Outperforming markets: IC and the long-term performance of Japanese IPOs

This article studies the effects of disclosure practices of Japanese IPO prospectuses on long-term stock performance and bid–ask spread, as a proxy for cost of capital, after a company is admitted to the stock exchange. A disclosure index methodology is applied to 120 IPO prospectuses from 2003. Intellectual capital information leads to significantly better long-term performance against a reference portfolio, and is thus important to the capital market. Further, superior disclosure of IC reduces bid–ask spread in the long-term, indicating that such disclosures are important in an IPO setting. Analysts and investors can attain higher long-term returns by understanding IC

Complimentary Narrative Commentaries of Statutory Accounts in the Annual Reports of UK Listed Companies

This paper, for the first time, classifies narrative information into complementary and supplementary. For the purpose of the paper, complementary narrative information is defined as that information which refers to specific numbers presented in the statutory accounts (profit and loss and balance sheet). Non-specific narrative information is classified as supplementary. Having made the distinction and provided reasons for such a distinction the study investigates the extent of complementary narrative commentaries on numbers from the statutory accounts. The study also investigates which company-specific characteristics are associated with the extent of complementary narrative commentaries. An index consisting of 46 items which must be reported in the statutory accounts was used to measure the extent of complementary narrative commentaries in the annual reports of 170 listed UK companies. the findings suggest that, on average, the companies comment on 3909% of the numbers appearing in their statutory accounts. using the Ordinary Least Squares (OLS) regression model, the results indicate that company size, gearing, profitability, liquidity ratio, the presence of exceptional items, and substantial institutional investment are significantly associated with the extent of complementary narrative commentaries. However, auditory type, directors' share ownership, and the proportion of non-executive directors are not significantly associated with the extent of complementary narrative commentaries. The research has important implications for accounting regulators, users of annual reports and future research into the usefulness narrative information provided in annual reports

A measurement of the tau mass and the first CPT test with tau leptons

We measure the mass of the tau lepton to be 1775.1+-1.6(stat)+-1.0(syst.) MeV using tau pairs from Z0 decays. To test CPT invariance we compare the masses of the positively and negatively charged tau leptons. The relative mass difference is found to be smaller than 3.0 10^-3 at the 90% confidence level.Comment: 10 pages, 4 figures, Submitted to Phys. Letts.

Measurement of the B0 Lifetime and Oscillation Frequency using B0->D*+l-v decays

The lifetime and oscillation frequency of the B0 meson has been measured using B0->D*+l-v decays recorded on the Z0 peak with the OPAL detector at LEP. The D*+ -> D0pi+ decays were reconstructed using an inclusive technique and the production flavour of the B0 mesons was determined using a combination of tags from the rest of the event. The results t_B0 = 1.541 +- 0.028 +- 0.023 ps, Dm_d = 0.497 +- 0.024 +- 0.025 ps-1 were obtained, where in each case the first error is statistical and the second systematic.Comment: 17 pages, 4 figures, submitted to Phys. Lett.

WW Production Cross Section and W Branching Fractions in e+e- Collisions at 189 GeV

From a data sample of 183 pb^-1 recorded at a center-of-mass energy of roots = 189 GeV with the OPAL detector at LEP, 3068 W-pair candidate events are selected. Assuming Standard Model W boson decay branching fractions, the W-pair production cross section is measured to be sigmaWW = 16.30 +- 0.34(stat.) +- 0.18(syst.) pb. When combined with previous OPAL measurements, the W boson branching fraction to hadrons is determined to be 68.32 +- 0.61(stat.) +- 0.28(syst.) % assuming lepton universality. These results are consistent with Standard Model expectations.Comment: 22 pages, 5 figures, submitted to Phys. Lett.

