Buyback Behaviour and the Anti-Dilution of Dilutive Stock Options

Paper presented at 2016 FMA Annual Meeting, October 19-22, 2016, Las Vegas, NevadaWe study how dilutive board-level stock options impact anti-dilutive daily buybacks in the UK. We show that buyback behaviour and stock option holdings positively influence cumulative post-buyback returns. Buybacks, however, have anti-dilutive implications and are thus linked to the level and nature of dilutive stock options outstanding. We find increases in aggregate stock options to escalate buyback implementation. This is driven largely by unvested stock options that significantly enhance anti-dilutive benefits. Robustness tests using “overconfident” board classification and treasury share regulation confirm the anti-dilutive motive behind buybacks when stock options are unvested

Alexa, Amazon Assistant or Government Informant?

Alexa, are you listening to me? Technology has become an integral part of one’s everyday life with voice-controlled devices pervading our most intimate interactions and spaces within the home. The answers to our questions are now at our fingertips with the simple roll of the tongue “Alexa,” your very own personal intelligence assistant. This futuristic household tool can perform tasks that range from answering simple voice commands to ordering any online shopping. However, the advent of voice technology presents a myriad of problems. Concerns arise as these new devices live in the privacy of our homes while quietly listening for a “wake word” to record us—whether knowingly or unbeknownst to the owner or those nearby. This information is thereafter collected by Amazon and stored on its server. Traditionally, the Fourth Amendment evolved through case law to provide citizens with protections when in the intimacy of one’s home. Despite these protections, the third-party doctrine peels away a person’s reasonable expectation of privacy when data or information is exposed to third parties. Thus, the question posed is whether there is any Fourth Amendment protection when information is digitally shared with other third parties, such as Amazon’s Alexa? Further, what is even considered one’s reasonable expectation of privacy in the modern digital world? Our generation is accustomed to surrendering a vast amount of personal and private information, particularly from current whereabouts through Facebook and Instagram check-ins and recent inquiries that are stored in search engine histories. This leaves an ascertainable digital trail to track where you have been, who your friends and family are, and even what you are thinking. How much of this digital information is obtainable by the government? Can this futuristic device—Amazon’s Alexa—that we keep on our nightstands or kitchen tables actually be used against us? Part I of this comment will present a series of murder cases that demonstrate the current legal stance of trial courts on this particular legal issue. Part II will describe how Alexa works and why Amazon would want to gather this information. Part III recapitulates the evolution of Fourth Amendment case law, particularly the privacy in a search, the admissibility for a man’s private papers to be used as evidence against himself, and the sanctity of a man’s home. Part IV discusses third-party doctrine case law and how this strips away all Fourth Amendment protections, and Part V analyzes the prior case law and proposes a modern application to the third-party doctrine

Direct-use Values of Non-Timber Forest Products from Two Areas on the Transkei Wild Coast

It is now widely appreciated internationally that rural communities make extensive use of wild resources, and that this use has significant direct use value. The number of case studies in South Africa that have valued the use of such resources are small, albeit growing. Yet none of them have been from coastal sites, which would include use of marine resources, nor have previous studies included the non-biological resources of sand and clay for building purposes. This paper addresses this gap, through examination of the role and value of wild resources in rural livelihoods of households in the Ntubeni and Cwebe areas of the Transkei Wild Coast in the Eastern Cape. Households used a wide range of resources collected from the surrounding communal lands and the Dwesa Cwebe Nature Reserve. Major differences between the sites were the widespread use of bushmeat, shellfish and building sand at Ntubeni compared with relatively small use of these three resources at Cwebe. These differences resulted in a markedly higher, gross, annual, direct-use value at Ntubeni than at Cwebe. The gross, annual, direct-use value averaged across all resources (excluding medicinal plants) and all households (user and non-users) was over R12 000 at Ntubeni, compared to R4 858 at Cwebe. At Ntubeni over half of the total annual direct-use value was contributed by fish and shellfish, indicating the need for more studies in coastal areas. A similar pattern was not evident at Cwebe, because residents did not have access to a rocky shoreline outside of the marine reserve. Local trade was highly variable, both between resources and between households. Averaging the value of trade across all households (i.e. traders and non-traders), gave a total gross, annual value of R1 660 and R600 at Ntubeni and Cwebe, respectively.Resource /Energy Economics and Policy,

Book Reviews

These are the book reviews from 1972

Playing with the forest: invasive alien plants, policy and protected areas in India

