (LLW Forum) meeting on May 29 through May 31, 1996.The LLW Forum is an association of state and compact representatives, appointed by governors and compact commissions, established to facilitate state and compact implementation of the Low-Level Waste Policy Act of 1980 and the Low-Level Radioactive Waste Policy Amendments Act of 1985 and to promote the objectives of low-level radioactive waste regional compacts. The LLW forum provides an opportunity for state and compact officials to share information with one another and to exchange views with officials of federal agencies and other interested parties.

  14. investors behavior, earnings management and governance

    Directory of Open Access Journals (Sweden)

    Afraa Khzouri

    2014-07-01

    Full Text Available The aim of this paper is to study the relationship between earnings management, governance and investors behavior, since this latter can inform about the nature of earnings management and can be considered as a governance mechanism to reduce accounts manipulations. On the basis of a sample of 700 American firms for the period of 1996-2006, our empirical results show that investors who take short positions, are able to interpret the information detected from the earnings management. The activity of these investors may be considered as an indicator of the quality of the governance structure and the presence and nature of earnings management. The under-reaction of investors to information leads to short-term sale of the shares of poorly governed firms and characterized by an opportunistic earnings management and to invest in firms well-governed and characterized by an informational earnings management therefore an abnormal profit can be realized.

  15. Multifractals of investor behavior in stock market

    Science.gov (United States)

    Oh, Gabjin

    2017-07-01

    In this paper, we analyze the nonlinear properties of investor activity using the multifractal detrended fluctuation analysis (MF-DFA) method. Using the aggregated trading volumes of buying, selling, and normalized net investor trading (NIT) to quantify the characteristics of trader behavior in the KOSPI market, we find that the cumulative distribution functions of all NIT time series, except for individual traders, follow a power-law distribution with an exponent in the range of 2.92 ≤ γ ≤ 3.87. To observe the nonlinear features of investor activity, we also calculate the multifractal spectra for the buyer, seller, and NIT data sets and find that a multifractal structure exists in all of the data, regardless of the investor type studied.

  16. 75 FR 22640 - Investor Advisory Committee

    Science.gov (United States)

    2010-04-29

    ... providing notice that it will hold a public meeting on Monday, May 17, 2010, in the Multipurpose Room, L-006... Committee; (iii) briefing on the Investor as Owner Subcommittee's environmental, social, and governance...

  17. Practice financing strategies should match investors' objectives.

    Science.gov (United States)

    Messinger, S F; Stevenson, P B

    1999-05-01

    To successfully obtain capital financing, a group practice should develop a business plan that is tailored to the needs and objectives of the targeted investors. When evaluating possible funding sources, healthcare financial managers need to consider the group practice's growth objectives, geographic scope, intended use of the funding, and cash-flow potential and/or assets. Potential capital sources include internal funding; investments by healthcare organizations, health plans, private investors, and venture capitalists; borrowing from lenders; and public offerings.

  18. Value of Recommendation Systems for Online Investors

    OpenAIRE

    Rustam Vahidov; Raafat Saade; Ahmed Eldiwany

    2012-01-01

    Internet allows investors to use friendly tools which help them to make and implement their investment choices in an online environment. Individuals can have access to volumes of information related to alternative financial instruments and craft their strategies according to their needs and preferences. However, in the presence of multiple choices, investors with limited experience and knowledge may need support in making adequate decisions. Recommendations systems have been used in e-commerc...

  19. Nuclear power and investor perceptions of risk

    International Nuclear Information System (INIS)

    Kahal, M.I.; Miller, R.E.

    1984-01-01

    This paper explores and quantifies the recent Wall Street fears concerning nuclear utilities. An econometric model of investor behavior is presented that quantifies the nuclear risk premium for the period when nuclear fear among investors was at its height, in mid-1984. The principal finding is that the risk premium relates primarily to nuclear construction work in progress (CWIP), rather than to the commercial operation of completed nuclear plants. 7 references, 1 table

  20. Asset Allocation of Mutual Fund Investors

    OpenAIRE

    Dengpan Luo

    2003-01-01

    This paper studies mutual fund investors' asset allocation decisions using monthly flow data of U.S mutual fund industry from 1984 to 1998. We find that mutual fund investors change their asset allocations between stocks and bonds in reaction to business conditions tracked by changes in expected stock market returns. They tend to allocate less into stock funds during the trough of a business cycle when expected stock market returns are higher and to allocate more into stock funds during the p...

  1. Between two evils: Investors prefer grand corruption!

    OpenAIRE

    Graf Lambsdorff, Johann

    2005-01-01

    Recent empirical studies claim that, in addition to levels of corruption, investors are deterred by its unpredictability. I claim instead that it is petty corruption that deters investors. I employ seven subcomponents of corruption for a sample of 102 countries that appear in the 2003 Global Competitiveness Report of the WEF. The second principal component of this data depicts a grand, political type, embracing corruption in government policymaking and in judicial decisions as opposed to corr...

  2. Inflation Hedging for Long-Term Investors

    OpenAIRE

    Shaun K. Roache; Alexander P. Attie

    2009-01-01

    Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their limited supply and liquidity lead many investors to continue to rely on the indirect hedging properties of traditional asset classes. In this paper, we assess these properties over different time horizons,...

  3. Private Equity for Retail Investors : How to efficiently involve Finnish retail investors in private equity

    OpenAIRE

    Moita, Angelo

    2017-01-01

    Private equity has been the best performing asset class for institutional investors. Meanwhile, retail investors have been left out from the asset class for several reasons, such as legislation and wealth profiling. This study aims at assessing the types of private equity vehicles that could be the most appropriate for Finnish retail investors. The study solely focuses on the investment opportunities, hence it does not cover investment behaviour. Private equity should not be a primary as...

  4. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

  5. Decrypting Financial Markets through E-Joint Attention Efforts: On-Line Adaptive Networks of Investors in Periods of Market Uncertainty

    Science.gov (United States)

    Casnici, Niccolò; Dondio, Pierpaolo; Casarin, Roberto; Squazzoni, Flaminio

    2015-01-01

    This paper looks at 800,000 messages on the Unicredit stock, exchanged by 7,500 investors in the Finanzaonline.com forum, between 2005 and 2012 and measured collective interpretations of stock market trends. We examined the correlation patterns between market uncertainty, bad news and investors' network structure by measuring the investors' communication patterns. Our results showed that the investors' network reacted to market trends in different ways: While less turbulent market phases implied less communication, higher market volatility generated more complex communication patterns. While the information content of messages was less technical in situations of uncertainty, bad news caused more informative messages only when market volatility was lower. This meant that bad news had a different impact on network behaviour, depending on market uncertainty. By measuring the investors' expertise, we found that their behaviour could help predict changes in daily stock returns. We also found that expert investors were more influential in communication processes during high volatility market phases, whereas they had less influence on the real-time forum's reaction after bad news. Our findings confirm the crucial role of e-communication platforms. However, they also show the need to reconsider the fragility of these collective intelligence systems when under external shocks. PMID:26244550

  6. How does Investors' Legal Protection affect Productivity and Growth?

    OpenAIRE

    Binyamin Berdugo; Sharon Hadad

    2009-01-01

    This paper analyzes the implications of investors' legal protection on aggregate productivity and growth. We have two main results. First, that better investors' legal protection can mitigate agency problems between investors and innovators and therefore expand the range of high-tech projects that can be financed by non-bank investors. Second, investors' legal protection shifts investment resources from less productive (medium-tech) to highly productive (high-tech) projects and therefore enha...

  7. 77 FR 16203 - Section 538 Guaranteed Rural Rental Housing Program 2012 Industry Forums-Open Teleconference and...

    Science.gov (United States)

    2012-03-20

    .... However, if it appears that existing capabilities may prevent the Agency from accommodating all requests... Section 515 developments. The impact of Low Income Housing Tax Credits program changes on Section 538..., genetic information, political beliefs, reprisal, or because all or part of an individual's income is...

  8. 76 FR 8712 - Section 538 Guaranteed Rural Rental Housing Program 2011 Industry Forums-Open Teleconference and...

    Science.gov (United States)

    2011-02-15

    ... existing capabilities may prevent the Agency from accommodating all requests for one form of participation... developments. The impact of Low Income Housing Tax Credits program changes on Section 538 financings. USDA... information, political beliefs, reprisal, or because all or part of an individual's income is derived from any...

  9. 78 FR 17349 - Section 538 Guaranteed Rural Rental Housing Program 2013 Industry Forums-Open Teleconference and...

    Science.gov (United States)

    2013-03-21

    ... or via web link. However, if it appears that existing capabilities may prevent the Agency from... program changes on Section 538 financing. USDA prohibits discrimination against its customers, employees..., gender identity, religion, reprisal and where applicable, political beliefs, marital status, familial or...

  10. Investors flock to Venezuelan bidding rounds

    International Nuclear Information System (INIS)

    Kielmas, M.

    1997-01-01

    The Venezuelan government has disproved the long-cherished oil industry mantra that low tax rates attract private sector investors. At a time when most company managements feel they need to collect balance sheet assets at any price. Venezuela is ensuring that it remains the upmarket not the bargain basement investor target. Despite offering some of the most punitive and complicated fiscal terms worldwide, a near certainty that taxes will rise in the future and state oil company control of the join ventures' operating committees, oil investors of all sizes cannot keep away. The third marginal field reactivation round, launched late last year attracted a staggering 259 companies, both foreign and local, which prequalified to bid. (Author)

  11. ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

    Directory of Open Access Journals (Sweden)

    Ioana Ancuţa IANCU

    2017-05-01

    Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

  12. A Robust Measure of Investor Contrarian Behaviour

    Science.gov (United States)

    Challet, Damien; Morton de Lachapelle, David

    Using the transaction history of all the clients of an on-line broker, we analyse the daily aggregated investment fluxes of individual investors, companies, and asset managers. Computing the probability that price returns and daily investment fluxes have the same sign provides a robust characterisation of contrarian behaviour. The three categories are found to be contrarian, but with widely different intensities. Individual investors are by far the most contrarian of the three, followed by companies. Asset managers are only mildly contrarian with respect positive price returns.

  13. Carbon sequestration leadership forum

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2003-07-01

    The Carbon Sequestration Leadership Forum (CSLF) is an international climate change initiative that will focus on development of carbon capture and storage technologies as a means of accomplishing long-term stabilisation of greenhouse gas levels in the atmosphere. This initiative is designed to improve these technologies through coordinated research and development with international partners and private industry. Three types of cooperation are currently envisioned within the framework of the Forum: data gathering, information exchange, and joint projects. Data gathered from participating countries will be aggregated, summarised, and distributed to all of the Forum's participants. Joint projects will be identified by member nations with the Forum serving as a mechanism for bringing together government and private sector representatives from member countries. The article also reports the inaugural meeting which was held 23-25 June 2003 in Washington.

  14. The Czechoslovak nuclear forum

    International Nuclear Information System (INIS)

    Kadlec, J.

    1992-01-01

    The Czechoslovak Nuclear Forum is a civic initiative that is involved with the safe, economically efficient and generally acceptable development of nuclear power. Its efforts are aimed at incorporation into a broader European context. The Forum is a FORATOM member organization. Its activities are intended to contribute to the establishment of a favorable climate for a further progress of nuclear power in elected bodies (Parliament, municipal and district authorities), in mass media and among the public. (M.D.)

  15. NFP Investor Conference. Growth is back in sight.

    Science.gov (United States)

    Haugh, Richard

    2002-06-01

    In a whirlwind of high-stakes meetings in New York City in mid-May, two dozen of the nation's largest hospitals and health systems strutted their stuff with a single goal: securing their future. Their message was clear: back-to-basics works, and now it's time to grow the business. Executives from 23 providers outlined their work on increasing revenue, boosting margins and shoring up balance sheets. They presented their market positions, strategic initiatives and financial results for investment analysts, credit raters and bond traders. The third annual Non-Profit Healthcare Investor Conference was co-sponsored by the American Hospital Association, Health Forum, the Healthcare Financial Management Association and Salomon Smith Barney. The focus on growth doesn't come without challenges Several common themes emerged from the presentations, among them pressure on reimbursement, workforce shortages, liability insurance issues and capacity constraints. Yet executives agree: it all comes down to the basics, and building the strength to keep their missions alive. As Thomas Meier, vice president and treasurer of Oakland, Calif.-based Kaiser Permanente, put it: "No margin, no mission, no más."

  16. A conceptual model of investor behavior

    NARCIS (Netherlands)

    Lovric, M.; Kaymak, U.; Spronk, J.; Nefti, S.; Gray, J.O.

    2010-01-01

    Behavioral finance is a subdiscipline of finance that uses insights from cogni tive and social psychology to enrich our knowledge of how investors make their financial decisions. Agent-based artificial financial markets are bottomup models of financial markets that start from the micro level of

  17. The Institutional Investors and Corporate Governance

    Directory of Open Access Journals (Sweden)

    Niculae Feleaga

    2006-12-01

    Full Text Available The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars within the assembly of OCDE countries.

  18. Liquidity, Investors and International Capital Markets

    NARCIS (Netherlands)

    D. Vagias

    2013-01-01

    textabstractThis dissertation consists of four empirical studies that seek to furnish a better understanding over liquidity’s broader implications in the decision-making process of investors, managers and regulators in international capital markets. Chapter 2 investigates the time-series as well as

  19. Small-scale nuclear fusion needs investors

    International Nuclear Information System (INIS)

    Kasteren, J. van.

    1985-01-01

    The only Dutch high-risk research company 'Convector' needs money. In the beginning of October, investors could put at most five million Dutch florins in a highly disputed project for the development of a thermonuclear reactor, based on the principle of globular lightnings. (G.J.P.)

  20. Do Investor Preferences Drive Corporate Dividend Policy?

    Directory of Open Access Journals (Sweden)

    Konieczka Przemysław

    2014-10-01

    Full Text Available This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

  1. The Institutional Investors and Corporate Governance

    Directory of Open Access Journals (Sweden)

    Niculae Feleaga

    2006-10-01

    Full Text Available The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars within the assembly of OCDE countries.

  2. Rebalancing for Long-Term Investors

    NARCIS (Netherlands)

    Driessen, Joost; Kuiper, Ivo

    2017-01-01

    In this study we show that the rebalance frequency of a multi-asset portfolio has only limited impact on the utility of a long-term passive investor. Although continuous rebalancing is optimal, the loss of a suboptimal strategy corresponds to up to only 30 basis points of the initial wealth of the

  3. Relationship Between Psychological Attitude of Investors and Their Investment Behavior: A Case Study on ISE Investors

    Directory of Open Access Journals (Sweden)

    Yusuf DEMİR

    2011-06-01

    Full Text Available In financial circles, one of the most discussed and interested topics is the forecastability of stock prices. Many of the studies aiming at determining stock market prices rest on the fact that investors make their decisions rationally based on facts and data. In this paper, we aim to investigate the behavior of individual investors in ISE based on published literature in behavioral finance area. We have found that some psychological prejudice in fact affects the behavior of individual investors. Unlike the conventional assumptions many investors make systematic mistakes and do not utilize rational answers even though it is known. Moreover, media, friends and similar environmental factors also affect the investors’ choices, and processes that turns into herd behavior creating abnormalities in the markets which in turn causes exceptionally high or low reactions

  4. Gender and Equity: Experience of the Working Women's Forum, India.

    Science.gov (United States)

    Azad, Nandini

    1996-01-01

    Illustrates how poor women were able to move out of poverty and dehumanization through a process of mobilization and organization. The process was catalyzed by the intervention of a non-governmental organization, the Working Women's Forum. Outlines the Forum's program of economic, social, and technological empowerment. (MJP)

  5. The decision making on mutual investment of thai investors ...

    African Journals Online (AJOL)

    The decision making on mutual investment of thai investors. ... Journal of Fundamental and Applied Sciences. Journal Home ... The study was a research survey that used questionnaires to collect data from 400 samples of Thai investors.

  6. Relationship marketing's role in managing the firm-investor dyad

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Pennings, J.M.E.; Wies, S.

    2011-01-01

    This paper develops an interdisciplinary conceptual framework demonstrating the role of marketing in managing investor relationships. The framework illustrates how companies can turn investor relationships into market-based assets by analyzing and managing them from a relationship marketing and

  7. A Decision Support Tool For Thrift Savings Plan Investors

    National Research Council Canada - National Science Library

    Blanchette, Christopher

    2004-01-01

    .... These funds give investors the opportunity to diversify among a wide range of securities. This thesis examines the funds offered by the plan and creates a portfolio selection tool that uses investor inputs...

  8. Essays on the social dimensions of investor behavior

    OpenAIRE

    Hoffmann, Arvid Oskar Ivar

    2007-01-01

    Traditional finance theories assume that investors only evaluate risk and expected returns when making investment decisions. More recent behavioral finance theories, however, argue that for many investors there is more to investing than only evaluating risk and returns. Examples hereof are investors who only invest in domestic companies or companies that operate in a social responsible way. This thesis examines the (personal) needs and behavior of individual investors in The Netherlands and c...

  9. Does Investors' Sophistication Affect Persistence and Pricing of Discretionary Accruals?

    OpenAIRE

    Lanfeng Kao

    2007-01-01

    This paper examines whether the sophistication of market investors influences management's strategy on discretionary accounting choice, and thus changes the persistence of discretionary accruals. The results show that the persistence of discretionary accruals for firms face with naive investors is lower than that for firms face with sophisticated investors. The results also demonstrate that sophisticated investors indeed incorporate the implications of current earnings components into future ...

  10. Financial statistics of major investor-owned electric utilities, 1991

    International Nuclear Information System (INIS)

    1993-01-01

    The Financial Statistics of major Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues

  11. 77 FR 56242 - Dodd-Frank Investor Advisory Committee

    Science.gov (United States)

    2012-09-12

    ... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

  12. 78 FR 43254 - Dodd-Frank Investor Advisory Committee

    Science.gov (United States)

    2013-07-19

    ... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

  13. 78 FR 20156 - Dodd-Frank Investor Advisory Committee

    Science.gov (United States)

    2013-04-03

    ... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

  14. 78 FR 2706 - Dodd-Frank Investor Advisory Committee

    Science.gov (United States)

    2013-01-14

    ... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

  15. 77 FR 29705 - Dodd-Frank Investor Advisory Committee

    Science.gov (United States)

    2012-05-18

    ... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of First Meeting of Securities and Exchange Commission Dodd-Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

  16. 76 FR 5307 - Net Worth Standard for Accredited Investors

    Science.gov (United States)

    2011-01-31

    ... affected investors who do not fund capital calls or otherwise reinvest in future rounds of financing. \\41...-3144; IC-29572; File No. S7-04-11] RIN 3235-AK90 Net Worth Standard for Accredited Investors AGENCY... accredited investor standards in our rules under the Securities Act of 1933 to reflect the requirements of...

  17. Essays on the social dimensions of investor behavior

    NARCIS (Netherlands)

    Hoffmann, Arvid Oskar Ivar

    2007-01-01

    Traditional finance theories assume that investors only evaluate risk and expected returns when making investment decisions. More recent behavioral finance theories, however, argue that for many investors there is more to investing than only evaluating risk and returns. Examples hereof are investors

  18. The Accelerator Reliability Forum

    CERN Document Server

    Lüdeke, Andreas; Giachino, R

    2014-01-01

    A high reliability is a very important goal for most particle accelerators. The biennial Accelerator Reliability Workshop covers topics related to the design and operation of particle accelerators with a high reliability. In order to optimize the over-all reliability of an accelerator one needs to gather information on the reliability of many different subsystems. While a biennial workshop can serve as a platform for the exchange of such information, the authors aimed to provide a further channel to allow for a more timely communication: the Particle Accelerator Reliability Forum [1]. This contribution will describe the forum and advertise it’s usage in the community.

  19. PERSEPSI RISIKO DAN KECENDERUNGAN RISIKO INVESTOR INDIVIDU

    Directory of Open Access Journals (Sweden)

    Wiwik Lestari

    2017-03-01

    Full Text Available The two important measurements of risks on behavioral point of view were risk perception and risk propensity.The two construct hypothesizes had negative relationship. This study attempted to establish a model by whichto measure those attitudes towards investment risk and also examined some variables that were postulated asexternal factors of investor investment decision. External factors were the availability of information, socialinteraction, financial adviser and familiarity. The data were collected on a survey research to 150 investors asrespondents in Surabaya area. By employing GeSCA, the result showed that risk propensity and risk perceptionhad negative correlation, supporting previous studies on this two variables relationship. This study alsoproved that external factor significantly affected risk perception and risk propensity

  20. Pengaruh Perilaku Follower Investor pada Volatilitas Saham

    Directory of Open Access Journals (Sweden)

    Made Dewi Ayu Untari

    2017-02-01

    Full Text Available The purposes of this study are to obtain emperical evidence about the influence of followers investor’s behaviour to the stock volatility and analyze the difference offollowers investor’s betweenindustry sectors producing raw materials,manufacture industry and service industry in the Indonesia Stock Exchange (BEI, during the market crash happened in Indonesia. The population number are 507 companies, while the total sample of 247 companies. Sampling technique used purposive sampling. The analysis technique used was a cross-sectional absolute Deviation (CSADand test One Way ANOVA with Post Hoc Test and Least Significant Difference (LSD. Data shows that the behavior of follower investors has positive effect on the volatility of the current stock market crash occurs. Meanwhile, there was no difference in behavior between the follower investor industrial sectors producing raw materials, the manufacturing sector and the service sector when  the market crash.

  1. A behavioral analysis of investor diversification

    OpenAIRE

    Fuertes, A.; Muradoglu, G.; Ozturkkal, B.

    2014-01-01

    This paper studies the link between individual investors’ portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59,951 individual investors’ accounts with a total of 3,248,654 million transactions over the period 2008–2010. Wealthier, highly educated, older investors working in the finance sector and those trading relatively often show higher...

  2. Do Investors Learn About Analyst Accuracy?

    OpenAIRE

    Chang, Charles; Daouk, Hazem; Wang, Albert

    2008-01-01

    We study the impact of analyst forecasts on prices to determine whether investors learn about analyst accuracy. Our test market is the crude oil futures market. Prices rise when analysts forecast a decrease (increase) in crude supplies. In the 15 minutes following supply realizations, prices rise (fall) when forecasts have been too high (low). In both the initial price action relative to forecasts and in the subsequent reaction relative to realized forecast errors, the price response is stron...

  3. Hedge Funds as Investors of Last Resort?

    OpenAIRE

    David J. Brophy; Paige P. Ouimet; Clemens Sialm

    2009-01-01

    Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

  4. Water Finance Webinars and Forums

    Science.gov (United States)

    The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.

  5. THE ENVIRONMENTAL COMMUNICATION FORUM

    African Journals Online (AJOL)

    could enable the more effective communication of envi:onmental issues, not forgetting the importance ... headquarters, when she explained the psychology used to try to persuade people to care for their environ- ment. ... offering a facility if those to whom it is offered are unaware of its existence, or of its value. This the forum ...

  6. 2012 National Leadership Forum

    Science.gov (United States)

    Magnuson, Peter

    2012-01-01

    Two key themes emerged from the 2012 National Leadership Forum: Taking Business to School, which was hosted by the Career and Technical Education Foundation at the end of May. The first was that employers are looking for a workforce that is technologically savvy while having leadership and employability skills. The second is that the business…

  7. EUROSAFE forum 2016

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2016-07-01

    The proceedings of the Eurosafe forum 2016 includes contributions to the following issues: Seminar 1: nuclear installation safety - assessment; Seminar 2: Nuclear installation safety - research; Seminar 3: Waste management and decommissioning - dismantling; Seminar 4: radiation protection, environment and emergency preparedness; Seminar 5: security of nuclear installations and materials.

  8. Relating group size and posting activity of an online community of financial investors: Regularities and seasonal patterns

    Science.gov (United States)

    Racca, P.; Casarin, R.; Dondio, P.; Squazzoni, F.

    2018-03-01

    Group size can potentially affect collective activity and individual propensity to contribute to collective goods. Mancur Olson, in his Logic of Collective Action, argued that individual contribution to a collective good tends to be lower in groups of large size. Today, online communication platforms represent an interesting ground to study such collaborative dynamics under possibly different conditions (e.g., lower costs related to gather and share information). This paper examines the relationship between group size and activity in an online financial forum, where users invest time in sharing news, analysis and comments with other investors. We looked at about 24 million messages shared in more than ten years in the finanzaonline.com online forum. We found that the relationship between the number of active users and the number of posts shared by those users is of the power type (with exponent α > 1) and is subject to periodic fluctuations, mostly driven by hour-of-the-day and day-of-the-week effects. The daily patterns of the exponent showed a divergence between working week and weekend days. In general, the exponent was lower before noon, where investors are typically interested in market news, higher in the late afternoon, where markets are closing and investors need better understanding of the situation. Further research is needed, especially at the micro level, to dissect the mechanisms behind these regularities.

  9. KNOWLEDGE AND SKILLS OF PROFESSIONALS IN INVESTOR RELATIONS

    Directory of Open Access Journals (Sweden)

    Andreja Hašček

    2017-01-01

    Full Text Available Management of investor relations is of utmost importance for a company that raises capital for its operations and projects in the capital market. Investor relations is a function through which the company develops investor confidence in the company and its business operations by establishing a continuous flow of information from the company to the investors on the basis of which investors can make an informed decision about investing in that company, and a flow of information from the investors to the company on the basis of which the company can draw conclusions on the requirements, needs and expectations of investors. Since this is an interdisciplinary function of the company, professionals with a broad range of knowledge and skills work in investor relations. This paper identifies the required knowledge and skills that are minimally required in order for a person in investor relations to be able to fulfil the basic task of this function, the purpose of which is to develop investor confidence in the company and its business operations in order to secure access to investor capital for the company.

  10. Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  11. Stock portfolio structure of individual investors infers future trading behavior.

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  12. Stock portfolio structure of individual investors infers future trading behavior.

    Directory of Open Access Journals (Sweden)

    Ludvig Bohlin

    Full Text Available Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  13. Financial statistics of major US investor-owned electric utilities 1992

    Energy Technology Data Exchange (ETDEWEB)

    1993-12-28

    The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues. The Financial Statistics of Major US Investor-Owned Electric Utilities publication provides information about the financial results of operations of investor-owned electric utilities for use by government, industry, electric utilities, financial organizations and educational institutions in energy planning. In the private sector, the readers of this publication are researchers and analysts associated with the financial markets, the policymaking and decisionmaking members of electric utility companies, and economic development organizations. Other organizations that may be interested in the data presented in this publication include manufacturers of electric power equipment and marketing organizations. In the public sector, the readers of this publication include analysts, researchers, statisticians, and other professionals engaged in regulatory, policy, and program areas. These individuals are generally associated with the Congress, other legislative bodies, State public utility commissions, universities, and national strategic planning organizations.

  14. How value-glamour investors use financial information: UK evidence of investor's confirmation bias

    OpenAIRE

    Doung, C.; Pescetto, G.; Santamaria, D.

    2014-01-01

    The paper investigates investor’s behaviour in the context of value–glamour investing and fundamental analysis, and provides a direct test of the confirmation bias by bringing together the evidence from several strands of literature into a well-defined framework of investor behaviour. The empirical evidence presented is in line with a model of\\ud investor’s asymmetric reaction to good and bad news due to confirmation bias. Pessimistic value investors typically under-react to good financial in...

  15. Internet Forums for Suicide Bereavement.

    Science.gov (United States)

    Bailey, Eleanor; Krysinska, Karolina; O'Dea, Bridianne; Robinson, Jo

    2017-11-01

    Bereavement by suicide is associated with a number of consequences including poor mental health outcomes and increased suicide risk. Despite this, the bereaved by suicide may be reluctant to seek help from friends, family, and professionals. Internet forums and social networking sites are a popular avenue of support for the bereaved, but to date there is a lack of research into their use and efficacy. To survey users of suicide bereavement Internet forums and Facebook groups regarding their help-seeking behaviors, use of forums, and perceived benefits and limitations of such use. This study employed a cross-sectional design in which users of suicide bereavement Internet forums and Facebook groups completed an anonymous online survey. Participants were 222 users of suicide bereavement Internet forums. Most participants (93.2%) had sought face-to-face help from sources other than Internet forums, but were more likely to seek help in the near future from informal rather than formal sources. Forums were perceived as highly beneficial and there were few limitations. The generalizability of these results to other internet forums may be limited. Additionally, we were not able to examine differences between forums in terms of quality or user-reported efficacy. Finally, the data reflects the subjective views of forum users, which may differ from the views of moderators or experts. Internet forums, including Facebook groups, appear to be a useful adjunct to face-to-face help-seeking for supporting those who have been bereaved by suicide.

  16. Young physicists' forum

    International Nuclear Information System (INIS)

    Adams, T.

    2001-01-01

    The Young Physicists' Forum was an opportunity for the younger members of the particle-physics community to gather at Snowmass 2001 and to study and debate major issues that face the field over the next twenty years. Discussions were organized around three major topics: outreach and education, the impact of globalization, and building a robust and balanced field. We report on the results of these discussions, as presented on July 17, 2001

  17. Interest and Inflation Risk: Investor Behavior

    Science.gov (United States)

    González, María de la O; Jareño, Francisco; Skinner, Frank S.

    2016-01-01

    We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector, and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation. PMID:27047418

  18. Pengungkapan Pro Forma, Mendukung atau Menyesatkan Investor?

    Directory of Open Access Journals (Sweden)

    Yohanis Rura

    2010-12-01

    Full Text Available Pro forma is originated from Latin. It contains different meaning depends on which discipline it is used. In accounting, pro forma disclosure is used to show effect of important transaction which occurs after the end of periods, or which occurs during period but not fully reflected in historical cost financial statement of a firm. Pro forma disclosure has the objective to support (but might mislead investor in decision making focused on particular influence of important transaction. Company with low GAAP profit information; less profitable company and has higher level of debt but more liquid, whose P-E ratio and market to book is higher than other companies in the industry; has the tendency to do pro forma disclosure. Pro forma disclosure has been supported by several theories such as: efficient market theory, catering theory, agency theory, signaling theory, and stakeholder theory. However, there are problems in reporting pro forma figures. There is no standard to it. Therefore, information on pro forma disclosure might also mislead less sophisticated investor.

  19. Interest and Inflation Risk: Investor Behavior

    Directory of Open Access Journals (Sweden)

    María de la O eGonzález

    2016-03-01

    Full Text Available We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation.

  20. Investors flock back as WPC casts glow

    International Nuclear Information System (INIS)

    Stonehouse, D.

    2000-01-01

    A reversal of investment capital from Internet companies to oil companies representing real value is the 'talk of the town' at the 16. World Petroleum Congress taking place in Calgary in June 2000. Market analysts are inspired by rising oil prices and prospects of long-term strength on the continental North American market for natural gas, and the noticeable change in the recently fashionable attitude among investors to concentrate on promise and aspiration and returning to the realities of true performance, namely of delivering real products to real consumers and making real profits in the process. As an unmistakable indication of this trend, it was pointed out that in recent weeks the Peters Energy 100 Index of Canadian oil and gas stocks climbed almost twice as fast as the TSE 300. This, combined with new fields, new technologies increasing recoverable reserves in mature fields, and the sustained growing demand for petroleum products, point to the industry's great potential which is not lost on experienced investors. As one industry leader observed 'fashions change, but reality always reasserts itself in the end.'

  1. Interest and Inflation Risk: Investor Behavior.

    Science.gov (United States)

    González, María de la O; Jareño, Francisco; Skinner, Frank S

    2016-01-01

    We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector, and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation.

  2. Investors flock back as WPC casts glow

    Energy Technology Data Exchange (ETDEWEB)

    Stonehouse, D.

    2000-06-19

    A reversal of investment capital from Internet companies to oil companies representing real value is the 'talk of the town' at the 16. World Petroleum Congress taking place in Calgary in June 2000. Market analysts are inspired by rising oil prices and prospects of long-term strength on the continental North American market for natural gas, and the noticeable change in the recently fashionable attitude among investors to concentrate on promise and aspiration and returning to the realities of true performance, namely of delivering real products to real consumers and making real profits in the process. As an unmistakable indication of this trend, it was pointed out that in recent weeks the Peters Energy 100 Index of Canadian oil and gas stocks climbed almost twice as fast as the TSE 300. This, combined with new fields, new technologies increasing recoverable reserves in mature fields, and the sustained growing demand for petroleum products, point to the industry's great potential which is not lost on experienced investors. As one industry leader observed 'fashions change, but reality always reasserts itself in the end.'.

  3. A report on the climate change and investment risk workshop : best practices for Canadian pension funds and institutional investors

    International Nuclear Information System (INIS)

    Boshyk, A.

    2004-01-01

    Investors realize that the value of investment portfolios can be influenced by environmental risks such as climate change. This report is intended to raise awareness within the financial community of climate change risk, and to encourage greater corporate disclosure on climate change. It presents recommended best practices from the Social Investment Organization (SIO) regarding pension funds and other institutional investors for assessing and managing climate change risk. In 2003, 87 institutional investors handling $9 trillion, asked the 500 largest publicly traded companies in the world to disclose investment-relevant information concerning their greenhouse gas emissions. Nearly 800 organizations in all sectors of the Canadian economy have launched voluntary action plans to reduce greenhouse gas emissions. The SIO recommends that Canadian institutional investors should sign the Carbon Disclosure Project, a mechanism designed to obtain carbon risk data from the largest companies in the world. Mandatory disclosure programs have been a successful tool in promoting sustainable development. 37 refs

  4. Financial statistics of selected investor-owned electric utilities, 1989

    Energy Technology Data Exchange (ETDEWEB)

    1991-01-01

    The Financial Statistics of Selected Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide the Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues.

