23,920 research outputs found
Operating Performance and Investment Expenditures Following Open Market Share Repurchases.
No full textThe impact of open market share repurchases on long-term stock abnormal stock returns: Evidence from an emerging market
No full textLong Term Performance Subsequent to Share Repurchase Announcements
No full text本研究旨在探討公開市場股份買回宣告與後續長期營業績效、股票報酬之關係。本文主要目的為檢測庫藏股決策的資訊內涵，進而探求公司從事庫藏股活動時可茲預期之發展。文獻上理論皆預期市場對股份買回宣告會有正向反應，然而，僅就觀察初始、短期市場證據，實難檢視庫藏股宣告的資訊內涵。因此，本文擬追蹤探討庫藏股宣告後的長期績效，以瞭解公司啟動買回股份決策背後的經濟性動機。 文獻上有多種假說解釋公司宣告買回庫藏股之動機，其中以資訊信號假說與自由現金流量假說二者獲得較多實證支持。為進一步分辨此二種競爭性假說，本文不僅探討公司庫藏股宣告後的長期營業績效與投資支出之變動，並探討庫藏股宣告後的長期異常股票報酬。本文假設若庫藏股宣告後買回公司績效有所改善，且績效的改善係源自成長機會帶動的投資支出增加，則信號假說之預期獲得實證支持。反之，若公司於庫藏股宣告後縮減其投資支出與現金準備，肇因於公司未來成長機會匱乏，則自由現金流量假說獲得實證支持。 本研究以宣告買回庫藏股之台灣上市櫃公司為樣本，實證發現，庫藏股宣告的前後年度，相較於控制公司，買回公司營業績效皆呈現下跌，且買回宣告的後續三年，買回公司之營業績效並未改善，實證結果與信號假說之預期不符，本研究證據未能支持庫藏股宣告係傳達公司未來獲利改善之訊息。相反地，本研究提供部分證據顯示公司買回庫藏股乃是缺乏投資機會，因而藉由買回股份將多餘的現金流量發還給股東，然而，實證未發現買回公司於庫藏股宣告後顯著減少現金準備。因此，本文實證僅提供有限證據支持自由現金流量假說。 為檢視庫藏股宣告後的長期股票報酬，本文採用三種衡量方法：累積異常報酬、買進持有異常報酬及Fama-French 三因子模式。實證顯示，公司於庫藏股買回宣告期間會有正的異常報酬，然而，買回宣告的後續三年，買回公司並未呈現顯著正的異常報酬，顯示當公司從事庫藏股活動時，並不意謂其有較佳之長期異常績效，就長期市場績效而言，本研究實證證據亦不符合信號假說之預期。 整體而言，相較於未買回公司，買回公司於庫藏股宣告的後續長期年度呈現較差的營業績效與股價報酬，買回公司並未展現較佳的前景，顯示未能支持以資訊信號假說解釋公司宣告買回庫藏股之動機。In this study, we examine the long-term operating performance and abnormal stock returns subsequent to open market share repurchase announcements. The major purpose of this essay is to examine the information content of repurchase decisions and to find out what can be predicted when a firm is involved in share repurchase activities. Given that the theories all predict the same stock reaction to repurchase announcements, obviously, it is difficult to test the information content of repurchases by simply looking at the initial, short-term evidence. Thus, by examining the long-term performance following share repurchases, we may better understand the economic motivations behind the decision to launch an open market repurchase program.he two most widely accepted explanations of the motivation behind share repurchases are the information signaling hypothesis and the free cash hypothesis. In order to differentiate between the two competing hypotheses, the essay not only investigates long-term changes in operating performance and investment expenditures following share repurchases but also investigates long-term abnormal stock returns in the post-repurchase period. We hypothesize that if repurchasing firms experience an improvement in performance and the improve performance is a result of an increase in investment expenditures due to growth opportunities after the announcement, then the prediction of the information signaling hypothesis has empirical support. On the other hand, if repurchasing firms reduce their investment expenditures and cash reserves after the repurchase announcements because these firms do not have many investment opportunities, then the free cash flow has empirical support.sing a sample of open market share repurchase announcements in Taiwan, we observe a decline in operating performance for repurchasing firms before and after the announcement. Contrary to the conventional wisdom, there is no evidence supporting the claim that repurchasing firms are signaling better prospects. In contrast, this study provides partial evidence supporting the claim that firms with few investment opportunities will distribute the excess cash flows by share repurchases. However, we find no evidence that firms reduce their cash reserves after the share repurchase announcements. Overall, this study provides limited evidence to support for Jensen’s (1986) free cash flow hypothesis.o gauge long-run stock returns in the post-repurchase