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Full-Text Articles in Business

Local Environmental Organizations And Long-Term Investor Value Appropriation, Chune Young Chung, Gia Han Doan, Kainan Wang Oct 2024

Local Environmental Organizations And Long-Term Investor Value Appropriation, Chune Young Chung, Gia Han Doan, Kainan Wang

Finance Faculty Publications

Highlights

  • We explore how external and internal firm factors influence the impact of local activism.
  • Our results indicate a positive effect of local activism on LIVA.
  • Firms tend to increase their environmental disclosures in response to local activism.
  • Local activism effects are greater when long-term value is prioritized.
  • The findings support the social movement theory.

Abstract

This study uses datasets representing local non-governmental organizations (NGOs) to examine how local environmental organizations enhance long-term investor value appropriation (LIVA). We explore how external and internal firm factors influence the impact of local activism. Our results indicate a positive effect of local activism …


‭ Configuraciones De Redes Eléctricas Híbridas Eólico-Nuclear En Tierra Del Fuego:‬ ‭ Evaluación De La Viabilidad Técnica Y Las Principales Barreras Para El Despliegue‬ ‭ Remoto De Reactores Nucleares Modulares Pequeños Y Micro Modulares‬ ‭, Madeline P. O'Keefe Oct 2024

‭ Configuraciones De Redes Eléctricas Híbridas Eólico-Nuclear En Tierra Del Fuego:‬ ‭ Evaluación De La Viabilidad Técnica Y Las Principales Barreras Para El Despliegue‬ ‭ Remoto De Reactores Nucleares Modulares Pequeños Y Micro Modulares‬ ‭, Madeline P. O'Keefe

Argentina: People, Environment, and Climate Change in Patagonia and Antarctica

‭ Resumen‬ ‭

Este papel evalúa la viabilidad técnica de desplegar reactores modulares remotos para‬ ‭ complementar un proyecto de parque eólico existente en la red eléctrica aislada de Tierra del‬ ‭ Fuego, Argentina. Una transición rápida hacia tecnologías de energía limpia es crucial para‬ ‭ mitigar las emisiones de gases de efecto invernadero causadas por humanos, siendo la‬ ‭ producción y el consumo de energía los principales contribuyentes al cambio climático. Dentro‬ ‭ de estas tecnologías, la energía nuclear ofrece una solución confiable, escalable y de bajas‬ ‭ emisiones de carbono. En el campo de la energía nuclear, este …


Proceedings Of Wmu Maritime Week 2024 Beyond Horizons : Maritime Sustainability, World Maritime University, Korea Maritime Institute, Korea Research Institute Of Ships And Ocean Engineering Oct 2024

Proceedings Of Wmu Maritime Week 2024 Beyond Horizons : Maritime Sustainability, World Maritime University, Korea Maritime Institute, Korea Research Institute Of Ships And Ocean Engineering

WMU Maritime Week 2024 Beyond Horizons: Maritime Sustainability

This proceedings is the output of the WMU Maritime Week 2024 Conference, which was held from August 27 to 30, 2024, at WMU in Malmö. As the first conference of WMU Maritime Week, it focused on themes such as the IMO World Maritime Day theme 2024: 'Navigating the Future: Safety First!', Maritime Sustainability, Digitalization, Decarbonization, Maritime Business and Logistics, and Capacity Development. A total of 42 experts in these fields presented across 8 sessions. This proceeding provides a summary of the presentations from all the speakers.


Influence Of Artificial Intelligence (Ai) On Decision-Making For Market-Entry Strategies In Emerging Economies, Tejas Deshpande Oct 2024

Influence Of Artificial Intelligence (Ai) On Decision-Making For Market-Entry Strategies In Emerging Economies, Tejas Deshpande

Dissertations and Theses Collection (Open Access)

International firms with growth-oriented business models face a complex array of factors when planning to enter emerging markets. These markets are characterized by dynamic socio-economic and geopolitical conditions, often resulting in limited market intelligence and a fragmented understanding of the business ecosystem. To succeed, firms must align their short-term objectives and long-term strategic goals with the specific characteristics of these target markets.

