No description available.

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This study examines the tone of management disclosures and their impact on capital markets. In particular, I examine the positive and negative tone, as defined by the Harvard IV-4 Dictionary, during conference calls and the impact on analyst accuracy, dispersion of analysts' estimates, cumulative abnormal returns, abnormal trading volumes, and the number of days after the end of the quarter. Results indicate that pessimism is significantly related to decreased analyst accuracy. A one percent increase in the pessimism of a conference call results in a decrease in analyst accuracy by approximately 10%. In addition, an increase in pessimism is associated with an increase in the dispersion of analysts' estimates. Pessimism is related to negative abnormal returns in the 30 days after the end of the conference call and also to increased trading volume in the three days after the conference call. A one percent increase in the pessimism of a conference call is related to a negative abnormal return of approximately .4%. These findings are consistent with the theory that the positive and negative tone of a conference call provides incremental information to the capital markets. I am unable to find significant results for an increase in the number of days between the end of the quarter and the conference call date. These results are robust to using a more financially oriented dictionary created by Loughran and McDonald (2011) / Ph. D.

published_or_final_version / Computer Science / Master / Master of Philosophy

published_or_final_version / Psychology / Doctoral / Doctor of Philosophy

Since 1950, wind band repertoire has experienced accelerated change and growth. There has been a shift from orchestral transcriptions, in which wind instruments frequently have been used formulaically, to original compositions for wind band that explore new timbre possibilities. This study analyzes selected band pieces composed since 1950, paying particular attention to the use of timbre. Specific developments that are discussed, in addition to the change in band instrumentation, are the new emphasis on percussion, and the exploration of new instrument combinations and their resulting timbres. This study primarily focuses on Symphony in B-flat for Band (1951) by Paul Hindemith, Music for Prague 1968 by Karel Husa, and " ... and the mountains rising nowhere" (1977) by Joseph Schwantner. These pieces represent the efforts of renowned composers whose music is considered significant in band repertoire. Hindemith's Symphony in B-flat conforms to the standard instrumentation of the period, as dictated by the American Bandmasters Association in 1945. Husa's Music for Prague 1968 reflects considerable expansion of instrumentation, and expands the role of the percussion section. Schwantner's " ... and the mountains rising nowhere" marks a deliberate nullification of the standard instrumentation for which Hindemith and Husa composed. Even though these composers have continued to make traditional use of form and harmony, their experiments have made the band's instrumentation more flexible than that of the pre-1950 era. These composers have exploited expanded percussion writing and new combinations of instruments. The transition from a pre-determined instrumentation dictated by external influences (Hindemith), through an expansion of that standard (Husa), to a music that is freed from any instrumentation limitations (Schwantner) reflects increasing composer interest in timbre as a primary compositional element. Composers continue to experiment with the instrumentation of the band, excluding traditional instruments and adding others. They have created great flexibility in the size and make-up of wind band instrumentation and generated music that places timbre in a position of high priority.

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No description available.