Search results for "listing"
showing 10 items of 36 documents
Value Creation When Acquiring Public vs Private Firms. Spanish Evidence
2013
We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be…
The Effects of Internationalization on CEO Compensation
2004
This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms, we analyze the effects of internationalization as manifest in the capital market (international cross-listing), the market for corporate control (foreign board membership), and the product and service market (export and foreign sales). We conclude that all three markets contribute positively to the compensation level of CEOs. We argue that part of the higher CEO compensation in internationally oriented firms - as compared to less internationalized firms within the same country - reflects a risk premium for reduction in job security.Pu…
Trading Nokia: The roles of the Helsinki vs the New York stock exchanges
2004
We use the Autoregressive Conditional Duration (ACD) framework of Engle and Russell (1998) to study the effect of trading volume on price duration (ie the time lapse between consecutive price changes) of a stock listed both in the domestic and the foreign market. As a case study we use the example of Nokia's share, which is actively traded both in the Helsinki Stock Exchange and the New York Stock Exchange (NYSE). We find asymmetry in the volume-price duration relationship between the two markets. In the NYSE the negative relationship is much stronger and exists both during and outside common trading hours. Outside common trading hours no such relationship is significant in Helsinki. Based …
Speculative and hedging activities in the European Carbon Market
2015
Abstract We explore the dynamics of the speculative and hedging activities in European futures carbon markets by using volume and open interest data. A comparison of the three phases in the European Union Emission Trading Scheme (EU ETS) reveals that (i) Phase II of the EU ETS seems to be the most speculative phase to date and (ii) the highest degree of speculative activity for every single phase occurs at the moment of listing the contracts for the first time. A seasonality analysis identifies a higher level of speculation in the first quarter of each year, related to the schedule of deadlines of the EU ETS. In addition, a time series analysis confirms that most of the speculative activity…
Episodes in the Berlin-Göttingen Rivalry, 1870-1930
2000
One of the more striking features in the development of higher mathematics at the German universities during the nineteenth century was the prominent role played by various rival centers. Among these, Berlin and Gottingen stood out as the two leading institutions for the study of research-level mathematics. By the 1870s they were attracting an impressive array of aspiring talent not only from within the German states but also from numerous other countries as well. The rivalry between these two dynamos has long been legendary, yet little has been written about the sources of the conflicts that arose or the substantive issues behind them. Here I hope to shed some light on this theme by recall…
Comment: What is Alternative Technology? A Reply to Professor Stanley Carpenter
1983
Modern man is dissatisfied with the technology we have and would replace it with another. Three very different reasons are given for this. I will divide my treatment of them under three headings, listing the reason in each case together with a reply.
Errors and Complications in SQL Query Formulation
2018
SQL is taught in almost all university level database courses, yet SQL has received relatively little attention in educational research. In this study, we present a database management system independent categorization of SQL query errors that students make in an introductory database course. We base the categorization on previous literature, present a class of logical errors that has not been studied in detail, and review and complement these findings by analyzing over 33,000 SQL queries submitted by students. Our analysis verifies error findings presented in previous literature and reveals new types of errors, namely logical errors recurring in similar manners among different students. We…
Europe’s Peat Fire: Intangible Heritage and the Crusades for Identity
2019
Dissonances of ethnic nationalism have in Western cultural policy long been concealed by the universalist discourses of the international treaties on material heritage protection, as framed by the expansive heritage conservation apparatuses of the European nation states. Originally inspired by the 19th century romantic spirit of conservation, they became in the 20th century part of the modern, state-apparatus. Yet parallel with the European enlargements and new kinds of memory debates on the Holocaust and postcolonialism, these authorized heritage regimes have received more and more competition from a transnational counter-discourse on intangible cultural heritage. Like the earlier transfor…
The Relationship Between the Comprehensiveness of Corporate Annual Reports and Firm Characteristics in Spain
1994
Abstract Not much information exists in the international accounting literature on Spanish accounting. Spain is selected as a subject of study because it is different from those countries that are subjects of the research concerned with investigating the multivariate impact of firm characteristics on disclosure in annual reports and accounts. The conceptual model underlying our empirical tests is based on economic and political incentives for providing greater detail in corporate annual reports and accounts. The paper provides evidence that the amount of detail in Spanish corporate annual reports and accounts is increasing in firm size and stock exchange listing, and decreasing in liquidity.
Essays on the Spanish REIT market
2021
Los Real Estate Investment Trust (REIT), equivalentes a la figura española de las Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario (SOCIMI), son instrumentos de inversión colectiva cuyo propósito es la tenencia directa o indirecta de activos inmobiliarios para el alquiler. El incremento de las salidas a bolsa de estos vehículos de inversión en Europa en los últimos años ha permitido el estudio de estos mercados cuya importancia y tamaño ha crecido notablemente. En España, la primera SOCIMI se incorporó al mercado a finales de 2013 y desde ese momento se ha producido un rápido crecimiento en el número y tamaño de estas sociedades. A lo largo de esta Tesis Doctoral se ha …