This study explores the role of issuance expenses in explaining the fall in stock value for OTC stock offerings that raise cash for debt reduction purposes. It estimates that over half of the sample's −2.79% two-day fall in stock value can be accounted for by issuance expenses when using a lower bound measure of issuance expenses. This estimate contrasts with the one-fifth estimate suggested by...

We present a search-based model of the interbank money market and monetary policy implementation. Banks are subject to reserve requirements and the central bank tenders reserves. Interbank payments redistribute holdings and banks trade with each other in a decentralized (over-the-counter) market. The central bank provides standing facilities where banks can either deposit surpluses or borrow to...

The overwhelming number of radio stations, both online and over the air, makes the choice of an appropriate program difficult. By profiling the program content of radio stations using Self-Organizing Maps we provide a reflection of a station’s program type and give potential listeners a visual clue for selecting radio stations. Profiles of current broadcasts indicate which program type a statio...

In 1976, Cameron et al. [2] proved that, if a finite generalized hexagon of order s admits a polarity, then either s or 3s is a perfect square. Their proof used standard eigenvalue arguments. Later on, Ott [3] showed that for a self polar finite thick generalized hexagon of order s, 3s always has to be a perfect square. His proof used Hecke algebras. It was surprising that one had to use this m...

We propose using profile compatibility to differentiate genuine and fake product reviews. For each product, a collective profile is derived from a separate collection of reviews. Such a profile contains a number of aspects of the product, together with their descriptions. For a given unseen review about the same product, we build a test profile using the same approach. We then perform a bidirec...

Developments, trends, business climate, conditions, factors influencing the efficiency and results of mergers acquisitions (M&A) in energy sector are explored this research. PESTLE (political, economic, social, technological, legal, environmental) analysis was performed order to determine driving forces M&As industry. Considering motivation main questions study, a sample global M&A ...

this study concerns with calculation of iran's agricultural bilateral trade costs and major influential factors in iran's bilateral trade with developed and developing countries. the main findings revealed that over the period 1995-2010 weighted average of agricultural trade cost with developing partners has declined by 44, and with developed partners has increased by 22 percent. this reduction...