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Stock (geology)

About: Stock (geology) is a research topic. Over the lifetime, 31009 publications have been published within this topic receiving 783542 citations.


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Daniel Müller1
TL;DR: In this paper, a generic dynamic material flow analysis model is presented and applied for the diffusion of concrete in the Dutch dwelling stock for the period of 1900-2100, and the results show that construction and demolition flows follow a cyclical behaviour.

407 citations

Journal ArticleDOI
TL;DR: The authors investigate whether corporate executives' stock repurchase decisions are affected by their incentives to manage diluted earning per share (EPS) and find that executives increase the level of their firms' stock buybacks when: (1) the dilutive effect of outstanding employee stock options (ESOs) on diluted EPS increases, and (2) earnings are below the level required to achieve the desired rate of EPS growth.

407 citations

Journal ArticleDOI
TL;DR: The authors found that stock price changes at stock dividend and split announcements are significantly correlated with split factors, holding other factors constant, and with earnings forecast errors, suggesting that management's choice of split factor signals private information about future earnings and that investors revise their beliefs about firm value accordingly.
Abstract: This paper provides evidence that firms signal their private information about future earnings by their choice of split factor. Split factors are increasing in earnings forecast errors, after controlling for differences in pre-split price and firm size. Furthermore, price changes at stock dividend and split announcements are significantly correlated with split factors, holding other factors constant, and with earnings forecast errors. These correlations suggest that management's choice of split factor signals private information about future earnings and that investors revise their beliefs about firm value accordingly. The analysis also suggests, however, that announcement returns are significantly correlated with split factors after controlling for earnings forecast errors. This suggests that earnings forecast errors measure management's private information about future earnings with error, that split factors signal other valuation-relevant attributes, or that a'signaling explanation is incomplete. RESEARCHERS HAVE LONG PUZZLED over the role of stock splits and stock dividends. A stock dividend or split increases the number of equity shares outstanding but has no effect on shareholders' proportional ownership of shares. It is therefore puzzling that firms engage in these transactions, and even more so that stock prices rise on average when these transactions are announced, as Grinblatt, Masulis, and Titman (1984) document. The significant positive announcement effects led Grinblatt, Masulis, and Titman (hereafter GMT) to hypothesize that firms signal information about their future earnings or equity values through their split decisions. To date, this hypothesis has met with limited support. GMT conclude that "the announcement returns cannot be explained by forecasts of imminent increases in cash dividends" because they observe similar stock price behavior in firms that do not pay dividends. Our study provides further evidence on the signaling hypothesis by testing whether stock dividends and splits convey information about future earnings, and by testing whether the split factor itself is the signal. The notion that the split factor may act as a signal has institutional as well as theoretical support. Practitioners have long contended that the purpose of stock splits is to move a firm's share price into an "optimal trading range." Baker and Gallagher (1980), who surveyed chief financial officers of firms that split their shares, report that 94% of their sample indicated their stock splits moved their

404 citations

Journal ArticleDOI
TL;DR: In this paper, the authors estimate a dynamic asset pricing model characterized by heterogeneous boundedly rational agents, where the fundamental value of the risky asset is publicly available to all agents, but they have different beliefs about the persistence of deviations of stock prices from the fundamental benchmark.
Abstract: We estimate a dynamic asset pricing model characterized by heterogeneous boundedly rational agents. The fundamental value of the risky asset is publicly available to all agents, but they have different beliefs about the persistence of deviations of stock prices from the fundamental benchmark. An evolutionary selection mechanism based on relative past profits governs the dynamics of the fractions and switching of agents between different beliefs or forecasting strategies. A strategy attracts more agents if it performed relatively well in the recent past compared to other strategies. We estimate the model to annual US stock price data from 1871 until 2003. The estimation results support the existence of two expectation regimes, and a bootstrap F-test rejects linearity in favor of our nonlinear two-type heterogeneous agent model. One regime can be characterized as a fundamentalists regime, because agents believe in mean reversion of stock prices toward the benchmark fundamental value. The second regime can be characterized as a chartist, trend following regime because agents expect the deviations from the fundamental to trend. The fractions of agents using the fundamentalists and trend following forecasting rules show substantial time variation and switching between predictors. The model offers an explanation for the recent stock prices run-up. Before the 90s the trend following regime was active only occasionally. However, in the late 90s the trend following regime persisted and created an extraordinary deviation of stock prices from the fundamentals. Recently, the activation of the mean reversion regime has contributed to drive stock prices back closer to their fundamental valuation.

402 citations

Journal ArticleDOI
TL;DR: In this paper, a structural VAR analysis of the stock market response to oil price shocks is presented, showing that the magnitude, duration, and even direction of response by stock market in a country to price shocks highly depend on whether the country is a net importer or exporter in the world oil market, and whether changes in oil price are driven by supply or aggregate demand.
Abstract: While the relationship between oil prices and stock markets is of great interest to economists, previous studies do not differentiate oil-exporting countries from oil-importing countries when they investigate the effects of oil price shocks on stock market returns. In this paper, we address this limitation using a structural VAR analysis. Our main findings can be summarized as follows: First, the magnitude, duration, and even direction of response by stock market in a country to oil price shocks highly depend on whether the country is a net importer or exporter in the world oil market, and whether changes in oil price are driven by supply or aggregate demand. Second, the relative contribution of each type of oil price shocks depends on the level of importance of oil to national economy, as well as the net position in oil market and the driving forces of oil price changes. Third, the effects of aggregate demand uncertainty on stock markets in oil-exporting countries are much stronger and more persistent than in oil-importing countries. Finally, positive aggregate and precautionary demand shocks are shown to result in a higher degree of co-movement among the stock markets in oil-exporting countries, but not among those in oil-importing countries.

402 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202237
20211,825
20201,882
20191,697
20181,539
20171,706