  5. Institutional investors: arbitrageurs or rational trend\\ud chasers?

    OpenAIRE

    Zeng, Yeqin

    2016-01-01

    This paper studies the relationship between institutional investor holdings and stock misvaluation in the U.S. between 1980 and 2010. I find that institutional investors overweigh overvalued and underweigh undervalued stocks in their portfolio, taking the market portfolio as a benchmark. Cross-sectionally, institutional investors hold more overvalued stocks than undervalued stocks. The time-series studies also show that institutional ownership of overvalued portfolios increases as the portfol...

  6. Investigating Investment Preferences of Institutional Investors toward ISE Companies

    OpenAIRE

    Serkan Yilmaz Kandir

    2010-01-01

    Institutional investors may be defined as specialized financial institutions that manage savings collectively on behalf of small investors toward specific objectives. Aim of this study is to investigate the factors that affect investment preferences of institutional investors toward ISE companies. Empirical analysis is performed by employing cross-sectional regression model. In the regression model, estimated for the years, 2005, 2006 and 2007, institutional ownership in each company is used ...

  7. The investor access to the presented financial reports

    OpenAIRE

    Mejzlik, Ladislav; Durianova, Gabriela; Velechovska, Lenka

    2011-01-01

    The paper deals with the investor and potential investor access to the presented financial information of the companies. The accesibility and reliatbility of the financial information is one of the essential aspects of investor decision making. The text treats with the possibilities of presenting financial statements with focus on the internet as suitable place which is used very often nowadays. Timeliness and the form of the financial report submitting is harmonized in t...

  8. Obfuscation, Learning, and the Evolution of Investor Sophistication

    OpenAIRE

    Bruce Ian Carlin; Gustavo Manso

    2011-01-01

    Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication in mutual fund markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial institutions who offer retail products. We show that educational initiatives that are directed to facilitate learnin...

  9. Are Foreign Institutional Investors Good for Emerging Markets?

    OpenAIRE

    Frenkel, Michael; Menkhoff, Lukas

    2003-01-01

    Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

  10. THE EFFECT OF INVESTOR SENTIMENT ON ISE SECTOR INDICES

    Directory of Open Access Journals (Sweden)

    SERPİL CANBAŞ

    2013-06-01

    Full Text Available Determining the factors that affect stock returns is one of the most investigated topics of the finance literature. A number of models have been developed to explain stock returns. Some of these models maintain that stock returns are generated rationally. These models are, Capital Asset Pricing Model, Index Models, Arbitrage Pricing Model and Macroeconomic Factor Models. Nevertheless, these models could not have explained stock returns, although they have used different parameters and methods. Some studies have maintained that investor psychology would have a role in the stock return generation process. There are three theories that investigate the effect of investor psychology on financial markets: Mental accounting theory, herd behavior theory and investor sentiment theory. The aim of this study is to investigate the effect of investor sentiment on stock returns. In this context, three investor sentiment proxies have been determined in the light of previous studies. These proxies are closed-end fund discount, average fund flow of mutual funds and the ratio of net stock purchases of foreign investors to ISE market capitalization. ISE sector indices are used to proxy stock returns. On the other hand, there is a possibility that investor sentiment would merely reflect economic innovations. Some economic factors are used as control variables in order to examine this possibility. Regression analyses are employed for investigating the effect of investor sentiment on stock returns. Findings suggest that investor sentiment affect stock returns systematically. This finding keeps its robustness when economic variables are added to the model.

  11. LLW Forum meeting report

    International Nuclear Information System (INIS)

    1991-01-01

    This document reports the details of the Quarterly Meeting of the Low- Level Radioactive Waste Forum held in San Diego, California during January 23-25, 1991. Topics discussed include: State and Compact Progress Reports; Legal Updates; Update on Technical Assistance; Advanced Notice of Proposed Rulemaking Regarding Surcharge Rebates; Update on TCC Activities; NRC Update; Disposal of Commercial Mixed Waste; Update on EPA Activities; ACNW Working Group on Mixed Waste; National Profile on Mixed Waste; Commercial Perspective on Mixed Waste; Update on DOT Activities; Source Terms; Materials and Waste; Storage: and Waste Acceptance Criteria and Packaging

  12. Forum-ing: Signature practice for public theological discourse ...

    African Journals Online (AJOL)

    The forum meets every Monday morning, except when there is a national holiday. It has operated 30 consecutive years. The forum has a series of presentations, including the opening prayer, self-introductions of each person, a report of the executive director, special presentations from selected community groups, reports, ...

  13. Calisthenics with words: The effect of readability and investor sophistication on investors' performance judgment

    OpenAIRE

    Cui, Xiao Carol

    2016-01-01

    Since the 1990s, the SEC has advocated for financial disclosures to be in “plain English” so that they would be more readable and informative. Past research has shown that high readability is related to more extreme investor judgments of firm performance. Processing fluency is the prevalent theory to explain this: higher readability increases the investor’s subconscious reliance on the disclosure, so positive (negative) news leads to more positive (negative) judgments. The relationship may no...

  14. The minimum price required by investors in IPOs

    Directory of Open Access Journals (Sweden)

    Ahmed Jeribi

    2015-01-01

    Full Text Available With regard to purchasing Tunisian IPOs shares, the current paper aims at considering two types of investors: a non-institutional investor and an institutional one. Each is concerned with placing a purchase order at the offer price during the subscription period. In line with the literature on IPOs, we attempted to determine the minimum price required by an investor allowing for recovering the initial investment, information costs, transaction costs, and the offsetting of shortfall. We expect that the initial return of an IPO share in the Tunisian market is positively related to the following factors: the number of non-institutional investors participating during the subscription period, the subscription ratio of institutional investors, the expected rate of return by investors, the gap between the closing date of the subscription period and the day following the announcement of the subscription result, the gap between the announcement of the subscription result and the first listing day, the number of trading days, the cost of information and the transaction costs. However, it is negatively related to other determinants, such as the discount level, the number of shares allocated for a non-institutional investor and the number of offered shares, which are allocated to non-institutional investors.

  15. The Information Seeking and Use Behaviors of Retired Investors

    Science.gov (United States)

    O'Connor, Lisa G.

    2013-01-01

    This exploratory study examines the information seeking and use behaviors of a group of US retired or near-retirement investors from everyday life information seeking and serious leisure perspectives. Although primarily qualitative, it also collects and analyzes quantitative data to describe retired investors' information preferences and use.…

  16. Dynamics of Investor Attention on the Social Web

    Science.gov (United States)

    Li, Xian

    2013-01-01

    The World Wide Web has been revolutionizing how investors produce and consume information while participating in financial markets. Both the amount of information and the speed it flows around have achieved unprecedented magnitudes. The preeminent change is the growth of investor communities on the social web, which give rise to multidimensional…

  17. Individual Investor Perceptions, Behavior, and Performance During the Financial Crisis

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

    2011-01-01

    Abstract: We study how during the financial crisis individual investor perceptions change, impact trading and risk-taking behavior, and explain performance. Based on monthly survey data and matching brokerage records from April 2008 to March 2009, we find that successful investors had higher return

  18. Individual Investor Perceptions, Behavior, and Performance During the Financial Crisis

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Pennings, J.M.E.; Post, T.

    2011-01-01

    We study how during the financial crisis individual investor perceptions change, impact trading and risk-taking behavior, and explain performance. Based on monthly survey data and matching brokerage records from April 2008 to March 2009, we find that successful investors had higher return

  19. Individual Investor Perceptions and Behavior During the Financial Crisis

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

    2013-01-01

    Combining monthly survey data with matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2008–2009 financial crisis. We find that investor perceptions fluctuate significantly during the crisis, with risk tolerance and

  20. Investors Assessment of the Credibility of Management Disclosures ...

    African Journals Online (AJOL)

    The objective of this study, is to examine the issue of the assessment of the credibility of management disclosures about a company from the perspective of the investors. It presents the results from a questionnaire survey of a sample of financial Analysts, accountants and other investor. The data were analyzed using the one ...

  1. PENGARUH BOOKS-TAX DIFFERENCES TERHADAP INVESTOR TRADING

    Directory of Open Access Journals (Sweden)

    M Khoiru Rusydi

    2016-04-01

    Full Text Available Abstrak: Pengaruh Books-Tax Differences Terhadap Investor Trading. Penelitian ini bertujuan menguji secara empiris pengaruh pengaruh Books-Tax Differences Terhadap Investor Trading di Indonesia. Penelitian ini merupakan model kuantitatif dengan metode analisa regresi berganda, metode regresi ini di tetapkan pada perusahaan manufaktur yang terdaftar di BEI selama kurun waktu 2010-2012.Hasil penelitian ini menunjukkan Books-Tax Differences berpengaruh negatif terhadap Investor Trading / Trading Volume Activity di Indonesia, yang artinya bahwa semakin besar kesenjangan antara laba akuntansi dan laba fiskal akan mendorong investor untuk tidak melakukan aktivitas perdagangan saham perusahaan tersebut. Abstract: The influence of Books-Tax Differences to Investor Trading. This research aims to examine empirically the influence of Books- Tax Differences to Investor Trading in Indonesia. This research is a quantitative model with multiple regression analysis method, regression method is in charge in companies listed on the Stock Exchange during the period 2010- 2012. The results of this research indicate Books-Tax Differences negatively affect the Investor Trading / Trading Volume Activity in Indonesia, which means that the greater the gap between accounting profit and taxable profit will encourage investors don’t activity the company's stock trading.

  2. The Investors- Reaction to Investment Rating Change Announcements

    OpenAIRE

    Chih-Hsiang Chang; Liang-Chien Lee; Shu-Ling Wu

    2012-01-01

    This study investigates the investors- behavioral reaction to the investment rating change announcements from the views of behavioral finance. The empirical results indicate that self-interest does affect the intention of securities firms to release investment ratings for individual stocks. In addition, behavioral pitfalls are also found in the response of retail investors to investment rating change announcements.

  3. Investor perceptions of potential IFRS adoption in the United States

    NARCIS (Netherlands)

    Leung, P.Y.E.; Joos, P.P.M.

    2013-01-01

    This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS

  4. Investor perception towards small medium enterprises investment in Africa

    NARCIS (Netherlands)

    Aboah, J.; White, B.; Meuwissen, M.P.M.

    2015-01-01

    This study seeks to examine investor perceptions towards investing in SMEs in Africa. Data was collected via an online survey sent to investors on the Venture Capital for Africa (VC4Africa) platform. The Kendall’s coefficient of concordance was used to determine the degree of agreement among

  5. On the behavior of mutual fund investors and managers

    NARCIS (Netherlands)

    Goriaev, A.P.

    2002-01-01

    This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically

  6. Do Convertible Bond Issuers Cater to Investor Demand?

    NARCIS (Netherlands)

    de Jong, Abe; Duca, Eric; Dutordoir, Marie

    2013-01-01

    We examine the impact of fluctuations in investor demand for convertible securities on convertible bond issue volumes, pricing, and design. We find evidence of a positive impact of investor demand proxies on convertible bond issue volumes. We also document significantly lower convertible bond

  7. Access to rural banking credit by agribusiness investors in Ahiazu ...

    African Journals Online (AJOL)

    This paper examines access to rural banking credit by agribusiness investors and issues for policies in Ahiazu Mbaise local government area of Imo state. The work is important because the existence of limited access of agribusiness investors to formal rural banking credit and extension services is provided by extension ...

  8. Developers@CERN Forums: Python

    CERN Multimedia

    CERN. Geneva

    2016-01-01

    The Developers@CERN Forums second edition took place at the end of May on the topic of Python. How do developers at CERN interact with Python? Which cutting-edge projects are using Python? What were the highlights of this most recent forum?

  9. London International Youth Science Forum

    Science.gov (United States)

    Auty, Geoff

    2010-01-01

    In this article, the author discusses the 2010 London International Youth Science Forum (LIYSF) and shares his experience in attending the forum. Unlike the Harry Messel event in Sydney, which takes place every two years, LIYSF is an annual event. Before moving to Imperial College London, LIYSF was held at the Institute of Electrical Engineers and…

  10. Research of the Stock Price Overreaction and Investor Overconfidence Issues

    Directory of Open Access Journals (Sweden)

    Bayu Raharja

    2017-06-01

    Full Text Available This research examines the existing of investor overconfidence in the capital market and the phenomena of stock prices reversal in the future due to the existing of this behavior. It has a different approach to test the existing of investor overconfidence by introducing firm’s growth as the information which has triggered many investors to behave overconfidently. By using multiple regression analysis, the results of this research confirmed our conducted hypothesis, investor tends to behave overconfident to firms which have higher growth. It proofed by the positive relation between firms’ growth and trading volume. Afterward, this research also found that higher growth firms tend to have declining on its performance in the future. The negative relation between firms’ growth and longterm performance means that the stock’s price reversal caused by the existing of investor overconfidence.

  11. The International Technical Safety Forum

    CERN Multimedia

    CERN Bulletin

    2010-01-01

    The International Technical Safety Forum is a meeting of safety experts from several physics labs in Europe and the US. Since 1998 participants have been meeting every couple of years to discuss common challenges in safety matters. The Forum helps them define best practices and learn from the important lessons learned by others.   The Forum's participants in front of building 40. This year, the meeting took place at CERN from 12 to 16 April. “This year's meeting covered subjects ranging from communication and training in matters of safety, to cryogenic safety, emergency preparedness and risk analysis”, explains Ralf Trant, head of the CERN Safety Commission and organiser of this year’s Forum. Radiation protection issues are not discussed at the meeting since they involve different expertise. The goal of the Forum is to allow participants to share experience, learn lessons and acquire specific knowledge in a very open way. Round-table discussions, dedicated time for ...

  12. 2008 GRS specialized forum

    International Nuclear Information System (INIS)

    Butz, H.P.

    2008-01-01

    After the successful trial run in 2007, the 2008 GRS Specialized Forum held at the Cologne Wolkenburg on April 7 and 8, 2008 was a full success. GRS, Gesellschaft fuer Anlagen- und Reaktorsicherheit, plans to resume in this way its GRS specialized lectures series with a tradition of many years. Approximately 180 participants from public authorities, licensees, the nuclear industry, research and engineering establishments as well as universities showed their interest in current GRS activities. On 2 days, only GRS experts presented fundamental and GRS-specific approaches in scientific analysis, new research findings, and possibilities of advancing scientific methods under the four headings of Reactor Safety Research and Evaluation, Topical Subjects of Reactor Safety, Radiation Protection Activities, and Repository Safety and Environmental Research. The discussions held after each presentation offered a number of critical, but valuable and welcome, contributions from the different perspectives of the discussants. (orig.)

  13. LLW Forum meeting report, October 20--22, 1997

    International Nuclear Information System (INIS)

    Norris, C.; Brown, H.; Lovinger, T.; Scheele, L.; Shaker, M.A.

    1997-10-01

    The Low-Level Radioactive Waste Forum met in Annapolis, Maryland, on October 20--22, 1997. Twenty-six Forum Participants, Alternate Forum Participants, and meeting designees representing 22 compacts and states participated. A report on the meeting is given under the following subtitles: New developments in states and compacts; Discussion with NRC Commissioner McGaffigan; Regulatory issues session; Executive session; LLW forum business session; DOE low-level waste management program; Transportation of radioactive waste; Environmental equity: Title VI; Congressional studies on Ward Valley Site; Implementation of DOE's strategy for waste management; Relicensing Envirocare; Draft agreement for uniform application of manifesting procedures; CRCPD report; Panel: Future of low-level radioactive waste management; Agenda planning: February 1998; Resolutions; and Attendance

  14. A threshold model of investor psychology

    Science.gov (United States)

    Cross, Rod; Grinfeld, Michael; Lamba, Harbir; Seaman, Tim

    2005-08-01

    We introduce a class of agent-based market models founded upon simple descriptions of investor psychology. Agents are subject to various psychological tensions induced by market conditions and endowed with a minimal ‘personality’. This personality consists of a threshold level for each of the tensions being modeled, and the agent reacts whenever a tension threshold is reached. This paper considers an elementary model including just two such tensions. The first is ‘cowardice’, which is the stress caused by remaining in a minority position with respect to overall market sentiment and leads to herding-type behavior. The second is ‘inaction’, which is the increasing desire to act or re-evaluate one's investment position. There is no inductive learning by agents and they are only coupled via the global market price and overall market sentiment. Even incorporating just these two psychological tensions, important stylized facts of real market data, including fat-tails, excess kurtosis, uncorrelated price returns and clustered volatility over the timescale of a few days are reproduced. By then introducing an additional parameter that amplifies the effect of externally generated market noise during times of extreme market sentiment, long-time volatility correlations can also be recovered.

  15. REDD+: Ready to engage private investors?

    Energy Technology Data Exchange (ETDEWEB)

    Nhantumbo, Isilda

    2011-11-15

    The prospect of gaining carbon credits by acquiring land to implement REDD+ has caught the eye of the private sector. In many countries, including Papua New Guinea and Republic of Congo, there are reports of a carbon rush. In Mozambique, private investors have expressed an interest in acquiring more than 22 per cent of the country's land — an area that is larger than the 16 per cent of protected areas and that covers 42 per cent of forests — for REDD+. But Mozambique, like many developing countries, is still in the early stages of preparing a REDD+ strategy. Stakeholder consultations are ongoing and the country's REDD+ Working Group is still assessing social, technical and institutional capacities available to deliver REDD+ in a way that helps reduce emissions while also serving environment and social development needs. Encouraging private sector involvement before the country has the right policies and institutions in place to safeguard local environments and people risks undermining the potential of REDD+ for sustainable development.

  16. Why investors shy away from coal

    International Nuclear Information System (INIS)

    Roling, D.A.

    1994-01-01

    Why do investors shy away from coal? This may sound like a strange question given the change in ownership of many major coal companies in recent years, but the ongoing consolidation within the coal industry is quite different from any actual new investment in the industry. To begin to understand why, one must return to the early '70s, a time of low-cost, abundant energy. The price of oil was about $2-4/bbl until 1973. The price of natural gas was about 60 cents/M ft 3 , and coal was approximately $7/st. This, however, was before the first Organization of the Petroleum Exporting Countries (OPEC) shock. The price of coal declined throughout the 1980s, and continues its downward path in some markets. Many coal investments have not achieved their expected return, such as the case of a 1M st/yr mine in West Virginia, which was developed in the early '80s only to be put immediately on a care-and-maintenance basis, where it languished until it was sold in 1990. Other mines, such as the large open-pit mines in the Powder River Basin in Wyoming, never reached their targeted production rates. Some of these large mines had equipment that remained in crates for years, only later to be sold at a loss. The extent of losses on investments in coal mines is discussed

  17. LLW Forum meeting report, May 7--9, 1997

    International Nuclear Information System (INIS)

    Norris, C.; Brown, H.; Lovinger, T.; Scheele, L.; Shaker, M.A.

    1997-05-01

    The Low-Level Radioactive Waste Forum met in Chicago, Illinois, on may 7--9, 1997. Twenty-three Forum Participants, Alternate Forum Participants, and meeting designees representing 20 compacts and states participated. A report on the meeting is given under the following subtitles: New developments in states and compacts; Upgrading an existing disposal facility; Revisions to DOE Order 5820 re DOE waste management; Conference of radiation control program directors: Recent and upcoming activities; National Conference of State Legislatures' (NCSL) low-level radioactive waste working group: Recent and upcoming activities; Executive session; LLW forum business session; Public involvement and risk communication: Success at West Valley, New York; DOE low-level waste management program; impact of the International Atomic Energy Agency's convention on waste; Panel discussion: The environmental justice concept--Past, present and future; New technologies for processing and disposal of LLRW; High-level and low-level radioactive waste: A dialogue on parallels and intersections; Draft agreement re uniform application of manifesting procedures; Regulatory issues focus; LLW forum October 1997 agenda planning; Resolutions; LLW forum regulatory issues discussion group meets; and Attendance

  18. PREFACE: IV Nanotechnology International Forum (RUSNANOTECH 2011)

    Science.gov (United States)

    Dvurechenskii, Anatoly; Alfimov, Mikhail; Suzdalev, Igor; Osiko, Vyacheslav; Khokhlov, Aleksey; Son, Eduard; Skryabin, Konstantin; Petrov, Rem; Deev, Sergey

    2012-02-01

    Logo The RUSNANOTECH 2011 International Forum on Nanotechnology was held from 26-28 October 2011, in Moscow, Russia. It was the fourth forum organized by RUSNANO (Russian Corporation of Nanotechnologies) since 2008. In March 2011 RUSNANO was established as an open joint-stock company through the reorganization of the state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. Within the framework of the Forum Science and Technology Program, presentations on key trends of nanotechnology development were given by foreign and Russian scientists, R&D officers of leading international companies, universities and scientific centers. The science and technology program of the Forum was divided into four sections as follows (by following hyperlinks you may find each section's program including videos of all oral presentations): Nanoelectronics and Nanophotonics Nanomaterials Nanotechnology and Green Energy Nanotechnology in Healthcare and Pharma (United business and science & technology section on 'RUSNANOTECH 2011') The scientific program of the forum included more than 50 oral presentations by leading scientists from 15 countries. Among them were world-known specialists such as Professor S Bader (Argonne National Laboratory, USA), Professor O Farokzhad (Harvard Medical School, USA), Professor K Chien (Massachusetts General Hospital, USA), Professor L Liz-Marzan (University of Vigo), A Luque (Polytechnic University of Madrid) and many others. The poster session consisted of over 120 presentations, 90 of which were presented in the framework of the young scientists' nanotechnology papers competition. This volume of Journal of Physics: Conference Series includes a selection of 47 submissions. Section editors of the proceedings: Nanoelectronics and nanophotonics Corresponding Member of Russian Academy of

  19. Financial characteristics of hospitals purchased by investor-owned chains.

    Science.gov (United States)

    McCue, M J; Furst, R W

    1986-01-01

    This article focuses on the preacquisition financial condition of not-for-profit hospitals acquired by investor-owned hospital chains. Financial ratios are used to determine if not-for-profit hospitals acquired by investor-owned hospital systems have common financial characteristics which make them a likely target for a takeover. The results indicate that during the time period studied, investor-owned hospital systems did tend to purchase hospitals with common financial characteristics and that these characteristics provide a reasonable description of a financially distressed hospital. This finding has important consequences for our health care delivery system. PMID:3771232

  20. What types of investors generate the two-phase phenomenon?

    Science.gov (United States)

    Ryu, Doojin

    2013-12-01

    We examine the two-phase phenomenon described by Plerou, Gopikrishnan, and Stanley (2003) [1] in the KOSPI 200 options market, one of the most liquid options markets in the world. By analysing a unique intraday dataset that contains information about investor type for each trade and quote, we find that the two-phase phenomenon is generated primarily by domestic individual investors, who are generally considered to be uninformed and noisy traders. In contrast, our empirical results indicate that trades by foreign institutions, who are generally considered informed and sophisticated investors, do not exhibit two-phase behaviour.

  1. ECNS '99 - Young scientists forum

    DEFF Research Database (Denmark)

    Ceretti, M.; Janssen, S.; McMorrow, D.F.

    2000-01-01

    The Young Scientists Forum is a new venture for ECNS and follows the established tradition of an active participation by young scientists in these conferences. At ECNS '99 the Young Scientists Forum brought together 30 young scientists from 13 European countries. In four working groups, they disc......The Young Scientists Forum is a new venture for ECNS and follows the established tradition of an active participation by young scientists in these conferences. At ECNS '99 the Young Scientists Forum brought together 30 young scientists from 13 European countries. In four working groups......, they discussed emerging scientific trends in their areas of expertise and the instrumentation required to meet the scientific challenges. The outcome was presented in the Young Scientists Panel on the final day of ECNS '99. This paper is a summary of the four working group reports prepared by the Group Conveners...

  2. Wallenbergide Investor jätkab kasvustrateegiat / Olev Mait Makk

    Index Scriptorium Estoniae

    Makk, Olev Mait

    2001-01-01

    Wallenbergide kontrollitavast Rootsi investeerimisfirmast Investor, mille omanduses olevad firmad moodustavad kokku Euroopa suurima tööandja erasektoris. Investori gruppi kuuluvast ettevõttest SEB. Tabel: Investori portfellis olevad aktsiad; investori teenused tütarettevõtetele

  3. Disadvantageous Situation of Retail Investors in Equity Crowdfunding

    Institute of Scientific and Technical Information of China (English)

    Shuanglong Wan

    2017-01-01

    This essay focuses on the onerous situation of retail investors in the proliferating equity crowdfunding. It points out and explains in detail four aspects of situation: insufficient information, misleading information, weak bargaining power and low liqui

  4. The Influence of Investor Number on a Microscopic Market Model

    Science.gov (United States)

    Hellthaler, T.

    The stock market model of Levy, Persky, Solomon is simulated for much larger numbers of investors. While small markets can lead to realistically looking prices, the resulting prices of large markets oscillate smoothly in a semi-regular fashion.

  5. Activism of Institutional Investors, Corporate Governance Alerts and Financial Performance

    OpenAIRE

    Jean-Sebastien Lantz; Sophie Montandrau; Jean-Michel Sahut

    2014-01-01

    Institutional investors are predominant on the financial markets and are becoming more active in their portfolio management. This article attempts to enhance our understanding of the incidence of shareholder activism on market reaction in the wake of seve

  6. Fagligt Forum ved en skillevej

    DEFF Research Database (Denmark)

    Bjerg, Claus

    2008-01-01

    Med cvu-bibliotekernes overgang til professionshøjskoler ændres det biblioteksfaglige landskab. Det har Fagligt Forum taget konsekvensen af og nedlægger sig selv i løbet af 2000......Med cvu-bibliotekernes overgang til professionshøjskoler ændres det biblioteksfaglige landskab. Det har Fagligt Forum taget konsekvensen af og nedlægger sig selv i løbet af 2000...

  7. Forum, Dedicated to Inclusive Education

    Directory of Open Access Journals (Sweden)

    Vachkov I.V.

    2015-06-01

    Full Text Available 26 – 27 of February 2015 in Kazan, in the University of Management “TISBI” been held National (All-Russian forum of promotion of ideas and principles of inclusive education (with international participants “Study and live together: open space of inclusion”. During the work of Forum the most topical questions of inclusive education implement in Russian Federation been discussed.

  8. Determinants of Individual Investor Behaviour: An Orthogonal Linear Transformation Approach

    OpenAIRE

    Chandra, Abhijeet; Kumar, Ravinder

    2011-01-01

    Expected utility theory views the individual investment decision as a tradeoff between immediate consumption and deferred consumption. But individuals do not always prefer according to the classical theory of economics. Recent studies on individual investor behavior have shown that they do not act in a rational manner, rather several factors influences their investment decisions in stock market. The present study considers this theory of irrationality of individual investors and investigates ...

  9. Pop Finance : Investment Clubs and the New Investor Populism

    OpenAIRE

    Harrington, B.

    2008-01-01

    During the 1990s, the United States underwent a dramatic transformation: investing in stocks, once the province of a privileged elite, became a mass activity involving more than half of Americans. Pop Finance follows the trajectory of this new market populism via the rise of investment clubs, through which millions of people across the socioeconomic spectrum became investors for the first time. As sociologist Brooke Harrington shows, these new investors pour billions of dollars annually into ...

  10. Profit sharing between managers and investors: An experimental investigation

    OpenAIRE

    Ozturkkal, Belma

    2015-01-01

    This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs o...

  11. On the behavior of mutual fund investors and managers

    OpenAIRE

    Goriaev, A.P.

    2002-01-01

    This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically interested in maximizing net fund inflows. In the first part of the thesis, we analyze the determinants of mutual fund flows, concentrating on the impact of past performance on fund flows. In particular, we...

  12. Foreign Investors Able to Establish Foreign- exclusively Exhibition Corporations

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    Foreign Investors Able to Establish Foreign-exclusively Exhibition Corporations In Feb, Ministry of Commerce issued its 1st decree on temporary regulation for foreign-investing corporations; the regulation allows foreign investors to set up foreign-investing convention & exhibition corporations exclusively or through cooperation with other Chinese corporations, enterprises or organizations. With legal protection on their regulatory management and legal rights, these foreign-investing corporations are in the charge of Department of Foreign Investment Administration, Ministry of Commerce.

  13. Managerial incentives for attracting attention and firm investor base

    OpenAIRE

    Papiashvili, Nino

    2016-01-01

    This thesis studies how managerial incentives relate to strategic transmission of soft information from managers to investors in order to attract attention of financial markets. Additionally, I study trading reaction of different investors (large sophisticated vs. small individual) to CEO voluntary announcements and how their trading is affected when managerial incentives are taken into account. I use large panel data and several alternative proxies for soft information togethe...

  14. Profit sharing between managers and investors: An experimental investigation

    Directory of Open Access Journals (Sweden)

    Belma Ozturkkal

    2015-06-01

    Full Text Available This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of subjects consisting of an investor and a manager with asymmetric decision making powers. When managers compensate themselves inappropriately, investors' recourse is to shun the company's shares—a model that arguably corresponds more closely to reality than the accepted efficient market traditional paradigm. The experiment shows that managers share profits even when investors cannot withhold investment and investors fairly compensate managers as well. This pattern explains both the ability of capital markets to function despite the presence of inherent moral hazard, and occasional managerial misbehavior.

  15. Morocco calls for investors; Le Maroc en appelle aux investisseurs

    Energy Technology Data Exchange (ETDEWEB)

    Rigaud, Ch.

    2011-03-15

    Morocco imported more than 96% of its energy between 2002 and 2009. Moreover the economic and social development of the country requires important energy needs that will grow by 5% a year. The Morocco government has launched an ambitious plan for developing renewable energies that aims at trebling its today's production of electricity by 2020. 2000 MW of solar energy will be installed on 5 sites and at least 2000 MW of wind energy will also be installed. Morocco's potential for wind energy is assessed to reach 25000 MW. The investment for the solar program will reach 6.5*10{sup 9} euros. The aim of the energy policy is also to create jobs and develop local skills for manufacturing components of wind turbines and solar panels. The idea is that investors produce in Morocco for the local energy market and for export to African countries. Exports of renewable energy toward Europe will also be possible as Morocco is the only Arab country to be connected on the European frequency. A third submarine power cable between Morocco and Europe is being installed. (A.C.)

  16. MODEL BELIEF-ADJUSMENT DAN PERSEPSI INVESTOR: EKSPERIMENTASI RANGKAIAN INFORMASI PENDEK SEDERHANA DAN RESPONS SIMULTAN

    Directory of Open Access Journals (Sweden)

    I WAYAN SUARTANA

    2007-07-01

    Full Text Available The previous research found that there was effect of positive and negativeinformation order of company annual reports. The objective of this research is to examinewhether the order of positive and negative information of a company in the president letterin annual reports can influence the perception of the investor about the company. Thesubjects of this research are the students of Magister of Management Program in one ofState University in Indonesia. The method used is laboratory experiment. The result of thisresearch implies that the ordering of positive and negative information of a company inimpression management of annual reports can influence investor's perception. Positiveinformation presented at the first part will result in positive judgment on the previous andpotential performance compare with receiving negative information on the first part.

  17. The green highway forum

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    In late 2004, as part of American Coal Ash Association's (ACAA) strategic planning process, a plan was approved by its Board of Directors implementing a 'green highways' concept which emphasized use of coal combustion products (CCPs) in highways in a variety of ways including being used alone, in combination with other forms of CCPs, and combined with non ash materials. The incentives behind the developed concept were the derived advantages from beneficial technical economic and environmental impacts. Although the primary use of fly ash is concrete, other forms of CCPs could be considered for more non-traditional highway applications. For example, these might include soils stabilization, binders for in-place pavement recycling, use in flowable fills, aggregates, source materials for structural fills and embankments, components in manufactured soils, and for granular base courses beneath pavements. At this same time, unknown to ACCA, EPA Region 3 in Philadelphia was working with the Wetlands and Watershed Work Group, a non-profit organization involved in wetlands policy and management along with the Federal Highway Administration (FHWA) on their own Green Highways initiative. These groups were planning a conference, the 'Green Highway Forum'. This was held in College Park, Maryland at the University of Maryland, Nov 8-10 2005. At the conference a draft 'roadmap' was presented as a guide to executive level participants bringing the diverse viewpoints of many agencies and interest groups together. Ten guiding principals were considered. The 'Green Highways' is a new effort to recognize the 'greenness' of many projects already completed and those to be initiated. 2 photos.

