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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    European financial management 1 (1995), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 10 (2004), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the proposition that small investor sentiment, measured by the change in the discount/premium on closed-end funds, is an important factor in stock returns. We conduct an out-of-sample test of the investor sentiment hypothesis in a market environment that is more likely to be prone to investor sentiment than the USA. We fail to provide supporting evidence for the claim of Lee et al. (1991) that investor sentiment affects the risk of common stocks. Consistent with Elton et al. (1998), who show that investor sentiment does not enter the return generating process, our tests do not detect investor sentiment in a capital market that is more susceptible to small investor sentiment. Our results provide additional support against the claim that investor sentiment represents an independent and systematic asset pricing risk.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of international financial management & accounting 10 (1999), S. 0 
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the nature of the relationship between corporate intangible assets and the multinational network structure of the firm. Specifically, the question addressed in this paper is whether the nature of corporate intangible assets determines the mode of geographic expansion of the MNC. The interactive effects between the level and type of corporate intangibles and the foreign expansion path of MNCs are also examined. Based on the analysis of 362 MNCs, representing 88 three-digit SIC industries, the results of this study show that R&D-intensive MNCs maintain substantially more geographically diversified and less geographically focused operating networks than advertising-intensive MNCs. Furthermore, R&D-intensive MNCs' foreign investments create more value through geographic diversification, while non-R&D-intensive MNCs benefit the most by increasing the geographic focus of their foreign investment activities. We also document that MNCs without significant levels of technology know-how and marketing based intangible assets can benefit the most from geographic-focused rather than geographic-diversified foreign business operations.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of international financial management & accounting 13 (2002), S. 0 
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the valuation effects and long–term performance of US multinational firms involved in forced transfers of their foreign operating assets during the 1965–88 period. The evidence suggests that the operational hedging ability of the firm to address country risk (nationalization threats) is related to the level of its intangible assets. While it is well known that firms with high levels of intangible assets prefer foreign direct investment, our results show that intangible assets have hidden properties of protection against country risk as well. We document significantly negative abnormal returns only for divesting firms with low levels of intangible assets, but not for firms with high levels of intangible assets. In addition, we show that low (high) growth firms are involved in partial (complete) withdrawals, and show that the long–term economic performance of firms choosing the complete withdrawal strategy is better than those that opt to remain. We argue that management’s attempt to maintain economic links in a hostile foreign environment can be attributed in part to the firm’s low growth opportunities, performance, and lack of contingent plans to address country risk.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    European financial management 2 (1996), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    European financial management 1 (1995), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the intertemporal volatility structure of Eurocurrency rates of five different maturities ranging from seven days to twelve months for six Euro CD currency denominations spanning the 1986–1992 period. the analysis used the common ARCH-feature testing methodology recently developed by Engle and Kozicki (1993). First, the results indicate presence of ARCH effects in the Eurocurrency rate series. This result suggests that modelling of Eurocurrency rates requires the inclusion of time-varying risk premia. Second, our evidence reveals that short- and long-term Eurocurrency rate series have the same volatility process. the results point out that a common time-varying volatility process characterises most Eurocurrency rate series across maturities and currency denominations. Hence, the common ARCH results imply that a common time-varying variance model would be the appropriate specification of the conditional heterscedasticity for most Eurocurrency rates.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    European financial management 8 (2002), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the short- and long-term valuation effects of Swedish takeovers. Using a sample of 93 bidding firms that acquired 101 targets between 1980 and 1995, we find that diversifying acquisitions lead to a negative market reaction and deterioration of the operating performance of the bidder. Announcement and performance gains in each of the three years following the acquisition occur only when bidders expand their core rather than their peripheral lines of business. Our findings suggest that focused acquisitions lead to greater synergies and operating efficiencies than diversifying acquisitions. Intra-group acquisitions, however, show that bidders do not realise significant gains whether they adopt diversifying or focusing investment strategies by purchasing firms controlled by the Wallenberg and SHB conglomerate groups. Intra-group targets realize significant gains regardless bidder’s investment strategy. Finally, the evidence does not support the view that intra-conglomerate acquisitions are associated with expropriation of minority shareholders. However, they appear to enhance the control rights of large shareholders of the bidding firm.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 11 (2005), S. 0 
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we conduct an out-of-sample test of two behavioural theories that have been proposed to explain momentum in stock returns. We test the gradual-information-diffusion model of Hong and Stein (1999) and the investor conservatism bias model of Barberis et al. (1998) in a sample of 13 European stock markets during the period 1988 to 2001. These two models predict that momentum comes from the (i) gradual dissemination of firm-specific information and (ii) investors’ failure to update their beliefs sufficiently when they observe new public information. The findings of this study are consistent with the predictions of the behavioural models of Hong and Stein's (1999) and Barberis et al. (1998). The evidence shows that momentum is the result of the gradual diffusion of private information and investors’ psychological conservatism reflected on the systematic errors they make in forming earnings expectations by not updating them adequately relative to their prior beliefs and by undervaluing the statistical weight of new information.