Decision-making in such environments is fraught with uncertainty and is critical in determining the success or failure of market-entry strategies. While business leaders rely on their cognition and heuristics to navigate these challenges, the complexity and volume of …


Production Box Cost Estimating Relationships For Dod Avionics, Carla J. Cisneros, Edward D. White, Brandon M. Lucas, Jonathan D. Ritschel, Robert D. Fass, Shawn M. Valentine Oct 2024

Production Box Cost Estimating Relationships For Dod Avionics, Carla J. Cisneros, Edward D. White, Brandon M. Lucas, Jonathan D. Ritschel, Robert D. Fass, Shawn M. Valentine

Faculty Publications

The authors use historical information obtained from the Cost Assessment Data Enterprise to estimate recurring production unit cost for DoD avionics via cost estimating relationships (CERs). The specific modeled responses include mean unit cost, median unit cost, and the 100th production unit cost (T100) utilizing learning curve theory. For T100, the authors adopt both a multiplicative and an additive error for CER comparison. Recommended CERs consist of the mean unit cost and the T100 utilizing a multiplicative error. Moreover, results reveal that weight has a significant effect on cost as well as a potential underaccounting of real price change or …


The Promise And Perils Of Smart (City) Bots As Educational Tools, Thomas Menkhoff, Siew Ning Kan, Shaohui Foong Oct 2024

The Promise And Perils Of Smart (City) Bots As Educational Tools, Thomas Menkhoff, Siew Ning Kan, Shaohui Foong

Research Collection Lee Kong Chian School Of Business

Written from an educator’s perspective, the paper aims to examine the increasing use of chatbot technology capable of answering user queries in various fields such as commerce, public service delivery, urban areas, higher education etc. by simulating human conversation through text messages or voice commands. We analyse why smart bots have become popular technologies in the context smart cities; shed light on different types of bots (chatbots, large language models such as ChatGPT, flying bots); and explain how we use bots as teaching tool in an introductory AI for business course. A key argument putting forward is that smart bots …


Does Ceo Agreeableness Personality Mitigate Real Earnings Management?, Shan Liu, Xingying Wu, Nan Hu Oct 2024

Does Ceo Agreeableness Personality Mitigate Real Earnings Management?, Shan Liu, Xingying Wu, Nan Hu

Research Collection School Of Computing and Information Systems

Despite efforts to mitigate aggressive financial reporting, earnings management remains challenging to parties interested in inhibiting its dysfunctional effects. Using linguistic algorithms to assess CEO agreeableness personality from their unscripted texts in conference calls, we find that it is a determinant that mitigates a firm's real earnings management. Furthermore, such an effect is more pronounced when firms confront intensive market competition and financial distress and have weaker managerial entrenchment or when CEOs face stronger internal governance. Our findings persist even after we utilize several alternative real earnings management metrics and control other confounding personalities in prior earnings management studies. The …


Temporal Relational Graph Convolutional Network Approach To Financial Performance Prediction, Jeyaraman Brindha Priyadarshini, Bing Tian Dai, Yuan Fang Oct 2024

Temporal Relational Graph Convolutional Network Approach To Financial Performance Prediction, Jeyaraman Brindha Priyadarshini, Bing Tian Dai, Yuan Fang

Research Collection School Of Computing and Information Systems

Accurately predicting financial entity performance remains a challenge due to the dynamic nature of financial markets and vast unstructured textual data. Financial knowledge graphs (FKGs) offer a structured representation for tackling this problem by representing complex financial relationships and concepts. However, constructing a comprehensive and accurate financial knowledge graph that captures the temporal dynamics of financial entities is non-trivial. We introduce FintechKG, a comprehensive financial knowledge graph developed through a three-dimensional information extraction process that incorporates commercial entities and temporal dimensions and uses a financial concept taxonomy that ensures financial domain entity and relationship extraction. We propose a temporal and …


Innovation Challenges In The Air Force Sbir Program: From The Small Businesses' Perspective, Hart J. Holt, Amy M. Cox, Scott Drylie, David S. Long, Alfred E. Thal Jr., Robert D. Fass Oct 2024

Innovation Challenges In The Air Force Sbir Program: From The Small Businesses' Perspective, Hart J. Holt, Amy M. Cox, Scott Drylie, David S. Long, Alfred E. Thal Jr., Robert D. Fass

