Do Individual Investors Drive Post-Earnings Announcement Drift? Direct Evidence from Personal Trades

This study examines whether individual investors are the source of post- earnings announcement drift (PEAD). We provide evidence on how individual investors trade in response to extreme quarterly earnings surprises and on the relation between individual investors' trades and subsequent abnormal returns. We find no evidence that either individuals or any sub-category of individuals in our sample cause PEAD. Individuals are significant net buyers after both negative and positive earnings surprises. There is no indication that trading by any of our investor sub-categories explains the concentration of drift at subsequent earnings announcement dates. While post-announcement individual net buying is a significant negative predictor of stock returns over the next three quarters, individual investor trading fails to subsume any of the power of extreme earnings surprises to predict future abnormal returns.post earnings-announcement drift, trading activity, individual investors, market efficiency

East Coast Greenway 2050: Harford County

This paper documents both the process and product of a university studio project that explores the role of the East Coast Greenway (ECG) in the overall 2050 Harford County biking and greenway system plans. Harford County, MD occupies an important geographic area in which the ECG is aligned in the Mid-Atlantic region. The presentation also documents initiatives in the more urbanized counties of the State of Maryland and the District of Columbia. Numerous initiatives that characterize urban jurisdictions are reviewed for their relevance to a more a rural environment, but also a county that is experiencing population growth. The specific objectives of this studio project were to 1) research and document the inventory, programming information, and composite analysis, 2) to inform and create envisioning design and planning products that could be used by the ECG supporters, and 3) to assist in the overall initiatives of the ECG and trail and bike planning in Harford County. The ABC method, utilizing a GIS / ecological design approach, was adopted to document the abiotic, biotic and cultural inventory of the county. The general envisioning approach was to allow each student to develop their own concept ideation process as to produce a variety of scenarios. The proposed ECG plans and designs offer an opportunity to explore the possible roles of the ECG, ECG challenges, and ECG’s role in embracing Harford County’s social, economic, and environmental diversity

The Eternal Dissident

The Eternal Dissident offers rare insight into one of the most inspiring and thought-provoking Reform rabbis of the twentieth century, Leonard Beerman, who was renowned both for his eloquent and challenging sermons and for his unrelenting commitment to social action. Beerman was a man of powerful word and action—a probing intellectual and stirring orator, as well as a nationally known opponent of McCarthyism, racial injustice, and Israeli policy in the occupied territories. The shared source of Beerman’s thought and activism was the moral imperative of the Hebrew prophets, which he believed bestowed upon the Jewish people their role as the “eternal dissident.” This volume brings Beerman to life through a selection of his most powerful writings, followed by commentaries from notable scholars, rabbis, and public personalities that speak to the quality and ongoing relevance of Beerman’s work

Green Infrastructure, Greenways, and Trail Planning: Frameworks for Sustainability in Maryland

The State of Maryland has been a leader in a number of state-wide environmental efforts. As part of the work published by the Maryland Greenway Commission in 2000, a green infrastructure (GI) assessment was included to provide a greater “emphasis on the ecologic network” (Maryland Greenway Commission, 2000, p. 3). This inclusion, while building off of decades of land conservation and greenway planning, recognized the need to provide a more science-based approach to integrated and comprehensive land conservation. In addition to this recognition, this GI assessment was also intended to identify the best ecological lands in Maryland for potential protection as well as potential areas for restoration. The GreenPrint program that evolved from this original GI assessment was reorganized in 2008 and became a first-in-the-nation web-enabled map showing the relative ecological importance of every parcel of land in the State (Maryland Department of Natural Resources, 2012a). In addition to these efforts that focused on land conservation, other efforts in the state included the evolution of environmental site design (ESD) to include low impact development (LID) methods and innovative site design practices. Maryland, in part as the result of new EPA water quality requirements has established some of the most stringent statewide regulations that are impacting the land development process. These ESD and stormwater interventions have been popularized as green infrastructure as well. Thus, the term green infrastructure serves as a robust but diffuse term capturing both broad scale land conservation as well as micro-scale storm water practices. In 2000, the Maryland Greenway Commission defined greenways as “natural corridors set aside to connect larger areas of open space and to provide for the conservation of natural resources, protection of habitat, movement of plants and animals, and to offer opportunities for linear recreation, alternative transportation, and nature study. Maryland has over 1,500 miles of protected greenways corridors, including over 600 miles of trails.” (p.1) Thus while trail planning played a central role in both greenways and initial green infrastructure developments, more recent trail efforts have been less connected with green infrastructure (and the term greenways) and more focused on the recreation and economics benefits. The current trails web page at Maryland Department of Natural Resources states: “[t]rails provide many economic benefits to local communities and create a wide range of jobs, from B&B\u27s to bike shops. They also help tell the wonderful stories of Maryland and its rich history. And hiking and bicycle trails are for the whole family. They make us all healthier and happier while opening up the natural world around us. The Maryland Department of Natural Resources (DNR) is currently working closely with the National Park Service, the Maryland Department of Transportation, State Highway Administration, Department of Planning, Office of Tourism, local governments, trail groups, and volunteer citizens on a wide assortment of trails throughout the state.” (Maryland Department of Natural Resources, 2012b) How do greenways now relate to green infrastructure? Is the term greenway still useful in the Maryland context and if so, why. This paper explores the benefits and issues related to greenways and GI. This presentation is organized into four sections. First, I will present a framework for GI in the state of Maryland. The proposed conceptual framework may have applicability for other settings. Second, I will provide examples from Maryland for this GI framework. These examples, from different scales, include policy and regulatory programs from land conservation, forest parcel conservation, stream restoration, and stormwater interventions. Third, I will explore the integral role that greenways could and should play at various scales for GI. How do greenways benefit the proposed GI framework? Last, where this framework is applicable to other settings, I will argue the need to recommit to collaborative holistic approaches that support economic, ecological, and cultural sustainability