  18. PERILAKU INVESTOR INDIVIDU DALAM PEMBUATAN KEPUTUSAN INVESTASI SAHAM: EFEK DISPOSISI DAN INFORMASI AKUNTANSI

    Directory of Open Access Journals (Sweden)

    Elizabeth Lucky Maretha Sitinjak

    2015-04-01

    Full Text Available Tujuan dari penelitian ini adalah untuk mengetahui pengaruh efek disposisi, pengaruh interaksi efek disposisi dengan perlakuan informasi akuntansi untuk pengambilan keputusan investasi di pasar saham. Dalam rangka untuk lebih mengetahui perbedaan antara perilaku pria dan wanita dalam mengambil keputusan untuk berinvestasi di pasar saham. Metode penelitian ini menggunakan kuasi experimental 2x2 Acak Blok ( RB - 22 ANOVA dan ANCOVA Within - Subject. Desain blok terbentuk dari banyak frekuensi perdagangan saham simulasi menggunakan program perdagangan kebajikan. Blok transaksi yang paling banyak di blok 1 dan paling sedikit melakukan transaksi di blok 4. Populasi investor individu domestik dan subyek eksperimen terdiri dari 120 investor individu, 70 dari Jakarta, 33 dari Semarang, dan 17 dari Yogyakarta. Quasi eksperimen dilakukan selama 45 menit. Penelitian menunjukkan ada efek disposisi sebelum dan sesudah perlakuan informasi akuntansi. Ada kecenderungan untuk menjual saham winner lebih cepat daripada saham losser. The purpose of this study was to investigate the influence of the disposition effect, the interaction effect of the disposition effect with treatment of accounting information for investment decision in the stock market. In order to better know the difference between the behavior of men and women in making decisions to invest in the stock market. This research method using a quasi-experimental 2x2 Randomized Block (RB-22 ANOVA and ANCOVA Within-Subject Design. Block design is formed of many frequencies simulated stock trading using virtue trade program. Block most frequent transactions in block 1 and block are seldom undertakes transactions on block 4. The population of domestic individual investors and quasi experimental subjects consisted of 120 individual investors, 70 from Jakarta, 33 from Semarang, and 17 from Yogyakarta. The total time is 45 minutes quasi experiment.The results of this research showed there is a disposition

  19. 16 CFR 802.64 - Acquisitions of voting securities by certain institutional investors.

    Science.gov (United States)

    2010-01-01

    ... institutional investors. 802.64 Section 802.64 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS... § 802.64 Acquisitions of voting securities by certain institutional investors. (a) Institutional investor. For purposes of this section, the term institutional investor means any entity of the following...

  20. 12 CFR 630.40 - Contents of the quarterly report to investors.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Contents of the quarterly report to investors... INVESTORS IN SYSTEMWIDE AND CONSOLIDATED BANK DEBT OBLIGATIONS OF THE FARM CREDIT SYSTEM Quarterly Reports to Investors § 630.40 Contents of the quarterly report to investors. (a) General. The quarterly...

  1. Forum on Workforce Development

    Science.gov (United States)

    Hoffman, Edward

    2010-01-01

    APPEL Mission: To support NASA's mission by promoting individual, team, and organizational excellence in program/project management and engineering through the application of learning strategies, methods, models, and tools. Goals: a) Provide a common frame of reference for NASA s technical workforce. b) Provide and enhance critical job skills. c) Support engineering, program and project teams. d) Promote organizational learning across the agency. e) Supplement formal educational programs.

  2. The familiar versus the unfamiliar: Familiarity bias amongst individual investors

    Directory of Open Access Journals (Sweden)

    Annalien De Vries

    2017-02-01

    Full Text Available Purpose: The purpose of this study was to investigate the existence of familiarity bias amongst individual investors in the South African stock market. Problem investigated: According to Warren Buffet, one needs to maintain emotional detachment if one wants to be a successful investor. However, recent research indicates that the perceptions of companies’ products and brands may influence individuals’ investment decisions in the stock market. This phenomenon implies that the investment decisions of individual investors are not purely based on firm fundamentals as suggested by traditional finance theories, but might be driven partly by the positive or negative attitude they have towards certain companies’ products and brands. The existence of familiarity bias amongst individual investors was investigated to determine if individuals prefer to invest in companies they are familiar with as opposed to unfamiliar companies. Methodology: A quantitative approach was followed. An online survey was used to show images of familiar and unfamiliar company brands to respondents, whereafter respondents were asked to indicate whether they will invest in the shares of the identified companies. The statistical analysis entailed descriptive statistics as well as one-way analyses of variance to test the stated hypotheses. Main findings: The results of this exploratory study indicate that investors do exhibit familiarity bias when choosing between different companies to invest in. Value of the research: The inclination of individual investors to invest in familiar corporate brands can have implications for the marketing industry, financial markets, the performance of companies as well as the investment performance of individual investors in the sense that it would seem that company brands could have an influence on investment decisions.

  3. Forum-ing: Signature practice for public theological discourse

    Directory of Open Access Journals (Sweden)

    Edward P. Wimberly

    2014-05-01

    Full Text Available This article introduces a unique model for public theological conversation and discourse, which was developed by the Concerned Black Clergy of Atlanta (CBC. It was a model developed in response to the problems of poverty, homelessness, and the ‘missing and murdered children’ victimised in Atlanta, Georgia in the United States of America in the early 1980s. It was originally organised to respond to the economic, financial, spiritual, emotional, employment, housing and resource needs of the underserved poor. This unique practice is called forum-ing. The forum meets every Monday morning, except when there is a national holiday. It has operated 30 consecutive years. The forum has a series of presentations, including the opening prayer, self-introductions of each person, a report of the executive director, special presentations from selected community groups, reports, and then questions and answers. The end result is that those attending engage in a process of discourse that enables them to internalise new ideas, approaches, and activities for addressing poverty and injustice in the community. Key to forum-ing for the 21st century is that it is a form of public practical theology rooted and grounded in non-violence growing out of the civil rights movement of the 1950s and 1960s in the United States. The overall purpose of this article is to contribute to the effort of the Faculty of Theology at the University of Pretoria (South Africa to identify those variables that will assist religious leaders in South Africa to develop public conversational spaces to enhance democratic participation. This article presents one model from the African American community in Atlanta, Georgia. The hope is to lift up key variables that might assist in the practical and pastoral theological conversation taking place in South Africa at present.

  4. Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market

    Directory of Open Access Journals (Sweden)

    Soemarso Slamet Rahardjo

    2015-04-01

    Full Text Available This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

  5. Quantifying the effect of investors' attention on stock market.

    Directory of Open Access Journals (Sweden)

    Zhen-Hua Yang

    Full Text Available The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI, we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100 show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

  6. Quantifying the effect of investors' attention on stock market.

    Science.gov (United States)

    Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

    2017-01-01

    The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

  7. Estimating investor preferences towards portfolio return distribution in investment funds

    Directory of Open Access Journals (Sweden)

    Margareta Gardijan

    2015-03-01

    Full Text Available Recent research in the field of investor preference has emphasised the need to go beyond just simply analyzing the first two moments of a portfolio return distribution used in a MV (mean-variance paradigm. The suggestion is to observe an investor's utility function as an nth order Taylor approximation. In such terms, the assumption is that investors prefer greater values of odd and smaller values of even moments. In order to investigate the preferences of Croatian investment funds, an analysis of the moments of their return distribution is conducted. The sample contains data on monthly returns of 30 investment funds in Croatia for the period from January 1999 to May 2014. Using the theoretical utility functions (DARA, CARA, CRRA, we compare changes in their preferences when higher moments are included. Moreover, we investigate an extension of the CAPM model in order to find out whether including higher moments can explain better the relationship between the awards and risk premium, and whether we can apply these findings to estimate preferences of Croatian institutional investors. The results indicate that Croatian institutional investors do not seek compensation for bearing greater market risk.

  8. Anomalies and Investor Sentiment: Empirical Evidences in the Brazilian Market

    Directory of Open Access Journals (Sweden)

    Gustavo Correia Xavier

    2017-10-01

    Full Text Available This study examined the relationship between investor sentiment and value anomalies in Brazil. In addition, it analyzed if pricing deviations caused by investors with optimistic views are different from those caused by pessimistic investors. The sample included all non-financial firms listed on the B3 (Brasil, Bolsa, Balcão stock exchange from July 1999 to June 2014. We used the Principal Component Analysis multivariate technique to capture the component common to four different proxies for investor sentiment. The study empirically tested the index series and its variation on the return series of Long-Short portfolios of 12 anomaly-based strategies. The study found that the measure of the sentiment index had a partial explanatory power for the anomalies only when included in the CAPM. Yet, when using the index sentiment changes as an explanatory variable, the study found a relationship with future returns, robust to all risk factors. Thus, it is possible to relate investor sentiment index to anomaly-based portfolio returns. When analyzing average returns after optimistic and pessimistic periods, the values we found in our empirical test were not statistically significant enough to infer the possible existence of short-sale constraints.

  9. 17. telekomunikacioni forum TELFOR 2009

    Directory of Open Access Journals (Sweden)

    Nebojša N. Gaćeša

    2010-04-01

    Full Text Available U Beogradu je 24, 25. i 26. novembra 2009. godine, u Sava centru, održan 17. telekomunikacioni forum TELFOR 2009, u organizaciji Društva za telekomunikacije – Beograd, „Telekom Srbija“ a. d., JP PTT saobraćaja „Srbija“, Elektrotehničkog fakulteta Univerziteta u Beogradu i IEEE Serbia & Montenegro ComSoc Chapter and Section. Telekomunikacioni forum TELFOR organizuje se sedamnaesti put kao domaći i regionalni godišnji skup stručnjaka koji rade u oblastima telekomunikacija i informacionih tehnologija. Učesnici su uglavnom telekomunikacioni inženjeri, ali i ekonomisti, pravnici, menadžeri, operatori i drugi. Na taj način TELFOR predstavlja forum u okviru kojeg se razmatraju sva relevantna pitanja telekomunikacija: tehnička, razvojna, regulatorna i ekonomska, pitanja proizvodnje opreme, usluga, servisa i funkcionisanja sistema.

  10. Providing Value to New Health Technology: The Early Contribution of Entrepreneurs, Investors, and Regulatory Agencies

    Science.gov (United States)

    Lehoux, Pascale; Miller, Fiona A.; Daudelin, Geneviève; Denis, Jean-Louis

    2017-01-01

    Background: New technologies constitute an important cost-driver in healthcare, but the dynamics that lead to their emergence remains poorly understood from a health policy standpoint. The goal of this paper is to clarify how entrepreneurs, investors, and regulatory agencies influence the value of emerging health technologies. Methods: Our 5-year qualitative research program examined the processes through which new health technologies were envisioned, financed, developed and commercialized by entrepreneurial clinical teams operating in Quebec’s (Canada) publicly funded healthcare system. Results: Entrepreneurs have a direct influence over a new technology’s value proposition, but investors actively transform this value. Investors support a technology that can find a market, no matter its intrinsic value for clinical practice or healthcare systems. Regulatory agencies reinforce the "double" value of a new technology—as a health intervention and as an economic commodity—and provide economic worth to the venture that is bringing the technology to market. Conclusion: Policy-oriented initiatives such as early health technology assessment (HTA) and coverage with evidence may provide technology developers with useful input regarding the decisions they make at an early stage. But to foster technologies that bring more value to healthcare systems, policy-makers must actively support the consideration of health policy issues in innovation policy. PMID:28949463

  11. Investors prefer entrepreneurial ventures pitched by attractive men.

    Science.gov (United States)

    Brooks, Alison Wood; Huang, Laura; Kearney, Sarah Wood; Murray, Fiona E

    2014-03-25

    Entrepreneurship is a central path to job creation, economic growth, and prosperity. In the earliest stages of start-up business creation, the matching of entrepreneurial ventures to investors is critically important. The entrepreneur's business proposition and previous experience are regarded as the main criteria for investment decisions. Our research, however, documents other critical criteria that investors use to make these decisions: the gender and physical attractiveness of the entrepreneurs themselves. Across a field setting (three entrepreneurial pitch competitions in the United States) and two experiments, we identify a profound and consistent gender gap in entrepreneur persuasiveness. Investors prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same. This effect is moderated by male physical attractiveness: attractive males were particularly persuasive, whereas physical attractiveness did not matter among female entrepreneurs.

  12. Investor acceptance of wind energy in Switzerland - Final report

    Energy Technology Data Exchange (ETDEWEB)

    Buerer, M. J.

    2009-10-15

    This report for the Swiss Federal Office of Energy (SFOE) presents the views of 17 developers and investors in Switzerland which were collected during two sets of interviews - one in autumn 2008 with 13 developers and investors and one in the first half of 2009 with 15 developers and investors. According to the authors, this report does not present the opinion of specialists, but is rather a compilation and synthesis of the remarks made by several industry practitioners who were interviewed. The authors state that this report covers opinions, not facts. The effects of the financial crisis on wind energy are commented on and strategies that can increase the potential for success are reviewed. Basic recommendations concerning wind energy are made for Swiss policy makers.

  13. The intelligent investor a book of practical counsel

    CERN Document Server

    Graham, Benjamin

    2003-01-01

    This classic text is annotated to update Graham's timeless wisdom for today's market conditions... The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most imp...

  14. Perlakuan Akuntansi Sumber Daya Manusia: Assets Sekaligus Investor Bagi Perusahaan

    Directory of Open Access Journals (Sweden)

    Sri Ningsih

    2015-12-01

    Full Text Available Human resources or called employee as a company asset to be one determinant of the success of the company (organization. Issue growing is that labor (human resources is not only the company's assets but also as owners and investors on its human capital to be invested in the company where he works (at work. This article tries to see how human resources can be considered as an asset for the company and when human resources can act as an investor of its human capital. This article also discusses the accounting treatment of human resources as company assets and the possibility of counting on human resources as human capital investor.    

  15. Dynamics of investor spanning trees around dot-com bubble.

    Directory of Open Access Journals (Sweden)

    Sindhuja Ranganathan

    Full Text Available We identify temporal investor networks for Nokia stock by constructing networks from correlations between investor-specific net-volumes and analyze changes in the networks around dot-com bubble. The analysis is conducted separately for households, financial, and non-financial institutions. Our results indicate that spanning tree measures for households reflected the boom and crisis: the maximum spanning tree measures had a clear upward tendency in the bull markets when the bubble was building up, and, even more importantly, the minimum spanning tree measures pre-reacted the burst of the bubble. At the same time, we find less clear reactions in the minimal and maximal spanning trees of non-financial and financial institutions around the bubble, which suggests that household investors can have a greater herding tendency around bubbles.

  16. Dynamics of investor spanning trees around dot-com bubble.

    Science.gov (United States)

    Ranganathan, Sindhuja; Kivelä, Mikko; Kanniainen, Juho

    2018-01-01

    We identify temporal investor networks for Nokia stock by constructing networks from correlations between investor-specific net-volumes and analyze changes in the networks around dot-com bubble. The analysis is conducted separately for households, financial, and non-financial institutions. Our results indicate that spanning tree measures for households reflected the boom and crisis: the maximum spanning tree measures had a clear upward tendency in the bull markets when the bubble was building up, and, even more importantly, the minimum spanning tree measures pre-reacted the burst of the bubble. At the same time, we find less clear reactions in the minimal and maximal spanning trees of non-financial and financial institutions around the bubble, which suggests that household investors can have a greater herding tendency around bubbles.

  17. Traveling through Time: The Forum Guide to Longitudinal Data Systems. Book Four of Four: Advanced LDS Usage. NFES 2011-802

    Science.gov (United States)

    National Forum on Education Statistics, 2011

    2011-01-01

    This document is the fourth and final installment of this Forum series of guides on longitudinal data systems (LDS). One goal of the National Forum on Education Statistics (the Forum) is to improve the quality of education data gathered for use by policymakers and program decisionmakers. An approach to furthering this goal has been to pool the…

  18. PRINCIPLES OF REPRESENTATING THE DICTIONARY OF INVESTOR RELATIONS TERMS

    Directory of Open Access Journals (Sweden)

    Sarangova Tatiana Apolinarievna

    2013-05-01

    Full Text Available This article treats the problems of identification of principles of representing the vocabulary of banking terms in the field Investor Relations. The main methods of the research are literary analysis and the statistic method. The research defines term and specifics “Investor Relations”, provides a clear demarcation of terms terminography and lexicography, describes the principles of representing the vocabulary of IR terms. Results of the research can be used by IR managers, employees of finance and investment companies and banks, interpreters, teachers, postgraduates and students of economy faculties in different courses of teaching.

  19. Restructuring terminated. Rotor technology is lookingt for an investor.; Restrukturierung abgeschlossen. Rotortechnik sucht Investor

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2006-07-01

    The NOI Group was declared insolvent in July 2004. Attorney-at-law Rolf Rombach of Erfurt was appointed as the administrator for NOI-Rotortechnik GmbH, Nordhausen. The other former production facilities of the NOI Group in Germany, Scotland and Spain are no longer active. More than 1,000 rotor blades have been mass-produced in Nordhausen since the company was founded in 1999. The site covers an area of 60,000 m{sup 2}, including around 8,500 m{sup 2} of production facilities. More than Euro 10 million in total has been invested in the production facilities. The management - consisting of Niels Ludwig, Juergen Simon and Carsten Zaremba - is now taking the business successfully forward together with the administrator. With its 80-strong workforce, Rotortechnik produces top-quality rotor blades in the multi-megawatt class for German and international customers. During the past 20 months all the work processes have been critically examined, reorganised and constantly optimised. Following complete restructuring, Rotortechnik GmbH in Nordhausen is now ready to make a high-level comeback together with an investor. (orig.)

  20. Emotional isolation in BBC Forum

    International Nuclear Information System (INIS)

    Sienkiewicz, J; Chmiel, A

    2014-01-01

    We analyze emotionally annotated massive data from BBC Forum and examine properties of the isolation phenomenon of negative and positive users. Our results show the existence of a percolation threshold dependent on the average emotional value in the network of negatively charged nodes

  1. 11. Rostock bioenergy forum. Proceedings

    International Nuclear Information System (INIS)

    Nelles, Michael

    2017-01-01

    The seven main focus of the bioenergy forum were: 1. Political regulation and its consequences; 2. Flexible energy supply; 3. Biorefineries for the use of residues from bioenergy production; 4. Process optimization biogas; 5. Alternative substrates for biogas production; 6. Cross-sectoral bioenergy concept; 7. Transport sector (biofuels). Five lectures are separately analyzed for this database. [de

  2. Long memory of abnormal investor attention and the cross-correlations between abnormal investor attention and trading volume, volatility respectively

    Science.gov (United States)

    Fan, Xiaoqian; Yuan, Ying; Zhuang, Xintian; Jin, Xiu

    2017-03-01

    Taking Baidu Index as a proxy for abnormal investor attention (AIA), the long memory property in the AIA of Shanghai Stock Exchange (SSE) 50 Index component stocks was empirically investigated using detrended fluctuation analysis (DFA) method. The results show that abnormal investor attention is power-law correlated with Hurst exponents between 0.64 and 0.98. Furthermore, the cross-correlations between abnormal investor attention and trading volume, volatility respectively are studied using detrended cross-correlation analysis (DCCA) and the DCCA cross-correlation coefficient (ρDCCA). The results suggest that there are positive correlations between AIA and trading volume, volatility respectively. In addition, the correlations for trading volume are in general higher than the ones for volatility. By carrying on rescaled range analysis (R/S) and rolling windows analysis, we find that the results mentioned above are effective and significant.

  3. Modifier words in the financial press and investor expectations

    NARCIS (Netherlands)

    Bosman, Ronald; Kräussl, Roman; Mirgorodskaya, Elizaveta

    2017-01-01

    We experimentally investigate the priming effect of modifier words in the news media by looking at how different formulation of news affects investor expectations and beliefs. We asked subjects to estimate the future stock price for twelve real (anonymous) listed companies. They received information

  4. The impact of foreign investors on the Serbian stock market

    Directory of Open Access Journals (Sweden)

    Rakočević Rade

    2016-01-01

    Full Text Available Frontier markets, such as Serbia, which are at the early stages of development, are characterized by very low level of solvency, absence of corporate management rules and reports to the public, insufficiently developed regulations, as well as significant participation of foreign portfolio investors in the exchange. Those are usually foreign investment funds specialized in risky investments at such markets; they apply the principle of geographic portfolio diversification in their investment policy. At the Belgrade Stock Exchange, foreign investors have been present at the stock market since 2002 and they participated in high volumes in stock buying during the stock market growth in the period from 2002 to 2007, whereas during the crisis at the Serbian capital market from 2008 to 2010 there was a significant increase in foreign investors' participation on the selling side and a withdrawal from the Belgrade Stock Exchange. Such behavior of foreign investors was initially prompted by local factors, but was intensified by the global financial crisis and will be analyzed in this paper.

  5. Investor Attrition and Fund Flows in Mutual Funds

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Xu, Haoyu

    2017-01-01

    We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance, because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the ...

  6. CEO compensation, family control, and institutional investors in Continental Europe

    NARCIS (Netherlands)

    Croci, Ettore; Gonenc, Halit; Ozkan, Neslihan

    2012-01-01

    This paper investigates the impact of family control and institutional investors on CEO pay packages in Continental Europe, using a dataset of 754 listed firms with 3731 firm-year observations from 14 countries during 2001-2008. We find that family control curbs the level of CEO total and cash

  7. 76 FR 35245 - Country Investors Life Assurance Company, et al.

    Science.gov (United States)

    2011-06-16

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-29691; File No. 812-13865] Country Investors Life Assurance Company, et al. June 9, 2011. AGENCY: Securities and Exchange Commission (the ``Commission''). ACTION: Notice of application for an order pursuant to Section 26(c) of the Investment Company...

  8. The Impact of Investor Demand on Security Offerings

    NARCIS (Netherlands)

    E. Duca (Eric)

    2011-01-01

    textabstractThe studies in this thesis contribute to a growing stream of papers showing that capital structure decisions are not only influenced by corporate determinants, but also by fluctuations in investor tastes and capital available for investment. This is a relatively new way of looking at

  9. Can large long-term investors capture illiquidity premiums

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Driessen, J.J.A.G.

    2015-01-01

    In this paper we perform a literature study to assess whether large long-term investors can benefit from liquidity premiums in different asset classes. We both describe the theoretical predictions on liquidity premiums and portfolio choice with illiquidity, as well as empirical evidence on liquidity

  10. Investor Reaction to Mandatory Offers on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Szymon Okoń

    2012-06-01

    Full Text Available The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its grounds in the Polish legal system. Additionally, it presents empirical research on the reactions of investors to mandatory offers on the Warsaw Stock Exchange. It has been provided that mandatory offers have a significant impact on the price of a company’s shares listed on the Warsaw Stock Exchange. Knowledge about the reactions of investors to a mandatory offer may be used when selecting securities for an investment portfolio. The findings may provide guidance in deciding whether to begin or end investment in the company, both for individual and institutional investors. The event study methodology approach used in the paper is regarded as valuable and can be the basis for further research in other areas of the capital market research, especially in the context of information efficiency.

  11. Investor protection : towards additional EU regulation of investment funds?

    NARCIS (Netherlands)

    Wegman, Hanna Elisabeth

    2016-01-01

    The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can

  12. Short-horizon regulation for long-term investors

    NARCIS (Netherlands)

    Shi, Z.; Werker, B.J.M.

    2012-01-01

    We study the effects of imposing repeated short-horizon regulatory constraints on long-term investors. We show that Value-at-Risk and Expected Shortfall constraints, when imposed dynamically, lead to similar optimal portfolios and wealth distributions. We also show that, in utility terms, the costs

  13. The construction of optimal hedging portfolio strategies of an investor

    African Journals Online (AJOL)

    that can capture all the investor's investment in i, i = 1, 2, …, N investment company at time t, using stochastic differential equation for derivative pricing process. We will also describe the dynamic of our stock price using Binomial lattice model. We also intend to apply Hamilton-Jacobi-Bellman,(HJB) equation to derive the ...

  14. Investor Response to Appointment of Female CEOs and CFOs

    NARCIS (Netherlands)

    Scholtens, Lambertus; Brinkhuis, Eline

    2018-01-01

    We study the impact of appointing women to top executive positions from an investor perspective. We analyze whether shareholders value announcement of appointment of women to top positions differently than they do appointment of men. This study uses an international sample of 100 announcements of

  15. Geopressure industrial forums, newsletter and lease support. Final report, April 7, 1981-December 31, 1983

    Energy Technology Data Exchange (ETDEWEB)

    Knutson, C.F.

    1983-12-01

    In the course of this contract C. K. GeoEnergy: (1) planned, organized, conducted, and reported on six DOE/Industry Forum meetings where the progress of DOE's resource development program was outlined and discussed (these six forum meetings included three meetings of the Drilling and Testing Subgroup and three meetings of the Overview Group), (2) prepared and distributed 15 newsletters, and (3) prepared three reports for DOE lease support. This final report includes summaries of each of the forum meetings as well as the three lease support meetings and the newsletter program.

  16. Nuclear waste disposal educational forum

    International Nuclear Information System (INIS)

    1982-01-01

    In keeping with a mandate from the US Congress to provide opportunities for consumer education and information and to seek consumer input on national issues, the Department of Energy's Office of Consumer Affairs held a three-hour educational forum on the proposed nuclear waste disposal legislation. Nearly one hundred representatives of consumer, public interest, civic and environmental organizations were invited to attend. Consumer affairs professionals of utility companies across the country were also invited to attend the forum. The following six papers were presented: historical perspectives; status of legislation (Senate); status of legislation (House of Representatives); impact on the legislation on electric utilities; impact of the legislation on consumers; implementing the legislation. All six papers have been abstracted and indexed for the Energy Data Base

  17. EUFOREA Rhinology Research Forum 2016

    DEFF Research Database (Denmark)

    Hellings, P W; Akdis, C A; Bachert, C

    2017-01-01

    The first European Rhinology Research Forum organized by the European Forum for Research and Education in Allergy and Airway Diseases (EUFOREA) was held in the Royal Academy of Medicine in Brussels on 17th and 18th November 2016, in collaboration with the European Rhinologic Society (ERS......) and the Global Allergy and Asthma European Network (GA2LEN). One hundred and thirty participants (medical doctors from different specialties, researchers, as well as patients and industry representatives) from 27 countries took part in the multiple perspective discussions including brainstorming sessions on care...... pathways and research needs in rhinitis and rhinosinusitis. The debates started with an overview of the current state of the art, including weaknesses and strengths of the current practices, followed by the identification of essential research needs, thoroughly integrated in the context of Precision...

  18. Online Groups and Patient Forums

    OpenAIRE

    Dosani, Sabina; Harding, Claire; Wilson, Simon

    2014-01-01

    Online mental health support forums are becoming increasingly popular and there is evidence that they are useful: particularly for providing anonymous support and filling information gaps. However, there are also very real concerns about negative outcomes for users. One online mental health service, Big White Wall, manages these risks and supports its members through the provision of 24 hour professional moderation. Comparison of Big White Wall’s member population with the population of one L...

  19. PREFACE: Rusnanotech 2010 International Forum on Nanotechnology

    Science.gov (United States)

    Kazaryan, Konstantin

    2011-03-01

    The Rusnanotech 2010 International Forum on Nanotechnology was held from November 1-3, 2010, in Moscow, Russia. It was the third forum organized by RUSNANO (Russian Corporation of Nanotechnologies) since 2008. In March 2011 RUSNANO was established as an open joint-stock company through the reorganization of the state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. Within the framework of the Forum Science and Technology Program, presentations on key trends of nanotechnology development were given by foreign and Russian scientists, R&D officers of leading international companies, universities and scientific centers. The science and technology program of the Forum was divided into eight sections as follows (by following hyperlinks you may find each section's program including videos of all oral presentations): Catalysis and Chemical Industry Nanobiotechnology Nanodiagnostics Nanoelectronics Nanomaterials Nanophotonics Nanotechnolgy In The Energy Industry Nanotechnology in Medicine The scientific program of the forum included 115 oral presentations by leading scientists from 15 countries. Among them in the "Nanomaterials" section was the lecture by Dr Konstantin Novoselov, winner of the Nobel Prize in Physics 2010. The poster session consisted of over 500 presentations, 300 of which were presented in the framework of the young scientists' nanotechnology papers competition. This volume of the Journal of Physics: Conference Series includes a selection of 57 submissions. The scientific program committee: Prof Zhores Alferov, AcademicianVice-president of Russian Academy of Sciences, Nobel Prize winner, Russia, Chairman of the Program CommitteeProf Sergey Deev, Corresponding Member of Russian Academy of SciencesHead of the Laboratory of Molecular Immunology, M M Shemyakin and Yu A Ovchinnikov

  20. NASA SMD Science Education and Public Outreach Forums: A Five-Year Retrospective

    Science.gov (United States)

    Smith, Denise A.; Peticolas, Laura; Schwerin, Theresa; Shipp, Stephanie

    2014-06-01

    NASA’s Science Mission Directorate (SMD) created four competitively awarded Science Education and Public Outreach Forums (Astrophysics, Heliophysics, Planetary Science, Earth Science) in 2009. The objective is to enhance the overall coherence of SMD education and public outreach (E/PO), leading to more effective, efficient, and sustainable use of SMD science discoveries and learning experiences. We summarize progress and next steps towards achieving this goal with examples drawn from Astrophysics and cross-Forum efforts. Over the past five years, the Forums have enabled leaders of individual SMD mission and grant-funded E/PO programs to work together to place individual science discoveries and learning resources into context for audiences, conveying the big picture of scientific discovery based on audience needs. Forum-organized collaborations and partnerships extend the impact of individual programs to new audiences and provide resources and opportunities for educators to engage their audiences in NASA science. Similarly, Forum resources support scientists and faculty in utilizing SMD E/PO resources. Through Forum activities, mission E/PO teams and grantees have worked together to define common goals and provide unified professional development for educators (NASA’s Multiwavelength Universe); build partnerships with libraries to engage underserved/underrepresented audiences (NASA Science4Girls and Their Families); strengthen use of best practices; provide thematic, audience-based entry points to SMD learning experiences; support scientists in participating in E/PO; and, convey the impact of the SMD E/PO program. The Forums have created a single online digital library (NASA Wavelength, http://nasawavelength.org) that hosts all peer-reviewed SMD-funded education materials and worked with the SMD E/PO community to compile E/PO program metrics (http://nasamissionepometrics.org/). External evaluation shows the Forums are meeting their objectives. Specific examples

  1. The role of institutional investors in promoting long-term value ...

    African Journals Online (AJOL)

    The excessive focus of corporate decision-makers on short-term profit maximising ... sound principles and practices of corporate governance sits with institutional investors. ... What are the reasons for the failure of institutional investors to date?

  2. Climate finance, climate investors and assets for low emission development

    Directory of Open Access Journals (Sweden)

    Collins C Ngwakwe

    2015-05-01

    Full Text Available This research examines the relationship between climate finance, growth in climate investors and growth in climate assets for low emission development. It also evaluates the effect of climate policy evolution on the growth of climate investors and climate assets. Adopting a positivist paradigm, the paper makes use of a quantitative research approach and applies the causal and correlational research design. The paper made use of secondary data from the World Bank Carbon Finance Unit and from the Carbon Disclosure Project (ADP. The major objective was to examine the combined effect of climate finance and climate policy on the growth of carbon investors and carbon assets for the companies in the Carbon Disclosure Project which includes the 100 JSE companies. Findings from the test reveal that the combined effect of growth in climate finance and climate policy evolution has a significant relationship with growth in climate investors and climate assets. Given this result the paper proceeded to examine if the growth in climate finance has any correlation with South Africa’s emission reduction trend. Results however indicate that South Africa’s GHG emission trend does not correlate with climate finance availability; GHG emissions in South Africa have continued to soar despite a seeming growth in climate finance. The paper reasoned that the global climate finance might not be effectively available to corporates in South Africa at the expected level of financing to initiate the expected level of climate investment to effect a significant reduction in greenhouse gas emissions. This confirms literature assertions that global climate finance might not easily be accessible, at least to entities in developing countries. In conclusion, the paper suggests the establishment of a Southern African Climate Finance pool where the public and private sector can contribute and that such pool should be made easily available to carbon investors at a cheap rate with

  3. Ambiguity Towards Multiple Historical Performance Information Signals: Evidence From Indonesian Open-Ended Mutual Fund Investors

    OpenAIRE

    Haris Pratama Loeis; Ruslan Prijadi

    2015-01-01

    This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sen...

  4. AUDITOR CHOICE AND INTITUTIONNEL INVESTOR CHARACTERISTICS AFTER THE ENRON SCANDAL IN THE FRENCH CONTEXT

    OpenAIRE

    Jamel Azibi; Hubert Tondeur; Mohamed Tahar Rajhi

    2010-01-01

    International audience; This study examines the association between the quality of audit and the characteristics of institutional investors, using French data. After the Enron scandal, the perception of the Big 4 by French institutional investors changed. Our first hypothesis focuses on the perception French institutional investors to appointment of the Big 4. Our second hypothesis deals with the perception of the foreign institutional investors to choose one of the Big 4 auditors due to the ...

  5. Principle Guided Investing: The Use of Exclusionary Screens and Its Implications for Green Investors

    OpenAIRE

    Urs von Arx

    2007-01-01

    This paper examines how "green" investors can induce firms to invest in clean production technology. The 1-period model incorporates heterogeneous agents - Markowitz investors and green investors – and two groups of firms working either with clean or polluting technology. Since green investors apply exclusionary environmental screens, some firms will invest in abatement technology in order to switch to a clean technology and thereby raising firm value. The number of firms working with clean t...

  6. 12 CFR 630.3 - Publishing and filing the report to investors.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Publishing and filing the report to investors... Publishing and filing the report to investors. (a) The disclosure entities shall jointly publish the... material changes in information occurring since the most recently published report to investors. (b) Each...

  7. 77 FR 58873 - Financial Investors Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-09-24

    ...] Financial Investors Trust, et al.; Notice of Application September 18, 2012. AGENCY: Securities and Exchange... 12d1-2 under the Act to invest in certain financial instruments. APPLICANTS: Financial Investors Trust...(d)(1) if the exemption is consistent with the public interest and the protection of investors...

  8. 78 FR 24780 - 60-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

    Science.gov (United States)

    2013-04-26

    ...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment. SUMMARY: The... Information Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: OMB-1405-0101... Number: DS-156E. Respondents: Nonimmigrant Treaty Trader/Investors. Estimated Number of Respondents: 17...

