<p>Den här uppsatsen behandlar företag som är listade på Stockholmsbörsen som gjorde omvänd split mellan 1995 och 2004. Företagen är testade för abnormal avkastning kring tillkännagivandet av den omvända spliten, samt förändringar i köp-sälj ratio, handels volym och antalet handelsdagar där ingen handel skedde i aktien. Inga abnormala avkastningar eller signifikanta förändringar i köp-sälj ration eller handelsvolymen kunde hittas. Däremot så visar förändringen i antalet handelsdagar utan handel i aktien en försämring och antalet handelsdagar minskade i de aktier som genomgått en omvänd split. Detta medför att likviditeten minskade för de företag som genomförde en omvänd split.</p> / <p>This paper addresses reverse splits for firms trading on the Stockholm stock exchange between 1995 and 2004. The related sample are tested for abnormal returns surrounding the announcement day of the reverse split, as well as any changes in bid-ask spread, trading volume and the number of non-trading days. No findings of abnormal returns or significant changes in either bid-ask spread or trading volume could be found, while the number of non-trading days for the whole sample increased. This may suggest that the marketability decreased for the reverse splitting firms.</p>

We study the intraday behavior of bid-ask spreads for actively traded TAIEX option in Taiwan. A study of quality of price quotation offered by market makers is important because the market makers have the responsibilities to keep trading costs low and promote price discovery. Due to the observed wider price quotation from market makers, we find that market makers offer inefficient price quotations to fulfill their obligations under requirement of market making. Moreover, ways of quotation market makers choose, indeed, affect the price quotation of market makers. We also find foreign institutional investors (QFIIs) and market makers bear lower execution cost when they deal on TAIEX option market. Overall, despite the large trading volume and increasing liquidity in TAIEX option, our results suggest that market makers do not play an important role to the market liquidity of TAIEX option market as we thought previously. / We study the intraday behavior of bid-ask spreads for actively traded TAIEX option in Taiwan. A study of quality of price quotation offered by market makers is important because the market makers have the responsibilities to keep trading costs low and promote price discovery. Due to the observed wider price quotation from market makers, we find that market makers offer inefficient price quotations to fulfill their obligations under requirement of market making. Moreover, ways of quotation market makers choose, indeed, affect the price quotation of market makers. We also find foreign institutional investors (QFIIs) and market makers bear lower execution cost when they deal on TAIEX option market. Overall, despite the large trading volume and increasing liquidity in TAIEX option, our results suggest that market makers do not play an important role to the market liquidity of TAIEX option market as we thought previously.

Essen, Univ., Diss--Duisburg, 2008.

Apoptosis is a conserved program of cell death that promotes organism homeostasis in all stages of life. Two main pathways activate caspases, which are cysteinyl-aspartate proteases that execute apoptosis. The extrinsic pathway is initiated by cell surface death receptors, while the intrinsic pathway is initiated by intracellular signals that cause permeabilization of the outer mitochondrial membrane (MOMP). The Bcl-2 protein family regulates MOMP, which causes the release of several pro-apoptotic proteins (such as cytochrome c, Smac) into the cytosol. Bcl-2 proteins share homology in up to four "BH" domains and are subdivided into three subgroups. Pro-apoptotic Bax and Bak catalyze pore formation in the mitochondria, while anti-apoptotic members (Bcl-2, Mcl-1) inhibit MOMP. The third subgroup, termed BH3-only, promotes MOMP by either antagonizing Bcl-2 proteins or by directly activating Bax/Bak, and initiate apoptosis in response to various stressors, including heat shock (HS). Hyperthermia or acute HS reportedly induces apoptosis through caspase-2-mediated cleavage of BID, engaging the intrinsic pathway. However, additional evidence suggests that this pathway could represent an amplification loop. Thus we hypothesized that during HS, another BH3-only protein such as BIM, that does not require cleavage, could engage MOMP. Herein, we report that BIM mediates an alternative HS-induced apoptosis pathway. Cells lacking BIM are resistant to HS and exhibit better short and long-term survival than either Bid[superscript -/-] or Bax[superscript -/-]Bak[superscript -/-]. Moreover, caspase-2 induces apoptosis in Bim[superscript -/-] but not Bid[superscript -/-] cells, implying that caspase-2 kills exclusively through BID. Interestingly, Bim[superscript -/-] and Bax[superscript -/-]Bak[superscript -/-] cells are entirely resistant to MOMP, but the Bax[superscript -/-]Bak[superscript -/-] cells still undergo caspase-3 activation and remain partially sensitive to HS, indicating that BIM triggers caspase-3 activation upstream of mitochondria. Thus, BIM plays an important role in HS-induced apoptosis. Hyperthermia has clinical applications for the treatment of solid tumors. Unfortunately, a practical limitation is the development of thermotolerance, which confers resistance not only to subsequent HS but also to radiotherapy and chemotherapy. Therefore, a better understanding of the molecular mechanisms involved both in heat-induced apoptosis and thermotolerance could lead to new therapeutic interventions. Here we also show evidence for a putative role for the stress kinase JNK signaling pathway in the regulation of thermotolerance. / text

