for their comments and suggestions. We are also most grateful to the referee for his or her helpful insights and suggestions. All errors remain ours. Abstract This paper models quote setting and price formation in a non-intermediated, order driven market where trading occurs because investors differ in their share valuations and the advent of news that is… (More)
Diversified conglomerates are valued less than matched portfolios of pure-play firms. Recent studies find that this diversification discount results from conglom-erates' inefficient allocation of capital expenditures across divisions. Much of this work uses Tobin's q as a proxy for investment opportunities, therefore hypothesizing that q is a good proxy.… (More)
provided valuable institutional detail, and for this we are deeply indebted. In March 1998, the Mexican Stock Exchange solicited our paper to give us their comments, but no comments have been received so far. Any remaining errors in this paper are our own.
INTRODUCTION The objective of this study was to investigate the clinical features of depression in Asian patients. METHODS It was a cross-sectional, observational study of depression in China, Korea, Malaysia, Singapore, Taiwan, and Thailand. Participants were drug-free outpatients with depressed mood and/or anhedonia. Symptoms and clinical features were… (More)
BACKGROUND The comparative efficacy of selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs) was recently debated. Meta-analyses, based mainly on fluoxetine comparator data, suggest that the SNRI venlafaxine has superior efficacy to SSRIs in treatment of major depression. OBJECTIVE To compare quality of… (More)
When investors fixate on current earnings, they commit a cognitive error and fail to fully value the information contained in accruals and cash flows. Extending the accrual anomaly documented by Sloan , we identify significant excess returns from a cash flow-based trading strategy. The market consistently underestimates the transitory nature of… (More)
We have previously demonstrated the unique migration behavior of Ge quantum dots (QDs) through Si3N4 layers during high-temperature oxidation. Penetration of these QDs into the underlying Si substrate however, leads to a completely different behavior: the Ge QDs 'explode,' regressing back almost to their origins as individual Ge nuclei as formed during the… (More)
We examine whether ―rating shopping‖ or ―rating catering‖ is a more accurate characterization of rating agency interactions regarding collateralized debt obligations (CDOs) prior to the credit crisis. Inconsistent with rating shopping alone, AAA CDO tranches rated by both Moody's and S&P are more likely to default than tranches rated by only one of them.… (More)