  9. 77 FR 3294 - Comment Request for Study Regarding Financial Literacy Among Investors

    Science.gov (United States)

    2012-01-23

    ... Study Regarding Financial Literacy Among Investors AGENCY: Securities and Exchange Commission. ACTION: Request for comment. SUMMARY: In connection with a study regarding financial literacy among investors as...: methods to improve the timing, content, and format of disclosures to investors with respect to financial...

  10. 78 FR 47479 - 30-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

    Science.gov (United States)

    2013-08-05

    ...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment and submission to.../Investor Application OMB Control Number: OMB-1405-0101 Type of Request: Extension of a Currently Approved... Investor Estimated Number of Respondents: 41,752 Estimated Number of Responses: 41,752 Average Time per...

  11. 76 FR 22740 - Comment Request on Existing Private and Public Efforts To Educate Investors

    Science.gov (United States)

    2011-04-22

    ... Existing Private and Public Efforts To Educate Investors AGENCY: Securities and Exchange Commission. ACTION: Request for comment. SUMMARY: In connection with a study regarding financial literacy among investors as... private and public efforts to educate investors. DATES: Comments should be received on or before June 21...

  12. 13 CFR 107.1570 - Distributions by Licensee-optional Distribution to private investors and SBA.

    Science.gov (United States)

    2010-01-01

    ... Distribution to private investors and SBA. 107.1570 Section 107.1570 Business Credit and Assistance SMALL... private investors and SBA. If you have outstanding Participating Securities or Earmarked Assets, you may... and your private investors in proportion to the capital contributions of each. You must notify SBA of...

  13. Debunking the Monday Irrationality through the External Affection of Investors

    Directory of Open Access Journals (Sweden)

    Rayenda Brahmana

    2016-02-01

    Full Text Available This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility.

  14. Capital Market Theories: Market Efficiency Versus Investor Prospects

    OpenAIRE

    Kathleen Hodnett; Heng-Hsing Hsieh

    2012-01-01

    This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

  15. Bank Loan Loss Provisions, Investor Protection and the Macroeconomy

    OpenAIRE

    Ozili, Peterson K

    2017-01-01

    This study investigates the non-discretionary determinants of bank loan loss provisions in Africa after controlling for macroeconomic fluctuation, financial development and investor protection. We find that non-performing loans, loan-to-asset ratio and loan growth are significant non-discretionary drivers of bank provisions in the African region. We observe that bank provision is a positive function of non-performing loans up to a threshold beyond which bank provisions will no longer increase...

  16. SENSITIVITY OF THE INVESTOR'S TOWARDS STOCK MARKET INVESTMENT

    OpenAIRE

    M. Jaya

    2017-01-01

    Investment in stock market has become a common phenomenon for all the individuals. The growth of stock market contributes to national economic growth only when this growth translates into increased mobilization of resources, return from investment, and minimizing the risk attached to stock market investment. This survey has been conducted to find out the stock market investment pattern and risk diversification of retail equity investors. A well structured questionnaire which is pilot teste...

  17. Financial education, investor protection and international portfolio diversification

    OpenAIRE

    Maela Giofré

    2012-01-01

    This paper investigates the tension between regulation and financial education in explaining one of the major puzzles in international finance, that is the lack of international diversification. We show that both dimensions are relevant: higher investor’s financial education fosters international investment and stronger minority investor protection legislation attracts inward investment. More interestingly, these factors appear to be substitute in enhancing investor’s portfolio diversificatio...

  18. Investor decisions through the lens of behavioral economics

    Directory of Open Access Journals (Sweden)

    David S. Murphy

    2013-07-01

    Full Text Available Traditional economic theory postulates that people are rational. This implies that people make decisions to maximize their utility functions and to do this, that they have fully and correctly evaluated their preferences and limitations. Behavioral economics recognizes that this is not always true, that sometimes information is incomplete. This article is examines some of the effects of behavioral economics (which come largely from cognitive psychology in decision-making by investors in the stock exchanges.

  19. Backward linkages from foreign investors to domestic firms

    OpenAIRE

    Apostolov, Mico

    2016-01-01

    The analysis of how to design policies to promote backward linkages would not be complete without introducing sound discovery into the debate. Foreign investors would naturally prefer to avoid creating rivals to their market position, aiming at horizontal positioning. But workers and managers often leave foreign plants to start up their own; local firms learn from watching the operations of foreigners. In the vertical direction, in cont...

  20. Risk Measurement of Equity Markets and Private Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Stanislav Škapa

    2013-11-01

    Full Text Available Purpose of this article: The aim of this paper is to evaluate and determine risk profile of equities markets and conclude consequency for private investor portfolios. There is summarized broad issue of risk measuremen with a focuse on downside risk measurement principle and giving into context with expected utility theory and loss aversion theory. Methodology/methods: The suitable statistical methods (mainly robust statistical methods have been used for estimation of selected characteristics and ratios. There is used a computer intensive method (a bootstrap method for estimating risk characteristics for equity markets, indicators and ratios. Scientific aim: The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on on the finding of the expected utility theory and the loss aversion theory. Findings: A main finding should be reckon a using of results of loss aversion theory applied into empirical evidence of risk profile of equity markets which led to the finding that more reliable and more suitable evaluation of risk of equity markets is downside risk and Sortino ratio from the perpective of private investor. Conclusion: Using downside risk measurement is revealing as it lays bare the “true” risk of investing in stock markets mainly for risk averse private investors. A bootstrap method with down side risk metric can evaluate risk in more appropriate way, and it is also more suitable if statistical characteristics do not fulfil a normal distribution assumption (mostly because of fat tails or outliers. And lastly in general, investors in emerging market (e.g. Visegrad´s countries are rewarded with higher return, but if things go wrong, the damage can be severe and detrimental to performance.

  1. Analysis of Ineffectiveness Arising in “Investor-government” Relations

    Directory of Open Access Journals (Sweden)

    Dmytro B. Sokolovskyi

    2015-09-01

    Full Text Available Purpose: This article deals with the problem of forming Pareto non-optimal norms of mutual behavior of investors and government in the process of decision-making related to financing designed to reduce risks in investment activity. Methodology: Considering the interdependent type (nature of interactions between related parties, game theory tools were used to model such interactions. Much attention was directed to search for  parameters of interaction leading to certain Nash equilibriums in pure strategies. The formal results obtained with the model were verified by statistical analysis. Findings: Analysis showed that the rational behavior of related parties can lead to unexpected results. Powerful investors will aim to work in socially-oriented economies, whereas primarily small investors will operate in most liberal economies with a minimum tax burden but with a higher level of risk. As for governments’ behaviors, the images are the same: small economies tend to liberalize their tax systems and to secure investment faster than powerful ones. Empirical verification based on statistical data of groups of countries generally confirmed the conclusions. These formal and logical conclusions were from statistical analysis of 124 countries divided into 5 groups: OECD countries, post-socialist countries, Latin American countries, APAC countries and ACP countries. Provided that the more powerful ones are covered economies, there was stronger interdependence between the size of economies and tax burden and also between total investment and tax burden, where this dependence is positive. Originality: The results obtained used Nash equilibriums in pure strategies as models of behavioral norms to define behaviors of related parties and also to explain assumptions concerning the behaviors of investors and government.

  2. Investor Sentiment and Corporate Finance: Micro and Macro

    OpenAIRE

    Owen A. Lamont; Jeremy C. Stein

    2006-01-01

    We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm-level stock returns--and thus, potentially more strongly influenced by investor sentiment--these results suggest that both equi...

  3. Should U.S. investors hold foreign stocks?

    OpenAIRE

    Asani Sarkar; Kai Li

    2002-01-01

    U.S. investors have traditionally been reluctant to acquire foreign securities_in part, perhaps, because they fear that restrictions on trading in foreign markets will sharply limit any gains they might realize from diversifying their portfolios. An analysis of the effects of one type of restriction, short-sale constraints, on stock returns between 1976 and 1999 suggests that investing in emerging market stocks offers substantial benefits even when a ban on short sales is in place.

  4. CERN hosts Physics and Society Forum

    CERN Multimedia

    Katarina Anthony

    2012-01-01

    On 28-29 March, CERN hosted the fifth edition of the European Physical Society's “Physics and Society” forum. The forum addresses the role of physicists in general society – be they in education, politics, industry or communication. This year, attendees looked at how physicists have adapted - and can continue to adapt - to work in the economic marketplace.   “The forums began back in 2006, as a special closing event for the 2005 World Year of Physics,” explains Martial Ducloy, former President of the French Physical Society and Chair of the EPS Forum Physics and Society. “We decided to keep the sessions going, as they gave physicists a venue to discuss the non-scientific issues that influence their daily work. As the world's largest international physics laboratory – and the venue for this year's EPS Council – CERN seemed the ideal place to host this year's forum.” The forum ...

  5. Models of Investor Forecasting Behavior — Experimental Evidence

    Directory of Open Access Journals (Sweden)

    Federico Bonetto

    2017-12-01

    Full Text Available Different forecasting behaviors affect investors’ trading decisions and lead to qualitatively different asset price trajectories. It has been shown in the literature that the weights that investors place on observed asset price changes when forecasting future price changes, and the nature of their confidence when price changes are forecast, determine whether price bubbles, price crashes, and unpredictable price cycles occur. In this paper, we report the results of behavioral experiments involving multiple investors who participated in a market for a virtual asset. Our goal is to study investors’ forecast formation. We conducted three experimental sessions with different participants in each session. We fit different models of forecast formation to the observed data. There is strong evidence that the investors forecast future prices by extrapolating past price changes, even when they know the fundamental value of the asset exactly and the extrapolated forecasts differ significantly from the fundamental value. The rational expectations hypothesis seems inconsistent with the observed forecasts. The forecasting models of all participants that best fit the observed forecasting data were of the type that cause price bubbles and cycles in dynamical systems models, and price bubbles and cycles ended up occurring in all three sessions.

  6. The evolving cobweb of relations among partially rational investors

    Science.gov (United States)

    DiMeglio, Anna; Garofalo, Franco; Lo Iudice, Francesco

    2017-01-01

    To overcome the limitations of neoclassical economics, researchers have leveraged tools of statistical physics to build novel theories. The idea was to elucidate the macroscopic features of financial markets from the interaction of its microscopic constituents, the investors. In this framework, the model of the financial agents has been kept separate from that of their interaction. Here, instead, we explore the possibility of letting the interaction topology emerge from the model of the agents’ behavior. Then, we investigate how the emerging cobweb of relationship affects the overall market dynamics. To this aim, we leverage tools from complex systems analysis and nonlinear dynamics, and model the network of mutual influence as the output of a dynamical system describing the edge evolution. In this work, the driver of the link evolution is the relative reputation between possibly coupled agents. The reputation is built differently depending on the extent of rationality of the investors. The continuous edge activation or deactivation induces the emergence of leaders and of peculiar network structures, typical of real influence networks. The subsequent impact on the market dynamics is investigated through extensive numerical simulations in selected scenarios populated by partially rational investors. PMID:28196144

  7. Fractal markets: Liquidity and investors on different time horizons

    Science.gov (United States)

    Li, Da-Ye; Nishimura, Yusaku; Men, Ming

    2014-08-01

    In this paper, we propose a new agent-based model to study the source of liquidity and the “emergent” phenomenon in financial market with fractal structure. The model rests on fractal market hypothesis and agents with different time horizons of investments. What is interesting is that though the agent-based model reveals that the interaction between these heterogeneous agents affects the stability and liquidity of the financial market the real world market lacks detailed data to bring it to light since it is difficult to identify and distinguish the investors with different time horizons in the empirical approach. results show that in a relatively short period of time fractal market provides liquidity from investors with different horizons and the market gains stability when the market structure changes from uniformity to diversification. In the real world the fractal structure with the finite of horizons can only stabilize the market within limits. With the finite maximum horizons, the greater diversity of the investors and the fractal structure will not necessarily bring more stability to the market which might come with greater fluctuation in large time scale.

  8. European Stirling forum 2000. Proceedings; Europaeisches Stirling Forum 2000. Tagungsband

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-07-01

    This document comprises all 42 papers presented at the 'European Stirling Forum 2000', held in Osnabrueck on February 22-24, 2000. Among others, the following subjects were discussed: Thermodynamics, new developments, Stirling engines, free piston heat pumps, flow optimisation of regenerators for Stirling engines, simulation for modelling of flow and heat transfer in the gas cycle of Stirling engines, design and performance, Stirling refrigerators, economic efficiency of biomass Stirling engines, power control of a Stirling CHP system, a Stirling refrigerator for ultralow temperatures in the refrigeration industry. [German] Das vorliegende Dokument enthaelt alle (42) Beitraege der Referenten des 'Europaeischen Stirling Forums 2000', das vom 22. bis 24. Februar 2000 in Osnabrueck stattgefunden hat. Einige der behandelten Themenschwerpunkte im Zusammenhang mit der Stirling-Maschine waren die Thermodynamik, neue Entwicklungen des Kreisprozesses, Heissgasmotoren, Freikolben-Waermepumpe, stroemungstechnische Optimierung von Regeneratoren fuer Stirling-Maschinen, Simulation zur Modellierung der Stroemung und Waermeuebertragung im Gaskreislauf von Stirling-Maschinen, Entwurf und Betriebsverhalten, Stirling-Kaeltemaschine, Wirtschaftlichkeit von Biomasse-Stirlingmotoren, Leistungsregelung eines Stirling-Blockheizkraftwerks, Anwendung eines Stirling-Kuehlers, zum Ultratiefkuehlen in der Kuehlindustrie. (AKF)

  9. An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries

    Directory of Open Access Journals (Sweden)

    Chuangxia Huang

    2014-01-01

    Full Text Available Studies on investor sentiment are mostly focused on the stock market, but little attention has been paid to the effect of investor sentiment on the return of a specific industry. This paper constructs a proxy variable to examine the relationship between investor sentiment and the return of a specific industry, using the Principle Component Analysis, and finds that investor sentiment is positively correlated with the industry return of the current period and negatively correlated with that of one lag period; we classify investor sentiment as optimistic state and pessimistic state and find that optimistic investor sentiment has a positive effect on stock returns of most industries, while pessimistic investor sentiment has no effect on them; this paper further builds a two-state Markov regime switching model and finds that sentiment has different effect on different industries returns on different states of market.

  10. Do anchor investors create value for initial public offerings? An empirical investigation

    Directory of Open Access Journals (Sweden)

    Seshadev Sahoo

    2017-12-01

    Full Text Available The concept of anchor investors was introduced by the market regulator, Securities Exchange Board of India (SEBI, to bring transparency in the book building mechanism. We examine anchor investors' investment in initial public offerings (IPOs to determine how they create value for issuing firms and participating investors. Using a database of 135 IPOs issued in the Indian market through book building mechanism during 2009–2014, we find that anchor investors' investment in IPOs reduces underpricing. Larger subscription from retail investors for anchor-supported IPOs indicates that anchor investors' participation is viewed as a credible attestation of quality of the issue. We document that anchor-supported IPOs are more liquid and less volatile in the short run. We also find that by controlling for other factors such as offer size, subscription rate and age of the firm, a part of the underpricing is reduced by anchor investors.

  11. The forum as a friend: parental mental illness and communication on open Internet forums.

    Science.gov (United States)

    Widemalm, My; Hjärthag, Fredrik

    2015-10-01

    The aim of this study was to identify how daughters or sons to parents suffering from mental illness perceive their situation. The objective was to provide new knowledge based on what they communicate on open Internet forums. The sample consisted of forum posts written by individuals who reported that they had mentally ill parents. Data collection comprised 301 comments from 35 forum threads on 5 different Swedish Internet forums, and predetermined inclusion criteria were used. Data were analyzed qualitatively using thematic analysis. The analysis generated four themes: "Caregiver burden," "Knowledge seeking," "Support from the forum," and "Frustration and powerlessness over health care." The results showed that parents' mental illness affected the forum writers on several levels, and they often felt stigmatized. The writers often lacked knowledge of their parents' mental illness and sought out Internet forums for information and support from peers in similar situations. The psychiatric care given to the parents was a source of dissatisfaction among the forum writers, who often felt that their parents did not receive adequate care. This study shows that fear of stigmatization and perceived lack of care and support caused forum writers to anonymously seek out Internet forums for information and support from others with similar experiences. The role of social support and the attractiveness of anonymity and availability typical for open Internet forums ought to be considered by health care professionals and researchers when developing new ways for providing support for children or adolescents with a mentally ill parent.

  12. TOPFARM - topology optimization as seen from an investor's perspective

    DEFF Research Database (Denmark)

    Larsen, Gunner Chr.

    TOPFARM is an optimization platform, which takes the investors perspective and performs an economical optimization of the wind farm layout throughout the lifetime of the wind farm. The economical optimization approach differs significantly from the traditional power output optimization. The major...... differences are highlighted, and the TOPFARM platform is described in some detail. The capability of the platform is illustrated in two demonstration examples. In the first example we perform a sanity check of basic features of the TOPFARM objective function. The second example demonstrates the capability...

  13. Market structure and investor interests frustrate energy savings

    International Nuclear Information System (INIS)

    Van Eck, T.

    2008-01-01

    Major energy savings can be achieved in the Netherlands by bringing demand and supply of heating of cooling closer together and by connecting processes in the correct energetic order. This is already done when one party owns an entire chain, for example in the case of refineries. As soon as several parties are involved, this is seldom achieved. Analysis shows that technical incompetence is seldom an obstacle. Most of the time organizational and economic actors are to blame. Moreover, main influences come from the attitude of the required investors and the position of the government. [mk] [nl

  14. Legal Protection for Investor in Capital Market Stock Trading

    OpenAIRE

    Sofyan, Tito

    2013-01-01

    Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

  15. THE GREGARIOUS BEHAVIOR OF INVESTORS FROM BALTIC STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Pece Andreea Maria

    2015-07-01

    Full Text Available The main objective of this research is to investigate market participants’ gregarious behaviour in Baltic stock markets, namely Lithuania, Latvia and Estonia during the period January 2003-December 2013. The herding behaviour derives from the investors’ irrationality, who trade financial assets based on their positive expectations about prices future growth, generating manias among other market participants, thus ignoring the real return rates and the risk levels of their investments.The investors’ irrational behaviour is influenced by actions, feelings and impulses that are intertwined: mimicry, fear, trust, greed, optimism, pessimism, euphoria, panic. These features highlight an erroneous perception of investors in point of unsustained increase in prices, which has been generated by the stock prices deviations from their fundamental value.Under these premises, optimism, overreaction and speculative bubbles are appearing on the market and may constitute triggering factors of a financial crash.The probability of the occurrence of the speculative bubbles and financial crashes is influenced by the continuous entry on the market of new investors and less informed participants, which often act based on impulse, following a benchmark, without considering their own analysis and information that they hold. The existence of a “collective behaviour” of the investors, which is manifested by their tendency to imitate other market participants actions and to “follow the herd”, so ignoring their own beliefs, may increase market sensitivity to shocks and the probability of the occurrence of the systemic risk.In order to identify the investors’ herding behaviour, I have applied an adjusted CSSD model proposed by (Yao, Ma, Peng He, 2014, which implies the inclusion of two additional variables, the first one, to reduce the effect of multicollinearity and a second one, a lag term of the dependent variable, in order to improve the power of the

  16. Financial statistics of major U.S. investor-owned electric utilities 1996

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-12-01

    The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for making policy and decisions relating to investor-owned electric utility issues. The US electric power industry is a combination of electric utilities (investor-owned, publicly owned, Federal, and cooperatives) and nonutility power producers. Investor-owned electric utilities account for over three-fourths of electric sales and revenue. Historically, the investor-owned electric utilities have served the large consolidated markets. There is substantial diversity among the investor-owned electric utilities in terms of services, size, fuel usage, and prices charged. Most investor-owned electric utilities generate, transmit, and distribute electric power. Investor-owned electric utilities operate in all States except Nebraska; Hawaii is the only State in which all electricity is supplied by investor-owned electric utilities. 5 figs., 57 tabs.

  17. The Impact of Investors¡¯ Sentiment on the Equity Market: Evidence from Ghanaian Stock Market

    OpenAIRE

    Ebenezer Bennet; Lydia Obenewaa Amoako; Ricky Okine Charles; Asumadu Edward; Joseph Asante Darkwah

    2012-01-01

    Investor¡¯s Sentiment plays a major role in choosing which stocks we invest. Investors¡¯ sentiment can be defined as investors¡¯ attitude and opinion towards investing in the Stocks. The aim of this research is to analyse the individual investor¡¯s sentiment and also to analyse the influence of Market Specific Factors on investors¡¯ sentiment. The investor¡¯s attitude towards investing is influenced by rumours, intuition, herd behaviour among investors and media coverage of the stock. 100 inv...

  18. Report of a Policy Forum: Weather, Climate, and Energy

    Energy Technology Data Exchange (ETDEWEB)

    None

    2002-07-01

    The report of a policy forum on Weather, Climate, and Energy presents findings and recommendations that, if implemented, could position the energy sector, the providers of weather and climate science and services, and energy consumers to mange more cooperatively and effectively the production, distribution, and consumption of electrical power and fossil fuels. Recent U.S. experience with a series of energy shortages encouraged the AMS Atmospheric Policy Program to join with the University of Oklahoma in the development of a forum to address the issues connected with responding to those shortages. Nearly 100 representatives from the public, private, and academic portions of the energy production sector, the meteorological community, political and corporate leaders, weather risk management analysts, and policy makers met on October 16-17, 2001 to discuss these policy issues.

  19. Understanding user intents in online health forums.

    Science.gov (United States)

    Zhang, Thomas; Cho, Jason H D; Zhai, Chengxiang

    2015-07-01

    Online health forums provide a convenient way for patients to obtain medical information and connect with physicians and peers outside of clinical settings. However, large quantities of unstructured and diversified content generated on these forums make it difficult for users to digest and extract useful information. Understanding user intents would enable forums to find and recommend relevant information to users by filtering out threads that do not match particular intents. In this paper, we derive a taxonomy of intents to capture user information needs in online health forums and propose novel pattern-based features for use with a multiclass support vector machine (SVM) classifier to classify original thread posts according to their underlying intents. Since no dataset existed for this task, we employ three annotators to manually label a dataset of 1192 HealthBoards posts spanning four forum topics. Experimental results show that a SVM using pattern-based features is highly capable of identifying user intents in forum posts, reaching a maximum precision of 75%, and that a SVM-based hierarchical classifier using both pattern and word features outperforms its SVM counterpart that uses only word features. Furthermore, comparable classification performance can be achieved by training and testing on posts from different forum topics.

  20. Does investor ownership of nursing homes compromise the quality of care?

    Science.gov (United States)

    Harrington, C; Woolhandler, S; Mullan, J; Carrillo, H; Himmelstein, D U

    2001-09-01

    Two thirds of nursing homes are investor owned. This study examined whether investor ownership affects quality. We analyzed 1998 data from state inspections of 13,693 nursing facilities. We used a multivariate model and controlled for case mix, facility characteristics, and location. Investor-owned facilities averaged 5.89 deficiencies per home, 46.5% higher than nonprofit facilities and 43.0% higher than public facilities. In multivariate analysis, investor ownership predicted 0.679 additional deficiencies per home; chain ownership predicted an additional 0.633 deficiencies. Nurse staffing was lower at investor-owned nursing homes. Investor-owned nursing homes provide worse care and less nursing care than do not-for-profit or public homes.

  1. Lacking Community Out-Reach of Chinese Mining Investors in the Arctic

    DEFF Research Database (Denmark)

    Zeuthen, Jesper Willaing

    Lacking Community Out-Reach of Chinese Mining Investors in the Arctic Despite China’s bad reputation as a mining investor, in a context of dramatically falling mineral prices, Chinese investments seem to be needed in order to realize most new mining projects across the globe. In Greenland...... and Arctic Canada, potential Chinese investors have been met with even more suspicion than elsewhere. National governments are worried about what state owned Chinese investors will mean for their control over national resources while local governments and the public fear what Chinese investors will mean...... for labour conditions and local environment. They fear a lack of social corporate responsibility (CSR) from Chinese investors. This paper assumes that the possible interest in Arctic mineral resources by the Chinese state combined with a strong demand from Greenland and Canada would make the Arctic a most...

  2. Revisiting the investor sentiment-stock returns relationship: A multi-scale perspective using wavelets

    Science.gov (United States)

    Lao, Jiashun; Nie, He; Jiang, Yonghong

    2018-06-01

    This paper employs SBW proposed by Baker and Wurgler (2006) to investigate the nonlinear asymmetric Granger causality between investor sentiment and stock returns for US economy while considering different time-scales. The wavelet method is utilized to decompose time series of investor sentiment and stock returns at different time-scales to focus on the local analysis of different time horizons of investors. The linear and nonlinear asymmetric Granger methods are employed to examine the Granger causal relationship on similar time-scales. We find evidence of strong bilateral linear and nonlinear asymmetric Granger causality between longer-term investor sentiment and stock returns. Furthermore, we observe the positive nonlinear causal relationship from stock returns to investor sentiment and the negative nonlinear causal relationship from investor sentiment to stock returns.

  3. EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Udoka Bernard Alajekwu

    2017-06-01

    Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

  4. Financial statistics of major US investor-owned electric utilities 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-12-01

    The Financial Statistics of Major U.S. Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State Governments, industry, and the general public with current and historical data that can be used for making policy and decisions relating to investor-owned electric utility issues.

  5. Financial statistics of major U.S. investor-owned electric utilities 1993

    Energy Technology Data Exchange (ETDEWEB)

    1995-01-01

    The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues.

  6. Behaviour of Follower Investor in the Formation of Stock’s Price on Market Crash

    OpenAIRE

    I Gusti Ayu Nyoman Budiasih; Made Dewi Ayu Untari; I Made Sadha Suardikha; I Ketut Suryanawa

    2017-01-01

    This study is aimed to get empirical evidence about the indications of behavior of follower investor in the formation of stock's prices in the Indonesian Stock Exchange (BEI) when the event market crash occured. As well as aiming to analyze whether the behavior of follower investor can be called irrational behavior by looking at the difference in behavior of follower investor on each sector in IDX. This study uses secondary data in the form of stock's closing price and Indonesia Composite Ind...

  7. PENGARUH ILLUSIONS OF CONTROL, OVERCONFIDENCE DAN EMOTION TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI PADA INVESTOR DI YOGYAKARTA

    OpenAIRE

    Kartini, Kartini; Nugraha, Nuris Firmansyah

    2015-01-01

    Nowadays Investors often make investment decision irrationally. The decision is often based on their judgment that is far away from rational assumption. When investors face risky situa-tion, there are some objectivities, emotions, and other psychological factors that usually ef-fect their decision making. This purpose of study is to examine the effect of illusions of control, risk tolerance, overconfidence and emotion on investment decision making among investors in yogyakarta. Sample of this...

  8. Intangible economy : How can investors deliver change in businesses? Lessons from nonprofit-business partnerships

    OpenAIRE

    Seitanidi, M M

    2007-01-01

    Investors traditionally prioritised tangible outcomes (money, land, machinery) in order to protect their financial assets. However, the intangible economy (trust, human resources, information, reputation) that co-exists draws attention to new expectations that request the continuous, active and within the public sphere involvement of investors in order to protect their assets by prioritising intangible resources. The paper argues that investors in intangible outcomes who aim to achieve c...

  9. Predicting Individual Investors- Intention to Invest: An Experimental Analysis of Attitude as a Mediator

    OpenAIRE

    Azwadi Ali

    2011-01-01

    The survival of publicly listed companies largely depends on their stocks being liquidly traded. This goal can be achieved when new investors are attracted to invest on companies- stocks. Among different groups of investors, individual investors are generally less able to objectively evaluate companies- risks and returns, and tend to be emotionally biased in their investing decisions. Therefore their decisions may be formed as a result of perceived risks and returns, and ...

  10. Illuminating the Dark Side of Financial Innovation: The Role of Investor Information

    OpenAIRE

    Ammann, Manuel; Arnold, Marc; Straumann, Simon

    2017-01-01

    This paper investigates the impact of investor information on financial innovation. We identify specific channels through which issuers of financially engineered products exploit retail investors by using their privileged access to information. Our results imply that imperfect investor information regarding volatility and dividends is crucial to explain the pricing and design of financially engineered products. We confirm our conjecture by exploiting a discontinuity in issuers' informational ...

  11. Online Broker Investors: Demographic Information, Investment Strategy, Portfolio Positions, and Trading Activity

    OpenAIRE

    Glaser, Markus

    2003-01-01

    It is often argued that the internet influences investor behavior. Furthermore, the recent 'bubble' in internet stocks is sometimes ascribed, at least in part, to online trading. However, little is known about how online investors actually behave. This paper contributes to fill this gap. A sample of approximately 3,000 online broker investors is studied over a 51 month period ending in April 2001. The main goal of this paper is to present various descriptive statistics on demographic informat...

  12. Suisse Romande forum meets at CERN

    CERN Multimedia

    2005-01-01

    The subject of the «Forum des 100» meeting held at CERN on 9 June was «Suisse Romande: Une région en quête de succès» (a region in search of success). Organised by the magazine l'Hebdo and the Rezonance.ch association, the forum was attended by numerous representatives from politics, industry and education and consisted of a day of lectures and debates. Pascal Couchepin, Head of the Swiss Federal Department of Home Affairs, and Luc Ferry, philosopher and former French Education Minister, were among those who took part in the forum.

  13. The South African Forum for Radiation Protection

    International Nuclear Information System (INIS)

    Basson, J.K.; Le Roux, P.R.

    1993-01-01

    The use of ionising radiation in South Africa since the turn of the century was initially limited to x-rays and radium, with predominant applications in medicine for diagnosis and therapy. Since 1948 artificial radio-isotopes have been increasingly available and such applications have been widely extended to industry, agriculture and science. Initially, the Council for Scientific and Industrial Research developed radiation protection in South Africa. It was later recommended that an independent forum, the South African Forum for Radiation Protection, be established. The activities of the Forum are described

  14. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: Thérèse Wolf, Secretary of Forum Engelberg; Alain Hervé; Horst Wenninger; and Alexander Höchli, Forum member and former Landammann of the canton of Obwalden, at the CMS detector's assembly site.

  15. “Rational” or “Intuitive”: Are Behavioral Biases Correlated Across Stock Market Investors?

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2013-06-01

    Full Text Available Human judgments are systematically affected by various biases and distortions. The main goal of our study is to analyze the effects of five well-documented behavioral biases—namely, the disposition effect, herd behavior, availability heuristic, gambler’s fallacy and hot hand fallacy—on the mechanisms of stock market decision making and, in particular, the correlations between the magnitudes of the biases in the cross-section of market investors. Employing an extensive online survey, we demonstrate that, on average, active capital market investors exhibit moderate degrees of behavioral biases. We then calculate the cross-sectional correlation coefficients between the biases and find that all of them are positive and highly significant for both professional and non-professional investors and for all categories of investors, as classified by their experience levels, genders, and ages. This finding suggests that an investor who is more inclined to employ a certain intuitive decision-making technique will most likely accept other techniques as well. Furthermore, we determine that the correlation coefficients between the biases are higher for more experienced investors and male investors, indicating that these categories of investors are likely to behave more consistently, or, in other words, are more likely to decide for themselves whether to rely on simplifying decision-making techniques in general or to reject all of them. Alternatively, this finding may suggest that these investors develop more sophisticated “adaptive toolboxes”, or collections of heuristics, and apply them more systematically.

  16. Risk reduction of international mining projects by means of investor consortia and diversification of external financing

    International Nuclear Information System (INIS)

    Kirchner, C.

    1982-01-01

    Investors and creditors of international mining projects bear specific risks which may be reduced by means of forming investor and financing consortia. Risk is defined for each actor separately. Project risk and investor risk respectively credit risk are useful categories in order to analyze risk reduction. In each case formation of consortia has a positive influence on the economic viability of the project, and thus reduces the project risk. Furthermore, formation of consortia leads to better compliance of the host country of the mining project with the project and financing agreements. Thus, investor and credit risk may be reduced. (orig.) [de

  17. The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2015-01-01

    This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise decrease in the fed funds rate leads to a large increase in investor sentiment. Similarly, when...... the fed funds rate is at its zero lower bound, research results indicate that expansionary unconventional monetary policy shocks also have a large and positive impact on investor mood. Together, our findings highlight the importance of both conventional and unconventional monetary policy...... in the determination of investor sentiment....

  18. Buying and Selling Behavior of Individual Investors in Option-like Securities

    OpenAIRE

    Schmitz, Philipp; Weber, Martin

    2007-01-01

    We analyze the trading behavior of individual investors in option-like securities, namely bank-issued warrants, and thus expand the growing literature of investors behavior to a new kind of securities. A unique data set from a large German discount broker gives us the opportunity to analyze the trading behavior of 1,454 investors, making 89,958 transactions in 6,724 warrants on 397 underlyings. In different logit regression, we make use of the facts that investors can speculate on rising and ...

