Accelerated Share Repurchases

Accelerated share repurchases (ASRs) are credible commitments by firms to repurchase shares immediately. Including an ASR in a repurchase program reduces the flexibility that firms have to alter an announced program in response to subsequent changes in the price and liquidity of its shares, unexpected shocks to cash flow and/or investment, etc. Thus, we investigate whether firms’ decisions to include ASRs in their repurchase programs are associated with factors expected to influence the costs of lost flexibility and the benefits of enhanced credibility and immediacy. We find robust evidence consistent with the costs of lost flexibility and the benefits of credibility and immediacy being important determinants of ASR adoption. Additionally, we find that ASR announcements are associated with positive average abnormal stock returns

The Buffering Effect of Brands for Companies Facing Legislative Homogenization: Evidence from the Introduction of Sarbanes-Oxley

Brands not only enhance the positive impact of marketing initiatives, but also buffer the firm from the full consequences of unexpected and negative market shifts. While this protective effect has been demonstrated for firm-specific events (e.g., product recalls, public relations crises), its impact has not been observed in response to market-wide environmental shifts. Our study demonstrates the buffering properties of strong brands in exactly such a context: the passing of new legislation. By examining responses to the introduction of the Sarbanes-Oxley Act of 2002, we show that (1) firms exhibit a rapid and homogeneous response as they comply and adjust strategy to a new environmental incentive/cost structure; (2) from a marketing perspective, this homogeneity in competitive responses leads to a systemic decrease in marketing efficiency; and (3) stronger brands existing prior to this environmental shift help buffer their companies from this loss in efficiency. We further show that this advantage only holds for the strongest of brands in the market

THE CONTINUING VITALITY OF THE TRADITION: A CLASSICAL MUSLIM PARADIGM OF CHILDREN AND FAMILY

La sostenida reflexión sobre la naturaleza de los niños ha animado a la historia intelectual y socio-cultural en diferentes ámbitos: el Mundo Antiguo, el Occidente Europeo, Bizancio. Sin embargo, poco se ha hecho en el contexto islámico. No obstante, incluso un estudio de textos relevantes, aunque dispersos y aislados, muestra que los niños fueron para los musulmanes, una seria preocupación intelectual y moral. El trabajo de abÅ« HÄmid Muhammad al-GhazÄlÄ« (d. 505 A.H./1111 CE), brinda datos importantes a partir de los cuales reconstruir una teoría de la niñez como una etapa distintiva en las “edades de la vida”, un período que impuso deberes especiales sobre los padres. Este estudio examina y construye una teoría Ghazaliana del niño y la niñez. Su pensamiento pone en claro relieve ideales societales y normas de comportamiento que se combinaron para facilitar el objetivo social de la crianza de los jóvenes moralmente recta, educada, empática y con conciencia cívica. Mi investigación descubre, reconstruye y explica la génesis de la niñez en el Islam, investigando el pensamiento de un primer pensador con la tradición intelectual musulmana pre-moderna. Mi investigación también muestra definitivamente la continua significancia y vitalidad de los valores tradicionales socio-culturales e intelectuales islámicos que rodearon al niño y su entorno familia

Pine straw yields and economic benefits when added to traditional wood products in loblolly, longleaf and slash pine stands

Paper presented at the 12th North American Agroforesty Conference, which was held June 4-9, 2011 in Athens, Georgia.In Ashton, S. F., S.W. Workman, W.G. Hubbard and D.J. Moorhead, eds. Agroforestry: A Profitable Land Use. Proceedings, 12th North American Agroforestry Conference, Athens, GA, June 4-9, 2011.Many forest landowners have the opportunity to manage their loblolly, longleaf and slash pine stands for pine straw (fresh undecomposed needles; the litter layer) for additional revenues. Pine straw is used primarily as mulch in landscaping and has grown in revenues paid to landowners from $15.5 million in 1999 to$81 million in 2009 in Georgia. Pine straw is typically sold by the acre or by the bale. Selling pine straw by the acre is advantageous for absentee landowners. Selling pine straw by the bale can generate more annual income but bale counts need to be accurate and bale size must be clearly defined. Recent (2005-09) per acre revenues range from $50 to$125/year. Rectangular (13x13x28 inches) bale prices range from $0.25 to$0.40 for loblolly, $0.50 to$1.25 for longleaf, and $0.50 to$0.65 for slash pine in Georgia. Per rake yields from loblolly stands tend to be 15 to 30% greater (150 to 425 bales/acre) than slash (120 to 375 bales/acre) and longleaf pine (100 to 350 bales/acre). Pine straw raking starts at canopy closure continuing to the first thinning, generating from $300/acre to over$1000/acre in new income.E. David Dickens (1), David J. Moorhead (1), Charles T. Bargeron (1),and Bryan C. McElvany (2) ; 1. Warnell School of Forestry & Natural Resources. 2. College of Agriculture & Environmental Sciences, The University of Georgia, Statesboro, Tifton, and Soperton, GA.Includes bibliographical references

Forest Resources Digital Information System

Forestry Images, the digitized documented forest health image archive, was developed with the aim to gather, create, maintain, and distribute digital information as tools to enhance and complement information exchange and educational activities. The Forestry Images System exists under the umbrella of Bugwood Network (Bargeron, Douce, & Moorhead, 2000). The increased volume of images and its usage statistics required major changes to enhance the system access, better content management, and security. The enhanced system is standard compliant based on recommendations from the World Wide Web Consortium (W3C) and the U.S. government Section 508

Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?

