The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-li...The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section (TSCS) and Panel Corrected Standard Error (PCSE) regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study's results indicate that the Tobin's Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share (EPS) and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study's findings are more in support of the growth opportunity hypothesis.展开更多
Screening for maternal syphilis has been an essential component of routine antenatal screening tests in most countries for many years. This is not only because of the virulence of the spirochete which causes the infec...Screening for maternal syphilis has been an essential component of routine antenatal screening tests in most countries for many years. This is not only because of the virulence of the spirochete which causes the infection but also because of its vertical transmission rate and the potential severe adverse complications/morbidity that can result from its transmission to the fetus. Although the incidence of maternal syphilis and its fetal sequalae in low-income countries has been considerable for several years, the disease has been almost non-existent in high income countries with wide antenatal screening coverage and effective treatment programmes for Syphilis. The recent alarming increase in the incidence of maternal syphilis in high income countries has spawned a renewed public health interest in the infection, with several countries updating and strengthening public health guidance in an attempt to stem this dramatic trend. This is a short clinical update for the practising obstetrician on how to manage the antenatal patient with a positive syphilis screening test.展开更多
The role of authigenic clay growth in clay gouge is increasingly recognized as a key to understanding the mechanics of berittle faulting and fault zone processes,including creep and seismogenesis,and providing new ins...The role of authigenic clay growth in clay gouge is increasingly recognized as a key to understanding the mechanics of berittle faulting and fault zone processes,including creep and seismogenesis,and providing new insights into the ongoing debate about the frictional strength of brittle fault(Haines and van der Pluijm,2012).However,neither the conditions nor the processes which展开更多
文摘The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section (TSCS) and Panel Corrected Standard Error (PCSE) regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study's results indicate that the Tobin's Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share (EPS) and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study's findings are more in support of the growth opportunity hypothesis.
文摘Screening for maternal syphilis has been an essential component of routine antenatal screening tests in most countries for many years. This is not only because of the virulence of the spirochete which causes the infection but also because of its vertical transmission rate and the potential severe adverse complications/morbidity that can result from its transmission to the fetus. Although the incidence of maternal syphilis and its fetal sequalae in low-income countries has been considerable for several years, the disease has been almost non-existent in high income countries with wide antenatal screening coverage and effective treatment programmes for Syphilis. The recent alarming increase in the incidence of maternal syphilis in high income countries has spawned a renewed public health interest in the infection, with several countries updating and strengthening public health guidance in an attempt to stem this dramatic trend. This is a short clinical update for the practising obstetrician on how to manage the antenatal patient with a positive syphilis screening test.
基金financed by the National Youth Sciences Foundation of China (No. 41502044)
文摘The role of authigenic clay growth in clay gouge is increasingly recognized as a key to understanding the mechanics of berittle faulting and fault zone processes,including creep and seismogenesis,and providing new insights into the ongoing debate about the frictional strength of brittle fault(Haines and van der Pluijm,2012).However,neither the conditions nor the processes which