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  • TONI M. WHITED, Rick Green, +5 authors David Scharfstein
  • 2001
Diversified conglomerates are valued less than matched portfolios of pure-play firms. Recent studies find that this diversification discount results from conglomerates’ 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)
TESTING FOR ZERO AUTOCORRELATION IN THE PRESENCE OF STATISTICAL DEPENDENCE* I. N. Lobato Instituto Tecnolygico Autynomo de México (ITAM), México 10700 Tel No. 52-5-628-4191 John C. Nankervis Department of Economics, University of Surrey, Guildford, GU2 5XH U.K. Tel No. 011-44-1483-259380 N. E. Savin Department of Economics, University of Iowa, Iowa City, IA(More)
Shares trading in the Bolsa Mexicana de Valores do not seem to react to company news. Using a sample of Mexican corporate news announcements from the period July 1994 through June 1997, this paper "nds that there is nothing unusual about returns, volatility of returns, volume of trade or bid}ask spreads in the event window. We provide 0304-405X/00/$ see(More)
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 not common knowledge, and tests the model using transaction data on individual stocks in the ParisBourse CAC40 index. As an extension of Foucault (1999), we(More)
  • Todd Houge, Henry B. Tippie, +10 authors Jennifer Marietta-Westberg
  • 2000
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 [1996], we identify significant excess returns from a cash flow-based trading strategy. The market consistently underestimates the transitory nature of(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)
A new phenomenon of highly localized, nanoscale oxidation of silicon-containing layers has been observed. The localized oxidation enhancement observed in both Si and Si(3)N(4) layers appears to be catalyzed by the migration of Ge quantum dots (QDs). The sizes, morphology, and distribution of the Ge QDs are influenced by the oxidation of the Si-bearing(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 report a unique growth and migration behavior of Ge nanocrystallites mediated by the presence of Si interstitials under thermal annealing at 900°C within an H2O ambient. The Ge nanocrystallites were previously generated by the selective oxidation of SiGe nanopillars and appeared to be very sensitive to the presence of Si interstitials that come either(More)
By putting a Kondo system of limited dimension inside an insulating matrix, the Kondo screening cloud is confined by the size of the system. This allows us to distinguish the bulk and nano-particle behaviors of such system. We have investigated the magnetic properties of 0.3 at. % Fe-doped Cu clusters with dimensions less than 20 nm embedded in a SiO 2(More)