On the timeliness of price discovery

Price discovery is the process whereby value-relevant, private information becomes impounded or reflected in a stock's publicly-observable market price. The timeliness of price discovery refers to how quickly that process takes effect. There is no reason to believe either that all private information is discovered equally quickly or that price discovery is equally speedy for all firms. The latter observation suggests it would be worthwhile knowing why the timeliness of price discovery differs across firms, even the more so in an environment where all listed companies by law must disclose most material price-sensitive information as soon as they become aware of it. The other observation, that not all private information is discovered equally quickly, implies we should focus on a material, periodic event when we compare timeliness across firms. A good candidate is the announcement of the company's annual results, since for many years is has been known that annual earnings alone captures at least half the value-relevant information released by the average firm over the 12 months leading up to this date. We use various approaches to explore measures of timeliness and what they can tell us. We review a number of studies that have considered various aspects of timeliness in different countries and extend and contrast their findings. We also examine the relationship between the timeliness of price discovery and analogous measures based upon firms' formal disclosures to the share market and upon analysts' consensus earnings forecasts. Finally, we report on an issue of major concern to regulators and market operators, namely the influence of corporate governance on the timeliness of price discovery

Indometh acin-antihistamine combination for gastric ulceration control

An anti-inflammatory and analgesic composition containing indomethacin and an H2 histamine receptor antagonist in an amount sufficient to reduce gastric distress caused by the indomethacin was developed. Usable antagonists are metiamide and cimetidine

Global warming policy: some economic implications

Many analysts believe that the emissions of greenhouse gases resulting from human activity are contributing to global warming, but the linkage is highly uncertain. The largest such source of these gases is carbon dioxide (CO2) from the growing consumption of fossil fuels. Consequently, the conservation of fossil fuels figures prominently in any strategy to reduce the threat of global warming. Because there is considerable uncertainty about the benefits of reducing CO2 emissions but the costs of conservation can be readily quantified, some analysts have suggested that reducing the emissions is like insurance. In this article, Stephen Brown integrates a growing literature on the damage caused by global warming with a world energy model to do a cost-benefit analysis of U.S. compliance with the accord adopted at the United Nations conference on global warming held in late 1997. His analysis shows that reducing U.S. emissions to comply with the accord would represent too much insurance against global warming.Power resources ; Environmental protection ; Pollution

Developmental changes in foraging-predator avoidance trade-offs in larval lumpfish Cyclopterus lumpus

The 5-12 wk old larvae increased time spent clinging to a surface in the presence of a predator, trading-off time available for foraging in order to reduce the probability of attack. Overall, fewer fish fed in the presence of a predator, and of the fish that did feed, 12 wk old lumpfish also showed a significant decrease in feeding rate (bites per minute swimming) in the presence of a predator. -from Author

Indomethacin-antihistamine combination for gastric ulceration control

An anti-inflammatory and analgesic composition containing indomethacin and an H sub 1 or an H sub 2 histamine receptor antagonist in an amount sufficient to reduce gastric distress caused by the indomethacin is described. Usable antagonists include pyrilamine, promethazine, metiamide and cimetidine