Leverage Change, Share Repurchases, and Capital Expenditures

Critics of share repurchases maintain that firms forego capital expenditures to boost their share price short-term while other researchers provide evidence that some repurchasing firms concurrently increase capital expenditures. Using a matched sample approach, this study examines the repurchasing and investing behavior of 17,466 firm-year observations for the period 2000 through 2019. We find that the financing of share repurchases affects the level of concurrent investments; that is, compared to cashfinanced repurchasing firms, debt-financed repurchasing firms increase concurrent capital expenditures. This finding is not as surprising as it seems as firms that take on more debt reduce their weighted average cost of capital, which allows managers to increase capital expenditures, as projects that were previously Net Present Value (NPV) negative may now become NPV positive. We follow this up by examining the interaction between a change in leverage and concurrent capital expenditures and find support for that notion. We also find that this is especially the case with firms that are not already heavily leveraged

Solving the Bethe-Salpeter equation for a pseudoscalar meson in Minkowski space

A new method of solution of the Bethe-Salpeter equation for a pseudoscalar quark-antiquark bound state is proposed. With the help of an integral representation, the results are directly obtained in Minkowski space. Dressing of Green's functions is naturally taken into account, thus providing the possible inclusion of a running coupling constant as well as quark propagators. First numerical results are presented for a simplified ladder approximation

Do Repurchasing Firms Shave Capital Expenditures When Signaling?

This paper studies the extent of firm level over- and under-investment in capital projects among firms with excess cash flows. Whereas most prior research looks for either the signaling or free cash flow hypothesis, we find that the motives for share repurchases differ depending on the firm’s concurrent investments in capital projects. Our initial sample contains 3,417 firm-year observations from 1998 through 2014 where we match share repurchasing firm-year observations with non-repurchasing counterparts by 8-digit GICS industry code, by fiscal year, and by size. Using two sample t-tests, we find evidence that consistent with free cash flow explanations over-investment is concentrated in repurchasing firms that face relatively lower growth opportunities, while consistent with the signaling hypothesis under-investment is concentrated in repurchasing firms that face relatively higher growth opportunities. We also find that the market reaction to share repurchases corroborates our arguments. These findings support the assertion made by others that firms shave investments in order to signal their undervalued equity with share repurchases

Evaluation of Liquefaction Potential for an Earth Dam Site

The foundation of the proposed Polavaram Earth and Rockfill Dam (India) has a sand deposit about 15 to 30 meters deep. The medium size sand is poorly to uniformly graded having relati.ve density in the range of 40-45% and angle of internal friction 30°. Standard Penetration Tests have been conducted in 22 bore holes at site and the N-counts have been observed to range between 4 to 111. The liquefaction potential of deposit under maximum credible earthquake (MCE) for the site has been evaluated by analyzing the data on the basis of prevailing empirical approaches and by the results of the experiments conducted on the sand in laboratory. The results of the analyses indicate that for the design earthquake the liquefaction would occur at some spots where N-counts are very low. The experiments have been conducted by depositing the sand, with the relative density close to that at site, in a box placed on a shaking table. The table was subjected to equivalent number of sinusoidal cycles corresponding to 75, 65 and 50% level of maximum acceleration of the time history of the design earthquake. As the dam provides an overburden pressure to the foundation, experiments have been conducted with loading on sand deposit in the shake table. The effect of frequency of motion has also been observed. The results of these experiments show that for the design acceleration levels of 0.1 g (65% of maximum acceleration) the maximum pore water pressure would be 31% of the effective overburden. The frequency of 3 cps seems the optimum frequency for generation of pore water pressure and at 8 cps this is less by about 20 percent. Thus the experiments indicate only partial loss of shear strength and not the total liquefaction of the foundation sand

Study of hypertensive subjects with diabetes as co-morbidity

Background: Combined presence of diabetes and hypertension increases the chances of various complications manifold than individually. Together, they accelerate the development of left ventricular hypertrophy, coronary artery disease, renal dysfunction, diabetic retinopathy and cerebrovascular diseases.Methods: After ethical considerations this observational study was carried out to identify the clinical, laboratory and end-organ profile of Hypertensive subjects who also had Diabetes; this cohort was also compared with subjects who had hypertension only.Results: The prevalence of hypertensive subjects with diabetes as co-morbidity was 10.26%. 26.4% subjects had family history of diabetes and 20.4% had family history of hypertension. The mean diastolic blood pressure (83.66±12.0) was significantly higher in hypertensive diabetes group, than the subjects with hypertension only (76.98±6.46) and the difference was statistically significant (p <0.0001). 51.9% of hypertensive females with diabetes had significantly higher (p 0.0003) central obesity. Macrovascular damage was slightly more common in females and microvascular damage was common in male hypertensive diabetic subjects. Out of 102 patients having end organ damage 37.25% had single organ involvement and 62.75% had multiple organ involvement. Retinopathy (33.2%) was commonest followed by renal (27.6%), cardiovascular (16.2%) and cerebrovascular (14.8%). Hypertensive diabetic patients had higher occurrence of end organ damage reflecting the impact of diabetes-hypertension co-morbidity on target organs.Conclusions: Given the increasing rates of coronary artery disease among Indians, especially at a younger age, 5understanding and successfully managing this deadly duo may hold the key to reducing cardiovascular mortality in India