Although existing cross-border M&A research suggests that national pride is associated with higher bid premiums, the underlying rationale behind these national pride bids is unclear. We study two plausible explanations for this phenomenon: payment for a prearranged expansion strategy (real options) and bidders’ lack of experience in a target country (organization learning). Using a sample of cross-border acquisitions of developed-country targets by developing-country acquirers, we perform an extensive media search to identify 36 acquisitions that involve national pride. We divide these 36 acquisitions into those with zero bids completed in that particular country prior to the national pride bid (non-foothold bidders) and those with at least one bid completed in that country before the national pride acquisition (foothold bidders). We find that the higher premium paid in so-called national pride bids is primarily attributable to the non-foothold acquirers. Since non-foothold characteristics can proxy for either lack of experience or higher value of embedded real options, or both, we perform further tests which confirm that the higher premium of national pride bids can be attributed to both channels, supporting both organizational learning theory and real options explanation. We further demonstrate that national pride acquirers underperform operationally post-acquisition, and such underperformance is also attributable to the non-foothold acquirers. One explanation for this finding is the lack of prior acquisition experience of non-foothold bidders.

Smulkiųjų akcininkų interesų apsaugos ir efektyvios įmonių perėmimo rinkos (angl. “efficient takeover market”) kategorijų konfliktiškas santykis privalomo akcijų pardavimo institute tampa pagrindine dilema įstatymų leidėjui nustatant privalomo akcijų pardavimo procedūrą ir įmonių perėmimus reguliuojančias taisykles. Privalomas akcijų pardavimas Lietuvoje yra ganėtinai naujas teisinis reiškinys. Tą patį galima pasakyti apie EB lygiu įtvirtintą šio instituto teisinio reguliavimo modelį. Kita vertus, kai kuriose ES valstybėse privalomo akcijų pardavimo teisė legalizuota gerokai anksčiau negu minėtasis, Tryliktąja įmonių teisės Direktyva dėl įmonių perėmimo pasiūlymų įtvirtintas, modelis. Ši koncepcija ilgesnį laiką žinoma ir JAV valstijų teisės sistemose. Privalomu akcijų pardavimu yra laikoma situacija, kai didysis įmonės akcininkas, kuris turi tam tikrą įmonės kontrolės dalį, savo iniciatyva už įstatymų numatytu būdu nustatytą kainą išperka įmonės smulkiųjų akcininkų turimas akcijas. Tryliktąja įmonių teisės direktyva pristatytas privalomo akcijų pardavimo modelis dėl direktyvoje naudoto minimalaus harmonizavimo metodo nesuvienodino ES valstybių nacionalinių privalomo akcijų pardavimo teisinio reguliavimo modelių, tiesiog kai kuriais atvejais tokios teisės taikymą išplėtė įmonių, kurių akcijomis prekiaujama reguliuojamoje rinkoje akcijų atžvilgiu. Nors privalomo akcijų pardavimo įgyvendinimo procedūros bei atvejai, kada ir kam galima tokia procedūra pasinaudoti, skiriasi... [toliau žr. visą tekstą] / Conflicting interests of minority shareholder protection and efficient takeover market constitute a fundamental dilemma for squeeze-out procedure and takeover regulation. Squeeze-out is a new concept in Lithuania. The same can be indicated about squeeze-out regulations on Community level. On the other hand, in some of EU member states the squeeze-out right was legalized well before the aforementioned Community rules on squeeze-outs were adopted in Thirteenth company law directive. Squeeze-out right is mature and well-known concept in USA. Squeeze-out right defines a situation where major shareholder, which has obtained particular amount of control in target company, on his own initiative forces minority shareholders to sell their shares to him for the price set under procedure prescribed by the laws. The regulation of squeeze-outs introduced by Thirteenth company law directive did nor manage to harmonize national squeeze-outs rules of member states as the Directive set only the minimum standards for national legislation. The only thing that was done by the Directive, was the extension of scope of national rules to include squeeze-out right given to all controllers of listed companies. Though procedures used to implement squeeze-outs and availability of squeeze-out right differ from jurisdiction to jurisdiction, similar practical and theoretical problems that rises because or in relation to with squeeze-out right can be identified. Within such problems the problem of “fair”... [to full text]

This paper examines the effects of disclosures on information asymmetry by studying bid-ask spreads around independent management forecasts and earnings announcements released with forecasts. The findings suggest the disclosure of independent management forecasts increase information asymmetry in the market rather than resolving it. Regulation FD has reduced the overall level of information asymmetry in the market with respect to both earnings announcements and management forecasts although it has a greater effect on management forecasts, post-forecast spreads. Closer analysis reveals that when “good news” forecasts and separated from “bad news” independent management forecasts, good news management forecasts decrease information asymmetry. Since initial tests demonstrated that management forecasts increase information asymmetry, these findings suggests that the magnitude of the effect of bad news management forecasts is greater than that of good news forecasts.

