This study explores whether institutional investors can distinguish an undervalued share repurchase from a falsely signaled share repurchase. This study also aims to determine…
Abstract
Purpose
This study explores whether institutional investors can distinguish an undervalued share repurchase from a falsely signaled share repurchase. This study also aims to determine what information institutions use when investing in repurchase stocks.
Design/methodology/approach
This study uses unique Taiwanese data and concentrates on foreign institutions because they are the most sophisticated investors in Taiwan.
Findings
The results show that foreign institutional trading in open market repurchase (OMR) stocks will earn both positive concurrent and post-OMR excess returns. In addition, there is a significant positive relationship between pre-OMR insider trading and foreign institutional trading during the OMR period; that is, foreign institutions follow insiders to trade their OMR stocks.
Practical implications
This study finds that foreign institutions use publicly available data on insider trading to choose OMR stocks and create excess returns. This encourages individual investors without private information, who can also earn a positive return if they diligently study available public information.
Originality/value
This study contributes to the international investment literature by determining the price impacts associated with foreigner trading in the firm-level returns of the host country. In addition, this study finds that foreign institutions choose OMRs based on insider trading information, which fills the gap in existing studies on share repurchasing. Moreover, this study enriches the insider literature by showing how foreign institutions can benefit by using insider trading information.
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Huang Jin‐ying, Zheng Jia‐shen, Fu Chao‐yang, Qu Jun‐e and Liu Jian‐guo
A kind of novel heterocyclic bisquaternary ammonium salt (MBQA) was successfully synthesised with metronidazole as matrix and dichloroethyl ether as the link agent. Weight loss…
Abstract
A kind of novel heterocyclic bisquaternary ammonium salt (MBQA) was successfully synthesised with metronidazole as matrix and dichloroethyl ether as the link agent. Weight loss measurement, potentiodynamic polarisation curves, electrochemical impedance spectroscopy and atomic force microscopy were used to evaluate the corrosion inhibiting performance of MBQA in simulated oilfield water. Experimental data revealed that MBQA acted as an inhibitor in the acidic environment and, furthermore, the compound was a mixed‐type inhibitor. It was found that inhibition efficiency increased with an increase in MBQA concentration at different temperatures. The process of inhibition was attributed to the formation of an adsorbed film on the metal surface, which protected the metal against corrosive agents.
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The purpose of this paper is to examine how policy instability is priced in interest rates. Policy instability refers to the likelihood that the current policy will be changed in…
Abstract
Purpose
The purpose of this paper is to examine how policy instability is priced in interest rates. Policy instability refers to the likelihood that the current policy will be changed in the future in the absence of political power shifts.
Design/methodology/approach
Chinese government’s experimental policy-making approach provides an ideal set of frequent policy flip-flops which allows us to identify the effect of policy changes.
Findings
Conditional on the bureaucratic quality of policymaking, a good-quality policy reversal is related to reductions in interest rate term spread and volatility; a bad-quality policy reversal is related to increases in the spread and volatility. The bureaucratic quality is multi-dimensional and the moderating effect is stronger on interest rates when it is measured more precisely.
Originality/value
First, we can use the interest rate dynamics to infer the policy risk premium, which is a more objective market indicator of the bureaucratic quality of the policy change. Second, the study is among the first that documents the pricing of policy instability can be moderated by the bureaucratic quality. The results indicate that it is important for a government to be responsive and consistent in liberalizing the financial market. It will lead to reduced cost of capital and volatility for investors and firms in the economy. Third, given that the bureaucratic quality is multi-dimensional and produces stronger impact jointly, a country shall continue to improve on different aspects of the bureaucratic quality. Although the study is based on the empirical evidence from Chinese policy environment, the results can be broadly applied to any developing economies that intend to liberalize the market to spur economic growth.
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Matthew Harding and Carlos Lamarche
This paper studies the estimation of quantile regression panel duration models. We allow for the possibility of endogenous covariates and correlated individual effects in the…
Abstract
This paper studies the estimation of quantile regression panel duration models. We allow for the possibility of endogenous covariates and correlated individual effects in the quantile regression models. We propose a quantile regression approach for panel duration models under conditionally independent censoring. The procedure involves minimizing ℓ1 convex objective functions and is motivated by a martingale property associated with survival data in models with endogenous covariates. We carry out a series of Monte Carlo simulations to investigate the small sample performance of the proposed approach in comparison with other existing methods. An empirical application of the method to the analysis of the effect of unemployment insurance on unemployment duration illustrates the approach.
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Charlotte Beyer and J. Scott Thomson
This paper describes how two academic health science librarians exposed graduate students to health literacy concepts in a graduate-level nutrition course. This paper aims to…
Abstract
Purpose
This paper describes how two academic health science librarians exposed graduate students to health literacy concepts in a graduate-level nutrition course. This paper aims to present an easy method for librarians to expose students in the health professions to concepts of health literacy.
Design/methodology/approach
The Information and Health Literacy course is an online course co-taught by nutrition faculty and librarians at Rosalind Franklin University of Medicine and Science. The librarian-led one-week health literacy module begins with readings that define health literacy and continues with two online discussion board activities. One activity is identifying an example of low health literacy in their personal or professional lives, and the other is using criteria from the readings in their analysis of a consumer health website.
Findings
Students often comment that prior to taking this course, they had not considered how patients might think about and understand their own health care, but they will now take it into account going forward. Many students also felt that the assignment made them view Web resources for patients differently and with a more critical eye.
Originality/value
Those in allied health professions like registered dietitians often have direct contact with patients and have the ability to make a significant impact. If students are exposed to health literacy concepts through online activities within the curriculum, they may be more aware of this important concept when working with patients in the future.