R&D project announcements and the impact of ownership structure

This paper examines the stock market reaction to research and development (R&D) announcements made by listed UK companies. R&D projects on average are found to be associated with significant positive abnormal returns. However, the level of these abnormal returns varies significantly with the ownership structure of the firm. In particular, it is found that the level of abnormal returns are significantly lower for companies with large institutional investors. This negative relationship may be associated with short-term pressures on the performance of institutional investors

Joint venture investments and the market value of the firm

The impact of Joint Venture announcements on the market value of UK listed companies is examined. Based on a sample of 158 announcements of either joint venture formation or joint venture activities, significant positive market-adjusted abnormal returns of 0.5% on the announcement date are observed. Cross-sectional analysis reveals that abnormal returns are significantly lower when undertaken by large companies, or where the project is located in Asia. On the other hand, market-adjusted returns are found to be significantly higher when the project is large compared to the size of the company undertaking the investment, and where the project is either domestic or located within the European Union

Empirical evidence on the determinants of the stock market reaction to product and market diversification announcements

The announcement of product and market diversification projects lead to significant abnormal returns of 1.1%. However, the gains are higher for new products than for new markets, and for companies with high price-earnings ratios and low (or zero) dividend yields

Calculation of evapotranspiration using color-infrared photography

Data from 38 color-infrared photographic missions flown during a five year period over the Gila River Phreatophyte Project in southeastern Arizona were analyzed to determine the possibility of identifying and measuring vegetative parameters and their associated hydrologic variables by spectral analysis of the photographs. The derived spectra equations are discussed, and a table of 24 statistical parameters describing the spectral and hydrologic variables is included

Heavy Rainfall Warning Assessment Tool User Guide. Version 1.2

This report is a User Guide to a PC tool for assessing Heavy Rainfall Warnings. Development of the PC tool formed an important operational output of the Environment Agency and Met Office funded project: "Development of Rainfall Forecast Performance Monitoring Criteria. Phase 1: Development of Methodology and Algorithms" (Jones et al., 2003). The Heavy Rainfall Warning (HRW) Assessment Tool is a toolkit for Microsoft Excel. The tool allows the user to configure an assessment framework for a particular format of Heavy Rainfall Warning, enter and save data for forecasts and ground-truths, and generate a range of performance measures and other statistics for new and previously saved data. Summary tables are presented using Excel's PivotTable feature, from which charts can also be generated. Performance measures are provided to assess forecasts of heavy rainfall in continuous variable, categorical and probability form: these include bias, rmse, R-squared Efficiency, skill scores and the Continuous Brier Score

Managing creative eco-innovation: Structuring outputs from eco-innovation projects

Increasing legislative pressures and consumer awareness of environmentally efficient products are causing businesses to look at Sustainable Product Design (SPD) as an opportunity to improve their products and processes. Business and academia have identified a need for strategic approaches to SPD that will result in ‘step-change’ improvements in the design of products and services. Eco-innovation aims to develop new products and processes which provide customer and business value but significantly decrease environmental impact. Eco-innovation considers environmental aspects of the product at early stages of the New Product Development process. The research presented in this paper looks at the use of eco-innovation tools and focuses on idea generation within ecoinnovation processes. Two novel tools were developed to help review the results from previously conducted eco-innovation workshops: the Standard Design Process Form and the Product Ideas Tree (PIT) diagram. This paper shows the development of these two tools and demonstrates their potential to assist in structuring and documenting ideas throughout the eco-innovation process. The paper discusses the benefits of using such documentation and how it may subsequently improve the management of eco innovation throughout the design process

Company investment announcements and the market value of the firm

This paper examines the stock market reaction to 402 company investment announcements made by UK companies during the 1991-1996 period. The market-adjusted abnormal returns are generally positive but small. Investment announcements are classified according to functional categories, and we find the level of abnormal returns to vary according to the type of capital investment being announced. In particular, we find the market to react more favourably to investments that 'create' future investment opportunities, than to investments which can be categorized as 'exercising' investment opportunities. The market reaction also varies with firm size, with large companies tending to experience smaller responses to announcements than do smaller firms. Chung et al. (1998) reported that the quality of a company's investment opportunities is the primary determinant of market reactions to capital expenditure decisions. The findings presented here lend some support to a role for investment opportunities in market valuations. Project size is also found to have a significant positive impact on the level of abnormal returns

Simulation and control engineering studies of NASA-Ames 40 foot by 80 foot/80 foot by 120 foot wind tunnels

The development and use of a digital computer simulation of the proposed wind tunnel facility is described. The feasibility of automatic control of wind tunnel airspeed and other parameters was examined. Specifications and implementation recommendations for a computer based automatic control and monitoring system are presented