    Type of Medium: Electronic Resource
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  • 9
    Publication Date: 2019
    Description: The European Union (EU) aims to prepare its strategy and infrastructure for further decarbonisation of its energy system in the longer term towards 2050. Recent political discussions and research interest focus on ways to accelerate the development and deployment of low-carbon technologies with respect to the targets set for 2030 and 2050. However, the diverse options available that are to be implemented, are policy sensitive and need careful comparative assessment. This paper presents a multi-criteria approach based on an extension of the Preference Ranking Organization METHod for Enrichment of Evaluations (PROMETHEE) method for group decision-making that incorporates fuzzy set theory in order to evaluate alternative transformation pathways for achieving a sustainable energy system in EU. This assessment aims at providing a direction towards a most preferable pathway concept that should be taken into account by a future model-based analysis of the necessary transformation of our energy sector. The results obtained could support policymakers in drawing effective recommendations based on the findings. The added value of this analysis to policymakers is its contribution to plan climate and energy strategies towards a low-carbon transition pathway by using the information of this approach and prioritizing uncertainties through an environmental and energy perspective.
    Electronic ISSN: 2071-1050
    Topics: Energy, Environment Protection, Nuclear Power Engineering
    Published by MDPI
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  • 10
    Publication Date: 2007-11-16
    Description: The JAK2V617F mutation is present in the majority of cases of myeloproliferative disease, including polycythemia vera (PV), essential thrombocythemia (ET) and primary myelofibrosis (PMF), and is an attractive candidate for molecularly targeted therapy. However, the potential toxicities of JAK2 inhibition in vivo, and identification of appropriate surrogate endpoints for response, are challenges that may limit clinical usefulness in treatment of these relatively indolent diseases. We report efficacy and assessment of surrogate endpoints for response of a small molecule JAK2 inhibitor, TG101348 in a murine model of polycythemia vera. TG101348 is selective for JAK2 with an in vitro IC50 of ∼3 nM that is ∼334 fold more potent than for inhibition of JAK3. TG101348 showed therapeutic efficacy in the murine model of PV that included a statistically significant reduction in hematocrit, normalization of white blood cell count, a dose dependent reduction/elimination of extramedullary hematopoiesis in the spleen and liver, and marked attenuation of myelofibrosis. Consistent with its selective inhibition of JAK2 and not JAK3, there was no significant change in T-cell number in treated animals. These clinical responses correlated with surrogate endpoints for response, including reduction or elimination of JAK2V617F expressing clones based on quantitative genomic PCR, suppression of JAK2V617F positive endogenous erythroid colony growth of JAK2V617F MPD bone marrow, and inhibition of JAK-STAT signal transduction as assessed by phosphoflow cytometry for phosphorylated STAT5. Thus, TG101348 is efficacious in treatment of a murine model of PV, and surrogate endpoints have been identified that may be of value in clinical trials in humans.
    Print ISSN: 0006-4971
    Electronic ISSN: 1528-0020
    Topics: Biology , Medicine
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