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This paper is an event time study of the valuation effects of a sample of eighty‐two permanent plant closings. The traditional approach to project termination decisions suggests that common stock prices should increase around the date on which firms publicly announce the termination of a project. However, the empirical results of this study indicate that, on average, no significant changes in share holder wealth are associated with the closing down of capital assets.

Outlines previous research on the security analyst “superstar” phenomenon, including the stochastic model of Yule and Simon. Applies this to data on the 1986‐1997 selections for the Institutional Investor’s All‐British Research First Team (ABRT) and finds that it does not explain the distribution, i.e. that selection does appear to be based on skill rather than luck. Considers consistency with other research and expects future research to concentrate on the ABRT’s ability to forecast earnings per share and share prices.

Several academic studies have examined the investment performance of initial public offerings (IPOs). Since the underwriters desire to have the offering sell out quickly, they have an incentive to underprice the securities offering. A number of studies have found that new equity issues are generally underpriced and produce positive abnormal short‐term returns. Like IPOs, spin‐offs are issues which are new to the public capital markets. However, unlike IPOs, spin‐offs do not involve an underwriter which determines the offering price of the security. Spin‐offs are also similar to corporate sell‐offs in that a parent company makes a decision to divest a division or subsidiary; however, in a spin‐off the business unit is not sold for cash or securities. Instead, spin‐offs occur when a parent corporation distributes its entire holdings of stock in a subsidiary on a pro‐rata basis to the parent's shareholders. These transactions have the effect of completing the separation of the assets and liabilities of the parent and the subsidiary. Thus, two separate public corporations with the same proportional equity holdings now exist whereas only one firm existed previously.

This study aims to examine the long-term effects of adopting economic value added (EVA) as a compensation tool on managers’ behaviour.

The authors extend the sample used in prior studies both in the time and the cross-section dimensions.

The study conclusions are distinct from those offered by existing studies. The authors show that EVA adopters, relative to non-EVA adopters, increase the working capital cycle, use their assets less intensively and decrease their payouts to shareholders via a decrease in dividends and share repurchases. In investing decisions, the authors find a decrease in new investments, but no change in asset dispositions after the adoption of EVA compensation plans.

The study results highlight that the EVA adoption provides more incentives to reduce the total cost for capital rather than increasing operations and maximising shareholder wealth. The results also have implication for corporate management, particularly in the area of management compensation scheme design.

This exploratory study, a Ph.D. dissertation completed at the University of Western Ontario in 2013, examines the materially embedded relations of power between library users and staff in public libraries and how building design regulates spatial behavior according to organizational objectives. It considers three public library buildings as organization spaces (Dale & Burrell, 2008) and determines the extent to which their spatial organizations reproduce the relations of power between the library and its public that originated with the modern public library building type ca. 1900. Adopting a multicase study design, I conducted site visits to three, purposefully selected public library buildings of similar size but various ages. Site visits included: blueprint analysis; organizational document analysis; in-depth, semi-structured interviews with library users and library staff; cognitive mapping exercises; observations; and photography.

Despite newer approaches to designing public library buildings, the use of newer information technologies, and the emergence of newer paradigms of library service delivery (e.g., the user-centered model), findings strongly suggest that the library as an organization still relies on many of the same socio-spatial models of control as it did one century ago when public library design first became standardized. The three public libraries examined show spatial organizations that were designed primarily with the librarian, library materials, and library operations in mind far more than the library user or the user’s many needs. This not only calls into question the public library’s progressiveness over the last century but also hints at its ability to survive in the new century.

This study examines the prediction power of investor sentiment on Bitcoin return.

We construct a Financial and Economic Attitudes Revealed by Search (FEARS) index using search volume from Google's search engine to reveal household-level (“bankruptcy”, “unemployment”, “job search”, etc.) and market-level sentiment (“bankruptcy”, “unemployment”, “job search”, etc.).

Using a variety of quantitative methodologies such as the transfer entropy model as well as threshold regression and OLS, GLS and 2SLS estimations, we find that (1) investor sentiment has strong predictive power on Bitcoin, (2) household-level sentiment has larger effects than market-level sentiment and (3) the impact of sentiment is greater in low sentiment regimes than in high sentiment regimes. Based on these information, we build a hypothetical trading strategy that outperforms a simple buy-and-hold strategy both on an absolute and risk-adjusted basis. The results are consistent across cryptocurrencies and regions.

The findings contribute to the ongoing debate in the literature on the efficiency of cryptocurrency markets. The results reveal that the Bitcoin market is not efficient in the sense of the efficient market hypothesis – asset prices do not fully reflect all available information and we were able to “beat the market”. In addition, it sheds further light on the debate whether Bitcoin can be considered a medium of exchange, i.e. a currency or an investment product. Because investors are reallocating their Bitcoin holdings during times of increased market sentiment due to liquidity needs, they obviously consider bitcoin an investment product rather than a currency.

This study is the first to examine the impact of investor sentiment measured by FEARS on Bitcoin return.

IIA tells LOC to stay out of the market The US Information Industry Association (IIA) has come out strongly against the Library of Congress' plan to generate fee‐producing products and services. It argues that the proposal is not only unfair to the private sector but bad information policy in general.

The objective of this paper is to investigate how disclosure informativeness of U.S. multinational corporations varies with the informativeness of numbers produced by their financial accounting systems. We predict that firms whose current accounting numbers do not capture well the effects of the firm's current activities and outcomes on shareholder value proxied by earnings timeliness will institute better disclosure systems and improve their disclosure informativeness to compensate for their less informative accounting numbers. Disclosure informativeness is measured by analyst ratings of corporate disclosures provided in the annual volumes of the Report of The Financial Analysts Federation Corporate Information Committee. The informativeness of accounting numbers is proxied by the timeliness of earnings. We investigate whether the analysts' ratings vary with the timeliness of earnings by examining the cross‐sectional relation between properties of earnings timeliness and subsequent analyst ratings of corporate disclosure of 100 firms included in FORBES' survey of the largest U.S. multinationals. The results support a significant negative relation between the timeliness metrics and subsequent values of disclosure informativeness after controlling for other firm characteristics.