period, we use three different approaches, namely, the CAR approach, the buy-and-hold approach, and the Fama- French three-factor model. We find some evidence of positive abnormal performance surrounding the announcement period. However, we do not find any evidence of abnormal returns for repurchasing firms in the three-year post-announcement period essentially. The repurchasing firms do not exhibit strong superior abnormal performance over long horizons when they make open market share repurchase. Our main empirical finding seems to be inconsistent with the most important predictions of signaling hypothesis.ollectively, the results reveal that repurchasing firms experience the comparatively lower post-announcement operating performance and stock returns. Taken together, our findings do not support the implication of the signaling hypothesis.ACKNOWLEDGEMENTS iBSTRACT iiiABLE OF CONTENTS viiiIST OF FIGURES xiIST OF TABLES xiiHAPTER 1 INTRODUCTION 1.1 Background 1.2 Open Market Share Repurchases in Taiwan 4.3 Motivations for the Study 10.4 Objectives of the Study 14HAPTER 2 LITERATURE REVIEW 18.1 The Information Signaling Hypothesis 18.2 The Free Cash Flow Hypothesis 23.3 Share Repurchases and Operating Performance 27.3.1 Tender-Offer Repurchases and Operating Performance 27.3.2 Open-Market Share Repurchases and Operating Performance 29.4 Open-Market Share Repurchases and Long-term Stock Performance 32HAPTER 3 HYPOTHESIS DEVELOPMENT 39HAPTER 4 THE METHODOLOGY 46.1 Operating Performance Measurement 46.1.1 Definition of Variables 47.1.2 Abnormal Operating Performance 50.1.2.1 Unadjusted Performance 51.1.2.2 Adjusted Performance 52.1.3 Establish a Matched-pair Sample 52.2 Changes in Investment Expenditures and Cash Reserves 54.3 Short-term Stock Performance Measurement 55.4 Long-term Stock Performance Measurement 57.4.1 Event-time Approach 59.4.1.1 Cumulative Abnormal Returns (CARs) 60.4.1.2 Buy-and-Hold Abnormal Returns (BHARs) 61.4.2 Matching Firm Selection 62.4.3 Calendar-Time Portfolio Approach 63.4.3.1 Fama-French Three-factor Model 63HAPTER 5 ANALYSIS OF EMPIRICAL RESULTS 67.1 Background 67.2 Sample Selection 69.3 Data and Sample Statistics 71.3.1 Sample of Operating Performance Measurement 73.3.2 Sample of Stock Performance Measurement 73.3.3 Descriptive Statistics of Operating Performance Measurement 74.3.4 Descriptive Statistics of Stock Performance Measurement 78.4 Empirical findings on Operating Performance Changes 82.5 Empirical findings on Changes in Investment Expenditures and Cash Reserves 88.6 Repurchase Activity and Taiwan Stock Market 93.7 Short-term Market Reactions to the Open Market Share Repurchase Announcements 95.7.1 Stock Performance in Pre-Announcement 95.7.2 Stock Performance around Open Market Share Repurchase Announcements 100.7.3 Stock Performance in the Repurchase Period 101.7.4 Abnormal Returns in Open Market Share Repurchases 103.8 The Long-Term Stock Performance of Open Market Share Repurchase Programs 105.8.1 Cumulative Abnormal Returns (CARs) 106.8.2 Buy-and-Hold Abnormal Returns (BHARs) 111.8.3 Fama-French Three-Factor Regressions Model 115HAPTER 6 CONCLUSIONS 120.1 Summary and Conclusion 120.2 Limitations of this study 124.3 Future Research Directions 125EFERENCES 12
Efficient Fe/I-2/NaI mediated synthesis of alkenyl iodides through direct coupling of alcohols and alkynes
No full textA new and efficient method for the synthesis of alkenyl iodides through direct coupling of alcohols and alkynes has been developed in the presence of iron powder, I-2, and NaI. This methodology not only provides an attractive approach to alkenyl iodides, but also expands the application of iron in synthetic chemistry. (C)2011 Elsevier Ltd. All rights reserved
