22 research outputs found
Technological Diversity in Finance
No full textThe dissertation consists of two chapters on measuring firms technological profile. Patent data can be grouped into two primary generations. The first generation lead by the work of Schmookler (1966), Scherer (1982), and Griliches (1984), and the second generation led by Trajtenberg, Jaffe, and Henderson (1997) and Kogan et al. (2016). When combined, both generations data spans from nearly 1926-2010 and has made a meaningful impact on innovation research. In the first chapter, I propose a third generation of patent data. The third generation of patent data has two distinct contributions. First, it extends patent-firm ownership information beyond 2010 to 2016. The new dataset uses the established connections of previous datasets and builds on that information with additional data on firm names gathered from EDGAR. Second, it takes advantage of the information contained in the text of patents using text analysis. Using text analysis allows for greater flexibility over traditional measures. The second chapter investigates how ownership structure affects firm value. The previous literature has assumed more innovation is better, meaning the more innovation a business creates; the better off it is in the long-run. However, not all innovations are created equal. We contribute to the literature by investigating how institutional investors change future innovation, not in quantity, but diversity. Using several unique measures of technological diversification created from firm-level patent data, we show that institutional investors increase the focus on a firm’s future innovation. Our results are robust to the classification scheme. Ultimately, our results indicate institutional investors create value by encouraging firms to build on prior knowledge
Product Recalls, Lobbying, and Firm Value
No full textPurpose – The purpose of this paper is to use a unique, hand-collected data set of Food and Drug Administration (FDA)-approved products to understand the effect of lobbying on the product market. The authors gather total 86,462 FDA labels including drug patents, drugs, pre-market approvals and medical devices and test the relationship between lobbying and future firms’ product submissions. Design/methodology/approach – Using a sample of 86,462 FDA labels including drug patents, drugs, pre-market approvals and medical devices, the authors test the effect of lobbying on a firm’s future product submissions using survival analysis, logit, difference-in-differences and propensity score matching techniques. Findings – The authors find lobbying firms experience an increase in the number of medical products approved. However, increased number of FDA labeling comes at the cost of product failure. The authors document that lobbying increases product recalls when responsible firms are associated with higher market withdrawals. Originality/value – This study contributes to both the management literature on corporate lobbying and product recalls. Additionally, the study reveals the connection between pharmaceutical lobbying and firm value
When and why firms issue sukuk?
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Purpose
The purpose of this paper is to analyze whether investors perceive the issuance of sukuk differently than they do in case of conventional bonds, by using event study with superior data. Then, it analyzes whether financial characteristics of issuers can explain the abnormal return and likelihood of sukuk issuance. Finally, the paper proposes a testable model explaining the investor reaction.
Design/methodology/approach
This paper uses market model event study to assess investor reaction to the issuance of sukuk. Then, linear and logistic regressions are used to test whether financial characteristics of issuers can explain the abnormal return and likelihood of sukuk issuance. To investigate the differences between sukuk issuers and bond issuers, this paper tests the difference in means of issuer characteristics. Finally, the sample is subdivided into good and bad firm prospects according to dividend/earnings ratio and book-to-market ratio. The subdivisions are used to test the proposed model explaining the investor reaction.
Findings
The study finds that a large variety of firms issues sukuk. The event study reports significant negative abnormal returns around the announcement date of sukuk issuance. The study also reveals that the earning prospect of issuer firms affect the investor reaction. Firms with lower earning prospect receive a negative reaction from the investors. Also, smaller, or financially unhealthy firms are more likely to issue sukuk. Smaller and riskier firms issue sukuk, because participation in the market is less constrained. In other words, the risk-sharing nature of sukuk might imply that the firm is not confident about the future prospect. However, if the firm has good earnings prospects, investors react to the issuance of sukuk negatively.
Research limitations/implications
Reliability and availability of data is a hurdle to test the investor reaction model. As more data become available, the models implications can be further tested.
Originality/value
This paper uses the most complete set of data to study sukuk, making it the most selection bias-free and complete study. Moreover, the proposed investor reaction model will enrich the theory.
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Laboratory Work in Library Science
No full textThis special studies was the practical application (in a laboratory ) of what has been learned in several library science courses. The laboratory consisted of shelf after shelf of unclassified books arranged in no order and covering fields from physical education to American literature. The collection had to be evaluated, generally organized, classified, lettered and reshelved. Later, author, title, and shelf-list cards will be made. From a hodge-podge of books with limited value because of lack of organization, this collection has become a useful library. No longer will one have to search for a book through every shelf only to find that it has been loaned or lost. With an organized arrangement, a book may be located immediately or accounted for it it is not there, since each book has a specific location
The NPS Spacecraft Cost Model: tailoring current commercial Spacecraft Cost Models for Naval Postgraduate School satellite programs
No full textThe successful launch of the Naval Postgraduate School (NPS) Petite Amateur Navy Satellite (PANSAT) led to the development of a follow-on satellite program NPSat. Until now, there did not exist a NPS specific cost modeling procedure to ensure accurate pricing information for program management. From the Preliminary Design Review of NPSat an initial attempt at modeling this program was conducted by the author. This thesis will provide an evaluation of this initial model and address procedures for refining the initial estimate with the purpose of providing a generic NPS Cost Model. This model will tailor current commercial cost model outputs to provide accurate price estimates for NPS specific programs. The commercial cost models used were Science Applications International Corporation's (SAIC) NAFCOM model and Aerospace's Small Satellite Cost Model (SSCM). These models do not take into account a university atmosphere where staffs and facilities are reduced. A method of tailoring the outputs of these programs was conducted and integrated into an Excel based spreadsheet. The resultant product is the Naval Postgraduate School's first Cost Modeling program which allows NPS satellite program management to input results from the SSCM and NAFCOM models and output expected cost dataApproved for public release; distribution is unlimited.Lieutenant Commander, United States Navyhttp://archive.org/details/thenpsspacecraft10945874
Modeling credit risk in credit unions using survival analysis
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Purpose
The purpose of this paper is to investigate proprietary data from customers of a Southern Louisiana credit union. It analyzes the factors that contribute to an accelerated failure time (AFT) using information from customers’ credit applications as well as information provided in their credit report.
Design/methodology/approach
This paper investigates the factors that affect credit risk using survival analysis by employing two primary models – the AFT model and the Cox proportional hazard (PH) model. While several studies employ the Cox PH model, few use the AFT model. However, this paper concludes that the AFT model has superior predictive qualities.
Findings
This paper finds that the factors specific to borrowers and local factors play an important role in the duration of a loan.
Practical implications
This paper offers an easily interpretable model for determining the duration of a potential borrower. The marketing department of credit unions can then use this information to predict when a customer will default, thus allowing the credit union to intervene in a timely manner to prevent defaults. Further, the credit union can use this information to seek out customers who are less likely to default.
Originality/value
This study is different from the previous research due to its focus on credit unions, which have distinct characteristics. Compared to similar lending institutions, the charter of the credit union does not allow management to sell off loans to other investors.
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Pedal Claw Curvature in Birds, Lizards and Mesozoic Dinosaurs - Complicated Categories and Compensating for Mass-Specific and Phylogenetic Control
No full textPubMed ID: 23227184This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited
