Digital Commons Network^™

Information Asymmetry, Capital Structure And Equity Value Of Firms Listed On The Wse, Milena Gralewska, Anna Białek-Jaworska

Journal of Banking and Financial Economics

The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic panel- data approach with instrumental variables. Data retrieved from the Notoria, Bloomberg and Orbis databases were used. The results show that despite its impact on reducing the cost of capital, increasing debt does not lead to an increase in equity value. Therefore, the benefits of higher short-term leverage are limited and visible only for long-term …

The Impact Of Nominal Negative Interest Rates On The Economy – Literature Review, Jakub Kubiczek

Journal of Banking and Financial Economics

Until recently, negative nominal interest rates of the central bank were in the sphere of theoretical considerations. In 2009, the Swedish Central Bank was the first to implement a negative interest rate policy (NIRP). Since then, the NIRP has been implemented by the National Bank of Denmark, the European Central Bank, the Swiss National Bank and the National Bank of Japan. Unfortunately, due to the large number of simultaneous factors affecting the economy, it is extremely difficult to determine the long-term effects of NIRP implementation. Furthermore, the magnitude of the impact and the global extent of the coronavirus pandemic would …

Dividend Versus Investment – Cash Flow Allocation, Elżbieta Bukalska, Anna Maziarczyk, Kinga Ociesa

Journal of Banking and Financial Economics

The aim of the article is to find out about the pattern in which operating cash flows are allocated between dividends and investment. We analyzed 419 companies from the Warsaw Stock Exchange and covered the period of 2007–2020 with 4,760 firm-year observations. We prepared regression models for the dividend and investment ratio depending on the company specificity. We found a positive relation between dividends and investment. Additionally, we found that with the increase of operating cash flow, both dividends and investment increase. We think that the best explanation of our findings lies in the free cash flow hypothesis and signaling …

The Concept Of Using The Excess Rate Of Return In The Study Of The Impact Of Eu Ets On The Value Of Enterprises, Paweł Witkowski

Journal of Banking and Financial Economics

The aim of the study is to assess the impact of the EU ETS on the profitability and the excess rate of return (ERR), which is the difference between profitability and the cost of capital. The study was conducted between 2008 and 2016 on a sample of 91 very large companies covered by the EU ETS. Models for panel data were used for the analysis. No statistically significant relationship between emission allowances and return on equity was found. However, a statistically significant relationship between emission allowances and ERR was detected. This could mean that companies were able to pass on …

The Impact Of Earnings Management On The Value Of Companies – The Role Of Ownership Structure, Adam Adamczyk, Sławomir Franek

Journal of Banking and Financial Economics

The aim of our paper is to test whether there is a relationship between earnings management and the market value of companies with different ownership structures. Additionally, we examined whether ownership control determines earnings management. Our study was conducted on 632 non-financial companies listed on the Warsaw Stock Exchange between 2013 and 2020. We have assessed panel data models showing that there is no relationship between earnings management and company value. However, there is a negative and statistically significant relationship for companies without a majority direct investor. We also showed that, despite the different impact of manipulation on company value, …

How Do The Lengths Of The Lead Lag Time Between Stocks Evolve? Tick-By-Tick Level Measurements Across Two Decades, Bing Anderson

Journal of Banking and Financial Economics

There has been an extraordinary decrease in order execution time on stock exchanges in the past two decades. A related question is whether there has been a similar reduction in orders of magnitude for the lengths of the lead lag time between stocks. If the answer is affirmative, and the lengths of the lead lag time have long fallen below the human reaction time, algorithms have taken over information diffusion from one stock to another. Otherwise, humans continue to be in authority. In this study, the lengths of the lead lag time within pairs of stocks of large US companies …

Voluntary Disclosure And Relational Connectivity– The Case Of The Polish Bond Market, Dominika Hadro, Marek Pauka, Kamil Gemra, Szymon Okoń, Justyna Fijałkowska

Journal of Banking and Financial Economics

The purpose of our research is to evaluate the voluntary disclosure strategy and effective evaluating relational connectivity through social media. We point out the existence of many paths to achieve a high level of companies’ perception of investors’ voluntary disclosure needs and companies’ relational connectivity regarding voluntary disclosure. We developed a new approach to measuring relational connectivity, which can be successfully applied to other markets and stock exchanges, allowing verification of previous findings and the development of a new approach to conducting research. We claim that it is necessary to put more pressure on the management board’s engagement in preparing …

On The Use Of Quantitative Methods In Accounting Research In Poland, Marek Gruszczyński