Traditional Medicines of Luang Nam Tha
No full textNotes on the traditional medicines of in LaosThis manuscript was actually written by Nai Insong, a resident of Luang Nam Tha Khampheng assisted Nai Insong organizing his writing
Reduction of the radioactivity in sodium iodide (NaI) powder by recrystallization method
No full textThe COSINE experiment is searching for dark matter using ultra-low background NaI scintillating crystals. In order to reduce the internal contamination of the initial NaI powder to grow NaI crystals, NaI powder samples with different purities were purified by fractional recrystallization using de-ionized water. The concentrations of the main radioactive elements, K, Pb, Th, and U, which are major backgrounds for the dark matter search, were reduced to the level required for the experiment. Further, the concentrations of other impurities, e.g., Ba, Ca, Cr, and Fe, were also reduced, which is important to realize good quality NaI crystals. c.Akade´miai Kiado´ , Budapest, Hungary 201811sci
IFI and ISI premitigation for block-code-modulated noncoherent UWB impulse radio: A code optimization approach
Full text linkCodeword matching and signal aggregation (CMSA) is a recently proposed low-complexity noncoherent receiver for block code modulated UWB Impulse Radio (UWB-IR) systems. As the frame/symbol duration is shortened to boost data rate, inter-frame interference (IFI) or inter-symbol interference (ISI) occurs and degrades detection performance of CMSA. In this paper, an effective IFI/ISI pre-mitigation scheme is proposed for CMSA by means of a code optimization approach. By employing a tailored interference model that highlights the codeword properties, the system performance in the presence of moderate IFI/ISI is evaluated and an average collected channel gain (CCG) is introduced as the metric for code optimization. With the primary focus on binary modulation, two IFI/ISI-robust code properties are generalized as Shifted-Orthogonality and Shifted-Repetition. Based on these properties, the optimal code is constructed. It is observed that, when the optimal code occurs, the leaked signal energy or the interference can be partially used to enhance the detection performance of CMSA in the presence of IFI/ISI. Unlike most of the existing IFI/ISI mitigation schemes for noncoherent UWB-IR that focus mainly on signal processing after the nonlinear detector, the optimized code is exploited to aggregate leaked signal energy along with the linear pre-detection operation already involved in CMSA receiver. Both analysis and simulation show that a distinct performance improvement is achieved
Sensitivities for coherent elastic scattering of solar and supernova neutrinos with future NaI(Tl) dark matter search detectors of COSINE-200/1T
Full text linkWe investigate the prospects for measuring the coherent elastic
neutrino-nucleus scattering of solar and supernova neutrinos in future NaI(Tl)
dark matter detection experiments. Considering the reduced background and
improved light yield of the recently developed NaI(Tl) crystals, more than
3 observation sensitivities of the supernova neutrino within the Milky
Way are demonstrated. In the case of the solar neutrino, approximately 3
observations are marginal with a 1 ton NaI(Tl) experiment assuming an order of
magnitude reduced background, five photoelectron thresholds, and 5-year data
exposure
醫院病房區清潔外包管理方式對外包績效影響之探討