Antifungal Activity of Petrolium and Ethanolic Extracts of Moringa Oleifera Leaves against Penicillium Chrysogenum and Cryptococcus Neoformans

Moringa oleifera is well known medicinal plant. Its different parts are widely used for the treatment of different types of diseases since is have antibacterial and antifungal activity. The leaves are rich in iron, rhamnose and a unique group of compounds called glucosinolates and isothiocyanates. Other medical proprieties include antipyretic, antiepileptic, antiinflamatory, antiulcerative, antihypertensive, cholesterol lowering, antioxidant, anti diabetic. The current investigation was undertaken to evaluate the antifungal activities by petroleum ether and ethanolic extracts of Moringa oleifera leaves against Penicillium crysogenum and Cryptococcus neoformans. From our study, it is found that as concentration of Moringa leaves extract increases the diameter of zone of inhibition found increased. The results were higher and effective for ethanolic extract than petroleum extract. The result were also found more effective against Cryptococcus neoformans than Penicillium crysogenum

A bridge too far: an analysis of WASH KAP study from four Indian states

In India though there has been improved WASH coverage in the last decade but yet only 35% of the population have access to drinking water within the premises and 600 million people continue to defecate in open. To understand challenges and analyze gaps in the knowledge and practices a facility survey and KAP study was conducted in one urban and three rural locations across four Indian states. The findings indicate that only 18% of the population have access to safe drinking water within premises, 86% of the population still practice open defecation and underlying causes are functional, physical and attitudinal barriers. Though there is improved awareness on key hygiene indicators, a huge gap remains in actual practices. A key finding indicates that 86 % of respondents are willing to construct toilet within households, which means people are willing to adopt improved practices if an enabling environment and required knowledge are ensured

ADVERTISING EFFICIENCIES IN THE HOSPITALITY AND TOURISM INDUSTRY

Oglašavanje osigurava rast prodaje novih usluga i proizvoda. Hotelska se industrija snažno oslanja na oglašavanje putem putnih časopisa, priloga o putovanjima u tiskanim medijima, putem televizije i intemeta. Hotelska industrija obuhvaća hotele, krstarenja, zabavne parkove i ljetovališta. Motivacija za ovu studiju proizlazi iz vjere da se menadžeri u četiri gore navedena segmenta industrije mogu koristiti njenim rezultatima da bi utvrdili promotivnu strategiju koja se temelji na djelotvomosti. Ovaj se rad bavi istraživanjem dugoročnog odnosa između računovodstveno definiranih promjena prihoda i promjena troškova oglašavanja putem procjene stupnja utjecaja oglašavanja - mjere slične stupnju ukupnog utjecaja. Ova studija razmatra i mjeri dohodovnu elastičnost troškova oglašavanja (u daljnjem tekstu koristimo englesku skraćenicu DAL) koristeći log-lineami model. Cilj je izmjeriti sveukupni povrat u oglašavanje uz istovremeno povećanje novčane uštede i smanjenje tehnološke ekonomije razmjera u oglašivanju. Intenzitet oglašavanja varira od niskih 2,5% za kockamice i trkaće staze do 5% za krstarenja i preko 10% za hotele. Rezultati pokazuju uspješnost oglašavanja kao alata za maksimiziranje zarade i vrijednost tvrtke u turizmu.Advertising provides growth in sales volume for the new products and services. The hospitality industry relies heavily on advertising through travel journals and travel sections of print media, television media, and the internet. The hospitality industry encompasses hotels, cruise lines, theme parks and holiday resorts. The motivation for this study stems from the belief that the results can be used by managers in the four segments of the industry to establish promotional strategy based on efficacy. The focus of this paper is to investigate the long-term relationship betv/een accounting defined changes in earnings and changes in advertising expenditure by estimation of the degree of advertising leverage - a measure similar to degree of total leverage. This study develops and measures the earnings elasticity of advertising expenditures (coined the degree of advertising leverage or DAL) using a log-linear model. The aim of the study is to measure overall returns to advertising effort when increasing pecuniary economies and decreasing technological economies of scale in advertising are concomitantly present. Advertising intensity varies in the industry from a low of about 2,5% for Casinos and Speedways to 5% for Cruise Lines and over 10% for Hotels, The findings show the effectiveness of advertising as a tool for maximizing earnings and company value in tourism-related industries

Relationships between odd- and branched-chain fatty acid profiles in milk and calculated enteric methane proportion for lactating dairy cattle

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