Faculty Publications

Every year the United States invests $3.2 billion in the Small Business Innovation Research (SBIR) program to promote innovation among the nation’s small businesses. Half of this investment is from the DoD. This research considers the challenges faced by small businesses innovating with the DoD, particularly those awarded SBIR contracts with the United States Air Force. The authors surveyed 286 unique small businesses that were previously awarded an Air Force SBIR contract. By asking the survey respondents open-ended questions and categorizing their responses, they pinpoint unaddressed challenges from the small business perspective. By categorizing survey responses through Qualitative Content Analysis, …


Antitrust After The Coming Wave, Daniel A. Crane Oct 2024

Antitrust After The Coming Wave, Daniel A. Crane

Articles

A coming wave of general-purpose technologies, including artificial intelligence ("AI"), robotics, quantum computing, synthetic biology, energy expansion, and nanotechnology, is likely to fundamentally reshape the economy and erode the assumptions on which the antitrust order is predicated. First, AI-driven systems will vastly improve firms' ability to detect (and even program) consumer preferences without the benefit of price signals, which will undermine the traditional information-producing benefit of competitive markets. Similarly, these systems will be able to determine comparative producer efficiency without relying on competitive signals. Second, AI systems will invert the salient characteristics of human managers, whose intentions are opaque but …


A Garch-Midas Approach To Modelling Stock Returns, Ezekiel N.N. Nortey, Ruben Agbeli, Godwin Debrah, Theophilus Ansah-Narh, Edmund F. Agyemang Sep 2024

A Garch-Midas Approach To Modelling Stock Returns, Ezekiel N.N. Nortey, Ruben Agbeli, Godwin Debrah, Theophilus Ansah-Narh, Edmund F. Agyemang

School of Mathematical & Statistical Sciences Faculty Publications

Measuring stock market volatility and its determinants is critical for stock market participants, as volatility spillover effects affect corporate performance. This study adopted a novel approach to analysing and implementing GARCH-MIDAS modelling methods. The classical GARCH as a benchmark and the univariate GARCH-MIDAS framework are the GARCH family models whose forecasting outcomes are examined. The outcome of GARCH-MIDAS analyses suggests that inflation, interest rate, exchange rate, and oil price are significant determinants of the volatility of the Johannesburg Stock Market All Share Index. While for Nigeria, the volatility reacts significantly to the exchange rate and oil price. Furthermore, inflation, exchange …


Impacts Of Climate Change In The United States, Nathan T. Thompson Sep 2024

Impacts Of Climate Change In The United States, Nathan T. Thompson

Journal of Nonprofit Innovation

Climate change, a shift in long-term climate patterns primarily driven by anthropogenic factors, poses a super wicked problem impacting every sector and region globally, including the United States. This paper explores the scientific basis of climate change, its contributing factors, and the myriad consequences on terrestrial and aquatic systems, as well as mental health. Notably, the emission of greenhouse gases from fossil fuels and agricultural activities is the primary cause, exacerbated by ideological division and psychological distance. The U.S. has seen some progress with a 7% decrease in emissions over the past 30 years and a growing shift toward renewable …


Leveraging Propagation Delay For Wormhole Detection In Wireless Networks, Harry May, Travis Atkison Sep 2024

Leveraging Propagation Delay For Wormhole Detection In Wireless Networks, Harry May, Travis Atkison

Journal of Cybersecurity Education, Research and Practice

Detecting and mitigating wormhole attacks in wireless networks remains a critical challenge due to their deceptive nature and potential to compromise network integrity. This paper proposes a novel approach to wormhole detection by leveraging propagation delay analysis between network nodes. Unlike traditional methods that rely on signature-based detection or specialized hardware, our method focuses on analyzing propagation delay timings to identify anomalous behavior indicative of wormhole attacks. The proposed methodology involves collecting propagation delay data in both normal network scenarios and scenarios with inserted malicious wormhole nodes. By comparing these delay timings, our approach aims to differentiate between legitimate network …


Chacahoula 2024, Vol 91, Alayna Pellegrin Sep 2024

Chacahoula 2024, Vol 91, Alayna Pellegrin

Chacahoula

MERGING REALITIES:

The 2023 issue of Chacahoula includes December 2023 and May 2024 graduating classes, as well as stunning photography of Week of Welcome, Homecoming, Mardi Gras, and Spring Fever. With features covering notable students, faculty, and staff, this year's time capsule beautifully preserves an academic year in the life of the University of Louisiana at Monroe.


