Country and Industry-Level Performance of NASDAQ-Listed European and Asia Pacific ADRs

This study examines the 3-year performance of NASDAQ-Listed Asia Pacific and European ADRs versus the NASDAQ Index and their respective regional indexes from 1990-2010. Country specific performance results show ADRs from China, Japan and Ireland performed best versus the US and regional benchmarks. Industry-level results show the best industry performers were in the Technology Hardware & Services industry and in Energy companies

On points at infinity of real spectra of polynomial rings

Let R be a real closed field and A=R[x_1,...,x_n]. Let sper A denote the real spectrum of A. There are two kinds of points in sper A : finite points (those for which all of |x_1|,...,|x_n| are bounded above by some constant in R) and points at infinity. In this paper we study the structure of the set of points at infinity of sper A and their associated valuations. Let T be a subset of {1,...,n}. For j in {1,...,n}, let y_j=x_j if j is not in T and y_j=1/x_j if j is in T. Let B_T=R[y_1,...,y_n]. We express sper A as a disjoint union of sets of the form U_T and construct a homeomorphism of each of the sets U_T with a subspace of the space of finite points of sper B_T. For each point d at infinity in U_T, we describe the associated valuation v_{d*} of its image d* in sper B_T in terms of the valuation v_d associated to d. Among other things we show that the valuation v_{d*} is composed with v_d (in other words, the valuation ring R_d is a localization of R_{d*} at a suitable prime ideal)

On the Pierce-Birkhoff Conjecture

This paper represents a step in our program towards the proof of the Pierce--Birkhoff conjecture. In the nineteen eighties J. Madden proved that the Pierce-Birkhoff conjecture for a ring A$is equivalent to a statement about an arbitrary pair of points$\alpha,\beta\in\sper\ A$and their separating ideal$$; we refer to this statement as the Local Pierce-Birkhoff conjecture at$\alpha,\beta$. In this paper, for each pair$(\alpha,\beta)$with$ht()=\dim A$, we define a natural number, called complexity of$(\alpha,\beta)$. Complexity 0 corresponds to the case when one of the points$\alpha,\beta$is monomial; this case was already settled in all dimensions in a preceding paper. Here we introduce a new conjecture, called the Strong Connectedness conjecture, and prove that the strong connectedness conjecture in dimension n-1 implies the connectedness conjecture in dimension n in the case when$ht()$is less than n-1. We prove the Strong Connectedness conjecture in dimension 2, which gives the Connectedness and the Pierce--Birkhoff conjectures in any dimension in the case when$ht()$less than 2. Finally, we prove the Connectedness (and hence also the Pierce--Birkhoff) conjecture in the case when dimension of A is equal to$ht()=3$, the pair$(\alpha,\beta)$is of complexity 1 and$A$ is excellent with residue field the field of real numbers

On the set of bad primes in the study of Casas-Alvero Conjecture

The Casas-Alvero conjecture predicts that every univariate polynomial over a field of characteristic zero having a common factor with each of its derivatives $H_i(f)$ is a power of a linear polynomial. One approach to proving the conjecture is to first prove it for polynomials of some small degree $d$, compile a list of bad primes for that degree (namely, those primes $p$ for which the conjecture fails in degree $d$ and characteristic $p$) and then deduce the conjecture for all degrees of the form $dp^\ell$, $\ell\in\mathbb{N}$, where $p$ is a good prime for $d$. In this paper we calculate certain distinguished monomials appearing in the resultant $R(f,H_i(f))$ and obtain a (non-exhaustive) list of bad primes for every degree $d\in\mathbb{N}\setminus\{0\}$

Mortgage, Treasury, CD and Fed Funds Rates Spreads and Risk Premiums: How do They Impact Net Interest Margins?

This paper utilized FRED (Federal Reserve Economic Data) data from the Federal Reserve Bank of St. Louis to examine historical risk premiums between 30-year mortgages and 30-year T-Bonds and spreads between yields on these two assets and funding costs represented by 6-month CD rates and fed funds rates. Risk premiums were greatest and spreads were smallest (some-times negative) during the high interest rate environment during the late 1970’s and early 1980’s. Risk premiums got smaller after the two financial crises of the 2000’s (the September 11, 2001 attack and the 2008 mortgage crisis) and the spreads became larger after both when the Federal Reserve cut rates tremendously. Despite these variations in income/cost spreads, net interest margins (to both total assets and earning assets) remained relatively stable. Regression analysis shows the best predictor of historical net interest margins was the 30-year treasury yield in lagged and non-lagged models. These results suggest the ability of banks to choose fund sources and fund uses allows them to reduce variation in net interest margins even while interest rates are volatile

Home Health Care Services: A Look At Audit Opinion Announcements And The Contagion Or Competitive Effect On Rival Firms

With the aging of the American population and the increase in demand for health care services, we can expect an increase in investment activity in the health care market.  This study focuses on whether intra-industry information transfers from going-concern audit opinion announcements create contagion or competitive stock price reactions in rival home health care firms.  Data are derived from a sample of firms traded on the NASDAQ, the New York Stock Exchange, or the American Stock Exchange.  Average standardized abnormal returns for each firm are computed during an 8-year period.  The findings suggest a dominating competitive effect for rival home health care and miscellaneous home service firms significant at the .05 level

Foreign Financial Institution Equities: Returns From Emerging Markets And Developed Markets Differ

With the vicissitude of the capital markets, investors continually seek new and innovative techniques that will identify securities that outperform the market.  In addition to the usual fundamental and technical analysis, the international markets may provide enhanced profit potential.  Investors may purchase securities of foreign companies to gain greater diversity and new investment opportunities

Long Term Adr Performance: How Do Regional Issues Listed on the NYSE Compare to Us and Regional Index Returns?

This study examines the long-term performance of Asia Pacific, European, and Latin American ADRs versus the S&P500 and their respective regional indexes from 1990-2010. The sample was dividend by stable markets (1990s) and volatile markets (2000s). We find that, when analyzed in total, regional indexes perform similarly to the S&P500. However, the Asia Pacific and Latin America regions do offer diversification benefits individually. Furthermore, the ADRs from each region underperform in stable markets (1990s) and outperform in volatile markets (2000s) leading to great diversification benefits

Long-Term Performance Of Foreign Food And Beverage Equities Traded On The New York Stock Exchange: A Look At Investment Opportunities

Because of the growth of international trade and the increase in sales and profits in the food and beverage industry in recent years investors may believe there is a great opportunity to reap high returns from foreign equities.  Cumulative excess returns from all newly issued foreign food and beverage equities over a 36-month period following the date listed on the New York Stock Exchange are tested for significant differences in performance to determine whether they outperform the S & P 500 returns.  Although the 36-month cumulative excess returns are not significant, findings indicate that the food and beverage ADRs performed 13.55 percent lower than the S & P 500 Index which serves as a proxy for the market in general.  Food and beverage seasoned equity offerings outperformed initial public offerings