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Article
Publication date: 1 February 2003

Steven Graham and Wendy L. Pirie

The fact that stocks going ex‐dividend decline in price by less than the dividend amount is theoretically attributed to the differential taxation of dividend and capital gains or…

962

Abstract

The fact that stocks going ex‐dividend decline in price by less than the dividend amount is theoretically attributed to the differential taxation of dividend and capital gains or the differential taxation of investor groups. NYSE, Amex and Toronto Stock Exchange listed stocks, and stocks interlisted on these three exchanges, are examined to infer the tax jurisdiction of the marginal investor. The stock price changes relative to the dividends are consistent with a tax clientele effect. Further, the stock price changes are plausible given the tax rates. Ex‐dividend day behavior is different for non‐interlisted stocks on all three exchanges, suggesting each exchange has a different tax clientele. Canadian firms interlisted on US exchanges exhibit ex‐dividend day behavior consistent with the appropriate US exchange’s non‐interlisted stocks, suggesting that the marginal investors in these stocks are American.

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Managerial Finance, vol. 29 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 December 2004

A. Steven Graham

Several researchers have found that the value of stock declines at the announcement of a debt for equity swap. This decline is attributed to an information effect: the firm’s…

2009

Abstract

Several researchers have found that the value of stock declines at the announcement of a debt for equity swap. This decline is attributed to an information effect: the firm’s financial condition is worse than the market expected. Our research develops an alternative explanation. Using the theory that equity can be valued as an option on the firm, it is shown that, depending on the exchange ratio, a debt for equity swap will cause the price of the stock to decline. This theory is tested using a sample of firms that announced debt for common equity swaps. The theoretically predicted stock price reactions are consistent with the actually observed stock price reactions. Furthermore, the contingent claims model has better explanatory power than a simple model of dilution. Tests on the sensitivity to the assumptions of the option pricing model show that only the assumption of the time to expiration of the option significantly affects the results.

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Managerial Finance, vol. 30 no. 12
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 28 August 2019

Vincent Mosco

Abstract

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The Smart City in a Digital World
Type: Book
ISBN: 978-1-78769-138-4

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Article
Publication date: 1 November 1999

Mark Holder

Considers the implications of EMU and the introduction of the euro for European financial institutions and markets. Discusses the likely effects on interest rates, banks…

1112

Abstract

Considers the implications of EMU and the introduction of the euro for European financial institutions and markets. Discusses the likely effects on interest rates, banks, stock/futures exchanges, asset allocation and the markets for bonds, equities and derivatives. Warns that financial markets and institutions must adjust to these changes in order to survive, but believes that European economies will benefit in the long run.

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Managerial Finance, vol. 25 no. 11
Type: Research Article
ISSN: 0307-4358

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Available. Content available
Article
Publication date: 1 December 2001

Kirstie S. Ball

2329

Abstract

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Information Technology & People, vol. 14 no. 4
Type: Research Article
ISSN: 0959-3845

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Article
Publication date: 24 May 2011

M. Douglas Voss, Joseph D. Cangelosi, Michael Rubach and S. Scott Nadler

The purpose of this paper is to compare small and large motor carriers to determine whether small motor carriers serve a smaller, more concentrated customer base, have owners that…

685

Abstract

Purpose

The purpose of this paper is to compare small and large motor carriers to determine whether small motor carriers serve a smaller, more concentrated customer base, have owners that are more involved in the customer relationship management process, and earn higher returns usually associated with niche market players.

Design/methodology/approach

Responses from a US sample of 153 motor carrier managers are subjected to ANOVA comparing small, medium, and large motor carriers. Scale development procedures were employed and a construct measuring owner involvement in the customer relationship management process was developed.

Findings

Small motor carriers have a more concentrated customer base, their owners are more involved in managing customer relationships, and they are paid higher rates per mile compared with large motor carriers.

Research limitations/implications

This research was limited by its focus on the motor carrier industry and did not explicitly test a link between customer base concentration and owner involvement as they might engender higher rates.

Practical applications

This work illustrated motor carrier practices that may be of use to managers in formulating strategy. Managers may also consult the owner involvement construct items for guidance in their customer relationship management role.

Originality/value

This is one of the few works investigating small motor carriers. It also is one of the first works incorporating entrepreneurship into logistics research.

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The International Journal of Logistics Management, vol. 22 no. 1
Type: Research Article
ISSN: 0957-4093

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Article
Publication date: 1 May 2009

Jing Sun, Jiandong Tian, Yingkui Du and Yandong Tang

Shadows, the common phenomena in most outdoor scenes, bring many problems in practical image processing. Shadow detection and removal, especial in uncalibrated outdoor image, is…

511

Abstract

Purpose

Shadows, the common phenomena in most outdoor scenes, bring many problems in practical image processing. Shadow detection and removal, especial in uncalibrated outdoor image, is still a difficult problem. The purpose of this paper is to detect and to remove shadows in single outdoor image based on retinex theory.