Protected areas (PAs) are inviolate and invaluable landscapes that promote the in situ conservation of endangered, threatened and rare species. Accordingly, and in keeping with this definition, PA managers ensure that PAs are free from fire, poaching, grazing, non-timber forest products collection, mining, etc. In India, following the Indian Wildlife (Protection) Act (1972), there are today 102 and 515 National Parks and Wildlife Sanctuaries respectively. Many of these have in recent decades been heavily threatened by the spread of invasive alien plant species, notable among them being Lantana and Eupatorium. These species may have usurped as yet unestimated number of native plants and fauna, besides depressing the reproduction of native plant species. In fact, it is realized that the threat to biodiversity by invasive alien species (IAS) may only be second to that of fragmentation. Yet there seems to be no major attempts to eradicate, contain or manage IAS in PAs. Ironically, the justification for the lack of action lies in the definition of PAs – that they need to be kept inviolate and therefore above any active intervention. In this article we bring home this serious contradiction in the approach to management of PAs in India and discuss the philosophical origins of this practice. We argue that if we are to protect our PAs from the serious scourge of invasive species, we would have to relook at the policy governing PA management and revise it to be more inclusive than exclusive

Above ground woody community attributes, biomass and carbon stocks along a rainfall gradient in the savannas of the central lowveld, South Africa

Enumeration of carbon stocks at benchmark sites is a necessary activity in assessing the potential carbon sequestration and possible generation of credits through restoration of intensively impacted sites. However, there is a lack of empirical studies throughout much of the savannas of sub-Saharan Africa, including South Africa. We report an estimation of species specific and site biomass and carbon stocks, and general vegetation structural attributes from three protected areas along a rainfall gradient in the central lowveld, South Africa. Estimates of biomass and carbon stocks were effected through destructive sampling to establish locally derived allometric equations. There was a gradient of increasing woody density, height of the canopy, number of species, density of regenerative stems and a greater proportion of stems in small size classes from the arid locality to the mesic locality, with the semi-arid locality being intermediate. The proportion of spinescent species decreased with increasing rainfall. The mesic locality was significantly more woody than either the arid or semi-arid sites, having double the biomass, four times the density and 40% higher basal area. Above ground carbon pools were also higher; carbon stocks were approximately 9 t/ha for the arid and semi-arid sites and 18 t/ha for the mesic site

Laser welding of coated magnet wire Final report

Laser techniques for welding polythermalese coated magnet wire to stainless steel and gold plated nickel terminal

Long-term winter-site fidelity in Song Sparrows (Melospiza melodia)

In migratory animals, the degree to which individuals return to the same wintering sites across multiple years can affect fitness and population dynamics, and thus has important implications for conservation. Despite this, long-term evaluations of wintering-site fidelity are rare for migratory birds: many populations are intensively studied on their breeding grounds but tracking the migratory movements of small birds once they leave the breeding grounds is challenging. To evaluate patterns of overwintering location and fidelity, we collected winter-grown claw tissue from 301 Song Sparrows (Melospiza melodia; 449 samples) captured in spring at their breeding grounds over six consecutive years and assessed stable hydrogen isotope (δ2Hc) values to determine within-individual repeatability and between-year variation in wintering latitudes. We also retrieved useable data from eight geolocators over two consecutive winters. Geolocator-derived wintering positions correlated with origins based on δ2Hc values. Consistent with previous findings, male δ2Hcvalues reflected more northerly wintering areas than those of females, indicating shorter latitudinal migration distances for males, but the magnitude of the sex difference varied across years. The distribution of wintering latitudes was generally consistent among years, except for the 2015 – 2016 winter that had unusually negative δ2Hc values. Values of δ2Hc were repeatable for males but not for females, suggesting that winter-site fidelity could differ between sexes. The data presented here emphasize the importance of tracking migratory populations across multiple years to uncover factors affecting population dynamics

Efficacy of solar power units for small-scale businesses in a remote rural area, South Africa

Much work has considered the practicalities and affordability of solar systems for domestic energy supplies in remote rural areas. There is less understanding of its utility for small-scale business enterprises in such areas. We examined the patterns of use of two 12 V and one 24 V systems for small-scale enterprises housed in transportable containers. Monitoring of load shed and top of charge indicated that the 12 V systems were inadequate to meet the requirements of the enterprises. The 24 V operation performed a lot better. Despite some technical limitations the system offered a number of social, economic and environmental positives; primarily the offering of business products not otherwise available in the area, incomes to the entrepreneurs and greater connectivity with regional centres through office services such as cell-phone charging and faxing. Customers of the small-scale enterprises felt that their presence in the area saved them some money because they no longer had to travel as frequently to regional urban centres