On the Information Content of Calls of Convertible Securities

Negative stock price reactions to conversion-forcing calls of convertible bonds and preferred stocks are reexamined, and most of the sample firms are shown to exhibit full price recovery by the end of the conversion period. In addition, analysts\u27 earnings forecasts, both short-term and long-term, are found to be revised upward following call announcements for convertible bonds and preferred stocks. The combined findings cast doubt on the established belief that such capital structure decisions signal negative information about firm value

Effects of beta-hydroxy-beta-methylbutyrate (HMB) on exercise performance and body composition across varying levels of age, sex, and training experience: A review

The leucine metabolite beta-hydroxy-beta-methylbutyrate (HMB) has been extensively used as an ergogenic aid; particularly among bodybuilders and strength/power athletes, who use it to promote exercise performance and skeletal muscle hypertrophy. While numerous studies have supported the efficacy of HMB in exercise and clinical conditions, there have been a number of conflicting results. Therefore, the first purpose of this paper will be to provide an in depth and objective analysis of HMB research. Special care is taken to present critical details of each study in an attempt to both examine the effectiveness of HMB as well as explain possible reasons for conflicting results seen in the literature. Within this analysis, moderator variables such as age, training experience, various states of muscle catabolism, and optimal dosages of HMB are discussed. The validity of dependent measurements, clustering of data, and a conflict of interest bias will also be analyzed. A second purpose of this paper is to provide a comprehensive discussion on possible mechanisms, which HMB may operate through. Currently, the most readily discussed mechanism has been attributed to HMB as a precursor to the rate limiting enzyme to cholesterol synthesis HMG-coenzyme A reductase. However, an increase in research has been directed towards possible proteolytic pathways HMB may operate through. Evidence from cachectic cancer studies suggests that HMB may inhibit the ubiquitin-proteasome proteolytic pathway responsible for the specific degradation of intracellular proteins. HMB may also directly stimulate protein synthesis, through an mTOR dependent mechanism. Finally, special care has been taken to provide future research implications

Proceedings of the Thirteenth International Society of Sports Nutrition (ISSN) Conference and Expo

Meeting Abstracts: Proceedings of the Thirteenth International Society of Sports Nutrition (ISSN) Conference and Expo Clearwater Beach, FL, USA. 9-11 June 201

State Referendums on Casino Gaming: The Effects on the Valuation of Casino and Gaming Stock

The purpose of this study is to determine whether the expansion of the casino gaming industry has had an effect on the growth of individual companies within this segment of the hospitality industry. We examine ten individual state referendums and the Indian Gaming Regulatory Act of 1988. Six state referendums and the IGRA were passed. Four state referendums failed. Our sample consists of 24 publicly traded casino gaming firms. Daily stock price data were collected and examined to determine the effects of the successful and failed referendums. The results are mixed. On average, successful passage of state gaming referendums had a negative impact on the stock prices of casino and gaming firms. Over the V 1 1 u V seven-day period surrounding the referendum announcement, gaming stocks declined an average of two percent. ~ h e sree sults are driven largely by the referendums in Indiana and Iowa, which were preceded by large positive abnormal returns. Unsuccessful referendums exhibit no significant stock price reaction for the gaming stocks in the sample

On the Information Content of Calls of Convertible Securities.

Negative stock price reactions to conversion-forcing calls of convertible bonds and preferred stocks are reexamined and most of the sample firms are shown to exhibit full price recovery by the end of the conversion period. In addition, analysts' earnings forecasts, both short-term and long-term, are found to be revised upward following call announcements for convertible bonds and preferred stocks. The combined findings cast doubt on the established belief that such capital structure decisions signal negative information about firm value. Copyright 1996 by University of Chicago Press.

The impact of option listings: A study of casino and gaming stocks

This study examines the impact of option listings on the common stock of 21 firms specializing in the casino and gaming industry. Our results show that, on average, there is a significant decrease in price during the five-day window which includes the announcement of the listing, the listing day, and a two-day period following the listing during which a liquid market is created in the option. However, we also show that stock prices recover subsequent to the listing window and that there is no evidence of a permanent change in stock price resulting from the listing. We find a significant decline in trading volume beginning two days prior to the listing, suggesting that the option market displaces trades of a significant number of shares following the listing. Finally, we find a significant decline in firm-specific risk following the listing, but do not find a change in systematic risk. This result suggests that while the introduction of option trading does not change the relationship between these stocks’ returns and market returns, the additional outlet for speculators reduces volatiity surrounding firm-specific news, lowering the total risk of these stocks. © 1998, Taylor & Francis Group, LLC