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Delivery failure close-out
Title
Delivery failure close-out: an event study on the effects of newly adopted regulation SHO amendments.
Creator
Scherle, Richard., Harriet L. Wilkes Honors College
Abstract/Description
A generally illegal form of short selling in United States equity markets, called "naked shorting," occurs when a seller of stock sells shares that do not exist. This type of short selling has negative consequences that result from the tactic's ability to be used as a tool to artificially inflate an issuer's stock supply, which introduces significant harm to the integrity of the market's natural forces of supply and demand. Newly adopted amendments to the Securities and Exchange Commission's...
Show moreA generally illegal form of short selling in United States equity markets, called "naked shorting," occurs when a seller of stock sells shares that do not exist. This type of short selling has negative consequences that result from the tactic's ability to be used as a tool to artificially inflate an issuer's stock supply, which introduces significant harm to the integrity of the market's natural forces of supply and demand. Newly adopted amendments to the Securities and Exchange Commission's short sale governance regulation, called Regulation SHO, required the mandatory purchasing of shares by certain market participants in order for those participants to close-out previously excused delivery failures, called "grandfathered" failures. This study examines the consequences of this new regulation, in terms of share price and volume, for those few securities that had the most persistent delivery failure problems. Because the regulation mandates the purchase of shares by certain influential market participants, I examine if the stock markets of these securities exhibited unusual volatility which may be indicative of the market maker trying to cover at low cost. Using technical analysis techniques, such as volume surge detection (using moving volume averages), the performance of the target securities will be compared with appropriate benchmark indices for the purpose of detecting unusual activity. Unusual activity may be consistent with my hypothesis that market makers may encourage additional volatility to cause liquidity problems for marginal investors which forces them to sell part or all of their position. As discussed in great detail, the extra marginal shares injected into the market by the action of forced selling by these marginal investors may be used by the market makers to lower their cost of regulation compliance.
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Date Issued
2008
PURL
http://purl.flvc.org/FAU/210002
Subject Headings
Securities industry, Investment analysis, Short selling, Capitalism, Moral and ethical aspects
Format
Document (PDF)
Employees' perception of employers' response after workplace injury
Title
Employees' perception of employers' response after workplace injury.
Creator
Patrick, Nancy S., College of Education, Department of Educational Leadership and Research Methodology
Abstract/Description
The purpose of this study was to (a) explore the lived experiences of school district employees who have sustained on-the-job injuries with specific attention to employee perceptions of employer response after injury and (b) examine whether purposeful empathetic response from the employer after workplace injury was related to changes in employee perceptions of employer response. This study included both qualitative and quantitative methods. In Phase 1, the sample for the interviews included...
Show moreThe purpose of this study was to (a) explore the lived experiences of school district employees who have sustained on-the-job injuries with specific attention to employee perceptions of employer response after injury and (b) examine whether purposeful empathetic response from the employer after workplace injury was related to changes in employee perceptions of employer response. This study included both qualitative and quantitative methods. In Phase 1, the sample for the interviews included nine workers from a large school district in South Florida who had active injury claims within two years before the study began. The Phase 1 findings were that the level of assistance and type of support received after reporting an injury varied among participants, despite working for the same employer; that the perceived response from the employer was more influential in affecting the participants' experience of workplace injury than participants' perception of the response of their coworkers; t hat the reaction from a majority of the school district employees (6 of 9) who were injured at work mirrored perceived employer response; and that more than half of the nine participants had unmet expectations of their employer with respect to how they were treated after experiencing workplace injury. In Phase 2, the 91 subjects that participated in the organizational response survey (See Appendix E and Appendix F) were employees from the same school district who were injured during an eight-week period. Data from three subscales (organizational support, return-to-work policies, and post-injury job satisfaction) on the survey instrument were compared between two groups., An experimental group received purposeful empathetic response from both the employer at the local school or department level as well as contact from the employer's Risk Management department. Analysis of variance was used to compare responses of the groups. A Bonferroni adjustment of .05/3 or .017 was applied: the result was non-significant. This finding suggests that purposeful, empathetic contact alone was not enough to significantly affect the participants' scores.
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Date Issued
2010
PURL
http://purl.flvc.org/FAU/2978950
Subject Headings
Workers' compensation, Personnel management, Job security, Social aspects, Corporate culture, DIsability insurance claimants, Employment, Industrial accidents, Psychological aspects
Format
Document (PDF)
Target stock price runup prior to acquisitions
Title
Target stock price runup prior to acquisitions.
Creator
Brigida, Matthew David., College of Business, Department of Finance
Abstract/Description
Information leakage before full acquisitions has been widely documented. The information leakage, and the resulting pre-bid runup in the target's stock, generally increases the total cost of the acquisition. That is, information leakage and the ensuing pre-bid runup is a gain to the target and loss to the acquirer. Herein, I first ascertain the characteristics of full acquisitions that affect the amount of information leakage. I find that if the acquirer borrows to finance the acquisition...
Show moreInformation leakage before full acquisitions has been widely documented. The information leakage, and the resulting pre-bid runup in the target's stock, generally increases the total cost of the acquisition. That is, information leakage and the ensuing pre-bid runup is a gain to the target and loss to the acquirer. Herein, I first ascertain the characteristics of full acquisitions that affect the amount of information leakage. I find that if the acquirer borrows to finance the acquisition then information leakage is greater. Further if the acquirer is foreign, if the target is a high-tech firm, and if the target has options on its stock all increase information leakage. I find hostile deals are effective in reducing information leakage. Lastly, information leakage increases in the percentage of managerial ownership. I next hypothesize that the identity and intent of partial acquirers is known to market participants before the announcement of a partial acquisition. I find that the market can anticipate whether a partial acquirer intends to fully-acquire or take an active role in the management of the target. Also, the market anticipates whether the acquirer is a private investment find or a non-financial corporation. Further, the acquirer's identity or intent is fully reflected in the target's stock price before the announcement of the partial acquisition. These results help explain why there are few partial acquisitions as precursors to full acquisitions., I next hypothesize that macroeconomic factors affect information leakage, and may serve as a signal of when to speculate on acquisitions. I find that information leakage is positively related to shocks in both expected economic conditions and financing costs, the latter signaling to speculators that acquisitions are imminent. I also find information about an imminent full acquisition is leaked earlier when there are positive shocks to economic conditions and financing costs.
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Date Issued
2009
PURL
http://purl.flvc.org/FAU/368613
Subject Headings
Consolidation and merger of corporations, Negotiation in business, Investment analysis, Stocks, Prices, Securities industry, Corrupt practices
Format
Document (PDF)