Impact of Cross-listing on Local Stock Returns: Case of Russian ADRs

The paper examines the impact of American Depositary Receipt (ADR) listings on the return of the underlying Russian stocks. The contribution of this paper is twofold. First, it looks at a new sample of ADRs issued by Russian companies. Second, the technique used to estimate the market model is different from the previous studies. The returns are modeled to follow GARCH process, as opposed to the regular OLS procedure, which assumes homoscedasticity in residual returns. Average abnormal returns and cumulative average abnormal returns are calculated for the [-25, +25] event window, with the ADR listing date being the event date. The results indicate a significant negative abnormal local market return on an ADR listing day. The return volatilities after the listing are compared to those before the listing. Eleven out of sixteen companies experienced increased volatility of local returns after the cross-listing.http://deepblue.lib.umich.edu/bitstream/2027.42/40077/3/wp691.pd

Impact of Cross-listing on Local Stock Returns: Case of Russian ADRs

The paper examines the impact of American Depositary Receipt (ADR) listings on the return of the underlying Russian stocks. The contribution of this paper is twofold. First, it looks at a new sample of ADRs issued by Russian companies. Second, the technique used to estimate the market model is different from the previous studies. The returns are modeled to follow GARCH process, as opposed to the regular OLS procedure, which assumes homoscedasticity in residual returns. Average abnormal returns and cumulative average abnormal returns are calculated for the [-25, +25] event window, with the ADR listing date being the event date. The results indicate a significant negative abnormal local market return on an ADR listing day. The return volatilities after the listing are compared to those before the listing. Eleven out of sixteen companies experienced increased volatility of local returns after the cross-listing.finance, Russia, international cross-listings, ADRs

The relative importance of nonverbal package attributes : A conjoint study of generic chocolate packages

This thesis is a part of ”Visual Impact” project held at Arcada UAS. The aim of this study is to determinate the relative importance of nonverbal attributes, such as, shape, color, font and image on the example of chocolate packages. The study is limited to consumer packages. Literature review was conducted based on journal articles and internet sources. In order to analyze the relative importance of nonverbal attributes a conjoint analysis was applied. A questionnaire was created to obtain necessarily information for the experiment. A sample of 87 participants was used in order to get the reliable results. For the experiment generic chocolate packages were made. All participants were asked to both score and rank the packages. Packages were created based on the four levels (shape, color, font and image) and their sublevels. Sublevels included three shapes (rectangular, bar and square); four colors (blue, red, brown and white); three fonts (Script, Serif and San Serif); image (either exist or not). An orthogonal design limited possible outcomes to 16 packages. The obtained results were analyzed from different angels. First, overall data was analyzed and discussed. Then the data was analyzed based on participant’s gender and the regular amount of chocolate consumption. During this study it was found out that an image on the package has the highest relative importance among four attributes. The least important nonverbal attribute is a shape. Clearly, it could be concluded that packages with an image are more preferable for consumers and attract more attention

PEDAGOGICAL REFLECTION AS A METHOD OF PROFESSIONALLY-ORIENTED FORMATION OF SOCIO-CULTURAL COMPETENCE AT FUTURE FOREIGN LANGUAGE TEACHER TRAINING

The language policy focus on multilingualism and multicultural education necessitated to train a foreign language teacher who is able to teach students efficient cooperation in multilingual and multicultural environment. Young teachers face into difficulties when passing from the social role of a student to the social role of a teacher, so far as language training at university is to a greater extent subject-related rather than professionally-oriented. The main goal of the paper is to view vocational training peculiarities of future foreign language teachers from the perspective of socio-cultural approach. The article presents professionally-oriented ways of socio-cultural competence formation of a future teacher at a practical foreign language lesson. The author proves that the decisive condition to ensure the professional direction of socio-cultural competence formation is pedagogical reflection, which makes it possible to get students involved in the reflective development of the inner space of their future professional activity. The proposed system of tasks is aimed to involve students in the reflective analysis of their own strategies how to learn a foreign culture, their functional role in the process of education and, on the other hand, to make sense of the teacher’s performance and the professional relevance of the educational process. As the way of evidence of the proposed tasks efficiency, the observation   results on students at teaching practice and school teachers’ survey data are given.

The problem of formalization of some nonstandard semantics

I shall propose the formalization of some nonstandard semantics in sequential form

Linguistische Komplexität - Ein Phantom? : Tagung auf Schloss Rauischholzhausen vom 30. September bis 2. Oktober 2015

Vom 30. September bis 2. Oktober 2015 fand die von Mathilde Hennig (Justus-Liebig-Universität Gießen) organisierte Tagung zum Thema „linguistische Komplexität“ in Rauischholzhausen statt. Das Phänomen der Komplexität beschäftigt die linguistische Forschung bereits seit einiger Zeit, insbesondere die Begriffsbestimmung sowie die Operationalisierung des Begriffs. Das Ziel der Tagung war, „durch einen möglichst breiten Blick auf Detailfragen linguistischer Komplexität in ‚well-defined areas‘ eine Ausgangsbasis für übergreifende Diskussionen zu den Beziehungen zwischen Komplexitätsbefunden auf verschiedenen linguistischen Ebenen und unter verschiedenen Gesichtspunkten zu schaffen“ (Tagungsexposé M. Hennig). In insgesamt vierzehn Beiträgen beleuchteten die Vortragenden das Phänomen der linguistischen Komplexität aus unterschiedlichen Blickwinkeln. Mit Fragen der Begriffsbestimmung befassten sich explizit Fischer, Engelberg, Lobin, Warnke und Staffeldt. Die Möglichkeiten der Operationalisierung und der Anwendung wurden in allen Beiträgen angesprochen; fokussiert wurden dabei unterschiedliche linguistische Beschreibungsebenen sowie vielfältige Zusammenhänge mit anderen semiotischen Ressourcen