126,979 research outputs found
Shareholder Lock-In Contracts: Share Price and Trading Volume Effects at the Lock-In Expiry
No full textThis paper unveils the diversity in lock-in agreements of firms listed on the Nouveau Marche stock exchange in France.We give the main economic reasons why shareholders adopt lock-in agreements that are more stringent than legally required.We relate the abnormal returns and the abnormal volume at the expiry dates of the different types of lock-in contracts to the degree of underpricing, venture-capitalist reputation and underwriter reputation.Abnormal returns and trading volume increase at the lock-in expiry; this is especially pronounced at the expiry dates of insider lock-in contracts as insiders are legally required to be locked-in.We do not find significant abnormal returns at the expiries of VC contracts, even though trading volume increases at their lock-in expiry.There is also no evidence of a positive (negative) relation between abnormal returns (abnormal volume) and more stringent lock-in contracts.Lock-in contracts and the degree of underpricing are complementary signalling devices.shareholders;venture capital;lock-in agreements;lock-up contracts;lock-in expiry;lock-up expiry;signaling;underwriter reputation;underpricing
LOCK CONGESTION AND ITS IMPACT ON GRAIN BARGE RATES ON THE UPPER MISSISSIPPI RIVER
No full textAn anticipated increase in lock delays on the upper Mississippi River has generated concern about its future navigational efficiency. The objective of this paper is to identify selected factors affecting lock delay on the River's busiest locks and to examine the impact of lock delay on grain barge rates. Results show that lock unavailability, traffic level, and delay at nearby locks affect lock delay. Further, barge rates are affected by lock delay, however, the impact is modest.Public Economics,
Lock-In Agreements in Venture Capital Backed UK IPOs
No full textThis paper examines the impact of venture-capital backing of UK companies issuing shares at flotation on the characteristics of the lock-in agreements entered into by the existing shareholders, and on the abnormal returns realised around the expiry of the directors' lock-in agreements.The study examines the lock-in agreements of a sample of 186 UK IPOs issued during 1992-98. 103 of these companies had venture-capital backing at the IPO.The sample is also broken down into firms classified by industrial sector: of 103 VC backed companies 48 are high-tech, and among the 83 firms without VC backing 33 are high-tech.We find that lock-in agreements in the UK show much more variety in terms of the contractual detail than US agreements.Lock-in periods are particularly long for venture-backed high-tech companies.By contrast, for firms not in the high-tech sector, venture-capital backing appears to reduce the directors' lock-in periods.This suggests that for UK IPOs venture-capital backing does not serve as a substitute for lock-in agreements.Examining the proportion of locked-in directors' shares, we find it to be significantly higher in VC-backed firms as compared to firms without VC backing in the sample of firms not classified as high tech.This suggests that for firms likely to face only moderate information asymmetries (i.e. those not in high-tech industries), venture-capital backing of the IPO is not used as a substitute for, but rather as a complement to, lock-in agreements.The higher proportion of locked-in directors' shares among VC-backed companies (not in the high-tech sector) may be because the underwriters of VC-backed IPOs expect heavy sales by the VCs in the period after the IPO and decide to lock in the directors' shares and in order to limit the downward pressure of the VC's disposals on stock prices.Alternatively, if VCs do not sell out completely in the IPO, as reported by Barry et al. 1990, they may seek to align the directors' interests with their own by locking the directors in.We also examine the share-price performance of IPOs with and without VC backing around the time of the expiry of the lock-in agreements, and find that the CAARs for the VC-backed stocks are lower for most of the short windows around the expiry date, both for the sample as a whole and separately for each industry sector.For the sample of 28 VC-backed stocks, the CAARs are statistically significantly less than zero at the 1% level for the narrow one-to three-day windows around the expiry date.For the VC-backed stocks, the CAARs range from -1.2% to -1.6% (and even to -2% for the 11-day window, but this result is not statistically significant), while the corresponding CAARs for the stocks without VC backing range only from -0.2% to -0.8.initial public offerings;lock-in;high-tech;venture capital;IPO
Evaluating CO2 and sound as an invasive bigheaded carp deterrent in a model lock and dam
No full textAn experimental dataset was collected to evaluate the effectiveness of using CO2 and sound to restrict the upstream passage of invasive bigheaded carp in a model lock and dam system.
This dataset includes observation day data, sound trial data, conditioning data, sound map data, velocity data, fish tracking map data, and habituation data.Several deterrents are currently being investigated to block the upstream migration of invasive silver (Hypophthalmichthys molitrix) and bighead carp (H. nobilis). Broadband sound (100 hp outboard boat motor recording) and dissolved CO2 both show potential for restricting the upstream movement of invasive bigheaded carp through contained environments such as lock chambers. This study examined the effect of combining both broadband sound and CO2 into a multimodal deterrent to restrict upstream passage via the lock chamber in a 10,000 L flow through model lock and dam system. Bigheaded carp schools were classically conditioned to associate broadband sound with elevated levels of CO2 in the lock chamber. After conditioning, broadband sound alone was 100% effective in restricting the upstream passage of bigheaded carp under standard lock chamber operations, and bigheaded carp were deterred from entering and transiting the lock chamber for 28 consecutive trials over a one-week period. These results could help inform field deployments of non-physical deterrents within lock chambers for restricting the upstream movement of invasive bigheaded carp.Funding for this research was provided by the Minnesota Environment and Natural Resources Trust Fund (ENRTF) as recommended by the Minnesota Aquatic Invasive Species Research Center (MAISRC) and the Legislative-Citizen Commission on Minnesota Resources (LCCMR); and the State of Minnesota.Frett, Michael W; Mensinger, Allen F; Berry, Amelia L; Kozarek, Jessica L. (2025). Evaluating CO2 and sound as an invasive bigheaded carp deterrent in a model lock and dam. Retrieved from the Data Repository for the University of Minnesota (DRUM), https://doi.org/10.13020/QY7Q-0N68
Prospective voluntary agreements to escape carbon lock-in
No full textThe paper looks for co-evolutionary policy responses to carbon lock-in - a persistent state that creates systemic market and policy barriers to carbon low technological alternatives. We address the coordination role for authorities rather than the corrective optimisation and analyse experiences from environmental voluntary agreements and foresight activities. The paper argues that combining the virtues of these tools into a new policy tool, named Prospective Voluntary Agreement (PVA), can help facilitate an escape from carbon lock-in and provide policy resources for addressing lock-in related issues.Lock-in , Carbon, Policy responses, Agreements
Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?
