Firm Performance and Insider Trading: A Comparison Between Voluntary and Involuntary Bankruptcy Filings

We compare the financial performance and insider trading characteristics of firms finding for voluntary bankruptcy with firms that are petitioned into bankruptcy involuntarily by their creditors. We find that shareholders of firms filing for voluntary bankruptcy experience significantly greater losses around the bankruptcy announcement than shareholders of involuntary filers. We also find that insiders of firms filing voluntarily are net sellers of their firm\u27s shares in the years leading up to bankruptcy, vs. net buying by insiders of involuntary filers. Moreover, firms filing voluntary bankruptcy successfully reorganize less frequently and liquidate more frequently titan firms that file involuntary bankruptcy. These findings are consistent with the idea that corporate insiders in firms filing for voluntary bankruptcy have reduced incentives to maximize shareholder welfare throughout the Chapter 11 process compared with insiders of firms tit at are petitioned into bankruptcy by their creditors

Equivariant volumes of non-compact quotients and instanton counting

Motivated by Nekrasov's instanton counting, we discuss a method for calculating equivariant volumes of non-compact quotients in symplectic and hyper-K\"ahler geometry by means of the Jeffrey-Kirwan residue-formula of non-abelian localization. In order to overcome the non-compactness, we use varying symplectic cuts to reduce the problem to a compact setting, and study what happens in the limit that recovers the original problem. We implement this method for the ADHM construction of the moduli spaces of framed Yang-Mills instantons on $\R^{4}$ and rederive the formulas for the equivariant volumes obtained earlier by Nekrasov-Shadchin, expressing these volumes as iterated residues of a single rational function.Comment: 34 pages, 2 figures; minor typos corrected, to appear in Comm. Math. Phy

Management Theory and Social Welfare: Contributions and Challenges

In this Introduction to the Special Topic Forum on Management Theory and Social Welfare, we first provide an overview of the motivation behind the special issue. We then highlight the contributions of the six articles that make up this forum and identify some common themes. We also suggest some reasons why social welfare issues are so difficult to address in the context of management theory. In addition, we evaluate means of assessing social welfare and urge scholars not to make (or imply) unwarranted “wealth creation” claims

The Effect of Rivals When Firms Emerge from Bankruptcy

Studies on the announcement effects of bankruptcy filings have found that when a firm files for Chapter 11 bankruptcy protection its shareholders suffer significant losses. A recent paper extends these findings by investigating the announcement effect on rival companies, while another examines the equity performance of firms emerging from bankruptcy. We combine these two lines of inquiry by examining the effect on rivals when a firm emerges from the protection of Chapter 11. We find both significant negative stock market returns and significant negative revisions in analysts’ earnings forecasts for rivals of successfully reorganized companies.</jats:p

The Intra-industry Effects of Chapter 11 Filings: Evidence from Analysts’ Earnings Forecast Revisions

Shareholders suffer huge losses when firms they own file Chapter 11. Interestingly, even shareholders of rival companies experience statistically significant losses. We examine how the bad news associated with a bankruptcy filing is transferred to the filing firm’s rivals. Using revisions in analysts’ earnings forecasts as a proxy for changes in expected future cash flows, we find that after a bankruptcy filing the market revises downward its cash flow expectations for rivals. Regression analysis confirms a positive relation between changes in expected cash flow and stock market reactions. These findings are consistent with our hypothesis that bad news associated with bankruptcy filings are transferred to rivals through reductions in expected future cash flows</jats:p

Four-Dimensional Avatars of Two-Dimensional RCFT

We investigate a 4D analog of 2D WZW theory. The theory turns out to have surprising finiteness properties and an infinite-dimensional current algebra symmetry. Some correlation functions are determined by this symmetry. One way to define the theory systematically proceeds by the quantization of moduli spaces of holomorphic vector bundles over algebraic surfaces. We outline how one can define vertex operators in the theory. Finally, we define four-dimensional ``conformal blocks'' and present an analog of the Verlinde formula.Comment: 28pp. harvmac l-mode, Talk presented at Strings 95 and at the Trieste Conference on S-Duality and Mirror Symmetry. References added, misprints corrected, improved discussion of the gauged actio

Immunomodulator expression in trophoblasts from the feline immunodeficiency virus (FIV)-infected cat

<p>Abstract</p> <p>Background</p> <p>FIV infection frequently compromises pregnancy under experimental conditions and is accompanied by aberrant expression of some placental cytokines. Trophoblasts produce numerous immunomodulators that play a role in placental development and pregnancy maintenance. We hypothesized that FIV infection may cause dysregulation of trophoblast immunomodulator expression, and aberrant expression of these molecules may potentiate inflammation and compromise pregnancy. The purpose of this project was to evaluate the expression of representative pro-(TNF-α, IFN-γ, IL-1β, IL-2, IL-6, IL-12p35, IL-12p40, IL-18, and GM-CSF) and anti-inflammatory cytokines (IL-4, IL-5, and IL-10); CD134, a secondary co-stimulatory molecule expressed on activated T cells (FIV primary receptor); the chemokine receptor CXCR4 (FIV co-receptor); SDF-1α, the chemokine ligand to CXCR4; and FIV gag in trophoblasts from early-and late-term pregnancy.</p> <p>Methods</p> <p>We used an anti-cytokeratin antibody in immunohistochemistry to identify trophoblasts selectively, collected these cells using laser capture microdissection, and extracted total RNA from the captured cell populations. Real time, reverse transcription-PCR was used to quantify gene expression.</p> <p>Results</p> <p>We detected IL-4, IL-5, IL-6, IL-1β, IL-12p35, IL-12p40, and CXCR4 in trophoblasts from early-and late-term pregnancy. Expression of cytokines increased from early to late pregnancy in normal tissues. A clear, pro-inflammatory microenvironment was not evident in trophoblasts from FIV-infected queens at either stage of pregnancy. Reproductive failure was accompanied by down-regulation of both pro-and anti-inflammatory cytokines. CD134 was not detected in trophoblasts, and FIV gag was detected in only one of ten trophoblast specimens collected from FIV-infected queens.</p> <p>Conclusion</p> <p>Feline trophoblasts express an array of pro-and anti-inflammatory immunomodulators whose expression increases from early to late pregnancy in normal tissues. Non-viable pregnancies were associated with decreased expression of immunomodulators which regulate trophoblast invasion in other species. The detection of FIV RNA in trophoblasts was rare, suggesting that the high rate of reproductive failure in FIV-infected queens was not a direct result of viral replication in trophoblasts. The influence of placental immune cells on trophoblast function and pregnancy maintenance in the FIV-infected cat requires additional study.</p

I-Brane Inflow and Anomalous Couplings on D-Branes

We show that the anomalous couplings of $D$-brane gauge and gravitational fields to Ramond-Ramond tensor potentials can be deduced by a simple anomaly inflow argument applied to intersecting $D$-branes and use this to determine the eight-form gravitational coupling.Comment: 8 pages, harvmac, no figure

On the Geometry of Isomonodromic Deformations

This note examines the geometry behind the Hamiltonian structure of isomonodromy deformations of connections on vector bundles over Riemann surfaces. The main point is that one should think of an open set of the moduli of pairs $(V,\nabla)$ of vector bundles and connections as being obtained by "twists" supported over points of a fixed vector bundle $V_0$ with a fixed connection $\nabla_0$; this gives two deformations, one, isomonodromic, of $(V,\nabla)$, and another induced from the isomonodromic deformation of $(V_0,\nabla_0)$. The difference between the two will be Hamiltonian.Comment: 20 page