5,158 research outputs found

    A study of market efficiency in the period preceding earnings announcements

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    Thesis (S.B.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2006.Includes bibliographical references (leaf 23).The Efficient Market Hypothesis, which has been one of the fundamental propositions of finance for over 30 years, implies that an investor, whether he is an amateur or a professional trader, cannot consistently beat the market. In this study, we examine if this theory holds in the period preceding an earnings announcement, by testing whether there is a relationship between stock returns before and after an earnings announcement. We find that there exists a negative correlation between pre-earnings returns and post-earnings returns for small capitalization stocks that could be explained by investor irrationality. This relationship is statistically significant for pre-earnings returns calculated up to a 10 day period preceding an earnings announcement and strongest over a 3 day period. We also tested to see if there was a correlation between the earnings results in the last quarter and the movements in stock price prior to this quarter's earnings announcement, and did not observe any statistically significant outcomes.by Alika M. Phipps.S.B

    Action Forcing Under NEPA: Beyond the Environmental Impact Statement

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    A Line Drawn By Unsteady Hands: Section 170, Charitable Contributions, And Return Benefits in Hernandez v. C.I.R.

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    This Note analyzes the majority decision and dissenting opinion in Hernandez, which have far-reaching implications for charitable organizations, taxpayers, and the government. Traditional tax deductions for charitable organizations may be in danger and these organizations may suffer economic difficulty

    La construcción del espacio y tiempo en El cuarto de atrás de Carmen Martín Gaite y la pintura de Remedios

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    Thesis (S.B. in Humanities and Engineering)--Massachusetts Institute of Technology, Dept. of Humanities, 2006.Includes bibliographical references (leaves 24-27).Durante la Guerra Civil Espafiola y los años de Franco, habia poco lugar para los pintores y los autores de obras literarias, especialmente aquellos de inclinación liberal, y mucho menos para las mujeres entre ellos. Como resultado, tanto Remedios Varo como Carmen Martín Gaite se exiliaron, la primera literal y la segunda figurativamente. Las dos artistas aprendieron a forjar espacios intemos para sí mismas. En el caso de Varo, esto consiste en la creación de un universo hermético con sus propias leyes. Este universo encantado se caracteriza por creaciones híbridas de elementos dispares e inversiones del orden natural. Además, dentro de este universo, que se puede considerar un espacio interno en sí, existe otro nivel de espacios, como las secciones transversales de cuartos fantasiosos y las prendas de vestir que sirven como escondites. Asimismo, la realidad estratificada de El cuarto de atrás (1978) de Martin Gaite tiene su propia estructura única, y dentro de esta realidad, hay varios espacios internos como el cuarto de atrás del título y la isla de Bergai. La tela de estos espacios entreteje tanto lo fantástico como lo real de tal manera que el mundo resultante no es enteramente posible aunque es casi verosímil. También, la manera en que las dos artistas construyen el tiempo en sus obras se parece al concepto de tiempo de Einstein, salvo algunas idiosincrasias.by Heather M. Phipps.S.B.in Humanities and Engineerin

    A Study of a Mini-drift GEM Tracking Detector

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    A GEM tracking detector with an extended drift region has been studied as part of an effort to develop new tracking detectors for future experiments at RHIC and for the Electron Ion Collider that is being planned for BNL or JLAB. The detector consists of a triple GEM stack with a small drift region that was operated in a mini TPC type configuration. Both the position and arrival time of the charge deposited in the drift region were measured on the readout plane which allowed the reconstruction of a short vector for the track traversing the chamber. The resulting position and angle information from the vector could then be used to improve the position resolution of the detector for larger angle tracks, which deteriorates rapidly with increasing angle for conventional GEM tracking detectors using only charge centroid information. Two types of readout planes were studied. One was a COMPASS style readout plane with 400 micron pitch XY strips and the other consisted of 2x10mm2 chevron pads. The detector was studied in test beams at Fermilab and CERN, along with additional measurements in the lab, in order to determine its position and angular resolution for incident track angles up to 45 degrees. Several algorithms were studied for reconstructing the vector using the position and timing information in order to optimize the position and angular resolution of the detector for the different readout planes. Applications for large angle tracking detectors at RHIC and EIC are also discussed.Comment: Submitted to the IEEE Transactions on Nuclear Scienc
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