The impact on share prices of reporting financial targets and constraints

Bibliography: pages 261-272.This thesis examines the impact on share prices of voluntary reporting of financial targets and constraints, particularly the target rate of return, target dividend payout ratio and target debt ratio. Hypotheses developed about of this reporting are that a positive impact on in estimation risk the potential share price impact there will be share prices through a reduction an increase in the dispersion of share price changes owing to a revision of expectations a positive impact on share prices owing to a signalling effect. The hypotheses are tested by examining share price behaviour accompanying the voluntary reporting of financial targets and constraints over the period 1974 to 1982 by thirty-four companies listed on the Johannesburg Stock Exchange. This is an event study, in which the event is defined as the first occasion on which a company reports the specified financial targets and constraints. To test for a positive impact on share prices, weekly excess returns are calculated using the market model. To test for an increase in the dispersion of share price changes, weekly variability ratios are calculated which provide a measure of returns in the event week relative to the average variability of returns in the estimation period. The controls applied in this study to demonstrate the link between the event and the share price impact are the market model, diversification of calendar dates and two control groups. The results of the study reveal a positive impact on share prices when companies first report financial targets and constraints. This is consistent with all three hypotheses. As this form of voluntary reporting has not previously been tested in this way, the results should be of interest to financial managers and to those concerned with the regulation of financial reporting in South Africa

First Record of \u3ci\u3eAgonostomus monticola\u3c/i\u3e (Family: Mugilidae) in Mississippi Freshwaters with Notes of its Distribution in the Southern United States

An individual of Agonostomus monticola (Mountain Mullet) was collected in southern Mississippi while conducting a series of community surveys on 7 November 2007. This is the first documented report of Mountain Mullet in Mississippi freshwaters, even though there are reports of three specimens collected in Mississippi estuarine waters in 1937. Given its life history and difficulties in sampling, it is likely that Mountain Mullet has a broader distribution and more frequently occurs in Gulf Coast drainages in the southern US than was previously thought

Processing and Transmission of Information

Contains research objectives and reports on four research projects.Lincoln Laboratory, Purchase Order DDL B-00306U. S. ArmyU. S. NavyU. S. Air Force under Air Force Contract AF19(604)-7400National Science Foundation (Grant B-16526)National Institutes of Health (Grant MP-4737

Processing and Transmission of Information

Contains research objectives and reports on seven research projects.Lincoln Laboratory, Purchase Order DDL-B222Air Force under Air Force Contract AF19(604)-5200Office of Naval Research under Contract Nonr-1841(57