Stock market and investment : the signaling role of the market

The author examines the role of the stock market as a signal to managers in undertaking capital expenditures. He concludes that while both managerial and market perceptions are integral, managerial perception is of greater importance. The evidence suggeststhat, as a statistic, the Q ratio is not sufficient to explain firms'capital expenditure decisions. Thus, the standard Q model of investment should be modified to provide a more meaningful description of a firm's capital spending decisions. Overall, the results suggest that stock market activity has only limited implications for the economy's resource allocation process. Evidence for the Q theory of investment confirms previous findings in the literature that the model's poor empirical perfomance was partly the result of using aggregate data for the whole economy. Also, since market perception plays only a limited role in determining capital expenditures, shareholder myopia is unlikely to result in managerial myopia. The implications for developing countries are: while the stock market may not be central to a firm's capital spending decisions, it is not a sideshow either. The market plays an important signaling role for managers. This is a powerful rationale for financial reform and capital development in developing countries. The results also suggest that complaints that stock market activity leads to misallocation of resources may be exaggerated.Economic Theory&Research,International Terrorism&Counterterrorism,Markets and Market Access,Payment Systems&Infrastructure,Fiscal&Monetary Policy,Markets and Market Access,Environmental Economics&Policies,International Terrorism&Counterterrorism,Economic Theory&Research,Access to Markets

Prevalence of tail biting in pigs and associations to carcass condemnations - a Finnish pilot study

The aim of this study was to investigate the prevalence of tail biting in Finland and the relationship between tail biting and carcass condemnation

System for measuring transients in fluid flow

When test valve is actuated, piston is moved by pressurized fluid, and displacement is monitored by electro-optical tracking system and recorded by oscilloscope camera. Electro-optical monitor produces output voltage proportional to displacement of piston

Use of the Físchlár video library system

Físchlár is a shared video retrieval system that lets users record, browse and watch television programmes using their web browser. In Físchlár, the programmes users can watch and record are organised by channel, by theme and by personal recommendation as provided by the ChangingWorlds’ ClixSmart personalisation engine. Our initial results from user trials illustrate the usage of each of these features

Quantum Smoluchowski equation: Escape from a metastable state

We develop a quantum Smoluchowski equation in terms of a true probability distribution function to describe quantum Brownian motion in configuration space in large friction limit at arbitrary temperature and derive the rate of barrier crossing and tunneling within an unified scheme. The present treatment is independent of path integral formalism and is based on canonical quantization procedure.Comment: 10 pages, To appear in the Proceedings of Statphys - Kolkata I

Make life simple: unleash the full power of the parallel tempering algorithm

We introduce a new update scheme to systematically improve the efficiency of parallel tempering simulations. We show that by adapting the number of sweeps between replica exchanges to the canonical autocorrelation time, the average round-trip time of a replica in temperature space can be significantly decreased. The temperatures are not dynamically adjusted as in previous attempts but chosen to yield a 50% exchange rate of adjacent replicas. We illustrate the new algorithm with results for the Ising model in two and the Edwards-Anderson Ising spin glass in three dimensionsComment: 4 pages, 5 figure

Legal Issues Before the United Nations Sanctions Committee

This paper will seek to present certain legal issues which have arisen before the Security Council Committee Established in Pursuance of Resolution 253 (1968) Concerning the Question of Southern Rhodesia,1 hereinafter referred to as the Sanctions Committee . 2 After outlining briefly the nature and scope of the obligation to implement sanctions, and describing the Sanctions Committee, we shall proceed to consider the following legal issues which have arisen before the Committee: (1) The Committee\u27s competence to make determinations as to compliance with, or breach of, sanctions obligations; (2) The Committee\u27s competence to make recommendations to the Security Council for strengthening sanctions; (3) The distinction between mandatory and non-mandatory obligations under resolution 253 (1968); (4) The responsibility of States regarding sanctions violations by their nationals who are abroad; (5) The position of neutral States and non-member States; (6) The question of who decides whether a case falls under one of the permitted exceptions; (7) The question of pre-sanctions contracts or licences and the plea of hardship

Legal Issues Before the United Nations Sanctions Committee

This paper will seek to present certain legal issues which have arisen before the Security Council Committee Established in Pursuance of Resolution 253 (1968) Concerning the Question of Southern Rhodesia,1 hereinafter referred to as the Sanctions Committee . 2 After outlining briefly the nature and scope of the obligation to implement sanctions, and describing the Sanctions Committee, we shall proceed to consider the following legal issues which have arisen before the Committee: (1) The Committee\u27s competence to make determinations as to compliance with, or breach of, sanctions obligations; (2) The Committee\u27s competence to make recommendations to the Security Council for strengthening sanctions; (3) The distinction between mandatory and non-mandatory obligations under resolution 253 (1968); (4) The responsibility of States regarding sanctions violations by their nationals who are abroad; (5) The position of neutral States and non-member States; (6) The question of who decides whether a case falls under one of the permitted exceptions; (7) The question of pre-sanctions contracts or licences and the plea of hardship