12,854 research outputs found
Disagreement about fundamentals: measurement and consequences
No full textWe propose a measure of disagreement, which reflects differences of opinion as opposed to information asymmetry, that can be extracted from sequences of analyst forecasts. Using a Bayesian theoretical framework, we prove that when analysts agree, a regression of an analyst's forecast on the previous forecast issued by another analyst should have a slope coefficient of one. The magnitude of the estimated regression coefficient's deviation from one is then employed as a disagreement measure. We validate the measure using tests tied to predicted relations between disagreement and trading volume and bid-ask spreads. Finally, we employ our measure to test for associations between disagreement and expected returns predicted by antecedent theoretical studies.N
Creditor control rights and executive bonus plans
No full textWe study the extent to which creditors shape the executive bonus plans of their financially distressed borrowers. Financial distress can exacerbate agency conflicts between creditors and borrowers as concerns with underinvestment become more acute due to managerial myopia and debt overhang. Consequently, we expect creditors to exert their influence to ensure that these managers' incentive-compensation plans encourage longer-term investments and directly reward outcomes that benefit creditors without exposing managers to unnecessary risk. We argue that bonus plans are an especially important way to provide these incentives because their flexibility allows creditors to more precisely target specific investment objectives. We find that borrowers' bonus plans tend to have longer horizons and more convex payouts following covenant violations, especially when bonus plans can be a particularly effective way to address distress-related agency conflicts. Our evidence suggests that creditors protect their interests by exercising their control rights to shape their borrowers' incentive-compensation plans.Y
Earnings News and Over-the-Counter Markets
No full textWe document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.N
Signaling long-term information using short-term forecasts
No full textThis paper shows theoretically and empirically that the decision to disclose a short-term earnings forecast can reveal managers private information about long-term performance. Consistent with the predictions of our model, we find that the decision to disclose a short-term earnings forecast predicts long-term performance for up to three years. The relation strengthens when current period performance is poor, when managers have longer horizons, and when competitive threats are lower. Endogenizing the proprietary costs of disclosure, our analysis suggests that––despite the short horizon––the decision to provide an earnings forecast contains significant information about long-term performance and thus can entail proprietary costs.Y
Author Correction: Evaluation of skin cancer resection guide using hyper‑realistic in‑vitro phantom fabricated by 3D printing
No full textThe original version of this Article contained an error in the spelling of the author Taehun Kim which was incorrectly given as Teahun Kim. The original Article has been corrected
DBLP-derived labeled data for author name disambiguation
No full textThis is a DBLP-derived labeled data originally created by Dr. C. Lee Giles at Penn State University and filtered for duplicate removal and error correction by Dr. Jinseok Kim at University of Michigan. For more details, see references below.1. Kim, Jinseok (2018). Evaluating author name disambiguation for digital libraries: a case of DBLP. Scientometrics. doi:10.1007/s11192-018-2824-5 2. Kim, Jinseok & Kim, Jenna (2018). The impact of imbalanced training data on machine learning for author name disambiguation. Scientometrics. doi: 10.1007/s11192-018-2865-9Each row refers to an author name instance with following feature information separated by tab.author name: full name string extracted from DBLPunique author id: labels assigned manually by Dr. C. Lee Giles's teampaper id: assigned by Dr. Jinseok Kimauthor list: names of authors in the byline of the paperyear: publication yearvenue: conference or journal namestitle: stopwords removed and stemmed by the Porter's stemmerIf you want to use this dataset, please consider to cite papers below.For the original dataset: Han, H., Giles, L., Zha, H., Li, C., & Tsioutsiouliklis, K. (2004). Two Supervised Learning Approaches for Name Disambiguation in Author Citations. JCDL 2004: Proceedings of the Fourth ACM/IEEE Joint Conference on Digital Libraries, 296-305. doi:10.1145/996350.996419For the filtered dataset: 1. Kim, Jinseok (2018). Evaluating author name disambiguation for digital libraries: a case of DBLP. Scientometrics. doi:10.1007/s11192-018-2824-5 or2. Kim, Jinseok & Kim, Jenna (2018). The impact of imbalanced training data on machine learning for author name disambiguation. Scientometrics. doi: 10.1007/s11192-018-2865-9</div
Khoo Kay Kim, professor of Malaysian history : a biobibliometric study
No full textPresents an analysis of the publication productivity, authorship pattern, channels of communication, journal preference and language preference of Professor Dato' Khoo Kay Kim, Professor of Malaysian History in the University of Malaya, Kuala Lumpur. The results of this biobibliometric study indicate that he can be a role model for future Malaysian historians to emulate his various achievements especially in the field of history education
Anxious, Dismal, Giddy, Aggressive: Seth Kim-Cohen interviewed by Mark Peter Wright for Ear Room.
No full textA conversation with author Seth Kim-Cohen
Kim Gordon - no icon
No full textAs cofounder of legendary rock band Sonic Youth, best-selling author, and celebrated artist, Kim Gordon is one of the most singular and influential figures of the modern era. This personally curated scrapbook is an edgy and evocative portrait of Gordon s life, art, and style. Spanning from her childhood on Californian surf beaches in the 60s and 70s to New York s downtown art and music scene in the 80s and 90s where Sonic Youth was born. Through unpublished personal photographs, magazine and newspaper clippings, fashion editorials, and advertising campaigns, interspersed with Gordon s song lyrics, writings, artworks, private objects, and ephemera, this book demonstrates how Kim Gordon has been a role model for generations of women and me
Overview of Recent Progress in Fire Suppression
No full textthis document is published in / Une version de ce document se trouve dans : Invited Keynote Lecture at the 2 nd NRIFD Symposium, Proceedings, Tokyo, Japan, July 17-19, 2002, pp. 1-13 www.nrc.ca/irc/ircpubs NRCC-45690 Title: OVERVIEW OF RECENT PROGRESS IN FIRE SUPPRESSION TECHNOLOGY Author(s): Andrew KIM Corresponding (first) author: Andrew Kim Academic degree: Ph.
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