Strategic positioning:an integrated decision process for manufacturers

Purpose – This paper describes research that has sought to create a formal and rational process that guides manufacturers through the strategic positioning decision. Design/methodology/approach – The methodology is based on a series of case studies to develop and test the decision process. Findings – A decision process that leads the practitioner through an analytical process to decide which manufacturing activities they should carryout themselves. Practical implications – Strategic positioning is concerned with choosing those production related activities that an organisations should carry out internally, and those that should be external and under the ownership and control of suppliers, partners, distributors and customers. Originality/value – This concept extends traditional decision paradigms, such as those associated with “make versus buy” and “outsourcing”, by looking at the interactions between manufacturing operations and the wider supply chain networks associated with the organisation

A Study of One-Prong Tau Decays with a Charged Kaon

From an analysis of the ionisation energy loss of charged particles selected from 110326 e+e- -> tau+tau- candidates recorded by the OPAL detector at e+e- centre-of-mass energies near the Z0 resonance, we determine the one-prong tau decay branching ratios: Br(tau- -> nu_tau K- >=0h0) = 1.528 +- 0.039 +- 0.040 % Br(tau- -> nu_tau K-) = 0.658 +- 0.024 +- 0.029 % where the h0 notation refers to a pi0, an eta, a K^0_S, or a K^0_L, and where the first uncertainty is statistical and the second is systematic.From an analysis of the ionisation energy loss of charged particles selected from 110326 e+e- -> tau+tau- candidates recorded by the OPAL detector at e+e- centre-of-mass energies near the Z0 resonance, we determine the one-prong tau decay branching ratios: Br(tau- -> nu_tau K- >=0h0) = 1.528 +- 0.039 +- 0.040 % Br(tau- -> nu_tau K-) = 0.658 +- 0.024 +- 0.029 % where the h0 notation refers to a pi0, an eta, a K^0_S, or a K^0_L, and where the first uncertainty is statistical and the second is systematic

Multiplicities of π0\pi^{0}, η\eta, K0K^{0} and of charged particles in quark and gluon jets

We compared the multiplicities of pizero, eta, Kzero and of charged particles in quark and gluon jets in 3-jet events, as measured by the OPAL experiment at LEP. The comparisons were performed for distributions unfolded to 100% pure quark and gluon jets, at an effective scale Qjet which took into account topological dependences of the 3-jet environment. The ratio of particle multiplicity in gluon jets to that in quark jets as a function of Qjet for pizero, eta and Kzero was found to be independent of the particle species. This is consistent with the QCD prediction that the observed enhancement in the mean particle rate in gluon jets with respect to quark jets should be independent of particle species. In contrast to some theoretical predictions and previous observations, we observed no evidence for an enhancement of eta meson production in gluon jets with respect to quark jets, beyond that observed for charged particles. We measured the ratio of the slope of the average charged particle multiplicity in gluon jets to that in quark jets, C, and we compared it to a next-to-next-to-next-to leading order calculation. Our result, C=2.27+-0.20(stat+syst),is about one standard deviation higher than the perturbative prediction.We compared the multiplicities of pizero, eta, Kzero and of charged particles in quark and gluon jets in 3-jet events, as measured by the OPAL experiment at LEP. The comparisons were performed for distributions unfolded to 100% pure quark and gluon jets, at an effective scale Qjet which took into account topological dependences of the 3-jet environment. The ratio of particle multiplicity in gluon jets to that in quark jets as a function of Qjet for pizero, eta and Kzero was found to be independent of the particle species. This is consistent with the QCD prediction that the observed enhancement in the mean particle rate in gluon jets with respect to quark jets should be independent of particle species. In contrast to some theoretical predictions and previous observations, we observed no evidence for an enhancement of eta meson production in gluon jets with respect to quark jets, beyond that observed for charged particles. We measured the ratio of the slope of the average charged particle multiplicity in gluon jets to that in quark jets, C, and we compared it to a next-to-next-to-next-to leading order calculation. Our result, C=2.27+-0.20(stat+syst),is about one standard deviation higher than the perturbative prediction

First Measurement of the Inclusive Branching Ratio of b Hadrons →ϕ\to \phi Mesons in Z0Z^{0} Decays

The inclusive production rate of phi mesons from the decay of b hadrons produced in Z0 decays was measured to be Br(b->phi+X) = 0.0282+-0.0013(stat.)+-0.0019(syst.), using data collected by the OPAL detector at LEP.The inclusive branching fraction of φ mesons from the decay of b hadrons produced in Z decays was measured to be Br(b→ φ X)=0.0282±0.0013 (stat.)±0.0019 (syst.), using data collected by the OPAL detector at LEP.The inclusive production rate of phi mesons from the decay of b hadrons produced in Z0 decays was measured to be Br(b->phi+X) = 0.0282+-0.0013(stat.)+-0.0019(syst.), using data collected by the OPAL detector at LEP