Journal of Banking and Financial Economics

This paper presents a review of published accounting research based on quantitative methods originating in Poland between 2010 and 2021. Twenty-one international and national journals were examined, all having “accounting” in their title, as well as the leading Polish journal on accounting research – Zeszyty Teoretyczne Rachunkowości (ZTR, Theoretical Journal of Accounting). The principal finding is that Polish authors – especially those using quantitative methods – rarely publish in top accounting journals outside of Poland. They most frequently publish quantitative papers in ZTR, although those papers account for just 5% of the total number of papers published there. The corresponding …

Application Of The Beneish Model On The Warsaw Stock Exchange, Marek Sylwestrzak

Journal of Banking and Financial Economics

This paper investigates irregularities in financial statements by applying the Beneish and Roxas models to Polish firms listed on the Warsaw Stock Exchange from 2015 to 2020. The total sample included 110 observations. The sample comprised companies that had received an adverse or disclaimer opinion by the auditors, but had not been fined by the Polish Financial Supervision Authority (KNF Board). The control firms were selected based on the industry as selected by the standard industrial classification code and on the financial year, with minimizing the difference in the size of total assets. The results indicate that the Roxas model …

Defusing Escalating Situations, Louis Lamont Fletcher Phd, David Allen Watson

National Youth Advocacy & Resilience Conference

The Executive Director of Facilities and Operations and the Director of Safety and Security for a Colorado School district with 28,000 students will share tools, techniques, and experiences with conflict resolution. The presenters will outline the recognizable precursors to conflict, the importance of the individual's initial reaction, and provide tools to facilitate de-escalation. This interactive presentation provides relevant tools to de-escalate conflicts between peers, supervisors and subordinates, teachers and students, teachers and parents, school security officers and students, superintendents and board members, and school districts and community members.

Engaging Teacher-Student Relationships With All Students, Jess Teal

National Youth Advocacy & Resilience Conference

Positive teacher-student relationships are essential for a safe classroom that promotes academic achievement and social/emotional development for all children. Teachers need specific practices and resources to support them in establishing positive teacher-student relationships with all their students. All students deserve a consistent adult connection and to call school a safe place to learn and grow.

South Carolina Beach Water Quality: Stakeholder Workshop Identifies Challenges, Needs, And Recommendations, Angelos K. Hannides, Nicole Elko

Journal of South Carolina Water Resources

Coastal water quality is often identified by diverse stakeholders as a major management challenge but can be difficult to define. South Carolina Beach Advocates (SCBA), a nonprofit organization formed in 2015 to educate the public, governmental authorities, and elected officials as to the environmental, economic, and societal impact of South Carolina's beaches and inlets, recognized this challenge and organized a virtual workshop in June 2022 to explore our beachfront communities' water quality management challenges, and discuss various perspectives on beach water quality. Thirty-eight participants from government agencies, local government, industry, academia, and civic society discussed this important topic and identified …

The South Carolina Water Monitoring Portal - A Hub For South Carolina Water Quality Monitoring Data, Duncan R. Williamson, Norman Levine, Brooke R. Saari, Landon Knapp

Journal of South Carolina Water Resources

The South Carolina (SC) Water Monitoring Portal is an ArcGIS-based, geospatial application that incorporates water quality data from a variety of sources and projects them onto an interactive map. This application will provide those interested in accessing and retrieving South Carolina water quality data with a free and easyto- use tool that allows for spatial visualization, interaction with, and direct download of data. At the time of this publication, the application accesses roughly four million water quality data records collected by seventeen different organizations. To allow users to seamlessly find and access the data they need, filters are available to …

A Rare Encounter: Extracranial Meningioma Mimicking Musculoskeletal Neoplasms, Liza Salloum, Jennifer Rojas Huen, Ricardo Serna, Andrew Kolodziej

Research Symposium

Background: Meningiomas are the most common primary brain tumor in adults. While commonly encountered intracranially, 2% manifest extracranially. Although usually benign, 10% of meningiomas can become malignant. Despite their relatively high incidence, they are often difficult to diagnose due to long asymptomatic periods, often diagnosed after mass effect symptoms occur. This case explores the intricacies of diagnosing and managing an extracranial meningioma that mimicked musculoskeletal neoplasms.

