Why Do REITs Repurchase Stock? Extricating the Effect of Managerial Signaling in Open Market Share Repurchase Announcements

This paper explores the effect of stock repurchase announcements on equity returns for publicly traded real estate investment trusts (REITs). In addition to providing analysis of the corporate decision to repurchase shares, the study of share repurchases in the context of REITs provides a novel opportunity to disentangle the impact of competing theories for the abnormal returns observed around repurchase announcements. Prior literature advances six hypotheses to explain the stock price reaction associated with repurchases. Given that the theories all predict the same stock price reaction, existing studies are unable to disentangle the competing hypotheses. The intent of this research is to extricate the signaling hypothesis from the competing explanations to determine whether the managerial signaling hypothesis is a credible explanation for the abnormal returns observed around share repurchase announcements. After controlling for relevant economic variables, we provide evidence for the efficacy of the managerial signaling hypothesis.

Algebraic Description of Shape Invariance Revisited

We revisit the algebraic description of shape invariance method in one-dimensional quantum mechanics. In this note we focus on four particular examples: the Kepler problem in flat space, the Kepler problem in spherical space, the Kepler problem in hyperbolic space, and the Rosen-Morse potential problem. Following the prescription given by Gangopadhyaya et al., we first introduce certain nonlinear algebraic systems. We then show that, if the model parameters are appropriately quantized, the bound-state problems can be solved solely by means of representation theory.Comment: 12 pages, 8 eepic figures; minor correction

Feeding Records of Aphids (Hemiptera: Aphididae) From Wisconsin

Basic to our understanding of any animal and its habitat requirements is knowing what it eats. Reported here are observations of feeding by 27 species of aphids encountered in Wisconsin over 1992-2002

Feeding Records of Aphids (Hemiptera: Aphididae) From Wisconsin, Supplement

Basic to our understanding of any animal and its habitat requirements is knowing what it eats. Reported here are observations of feeding by 24 species of aphids encountered in Wisconsin over 2002-2010

REIT Stock Repurchases: Completion Rates, Long - Run Returns, and the Straddle Hypothesis

This study of real estate investment trusts (REITs) analyzes three possible explanations for the stock price reaction to a repurchase announcement and the subsequent repurchase behavior of managers under each hypothesis. Two of the hypotheses, the signaling hypothesis and the exchange option hypothesis, are established in the existing literature; the third hypothesis is a modification of the exchange option hypothesis. The exchange option hypothesis is extended to allow for additional flexibility in management decisions. This extended exchange option hypothesis is termed the ‘‘straddle’’ hypothesis because it provides management with both a call and put option. The empirical analyses show the straddle hypothesis is a more robust explanation of changes in shares outstanding in the postannouncement period than the alternative explanations.

The Athletic Profile of Fast Bowling in Cricket : A Review

Cricket is a global sport played in over 100 countries with elite performers attracting multimillion dollar contracts. Therefore, performers maintaining optimum physical fitness and remaining injury free is important. Fast bowlers have a vital position in a cricket team, and there is an increasing body of scientific literature that has reviewed this role over the past decade. Previous research on fast bowlers has tended to focus on biomechanical analysis and injury prevention in performers. However, this review aims to critically analyze the emerging contribution of physiological-based literature linked to fast bowling in cricket, highlight the current evidence related to simulated and competitive in-match performance, and relate this practically to the conditioning coach. Furthermore, the review considers limitations with past research and possible avenues for future investigation. It is clear with the advent of new applied mobile monitoring technology that there is scope for more ecologically valid and longitudinal exploration capturing in-match data, providing quantification of physiological workloads, and analysis of the physical demands across the differing formats of the game. Currently, strength and conditioning specialists do not have a critical academic resource with which to shape professional practice, and this review aims to provide a starting point for evidence in the specific areaPeer reviewedFinal Accepted Versio

Less government intervention in biodiversity management: risks and opportunities

n a changing global environment, with increasing pressure on ecosystem goods and services, biodiversity conservation is likely to become increasingly important. However, with the current global financial crisis, governments are increasingly trying to stabilise economies through spending cuts aiming to reduce national deficits. Within such an economic climate, the devolution of governance through public participation is an intrinsically appealing concept. We outline a number of challenges that explain why increased participation in biodiversity management has been and may continue to be problematic. Using as a case study the local stakeholder-driven Moray Firth Seal Management Plan in Scotland, we identify four key conditions that were crucial to the successful participatory management of a biodiversity conflict: a local champion, the emergence of a crisis point, the involvement of decision-makers, and long-term financial and institutional support. Three of the four conditions point to the role of direct government involvement, highlighting the risk of devolving responsibility for biodiversity conflict management to local communities. We argue that without an informed debate, the move towards a more participatory approach could pose a danger to hard-won policy gains in relation to public participation, biodiversity conservation and conflict management