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It is well established in academic literature that self‐tender offers and corporate dividends can be used independently to effectively signal firm value. It is unclear…
It is well established in academic literature that self‐tender offers and corporate dividends can be used independently to effectively signal firm value. It is unclear, however, whether these two forms of earnings distributions can be used simultaneously. This paper is an empirical examination of the relationship between dutch auction repurchases and corporate dividend policy. This research indicates that a substantial number of firms choose to repurchase their shares in the form of dutch auctions between dividend payments. Because signalling is a likely motivation for both repurchases and cash dividends, these two events may not be independent of each other. The results of this study confirm positive stock market reaction to repurchase announcements and that firm prediction errors are significantly related to signaling variables.
In this paper, the link between stock distribution announcements and capital markets is examined. The results show that stock split announcements result in higher share…
In this paper, the link between stock distribution announcements and capital markets is examined. The results show that stock split announcements result in higher share prices and narrower percentage bid‐ask spreads, while stock dividend announcements have little effect on either prices or percentage spreads.
Prior research has investigated determinants of CEO compensation. However, that research has been primarily limited to large firms. This study investigates the impact of…
Prior research has investigated determinants of CEO compensation. However, that research has been primarily limited to large firms. This study investigates the impact of CEO influence over the board of directors on CEO pay for both large and small firms. Additionally, other determinants of CEO pay for both large and small firms are examined. Results suggest that CEO influence over the board significantly affects CEO pay for large firms. However, we do not find the same evidence for small firms. Firm size is the prinmary factor of CEO pay for small firms. Evidence in this study suggests that CEO pay of large firms is mostly a function of CEO influence over the board, firm size and firm performance.
Poison pill securities can be used to deter takeover activity by making the acquisition cost prohibitive or to increase bargaining power of target firms. Poison pills…
Poison pill securities can be used to deter takeover activity by making the acquisition cost prohibitive or to increase bargaining power of target firms. Poison pills, which are also known as shareholder rights plans, are typically used in conjunction with other takeover defense mechanisms, such as anti‐takeover charter amendments or dual classes of stock. This study examines the role that debt plays as an anti‐takeover strategy in the presence of poison pills. The results show that, on average, capital markets have little reaction to poison pill announcements. A regression equation, however, shows that announcement period abnormal returns are positively related to leverage ratios. This paper provides empirical evidence that the capital structure of firms plays an important role in the perceived strength of poison pills.
Purpose – The purpose of this chapter is to consider the historical context of the gradual release model as it emerged following the early twentieth century emphasis on…
Purpose – The purpose of this chapter is to consider the historical context of the gradual release model as it emerged following the early twentieth century emphasis on behaviorism as psychologists (and reading researchers) increasingly focused on cognition in the reading process. This “cognitive turn” in educational psychology was followed closely by a “social turn” with its focus on the socially constructed nature of texts, learning, and reading, particularly influenced by Vygotsky and work on scaffolding.
Design/methodology/approach – This chapter uses literature from the field to contextualize the gradual release of responsibility (GRR) model and to discuss research or practice chapters included in this edited volume.
Findings – This chapter described the transition from behaviorism to cognition to social construction as it applies to the reading process generally and to GRR in particular. It noted that this transition has required teachers to be more nimble and flexible than ever before, cautioned that the complexity of classroom life and the pressures on teachers can cause techniques such as GRR to be misused, and suggested ways to manage the group work which is central to social cultural approaches to literacy. And along the way it spotlighted the ever-widening range of applications of the GRR documented in the earlier chapters of the book.
Practical implications – The section in this chapter with most immediate practical implication is clearly the section on misuses of the GRR model. This section discusses some misuses of the model: neglecting explicit teaching; missing the middle (i.e., jump from explicit teaching directly to independent practice); and applying in an overly rigid manner.
Originality/value of paper – This chapter makes an original contribution to the field in providing a historical context for the gradual release model and for addressing the chapters in this edited collection. The authors also point to some areas for next steps forward as reminders to those applying the model.
Making Fine Powders ‐ Extremely fine and uniform particles, of 5–50 nanometers, have been produced by a process being developed at Battelle Pacific Northwest Laboratories. Researchers have used the technique to synthesize new, highly dispersed catalysts with a high surface area. It offers a way to make other products which have improved properties: ceramic ball bearings and gears which are stronger and more durable than those available today, and pigments for paints and inks.
ABB is merging its robotics and paint finishing businesses into a single company, ABB Flexible Automation. All company names previously within these two business areas, some as a result of earlier acquisitions, will now operate under the single name.