Case Presentation: A 70-year-old female, with a history of hypertension and dyslipidemia, presented with diplopia, blurry vision, and intermittent right orbital pain. A recent CT had identified a slow-growing right temporal mass, yet she …

Fintech Regulation And The Developmentof The Fintech Sector In The European Union, Radosław Ciukaj, Mateusz Folwarski

Journal of Banking and Financial Economics

The aim of the article is to identify the relationship between the level of regulation of various segments of the FinTech industry and the level of development of this sector. To address this research problem, the paper analyses the scope of regulation in 14 segments of the FinTech sector, and based on that, develops the FinTech Regulation Index for the individual European Union countries. Then, the paper uses this index to examine if there is a relationship between the level of regulation and the level of FinTech development in the various European Union countries. The econometric analysis confirmed the initial …

A Review Of The Cambodian Family: Holocaust Survival By Cathy Long, Jalisa Sang

Journal of Southeast Asian American Education and Advancement

The Cambodian Family: Holocaust Survival, by Cathy Long, is a powerful memoir that recounts the darkest days or “Year Zero” in Cambodian history. It captures the story of how the author survived the harsh regime under the Khmer Rouge as a wife, mother and caregiver. Long’s memoir also touches on the horror, trauma, grief, family separation and the loss that occurred from 1975-1979 that was experienced by so many, shedding a light on the atrocities of the Cambodian people during this era. Through the hardships, Long instilled a pillar of hope, resilience and faith for a better future for her …

How To Keep Youth Out Of Trafficking, Taylor Baierlein

National Youth Advocacy & Resilience Conference

There are more children in slavery today, more than any other time in history because of how lucrative and fast-growing the human trafficking industry has become. Many people do not realize that this is happening in their own backyards. I will be raising awareness, teaching preventative strategies, and giving tools to support the youth in your life.

Cobb Horizon: Bumps Not Barriers, Chris Jakson, Sherri Gilliam, Tammy Maclean, Courtney Johns, Andra Cole, Jennifer Pritt, Ed Wagner

National Youth Advocacy & Resilience Conference

In education today, “alternative programs” are many times looked at as the ugly stepchild and simply an after-thought as a “second chance” for students and educators when the traditional high school experience is not successful. In this session, we will present how the Cobb County School District took the leap of faith to create an academic alternative school, Cobb Horizon High School.

Cobb Horizon High School is a non-traditional, academic alternative high school that was established to meet the needs of a growing population of non-traditional, at-risk, and credit deficient students. In this session, we will highlight the process of …

Symposium: Gender, Health, And The Constitution: Reforming Clinical Trial Pregnancy Exclusions, Jennifer D. Oliva

ConLawNOW

This essay argues the exclusion of pregnant people from drug and biologic clinical trials is paternalistic, unjust, and counterproductive because the failure to include pregnant people in experimental trials can enhance risks to maternal and fetal health. Bioethicists, legal scholars, and other researchers have pleaded for reform in this context for decades. This article describes pregnancy medical drug use and the genesis and evolution of federal regulations and policies that operate to exclude pregnant people from clinical trials. It argues that the implementation of legal reforms that ensure the inclusion of pregnant people in clinical trials is imperative given Covid, …

Symposium; Gender, Health, And The Constitution: Hysteria Redux: Gaslighting In The Age Of Covid, Jane Campbell Moriarty

ConLawNOW

This article addresses the relationship among hysteria, gaslighting, and gender during the Covid pandemic in the political and public-health messaging about Covid. It analyzes the U.S. public health messaging in the age of Covid, explaining how individualism, gender, and gaslighting have shaped the public response to the virus and negatively affected public health. In explaining the poor U.S. public health outcomes during Covid, the article evaluates the role of disinformation about vaccines, the “feminization” of masking, and the “vax and relax” public mantra, which suggested that those who did not relax were perhaps a bit hysterical. Finally, the article considers …

Mite Monthly Tip March 2024 Avoiding Predatory Journals, Tim Kenny

Journal of Maine Medical Center

No abstract provided.

Limited Attention To Detail In Financial Markets: Evidence From Reduced-Form And Structural Estimation, Henrik Cronqvist, Tomislav Ladika, Elisa Pazaj, Zacharias Sautner

Business Faculty Articles and Research

We show that firm valuations fell after a key expense became more visible in financial statements. FAS 123-R required firms to deduct option compensation costs from earnings, instead of disclosing them in footnotes. Firms that granted high option pay experienced earnings reductions, while fundamentals remained unchanged. These firms were more likely to miss earnings forecasts, and they experienced recommendation downgrades and valuation declines. Our findings suggest that market participants exhibited limited attention to option costs before FAS 123-R. As we reuse the FAS 123-R natural experiment, we show how one can address confounding channels by integrating reduced-form and structural estimation.

