Decentralized Investment Banking: The Case of Discount Dividend-Reinve stment and Stock-Purchase Plans

Discount dividend-reinvestment and stock-purchase plans allow shareholders to capture part of the underwriting fees incurred in new stock offerings and save sponsoring firms some of the usual underwriting costs. We tested the degree to which individual investors can profitably serve this investment banking function by implementing simple investment/trading strategies designed to capture the discounts and distribute the shares in the market. The large profits earned by our strategies raise serious questions about why it takes firms so long to raise the target level of capital and why many eligible shareholders do not participate in these discount plans.

Employee Stock Ownership Plans and Corporate Restructuring: Myths and Realities

During the first six months of 1989 U.s. corporations acquired over $19 billion of their own stock to establish employer stock ownership plans (ESOPs). We evaluate the common claims that there exist unique tax and incentive contracting advantages to establishing ESOPs. Our analysis suggests that, particularly for large firms, where the greatest growth in ESOPs has occurred, the case is very weak for taxes being the primary motivation to establish an ESOP. The case is also weak for employee incentives being the driving force behind their establishment. We conclude that the main motivation for the growth of ESOPs is their anti-takeover characteristics.

Hebrew Card Production from RLIN Records at the Klau Library

While the RUN bibliographic utility fully supports display and search capabilities of Hebrew script in bibliographic records, its card program is not able to produce cards that include Hebrew script. Hebrew Union College Library commissioned the writing of software to utilize existing RLIN functions to download Hebrew script records for local card production. However, modifications of the records are required to accommodate the idiosyncrasies of both RLIN and the local software

Discrimination of orientation-defined texture edges

AbstractPreattentive texture segregation was examined using textures composed of randomly placed, oriented line segments. A difference in texture element orientation produced an illusory, or orientation-defined, texture edge. Subjects discriminated between two textures, one with a straight texture edge and one with a “wavy” texture edge. Across conditions the orientation of the texture elements and the orientation of the texture edge varied. Although the orientation difference across the texture edge (the “texture gradient”) is an important determinant of texture segregation performance, it is not the only one. Evidence from several experiments suggests that configural effects are also important. That is, orientation-defined texture edges are strongest when the texture elements (on one side of the edge) are parallel to the edge. This result is not consistent with a number of texture segregation models including feature- and filter-based models. One possible explanation is that the second-order channel used to detect a texture edge of a particular orientation gives greater weight to first-order input channels of that same orientation