The Redevelopment and Restoration of Selected Trail BMP Features to Provide Environmental, Educational, and Aesthetic Benefits

Trail and Greenway systems in Montgomery and Prince George’s Counties, Maryland are overseen by the Maryland National Capitol Park and Planning Commission (MNCPPC). These greenway systems are extensive and provide trails for a combined suburban and urban population of over 1.8 million people. These trails systems are also connected to the trail systems of the District of Columbia (Washington, D.C). One well known greenway system is the Anacostia Tributary Trail System which extends into all three jurisdictions. With new additions connecting existing trails in Prince George’s County and the District of Columbia, the Anacostia Tributary Trail System will be one of the largest urban trail systems in the United States. Early development and the alignment of many sections of the trails occurred in riparian areas located in protected stream valleys. MNCPPC’s mission included the protection of stream valleys for water protection as early as the 1930s. The early placement of recreation based trails was not focused on more recent environmental objectives that include water pollution reduction. In addition, some stream valleys also included roadway systems that were coaligned with trails to accommodate primarily north-south vehicular travel. Trail alignments adjacent to streams, trail material selection, site grading and construction, and relationships to co-aligned roadway systems are all criteria that sometimes differ markedly from the criteria used for more recently planned and designed trails in regards to proximity to stream and other environmental objectives. Recently the State of Maryland passed Environmental Site Design (ESD) regulations that required the implementation of low impact development practices to provide for greater site infiltration. The general goal is to infiltrate the one inch rainfall event in order to reduce pollution, mitigate flooding and increase overall annual stream base flow. This paper explores the feasibility of integration of water quality goals and restoration of trails in selected areas and is organized into four sections. First, I will present background information on overall water quality goals that are driving landscape renovation. In addition, the characteristics of the case study watershed are also described. Second, I present goals and objectives of this study: documentation of opportunities to use retrofitted trail water-centric BMPs to both enhance trails and meet water quality goals. Third, the results include the documentation of two existing trail opportunity types. This includes a description of the site condition, a description of the BMP solution, and the benefits and challenges of the proposed renovation BMP. Fourth, I provide a summary

The Eternal Dissident

The Eternal Dissident offers rare insight into one of the most inspiring and thought-provoking Reform rabbis of the twentieth century, Leonard Beerman, who was renowned both for his eloquent and challenging sermons and for his unrelenting commitment to social action. Beerman was a man of powerful word and action—a probing intellectual and stirring orator, as well as a nationally known opponent of McCarthyism, racial injustice, and Israeli policy in the occupied territories. The shared source of Beerman’s thought and activism was the moral imperative of the Hebrew prophets, which he believed bestowed upon the Jewish people their role as the “eternal dissident.” This volume brings Beerman to life through a selection of his most powerful writings, followed by commentaries from notable scholars, rabbis, and public personalities that speak to the quality and ongoing relevance of Beerman’s work

dRail: a novel physical layout methodology for power gated circuits

In this paper we present a physical layout methodology, called dRail, to allow power gated and non-power gated cells to be placed next to each other. This is unlike traditional voltage area layout which separates cells to prevent shorting of power supplies leading to impact on area, routing and power. To implement dRail, a modified standard cell architecture and physical layout is proposed. The methodology is validated by implementing power gating on the data engine in an ARM Cortex-A5 processor using a 65nm library, and shows up to 38% reduction in area cost when compared to traditional voltage area layou

Community, Constitution, and Culture: The Case of the Jewish \u3cem\u3eKehilah\u3c/em\u3e

Part I describes the historical development of the Jewish kehilah, its subsequent evolution, and eventual dissolution. Part II surveys recent trends in legal scholarship which reflect a growing consciousness of the tension between the demands of self-conscious cultural groups and liberal legal principles

Buckling Testing and Analysis of Honeycomb Sandwich Panel Arc Segments of a Full-Scale Fairing Barrel Part 4: Six-ply Out-of-Autoclave Facesheets

Four honeycomb sandwich panel types, representing 1/16th arc segments of a 10-m diameter barrel section of the Heavy Lift Launch Vehicle (HLLV), were manufactured and tested under the NASA Composites for Exploration program and the NASA Constellation Ares V program. Two configurations were chosen for the panels: 6-ply facesheets with 1.125 in. honeycomb core and 8-ply facesheets with 1.000 in. honeycomb core. Additionally, two separate carbon fiber/epoxy material systems were chosen for the facesheets: in-autoclave IM7/977-3 and out-of-autoclave T40-800b/5320-1. Smaller 3 ft. by 5 ft. panels were cut from the 1/16th barrel sections. These panels were tested under compressive loading at the NASA Langley Research Center (LaRC). Furthermore, linear eigenvalue and geometrically nonlinear finite element analyses were performed to predict the compressive response of each 3 ft. by 5 ft. panel. This manuscript summarizes the experimental and analytical modeling efforts pertaining to the panels composed of 6-ply, T40-800b/5320-1 facesheets (referred to as Panels D). To improve the robustness of the geometrically nonlinear finite element model, measured surface imperfections were included in the geometry of the model. Both the linear and nonlinear models yield good qualitative and quantitative predictions. Additionally, it was correctly predicted that the panel would fail in buckling prior to failing in strength. Furthermore, three-dimensional (3D) effects on the compressive response of the panel were studied

Adding Charges to N=4 Dyons

The spectrum of dyons in a class of N=4 supersymmetric string theories has been found for a specific set of electric and magnetic charge vectors. We extend the analysis to more general charge vectors by considering various charge carrying collective excitations of the original system.Comment: LaTeX file, 16 page