  19. Generation 4 International Forum. 2009 annual report

    International Nuclear Information System (INIS)

    2009-01-01

    This 2009 Annual Report is the third annual report issued by GIF (Generation 4. International Forum). It includes 3 chapters in addition to an introduction plus 4 appendices, as follows. Chapter 2 describes the membership and organization of GIF, the structure of its cooperative research and development arrangements as well as the status of Members' participation in such arrangements. Chapter 3 summarizes GIF research and development plans, activities and achievements during 2009. It highlights the scientific and technical challenges facing the teams developing Generation IV systems and the major milestones towards the development of these systems. It also describes the progress made on the development of methodologies for assessing Generation IV systems with respect to the established goals of GIF. Chapter 4 reviews the cooperation between GIF and other international programs dealing with the development of nuclear energy. Appendix 1 provides an overview on the goals of Generation IV nuclear energy systems and an outline of the main characteristics of the six systems selected for joint development by GIF. Appendix 2 presents the objectives that have been set for the various System Steering Committees and the associated Project Management Boards for the next 5 years. Appendix 3 reproduces the Table of Contents of the Proceedings from the GIF Symposium held in Paris (France) in 2009. Appendix 4 provides a list of abbreviations and acronyms (with the corresponding definitions) which are used in this report or are relevant to GIF activities

  20. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    Sternwheeler, W.D.E.

    1992-01-01

    This paper provides highlights from the 1992 winter meeting of the Low Level Radioactive Wastes Forum. Topics of discussion included: legal information; state and compact reports; freedom of information requests; and storage

  1. Titaanide heitlus: Forum Cinemas vs Cinamon

    Index Scriptorium Estoniae

    2009-01-01

    Cinamon Group avab Solarise keskuses uue Cinamoni kinoketti kuuluva kino, mis konkureerib Coca-Cola Plazaga (võrdlev tabel, allikad: Cinamoni turundusjuht Evelyn Laar ja Forum Cinemas' levijuhi asetäitja Timo Diener)

  2. International Ecohealth Forum 2008 | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... the International Forum on Ecosystem Approaches to Human Health (Montreal, ... the International Association of Ecology and Health (IAEH), and a Brazilian ... Nutrition, health policy, and ethics in the age of public-private partnerships.

  3. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrive Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: CERN Director-General Prof. Luciano Maiani (left) speaks to Forum members and public figures from the Geneva area during the visit. In the background is Jean-Claude Landry from the Department of the Interior, Agriculture and Environment, State of Geneva. Photo 02: CERN Director-General Prof. Luciano Maiani (left) speaks to Forum members and public figures from the Geneva area during the visit. In the background is Bernard Ecoffey, Founder of the Forum Engelberg.

  4. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1992-01-01

    This paper provides highlights from the summer meeting of the Low Level Radioactive Waste Forum. Topics of discussion included: responsibility for nonfuel component disposal; state experiences in facility licensing; and volume projections

  5. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1992-01-01

    This report provides highlights from the 1992 fall meeting of the Low LEvel Radioactive Waste Forum. Topics included: disposal options after 1992; interregional agreements; management alternatives; policy; and storage

  6. Competition, Regulation and Development Research Forum ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... Forum : Competition and Regulatory Implementation Issues in Developing Countries ... create challenges that influence the operation of regulatory institutions. ... IWRA/IDRC webinar on climate change and adaptive water management.

  7. Court rules against failed viatical firm in investor suit.

    Science.gov (United States)

    1999-10-01

    A Federal appeals court has revived a claim against Dignity Partners Inc., a viatical business, and offshoot of a financial-services firm. Dignity Partners operated by buying the life insurance policies of terminally ill people. The company was charged with making false and misleading statements in its prospectus for an initial public stock offering. Five months later, the company announced that it would not accept new customers with AIDS, a group which represented 95 percent of its accounts at that time. The company had information from researchers and clinicians that the introduction of protease inhibitors would greatly increase life expectancy for its customers and would reduce company profits. This information was not generally available to potential investors. The suit against the company alleges violations of the Securities Act of 1933 and the Exchange Act of 1934, both which govern stock trading.

  8. Do financial investors affect the price of wheat?

    Directory of Open Access Journals (Sweden)

    Daniele Girardi

    2012-03-01

    Full Text Available It is widely debated whether financial speculation was a significant force behind recent food price fluctuations. As a matter of fact, during the 2000s agricultural commodity derivatives markets were flooded by a ‘wall of money’ coming from financial investors. In agricultural exchanges, the greatest part of this huge financial inflow came from index traders, i.e. financial actors that follow a passive strategy of tracking a commodity index. In this article I present new empirical evidence that supports the hypothesis that financial investments have affected wheat price dynamics in recent years. In particular, I focus on Hard Red Winter (HRW wheat. Since 2007 HRW wheat price fluctuations have been positively related to US stock market returns and oil price movements. These correlations appear to be determined by commodity index traders, since both these relationships proved to be spurious, with the most tracked commodity index as the confounding variable.

  9. On the relationship between investor sentiment, VIX and trading volume.

    Directory of Open Access Journals (Sweden)

    Simon Man Shing So

    2015-11-01

    Full Text Available As noise traders affect stock market by trading, sentiment, as a signal of noise, may have relationships with trading volume. This paper explores the effect of sentiment on the stock market’s trading volume. Increase in Volatility Index (VIX can explain the percentage increase in trading volume, but only in high VIX period. Besides, higher level of VIX is likely to be associated with greater variability of trading volume. The noise traders add liquidity to the market and provide more chances for investors to time their trade as the volatility of liquidity increases. These two kinds of impact lower rational investors’ required return. The noise traders not only drive the price deviating from fundamental value, but also influence the liquidity dimensions.

  10. Nuclear fuel financing by USA investor-owned utilities

    International Nuclear Information System (INIS)

    Cave, W.F.

    1981-01-01

    Investor-owned utilities in the USA currently have almost 60 nuclear plants in commercial operation and an additional 90 plants under construction or awaiting operating licenses. To understand the specific techniques implemented to finance nuclear fuel and the advantages which they provide to individual companies, the total financing needs of the industry, the traditional pattern which utility external financing has taken, and the varied financial and regulatory bodies whose often conflicting objectives management must attempt to reconcile, must be understood. The aim of this paper is to aid such an understanding. The subject is discussed under the following headings: industry background; regulation and rating agencies; management objectives; financing structure; advantages (low financing cost; regulatory treatment; freer nature of agreement; access to commercial paper market; appropriate financing time-span; rating benefits; accounting treatment); conclusions. (U.K.)

  11. The challenge of measuring investments and identifying investors

    DEFF Research Database (Denmark)

    Christensen, Jesper Lindgaard; Hain, Daniel S.

    2013-01-01

    , there are several types of flaws and difficulties related to getting a statistical overview of investments in innovation in the energy sector; it is not just a matter of increasing the existing statistical efforts and precision, there are more generic difficulties. Obviously, activity indicators of energy...... innovation (cf. other chapters in this volume) are closely related to indicators of investments in energy innovation. Hence, a number of general measurement challenges, such as separating innovation and activities, apply to investment measurement as well. Furthermore, any kinds of outcome measures...... in the energy realm, and elsewhere, are by nature interdependent with investment activities. We will in this chapter focus on the challenges that are special to the investment activities and on the mapping of investors. The measurement challenges may be approached from a ‘receiver’ perspective, i...

  12. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. He is seen here (right) in discussion with Bernard Ecoffey, Founder of the Forum Engelberg.

  13. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. He is pictured here (right) alongside CERN Director-General Prof. Luciano Maiani during the visit of Forum members to CERN.

  14. The Copenhagen Forum 1996-2016

    DEFF Research Database (Denmark)

    Ry Nielsen, Jens Carl; Raine, John

    2016-01-01

    Purpose: This chapter tells the story of the initiation, development (over two decades) and collective contribution of the Copenhagen Forum since its foundation in 1996. This Forum comprises a grouping of teachers and directors of masters-level public administrative programmes (notably the MPA) f...... the inspiration for this volume, and the individual contributions, derive. It is a context that has been all about a shared fascination with, and collective commitment to, the advancement of learning and development among practicing public managers....

  15. Regret Aversion Bias dan Risk Tolerance Investor Muda Jakarta dan Surabaya

    Directory of Open Access Journals (Sweden)

    Yohnson Yohnson

    2008-01-01

    Full Text Available Investment decision behavior is an interesting topic in finance research. Bailey and Kinerson’s (2005 research found that individual risk tolerance and experienced regret significantly influenced investment decisions. Anticipation of potential future regret did not predict subsequent investment decision behavior. Specifically, this research also wants to know the effects of a person’s experienced regret and anticipated regret or the effects of individual risk tolerance on investment decision behavior in Jakarta and Surabaya. Respondent of this research is 323 students from UK Petra who represent young investors from Surabaya and students from UPH who represent young investors from Jakarta. The method of research is experimental study and the design of research is 2x2x2 (between subject with experienced regret (time deposit and stock as first variable, anticipated regret (time deposit and stock as second variable and risk tolerance (high and low as third variable This study finds that an individual risk tolerance significantly influences decisions. Regret aversion bias does not influence young investors in Indonesia. (We assume that it is because the character of Indonesian investors is different from foreign investors. The couse of this is supposedly the unique characteristics of Indonesian investors and the different view points between Indonesian investors and investors from other countries. Abstract in Bahasa Indonesia: Perilaku keputusan investasi sangat menarik untuk diteliti. Dalam penelitian Bailey dan Kinerson (2005 ditemukan risk tolerance dan experienced regret mempengaruhi keputusan investasi. Anticipated regret tidak dapat dipakai sebagai predictor perilaku keputusan investasi. Penelitian ini juga ingin mengetahui experienced regret, anticipated regret atau risk tolerance yang lebih mempengaruhi perilaku keputusan investasi di Jakarta dan Surabaya. Responden yang diteliti sebesar 323 mahasiswa berasal dari UK Petra yang mewakili

  16. How Severe Was the Impact of the Financial Crisis on Individual Investor Perceptions and Behavior?

    NARCIS (Netherlands)

    Hoffmann, A.; Post, T.; Pennings, J.M.E.

    2011-01-01

    Abstract: Based on a unique combination of monthly survey data and matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2007–2009 financial crisis. Investor perceptions fluctuate significantly, with risk tolerance and

  17. Modeling investor sentiment and overconfidence in an agent-based stock market

    NARCIS (Netherlands)

    Lovric, M.; Kaymak, U.; Spronk, J.

    2010-01-01

    Agent-based stock markets as bottom-up models of financial markets allow us to study the link between individual investor behavior and aggregate market phenomena, and as such are a useful tool for investigating the implications of behavioral finance and investor psychology. In this paper we want to

  18. Do investors become risk takers after receiving MLA and accounting information?

    Directory of Open Access Journals (Sweden)

    Ni Made Wisni Arie Pramuki

    2016-11-01

    Full Text Available This study aimed to find out, empirically, the effect of myopic loss aversion and accounting information on the behavior of investors. The method used is pure experiment by using a 2×2 factorial design between subjects. The results show that myopic loss aversion and accounting information positively affects investor behavior. Another result reveals that there is a difference in treatment (frequent and infrequent that was equally given accounting information. There is a difference of treatment (frequent and infrequent that was not given accounting information, but the results return obtained by investors with the treatment of frequent is higher than investors with the treatment of infrequent, it indicates that investors that were treated frequently to be more willing to take a risk, and investors proved not to experience MLA. It was not found the difference in treatment (frequent and infrequent with accounting information with those that were not given accounting information. It can be caused by a lack of understanding of investors (in this case by the students in interpreting and analyzing accounting information as well as private signals that still dominate the investors.

  19. Strategic versus financial investors: The role of strategic objectives in financial contracting

    NARCIS (Netherlands)

    Arping, S.; Falconieri, S.

    2009-01-01

    Strategic investors, such as corporate venture capitalists, engage in the financing of start-up firms to complement their core businesses and to facilitate the internalization of externalities. We argue that while strategic objectives make it more worthwhile for an investor to elicit high

  20. 7 CFR 1901.508 - Servicing of insured notes outstanding with investors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Servicing of insured notes outstanding with investors. 1901.508 Section 1901.508 Agriculture Regulations of the Department of Agriculture (Continued) RURAL... Ownership and Insured Notes § 1901.508 Servicing of insured notes outstanding with investors. The Director...

  1. Investor relations on the internet: Analysis of companies on the Serbian stock market

    Directory of Open Access Journals (Sweden)

    Đorđević Bojan

    2012-01-01

    Full Text Available Stockholders and other interested parties used to exchange information in writing by means of physical submission, while today with just a click on any known company’s Internet page it is possible to acquire both the information needed and its financial situation. The aim of this work is to indicate the lack of corporate culture and investor communication on the Serbian stock market by analyzing investor relations via the e-communication tools of some of the best Serbian companies. This study investigates investor relations on the Internet of companies listed on the Belgrade Stock Exchange (BELEX 15 and BELEX LINE. For this purpose, the websites of the 20 largest listed companies of the Republic of Serbia were screened for investor relations items. Results obtained by using a three-stage model show that most companies in Serbia are at the second stage of internet investor relations, i.e., where information available through other sources is combined to better inform investors. In the third stage companies use the full interactive possibilities of the Internet for investor relations purposes. The author also stresses that the quality of investor relations must be a part of every company’s strategic vision.

  2. Mergers, networking, and vertical integration: managed care and investor-owned hospitals.

    Science.gov (United States)

    Brown, M

    1996-01-01

    This article links the forces of managed care and investor-owned firms as major factors driving the industry toward consolidation into vertically integrated, merged firms, often financed with investor capital. This relentless pressure to build regional systems of health services has transformed the industry from a charitable, community orientation to one of business, market shares, and profits.

  3. 76 FR 2728 - Securities Investor Protection Corporation; Order Approving a Proposed Bylaw Change Relating to...

    Science.gov (United States)

    2011-01-14

    ... on SIPC Members January 10, 2011. On October 8, 2010, the Securities Investor Protection Corporation... pursuant to Section 3(e)(1) of the Securities Investor Protection Act of 1970 (``SIPA''), 15 U.S.C. 78ccc(e... SECURITIES AND EXCHANGE COMMISSION [Release No. SIPA-170; File No. SIPC-2010-01] Securities...

  4. 75 FR 75711 - Securities Investor Protection Corporation; Notice of Filing of a Proposed Bylaw Change Relating...

    Science.gov (United States)

    2010-12-06

    ... Securities Investor Protection Corporation (``SIPC'') filed with the Securities and Exchange Commission... Members, Rel. No. SIPA-156, 56 FR 51952 (Oct. 16, 1991). \\6\\ Securities Investor Protection Corporation... SECURITIES AND EXCHANGE COMMISSION [Release No. SIPA-169; File No. SIPC-2010-01] Securities...

  5. Investor sentiment, mutual fund flows and its impact on returns and volatility

    NARCIS (Netherlands)

    Lehnert, T.; Müller, A.; Frijns, B.P.M.; Beaumont, R.J.; Daele, M. van

    2008-01-01

    - Purpose – The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones Industrial Average, S&P500 and Nasdaq100). Individual investor sentiment is measured by aggregate money

  6. 7. heat pump forum. Lectures; 7. Forum Waermepumpe. Vortraege

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-07-01

    Within the 7th heat pump forum of the German Federal Association for heat pumps e.V. (Berlin, Federal Republic of Germany) between 22nd and 23rd March, 2009, at the Ellington Hotel in Berlin, the following lectures were held: (1) Potentials of the near-surface geothermics in Germany (H. Gassner); (2) Significance of renewable energy sources after the Bundestag election (D. Schuetz); (3) European draft laws in survey: EE regulation, EPBD, EuP (M. Ferber); (4) My personal experiences with heat pumps (G. Nuesslein); (5) European energy policy with relevance to the German heating market (A. Luecke); (6) Do we economize sustainable? - Reactions of companies on the challenge of a sustainable development (C. Berg); (7) Utilize the crisis now - the economic chances of a sustainable energy supply (C. Kemfert); (8) EE regulation: Status quo. Report of the National Renewable Eneregy Action Plan (NREAP) (K. Freier); (9) A legal evaluation of the EE regulation for the energy market (T. Mueller); (10) MAP funding guidelines (U. Sattler); (11) Utilization of renewable energies for heat generation - Experiences of the housing industry (I. Vogler); (12) Combination o the central near-heat supply and decentral drinking water heating in multi-storey new buildings (M.-J. Mucke); (13) Eddicient contracting for heat pumps (A. Kaemmerer); (14) Eco-Design - EU-guidelines and their effects on the heat pump (M. Roffe-Vidal); (15) The quality seal for heat pumps in the Swiss promotion policy (R. Phillips); (16) Enhancement of the significance of the EHPA quality seal in Europe (K. Ochsner); (17) Chances and benefit of export initiatives for the heat pump industry (C. Wittig); (18) The heat pump market in Ireland (P. Murphy); (19) Quantum heat pumps in double capacitors (M. Enzensperger); (20) First CO{sub 2}-free football stadium worldwide thanks to heat pumps (A. Poehlmann); (21) The heat pump in turnkey solid-construction house (C. Schmidt); (22) Instruments of quality requirement and

  7. Ambiguity towards Multiple Historical Performance Information Signals: Evidence from Indonesian Open-Ended Mutual Fund Investors

    Directory of Open Access Journals (Sweden)

    Haris Pratama Loeis

    2015-10-01

    Full Text Available This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals, but also have additional sensitivity towards the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions. Normal 0 false false false EN-US X-NONE X-NONE

  8. Loss Aversion: A Comparison of Investment Decision Making Between Individual Investors and Pension Funds in Brazil

    Directory of Open Access Journals (Sweden)

    William Eid Junior

    2009-08-01

    Full Text Available This article compares the application of a loss aversion utility function with a traditional Von Neumann-Morgenstern utility function aiming to test whether the first form of utility could better replicate the actual behavior of Brazilian investors concerning the choice of optimum investment portfolio. The results generated by both functions, in terms of stock market participation in the optimum investment portfolio, are compared with real aggregate data from two types of Brazilian investors (pension funds and individual investors. The analysis indicates that: i the traditional utility function should be rejected as an adequate model to replicate Brazilian individual investors behavior in the stock market; and ii Brazilian individual investors behavior are better replicated by a loss aversion utility function.

  9. NASA-HBCU Space Science and Engineering Research Forum Proceedings

    International Nuclear Information System (INIS)

    Sanders, Y.D.; Freeman, Y.B.; George, M.C.

    1989-01-01

    The proceedings of the Historically Black Colleges and Universities (HBCU) forum are presented. A wide range of research topics from plant science to space science and related academic areas was covered. The sessions were divided into the following subject areas: Life science; Mathematical modeling, image processing, pattern recognition, and algorithms; Microgravity processing, space utilization and application; Physical science and chemistry; Research and training programs; Space science (astronomy, planetary science, asteroids, moon); Space technology (engineering, structures and systems for application in space); Space technology (physics of materials and systems for space applications); and Technology (materials, techniques, measurements)

  10. LLW (Low-Level Waste) Forum meeting report, February 10-13, 1998, San Diego, CA

    International Nuclear Information System (INIS)

    1998-01-01

    The Low-Level Radioactive Waste Forum met in San Diego, California, on February 10--13, 1998. Twenty-four Forum Participants, Alternate Forum Participants, and meeting designees representing 19 compacts, host states, and unaffiliated states participated. Additional information was provided by 19 resource people from, variously, the States of California, Colorado, and Utah; the National Governors' Association; the Department of the Army; EPA; DOE and DOE's National Low-Level Waste Management Program; NRC; the Electric Power Research Institute and the Nuclear Energy Institute; US Ecology, Chem-Nuclear Systems, Envirocare of Utah, and Waste Control Specialists (represented by Egan and Associates); and Rocketdyne Propulsion and Power. Also in attendance, as observers, were six other state and compact officials; a staff person from DOE's National Low-Level Waste Management Program; one NRC headquarters staff person; and seven representatives of other interested parties, including a regional generators' organization, two generators, one California anti-nuclear group, and two private companies

  11. Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbroker’s Behavior and Interaction Pattern between Domestic Investors and Foreign Investors

    Directory of Open Access Journals (Sweden)

    Buddi Wibowo

    2014-08-01

    Full Text Available Price manipulation in stock market transaction is an important issue when developing investor  conidence  and  market  integrity  is  a  priority.  Price  manipulation  is  prevalent  in emerging  markets,  which  still  have  institutional  problems  and  lack  regulations.  A  stock market  as  a  mutual  company  has  an  institutional  problem  when  a  stock  broker  instead  of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is a pump and dump manipulation. Artiicial price increase was made by manipulators through buying and selling activities among themselves until tend chaser and naive investors jump to this game. When stock price is at the highest level, manipulators start selling their stock. This research measured  and  identiied  behavior  pattern  of  stock  brokers  in  Indonesian  Stock  Market, concerning  their  contribution  to  price  manipulation    existence.    Because  of  the  important  role  played by foreign investors in Indonesian stock market, this research would also identify interaction  pattern  between  foreign  and  domestic  investors.  Empirical  researches  showed that  foreign investors  were underperformed domestic investors in Indonesian stock market (Dvorak, 2005, and Agarwal et al. 2009. In spite of their superior experience and inancial support  compared  to  domestic  investosr,  foreign  investors  got  lower  return  on  average. Agarwal  et  al.  (2009  showed  this  phenomenon  occured  because  foreign  investors  were more aggressive than domestic investors. Dvorak (2005 argued that domestic investors had more  access  and  network  to  collect  short  run

  12. SATISFACTION OF RETAIL INVESTORS ON THE STRUCTURAL EFFICIENCY OF THE MARKET: EVIDENCE FROM A DEVELOPING COUNTRY CONTEXT

    Directory of Open Access Journals (Sweden)

    Mamunur Rashid

    2009-01-01

    Full Text Available Satisfied investors are a necessary element of the stock market. They help to finance rapid expansion in developing countries. This study explores the components of market structure that contribute to the satisfaction level of retail investors. Around 300 retail investors from 25 randomly selected brokerage houses registered with the Dhaka Stock Exchange, Bangladesh were surveyed using a structured questionnaire. Analyses reveal that most investors were young and inexperienced but educated, with shortages of skills and income. The investors put the strongest emphasis on effective investment analysis, followed by ease of the transaction process, effective information management and timely risk management. The trading experience of these investors was used as a moderating variable to investigate the impact of demographic variables and found to be insignificant. The study suggests the importance of effective regulation, disclosure requirements to ensure a supply of quality information, investor education and technology driven trading in brokerage houses for overall investor satisfaction.

  13. 78 FR 28273 - Alpine Investors IV SBIC, LP; Notice Seeking Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2013-05-14

    ... SMALL BUSINESS ADMINISTRATION [License No. 09/09-0461] Alpine Investors IV SBIC, LP; Notice... hereby given that Alpine Investors IV SBIC, LP, 3 Embarcadero Center, Suite 2330, San Francisco, CA, a...'') Rules and [[Page 28274

  14. Generation 4 International Forum. 2008 annual report

    International Nuclear Information System (INIS)

    2008-01-01

    This 2008 Annual Report is the second annual report issued by GIF (Generation IV International Forum). It provides an update on the GIF organization, membership, and participation in research and development (R-D) projects for each Generation IV system. It summarizes the milestones for development of each system and progress of the R-D toward their accomplishment. Finally, it includes a brief description of the cooperation between GIF and other international endeavors for the development of nuclear energy. Chapter 2 describes the membership and organization of the GIF, the structure of its cooperative research and development arrangements, and the status of Member participation in those arrangements. Chapter 3 provides a summary of the GIF R-D plans, and its activities and achievements during 2008. It highlights the R-D challenges facing the teams developing Generation IV systems and the major milestones towards the development of these systems. It also describes the progress made regarding the development of methodologies for assessing Generation IV systems with respect to the established goals of GIF. Chapter 4 reviews other major international collaborative projects in the field of nuclear energy and explains how the GIF interacts and cooperates with them. Appendix 1 provides an overview on the goals of Generation IV nuclear energy systems and outlines the main characteristics of the six systems selected for joint development by GIF. The list of abbreviations and acronyms given at the end of the report defines terms used in the various chapters including various nuclear energy systems and international programs referred to in connection with GIF R-D activities. Some bibliographical references are given in order to facilitate access to public information about R-D progress and achievements on specific technical issues for GIF systems

  15. Initial state regulation of investor-owned utilities

    International Nuclear Information System (INIS)

    Savitski, D.W.

    2001-01-01

    This paper examines state initiation of public service (or utility) commission regulation of investor-owned utilities (IOUs) using an economic theory of regulation. The decision to regulate IOUs is assumed to have depended on the strength of competing interest groups, e.g. consumers and producers, and on institutional factors, e.g. whether commissioners were appointed or elected. Regulators, which then had jurisdiction over IOU rates, are assumed to have been optimizing agents. The potential benefits of regulation, in turn, translated into pressure to initiate regulation. To test this, a hazard model is applied to state-level data. On the demand side of the regulation market, the distribution of federal power and population density were unrelated, while a set of time dummies was positively related to the probability that a state initiated regulation. On the supply side, the fraction of the population that was urban and whether the governor was Republican or not were positively and negatively related to this probability

  16. Proceedings of the business and investment forum 'renewable energy in Africa'. A Thermie and UNESCO action; Recueil des interventions du forum d'affaires 'energies renouvelables en Afrique'. Une action du programme Thermie et de l'Unesco

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-07-01

    One of the objectives of THERMIE (which is the demonstration component of the Research and Technological Development JOULE-THERMIE programme of the European community in non-nuclear energy technologies) is to promote co-operation in the field of renewable energy technologies between the European Union and African countries. The World Solar Programme 1996-2005 adopted during the Harare summit (September 96) organised by UNESCO in co-operation with the European Commission, recommends a wider use of renewable energy sources, through the implementation of national high priority projects. This Business and investment Forum is an integral part of the follow-up to the World Solar Summit. Following QUITO in September 98 and HARARE in March 99, similar events will be organised in other Regions, with an ADEME co-ordination. The Forum was specifically targeted at decision and policy-makers, local authorities, investors and international co-operation agencies, industrialists, institutional representatives and programme managers working in the field of Renewable Energy. One of the main goals of this Forum is to promote investments and financing opportunities for projects using efficient renewable energy technologies, for a sustainable development in Africa. (author)

  17. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996.Seated here at a presentation by Peter Jenni, spokesperson for the ATLAS collaboration, during the visit of Forum members and Geneva public figures are Bernard Ecoffey, Founder of the Forum Engelberg (left), and Jean-Claude Landry, Department of the Interior, Agriculture and Environment, state of Geneva. Photo 01: (left to right) Bernard Ecoffey, Jean-Claude Landry and Peter Jenni. Photos 02, 03: (left to right) Jean-Claude Landry, Bernard Ecoffey and Peter Jenni.

  18. FIAP Forum on Entrepreneurship in Physics

    Science.gov (United States)

    2015-03-01

    With the changes in science as globalization has taken root, the future role of physicists becoming a part of the industrial physics community is more imperative. When 80% of graduating physicists will not be employed in academic positions, and 50% of all jobs for these physicists will be industrial sector, the importance of bringing our next generation of scientists up to speed on industrial applications is becoming much more important with the rapid, world-wide development of technology. FIAP is initiating a forum on entrepreneurship as a major role for the next generation of scientists. As physicists are problem solvers and the entrepreneurial experience is all about problem solving: whether involving technology, building a team, or financing a business. This forum seeks to link successful entrepreneurial physicists with the upcoming generation, through the dissemination of their global expertise and experience. The forum will consist of a panel discussion and then be open to question and answers from the audience.

  19. 3rd Developers@CERN Forum

    CERN Multimedia

    CERN. Geneva

    2017-01-01

    It's about U and I !   The Developers@CERN Forum is an event by developers, for developers, aimed at promoting knowledge and experience sharing. This edition will take place at the IT Amphitheatre, on the 13th, 14th and 15th of February afternoons. It will consist of a series of short presentations and workshops. The topic for this conference will be Frontend & User interfaces. Have you got an idea for a presentation or workshop? Then, tell us about it (deadline on 27th of January). Registration will open in November. Please subscribe to developers-forum-announce@cern.ch mailing list for further information. This event will be made by developers for developers. We are counting on your presence, but also on your contributions! To learn more about the initiative, read the CERN Bulletin article. Organization You can get in touch us at developers-forum-organizers@cern.ch.

  20. Proceedings of the 2008 air issues forum

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    This forum focused on air related issues of concern to the oil and gas industry, regulators, researchers and the public. It included technological advances, new research projects, case studies, demonstrations, and updates to environmental regulations. Both the provincial and federal governments have recently announced new and significant reduction targets for air emissions that will have impacts on upstream oil and gas (UOG) companies. This forum reviewed what has been proposed and why and outlined the potential implications for producers. New regulatory processes and their requirements were also discussed along with ongoing industry sponsored air related research and emerging air related issues such as soot formation during flaring, sour gas flare combustion simulation modelling and fugitive emissions reduction. Ten presentations were featured at this forum, of which 3 have been catalogued separately for inclusion in this database. tabs. figs.

  1. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: Raymond Battistella - Director-General of SIG, Geneva's utilities provider (left) - and Bernard Ecoffey, Founder of the Forum Engelberg. In the background is the CMS magnet system under construction. The red concentric rings are part of the barrel yoke, which returns the magnetic flux generated by the superconducting coil. Supported from the innermost barrel ring is the outer cylinder of the vacuum tank that will house the superconducting coil. Photo 02: Alexander Höchli, member of the Institutional Committee of Forum Engelberg and former Landammann of the canton of Obwalden (left), with Raymond Battistella, Di...

  2. Proceedings of the 2008 air issues forum

    International Nuclear Information System (INIS)

    2008-01-01

    This forum focused on air related issues of concern to the oil and gas industry, regulators, researchers and the public. It included technological advances, new research projects, case studies, demonstrations, and updates to environmental regulations. Both the provincial and federal governments have recently announced new and significant reduction targets for air emissions that will have impacts on upstream oil and gas (UOG) companies. This forum reviewed what has been proposed and why and outlined the potential implications for producers. New regulatory processes and their requirements were also discussed along with ongoing industry sponsored air related research and emerging air related issues such as soot formation during flaring, sour gas flare combustion simulation modelling and fugitive emissions reduction. Ten presentations were featured at this forum, of which 3 have been catalogued separately for inclusion in this database. tabs. figs

  3. Does investor-ownership of nursing homes compromise the quality of care?

    Science.gov (United States)

    Harrington, Charlene; Woolhandler, Steffie; Mullan, Joseph; Carrillo, Helen; Himmelstein, David U

    2002-01-01

    Quality problems have long plagued the nursing home industry. While two-thirds of U.S. nursing homes are investor-owned, few studies have examined the impact of investor-ownership on the quality of care. The authors analyzed 1998 data from inspections of 13,693 nursing facilities representing virtually all U.S. nursing homes. They grouped deficiency citations issued by inspectors into three categories ("quality of care," "quality of life," and "other") and compared deficiency rates in investor-owned, nonprofit, and public nursing homes. A multivariate model was used to control for case mix, percentage of residents covered by Medicaid, whether the facility was hospital-based, whether it was a skilled nursing facility for Medicare only, chain ownership, and location by state. The study also assessed nurse staffing. The authors found that investor-owned nursing homes provide worse care and less nursing care than nonprofit or public homes. Investor-owned facilities averaged 5.89 deficiencies per home, 46.5 percent higher than nonprofit and 43.0 percent higher than public facilities, and also had more of each category of deficiency. In the multivariate analysis, investor-ownership predicted 0.679 additional deficiencies per home; chain-ownership predicted an additional 0.633 deficiencies per home. Nurse staffing ratios were markedly lower at investor-owned homes.

  4. Calisthenics with Words: The Effect of Readability and Investor Sophistication on Investors’ Performance Judgment

    Directory of Open Access Journals (Sweden)

    Xiao Carol Cui

    2016-01-01

    Full Text Available Since the 1990s, the SEC has advocated for financial disclosures to be in “plain English” so that they would be more readable and informative. Past research has shown that high readability is related to more extreme investor judgments of firm performance. Processing fluency is the prevalent theory to explain this: higher readability increases the investor’s subconscious reliance on the disclosure, so positive (negative news leads to more positive (negative judgments. The relationship may not be so simple, though: drawing on research from cognitive psychology, I predict and find that investor financial literacy simultaneously influences investor decision-making, and that it has an interactive effect with readability. When presented with financial disclosure containing conflicting financial information, investors with higher financial literacy make more negative judgments than investors with low financial literacy when the disclosure is easy to read, but the effect becomes insignificant when the disclosure becomes difficult to read. This effect is moderated by a comprehension gap between the two investor groups. Financial literacy and readability interact to impact both how and how well the investor processes financial information.

  5. Does Online Investor Sentiment Affect the Asset Price Movement? Evidence from the Chinese Stock Market

    Directory of Open Access Journals (Sweden)

    Chi Xie

    2017-01-01

    Full Text Available With the quick development of the Internet, online platforms that provide financial news and opinions have attracted more and more attention from investors. The question whether investor sentiment expressed on the Internet platforms has an impact on asset return has not been fully addressed. To this end, this paper uses the Baidu Searching Index as the agent variable to detect the effect of online investor sentiment on the asset price movement in the Chinese stock market. The empirical study shows that although there is a cointegration relationship between online investor sentiment and asset return, the sentiment has a poor ability to predict the price, return, and volatility of asset price. Meanwhile, the structural break points of online investor sentiment do not lead to changes in the asset price movement. Based on the empirical mode decomposition of online investor sentiment, we find that high frequency components of online investor sentiment can be used to predict the asset price movement. Thus, the obtained results could be useful for risk supervision and asset portfolio management.

  6. 13 CFR 107.1240 - Funding of Licensee's draw request through sale to short-term investor.

    Science.gov (United States)

    2010-01-01

    ... through sale to short-term investor. 107.1240 Section 107.1240 Business Credit and Assistance SMALL...'s draw request through sale to short-term investor. (a) Licensee's authorization of SBA to arrange sale of securities to short-term investor. By submitting a request for a draw of Debenture or...

