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PDF Ebook Option Trading and Oil Futures Markets

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Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments

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Ebook Hazardous Analysts: Reputation Management and the Duration of Recommendations

Submitted by puput on Sat, 07/10/2010 - 06:17

Financial analysts play a key role as information intermediaries in the capital market. Analysts gather and evaluate information from public and private sources, write research reports, produce corporate earnings forecasts, and make recommendations that lead to the buying or selling of a company’s securities. Among financial analysts’ outputs, stock recommendations are the most direct and unequivocal way for analysts to express opinions about likely future stock returns.

Ideally, recommendations should help investors by reducing informational asymmetries, allowing investors to more accurately value companies and thereby profit from trading. Indeed, the short-term price and volume impacts of revisions in analysts’ recommendations reveal that they influence investment decisions of both institutional and retail investors. In turn, researchers have shown that, on average, such investor responses are well-founded: for example, Womack (1996) and Barber et al. (2001) uncover evidence that the cross-section of recommendations has forecasting power for future returns, while Jegadeesh et al. (2004) documents the profitability and informativeness of consensus recommendation levels and consensus recommendation changes, and Ivkovic and Jegadeesh (2004) evaluate the informativeness of recommendation revisions over the earnings announcement cycle.

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Ebook The Impact of Capital Structure on Efficient Sourcing and Strategic Behavior

Submitted by puput on Thu, 08/12/2010 - 04:58

The popular press has frequently conjectured that a firm’s financial condition affects its competitive ability in the product markets. There has been some interest in the academic literature as well on the role of a firm’s financing choice in affecting the product market strategies of both the firm and its industry rivals. Brander and Lewis (1986), Maksimovic (1988), Rotemberg and Scharfstein (1990), and Bolton and Scharfstein (1990) are some examples of theoretical models that analyze how a firm’s financing decision may affect and be affected by the market structure and competition in the firm’s industry. In this paper, we extend this line of research by analyzing strategic firm-rival interactions in a framework that incorporates firms’ relations with another product market participant their suppliers. We model the financing decision of a firm as being simultaneously observed by the firm’s suppliers and rivals. Under imperfect competition, we show that although debt financing improves the firm’s input sourcing efficiency it could also benefit the firm’s rivals by lowering their input costs. This effect offsets the benefits due to aggressive product market strategies that result from increased debt. Under certain conditions this subsidy effect is sufficiently strong that debt financing is suboptimal in equilibrium and leads to an increase in rival’s shareholder value.

In particular, we extend the firm-supplier hold-up problem developed in Von Ungern Sternberg (1988) and Subramaniam (1998) to a scenario where the firm operates in an oligopoly, instead of as a monopoly. Von Ungern-Sternberg argues how capacity expansions by a firm may act as a credible commitment by a firm to abstain from opportunism towards its suppliers, while Subramaniam (1998) shows how debt financing could act as a similar credible commitment, and thus promote entry in the firm’s supplier industry. In both models, once the suppliers have entered the market, firms have the incentive to hold-up the suppliers by offering an input price that compensates the suppliers for their variable costs but not their total costs. At this price, although the suppliers do not recover their fixed costs, they will continue to service the firm to minimize their losses. The hold-up problem however, is anticipated by the suppliers at the time of their entry, and fewer suppliers enter the market than is dictated by the efficient contract benchmark.

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Ebook Natural System of Wrangel Island Reserve

Submitted by antoq on Wed, 07/15/2009 - 03:14

The Wrangel Island Reserve is a self-contained island ecosystem and there is ample evidence that it has undergone a long evolutionary process uninterrupted by the glaciation that swept most other parts of the Arctic during the Quaternary period. The number and type of endemic plant species, the diversity within plant communities, the rapid succession and mosaic of tundra types, the presence of relatively recent mammoth tusks and skulls, the range of terrain types and geological formations in the small geographic space are all visible evidence of Wrangel’s rich natural history and its unique evolutionary status within the Arctic. Furthermore, the process is continuing as can be observed in, for example, the unusually high densities and distinct behaviours of the Wrangel lemming populations in comparison with other Arctic populations or in the physical adaptations of the Wrangel Island reindeers, where they may now have evolved into a separate population from their mainland cousins. Species interaction strategies are highly-honed and on display throughout the island, especially near Snowy owl nests which act as protectorates for other species and beacons for migratory species and around fox dens.

The Wrangel Island Reserve has the highest level of biodiversity in the high Arctic. The island is the breeding habitat of Asia’s only Snow goose population which is slowly making a recovery from catastrophically low levels. The marine environment is an increasingly important feeding ground for the Gray whale migrating from Mexico (some from another World Heritage site, the Whale Sanctuary of El Vizcaino). The islands have the largest sea-bird colonies on the Chukchi Sea, are the northernmost nesting grounds for over 100 migratory bird species including several that are endangered such as the Peregrine falcon, have significant populations of resident tundra bird species interspersed with migratory Arctic and non-Arctic species and have the world’s highest density of ancestral polar bear dens. Wrangel Island boasts the largest population of Pacific walrus with up to 100,000 animals congregating at any given time at one of the island’s important coastal rookeries. Since Wrangel Island contains a high diversity of habitats and climates and conditions vary considerably from one location to another, total reproductive failure of a species in any given year is practically unheard of. Given the relatively small size of the area, this is very unusual in the high Arctic.

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