The Pump-Priming Effect of Regulatory Reform on Stock Repurchases : Evidence from Lifting the Ban on Treasury Stocks in Japan

This study investigates corporate reactions to the deregulation of stock repurchases set forth on 1 October 2001, in Japan, by looking at the motivations for stock repurchases. We found that stock repurchases increased significantly after the ban on treasury stocks was lifted. Our results show that firms with free-cash flow problems initiated a repurchase plan to distribute excess cash to shareholders and reduce agency costs over the sample period. In addition, firms who wanted to signal undervaluation also undertook stock repurchases over the sample period. These firms were affected by the deregulation, unlike firms that repurchase to reduce agency costs. We determined that firms with weak incentives to signal undervaluation increased stock repurchases significantly in order to respond to the deregulation, since these firms had the ability to take advantage of treasury stock purchases.Treasury stocks, Undervaluation, Takeover deterrence, Capital structure, Cash distribution

“I ♥ Boobies! (Keep A Breast)” Bracelets: What’s your policy?

The United States Supreme Court has been asked to review a 2013 Third Circuit Court of Appeals reling against a Pennsylvania school district that disciplined students for wearing “I love Boobies! (Keep A Breast)” bracelets. This article reviews litigation related to the effort by schools to regulate bracelets and associated student freedom of expression concerns. School administrators concerned with regulating the bracelets are offered policy suggestions

Balancing Student Rights and the Need for Safe Schools

The purpose of this study was to examine if school safety and security can be maximized without reducing student rights and freedoms. A review of school violence literature supports the early research on how schools should respond to school violence. An analysis of court cases that have arisen from legislative and school responses to school violence concludes that student rights continue to be challenged, and that cyber-speech cases are an unsettled and growing area of litigation. Students today are affected by tragic school shootings and the aftermath of the September 11, 2001 terrorist attacks. School districts face a dilemma as they attempt to balance the issues of school safety and student rights. This study is concerned with school districts' enforcement of new laws and policies written in response to school violence. While it is easy to understand why school officials are obligated to provide student safety, a more subtle and yet impassioned argument exists for the school officials to also be guardians of student liberty. As school officials attempt to balance the rights of students with the need for safe schools, they face significant challenges. The implications for school personnel are far-reaching, and administrators should take into consideration the fact that students face violence both at school and away from school. Analyzing what programs and policies are in place in schools reveals what works and does not work to prevent school violence. Most studies discredit zero tolerance policies, as well as support anti-violence programs that do not diminish student rights. School administrators need guidance that helps them make decisions that protect their students and additional guidance to help them make decisions that respect student rights. The concern of striking the proper balance of school safety and student freedom should be a part of the consideration when implementing school safety programs. Educators wishing to develop school environments that keep students safe without taking a toll on student freedom have research and resources to turn to

Spin Hall effect due to intersubband-induced spin-orbit interaction in symmetric quantum wells

We investigate the intrinsic spin Hall effect in two-dimensional electron gases in quantum wells with two subbands, where a new intersubband-induced spin-orbit coupling is operative. The bulk spin Hall conductivity $\sigma^z_{xy}$ is calculated in the ballistic limit within the standard Kubo formalism in the presence of a magnetic field $B$ and is found to remain finite in the B=0 limit, as long as only the lowest subband is occupied. Our calculated $\sigma^z_{xy}$ exhibits a nonmonotonic behavior and can change its sign as the Fermi energy (the carrier areal density $n_{2D}$) is varied between the subband edges. We determine the magnitude of $\sigma^z_{xy}$ for realistic InSb quantum wells by performing a self-consistent calculation of the intersubband-induced spin-orbit coupling.Comment: 7 pages, 3 figure