PDF-THEJOURNALOFFINANCEVOL.LIX,NO.2APRIL2004DiversificationDiscountorPremi

TheJournalofFinancedisappearsoreventurnsintoapremiumGrahamLemmonandWolf2002showthathalformoreofthediscountappearsbecausethesegmentsacquiredbydiversifyingfirmswerealsodiscountedpriortotheiracquisi. TheJournalofFinanceimmediacy.Alargeliteratureexplores,thenatureofthesecosts,focusingonthemarketmaker TheJournalofFinancethesametime,turnoverhasexploded,reaching215%in2007.Ifoneadoptstheviewthatindividualsarenaveinvestorswhileinstitutionsarerationalar-bitrageurs,thesedatawouldseemtosuggestthatwearecon TheJournalofFinancecharacteristicsofthefinancialsystem(thequalityofinvestorprotection,itsenforcement,etc.)thatdeterminethelikelihoodoffraudssuchasEnronandParmalat.Buttrustalsoreflectsthesubjectivechar TheJournalofFinancethesubjectofreligiousandpoliticaldebate.Therichpoliticalandeconomiclandscapeofthe19thcenturyUnitedStatesprovidesausefullaboratorytoinvestigatethemotivesandconsequencesof TheJournalofFinancelong-runstockreturnperformance.1,2However,itremainsunclearexactlyhoworthroughwhatchannelsantitakeoverprovisionsnegativelyaffectshareholdervalue.GIMhypothesizethatantitakeoverprovisi TheJournalofFinance(2008)).Forinstance,Markowitz(1952)conjecturesthatsomeinvestorsmightprefertotakelargechancesofasmalllossforasmallchanceofalargegain.BarberisandHuang(2008)positthatinvestorsmightover TheJournalofFinanceForabuyorderexecutedinasingletrade,theeffectivecostistheexecutionpricelessthemidpointoftheprevailingbidandaskquotes(andviceversaforasale).Inthesimplestsetting,thebuyerisdemandingimm TheJournalofFinanceIthasalsobeenshownthatmomentumprofitabilityisrelatedtobusinessconditions.Specifically,ChordiaandShivakumar(2002)documentthatmo-mentumpayoffsarelargeduringexpansionsandnonexistentdur & National Weather Service. Decision Support Services . WFO New Orleans/Baton Rouge. April 21, 2010 – October 15, 2010. The Event. On the night of April 20, 2010, the semi-submersible production petroleum platform “Deepwater Horizon” exploded during a drilling operation. . DepartmentofMathematics,MIT,Cambridge,USA,bernardi@math.mit.edu.SupportedbyNSFgrantDMS-1068626,ANRprojectA3andEuropeanprojectExploreMaps.yLIX,EcolePolytechnique,Palaiseau,France,fusy@lix.polytechniq TheJournalofFinancetransactionsatacombinedestimatedenterprisevalueofover$1.6trillion(Ka-planandStromberg(2009)).Privateequityinvestmentsarealsoofmajorim-portancenotjustintheUnitedStates,butinternation TheJournalofFinanceexistenceofsuchfunds.Thechallengeistodistinguishskillfromluck.Giventhemultitudeoffunds,manyhaveextremereturnsbychance.Acommonap-proachtothisproblemistotestforpersistenceinfundreturn An idea that needs lots of work before it can be useful. Three reasons to build a low-cost starter cello. 1. I saw this story in a North Carolina newspaper in 1993:. Many college music education programs require that students to learn to play all or most of the instruments in their “family”. Why not start early?. Prepared by Amanda T. Zehnder, Ph.D.. Chief Curator, Museums. azehnder@udel.edu. Purchases. Kiki Smith. Healers. , 2018. etching on paper. edition, 6/24. Darius Steward. Read the Signs (. Yummie. Series), .