For a set of firms with concentrated insider ownership, we find that (a) the bidask spread changes significantly around the board meeting dates, and (b) the actual number of transactions by insiders increases following the board meetings. We also find that there is a statistically significant...

Previous research shows, using data from three quarters after the implementation of regulation fair disclosure (Reg FD), that there is an improvement in the informational efficiency of stock prices after Reg FD. We compare the informational efficiency of stock prices in four pre-Reg FD quarters...

We examine the robustness of the Fama-French three-factor model in several bear and bull market periods. Data on bull and bear market periods are from the website of Global Financial Data. The data on the monthly returns of the 25 Fama French portfolios and the explanatory variablesmR, SMB, and...

This study investigates the implications of recognizing skewness preference in the computation of abnormal returns. Replicating the Fama, Fisher, Jensen and Roll study on stock split on a recent data set with a few distinct event study techniques, this study finds that recognition of skewness...

We present a framework and empirical estimates that quantify the economic impact of increased product variety made available through electronic markets. Recent research has focused on the effect of increased competition on Internet market efficiency. While these efficiency gains significantly...

As an essential part of the grassland ecological system, study on the carbon storage has great significances to the carbon reduction in grassland ecological system. The carbon storage in biomass, carbon storage in soil and soil respiration are summarized in this paper to provide scientific...

Hybrid diesel-wind power generation systems have a great potential in the application of providing energy supply for remote communities and facilities. Compared to the traditional diesel system, hybrid power plants can offer many advantages such as additional capacity, being more environmentally...

In this paper, Computational Fluid Dynamics (CFD) technique is used to investigate the adaption of adjustable ejector for variable cooling loads and the characteristics of ejector pressure recovery in a multi-evaporator refrigeration system (EMERS) using R134a as the refrigerant. The performance...

Nowadays, one of the urgent issues regarding global climate change is to discuss the future of the second period of the Kyoto Protocol. However, the divergence of views and opinions among parties in the last Conference of the Parties of the United Nations Framework Convention on Climate Change,...