Design/methodology/approach

The shadow extraction algorithm originates from a simple idea that the human‐vision‐based retinex has the natural ability to enhance the shadow regions of an image no matter it is penumbrae or umbrae. Shadows are detected by comparing the retinex‐enhanced images with original images in the paper. The shadow removal algorithm in the paper deals with the shadow regions and non‐shadow regions in the images separately using the retinex enhancement algorithm. Through adding smooth light forcibly to shadow edges and introducing shadow edge masks, the authors reduce the effects of shadow edges in shadow removal processing.

Findings

Some real single outdoor images with the umbra regions and those with penumbra regions are both experimented in the paper. Experimental results validate the feasibility of the approach.

Originality/value

The approach proposed here does not use any special prior knowledge and assumptions. The feasibility of this method is testified for detecting and removing both penumbrae and umbrae in the outdoor images.

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Industrial Robot: An International Journal, vol. 36 no. 3
Type: Research Article
ISSN: 0143-991X

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Article
Publication date: 3 April 2017

Graham Kendall, Angelina Yee and Steven Hardy

The purpose of this paper is to support the use of unique identifiers for the authors of scientific publications. This, the authors believe, aligns with the views of many others…

495

Abstract

Purpose

The purpose of this paper is to support the use of unique identifiers for the authors of scientific publications. This, the authors believe, aligns with the views of many others, as it would solve the problem of author disambiguation. If every researcher had a unique identifier, there would be significant opportunities to provide even more services. These extensions are proposed in this paper.

Design/methodology/approach

The authors discuss the bibliographic services that are currently available. This leads to a discussion of how these services could be developed and extended.

Findings

The authors suggest a number of ways that a unique identifier for scientific authors could support many other areas of importance to the scientific community. This will provide a much more robust system that provides a much richer and more easily maintained, scientific environment.

Originality/value

The scientific community lags behind most other communities with regard to the way it identifies individuals. Even if the current vision for a unique identifier for authors was to become more widespread, there would still be many areas where the community could improve its operations. This viewpoint paper suggests some of these, along with a financial model that could underpin the functionality.

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The Electronic Library, vol. 35 no. 2
Type: Research Article
ISSN: 0264-0473

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Article
Publication date: 19 December 2016

Georgina Cosma, David Brown, Nicholas Shopland, Steven Battersby, Sarah Seymour-Smith, Matthew Archer, Masood Khan and A. Graham Pockley

Prostate cancer is the most common cancer diagnosed in men in the UK. Black men are in a higher prostate cancer risk group possibly due to inherent genetic factors. The purpose of…

262

Abstract

Purpose

Prostate cancer is the most common cancer diagnosed in men in the UK. Black men are in a higher prostate cancer risk group possibly due to inherent genetic factors. The purpose of this paper is to introduce PROstate Cancer Evaluation and Education (PROCEE), an innovative serious game aimed at providing prostate cancer information and risk evaluation to black African-Caribbean men.

Design/methodology/approach

PROCEE has been carefully co-designed with prostate cancer experts, prostate cancer patients and members of the black African-Caribbean community in order to ensure that it meets the real needs and expectations of the target audience.

Findings

During the co-design process, the users defined an easy to use and entertaining game which can effectively raise awareness, inform users about prostate cancer and their risk, and encourage symptomatic men to seek medical attention in a timely manner.

Originality/value

During focus group evaluations, users embraced the game and emphasised that it can potentially have a positive impact on changing user behaviour among high risk men who are experiencing symptoms and who are reluctant to visit their doctor.

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Journal of Assistive Technologies, vol. 10 no. 4
Type: Research Article
ISSN: 1754-9450

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Book part
Publication date: 16 December 2009

Charles H. Cho and Dennis M. Patten

This investigation/report/reflection was motivated largely by the occasion of the first Centre for Social and Environmental Accounting Research (CSEAR) “Summer School” in North…

Abstract

This investigation/report/reflection was motivated largely by the occasion of the first Centre for Social and Environmental Accounting Research (CSEAR) “Summer School” in North America.1 But its roots reach down as well to other recent reflection/investigation pieces, in particular, Mathews (1997), Gray (2002, 2006), and Deegan and Soltys (2007). The last of these authors note (p. 82) that CSEAR Summer Schools were initiated in Australasia, at least partly as a means to spur interest and activity in social and environmental accounting (SEA) research. So, too, was the first North American CSEAR Summer School.2 We believe, therefore, that it is worthwhile to attempt in some way to identify where SEA currently stands as a field of interest within the broader academic accounting domain in Canada and the United States.3 As well, however, we believe this is a meaningful time for integrating our views on the future of our chosen academic sub-discipline with those of Gray (2002), Deegan and Soltys (2007), and others. Thus, as the title suggests, we seek to identify (1) who the SEA researchers in North America are; (2) the degree to which North American–based accounting research journals publish SEA-related research; and (3) where we, the SEA sub-discipline within North America, might be headed. We begin with the who.

Details

Sustainability, Environmental Performance and Disclosures
Type: Book
ISBN: 978-1-84950-765-3

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