Climate Smart Agriculture, J. David Aiken Sep 2024

Climate Smart Agriculture, J. David Aiken

Cornhusker Economics

There are several programs encouraging producers to reduce their carbon intensity, including United States Department of Agriculture climate-smart agriculture programs, the 2024 Nebraska Climate Action Plan, and the 2024 Nitrogen Reduction Incentive Act. The hope is that producers with lower carbon intensity (CI) scores will receive a premium for their products. Producers would be well advised to learn more about these programs, as reducing carbon intensity in agriculture seems to be an emerging agricultural policy trend that will be with us for some time to come.


How State Universities Are Addressing The Shortage Of Cybersecurity Professionals In The United States, Gary Harris Sep 2024

How State Universities Are Addressing The Shortage Of Cybersecurity Professionals In The United States, Gary Harris

Journal of Cybersecurity Education, Research and Practice

Cybersecurity threats have been a serious and growing problem for decades. In addition, a severe shortage of cybersecurity professionals has been proliferating for nearly as long. These problems exist in the United States and globally and are well documented in literature. This study examined what state universities are doing to help address the shortage of cybersecurity professionals since higher education institutions are a primary source to the workforce pipeline. It is suggested that the number of cybersecurity professionals entering the workforce is related to the number of available programs. Thus increasing the number of programs will increase the number of …


Scientific Programs In The Arab Media - Reality And Gap, Najm Abed Khalaf Aleessawi Dr Sep 2024

Scientific Programs In The Arab Media - Reality And Gap, Najm Abed Khalaf Aleessawi Dr

Middle East Journal of Communication Studies

The article aimed to reveal the level of Arab media coverage of specialized scientific topics and to know the actual need for such programs, especially with the tremendous developments in various fields of life. The descriptive analytical approach was adopted, and a questionnaire tool was used, which was distributed to (205) Arab academics and researchers who were selected by a simple random sampling method. The study found that coverage of scientific programs in the Arab media at the local level is not at the required level. Social media platforms are the most widely used media means for accessing scientific programs …


The Role Of Media Education Courses In Developing The Skills Of Dealing With Digital Information And News Verification Among Teachers Of The Jordanian Ministry Of Education, Amjad Omar Safori Dr, Ibrahim Jamal Sorri Sep 2024

The Role Of Media Education Courses In Developing The Skills Of Dealing With Digital Information And News Verification Among Teachers Of The Jordanian Ministry Of Education, Amjad Omar Safori Dr, Ibrahim Jamal Sorri

Middle East Journal of Communication Studies

The study sought to determine the role of media and information education courses provided by the Jordan Media Institute in developing the skills of teachers of the Jordanian Ministry of Education in dealing with digital information and news verification in Jordan, by using the public survey approach using the questionnaire tool on a deliberate sample of (316) teachers who participated. In training courses. The study concluded that the percentage of implementation of specialized activities and training in the field of media education increased by approximately 25% as aresult of teachers’ participation in specialized courses in this regard. The results indicated …


Perceptions Of Pharmacy Students Towards The Transition To Online Communication In Learning: Lessons From The Covid-19 Pandemic, Wejdan Shroukh Dr Sep 2024

Perceptions Of Pharmacy Students Towards The Transition To Online Communication In Learning: Lessons From The Covid-19 Pandemic, Wejdan Shroukh Dr

Middle East Journal of Communication Studies

This study aims to explore the experiences of pharmacy students at Middle East University (MEU) in the transition to online communication in pharmacy education during the COVID-19 pandemic in the academic year 2021/2022.The current study follows an inductive qualitative research design based on conducting semi-structured interviews with students. Thematic analysis of data was carried out, and the six phases of analysis described by Braun and Clarke were followed. Data analysis yielded the following themes: acceptance of the transition to online communication in pharmacy education, the perceived difficulty of online courses delivered during the pandemic, drawbacks of online communication in pharmacy …


The Use Of Social Media For Organisational Learning: A Systematic Review Of Literature, Harry Moongela, Marie Hattingh Sep 2024

The Use Of Social Media For Organisational Learning: A Systematic Review Of Literature, Harry Moongela, Marie Hattingh