  7. 75 FR 58012 - 30-Day Notice of Proposed Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor...

    Science.gov (United States)

    2010-09-23

    ... Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for... Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request... State (CA/VO). Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants...

  8. 75 FR 14644 - Gemini Investors IV, L.P., Notice Seeking Exemption Under Section 312 of the Small Business...

    Science.gov (United States)

    2010-03-26

    ... SMALL BUSINESS ADMINISTRATION [License No. 01/01-0410] Gemini Investors IV, L.P., Notice Seeking... given that Gemini Investors IV, L.P., 20 William Street, Wellesley, MA 02481, a Federal Licensee under... Regulations (13 CFR 107.730). Gemini Investors IV, L.P. proposes to provide equity and debt financing to...

  9. 78 FR 30346 - Financial Investors Trust and Hanson McClain Strategic Advisors, Inc.; Notice of Application

    Science.gov (United States)

    2013-05-22

    ...] Financial Investors Trust and Hanson McClain Strategic Advisors, Inc.; Notice of Application May 15, 2013... instruments. Applicants: Financial Investors Trust (the ``Trust''), on behalf of the Pathway Advisors... consistent with the public interest and the protection of investors. Applicants seek an exemption under...

  10. 13 CFR 107.1550 - Distributions by Licensee-permitted “tax Distributions” to private investors and SBA.

    Science.gov (United States)

    2010-01-01

    ...-permitted âtax Distributionsâ to private investors and SBA. 107.1550 Section 107.1550 Business Credit and... Distributions” to private investors and SBA. If you have outstanding Participating Securities or Earmarked... purposes, you may make “tax Distributions” to your investors in accordance with this § 107.1550, whether or...

  11. 75 FR 25910 - 60-Day Notice of Proposed Information Collection: DS-156E, Nonimmigrant Treaty Trader/Investor...

    Science.gov (United States)

    2010-05-10

    ..., Nonimmigrant Treaty Trader/Investor Application, OMB Control Number 1405-0101 ACTION: Notice of request for...: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request: Extension of a...) Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants. Estimated...

  12. GreyGuide Forum and Repository

    OpenAIRE

    Biagioni, Stefania; Farace, Dominic

    2014-01-01

    We present the GreyGuide: an online forum and repository of good practice in the field of grey literature. The launch of the GreyGuide Repository took place in December 2013 at the Fifteenth International Conference on Grey Literature. Since then, the acquisition of both proposed and published good practices are underway. The GreyGuide as an online forum is currently in a developmental stage and is influenced by the changes that have taken place in GreyNet's new infrastructure commencing in J...

  13. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Photo 01: Members of the Forum Engelberg and public figures from Geneva visit SM18, the test hall for LHC magnets: (left to right) N. Siegel, Prof. Dr. Med. Bernard Mach, Mr Alexander Höchli, H. Wenninger, Mrs Mireille Quirina, Mme Konrade Von Bremen, Mrs Thérèse Wolf, Prof. Roger Berthouzoz, Mrs Marie-Anne Heimo, Mr Bernard Ecoffey.

  14. Major economies Forum on energy and climate

    International Nuclear Information System (INIS)

    2009-01-01

    The Major Economies Forum is intended to facilitate an open dialogue among major developed and developing economies, help generate the political leadership necessary to achieve a successful outcome at the United Nations climatic change conference in Copenhagen, and advance the exploration of concrete initiatives and joint ventures that increase the supply of clean energy while cutting greenhouse gas emissions. The Forum's second preparatory meeting was held in Paris in May 2009, mainly focused on greenhouse gas emissions reduction actions and objectives, the diffusion of clean technologies, the financing of activities for climate protection and adaptation to climatic change impacts

  15. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Horst Wenninger (left) in animated discussion with Alexander Höchli, member of the Institutional Committee of Forum Engelberg and former Landammann of the canton of Obwalden.

  16. Investors Perception And Attitude Towards Mutual Fund As An Investment Option

    OpenAIRE

    Sharma, Priyanka; Agrawal, Payal

    2015-01-01

    Mutual funds have opened new vistas to millions of investors by virtually taking investment to their doorstep. In India, a investor generally goes for such kind of information, which do not provide hedge against inflation and often have negative real returns. He finds himself to be an odd man out in the investment game. Mutual funds have come, as a much needed help to these investors. Thus the success of MFs is essentially the result of the combined efforts of competent fund managers and aler...

  17. Investor responsibility and Norway’s Government Pension Fund – Global

    Directory of Open Access Journals (Sweden)

    Hilde W. Nagell

    2011-05-01

    Full Text Available This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients (the so-called fiduciaryduties. Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm (avoid complicity. Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.

  18. Analysis of Factors That Affects the Investors in Conducting Business in Indonesia

    Directory of Open Access Journals (Sweden)

    Rini Kurnia Sari

    2015-10-01

    Full Text Available Investment is needed in the development of the economy. With the decentralization of investment is expected to evolve as a whole in every province in Indonesia. Local governments need to improve the quality of economic (GDP / Capita, social (HDI and the infrastructure to attract domestic and foreign investors. Fromthe test results showed that factors affecting investors conducting business in Indonesia is still influenced by GDP/capita, HDI and Infrastructure instead of natural resources.This study uses descriptive analysis and correlation analysis methods to look at the correlation factors that affect investors doing business in Indonesia.

  19. AWARENESS OF MUTUAL FUND INVESTMENT AMONG THE INVESTORS – AN EMPIRICAL STUDY

    OpenAIRE

    Dr. B. Ravi Kumar; R. Padma Malini

    2017-01-01

    Capital market has been strengthened due to because of increase in investment in mutual funds by small and medium investors. Most of the investors are having awareness about mutual funds and its benefits like tax benefits, less risk, cost etc. The mutual fund industry in India has undergone a most successful phase in the last 15 years. The growth in number of schemes offered by Indian mutual funds from 403 schemes in 2002-03 to 1294 schemes in 2011-12 has shown the inclination of investors to...

  20. Investor Behavior and Flow-through Capability in the US Stock Market.

    Science.gov (United States)

    Cano, Carlos; Jareño, Francisco; Tolentino, Marta

    2016-01-01

    This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior.

  1. Generating capital: improving investor confidence in Ontario's electricity industry to induce new generation investment

    International Nuclear Information System (INIS)

    Van Beers, R.

    2004-01-01

    This paper is a critical discussion on improving investor confidence in Ontario's electricity industry to induce new generation investment. The reason that investor confidence is critical in the electric power industry is due to the fact that the industry is capital intensive, the asset life is long, it is impossible to model political/regulatory risk and political action is virtually inevitable. The paper concludes that ultimately private sector investors will bear little risk, the tax payer will be on the hook for almost all risk

  2. New York State Forum for Information Resource Management: 1998-1999 Annual Report.

    Science.gov (United States)

    New York State Forum for Information Resource Management.

    This annual report of the New York State Forum for Information Resource Management begins with a section that summarizes key activities for 1998-99, including partnerships with other organizations, sessions on the use of information in government and information security, programs on the challenges of electronic commerce for government,…

  3. The PREEV project of the Latin American Forum.Regulatory practices on aging and life extension

    International Nuclear Information System (INIS)

    Figueras, J. M.

    2011-01-01

    The American Forum Plenary approved in 2008 the PREEV project, Regulatory Practices in Aging and Life Extension, whose main objective is to improve the regulatory action with regard to the management programs of life and long-term operation of nuclear power plants in the countries of the region Latin American.

  4. Academic Leadership Forum on Faculty Workload, Engagement, and Development. Executive Summary

    Science.gov (United States)

    WCET, 2011

    2011-01-01

    A select group of academic officers and deans from institutions (all sectors) whose programs are primarily online and whose teaching faculty differ considerably from traditional faculty participated in the Academic Leadership Forum, October 26, 2011, held in conjunction with WCET's (WICHE Cooperative for Educational Technologies') Annual Meeting.…

  5. Proceedings of a forum industry-university relations: collision or cooperation

    Energy Technology Data Exchange (ETDEWEB)

    1982-06-01

    The principal objective of the Forum was to gather individuals intimately involved or concerned with the national status of industry-university relations in order to develop a state-of-the-art consensus on the issues, problems and forms of these relationships. The program and schedule of the Forum are included in Appendix A. The agenda approached the Forum objective by scheduling an initial day of discussions on selected issues (Communication Barriers, Ethical Considerations, Bypassing the System, and Industrial Security and Restraint of Trade). This was followed by a morning session devoted to an examination of existing models representing the major alternative mechanisms currently utilized in formalized university-industry interactions. Each session was initiated by a general review statement presented by an appropriate Topic Leader. The Topic Leaders are listed in Appendix B.

  6. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1991-01-01

    This report contains highlights from the 1991 fall meeting of the Low Level Radioactive Waste Forum. Topics included legal updates; US NRC updates; US EPA updates; mixed waste issues; financial assistance for waste disposal facilities; and a legislative and policy report

  7. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1993-01-01

    This paper provides the results of the winter meeting of the Low Level Radioactive Waste Forum. Discussions were held on the following topics: new developments in states and compacts; adjudicatory hearings; information exchange on siting processes, storage surcharge rebates; disposal after 1992; interregional access agreements; and future tracking and management issues

  8. Proceedings of a national food irradiation forum

    International Nuclear Information System (INIS)

    Van Noort, G.

    1989-01-01

    The proceedings of a national food irradiation forum are presented. The status of food radurization in South Africa is discussed in detail. Consumer attitudes to radurization are also looked at and the statutory control of food irradiation in South Africa is described

  9. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1992-01-01

    This paper provides highlights from the spring meeting of the Low Level Radioactive Waste Forum. Topics of discussion included: state and compact reports; New York's challenge to the constitutionality of the Low-Level Radioactive Waste Amendments Act of 1985; DOE technical assistance for 1993; interregional import/export agreements; Department of Transportation requirements; superfund liability; nonfuel bearing components; NRC residual radioactivity criteria

  10. The environmental communication forum | Goetz | Southern African ...

    African Journals Online (AJOL)

    The establishment, Modus operandi and aims of the Environmental Communicators Forum in the greater Durban area is described. Full Text: EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · Creative Commons License This work is licensed under a Creative ...

  11. Low-level waste forum meeting reports

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1990-12-31

    This paper provides highlights from the October 1990 meeting of the Low Level Radioactive Waste Forum. Topics of discussion included: a special session on liability and financial assurance needs; proposal to dispose of mixed waste at federal facilities; state plans for interim storage; and hazardous materials legislation.

  12. ITU World Youth Forum visits CERN

    CERN Multimedia

    2009-01-01

    About 250 students selected by the International Telecommunication Union (ITU) to participate in the 2009 Youth Forum made CERN a primary destination for this year’s World Youth Forum event. The 250 students participating in the 2009 Youth Forum attend a presentation in the Globe of Science and Innovation.On Tuesday 6 October, the group visited several sites including the Microcosm exhibition and the ATLAS cavern to get a glimpse of what CERN does and the exciting science that is studied here. Since 2001 and every three years, the ITU World Forum brings together young men and women, aged 18-23, to learn about new technologies and the world around them. This year’s group included participants from one hundred and twenty-five different countries. This was the first time that the event involved a visit to CERN. When asked why CERN was a destination, Pascal Biner, organizer of the visit for ITU, explained that CERN was a necessary stop given the Forum’s base in Gen...

  13. CERN Apps meet in a forum

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    In the fast-evolving world of mobile apps, creativity and usability are key words. For the time being, the number of CERN apps is quite limited but the situation could quickly change. An information-sharing forum set up by the IT Department is a starting point to channel your creativity with the help of experts, best practices and useful guidelines.   The CAPPS (CERN Apps) Forum was set up about a year ago. Its members come from various departments and meet every two or three months to update each other on the apps that are in preparation, share the latest news on the available software, discuss best practices and so on. “The Forum is open to anybody wanting to develop apps at CERN,” explains David Foster, Deputy Department Head and initiator of the CAPPS Forum. “Developers, communication experts and IT infrastructure experts meet and discuss various topics, from branding-related issues to coding and implementation solutions. The aim is to go forward in a coherent way...

  14. Authorship Analysis on Dark Marketplace Forums

    NARCIS (Netherlands)

    Spitters, M.; Klaver, F.; Koot, G.; Staalduinen, M.V.

    2015-01-01

    Anonymity networks like Tor harbor many underground markets and discussion forums dedicated to the trade of illegal goods and services. As they are gaining in popularity, the analysis of their content and users is becoming increasingly urgent for many different parties, ranging from law enforcement

  15. Low-level waste forum meeting reports

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-12-31

    This paper provides highlights from the 1995 summer meeting of the Low Level radioactive Waste Forum. Topics included: new developments in state and compacts; federal waste management; DOE plans for Greater-Than-Class C waste management; mixed wastes; commercial mixed waste management; international export of rad wastes for disposal; scintillation cocktails; license termination; pending legislation; federal radiation protection standards.

  16. Asian & Pacific Islander American Health Forum

    Science.gov (United States)

    ... Report.pdf [1.2MB] Obesity and Overweight Among Asian American Children and Adolescents 2016.04.28-OBESITY AND ... Month Stay Connected! Receive the latest APIAHF updates Asian & Pacific Islander American Health Forum. All rights reserved. One Kaiser Plaza, ...

  17. Low-level waste forum meeting reports

    International Nuclear Information System (INIS)

    1995-01-01

    This paper provides highlights from the 1995 summer meeting of the Low Level radioactive Waste Forum. Topics included: new developments in state and compacts; federal waste management; DOE plans for Greater-Than-Class C waste management; mixed wastes; commercial mixed waste management; international export of rad wastes for disposal; scintillation cocktails; license termination; pending legislation; federal radiation protection standards

  18. Facilitating Learning Spaces in Forum Theatre

    Science.gov (United States)

    Rae, Jan

    2013-01-01

    Purpose: The purpose of this paper is to evaluate the extent to which forum theatre interventions can support non-hierarchical approaches to learning, development and change management initiatives in organisations. Design/methodology/approach: Semi-structured interviews were carried out with theatre consultancies, actors/facilitators,…

  19. 78 FR 19024 - Lithium Ion Batteries in Transportation Public Forum

    Science.gov (United States)

    2013-03-28

    ... NATIONAL TRANSPORTATION SAFETY BOARD Lithium Ion Batteries in Transportation Public Forum On Thursday and Friday, April 11-12, 2013, the National Transportation Safety Board (NTSB) will convene a forum titled, ``Lithium Ion Batteries in Transportation.'' The forum will begin at 9:00 a.m. on both...

  20. Finding Question-Answer Pairs from Online Forums

    DEFF Research Database (Denmark)

    Cong, Gao; Wang, Long; Lin, Chin-Yew

    2008-01-01

    Online forums contain a huge amount of valuable user generated content. In this paper we address the problem of extracting question-answer pairs from forums. Question-answer pairs extracted from forums can be used to help Question Answering services (e.g. Yahoo! Answers) among other applications...

  1. 76 FR 71081 - Public Aircraft Oversight Safety Forum

    Science.gov (United States)

    2011-11-16

    ... NATIONAL TRANSPORTATION SAFETY BOARD Public Aircraft Oversight Safety Forum The National Transportation Safety Board (NTSB) will convene a Public Aircraft Oversight Safety Forum which will begin at 9 a... ``Public Aircraft Oversight Forum: Ensuring Safety for Critical Missions'', are to (1) raise awareness of...

  2. Understanding investors' decisions to purchase innovative products : Drivers of adoption timing and range

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Broekhuizen, T.L.J.

    2010-01-01

    This paper integrates findings from marketing and finance literature to increase our understanding of consumers' decisions to purchase innovative investment products. Two different surveys administered to individual investors examine the psychological and sociological drivers of dispositional

  3. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

  4. The effect of investor-owned chain acquisitions on hospital expenses and staffing.

    Science.gov (United States)

    Manheim, L M; Shortell, S M; McFall, S

    1989-01-01

    Much concern has been raised about the effect of "corporatization" of health through the expansion of investor-owned hospital chains. One method of expansion is through hospital acquisition. At issue is the question of the effect of acquisitions on expenses and on such patient care inputs as staffing levels. In this article, we examine the effect of acquisition by one investor-owned chain on hospital costs and staffing. Subsequent to acquisition, hospital costs increase and staffing decreases, relative to competitor hospitals. However, since investor-owned hospitals not recently acquired do not have higher cost levels than their competitors, the increase in costs appears to be due to factors associated with the acquisition itself rather than factors associated with being an investor-owned hospital. Under the retrospective payment system in effect at the time, revenues also were higher for acquired hospitals. Under prospective payment, increasing revenues has been more difficult, decreasing acquisition incentives. PMID:2807933

  5. Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Qin, Zhenjiang

    information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

  6. Sovereign wealth funds as special international investors under global financial downfall

    Directory of Open Access Journals (Sweden)

    N. Drozd

    2013-02-01

    Full Text Available An overview of origin, functional orientation and characteristics of sovereign wealth funds is presented. Possibility and necessity of cooperation between Ukraine and such systemic investors is proven.

  7. Investor-state tribunals and constitutional courts: The Mexican sweeteners saga

    OpenAIRE

    Puig, Sergio

    2017-01-01

    This article tackles the complex question of the relationship between international and domestic adjudicatory bodies. It does so by analyzing the debate between liberals and developmentalists over the effects of investor-state arbitration tribunals on domestic courts. For liberals, investor-state tribunals are a positive complement to domestic judicial institutionsfor their ability to "de-politicize" investment disputes, leading to economic policy stability that encourages foreign investment....

  8. Investment barriers under a renewable-electricity support scheme: Differences across investor types

    International Nuclear Information System (INIS)

    Linnerud, Kristin; Holden, Erling

    2015-01-01

    In 2012, Norway and Sweden implemented a common market for tradable green certificates to achieve each country's renewable-energy target. This is the first example of a cooperation mechanism that the EU has suggested to improve the cost efficiency of its renewable-energy policies. We asked investors in 446 planned hydropower projects in Norway what type of barriers may prevent their project from being realized under this scheme, and how likely it is that their project will be realized. Based on a regression analysis we find that the responses to these questions vary systematically with investor, project and process characteristics. We find that investors are concerned with capacity barriers imposed on the market because of the short duration and abrupt termination of the subsidy scheme at the end of 2020. Consequently, the cost efficiency of this and similar schemes can be improved by choosing a better design. Moreover, experienced investors and local landowners without previous experience in the energy sector responded differently to these questions. Local landowners were more optimistic, less concerned with capacity barriers and more concerned with economic barriers than experienced investors were. These observations are interesting given the recent emergence of new investors in the renewable energy sector. - Highlights: • Norway and Sweden have implemented a common market for tradable green certificates. • We asked questions on barriers and potential to investors in 446 hydropower projects. • Capacity barriers imposed on the market by the support scheme design are important. • Local landowners are more optimistic than experienced investors are, all else equal. • They focus relatively more on economic barriers and risk and less on capacity barriers

  9. MACROECONOMIC OUTLOOK THROUGH THE EYES OF INVESTORS: FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

    OpenAIRE

    Olivera Ecaterina OROS

    2014-01-01

    A country's economy growth is depending on the investments, either direct or indirect, made in it. Also, the level of the foreign direct investments is a relevant indicator for other potential investors. While lenders are looking at the financial statement to understand the company's ability to repay debt, the investors are looking at the financial statements to understand the company's ability to grow. The IASB's Conceptual framework for financial reporting offers a standardized model of fin...

  10. Pure Contagion and Investors Shifting Risk Appetite; Analytical Issues and Empirical Evidence

    OpenAIRE

    Manmohan S. Kumar; Avinash Persaud

    2001-01-01

    This paper discusses a "pure" form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that can enable policy makers to differentiate between financial contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their usefulness...

  11. Form and Function in Doing Business Rankings: is Investor Protection in Italy Still so Bad?

    OpenAIRE

    Luca Enriques; Matteo Gargantini

    2016-01-01

    The World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the ...

  12. Institutional investors' reaction to SEC concerns about IFRS and US GAAP reporting

    OpenAIRE

    Miles, Gietzmann; Helena, Isidro

    2013-01-01

    For the period of 2006 to 2008, we collect Comment Letters issued by the SEC that question the application of US GAAP by US firms or the application of IFRS by European firms registered with the SEC. We investigate whether institutional investors react to the letters by changing their holdings and whether their responses vary for US registrants and European registrants. We do this via a treatment-effects model in which we test the hypothesis that institutional investors rebalance their portfo...

  13. Relevant factors to consider prior to an investor-owned acquisition of a nonprofit healthcare entity.

    Science.gov (United States)

    Ault, Kelvin; Childs, Brad; Wainright, Charles F; Young, Marilyn

    2011-01-01

    The purpose of this article is to explore the factors that affect the negotiations for an acquisition of a nonprofit system by an investor-owned entity. The recent economic downturn, accompanying credit crisis, and healthcare reform legislation will likely encourage and accelerate the pace of merger and acquisition (M&A) transactions between investor-owned entities and nonprofit hospitals. As many nonprofits are smaller, more financially vulnerable, and more limited in their access to capital than their investor-owned counterparts, nonprofits could be prime targets for investor-owned acquirers during the healthcare reform implementation period. In M&A transactions of this type, the investor-owned acquirer typically is motivated to pursue an acquisition when the deal promises an acceptable return on investment and decreased operating costs from economies of scale. Alternatively, the nonprofit target is typically seeking funding for upgrades to facilities and information technology systems as well as a continued commitment to charity care and managed-care contracting leverage. A successful acquisition of a nonprofit hospital by an investor-owned company requires a careful analysis of relevant tax, economic, and strategic factors prior to closing the deal. This article lists the most significant factors to consider in these deals and explains how these factors should influence the purchase price and postacquisition cash flow.

  14. Attractiveness of Serbian retail industry for foreign investors with reference to the company Delhaize Group

    Directory of Open Access Journals (Sweden)

    Stankov Biljana

    2016-01-01

    Full Text Available Trade in Serbia is a very attractive economic area for foreign investors. After the manufacturing sector, this area attracted the most foreign investors in the recent years. By participating in macroeconomic indicators of the Serbian economy, trade contributes to the intensification of country's economic growth and development and FDI inflows increase, and thus the promotion of capital accumulation. Since 2000 when Serbia faced more intensive coming of foreign investors, retail industry attracted a significant number of foreign investors. Apart from bringing fresh capital, these investors contributed to the development of modern forms of retail trade, as well as the reorientation of retailers who are now increasingly concerned about the needs and wishes of consumer. As a result, they put aside the range and characteristics of the products they sell. One of the biggest foreign investors in Serbia, and certainly the most powerful participant in the retail market, Delhaize Group is a company based in Belgium. Recognizing the benefits of retail trade in Serbia, as well as excellent prospects of its future development, Delhaize Group took advantage of a favorable opportunity and invested in the purchase of the retail chain Delta Maxi, a former regional leader. Consequently, it achieved the biggest market share and enter into competition with other powerful companies such as Agrokor, Mercator and Metro. Delhaize Group is certainly a leading retailer of food and other products in Southeast Europe and in the United States, but it also appears to be a leader of sustainable and ethical business in its field.

  15. Corporate Investors Increased Common Ownership In Hospitals And The Postacute Care And Hospice Sectors.

    Science.gov (United States)

    Fowler, Annabelle C; Grabowski, David C; Gambrel, Robert J; Huskamp, Haiden A; Stevenson, David G

    2017-09-01

    The sharing of investors across firms is a new antitrust focus because of its potential negative effects on competition. Historically, the ability to track common investors across the continuum of health care providers has been limited. Thus, little is known about common investor ownership structures that might exist across health care delivery systems and how these linkages have evolved over time. We used data from the Provider Enrollment, Chain, and Ownership System of the Centers for Medicare and Medicaid Services to identify common investor ownership linkages across the acute care, postacute care, and hospice sectors within the same geographic markets. To our knowledge, this study provides the first description of common investor ownership trends in these sectors. We found that the percentage of acute care hospitals having common investor ties to the postacute or hospice sectors increased from 24.6 percent in 2005 to 48.9 percent in 2015. These changes have important implications for antitrust, payment, and regulatory policies. Project HOPE—The People-to-People Health Foundation, Inc.

  16. Quality of care in investor-owned vs not-for-profit HMOs.

    Science.gov (United States)

    Himmelstein, D U; Woolhandler, S; Hellander, I; Wolfe, S M

    1999-07-14

    The proportion of health maintenance organization (HMO) members enrolled in investor-owned plans has increased sharply, yet little is known about the quality of these plans compared with not-for-profit HMOs. To compare quality-of-care measures for investor-owned and not-for-profit HMOs. Analysis of the Health Plan Employer Data and Information Set (HEDIS) Version 3.0 from the National Committee for Quality Assurance's Quality Compass 1997, which included 1996 quality-of-care data for 329 HMO plans (248 investor-owned and 81 not-for-profit), representing 56% of the total HMO enrollment in the United States. Rates for 14 HEDIS quality-of-care indicators. Compared with not-for-profit HMOs, investor-owned plans had lower rates for all 14 quality-of-care indicators. Among patients discharged from the hospital after myocardial infarction, 59.2% of members in investor-owned HMOs vs 70.6% in not-for-profit plans received a beta-blocker (Pinvestor-owned plans vs 47.9% in not-for-profit plans had annual eye examinations (PInvestor-owned plans had lower rates than not-for-profit plans of immunization (63.9% vs 72.3%; Pinvestor ownership was consistently associated with lower quality after controlling for model type, geographic region, and the method each HMO used to collect data. Investor-owned HMOs deliver lower quality of care than not-for-profit plans.

  17. RESPON INVESTOR TERHADAP PENGUMUMAN LABA INDUSTRI PERBANKAN YANG MENGHADAPI KOS STICKINESS

    Directory of Open Access Journals (Sweden)

    Windyastuti Windyastuti

    2017-05-01

    Full Text Available This study aimed to analyze the response of investors to the announcement of the financial statements of the banking sector. The population in this study was the banking industry. This study used purposive sampling method. Based on sampling techniques the number of samples in this study were 11 banks. The research period was 2002-2014. The analysis technique used was panel data regression. The result showed that investor response to the financial statements of banks which faced cost stickiness was weak. The increase of cost stickiness on banking sector led the weak investor response to the announcement of the financial statements of banks. In the banking companies facing cost stickiness problem, earnings prediction accuracy reduced. This causes the income statement would provide information that was less important to the earnings prediction in the next periods. Penelitian ini bertujuan untuk menganalisis respon investor terhadap pengumuman laporan keuangan sektor perbankan. Populasi dalam penelitian ini adalah industri perbankan. Penelitian ini menggunakan metode purposive sampling. Berdasarkan teknik sampling jumlah sampel dalam penelitian sejumlah 11 bank. Periode penelitian tahun 2002-2014. Teknik analisis yang digunakan regresi berganda data panel. Hasil penelitian menunjukkan lemahnya respon investor terhadap laporan keuangan perbankan yang menghadapi kos stickiness. Kenaikan kos stickiness sektor perbankan menyebabkan lemahnya respon investor terhadap pengumuman laporan keuangan perbankan. Pada perusahaan perbankan yang menghadapi masalah kos stickiness, akurasi prediksi laba berkurang. Hal ini menyebabkan laba yang dilaporkan akan memberikan informasi yang kurang penting bagi prediksi laba periode mendatang.

  18. Investor-State Dispute Settlement Mechanism: The Quest for a Workable Roadmap

    Directory of Open Access Journals (Sweden)

    Sachet Singh

    2013-01-01

    Full Text Available The last decade has witnessed an unprecedented increase in the use of investor-State arbitration, highlighting numerous shortcomings of the existing investor-State dispute settlement system. The legitimacy of the International Investment regime has been under severe criticism due to the growing discontent amongst the investors as well as the host States. The increased litigation has led to both the process and the outcome being questioned and has undermined the growth of harmonious relationships between foreign investors and host States. The object of this paper is to explore a workable roadmap for the investor-State dispute settlement mechanism by tracing the evolution of the existing system and by analysing the dispute settlement mechanism in major international investment agreements. Furthermore, it highlights the causes and the possible consequences of the denunciation of Bilateral Investment Treaties ('BITs' and the International Centre for Settlement of Investment Disputes ('ICSID' by host nations, which have been plagued by a myriad of investment suits. The authors suggest the need for doing away with highly protective investor-State dispute settlement mechanisms ('ISDSMs' in future investment agreements and recommend the need for designing an appellate mechanism for bringing consistency and predictability to the system.

  19. STRATEGI KEBIJAKAN PERLINDUNGAN INVESTOR LOKAL DALAM ARUS BEBAS ASEAN ECONOMIC COMMUNITY

    Directory of Open Access Journals (Sweden)

    Mukti Fajar Nur Dewata

    2015-08-01

    Full Text Available ASEAN countries will enter the era of free trade through the agreement of Asean Economic Community Blueprint. This agreement will open the free flow of trade in goods, services, investment, capital and skilled labor. Regarding the investment, in particularly, all countries will apply the principles of the National Treatment and Most Favoured Nation. It means that all countries will give equal treatment between foreign investors and local investors. This poses a problem for Indonesian government on policy strategies to provide protection for local investors. This paper will use the normative juridical method for the discussion. However, to complete the analysis, empirical facts will also be carried to sharpen the argument. Based on the normative analysis, the result showed that Indonesian government has taken various strategies throughout legal instruments related to the investment law. Local investor protection is conducted by providing limits to the field of businesses, investment and divestment requirements for foreign investors.Keywords : policy strategies, asean economic community, local investor protection

  20. PRIVATISATION: THE NEW ZEALAND EXPERIMENT OF THE1980’S.HOW DID RETAIL INVESTORS FARE

    Directory of Open Access Journals (Sweden)

    Andrew Cardow

    2013-07-01

    Full Text Available Many would judge the privatisation program, a significant feature of the“New ZealandExperiment”of the 1980’s and 1990’s in which both Labour andNational governments adopted extreme right wing policies, a failure. In looking atthe privatisation of state assets we find they were, at least from an investors’perspective reasonably successful. Returns to investors who held a portfolio ofprivatised assets outperformed the NZ share market as a whole. An investmentstrategy of buying each privatisation, on the market on day one, yielded a returnof 7.99% representing an XHPY was 1.19% over a similar investment in theentire NZ market. There can be little doubt; the nine privatisations in this samplehad a considerable impact on the NZ stock market, following the listing ofTelecom in 1991 total privatised assets comprised 49% of the NZ total market, fortwenty years the capitalisation of the privatisation sample averaged 37% of theNZ total market. Analysis of government papers of the day reveals thegovernment’s overall objective was increased efficiency, flowing from afundamental belief that governmentcouldn’t and shouldn’t run commercialbusinesses. In this they were successful, but at what cost?

  1. Estimating potential stranded commitments for U.S. investor-owned electric utilities

    International Nuclear Information System (INIS)

    Baxter, L.; Hirst, E.

    1995-01-01

    New technologies, low natural gas prices, and federal and state utility regions are restructuring the electricity industry. Yesterday's vertically integrated utility with a retail monopoly franchise may be a very different organization in a few years. Conferences, regulatory-commission hearings, and other industry fora are dominated by debates over the extent and form of utility deintegration, wholesale competition, and retail wheeling. A key obstacle to restructuring the electricity industry is stranded commitments. Past investments, power-purchase contracts, and public-policy-driven programs that made sense in an era of cost-of-service regulation may not be cost-effective in a competitive power market. Regulators, utilities, and other parties face tough decisions concerning the mitigation and allocation of these stranded commitments. The authors developed and applied a simple method to calculate the amount of stranded commitments facing US investor-owned electric utilities. The results obtained with this method depend strongly on a few key assumptions: (1) the fraction of utility sales that is at risk with respect to competition, (2) the market price of electric generation, and (3) the number of years during which the utility would lose money because of differences between its embedded cost of production and the market price

  2. Welcoming Chinese investors in Indonesia: improving the competency of professional Indonesian-Mandarin translator

    Science.gov (United States)

    Ying, Y.; Mursitama, T. N.; Theresia; Mariana

    2018-03-01

    The study discusses the importance of improving the competency of Indonesian-Mandarin translators to increase economic relations between Indonesia and China. As China’s investment in Indonesia expands in various industry sectors, the need for qualified translators escalates. However, the situation described that Indonesia lacks competent and qualified translators in Mandarin. The study adopts the qualitative approach. Technically, the study utilizes a variety of secondary data consisting of documents, books, publications, and website to collect data based on the needs of qualified translators and how to improve their competency. In addition, primary data collection involves industry and translation service providers, from high schools, vocational schools, colleges, and Chinese language courses through interviews. In this respect, the study contributes to the development of the Mandarin Chinese translator competency through professional translator training programs. The competencies developed include Mandarin language skills in a variety of contexts or themes such as business, industry, accounting, taxation, law, and socio-political issues. The findings of this research indicate the significance to complement the lack of knowledge and skills that are not acquired during the college. Importantly, the authors propose a professional interpreter training model to meet the demand of Chinese investors in Indonesia eventually.

  3. New ways of working with partners. Women's forum in Bangladesh.

    Science.gov (United States)

    1998-07-01

    In May 1997, Oxfam initiated an effort to help partner organizations in Bangladesh integrate gender issues into their management structures and programs. Oxfam's strategy involved inviting all 20 of its partners to send two women in management or staff positions to create a forum on gender. Oxfam kept the agenda open and included recreational activities. Within the first 24 hours, the group had produced an action plan and asked Oxfam to facilitate continuation of the forum. At first the women wanted Oxfam representatives to meet with their directors to discuss problems; after two meetings, the women only wanted Oxfam to witness the discussions and deflect objections about donor intent. Priority issues were maternity leave, equity with men in receiving resources for communication and transportation, and sexual harassment that occurred when directors extended the household roles of the women into the workplace. Lessons learned from this strategy are that 1) there is no quick fix, but this intervention is relatively inexpensive; 2) long-term support is needed; 3) involving middle managers is a concrete way to place gender issues on the agendas of partner organizations; and 4) a gender policy is important, but an action plan is even more important.