CEOs have a potential conflict of interest when their company is acquired: they can bargain to be retained by the acquirer and for private benefits rather than for a higher premium to be paid to the shareholders. We investigate the determinants of target CEO retention by the acquirer and whether target CEO retention affects the premium paid by the acquirer. The probability that a CEO is retained increases with a private bidder, the performance of the target, and with the fraction of target shares held by insiders. Regardless of the bidder type, we find no evidence that the premium paid is lower when the CEO is retained by the acquirer. Strikingly, the target stock price increases more at the announcement of an acquisition by a private firm when the CEO is retained than when she is not. This result holds whether the private acquirer is a private equity firm or an operating company and for management buyouts.

The Timing and Source of Long-Run Returns Following Repurchases

This paper investigates the timing and source of anomalous positive long-run abnormal returns following repurchase authorizations. Returns between program authorization and completion announcements are indistinguishable from 0. Abnormal returns occur only after completion announcements. Long-run returns are largely attributable to announcement returns at subsequent authorizations and takeover attempts; that is, anomalous post-authorization returns are not persistent drifts but rather step functions. These findings have important implications for prior papers examining this most persistent and widespread anomaly. Further, our results serve to refocus the search for a rational explanation for the anomaly on subsequent repurchase announcements and takeover bids.12 month embargo; Published online: 21 April 2017This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at [email protected]

Enhancing Federal-Tribal Coordination of Invasive Species

Invasive species are defined by the United States government to mean “with regard to a particular ecosystem, a non-native organism whose introduction causes or is likely to cause economic or environmental harm, or harm to human, animal, or plant health” (Executive Order [EO] 13751). The ecosystems to which invasive species are introduced or spread are not delimited by jurisdictional boundaries; they intersect with lands managed by federal, tribal, state, territorial, and county governments, as well as properties under private ownership. For this reason, effective coordination and cooperation across jurisdictions is of paramount importance in the prevention, eradication, and control of invasive species. Federally recognized American Indian tribes are second only to the federal government in terms of the amount of land they manage; approximately 56.2 million acres are owned either by individual tribal members or the tribe; the title to which is held in trust by the federal government. Most trust land is within reservation boundaries, but trust land can also be off-reservation, or outside the boundaries of an Indian reservation. A large amount of additional land is owned and/or managed by Native Hawaiians and Alaska Native Corporations. For the purposes of this paper, these native land stewards will hereafter be referred to collectively as indigenous peoples. Since its establishment in 1999, the National Invasive Species Council (NISC) has acknowledged the importance of working with indigenous peoples to address invasive species issues (EO 13112). To date, six representatives of federally recognized American Indian tribes have been appointed members of the non-governmental Invasive Species Advisory Committee (ISAC) which advises NISC. The 2016–2018 NISC Management Plan calls includes a priority action (2.5.1) to: Develop recommendations for coordinating Federal agency activities to implement EO 13112 with Federally-recognized tribes, as well as Native Alaskan and Native Hawaiian communities. Adopted on December 5th, 2016, EO 13751 reiterates that federal agencies are to: Coordinate with and complement similar efforts of States, territories, federally recognized American Indian tribes, Alaska Native Corporations, Native Hawaiians, local governments, nongovernmental organizations, and the private sector. In order to further these goals, a Federal-Tribal Coordination Task Team was established under the auspices of the Invasive Species Advisory Committee (ISAC). This paper reflects the work of that task team, including internal group discussions, informal consultations with other indigenous peoples, and literature review. The task team identified the following needs and recommendations to further strengthen coordination and cooperation between the United States government and indigenous peoples in their efforts to address a shared concern: the devastating impacts of invasive species on the environment and all who depend on it for their survival and quality of life. In order to be successful, coordination efforts between federal agencies and indigenous peoples to address invasive species will need to take into consideration land rights and claims; assure indigenous peoples free, prior, and informed consent; respect and facilitate the application of traditional ecological knowledge; and enable indigenous groups to build their own legal and technical capacities to address invasive species concerns

Invasive species risk assessments need more consistent spatial abundance data

Spatial abundance information is a critical component of invasive plant risk assessment. While spatial occurrence data provide important information about potential establishment, abundance data are necessary to understand invasive species’ populations, which ultimately drive environmental and economic impacts. In recent years, the collective efforts of numerous management agencies and public participants have created unprecedented spatial archives of invasive plant occurrence, but consistent information about abundance remains rare. Here, we develop guidelines for the collection and reporting of abundance information that can add value to existing data collection efforts and inform spatial ecology research. In order to identify the most common methods used to report abundance, we analyzed over 1.6 million invasive plant records in the Early Detection and Distribution Mapping System (EDDMapS). Abundance data in some form are widely reported, with 58.9% of records containing qualitative or quantitative information about invasive plant cover, density, or infested area, but records vary markedly in terms of standards for reporting. Percent cover was the most commonly reported metric of abundance, typically collected in bins of trace (25%). However, percent cover data were rarely reported along with an estimate of area, which is critical for ensuring accurate interpretation of reported abundance data. Infested area is typically reported as a number with associated units of square feet or acres. Together, an estimate of both cover and infested area provides the most robust and interpretable information for spatial research and risk assessment applications. By developing consistent metrics of reporting for abundance, collectors can provide much needed information to support spatial models of invasion risk