1,720,983 research outputs found
Do the identities of managers matter for corporate performance?
Full text linkThis master’s thesis aims to examine whether corporate managers and specifically CEOs and
their identities, influence performance in the companies they lead. The term identity hereby
refers to a broad set of attributes of a manager, ranging from externally observable
characteristics such as age or gender, over personal skills such as experience and education to
generalized characteristics such as attitude towards leadership. Managers, as referred to in this
thesis, are members of organizations, who are expected to be of sufficient importance to the
company’s success to be relevant to financial performance; these are CEOs and other managers
in principal roles. It is found that the identities of managers matter for firm performance in a
significant and a manifold way. This argumentation is founded on a comprehensive overview
of existing literature. Further, an empirical study conducted by the author confirms literature
findings
Corporate Governance and Implications for Minority Shareholders in Turkey
Full text linkThis paper reports on the ownership and control structures of publicly listed firms in Turkey using data from 2001. While holding companies and non-financial firms are the most frequent owners at the direct level, families ultimately own more than 80 percent of all publicly listed firms in Turkey. Pyramids and dual class shares are common devices that families use to separate their cash-flow rights from control rights. We also show that such deviations result in significantly lower market to book ratios suggesting large agency costs because of the conflict of interests between controlling families and minority shareholders
EU Merger Remedies: A Preliminary Empirical Assessment
Full text linkMergers that substantially lessen competition are challenged by antitrust authorities. Instead of blocking anticompetitive transitions straight away, authorities might choose to negotiate with the merging parties and allow the transactions to proceed with modifications that restore or preserve the competition in the involved markets. We study a sample of 167 mergers that were under the European Commission’s scrutiny from 1990 to 2002. We use an event study methodology to identify the potential anticompetitive effects of mergers as well as the remedial provisions on these transactions. Stock market reactions around the day of the merger’s announcement provide information on the first question, whereas the stock market reactions around the commission’s final decision day convey information about the outcome of the bargaining process between the authority and the merging parties. We first classify mergers according to their effects on competition and then we develop hypotheses on the effects that remedies are supposed to achieve depending on the merger’s competitive outcome. We isolate several stylized facts. First, we find that remedies were not always appropriately imposed. Second, the market seems to be able to predict remedies’ effectiveness when applied in phase I. Third, the market also seems able to produce a good prior to phase II’s clearances and prohibitions, but not to remedies. This can be due either to a measurement problem or related to the increased merging firms’ bargaining power during the second phase of the merger review
Allow me to follow you : how can the predictive value of security analyst recommendations best be employed as part of an investment strategy?
Full text linkThis study investigates how to explore abnormal returns from an investment strategy that moves
according to publicly available analyst recommendations relative to US companies. The
portfolio that buys all the upgrades to Strong Buy and Buy and short sells all the downgrades
to Strong Sell and Sell presents annualized abnormal returns of 65%, in the period from 1993
to 2019, compared against the five-factor model of Fama and French with momentum and short term reversal. When calculating the transaction fee that leads to breakeven, the decade from
2010 to 2019 no longer holds significant abnormal returns if incurred in a one-way transaction
fee higher than 0,04% of the trading value. This low breakeven fee compromises the
profitability of the above investment strategy in current days. It is evidenced in this study that
abnormal returns have a peak on the day when the recommendation is announced and that the
day before also presents high abnormal returns. Strategies that constraints the stock selection
on the level and change of the analyst recommendations bring slightly bigger abnormal returns.
Results are higher for smaller firms and robust after testing for the firm’s liquidity and for
different time periods.Este estudo investiga como explorar retornos anormais através de uma estratégia de
investimento que se move de acordo com as recomendações de analistas disponíveis para o
público e relativas a empresas americanas. A carteira que compra todas os upgrades para Strong
Buy e Buy e vende Short todos os downgrades para Strong Sell e Sell apresenta retornos
anormais anuais de 65%, no período de 1993 a 2019, em comparação com o modelo de cinco
fatores de Fama and French com momentum e short-term reversal. Ao calcular os custos de
transação que levam ao ponto de breakeven, a década de 2010 a 2019 já não tem retornos
anormais significativos se forem incorridos custos de transação unidirecionais maiores que
0,04% do valor transacionado. Esta baixa taxa de breakeven compromete a rentabilidade das
estratégias de investimento acima referidas, nos dias de hoje. É comprovado neste estudo que
os retornos anormais têm um pico no dia em que a recomendação é anunciada, e que o dia
anterior ao anúncio apresenta também retornos anormais elevados. As estratégias que
restringem a seleção de ações ao nível e à mudança das recomendações dos analistas trazem
retornos anormais ligeiramente maiores. Os resultados são mais elevados para as empresas mais
pequenas e são robustos a testes do nível de liquidez das empresas e a diferentes períodos de
tempo
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