Sino-Russian Cross-Border Tourism, Vladislav Chernov, Liubov Skavronskaya, Mariia Perelygina, Alexandra Bec, Elham Falatoonitoosi

Books / Book chapters

Geographic periphery regions are the focus of sustainable regional development research, with ongoing discussions on coreperiphery relationships to address economic disadvantage and remoteness. However, periphery regions face challenges due to the high efficiency of core regions. Tourism provides an alternative economic landscape, revitalizing stagnant sectors and driving strategic exploration. The Sino-Russian border, spanning 4,209 km, represents a periphery where tourism plays a vital role. This chapter views Sino-Russian cross-border tourism through the lens of the coreperiphery model, suggests two conceptual models of developing experiential cores in the cross-border areas of geographic peripheries, and argues for peripheries’ potential to become sustainable …

Say Yes To The Opportunities In Front Of You, Office Of Marketing And Communications

Newsroom

No abstract provided.

New Models For Estimating Minimum Miscibility Pressure Of Pure And Impure Carbon Dioxide Using Artificial Intelligence Techniques, Attia Attia, Ahmed Ashraf Soliman Eng., John Shahat Eng., Sayed Gomaa Prof., Fares Ashraf El Salamony Prof.

Petroleum Engineering and Gas

CO2 miscible flooding stands out as one of the most-commonly employed and promising processes in enhanced oil recovery. The key factor for ensuring success in designing and executing CO2 injection projects lies in the precise determination of the Minimum Miscibility Pressure (MMP). Despite significant research endeavors in measuring and predicting the MMP through the use of empirical, analytical, numerical, and experimental approaches, the need for a comprehensive, accurate, efficient, and easy-to-use model remains. In response to this gap, our study developed various predictive models with 205 datasets, including well-established ones such as Artificial Neural Network (ANN), Random Forest (RF), and …

Indigenous Biocentric Law Against A Legacy Of Violence: Chilean Water Regulation, Free Trade With The Eu, And Violations Of Mapuche And Aymara Rights To Water, Joseph Jonathan Edward Simard

LLM Theses

Assertions of Mapuche and Aymara law in defence of waters are hampered by a legacy of state violence, and continued appropriation of Indigenous worldviews under commodified conceptions of nature. I interrogate and analyze the connection between Chile’s water market regime, natural resource extraction, water scarcity, and free trade and foreign investment. Chile’s Water Code facilitates water-intensive agribusiness, mineral extraction, and salmon aquaculture as part of export-oriented economy. At the same time, free trade agreements signed with EU countries knowingly encourage overextraction of water and natural resources. I argue in favour of grassroots movements toward land restitution and jurisdiction as solution. …

Ada News - 03/04/2024, American Dental Association, Publishing Division

ADA News

Established in 1970 as the official newspaper of the American Dental Association, the ADA News serves practicing dentists and others allied to the dental profession in the U.S. and internationally. It is the No. 1 source of news and information about the many benefits and services the ADA delivers to members daily as well as timely information on scientific, social, political and economic developments affecting dentistry and health care.

An Ordinary White: My Antiracist Education [Excerpt], David Roediger

American Studies

A prize-winning historian details his intellectual and political evolution

Written by the author of the landmark book The Wages of Whiteness and one of the key figures in the critical study of race and racism in America, An Ordinary White is the life story of the historian and radical American writer, David Roediger.

With wry wit and keen observation, Roediger chronicles his intellectual and political evolution from growing up in his southern Midwest sundown town to becoming a leading figure in working-class his­tory and Whiteness studies. A latecomer to the New Left, a longtime figure in the Chicago Surrealist Group, …

Optimal Growth And Development: Are Teenagers Getting Enough Micronutrients From Their Diet?, Niamh M. Walsh, Albert Flynn, Janette Walton, Laura Kehoe

Department of Biological Sciences Publications

The teenage years represent a crucial period of physical and cognitive growth and development with sufficient micronutrient intakes necessary to meet high nutritional requirements. This review examines current micronutrient intakes in teenagers in the Western world in the context of public health implications including the prevalence of inadequate intakes and risk of excessive intakes. Intakes of vitamins A, D, E and C, folate, calcium, iron, magnesium, zinc and potassium in teenagers are low when compared to generally accepted recommendations, while there is little risk of excessive micronutrient intakes based on current dietary patterns. Therefore, strategies should focus on increasing micronutrient …

The Utah Statesman, March 4, 2024, Utah State University

The Utah Statesman

Weekly student newspaper of Utah State University in Logan.