African Conference on Information Systems and Technology

Social media (categorised as Web 2.0 platforms) has been reported to significantly impact and improve organisational learning (OL), but there seems to be a lack of systematic literature reviews (SLR) covering the use of social media to facilitate OL. Thus, this article conducted a SLR for both social media and OL by presenting the significant concepts, models and frameworks from literature. A total number of 48 articles were found for the analysis method and the findings reveal important concepts such as types of OL, levels of OL and frameworks incorporating both social media and OL. The results also show that …


Designing Cybersecurity Escape Rooms: A Gamified Approach To Undergraduate Learning, Thitima Srivatanakul Sep 2024

Designing Cybersecurity Escape Rooms: A Gamified Approach To Undergraduate Learning, Thitima Srivatanakul

Journal of Cybersecurity Education, Research and Practice

Gamification, including game-based learning (GBL), is a widely recognized pedagogical approach used for imparting and reinforcing cybersecurity knowledge and skills to learners. One innovative form of GBL gaining popularity across various educational levels, from secondary schools to professional development, is escape room-style education. This study is centered on the development and design of escape room activities tailored for teaching cybersecurity concepts, with a particular focus on web and software security, to undergraduate students at York College. The primary objectives of this research are twofold: firstly, to evaluate the effectiveness of educational escape room activities in reinforcing cybersecurity concepts taught in …


Tracing Atlantic Sea Scallops Using Radio Frequency Identification (Rfid) Technology, Will Shoup, David Rudders, Jonathon Peros Sep 2024

Tracing Atlantic Sea Scallops Using Radio Frequency Identification (Rfid) Technology, Will Shoup, David Rudders, Jonathon Peros

Journal of Extension

Radio Frequency Identification (RFID) represents a technology that has the potential to enhance many aspects of the Atlantic sea scallop fishery. Driven by fishery management and market forces, fishery product traceability benefits fisheries managers, consumers, and fishermen. In order to demonstrate the capabilities of RFID technology in the scallop fishery, a solution is proposed that would help establish clear Chain of Custody (CoC) so that the scallop supply chain can be better documented. Implementation and acceptance of any new technology will hinge on effective communication and extension efforts that can leverage the multi-benefit aspects of adopting RFID into the fishery.


Pooling And Winsorizing Machine Learning Forecasts To Predict Stock Returns With High-Dimensional Data, Erik Mekelburg, Jack Strauss Sep 2024

Pooling And Winsorizing Machine Learning Forecasts To Predict Stock Returns With High-Dimensional Data, Erik Mekelburg, Jack Strauss

Finance: Faculty Scholarship

We evaluate US market return predictability using a novel data set of several hundred ag- gregated firm-level characteristics. We apply LASSO, Elastic Net, Random Forest, Neural Net, Extreme Gradient Boosting, and Light Gradient Boosting Machine methods and find these models experience large prediction errors that lead to forecast failures. However, winsorizing and pooling machine learning model forecasts provides consistent out-of-sample predictability. To assess robustness, we apply machine learning methods to high-dimensional data for Canada, China, Germany and the UK as well as the Goyal-Welch data. All machine learning models we consider, except for the ensemble pooled methods, fail to significantly …


Root Lesion And Burrowing Nematodes And Their Management, Department Of Primary Industries And Regional Development, Western Australia Sep 2024

Root Lesion And Burrowing Nematodes And Their Management, Department Of Primary Industries And Regional Development, Western Australia

Grains and other field crops factsheets

Nematodes are common soil pests that feed on the roots of a wide range of crops in all agricultural areas of Western Australia, resulting in significant crop yield loss. Root lesion nematode can be managed but not eradicated.

This factsheet summarises the biology of the root lesion nematode (RLN, Pratylenchus spp.) and burrowing nematode (Radopholus spp.) species that damage Western Australian (WA) crops, and their diagnosis and management.


The Impact Of Instrumental Attribution In Ai-Enabled Monitoring On Counterproductive Work Behavior, Qiang Zhang Sep 2024

The Impact Of Instrumental Attribution In Ai-Enabled Monitoring On Counterproductive Work Behavior, Qiang Zhang

Dissertations and Theses Collection (Open Access)

AI-enabled monitoring tools are theoretically expected to suppress unethical employee behavior. However, in practice, employees may perceive such monitoring as being driven by leaders' instrumental motives, primarily focused on personal performance evaluation and self-interest. This perception can foster feelings of job insecurity and moral disengagement, ultimately leading to counterproductive work behavior (CWB), which includes unethical employee behavior and turnover. These outcomes may undermine the intended effectiveness of AI-enabled monitoring tools. This study aims to explore the impact of Instrumental Attribution in AIenabled Monitoring (IAAIM) on CWB, specifically focusing on unethical employee behavior and turnover, through both theoretical and empirical lenses. …


