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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 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)
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)
  • 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)
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 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)
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 use a simple information-based model of corporate investment to outline the conditions under which corporate investment is sensitive to cash flow. The key cross-sectional predictions of the model are that the investment is more sensitive to cash flow for firms with more informative stock prices, higher cash flow volatility and smaller divergence in(More)
We report the first-of-its-kind, self-organized gate-stack heterostructure of Ge-dot/ SiO2/SiGe-shell on Si fabricated in a single step through the selective oxidation of a SiGe-nanopatterned pillar over a Si3N4 buffer layer on a Si substrate. Process-controlled tunability of the Ge-dot size (7.5–90 nm), the SiO2 thickness (3–4 nm), and the SiGe-shell(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)