No full text本研究目的在於探討醫院清潔外包之病房護理主管管理風格，外包管理方式與外包績 效之差異及影響；以北部地區三家公立和三家財團法人共六家醫學中心的病房護理主 管為研究對象，採問卷調查法，依據六家醫院所提供有清潔外包之病房數，共發出 257份問卷給病房護理主管填寫，回收222份，回收率為86.38%。結果如下： 1.財團 法人醫院護理主管同意採取民主式的管理風格程度高於公立醫院。 2.公立與財團法 人醫院外包管理方式中唯監督單位主管採取「監督過程」有差異外，其餘均無差異。 3.公立與財團法人醫院主管的外包績效無差異。 4.六家醫院的使用單位護理主管採 用「監督結果」對清潔外包品質有負面影響，而外包商主管採用「監督過程」、「監 督結果」和「控制處罰」的管理方式對清潔外包品質有正面影響；外包商主管採用「 監督過程」和「監督結果」對清潔外包的工作時效有正面影響。本研究建議醫院若考 慮病房要清潔外包，在簽訂合約之前必須謹慎的選擇外包商，由過去履約實績對其管 理經驗先瞭解和評估，如外包商主管管理方式是採「監督過程」和「監督結果」並適 當的有「控制處罰」，對清潔外包品質和工作時效會有較佳表現。而清潔外包的使用 單位，則建議配合監督合約執行過程，病房才會有好的清潔外包績效。 The purpose of this study was to explore the relationship between outsourcing contract style, management style of head nurses and the effectiveness of housekeeping outsourcing in six medical centers in northern Taiwan. Six medical centers, including 3 public and 3 not-for-profit hospitals in northern Taiwan were included in this study. A questionnaire was sent to 257 head nurses in the six hospitals. There were 222 questionnaires completed. The return rate was 86.38%. The main results of this study were as follows: 1. The head nurses in the not-for-profit hospitals, compared with the head nurses in the public hospitals, had significant preference for using a democratic management attitude. 2. The only difference of housekeeping outsourcing management style between the public and not-for - profit hospitals, was "process monitoring" of the monitoring unit. 3. There was no difference in the performance of housekeeping outsourcing in either the public or not-for-profit hospitals. 4. In the six hospitals, there were significant differences between the "outcome monitoring" of head nurses and the quality of housekeeping outsourcing. There were significant differences between the" process monitoring"、"outcome monitoring"、"using punishment for command" of on-site managers and the quality of housekeeping outsourcing. There were also significant differences between the "process monitoring"、"outcome monitoring" of on- site managers and work effectiveness. This study suggests that either public or private hospitals, should carefully choose housekeeping outsourcing company. The hospital management should understand and evaluate management experience of the outsourcing company before signing an outsourcing contract. When appropriate "process monitoring", "outcome monitoring", and "using punishment for command" adopted by the outsourcing company, the job performance quality and effectiveness of housekeeping will be better. If the nursing unit participates the "process monitoring", the housekeeping performance will be better also
ROR1 and ROR2 in Human Malignancies: Potentials for Targeted Therapy
No full textTargeted therapies require cellular protein expression that meets specific requirements that will maximize effectiveness, minimize off-target toxicities, and provide an opportunity for a therapeutic effect. The receptor tyrosine kinase-like orphan receptors (ROR) are possible targets for therapy that may meet such requirements. RORs are transmembrane proteins that are part of the receptor tyrosine kinase (RTK) family. The RORs have been shown to play a role in tumor-like behavior, such as cell migration and cell invasiveness and are normally not expressed in normal adult tissue. As part of the large effort in target discovery, ROR proteins have recently been found to be expressed in human cancers. Their unique expression profiles may provide a novel class of therapeutic targets for small molecules against the kinase or for antibody-based therapies against these receptors. Being restricted on tumor cells and not on most normal tissues, RORs are excellent targets for the treatment of minimal residual disease, the final hurdle in the curative approach to many cancers, including solid tumors such as neuroblastoma. In this review, we summarize the biology of RORs as they relate to human cancer, and highlight the therapeutic approaches directed toward them
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