Breeding Ewes Are Worth Feeding, Department Of Primary Industries And Regional Development, Western Australia Sep 2024

Breeding Ewes Are Worth Feeding, Department Of Primary Industries And Regional Development, Western Australia

Animal production and livestock factsheets

Despite potentially elevated grain prices, strong prices for meat and wool mean that Western Australian sheep farmers can confidently supplementary feed their underweight ewes in summer/autumn.

Analysis in 2019, based on then-current prices, showed it was a profitable investment to feed all ewes to maintain condition during pregnancy, and to feed low condition score single bearing ewes and low and medium condition score twin bearing ewes to gain condition.

In 2019, John Young from Farming Systems Analysis Service completed an analysis on the value of a ewe in the WA farming system. His report had some important messages for the …


Willingness To Pay And Market Potential For Biowrap: An Economic Study Of A New Biodegradable Mulch Product In Home Gardening, Gengchen Cai Sep 2024

Willingness To Pay And Market Potential For Biowrap: An Economic Study Of A New Biodegradable Mulch Product In Home Gardening, Gengchen Cai

Department of Agricultural Economics: Dissertations, Theses, and Student Research

This study explores the market potential of BioWRAP, a biodegradable sprayable weed suppression product, by assessing the willingness to pay (WTP) among American home gardeners. Traditional plastic mulch offers significant agronomic benefits but poses considerable environmental challenges, making BioWRAP a promising alternative due to its similar benefits and reduced environmental impact. Using a double-bounded contingent valuation method, we analyze the WTP for BioWRAP among different demographic groups and gardening practices. Our findings indicate that the highest WTP for BioWRAP is among home gardeners who currently use chemical sprays for weed suppression, followed by those using physical barriers, with the lowest …


Who Are You Rooting For? T20 Cricket World Cup 2024, Usa & Wi, Purvesh Desai Sep 2024

Who Are You Rooting For? T20 Cricket World Cup 2024, Usa & Wi, Purvesh Desai

Dissertations, Theses, and Capstone Projects

The T20 Cricket World Cup '24 played in USA & WI will bring immense excitement to the cricket lovers around the world and have a question to themselves “Who shall I Root for?” How do people or fans support their favorite teams and on what criteria do they pick these teams will discuss in here.

Patriotism, tradition, and favorite individual players, are the main reasons for the fans to choose their and support the team. Nation is the biggest pride of an individual and many people choose their pride over everything. People celebrate when the home team plays on the …


Testing Feed Is Vital For Feed Budgeting, Department Of Primary Industries And Regional Development, Western Australia Sep 2024

Testing Feed Is Vital For Feed Budgeting, Department Of Primary Industries And Regional Development, Western Australia

Animal production and livestock factsheets

A little knowledge of the nutritional value of your supplementary feeds can save you a lot of money and hassle.

In dry seasons, it is likely that farmers will need to start supplementary feeding earlier than usual. The higher requirement for supplementary feeds over dry seasons means accurate feed budgeting becomes increasingly important to minimise feed wastage, for weaner survival, and to maintain stock at the right condition score (CS) for joining.


The Impact Of Managerial Myopia On Cybersecurity: Evidence From Data Breaches, Wen Chen, Xing Li, Haibin Wu, Liandong Zhang Sep 2024

The Impact Of Managerial Myopia On Cybersecurity: Evidence From Data Breaches, Wen Chen, Xing Li, Haibin Wu, Liandong Zhang

Research Collection School Of Accountancy

Using a sample of U.S. firms for the period 2005–2017, we provide evidence that managerial myopic actions contribute to corporate cybersecurity risk. Specifically, we show that abnormal cuts in discretionary expenditures, our proxy for managerial myopia, are positively associated with the likelihood of data breaches. The association is largely driven by firms that appear to cut discretionary expenditures to meet short-term earnings targets. In addition, the association is stronger for firms with greater short-term equity incentives, higher earnings response coefficients, low levels of institutional block ownership, or large market shares. Finally, firms appear to increase discretionary expenditures upon the announcement …