No full textThis paper examines the impact on asset prices from a reduction in the long-term capital gains tax rate using an equilibrium approach that considers both demand and supply responses. We demonstrate that the equilibrium impact of capital gains taxes reflects both the capitalization effect (i.e., capital gains taxes decrease demand) and the lock-in effect (i.e., capital gains taxes decrease supply). Depending on time periods and stock characteristics, either effect may dominate. Using the Taxpayer Relief Act of 1997 as our event, we find evidence supporting a dominant capitalization effect in the week following news that sharply increased the probability of a reduction in the capital gains tax rate and a dominant lock-in effect in the week after the rate reduction became effective. Nondividend paying stocks (whose shareholders only face capital gains taxes) experience higher average returns during the week the capitalization effect dominates and stocks with large embedded capital gains and high tax sensitive investor ownership exhibit lower average returns during the week the lock-in effect dominates. We also find that the tax cut increases the trading volume during the week immediately before and after the tax cut becomes effective and in stocks with large embedded capital gains and high tax sensitive ownership during the dominant lock-in week.
IE WP 23/04 Prospective Voluntary Agreements to Escape Carbon Lock-in
No full textThe paper looks for co-evolutionary policy responses to carbon lock-in – a persistent state that creates systemic market and policy barriers to carbon low technological alternatives. We address the coordination role for authorities rather than the corrective optimisation and analyse experiences from environmental voluntary agreements and foresight activities. The paper argues that combining the virtues of these tools into a new policy tool, named Prospective Voluntary Agreement (PVA), can help facilitate an escape from carbon lock-in and provide policy resources for addressing lock-in related issues. The merit of PVA lies with the enhancement of collaborative policy culture and inter-sectoral and interdisciplinary stakeholder learning that creates commitment to desired action for escaping lock-in.environmental voluntary agreement; foresight; increasing returns; lock-in; path-dependence
Learning or Lock-in: Optimal Technology Policies to Support Mitigation
No full textWe investigate conditions that aggravate market failures in energy innovations, and suggest optimal policy instruments to address them. Using an intertemporal general equilibrium model we show that “small” market imperfections may trigger a several decades lasting dominance of an incumbent energy technology over a dynamically more efficient competitor, given that the technologies are very good substitutes. Such a “lock-in” into an inferior technology causes significantly higher welfare losses than market failure alone, notably under ambitious mitigation targets. More than other innovative industries, energy markets are prone to these lock-ins because electricity from different technologies is an almost perfect substitute. To guide government intervention, we compare welfare-maximizing technology policies in addition to carbon pricing with regard to their efficiency, effectivity, and robustness. Technology quotas and feed-in-tariffs turn out to be only insignificantly less efficient than first-best subsidies and seem to be more robust against small perturbations.renewable energy subsidy, renewable portfolio standard, feed-in-tariffs, carbon pricing
Corporate Social Capital in Business Innovation Networks
No full textThis paper explores the role of corporate social capital (CSC) in business innovation. Two models are introduced; one model for CSC which broadly incorporates traditional intellectual capital (IC) elements and corporate reputation, and a second model for innovation from a networking perspective.
The innovation model, called ‘the three Es’, identifies the critical central connector and broker roles within the three innovation sub-processes of exploration, engagement and exploitation. The sub-elements of CSC, being network centrality, absorptive capacity, human capital, internal capital and financial soundness are then assessed for their influence on the identified innovation roles. An analysis of the global information technology (IT) services sector is then used to illustrate the practical application of the analytical technique described
Occhialini’s Contribution to the Discovery of the Pion. An Interview by L. Gariboldi
No full textThe paper “Processes Involving Charged Mesons” [1, 2] signed by Cesare Mansueto Giulio Lattes, Hugh Muirhead, Giuseppe Paolo Stanislao Occhialini, and Cecil Frank Powell was published in the May 24th, 1947 issue of Nature. In the introduction to this paper we can read the following announcement: “we have found evidence of mesons which, at the end of their range, produce secondary mesons.” The primary mesons, whose discovery was announced with these very words, were at first thought to be the long searched for pions, the particles responsible for the strong interaction predicted by Hideki Yukawa in 1935, the secondary mesons being the muons discovered by Carl Anderson and Seth Henry Neddermeyer in 1937. and identified with a particle different from Yukawa’s meson by Marcello Conversi, Ettore Pancini and Oreste Piccioni in Rome
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