  4. Open forum: Question and responses

    International Nuclear Information System (INIS)

    Schulze, R.H.; Krupa, S.; Shen, T.T.

    1993-01-01

    The question addressed in this section is: With the end of the Cold War and the exchange of information improving between East and West, what roles should government agencies and non-government organizations from developed countries play in assisting less developed countries in developing a stronger environmental protection program? Responses presented here were obtained from Richard H. Schulze (President of Trinity Consultants, Inc.), Sagar Krupa (Professor, Department of Plant Pathology, University of Minnesota), and Thomas T. Shen (Ph.D., D.AAEE, Retiree of the New York Department of Environmental Conservation)

  5. Precision Strike 2008 Summer Forum

    Science.gov (United States)

    2008-01-11

    Surface Launch SEAD SFW Fuze Aerial Targets AMRAAM JDAM JASSM WCMD AIM-9X ARTS MAC IIMission: Deliver war-winning technology, acquisition, test...barrel life •Barrel construction to contain rail repulsive forces •Scaling from 8MJ (state of the art ) to 32MJ to 64MJ Muzzle Energy •Thermal...Museum Joint  Culinary   Center of  Excellence Deputy Senior  MSN Commander Warrior Tng (TA 27) DCG/Cmdt Program  Integration Sustainment  Battle Lab

  6. Westinghouse Savannah River Site vendor forum: An innovative cooperative technology development success

    International Nuclear Information System (INIS)

    Sturm, H.F. Jr.

    1996-01-01

    The Westinghouse Savannah River Company (WSRC) Supplier Environmental and Waste Management Information Exchange Forum was held August 31 - September 1, 1993. The forum, which was planned and conducted in concert with the Department of Energy Savannah River Operations Office (DOE-SROO), was held to foster a technical exchange in which new, innovative technologies were proposed by suppliers, to identify more cost-effective methods to apply to future and on-going activities, to increase use of the private sector, and to promote partnerships with other industries. The two day forum provided the opportunity for WSRC and DOE-SR to review program activities and challenges in five major areas, Savannah River Technology Center, Solid Waste Facilities, Environmental Restoration, Environmental Monitoring, and Decontamination and Decommissioning through formal presentations. The second day was designed to provide suppliers the opportunity to talk about current and future activities and challenges with representatives of each of these areas at display booths, special high interest topic interactive sessions, and site tours. Each attendee was then invited to submit pre-proposals relative to the abstracts presented in The Special Consolidate Solicitation for Environmental and Waste Management Basic and Applied Research and Research-Related Development and/or Demonstration No. E10600-E1 document. Twenty-five contracts totaling $12 million were awarded. Twenty-four contracts have now been completed. This paper provides an overview of the pre forum activities, the forum, post-forum and proposal review process, and most importantly a description of the technologies demonstrated, the benefits and savings derived, and future use potential from a DOE perspective, as well as technology transfer and industrial partnership potential

  7. Forum Engelberg, 1-4 March 2004

    CERN Document Server

    2004-01-01

    The 2004 Forum Engelberg will pay tribute to its President, Hubert Curien, a former President of the CERN Council and former French Minister for Research. The subject of this year's conference, which will take place in Lucerne from 1st to 4th March 2004, is "Science on the Agenda of European Politics." This year, there will be talks by numerous speakers, including the directors of the seven European intergovernmental scientific organisations (EIROforum) and the European Commissioner for Research, Philippe Busquin. The highlights of the conference will include an Interdisciplinary Scientific Programme on 2nd and 3rd March, a session on e-science and the Grid on 4th March and a Young Scientists Programme. The programme and registration forms are available at http://www.forum-engelberg.org/

  8. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President, Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996 - is pictured here. Photo 01: Hubert Curien in front of the first half of the CMS detector's barrel hadronic calorimeter (HCAL). The barrel HCAL is a cylindrical structure which will surround the collision region and measure the energy of quarks and jets emerging at large angles relative to the beam direction. Photo 02: Hubert Curien (left) with Bernard Ecoffey, Founder of the Forum Engelberg, in front of the first half of the CMS detector's barrel hadronic calorimeter.

  9. Forum on specification and Design Languages

    CERN Document Server

    Maehne, Torsten

    2015-01-01

    This book brings together a selection of the best papers from the sixteenth edition of the Forum on specification and Design Languages Conference (FDL), which was held in September 2013 in Paris, France. FDL is a well-established international forum devoted to dissemination of research results, practical experiences and new ideas in the application of specification, design and verification languages to the design, modeling and verification of integrated circuits, complex hardware/software embedded systems, and mixed-technology systems. • Covers applications of formal methods for specification, verification and debug; • Includes embedded analog and mixed-signal system design; • Enables model-driven engineering for embedded systems design and development.

  10. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. He is pictured here (centre) with (left to right) Raymond Battistella, Director-General of SIG, Geneva's utilities provider; Michel Della Negra; Marie-Anne Heimo; Jean-Claude Landry; and Bernard Ecoffey, Founder of the Forum Engelberg, in front of the CMS detector under construction. Visible are three of the five concentric rings forming the barrel yoke which returns the magnetic flux generated by the superconducting coil.

  11. The comparative economic performance of investor-owned chain and not-for-profit hospitals.

    Science.gov (United States)

    Watt, J M; Derzon, R A; Renn, S C; Schramm, C J; Hahn, J S; Pillari, G D

    1986-01-09

    We examined the differences in the economic performance of 80 matched pairs of investor-owned chain and not-for-profit hospitals in eight states during 1978 and 1980, and considered how their operating strategies might affect their relative success in a more price-conscious market. We found that total charges (adjusted for case mix) and net revenues per case were both significantly higher in the investor-owned chain hospitals, mainly because of higher charges for ancillary services; there were no significant differences between the two groups of hospitals in regard to patient-care costs per case (adjusted for case mix), but the investor-owned hospitals had significantly higher administrative overhead costs; investor-owned hospitals were more profitable; investor-owned hospitals had fewer employees per occupied bed but paid more per employee; investor-owned hospitals had funded more of their capital through debt and had significantly higher capital costs in proportion to their operating costs; and the two groups did not differ in patient mix, as measured by their Medicare case-mix indexes or the proportions of their patients covered by Medicare or Medicaid. We conclude that investor-owned chain hospitals generated higher profits through more aggressive pricing practices rather than operating efficiencies - a result not unexpected in view of past cost-based reimbursement policies. Recent changes in these policies are creating new pressures for cost control and moderation in charges, to which both types of hospitals must adapt. Neither type has a clear-cut advantage in the ability to make the necessary changes.

  12. The effect of differentiated margin on futures market investors' behavior and structure An experimental research

    Institute of Scientific and Technical Information of China (English)

    Jin-hui Luo; Di-fang Wan; Yang Yang; Guang Yang

    2011-01-01

    Purpose-The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.Design/methodology/approach-Using economic experimental research method,this paper designs and conducts a futures market experiment according to experimental research's basic norms,thus acquiring needed and credible empirical data.Findings-By analyzing the experimental data,it is found that compared with situations in futures markets that implement uniform margin system,investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher,in futures markets that implement differentiated margin system.On the other hand,differentiated margin system has no effects on hedgers' futures turnover,but significantly reduces speculators' futures turnover.Research limitations/implications-The findings suggest that compared with uniform margin system,differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.Practical implications-In order to resolve the problem of unreasonable investor structure in China's futures market,i.e.lack of hedgers and over-speculating China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.Originality/value-This paper empirically analyzes and verifies,for the first time,the roles of differentiated margin system in affecting investors' investing behavior.The futures market experiment designed and used in this study is a pioneering and exploratory experiment.

  13. Take part in the Poster Forum

    CERN Multimedia

    2008-01-01

    The CERN Control Week will run from 17 to 23 May 2008. For the first time, the IT-CO group will be organising a "poster forum" on the theme of process control, which will be held in the main hall of Building 500 in Meyrin, near Restaurant No. 1 (see Bulletin No. 16/2008). If you wish to take part, there is still time to send your posters to Mathias Dutour or Stefan Lueders.

  14. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. This series of photos was taken during a speech he made as part of a visit to CERN.

  15. 2nd Developers@CERN Forum

    CERN Multimedia

    CERN. Geneva

    2016-01-01

    Are you a Python guru or would you like to learn?   The Developers@CERN Forum is an event by developers, for developers, aimed at promoting knowledge and experience sharing. This edition will take place at the IT Amphitheatre, on the 30th and 31st of May afternoons. It will consist of a series of short presentations and workshops. The topic for this conference will be Python at CERN: language, frameworks and tools. Have you got an idea for a presentation or workshop? Then, tell us about it (deadline on 9th of May). Registration will open in early May. Please subscribe to developers-forum-announce@cern.ch mailing list for further information. This event will be made by developers for developers. We are counting on your presence, but also on your contributions! To learn more about the initiative, read the CERN Bulletin article. Organization You can get in touch us at developers-forum-organizers@cern.ch.

  16. Minority politics in the house of medicine: the physicians forum and the New York County Medical Society, 1938-1965.

    Science.gov (United States)

    Brickman, J P

    1999-01-01

    The late 1930s challenged laissez-faire medicine. Recognition of serious inadequacies in the distribution of medical services stirred activists who questioned fee-for-service delivery and posited a national health program, including health insurance. The AMA and its components--state and county medical societies--counterattacked, mobilizing money and their powerful political arsenal to fight government intrusion in private medicine. The Physicians Forum, initially under the leadership of Ernst P. Boas, emerged as a formidable element within the New York County Medical Society (the largest component of the AMA). The Forum provoked discussion of medical indigence and economics, upsetting the Society leadership with independent candidate slates and telling the public that doctors spoke with more than one voice. For 25 years, the Physicians Forum altered the dynamics of the Medical Society of the County of New York. While the Forum effort to institutionalize minority opinion in the councils of medicine failed, the interchange between County regulars and Forum insurgents broadened the medical reform agenda and moved the County Society in directions that historically it had avoided. Although medical economics formed an unbridgeable chasm between County regulars and rebels, Forum members demonstrated that medicine was not monolithic, that "majority opinion [was not] ... unanimous opinion," and that doctors must speak to issues of medical and social policy.

  17. The Working Women's Forum: organizing for credit and change.

    Science.gov (United States)

    Chen, M

    1983-01-01

    The Working Women's Forum (WWF), established in Madras in 1978, has brought together over 13,000 poor urban women around the issue of credit. Most women who live in the slums of Madras work as small-scale traders and vendors, their earnings often providing over half the family income. Interviews with these women revealed that their primary concern was increasing their earning capacity. The WWF was set up to enable these women to obtain low interest loans to expand their businesses. The key element in the WWF structure is the neighborhood loan group, comprised of 10-20 women from the same area who act as mutual guarantors for the loans of all group members. Over 7000 women have received loans and the repayment rate has been over 90%. About 2800 new jobs or businesses have been created, and earnings have increased an average of 50% in existing enterprises. Women report that they are eating better quality and more varied foods as a result of their increased income. The WWF is expanding its activities to address the political and social problems of working women as well. The Forum operates day care centers, skills training centers, and remedial classes for schoolchildren. In 1980 the WWF launched a family planning program in which field workers (who are drawn from the WWF membership and paid $18 per month) disseminate information on health, nutrition, and family planning to families in their communities. According to a staff member, this program was an outcome of the realization that "income generation and large families do not go together." The WWF also promotes intercaste, no dowry marriages and lobbies for public services. Women have become more confident of the possibility of gaining control over their lives, including their fertility. The WWF experience demonstrates that an organization does not need a lot of money, educated staff, or technical expertise to reach poor women. The Forum's success is attributed to its selection of one critical issue, utilization of

  18. 10. national workshop of the NEA Forum on Stakeholder Confidence

    International Nuclear Information System (INIS)

    Martin, Kamishan; )

    2017-01-01

    The Forum on Stakeholder Confidence (FSC) was established by the NEA Radioactive Waste Management Committee (RWMC) in the year 2000. It fosters learning about stakeholder dialogue and ways to develop shared confidence, informed consent and acceptance of radioactive waste (RW) management solutions. A 'stakeholder' is defined as anyone with a role to play or an interest in the process of deciding about RW management. The FSC provides a setting for direct stakeholder exchange in an atmosphere of mutual respect and learning. Participating in this forum are government policy and regulatory officials, R and D specialists, implementers, and industry representatives from NEA member countries. Together they analyse, document and provide recommendations on today's and tomorrow's processes for embedding waste management programs into a socio-political decision-making context. The FSC convenes annually for a regular meeting and is often complemented by an FSC national workshop. The regular meetings include lectures and topical case study sessions to share experiences. FSC national workshops are organised in volunteer NEA member countries to bring together all the national stakeholders to provide a neutral ground for discussion, dialogue and advancement of knowledge on long-term radioactive waste management. FSC members and other international actors involved in RW management are invited to learn about the host country's waste management program and provide support by giving an external reflection built up on their own experience. They are often supplemented by a half a day devoted to a community visit (potential or selected site for a repository) or open event (public meeting or debate). 2016 marked the 10. national workshop of the FSC which took place in Switzerland. It focused on 'Bridging Gaps - Developing Sustainable Inter-generational Decision-making in Radioactive Waste Management'. The workshop provided a forum for the participants from around the world to learn from

  19. The standards forum: Volume 6, Number 3 -- December 1998

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-12-01

    This issue contains the following articles: NIST--A call for a national standards strategy; Fourth integrated safety management lessons learned workshop; TSP [Technical Standards Program] publications support moves to headquarters; Comments on the role of the federal government in environmental technology development; Technical standards manager spotlight; Topical committee developments: Quality assurance topical committee plays an active role in the TSP, New DOE accreditation committee targets issues and resolutions at first annual meeting, DOE fire safety committee meeting in New Orleans, Third annual DOE metrology committee meeting coming in March 1999, The biota dose assessment committee providing a major forum and technical resource for DOE, and A performance-based management handbook in the works; DOE technical standards projects initiated; Recently published DOE documents; Non-government standards: American National Standards Institute and American Society for Testing and Materials; Most DOE comments on ISO 17025 upheld by ANSI review committee; and ISO 9000 compliance--Changes in the future.

  20. Blue Sky Funders Forum - Advancing Environmental Literacy through Funder Collaboration

    Science.gov (United States)

    Chen, A.

    2015-12-01

    The Blue Sky Funders Forum inspires, deepens, and expands private funding and philanthropic leadership to promote learning opportunities that connect people and nature and promote environmental literacy. Being prepared for the future requires all of us to understand the consequences of how we live on where we live - the connection between people and nature. Learning about the true meaning of that connection is a process that starts in early childhood and lasts a lifetime. Blue Sky brings supporters of this work together to learn from one another and to strategize how to scale up the impact of the effective programs that transform how people interact with their surroundings. By making these essential learning opportunities more accessible in all communities, we broaden and strengthen the constituency that makes well-informed choices, balancing the needs of today with the needs of future generations.

  1. Behaviour of Follower Investor in the Formation of Stock’s Price on Market Crash

    Directory of Open Access Journals (Sweden)

    I Gusti Ayu Nyoman Budiasih

    2017-09-01

    Full Text Available This study is aimed to get empirical evidence about the indications of behavior of follower investor in the formation of stock’s prices in the Indonesian Stock Exchange (BEI when the event market crash occured. As well as aiming to analyze whether the behavior of follower investor can be called irrational behavior by looking at the difference in behavior of follower investor on each sector in IDX. This study uses secondary data in the form of stock’s closing price and Indonesia Composite Index (IHSG companies listed on the BEI Stock Exchange during 2010-2013 by accessing the website www.idx.co.id, www.finance.yahoo.com, and www.ksei.co.id. Total populations are 507 companies, while the total samples are 350 companies. The analysis technique used is Cross-sectional Absolute Deviation (CSAD to detect the behavior of follower investor in the formation of stock price and One Way ANOVA test with Post Hoc Test and Least Significant Difference (LSD to analyze the irrationallity in follower investor’s behavior. The analysis showed that there were indications follower investor’s behavior in the stock’s price formation and proved that behavior of follower investor is an irrational behavior.

  2. Pengaruh Tingkat Adopsi IFRS dan Proteksi Investor terhadap Persistensi Laba: Analisis Lintas Negara Emerging Markets

    Directory of Open Access Journals (Sweden)

    Ikrima Shobriati

    2016-12-01

    Full Text Available Abstract. The purpose of this study is to provide empirical evidence about the effect of IFRS adoption and investor protection on earnings persistence. Based on prior studies, there are some problems that existed in the accounting practices in emerging markets such as less an accountant who have good qualifications, incomplete accounting information or inaccuracy of time in preparing financial statements, the lack of accounting data that are used for internal management incentives, the lack of legislation, auditing standards and procedure of accounting standards and this issues will can affect the quality of accounting information that reported in financial statements. So this view initiate to investigate extensively about the effect of institutional factors on earnigs persistence.This study uses panel data with 12.903 firm-year observations in emerging markets evidence from 2011 to 2013. To measure IFRS adoption uses score based on three distinctions of the type from IFRS adoption in respective countries. And then for dependent variable in this study is earnings persistence. While for the investor protection uses strength of investor protection index proxy from World Bank.The findings imply that in the context of emerging markets, IFRS adoption is not associated with future earnings persistence. While a stronger investor protection in the country significantly correlated with greater earnings persistence. Keywords: IFRS adoption, investor protection, earnings persistence, emerging markets, properties of earnings

  3. Market Segmentation, Information Asymmetry and Investor Responses in the Chinese A- and B- Markets

    Directory of Open Access Journals (Sweden)

    Juan Yao

    2014-03-01

    Full Text Available This paper examines changes in returns and trading volumes around earnings announcements for firms which have both A-shares (traditionally for local investors only and B-shares (traditionally for foreign investors only in China. It considers the impact of regulatory changes which reduced the segmentation of local and foreign investors across the two classes of shares. We find that both the A- and B-markets experience significant price changes around earning announcements. When the two markets are fully segmented, the magnitude of price changes in the A-share market are significantly smaller than the B-market which lends empirical support to the previous claim that the B-market is less informed. The changes in trading volume indicate that the B-market investors have less divergent expectations and interpretations of the pre-disclosure information compared to the A-market investors.However, when regulatory changes reduced the level of segmentation, the price and volume reactions in the two markets became more consistent. The results suggest that the A- and Bmarkets are more integrated as a result of the regulatory changes.

  4. Islamic and conventional bank market value: Manager behavior and investor sentiment

    Directory of Open Access Journals (Sweden)

    Mouna Abdelhedi-Zouch

    2016-12-01

    Full Text Available This paper studies the effect of bank manager behavior and investor behavior on market value of Islamic and conventional banks in the Middle East and North Africa region. Firstly, our analysis denoted the positive effect of discretionary behavior of manager on both types of banks on share prices since discretionary behavior transmits to investor a positive signal of future earnings’ prospects. Also, we find that the conventional bank stock prices response is very high to negative signal compared with positive signal. This result is explained by prospect theory and loss aversion bias which specified that individuals are more sensitive to losses than gains of same magnitude. In particular, we discover that the negative effect of non-discretionary behavior is much lower on Islamic bank value since investors give more confidence to Islamic bank because they are motivated by the idea that Islamic banks are safer than conventional banks. Secondly, the results show that investor sentiment affects significantly both bank market prices. Thus, both Islamic and conventional banks’ market value depends similarly on manager and investor behavior. The implication of this paper is that Islamic bank concentrations reveal a positive effect on their price values because of the recently increased investments in Islamic banks.

  5. Investor structure and the price-volume relationship in a continuous double auction market: An agent-based modeling perspective

    Science.gov (United States)

    Zhang, Wei; Bi, Zhengzheng; Shen, Dehua

    2017-02-01

    This paper investigates the impact of investor structure on the price-volume relationship by simulating a continuous double auction market. Connected with the underlying mechanisms of the price-volume relationship, i.e., the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH), the simulation results show that: (1) there exists a strong lead-lag relationship between the return volatility and trading volume when the number of informed investors is close to the number of uninformed investors in the market; (2) as more and more informed investors entering the market, the lead-lag relationship becomes weaker and weaker, while the contemporaneous relationship between the return volatility and trading volume becomes more prominent; (3) when the informed investors are in absolute majority, the market can achieve the new equilibrium immediately. Therefore, we can conclude that the investor structure is a key factor in affecting the price-volume relationship.

  6. Standardizing the Presentation of Financial Data : Does XBRL’s Taxonomy Affect the Investment Performance of Nonprofessional Investors?

    OpenAIRE

    Henderson, Cassy; Huerta, Esperanza; Glandon, TerryAnn

    2015-01-01

    Extensible Business Reporting Language (XBRL) is mandated in the United States to make financial information easier to analyze and more useful for investors. When the technology is implemented as intended, it can standardize the information presented in the financial statements. The format is especially beneficial for nonprofessional investors, which represent approximately 41 million investors investing the United States stock exchange. In this study, we conduct an experiment comparing stand...

  7. An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

    OpenAIRE

    Fang, Jieyan

    2012-01-01

    In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

  8. Practical guidelines for qualitative research using online forums.

    Science.gov (United States)

    Im, Eun-Ok; Chee, Wonshik

    2012-11-01

    With an increasing number of Internet research in general, the number of qualitative Internet studies has recently increased. Online forums are one of the most frequently used qualitative Internet research methods. Despite an increasing number of online forum studies, very few articles have been written to provide practical guidelines to conduct an online forum as a qualitative research method. In this article, practical guidelines in using an online forum as a qualitative research method are proposed based on three previous online forum studies. First, the three studies are concisely described. Practical guidelines are proposed based on nine idea categories related to issues in the three studies: (a) a fit with research purpose and questions, (b) logistics, (c) electronic versus conventional informed consent process, (d) structure and functionality of online forums, (e) interdisciplinary team, (f) screening methods, (g) languages, (h) data analysis methods, and (i) getting participants' feedback.

  9. Investor Behavior and Flow-Through Capability in the US Stock Market

    Directory of Open Access Journals (Sweden)

    Carlos eCano

    2016-05-01

    Full Text Available This paper analyzes investor behavior depending on the flow-through capability in the US stock market, because investors seek protection from inflation rate changes, and the flow-through capability (a firm’s ability to transmit inflation shocks to the prices of its products and services is a key factor in investment decisions. Our estimates of the flow-through capability of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level and flow-through capability. These results would be relevant because they have important implications on investor behavior.

  10. Underpricing, underperformance and overreaction in initial public offerings: Evidence from investor attention using online searches.

    Science.gov (United States)

    Vakrman, Tomas; Kristoufek, Ladislav

    2015-01-01

    Online activity of Internet users has proven very useful in modeling various phenomena across a wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - the underpricing and the long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (the underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains the overoptimistic market reaction and thus also a part of the long-term underperformance.

  11. PERLINDUNGAN INVESTOR PASAR MODAL DALAM PERSPEKTIF LEGAL, DISCLOSURE DAN DIVIDEN DI BEBERAPA NEGARA

    Directory of Open Access Journals (Sweden)

    Wahyu Manuhara Putra

    2016-02-01

    Full Text Available Corporate governance gives certainty protection to shareholder and parties of creditor in investing at its company. Mechanism of corporate governance consisted of transparancy, disclosure and fairness. Corporate governance is key determinant and develope of  stock market, capital and ownership structure, dividend policy and control gain of privat. Purpose of this article is to explain protection of investor through mechanism disclosure, law and dividend in some countries. Result of some researches indicate that United States, English and Japan has high law level of protection for investor while indonesia still weakening. The disclosure  level broadness of financial information there is at United States, English and Japan. On The Contrary, Indonesia still less in disclosing its financial statements. The other result states that dividend payment policy indirectly relates to protection of investor, but influenced by law enforcement system and investment opportunitis.

  12. Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Chao Tang

    2017-09-01

    Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

  13. Learning from your investors: can the geographical composition of institutional investors affect the chance of success in international M&A deals?

    OpenAIRE

    Faelten, A.; Gietzmann, M.; Vitkova, V.

    2013-01-01

    We produce new evidence on whether management which is keen to make foreign acquisitions can benefit from consultation with information-intensive institutional investors who have expertise in the target foreign markets. This research suggests that, in such instances, management should recognise the benefit of effective two-way communication before embarking on such costly strategies. Consistent with theoretical literature, we propose that this can be explained by the fact that complex valuati...

  14. The Electronic Data Methods (EDM) forum for comparative effectiveness research (CER).

    Science.gov (United States)

    Holve, Erin; Segal, Courtney; Lopez, Marianne Hamilton; Rein, Alison; Johnson, Beth H

    2012-07-01

    AcademyHealth convened the Electronic Data Methods (EDM) Forum to collect, synthesize, and share lessons from eleven projects that are building infrastructure and using electronic clinical data for comparative effectiveness research (CER) and patient-centered outcomes research (PCOR). This paper provides a brief review of participating projects and provides a framework of common challenges. EDM Forum staff conducted a text review of relevant grant programs' funding opportunity announcements; projects' research plans; and available information on projects' websites. Additional information was obtained from presentations provided by each project; phone calls with project principal investigators, affiliated partners, and staff from the Agency for Healthcare Research and Quality (AHRQ); and six site visits. Projects participating in the EDM Forum are building infrastructure and developing innovative strategies to address a set of methodological, and data and informatics challenges, here identified in a common framework. The eleven networks represent more than 20 states and include a range of partnership models. Projects vary substantially in size, from 11,000 to more than 7.5 million individuals. Nearly all of the AHRQ priority populations and conditions are addressed. In partnership with the projects, the EDM Forum is focused on identifying and sharing lessons learned to advance the national dialogue on the use of electronic clinical data to conduct CER and PCOR. These efforts have the shared goal of addressing challenges in traditional research studies and data sources, and aim to build infrastructure and generate evidence to support a learning health care system that can improve patient outcomes.

  15. The development of the Asian Forum for Polar Sciences (AFoPS)

    Science.gov (United States)

    Kim, Yeadong; Jeong, Jihoon

    2015-12-01

    The Asian Forum for Polar Sciences (AFoPS), an international forum of Asian polar research institutes, was established for the advancement of polar sciences among its members in 2004. The Forum has served as an important medium of Asian collective endeavors for polar affairs in human and information exchange, research collaboration, and logistics cooperation for the last decade. The historical development of the AFoPS in retrospect can be divided into four phases: inception and establishment (2003-2004), growth and expansion (2005-2007), review and restructuring (2008-2011), and achievements and further measures (2012-2014). The progress of the AFoPS has not been linear and this trend will continue into the next decades. The Forum, however, clearly made achievements in this period of time, realizing multilateral research and logistics cooperation that would have been previously unimaginable; by doing so, it has laid the foundation for the future. Responsible for a great portion of the world's polar activities, the AFoPS will rise to meet the expectations of the world by producing notable research output, initiating international cooperative programs, and supporting non-polar Asian countries with education and research collaboration. These are the tasks of the AFoPS for the next decade and they require strategy that promotes and facilitates collaboration in a practical way and draws attention of non-polar Asian countries to the polar sciences.

  16. A Hybrid Approach for Thread Recommendation in MOOC Forums

    OpenAIRE

    Ahmad. A. Kardan; Amir Narimani; Foozhan Ataiefard

    2017-01-01

    Recommender Systems have been developed to provide contents and services compatible to users based on their behaviors and interests. Due to information overload in online discussion forums and users diverse interests, recommending relative topics and threads is considered to be helpful for improving the ease of forum usage. In order to lead learners to find relevant information in educational forums, recommendations are even more needed. We present a hybrid thread recommender system for MOOC ...

  17. MACROECONOMIC OUTLOOK THROUGH THE EYES OF INVESTORS: FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

    Directory of Open Access Journals (Sweden)

    Olivera Ecaterina OROS

    2014-05-01

    Full Text Available A country's economy growth is depending on the investments, either direct or indirect, made in it. Also, the level of the foreign direct investments is a relevant indicator for other potential investors. While lenders are looking at the financial statement to understand the company's ability to repay debt, the investors are looking at the financial statements to understand the company's ability to grow. The IASB's Conceptual framework for financial reporting offers a standardized model of financial statement that is about to change.

  18. THE IMPACT OF RELIGIOUSITY TO PREFERENCES OF MUSLIM ‘S INVESTOR IN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Rinda Asytuti

    2017-02-01

    Full Text Available The current study aims at knowing know how far a religiosity affects a person’s behavior in the capital market. This qualitative research uses the religiosity theory constructed by Glork and Start . These results from the interview to 3 investors as the subjects of the research shows that the religiosity of Muslim investors in Pekalongan is not automatically guarantee their invesment behaviors. This research support the previous research conclusion that religiousity not automaticaly conducted muslim investment behavior in banking and finance. On the other hand there are some research have different conclusion.

  19. Investor Outlook: Focus on Upcoming LCA2 Gene Therapy Phase III Results.

    Science.gov (United States)

    Schimmer, Joshua; Breazzano, Steven

    2015-09-01

    Investor interest in gene therapy has increased substantially over the past few years, and the next major catalyst for the field is likely to be Spark Therapeutics's phase III trial for the treatment of visual impairment caused by RPE65 gene mutations (often referred to as Leber congenital amaurosis type 2, or LCA2, but may include other retinal disorders). Analysis of the approach from the basic genetics, underlying visual mechanisms, clinical data, and commercialization considerations helps frame investor expectations and the potential implications for the broader field.

  20. Investor reaction to strategic emphasis on earnings numbers: An empirical study

    Directory of Open Access Journals (Sweden)

    M. Shibley Sadique

    2013-10-01

    Full Text Available We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i respond more to pro forma earnings than to GAAP earnings, (ii respond to an emphasis on pro forma earnings, and (iii are fixated on pro forma earnings. We provide the first direct evidence that a strategic emphasis on earnings numbers may affect return volatility. Further, our results do not support the argument that a larger investor response to Street earnings might be driven by large differences between the Street numbers and GAAP numbers.

  1. GOOD CORPORATE GOVERNANCE MECHANISMS IN MEASURING QUALITY OF FINANCIAL STATEMENTS AND TRANSFER INVESTOR LEVELS

    OpenAIRE

    Hani, Syafrida; UMSU, Hafsah

    2017-01-01

    ABSTRACTThis study aims to develop a theory of determining the quality of financial statement reports that can increase  investor  confidence  in  financial  information  presented  by management.  This  research would like to find the role of good corporate governance  in improving the quality of financial statements as measured by accounting conservatism and earnings management, then it will be seen how the quality ability of financial statement can influence investor confidence level. The ...

  2. Forum Theater’s potential as a Research Tool

    Directory of Open Access Journals (Sweden)

    Andrea Calsamiglia Madurga

    2016-03-01

    Full Text Available We present a theoretical and epistemological reflection on Forum Theater’s potential as a Research Tool. Our presence on social action and research has led us to a double reflection on qualitative research’s limitations on the affect studies and the Forum Theater’s potential as a research tool to tackle research about affects. After some specific experiences in action research (qualitative research on romantic love and gender violence, and the creation process of the Forum Theater “Is it a joke?”, we explore Forum Theatre’s possibilities as a research tool in the feminist epistemology framework.

  3. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: Jean-Claude Landry, Department of the Interior, Agriculture and Environment, state of Geneva (right) in discussion with Peter Jenni, spokesperson for the ATLAS collaboration.

  4. Forum of Mathematics for Industry 2013

    CERN Document Server

    Anderssen, Robert; Cheng, Jin; Fukumoto, Yasuhide; McKibbin, Robert; Polthier, Konrad; Takagi, Tsuyoshi; Toh, Kim-Chuan

    2014-01-01

    This book is a collection of papers presented at the Forum “The Impact of Applications on Mathematics” in October 2013. It describes an appropriate framework in which to highlight how real-world problems, over the centuries and today, have influenced and are influencing the development of mathematics and, thereby, how mathematics is reshaped, in order to advance mathematics and its application. The contents of this book address productive and successful interaction between industry and mathematicians, as well as the cross-fertilization and collaboration that result when mathematics is involved with the advancement of science and technology.

  5. European Non Destructive Examination Forum (ENDEF)

    International Nuclear Information System (INIS)

    Deffrennes, M.; Engl, G.; Estorff, U. von

    1998-01-01

    Non destructive examination (NDE) during fabrication, Pre-service inspection (PSI) and In service inspection (ISI) are considered key issues for the safe use of nuclear energy. They are important elements of plant lifetime management which is a critical item in decision making on nuclear policies. The European non destructive examination forum (ENDEF) founded by European Commission provides a platform for open discussion between representatives of the European industries with the purpose to establish cooperation between EU, Central and Eastern European Countries and New Independent States in the field of NDE and ISI

  6. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Pictured here in front of String 2 - the full-scale test facility for LHC sytems - are (left to right) H. Wenninger, Mme M. Quirina, Mme Marie-Anne Heimo, N. Siegel, Mme Konrade Von Bremen, Prof. Roger Berthouzoz, Mme Thérèse Wolf, Prof. Dr. Med. Bernard Mach and M. Alexander Höchli.

