The Augsburg Confession in Context (Part 1)

Lutherans cannot truly look forward into the 1980s without first looking back to the 1520s and 1530s — to the “confessional rocks” from which they were hewn

The myth of Bryson and economic thought in Islam

The inspiration for the present note comes primarily from a statement in the old edition of the Encyclopaedia of Islam. In its volume four on page number 595, Heffening (1934) states that to Helmut Ritter ‘the whole economic literature of Islam can be traced to economics of Neo-pythagorean Bryson’ (emphasis added). In 1917 the German writer Ritter edited and translated Abu Ja`far al-Dimashqi’s treatise Kitab al-Isharah ila Mahasin al-Tijarah. In his introduction of the book he noted the said remark. It is this unqualified statement that we dispute here.History of Islamic Economic Thought, Greek Economic Thought, Economic Thought, Development of Islamic Thought,Bryson.

The Performance of Seasoned Equity Issues in a Risk-Adjusted Environment

We show that firms issuing seasoned equity possess unique risk characteristics as captured by beta. We use a benchmark to control for this risk and then measure the extent of risk-adjusted underperformance using a longer time-frame than the five-year period used in most studies. We examine the impact of various factors on post-issue performance as well as initial issue underpricing. Why do companies making seasoned equity offerings (SEOs) significantly under perform in the post-issue period? Loughran and Ritter (1997) suggested transitory over-pricing prior to issue, or agency and information costs, Healy and Palepu (1990) and Masulis and Korwar (1986). Rangan (1997) and Teoh, Welch and Wong (1997) suggested managerial price ramping. Are SEOs poor long-run performers? Masulis and Korwar (1986) documented significant underperformance of companies issuing new equity, subsequently confirmed by Asquith and Mullins (1986), Mikkleson and Partch (1986) and Schipper and Smith (1986). Loughran and Ritter (1995), extended Healy and Palepu (1990), Ritter (1991) and Loughran, Ritter and Rydqvist\u27s (1994) work in the area of initial public offerings (IPOs), examining the performance of SEO firms. They observed 15.7% and 33.4% five-year holding period returns for IPOs and SEOs when the returns on non-issuing firms matched by capitalisation were 66.4% and 92.8%. Loughran and Ritter (1995) concluded an investor would have had to invest 44 percent more money in the issuers than in non-issuers of the same size to have the same wealth five years after the offering date . Loughran and Ritter (1997) suggest possible windows of opportunity , periods during which firms are significantly overvalued providing an opportunity to augment financial slack , Allen and Soucik (1999) suggest the conclusion of long-run underperformance is dependent on the definition of the \u27long-run\u27

Carol Ehlinger Ritter & Thomas J. Ritter : Alma Mater Award

Carol Ehlinger Ritter, M.D. \u2777 & Thomas J. Ritter, D.D.S. \u2778 won the Alma Mater Award in 2011, their bio is archived here from the SNC website