31 research outputs found
Essays on Stock Issuance
Firms which issue new equity subsequently have lower returns than other
firms, but does the strength of the issuance effect vary in the cross section of
firms? The essay shows, that US firms with characteristics that makes them
âhard to valueâ have returns which are strongly related to their past issuance
activity, while the return of âeasy to valueâ firms are less related to their past
issuance activity. In most cases the difference between âhard to valueâ and
âeasy to valueâ firms are signiffcant.
As proxies for âhard to valueâ, I use three different types of firm characteristics.
First, I consider firms for which relatively little information is
available as âhard to valueâ. Examples are firms covered by few analysts and
small firms. Second, I consider firms with high levels of analyst disagreement
on stock price target, next quarter earnings per share and share recommendation
as âhard to valueâ. Third, firms with expected cash flows in the more
distant future are âhard to valueâ. These include firms with low earnings,
high asset growth, and low dividend yield
Putting the âweâ into workout: The association of identity leadership with exercise class attendance and effort, and the mediating role of group identification and comfort
This research examined how identity leadership displayed by group exercise instructors is associated with exercisersâ class attendance and in-class effort. Group exercise participants assessed their instructorsâ engagement in identity leadership at baseline before indicating their comfort in the exercise environment, identification with the exercise group, class attendance, and in-class effort four weeks later. Results indicated positive associations between instructorsâ identity leadership and exercisersâ group identification and comfort in the exercise environment four weeks later. Furthermore, results provided evidence of indirect effects. First, identity leadership was associated with membersâ more frequent class attendance through their stronger group identification. Second, identity leadership was associated with membersâ greater in-class effort through (a) their stronger group identification, and (b) their greater comfort. These relationships remained significant when accounting for the effect of established motivational predictors (i.e., competence and autonomy). These results point to the role that instructorsâ leadership plays in promoting physical activity by suggesting that instructorsâ engagement in identity leadership is associated with exercisersâ group-related experiences which, in turn, are a basis for group exercise participation