1,447 research outputs found
Audiomobiles, Sculptures and Conundrums
No full textRoberto Gerhard was a pioneer of electronic music in England creating a number of substantial concert, theatre and radio works from as early as 1954. Gerhard’s electronic music is one of the richest repositories for understanding the development of the composer’s late compositional technique. Apart from the Symphony no.3, ‘Collages’, none of Gerhard’s electronic music is published. This paper will discuss aspects of Gerhard’s electronic music, focusing on Audiomobiles (1958-59) and Sculptures (1963)
Does the merger paradox exist even without any regulations? Evidence from Germany in the pre-1914 period
No full textThis paper measures the market response triggered by merger announcements in an environment without regulations and without a strong separation of ownership and control in Germany. Based on event study methods applied to daily data and regression analyses, I evaluate whether the merger paradox existed, and how firm size, the way of financing a merger, and industry factors influenced the success of acquirers. Hence, my study can shed some light on commonly believed explanations for the bad performance of mergers. The whole portfolio of acquirers exhibited positive cumulated abnormal returns, which indicates a rejection of the merger paradox—but market values of some companies declined. Particularly, acquiring banks lost shareholder value, although the majority of mergers occurred in the banking industry. Caused by the new exchange law, banks were in a merger wave. Therefore, alternative explanations like the minimax-regret principle might explain why banks merged in spite of lacking succes
Chinese institutional investors and Kamara’s Monday effect
No full textMondays exhibit lower stock returns than Fridays, which is known as the Monday effect. Kamara (1997) argued that the Monday effect disappeared due to institutional trading and the introduction of derivative instruments. My paper tests this hypothesis using Chinese data. As institutional investors are unimportant and arbitrage possibilities limited, the Monday effect should not disappear – but I find the opposite. Modeling the conditional expected utility of an individual investor, I show that the trading strategy, “sell on Monday and buy next Friday”, yielded positive outcomes. Hence, trading incentives existed and led to the disappearance of the Monday effect in Chin
The long-term impact of mergers and the emergence of a merger wave in pre-World-War I Germany
No full textUsing annual data on mergers for 35 leading German companies from 1870 to 1913, my study tries to explain the first merger wave that emerged 1898. My panel probit model that accounted for economies of scale, macroeconomic conditions, success of former mergers, and market structure revealed that previous mergers made subsequent mergers more likely. The propensity to merge was higher for larger companies that increased their market power. In the banking industry, managers imitated mergers, although these mergers were not successful, and hence followed the minimax regret principle. Rational information-based herding caused the serial dependency of mergers in other industrie
The impact of trading mechanisms and stock characteristics on order processing and information costs: A panel GMM approach
No full textMy study provides a panel approach to quantify the impact of trading mechanisms and stock characteristics on spread components. Based on the two-way decomposition of Huang and Stoll (1997), a cross-sectional dimension is added. Arrelano and Bover's (1995) dynamic GMM procedure and the Helmert''s transformation allow controlling for company specific effects. In line with former research, I confirm higher order processing costs on the NASDAQ. My model identifies the reasons for higher information costs on dealer markets, namely lower market capitalization and less attention of financial analysts. Yet the trading mechanism itself is not responsible for higher information costs
Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany
No full textKorrespondenz
No full textKorrespondenz von Gerhard Höpp mit Mireille von Ehrenfels-Abeille (25.09.1991, 29.03.1992, 01.03.1993), Frau Wegner-Kowaliska (05.09.1991) und Steffen Kling (04.11.1990, 25.11.1990, 28.08.1991, 14.10.1991, 03.11.1991) zu biographischen Daten zu Essad Be
Technology outsourcing in manufacturing small and medium sized firms: another competitive resource?
No full textBased on a sample of UK manufacturing SMEs in the engineering and electronics industry, the study identifies firm and industry-specific factors that stimulate R&D outsourcing and assesses the impact of R&D investment and outsourcing on profitability. The findings indicate that (1) R&D investment fosters profitability, (2) firms with lower turnover spend less on R&D, (3) current R&D does not explain innovation measured by revenues from new products and patents, (4) smaller firms with lower R&D investment levels tend to outsource R&D; (5) outsourcing is not inferior in terms of product innovation. Hence, outsourcing can enhance profitability – albeit the benefit of outsourcing decreases with firm size. Managers of small firms should consider outsourcing R&D, as this can reduce R&D expenditure and lead to the more effective use of resources as well as achieving a similar degree of product innovation with resultant increases in profitabilit
Chinese institutional investors’ sentiment
No full textWe use daily survey data on Chinese institutional investors’ forecasts to measure investors' sentiment. Our empirical model uncovers that share prices and investor sentiment do not have a long-run relation; however, in the short-run, the mood of investors follows a positive feedback process. Hence, institutional investors are optimistic when previous market returns were positive. Contrarily, negative returns trigger a decline in sentiment, which reacts more sensitively to negative than positive returns. Investor sentiment does not predict future market movements – but a drop in confidence increases market volatility and destabilizes exchanges. EGARCH models reveal asymmetric responses in the volatility of investor sentiment; however, Granger causality tests reject volatility-spillovers between returns and sentiment.<br/
Regulatory changes and market liquidity in Chinese stock markets
No full textOur study measures the impact of institutional reforms in China on market liquidity. Using monthly data on turnover ratios, turnover–volatility ratios and stock returns for the Shanghai and Shenzhen Stock Exchange and applying an intervention model, we detect a considerable impact of regulatory changes on liquidity. Motivated by the inventory paradigm and the disposition effect, our empirical model accounts for market returns and macroeconomic shocks. The ban of futures trading reduced market liquidity; however, lower commissions enhanced trading. Market reforms were favorable for the development of financial markets—but these effects were not long lastin
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