  7. Proceedings of the driving safety technology forum

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    This one day forum focused on improving driving safety in the petroleum industry by introducing new technologies and strategies. The forum featured several keynote addresses on driving safety as well as the Government of Alberta's Tactical Plan and Alberta Road Safety at Work Strategy. Presentations consisted of success stories of new technology or process applications or proposed technology demonstration projects followed by question and answer panels around the following topics: industry and government strategies; driver fatigue management and prevention; driver behaviour and culture change; vehicle monitoring systems and innovative wildlife avoidance techniques. Specific presentations addressed BP's driving safety strategy, in-cabin air quality and truck drivers' health and safety and how Talisman Energy implemented oilfield fleet safety using event driven automated vehicle location technologies. A total of 3 keynote addresses, 3 panel question and answer sessions and 11 presentations were presented at the conference, of which 3 have been catalogued separately for inclusion in this database. refs., tabs., figs.

  8. European Non Destructive Examination Forum (ENDEF)

    Energy Technology Data Exchange (ETDEWEB)

    Deffrennes, M [EC, DG XVII, Nuclear Energy, Brussels (Belgium); Engl, G [Siemens AG Energieerzeugung KWU, Erlangen (Germany); Estorff, U von [EC, JRC/IAM, Petten (Netherlands)

    1998-11-01

    ENDEF, an initiative of the European Commission, DG XVII (Energy) was well supported by the European industrial institutions working in assistance with nuclear industrial organisations in the CEEC`s (Central and Eastern European Countries) and NIS`s (New Independent States). This Forum provides effectively a platform for open discussion between representatives of industrial actors active in the NDE (Non Destructive Examination)/ISI (In Service Inspection) field with the purpose to establish a co-operation pattern between qualified representatives of the EU (European Union) industry to offer a better co-ordinated and well defined assistance to the CEEC`s and NIS in the field of NDE/ISI, and to lay the ground for further industrial co-operation. ENDEF developed a strategy to follow for the establishment of co-operation projects. This strategy is now used to understand the extent of past or present assistance projects and to identify the areas where more co-operation is needed. ENDEF encourages the creation in the NIS`s and CEEC`s of similar forums in order to increase the co-operation and co-ordination. ENDEF is also working in perfect agreement with the European Network ENIQ, piloted by the European plant operators. This identity of views lead to the leadership by the ENDEF co-ordinator of the ENIQ Task 3 involving Applications of the European Methodology for ISI qualification in the CEEC`s and NIS`s and presently fully integrated in ENDEF. (orig.)

  9. Generation 4 International Forum. 2014 Annual Report

    International Nuclear Information System (INIS)

    2015-01-01

    This eighth edition of the Generation IV International Forum (GIF) Annual Report highlights the main achievements of the Forum in 2014, and in particular progress made in the collaborative RandD activities of the eleven existing project arrangements for the six GIF systems: the gas-cooled fast reactor, the sodium-cooled fast reactor, the supercritical-water-cooled reactor and the very-high-temperature reactor. Progress made under the memoranda of understanding for the lead-cooled fast reactor and the molten salt reactor is also reported. In May 2014, China joined the supercritical-water-cooled reactor system arrangement; and in October 2014, the project arrangement on system integration and assessment for the sodium-cooled fast reactor became effective. GIF also continued to develop safety design criteria and guidelines for the sodium-cooled fast reactor, and to engage with regulators on safety approaches for generation IV systems. Finally, GIF initiated an internal discussion on sustainability approaches to complement ongoing work on economics, safety, proliferation resistance and physical protection

  10. Generation 4 International Forum. 2007 annual report

    International Nuclear Information System (INIS)

    2007-01-01

    This annual report is the first to be issued by GIF (Generation IV International Forum). It summarizes the GIF goals and accomplishments throughout 2007, describes its membership and organization, and provides an overview of its cooperation with other international endeavors for the development of nuclear energy. Future editions will focus on technical progress. Chapter 2 provides an overview on the goals of Generation IV nuclear energy systems and outlines the main characteristics of the six systems selected for joint development by GIF (VHTR - Very High Temperature Reactor; SFR - Sodium-cooled Fast Reactor; SCWR - Super-Critical Water cooled Reactor; GFR - Gas-cooled Fast Reactor; LFR - Lead-cooled Fast Reactor; and MSR - Molten Salt Reactor). Chapter 3 describes the membership and organization of the GIF, the structure of its cooperative research and development (R-D) arrangements, and the status of Member participation in these arrangements. Chapter 4 summarizes the R-D plans and achievements of the Forum until now. It highlights the R-D challenges facing the teams developing Generation IV systems and the major milestones towards the development of these systems. It also describes the progress made regarding the development of methodologies for assessing Generation IV systems with respect to the established goals. Chapter 5 reviews other major international collaborative projects in the field of nuclear energy and explains how the GIF interacts and cooperates with them. Bibliographical references are provided in each chapter in order to facilitate access to public information about the GIF objectives, goals and outcomes

  11. European Non Destructive Examination Forum (ENDEF)

    International Nuclear Information System (INIS)

    Deffrennes, M.; Engl, G.; Estorff, U. von

    1998-01-01

    ENDEF, an initiative of the European Commission, DG XVII (Energy) was well supported by the European industrial institutions working in assistance with nuclear industrial organisations in the CEEC's (Central and Eastern European Countries) and NIS's (New Independent States). This Forum provides effectively a platform for open discussion between representatives of industrial actors active in the NDE (Non Destructive Examination)/ISI (In Service Inspection) field with the purpose to establish a co-operation pattern between qualified representatives of the EU (European Union) industry to offer a better co-ordinated and well defined assistance to the CEEC's and NIS in the field of NDE/ISI, and to lay the ground for further industrial co-operation. ENDEF developed a strategy to follow for the establishment of co-operation projects. This strategy is now used to understand the extent of past or present assistance projects and to identify the areas where more co-operation is needed. ENDEF encourages the creation in the NIS's and CEEC's of similar forums in order to increase the co-operation and co-ordination. ENDEF is also working in perfect agreement with the European Network ENIQ, piloted by the European plant operators. This identity of views lead to the leadership by the ENDEF co-ordinator of the ENIQ Task 3 involving Applications of the European Methodology for ISI qualification in the CEEC's and NIS's and presently fully integrated in ENDEF. (orig.)

  12. Forum on Specifications and Design Languages 2012

    CERN Document Server

    2014-01-01

    This book brings together a selection of the best papers from the fifteenth edition of the Forum on specification and Design Languages Conference (FDL), which was held in September 2012 at Vienna University of Technology, Vienna, Austria.  FDL is a well-established international forum devoted to dissemination of research results, practical experiences and new ideas in the application of specification, design and verification languages to the design, modeling and verification of integrated circuits, complex hardware/software embedded systems, and mixed-technology systems.  ·         Covers Assertion Based Design, Verification & Debug; ·         Includes language-based modeling and design techniques for embedded systems; ·         Covers design, modeling and verification of mixed physical domain and mixed signal systems that include significant analog parts in electrical and non-electrical domains; ·         Includes formal and semi-formal system level design methods fo...

  13. Investigation into the risk perceptions of investors in the securities of nuclear-dependent electric utilities

    International Nuclear Information System (INIS)

    Spudeck, R.E.

    1983-01-01

    Two weeks prior to the Three Mile Island accident, March 15, 1979, the Nuclear Regulatory Commission ordered five operating nuclear plants shut down in order to reexamine safety standards in these plants. Reports in the popular and trade press during this time suggested that these events, particularly the accident at Three Mile Island, caused investors in the securities of electric utilities that had nuclear-generation facilities to revise their risk perceptions. This study was designed to examine the impact of both the Nuclear Regulatory Commission order and the accident at Three Mile Island on investor risk perceptions. Selected categories of electric utilities were chosen to examine any differential risk effects resulting from these events. An asset pricing model devoid of many of the restrictive assumptions of more familiar models was used to model investor behavior. The findings suggest that the events described did cause investors to revise upward their perceptions of systematic risk regarding different categories of electric utilities. More specifically, those electric utilities that were operating nuclear plants in 1979 experienced the largest and most sustained increase in systematic risk. However, electric utilities that in 1979 had no operating nuclear plants, but had planned and committed funds for nuclear plants in the future, also experienced increases in systematic risk

  14. Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

    NARCIS (Netherlands)

    H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

    2010-01-01

    textabstractThis paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside

  15. Equivalent risky allocation: The new ERA of risk measurement for heterogeneous investors

    NARCIS (Netherlands)

    Plunus, S.; Gillet, R.; Hübner, G.M.B.J.

    2015-01-01

    This paper introduces an investor-specific risk measure derived from the linear-exponential (linex) utility function. It combines the notions of risk perception and risk aversion. To make this measure interpretable and comparable with others like variance or value-at-risk, it is translated into an

  16. 77 FR 68854 - Highland Associates, Inc. and Financial Investors Trust; Notice of Application

    Science.gov (United States)

    2012-11-16

    ... shareholders, and does not involve a conflict of interest from which the Adviser or the Affiliated Subadviser... shareholder approval. Applicants: Highland Associates, Inc. (the ``Adviser'') and Financial Investors Trust... be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing...

  17. Looking for big 'fry': The motives and methods of middle-class international property investors

    NARCIS (Netherlands)

    Ho, Hang Kei; Atkinson, Rowland

    2017-01-01

    Anxieties about the effects of international property investment in world cities like London have mainly focused on super-rich investors and corporate vehicles that have generated price inflation of assets and accelerated exclusion from an already expensive market. In fact, many international

  18. Effect of Poverty on Risk Attitude of Rural Women Investors in Osun ...

    African Journals Online (AJOL)

    In investments, profit is the main reward for risk bearing. A riskless business may promote poverty. Poverty influences the capacities and willingness to acquire new knowledge and apply new technologies. This study sought mainly to determine the effect of poverty on risk attitude of rural women investors. The study area was ...

  19. How investor perceptions drive actual trading and risk-taking behavior

    NARCIS (Netherlands)

    Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

    2015-01-01

    Recent work in behavioral finance showed how investors' perceptions (i.e., return expectations, risk tolerance, and risk perception) affect hypothetical trading and risk-taking behavior. However, are such perceptions also capable of explaining actual trading and risk-taking behavior? To answer this

  20. The effects of systemic crises when investors can be crisis ignorant

    NARCIS (Netherlands)

    H.J.W.G. Kole (Erik); C.G. Koedijk (Kees); M.J.C.M. Verbeek (Marno)

    2004-01-01

    textabstractSystemic crises can largely affect asset allocations due to the rapid deterioration of the risk-return trade-off. We investigate the effects of systemic crises, interpreted as global simultaneous shocks to financial markets, by introducing an investor adopting a crisis ignorant or crisis

  1. Amid Downturn, Law Students Give Aggrieved Investors a Day in Court

    Science.gov (United States)

    Mangan, Katherine

    2009-01-01

    The University of San Francisco School of Law is one of at least a dozen law schools in the United States where students represent small investors facing big headaches, often because their brokers were more interested in maximizing their own commissions than in giving sound advice. Supervised by law professors, teams of students file motions,…

  2. Study on financial risk towards individual investor as strategy to improve urban community empowerment

    Science.gov (United States)

    Leon, F. M.; Aprilia, A.

    2018-01-01

    Investor will be always influenced by its risk tolerance when investing, each investor has own risk tolerance that differ to another, although this still being questioned until now. This research aimed to know the influence of demography factor in distinguish and classify Financial Risk Tolerance (FRT) and Financial Risk Taking Behavior (FRB) to individual investor. Methodology in this research is data that used as primary data which distributed by offline and online. The sample in this research is 642 respondents in Jakarta. Logistic regression is analyze method that used in this research. The research found that there is influence of gender, marital, status, education and income level to Financial Risk Tolerance (FRT) and Financial Risk Taking Behavior (FRB). For FRT significantly 0.000 for gender and marital status; 0.010 for education and 0.001 for income level. Whereas for FRB significantly 0.000 for gender; 0.003 for marital status and 0.010 for education level. The research contribution is crucial for financial advisor to notice the characteristic investor based on demography factor such as gender, marital, status, education level and income level. Therefore, this research able to give optional decision for appropriate investment to clients as ones of strategy to improve urban community empowerment.

  3. Overconfident investors in the LLS agent-based artificial financial market

    NARCIS (Netherlands)

    Lovric, M.; Kaymak, U.; Spronk, J.

    2009-01-01

    Agent-based artificial financial markets are bottom-up models of financial markets which explore the mapping from the micro level of individual investor behavior into the macro level of aggregate market phenomena. It has been recently recognized in the literature that such (agentbased) models are

  4. Nascent ventures competing for start-up capital: matching reputations and investors

    NARCIS (Netherlands)

    Ebbers, J.J.; Wijnberg, N.M.

    2012-01-01

    Although nascent ventures have not yet developed a performance-based reputation, the individual reputations of their founders, based on the performance of their earlier ventures, can function as important signals to investors. Selection system theory distinguishes between different types of

  5. Risk-averse and Risk-seeking Investor Preferences for Oil Spot and Futures

    NARCIS (Netherlands)

    H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

    2013-01-01

    textabstractThis paper examines risk-averse and risk-seeking investor preferences for oil spot and futures prices by using the mean-variance (MV) criterion and stochastic dominance (SD) approach. The MV findings cannot distinguish between the preferences of spot and futures markets. However, the SD

  6. Applicable law in investor-state arbitration: the interplay between national and international law

    NARCIS (Netherlands)

    Kjos, H.E.

    2013-01-01

    This book examines the law, national and/or international, that arbitral tribunals apply on the merits to settle disputes between foreign investors and host states. In light of the freedom that the disputing parties and the arbitrators have when designating the applicable law, and because of the

  7. Do executives' backgrounds matter to IPO investors? Evidence from the life science industry.

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

    In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds.

  8. Do executives' backgrounds matter to IPO investors? Evidence from the life science industry.

    Directory of Open Access Journals (Sweden)

    Jay Chok

    Full Text Available In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds.

  9. A tale of values-driven and profit-seeking social investors

    NARCIS (Netherlands)

    Derwall, J.M.M.; Koedijk, C.G.; Ter Horst, J.R.

    2011-01-01

    The segmentation of the socially responsible investing (SRI) movement with a values-versus-profit orientation solves the puzzling evidence that both socially responsible and controversial stocks produce superior returns. We derive that the segment of values-driven investors primarily uses “negative”

  10. Looking beyond credit ratings : Factors investors consider In pricing European asset-backed securities

    NARCIS (Netherlands)

    Fabozzi, F.; Vink, D.

    2012-01-01

    In this paper, we empirically investigate what credit factors investors rely upon when pricing the spread at issue for European asset-backed securities. More specifically, we investigate how credit factors affect new issuance spreads after taking into account credit rating. We do so by investigating

  11. Emergence of new Russian and foreign investors in the Russian oil and gas complex

    International Nuclear Information System (INIS)

    Arbatov, A.A.

    1996-01-01

    A critical analysis is presented of the factors influencing foreign investment in Russian oil and gas exploration and production. Greater stability in the Russian economy would help and unfortunately some elements of the Russian bureaucracy hinder quick decision making. Western investors could improve their position by concentrating on developments which are unlikely to be developed by Russian companies in the next decade. (author)

  12. Do Executives' Backgrounds Matter to IPO Investors? Evidence from the Life Science Industry

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

    In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds. PMID:23690920

  13. A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money

    NARCIS (Netherlands)

    G. Baquero; M.J.C.M. Verbeek (Marno)

    2005-01-01

    textabstractWe explore the flow-performance interrelation by explicitly separating the investment and divestment decisions of hedge fund investors. The results show that different determinants and evaluation horizons underlie both decisions. While money inflows are sensitive to past long-run

  14. Mean Reversion in Stock Prices: Implications for Long-Term Investors

    NARCIS (Netherlands)

    Spierdijk, L.; Bikker, J.A.

    2012-01-01

    This paper discusses the implications of mean reversion in stock prices for longterm investors such as pension funds. We start with a general definition of a meanreverting price process and explain how mean reversion in stock prices is related to mean reversion in stock returns. Subsequently, we

  15. Predictive modelling for startup and investor relationship based on crowdfunding platform data

    Science.gov (United States)

    Alamsyah, Andry; Buono Asto Nugroho, Tri

    2018-03-01

    Crowdfunding platform is a place where startup shows off publicly their idea for the purpose to get their project funded. Crowdfunding platform such as Kickstarter are becoming popular today, it provides the efficient way for startup to get funded without liabilities, it also provides variety project category that can be participated. There is an available safety procedure to ensure achievable low-risk environment. The startup promoted project must accomplish their funded goal target. If they fail to reach the target, then there is no investment activity take place. It motivates startup to be more active to promote or disseminate their project idea and it also protect investor from losing money. The study objective is to predict the successfulness of proposed project and mapping investor trend using data mining framework. To achieve the objective, we proposed 3 models. First model is to predict whether a project is going to be successful or failed using K-Nearest Neighbour (KNN). Second model is to predict the number of successful project using Artificial Neural Network (ANN). Third model is to map the trend of investor in investing the project using K-Means clustering algorithm. KNN gives 99.04% model accuracy, while ANN best configuration gives 16-14-1 neuron layers and 0.2 learning rate, and K-Means gives 6 best separation clusters. The results of those models can help startup or investor to make decision regarding startup investment.

  16. 77 FR 22622 - AP Henderson Group, BPO Management Services, Inc., Capital Mineral Investors, Inc...

    Science.gov (United States)

    2012-04-16

    ... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] AP Henderson Group, BPO Management Services, Inc., Capital Mineral Investors, Inc., CardioVascular BioTherapeutics, Inc., and 1st Centennial... that there is a lack of current and accurate information concerning the securities of 1st Centennial...

  17. Do investors and entrepreneurs match? : Evidence from The Netherlands and Sweden

    NARCIS (Netherlands)

    Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Sanders, Mark|info:eu-repo/dai/nl/175620059; Stavlöt, Ulrika

    Entrepreneurs and investors face challenges in the 'thin market' for early stage entrepreneurial finance. Improving this situation has been a priority of policy makers for at least a decade, however, the challenges in this matching process are still poorly understood. Theory suggests that matching

  18. Fanning the flames? : How media coverage of a price war impacts retailers, consumers and investors

    NARCIS (Netherlands)

    van Heerde, H.J.; Gijsbrechts, E.; Pauwels, K.

    2015-01-01

    This paper explores how media coverage of a price war impacts customer, retailer and investor reactions over time. Based on data covering a Dutch supermarket price war (2003–2005), the authors find that price reductions, and especially deep ones, trigger media coverage of the price conflict. This

  19. The role of institutional investors in propagating the crisis of 2007-2008

    NARCIS (Netherlands)

    Manconi, A.; Massa, M.; Yasuda, A.

    2012-01-01

    Using novel data on investors' bond portfolios, we study the contagion of the crisis from securitized bonds to corporate bonds. When securitized bonds became “toxic” in August 2007, mutual funds retained the now illiquid securitized bonds and sold corporate bonds. Funds with negative flows or high

  20. 77 FR 76356 - Disclosure to Investors in System-wide and Consolidated Bank Debt Obligations of the Farm Credit...

    Science.gov (United States)

    2012-12-28

    ... FARM CREDIT ADMINISTRATION 12 CFR Part 630 RIN 3052-AC77 Disclosure to Investors in System-wide and Consolidated Bank Debt Obligations of the Farm Credit System; System Audit Committee; Effective... Corporation System Audit Committee and the Farm Credit System annual report to investors. In accordance with...

  1. Online self-help forums on cannabis: A content assessment.

    Science.gov (United States)

    Greiner, Christian; Chatton, Anne; Khazaal, Yasser

    2017-10-01

    To investigate online self-help forums related to cannabis users who were searching for help on the Internet. We analyzed the content of 717 postings by 328 users in three online forums in terms of fields of interest and self-help mechanisms. Only English-language forums that were free of charge and without registration were investigated. The main self-help mechanisms were disclosure and symptoms, with relatively few posts concerning legal issues and social perceptions. The forums differed significantly in all fields of interest and self-help mechanisms except for social network and financial and vocational issues. Highly involved users more commonly posted on topics related to diagnosis, etiology/research, and provision of information and less commonly on those related to gratitude. Correlation analysis showed a moderate negative correlation between emotional support and illness-related aspects and between emotional support and exchange of information. Cannabis forums share similarities with other mental health forums. Posts differ according to user involvement and the specific orientation of the forum. The Internet offers a viable source of self-help and social support for cannabis users, which has potential clinical implications in terms of referring clients to specific forums. Copyright © 2017 Elsevier B.V. All rights reserved.

  2. Forum Guide to Education Data Privacy. NFES 2016-096

    Science.gov (United States)

    National Forum on Education Statistics, 2016

    2016-01-01

    The National Forum on Education Statistics (Forum) organized the Education Data Privacy Working Group to explore how state and local education agencies (SEAs and LEAs) can support best practices at the school level to protect the confidentiality of student data in day-to-day instructional and administrative tasks. Many of the best practices…

  3. 77 FR 15398 - Attentive Driving: Countermeasures for Distraction Forum

    Science.gov (United States)

    2012-03-15

    ... NATIONAL TRANSPORTATION SAFETY BOARD Attentive Driving: Countermeasures for Distraction Forum The National Transportation Safety Board (NTSB) will convene a forum, Attentive Driving: Countermeasures for... a period of 3 months from the date of the event. Distracted driving is a serious safety risk on our...

  4. Global Forum for Health Research 2008-2009 | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Since its foundation in 1998, the Global Forum for Health Research (GFHR) has sought to focus greater attention and resources on research that will improve the health of the poor, marginalized and disadvantaged. The Forum has also become an authoritative and independent source of reliable data, practical tools and ...

  5. The Environmental and Ecological Forum 1970-1971.

    Science.gov (United States)

    Atomic Energy Commission, Washington, DC. Office of Information Services.

    This report contains the papers presented in the 1970-1971 Environmental and Ecological Forum series, planned to provide an overview of the significant environmental, social, and economic aspects of electric power generation, more specifically, the pros and cons of nuclear power production. The Forum was organized as a public service to foster…

  6. The Madikwe Forum: a comprehensive partnership for supporting ...

    African Journals Online (AJOL)

    This article presents findings from a qualitative study of a governance structure of the African Comprehensive HIV/AIDS Partnerships (ACHAP), namely the Madikwe Forum. The investigation sought to critically reflect on the role and effectiveness of the Madikwe Forum in Botswana's response to HIV and AIDS and to ...

  7. Pandemic influenza communication: views from a deliberative forum.

    Science.gov (United States)

    Rogers, Wendy A; Street, Jackie M; Braunack-Mayer, Annette J; Hiller, Janet E

    2009-09-01

    To use a deliberative forum to elicit community perspectives on communication about pandemic influenza planning, and to compare these findings with the current Australian national communication strategy. Deliberative forum of 12 persons randomly selected from urban South Australia. Forum members were briefed by experts in infection control, virology, ethics and public policy before deliberating on four key questions: what, how and when should the community be told about pandemic influenza and by whom? The forum recommended provision of detailed and comprehensive information by credible experts, rather than politicians, using a variety of media including television and internet. Recommendations included cumulative communication to build expertise in the community, and specific strategies to include groups such as young people, people with physical or mental disabilities, and rural and remote communities. Information provided should be practical, accurate, and timely, with no 'holding back' about the seriousness of a pandemic. The forum expressed confidence in the expert witnesses, despite the acknowledged uncertainty of many of the predictions. The deliberative forum's recommendations were largely consistent with the Australian national pandemic influenza communication strategy and the relevant literature. However, the forum recommended: release of more detailed information than currently proposed in the national strategy; use of non-political spokespersons; and use of novel communication methods. Their acceptance of uncertainty suggests that policy makers should be open about the limits of knowledge in potentially threatening situations. Our findings show that deliberative forums can provide community perspectives on topics such as communication about pandemic influenza.

  8. Practicing Multilingual Identities: Online Interactions in a Korean Dramas Forum

    Science.gov (United States)

    Kim, Grace MyHyun

    2016-01-01

    This article presents the language practices of global youth who populate an online discussion forum devoted to Korea-produced dramas. Qualitative data included the writing, visual images, and interactions created within the forum. Findings revealed youth from geographically disparate places using new media affordances to engage with a minority…

  9. 75 FR 5281 - Notice of Intent To Hold Public Forums To Solicit Feedback From the Public Regarding the Section...

    Science.gov (United States)

    2010-02-02

    ... public forums to solicit feedback from the public on whether the current method of delivering the self... Feedback From the Public Regarding the Section 523 Mutual Self-Help Housing Program AGENCY: Rural Housing... solicit feedback, recommendations, and comments from all sectors of the public. All information relative...

  10. Investment barriers and incentives for marine renewable energy in the UK: An analysis of investor preferences

    International Nuclear Information System (INIS)

    Leete, Simeon; Xu, Jingjing; Wheeler, David

    2013-01-01

    Deployment of marine renewable energy (MRE) in the UK is desirable in order to address climate change, meet mandatory EU renewable energy targets and provide significant economic development opportunities, including new export markets. Public funding constraints in the UK mean that substantial investment is required from the private sector to commercialize the industry. By focussing on investor attitudes and behaviours towards wave and tidal technologies, this paper reveals significant observations from the investment community with serious implications for the future of the MRE industry. Through a series of in-depth interviews with individuals from the investment community, device developers and industry support, the research seeks to identify common barriers and incentives to investment. The paper demonstrates that although investors' attitudes are generally aligned, they do appear to have changed over time. Of the participants that had previously invested in early stage MRE device development, none were likely to do so again. It is concluded that this is a function of investors' greater understanding of the scale, and unpredictability of the costs, and the length of time required to develop these technologies. This presents a significant policy challenge for all actors interested in the commercialization of wave and tidal technologies. - Highlights: • Performed a series of in-depth interviews with senior finance and industry actors. • Examined investor attitudes and policy preferences that may encourage investment. • VC investors are currently disinclined to invest in early stage device development. • Policy instability, level of capital and revenue support are key investment barriers. • Commercialization requires strategic government and industrial partner investment

  11. Can investor sentiment be used to predict the stock price? Dynamic analysis based on China stock market

    Science.gov (United States)

    Guo, Kun; Sun, Yi; Qian, Xin

    2017-03-01

    With the development of the social network, the interaction between investors in stock market became more fast and convenient. Thus, investor sentiment which can influence their investment decisions may be quickly spread and magnified through the network, and to a certain extent the stock market can be affected. This paper collected the user comments data from a popular professional social networking site of China stock market called Xueqiu, then the investor sentiment data can be obtained through semantic analysis. The dynamic analysis on relationship between investor sentiment and stock market is proposed based on Thermal Optimal Path (TOP) method. The results show that the sentiment data was not always leading over stock market price, and it can be used to predict the stock price only when the stock has high investor attention.

  12. Investments on a Rugged Landscape: The Effect of Investor Population, Network Structure, and Complexity on Technological Change

    DEFF Research Database (Denmark)

    Hain, Daniel; Mas Tur, Elena

    In this paper, we investigate which characteristics of technological and financial systems might be conductive for technological change. We are particularly in how the interplay between capabilities, resources and networks among investors with the complexity and maturity of technologies affect...... rates of technological change and diversity, and prevents technologies from getting stuck in the financial “valley of death”. In a next step, we introduce investor networks and allow agents to co-invest together in order to pool financial resources and get access to their forecasting capability...... in a specific technological domain. We compare which investor network structures lead to the high rates of technological change and diversity on a given technology landscape. Results from a Monte Carlo simulation indicate networked investor population to outperform the case of isolated stand-alone investors...

  13. Forum of Mathematics for Industry 2014

    CERN Document Server

    Broadbridge, Philip; Fukumoto, Yasuhide; Kajiwara, Kenji; Takagi, Tsuyoshi; Verbitskiy, Evgeny; Wakayama, Masato

    2016-01-01

    This book is a collection of papers presented at the conference “Forum Math-for-Industry 2014” for which the unifying theme was “Applications + Practical Conceptualization + Mathematics = fruitful Innovation” in October 2014. This epigram encapsulates the dynamics of the process that takes an application through to an innovation. Industrial mathematics can be viewed as the causal engine that implements the epigram by taking an Application such as input and convolving it with a mixture of Practical Conceptualization and Mathematics to generate a fruitful Innovation as output. The book illustrates various aspects of the two-way interaction between applications and their association highlighting how practical conceptualization assists with the linking of the question that encapsulates the current application to the relevant mathematics. The contents of this volume address productive and successful interaction between industry and mathematicians, as well as the cross-fertilization and collaboration that r...

  14. 2nd academic forum: Technology and ethics

    International Nuclear Information System (INIS)

    1987-01-01

    The forum comprised two lectures on fundamental questions: - one by the philosopher Kluxen, on problems and perspectives deriving from the ethics of technology: The moral question of our responsibility for the future with the aim of safeguarding and, possibly, extending the chances of existence for all inhabitants of the earth means an added amount of technological performance; - the other by the natural scientist Schulten, on technological action measured by the yardsticks of nature: The problem is not the consumption of resources or energy, the problem is the adaptation of the environment. The adaptation of the world of technology to the environment is a task that will engender a more acute awareness of environmental responsibility in man. (HSCH) [de

  15. Ambient Assisted Living : Italian forum 2013

    CERN Document Server

    Siciliano, Pietro; Germani, Michele; Monteriù, Andrea

    2014-01-01

    This book presents the refereed proceedings of the Fourth Italian Forum on Ambient Assisted Living (AAL), held in Ancona, Italy, in October 2013. A wide range of issues are covered, and new technological developments are described which will support the autonomy and independence of individuals with special needs through an innovative and integrated approach, designed to respond to the socio-economic challenges of an aging population. Topics addressed include: health and well-being, prevention and rehabilitation, and support for care providers; active aging and its social implications; services for the frail elderly with health problems and their families; nutrition; ICT platforms/technologies for the benefit of the elderly; home automation and control technologies (autonomy, safety, and energy saving); smart cities and smart communities; telemedicine, telerehabilitation, and telecare; mobility, participation, and social inclusion; games and fun for the elderly; building design; social housing; interface desig...

  16. HP-SEE User Forum 2012

    CERN Document Server

    Karaivanova, Aneta; Oulas, Anastasis; Liabotis, Ioannis; Stojiljkovic, Danica; Prnjat, Ognjen

    2014-01-01

    This book is a collection of carefully reviewed papers presented during the HP-SEE User Forum, the meeting of the High-Performance Computing Infrastructure for South East Europe’s (HP-SEE) Research Communities, held in October 17-19, 2012, in Belgrade, Serbia. HP-SEE aims at supporting and integrating regional HPC infrastructures; implementing solutions for HPC in the region; and making HPC resources available to research communities in SEE, region, which are working in a number of scientific fields with specific needs for massively parallel execution on powerful computing resources. HP-SEE brings together research communities and HPC operators from 14 different countries and enables them to share HPC facilities, software, tools, data and research results, thus fostering collaboration and strengthening the regional and national human network; the project specifically supports research groups in the areas of computational physics, computational chemistry and the life sciences. The contributions presented i...

  17. Forum Math-for-Industry 2015

    CERN Document Server

    Broadbridge, Philip; Fukumoto, Yasuhide; Kamiyama, Naoyuki; Mizoguchi, Yoshihiro; Polthier, Konrad; Saeki, Osamu

    2017-01-01

    This book is a collection of papers presented at the “Forum Math-for-Industry 2015” for which the unifying theme was “The Role and Importance of Mathematics in Innovation”, held at the Institute of Mathematics for Industry, Kyushu University, October 26–30, 2015. The theme highlights two key roles that mathematics plays in supporting innovation in science, technology, and daily life, namely, needs-based and idea-based. For the former, mathematics assists with sorting through the possibilities and putting matters on a more rigorous foundation, and for the latter, mathematical models of the possible implementations play a key role. The book gives excellent examples of how mathematics assists with stimulating innovation and, thereby, highlights the importance and relevance of the concept Mathematics_FOR_Industry. The contents of this volume address productive and successful interaction between industry and mathematicians, as well as the cross-fertilization and collaboration that result when mathematics...

  18. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. He is seen here visiting building SM18, which houses String 2: the test facility for LHC systems. Photo 01: (left to right) Mme Jaconi, Prof. Roger Berthouzoz, M. Guillaume Pictet, M. Claude Bagnoud, R. Saban and Hubert Curien. Photo 02: (left to right) R. Saban, M. Jean-Claude Rochat, Hubert Curien and M. Guillaume Pictet. Photo 03: (left to right) R. Saban, M. Jean-Claude Rochat and Hubert Curien.

  19. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: (left to right) Mrs Mireille Quirina; D. Denegri, Physics Coordinator, CMS experiment; and Mrs Marisa Jaconi at the CMS detector's assembly site. In the background is the CMS magnet system under construction. The red concentric rings are part of the barrel yoke, which returns the magnetic flux generated by the superconducting coil. Supported from the innermost barrel ring is the outer cylinder of the vacuum tank that will house the superconducting coil.

  20. Members of the Forum Engelberg visit CERN

    CERN Multimedia

    Patrice Loïez

    2002-01-01

    The Forum Engelberg is an annual interdisciplinary conference held in Engelberg, Switzerland intended to act as an international platform for debate and exchange of views on key issues affecting scientific research, technology, economics and philosophy. Its President is Hubert Curien - former French Minister of Research and Space Research, and President of the CERN Council from 1994 to 1996. Photo 01: (left to right) Konrade Von Bremen, Claude-Olivier Rochat, T. Virdee and Guillaume Pictet in front of one of the two end-caps of the CMS detector at the assembly site. The brass structure in the top right-hand corner is part of the hadronic calorimeter that will measure the energy of strongly interacting particles produced in collisions at the LHC.