Please wait, while we are loading the content...
Please wait, while we are loading the content...
| Content Provider | Springer Nature Link |
|---|---|
| Author | Hull, Robert M. Kwak, Sungkyu Walker, Rosemary L. |
| Copyright Year | 2014 |
| Abstract | Unlike the IPO research, the SEO research has not examined the relation between insider behavior and R&D changes around offering dates. We tread new ground by examining this relation for SEOs. Like the IPO research, we find a positive association between changes in R&D and changes in insider ownership proportions. However, the comparison of SEOs with IPOs fails to generate complete agreement. For example, our insider results for SEOs are driven as much by five percent owners as by directors and officers, while IPO results are driven by directors and officers. Furthermore, while the IPO research and our SEO study both find evidence for the earnings manipulation hypothesis, our SEO results also offer support for the R&D signaling hypothesis. This latter support is due strictly to the five percent ownership group. Additionally, our insider results for SEOs indicate that endogeneity is just as pronounced during non-bubble periods as bubble periods. For IPOs, the evidence indicated endogeneity was a bubble period phenomenon. The main factor in explaining differences between SEOs and IPOs involves the five percent group consisting of large institutional owners who can amass large holdings and, along with directors and officers, control decision-making around SEOs. This decision-making cannot only reduce R&D to inflate earnings when insiders are lowering their ownership but can also increase R&D when insiders are prone to increase their ownership based on positive sentiments. For this positive situation, firms are more likely to be increasing capital expenditures with the five percent owners pushing this agenda. |
| Starting Page | 258 |
| Ending Page | 276 |
| Page Count | 19 |
| File Format | |
| ISSN | 10550925 |
| Journal | Journal of Economics and Finance |
| Volume Number | 40 |
| Issue Number | 2 |
| e-ISSN | 19389744 |
| Language | English |
| Publisher | Springer US |
| Publisher Date | 2014-11-07 |
| Publisher Place | New York |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Insider Ownership R&D Seasoned Equity Offerings Economics Macroeconomics/Monetary Economics//Financial Economics Finance |
| Content Type | Text |
| Resource Type | Article |
| Subject | Finance Economics and Econometrics |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
| Sl. | Authority | Responsibilities | Communication Details |
|---|---|---|---|
| 1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
| 2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
| 3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
| 4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
| 5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
| 6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
| 7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
| 8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
| 9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |
|
Loading...
|