Campbell, Lettau, Malkiel, and Xu (2001) document a positive trend in idiosyncratic volatility during the 1962–1997 period. We show that by 2003 volatility falls back to pre-1990s levels. Furthermore, we show that the increase and subsequent reversal is concentrated among firms with low stock prices and high retail ownership. This evidence suggests that the increase in idiosyncratic volatility ...

Ownership types support information hiding by providing object-based encapsulation. However the static restrictions they impose on object accessibility can limit the expressiveness of ownership types. In order to deal with real applications, it is sometimes necessary to admit mechanisms for dynamically exposing otherwise encapsulated information. The need for policies and mechanisms to control ...

A study of the spectrum of use and related ICT infrastructure costs This report records work that Becta has done with schools which have implemented a range of open source software (OSS) solutions. This project, funded by the DfES, was one of an interrelated series, all looking at ways of helping schools make effective and sustainable use of ICT by exploring the total cost of ownership (TCO) of...

This document defines a practical architecture and protocols for offering privacy for a user who requests and uses an X.509 certificate containing a pseudonym, while still retaining the ability to map such a certificate to the real user who requested it. The architecture is compatible with IETF certificate request formats such as PKCS10 (RFC 2986) and CMC (RFC 5272). The architecture separates ...

A distributed system for Web search and search-based advertising is proposed as a way to solve the scalability problems of centralised Web search and to enable low cost entry to the search and advertising market for service providers. Challenges and potential solutions for implementing search-based document advertising in a distributed search system are discussed. Security and trust issues in a...

This document defines a practical architecture and protocols for offering privacy for a user who requests and uses an X.509 certificate containing a pseudonym, while still retaining the ability to map such a certificate to the real user who requested it. The architecture is compatible with IETF certificate request formats such as PKCS10 (RFC 2986) and CMC (RFC 5272). The architecture separates ...

We analyze the differences between companies owned by private equity (PE) investors and similar public companies. We document that PE-owned companies provide higher managerial incentives to their top management: CEOs have almost twice as much equity, 10% lower salary, and more cash compensation than their counterparts at comparable public corporations. We also find some evidence that PE ownersh...

In this document, we have developed a model to analyze the optimal allocation of ownership right in sequential production stage along the global value chains. We have shown that, when the demand elasticity is low (high) relative to the degree of substitution among inputs in sequential production, and the bargaining weight of firm is low (high), integration (outsourcing) is the optimal organizat...

We find that annual shareholder meetings conducted online can greatly increase the participation of shareholders, especially retail shareholders. This finding is more evident when the cost of physically attending such a meeting is higher and when the firm’s ownership is more dispersed. We further document significant positive stock returns when firms initiate online annual meetings. We also fin...