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

A new method for generating and maintaining rigid formats in NASTRAN

A new method for generating and updating Rigid Formats in NASTRAN is discussed. The heart of this method is a Rigid Format data base that is in card-image format and that can therefore be easily maintained by the use of standard text editors. Each Rigid Format entry in this data base will contain the Direct Matrix Abstraction Program (DMAP) for that Rigid Format along with the related restart, subset and substructure control tables. NASTRAN will read this data base directly in every NASTRAN run and perform the necessary transformations to allow the DMAP to be processed and compiled by the NASTRAN executive. This approach will permit Rigid Formats to be changed without unnecessary compilations and relinking of NASTRAN. Furthermore, this approach will also make it very easy for users to make permanent changes to existing Rigid Formats as well as to generate their own Rigid Formats. This new method will be incorporated in a future release of the public version of NASTRAN

COSMIC/NASTRAN on the Cray Computer Systems

COSMIC/NASTRAN was converted to the CRAY computer systems. The CRAY version is currently available and provides users with access to all of the machine independent source code of COSMIC/NASTRAN. Future releases of COSMIC/NASTRAN will be made available on the CRAY soon after they are released by COSMIC

The Design and Usage of the New Data Management Features in NASTRAN

Two new data management features are installed in the April 1984 release of NASTRAN. These two features are the Rigid Format Data Base and the READFILE capability. The Rigid Format Data Base is stored on external files in card image format and can be easily maintained and expanded by the use of standard text editors. This data base provides the user and the NASTRAN maintenance contractor with an easy means for making changes to a Rigid Format or for generating new Rigid Formats without unnecessary compilations and link editing of NASTRAN. Each Rigid Format entry in the data base contains the Direct Matrix Abstraction Program (DMAP), along with the associated restart, DMAP sequence subset and substructure control flags. The READFILE capability allows an user to reference an external secondary file from the NASTRAN primary input file and to read data from this secondary file. There is no limit to the number of external secondary files that may be referenced and read

Inside the brain of an elite athlete: The neural processes that support high achievement in sports

Events like the World Championships in athletics and the Olympic Games raise the public profile of competitive sports. They may also leave us wondering what sets the competitors in these events apart from those of us who simply watch. Here we attempt to link neural and cognitive processes that have been found to be important for elite performance with computational and physiological theories inspired by much simpler laboratory tasks. In this way we hope to inspire neuroscientists to consider how their basic research might help to explain sporting skill at the highest levels of performance

Perturbation theory of constraints - Application to a lithium hydride calculation

Constraint perturbation calculations for ground state of lithium hydride molecul

Obtaining eigensolutions for multiple frequency ranges in a single NASTRAN execution

A novel and general procedure for obtaining eigenvalues and eigenvectors for multiple frequency ranges in a single NASTRAN execution is presented. The scheme is applicable to normal modes analyzes employing the FEER and Inverse Power methods of eigenvalue extraction. The procedure is illustrated by examples

Structural Tailoring of Advanced Turboprops (STAT) programmer's manual

The Structural Tailoring of Advanced Turboprops (STAT) computer program was developed to perform numerical optimizations on highly swept propfan blades. This manual describes the functionality of the STAT system from a programmer's viewpoint. It provides a top-down description of module intent and interaction. The purpose of this manual is to familiarize the programmer with the STAT system should he/she wish to enhance or verify the program's function

The Management of Pay as the Influence of Collective Bargaining Diminishes.

The management of pay in Britain has changed substantially in recent years. The paper starts with a theoretical discussion of the extent to which individual employers can exercise discretion in the management of their employees' pay. It then examines the ways in which pay is used to secure productive effort. An analysis of the influence of trade unions leads on to an examination of the diminishing influence of collective bargaining in British pay determination. The implications of this are discussed for employer pay strategies, within and between firms, and internationally. It concludes with the consequences of diminishing trade union influence for the distribution of pay.wage determination; collective bargaining; remuneration management; bargaining structure; income distribution; trade union effects; employer pay strategy

Exploratory piloted simulator study of the effects of winglets on handling qualities of a representative agricultural airplane

The effects on handling qualities of adding winglets to a representative agricultural aircraft configuration during swath-run maneuvering were evaluated. Aerodynamic data used in the simulation were based on low-speed wind tunnel tests of a full scale airplane and a subscale model. The Cooper-Harper handling qualities rating scale, supplementary pilot comments, and pilot vehicle performance data were used to describe the handling qualities of the airplane with the different wing-tip configurations. Results showed that the lateral-directional handling qualities of the airplane were greatly affected by the application of winglets and winglet cant angle. The airplane with winglets canted out 20 deg exhibited severely degraded lateral directional handling qualities in comparison to the basic airplane. When the winglets were canted inward 10 deg, the flying qualities of the configuration were markedly improved over those of the winglet-canted-out configuration or the basic configuration without winglets, indicating that proper tailoring of the winglet design may afford a potential benefit in the area of handling qualities