The thesis investigates a number of auction formats both theoretically and empirically. The effect of different auction rules on the final price and on bidder valuations is analyzed. Results from an experimental sale of real goods, testing revenue equivalence of the open and sealed-bid second-price auction do not conform to theoretical predictions: the open auction leading to significantly lower prices than the sealed-bid auction. It turns out that the open auction format allows bidders to satisfy a tendency to "stick together" with their valuations. The empirical results motivate a dynamic bidding model of interdependent valuations, bidders being uncertain about their valuations and learning from the exit-prices of their rivals. Furthermore, bidding behavior on the Internet is investigated in the hard close and the automatically extended auction. Late bidding is shown to be a rational strategy in the hard close auction, but not in the automatically extended auction. Theoretical results show that the expected final price and seller revenue is lower in the hard close auction than in the automatically extended auction, where prestige-concerns can lead to an explosive final price. Moreover, Yahoo auction data confirms the strong presence of late bidding in the hard-close auction and the seller's preference for the automatically extended auction. (author´s abstract)

This research exposes to examination and understanding the law governing procurement of construction and engineering works and services. The thesis captures both development of common law and judicial determination of statutory law. It takes the form of published journal articles and conference papers which discuss legal issues relevant to construction procurement and conclude with recommendations for clients and construction project managers on how to better manage the procurement process. The work reveals, inter alia, the extent to which contract law regulates the tendering phase of construction procurement and places the client under an obligation to the tenderer characterised as 'fair dealing' or 'good faith'. Chapter 1 is of an introductory nature. Chapter 2 sets the crime of manslaughter arising out of construction site fatality as a procurement issue. The author notes the UK government's intention to introduce the new offences of reckless killing, killing by gross carelessness and corporate killing. Chapter 3 discusses cases where disaffected parties to the tendering process have made private law challenges of that process seeking compensation for the other party's alleged irregularities. The client is generally obliged in law to treat all tenderers equally and fairly and to refrain from evaluating tenders and awarding contracts other than in accordance with the rules set down in the tender conditions. Chapter 4 addresses the question: do traditional tendering processes encourage, or merely permit, contractor innovation? Several tender codes are reviewed to establish whether these codes provide for, or encourage, innovative proposals from competing bidders. Chapter 5 provides updating case material for the period 1999-2000 which helps to underpin the conclusions and recommendations set out in Chapter 12. Chapter 6 is a criticism of the NJCC's Code of Procedure for Single Stage Selective Tendering and the CIB's Code of Practice for the Selection of Main Contractors. Suggestions are made as to what a new tender code might include in the light of selected decisions of the common law courts. It is argued that a set of 'standard' tender rules should become the terms of a 'tender contract'. Those rules would properly reflect decisions of the courts and would be accepted by all parties to the process as a tender contract document. Chapter 7 discusses how the common law protects the integrity of construction procurement by imposed or assumed contractual obligations. Procurement of subcontract works is also considered. The author concludes that the tendering contract operates between main contractor and subcontractor as it does between owner/ developer and main contractor, and that the 'two contract' analysis provides the best basis for upholding integrity of the bidding process. Chapter 8 sets out advice for quantity surveyors and project managers derived from the decisions of the common law courts. The author argues that practice should be shaped to reflect the obligations assumed by parties in common law so as to avoid claims from aggrieved bidders. In Chapter 9 the focus shifts from private to public law. A Scottish court denied a remedy to the unsuccessful bidder on the grounds that the contract award process was unfair, unreasonable and in breach of natural justice. The author argues that a successful case might have been made out in private law and concludes with recommendations as to how the tender process might be better conducted. Chapter 10 deals with public procurement under the rules of the European Union (EU), noting a particularly important decision by the European Court of Justice that contracting authorities are obliged to treat all tenderers equally and fairly, a duty that parallels that found in common law and discussed in Chapters 2 through 8. Chapter 10 concludes with an article on Rv Portsmouth City Council (1996), reviewing both decisions at first instance and in the English Court of Appeal. Chapter 11 considers the risks of developers and contractors by examining the effectiveness of 'controls' imposed by common law when the usual statutory controls are temporarily withdrawn. It can be seen that the common law has not evolved to protect the interests of neighbours and local residents from the perils and hazards of property development which result in environmental degradation. This chapter concludes with recommendations as to how developer and constructors might minimise their impact on adjacent property owners. Chapter 12 presents a summary of the conclusions drawn from the completed research project and the author's recommendations for further research within the procurement topic.

Subsequent to preparation of a valid base estimate for a construction project tender, it is required to add a bid markup on top of the base estimate. While an exaggerated bid markup weakens the competitiveness of the contractor, an underestimated one makes the contractor susceptible to financial losses. Therefore, an effective and reliable bid markup estimation method is indispensable to the success of a contractor both at the tender and the performance stages. The prevalent practice among contractors is to identify a certain percentage to add on the base estimate relying on their judgment without substantial ex! plicit support. In this thesis, a case based decision support system, which will count on the experience of the top experts of Turkish international contractors, will be constructed. Meanwhile, factors which are essential to bid markup estimation are to be identified.