Books

The Effect of Restatements on Market Returns Following the Global Financial Crisis

This paper investigates whether stock markets react any differently to financial statement restatement information after the events of the 2008 Global Financial Crisis. The research in this paper is trying to demonstrate that financial markets reacted negatively to restatement information following the passing of the Dodd-Frank Act in 2010, ascertain if markets reacted less negatively to post-financial crisis restatements than post-Sarbanes Oxley restatements, and determine whether markets reacted more negatively to restatements of core earnings following the financial crisis period. Little research surrounding the market effects of the financial crisis exist, and it was necessary to further study the effects of restatement information on financial markets, due to its continued importance and relevance. While the impact of restatement information has been studied over previous time periods, primarily surrounding the implementation of Sarbanes Oxley in 2002, it was important to see if the general public placed any additional emphasis on, or displayed any greater awareness of the implications of, a financial statement restatement after the events of the Financial Crisis of 2008.

To investigate this issue, stock price information was collected for a period of time surrounding restatement filing dates for a small sample of companies within two time periods: Post-SOX and Post-Dodd Frank. Analyzing differences in percent changes in stock price between the two samples would allow one to develop conclusions on whether a restatement elicited a stronger or weaker market reaction. A regression model was then used to analyze potential variables within the stock price movement that may have influenced the overall outcome. The primary goal was to determine a degree of correlation between various independent variables and percent changes in stock price surrounding restatement filings for the two samples.

The findings presented some expected results, but some less promising outcomes as well. The analysis of cumulative percentage change in stock price showed that markets reacted negatively to restatement filings after the events leading to the Financial Crisis. Additionally, markets reacted more strongly to restatement information in the Post-Dodd Frank sample, which is contrary to the initial hypothesis, but only by a small margin. Aside from the number of days covered within a restatement period, the regression model failed to provide any statistically significant variables, and the model overall did not achieve statistical significance. The variables selected accounted for roughly 39% of the movement in stock price within the 2005-2007 (Post-SOX) sample, and only about 8% for the 2011-2013 (Post-Dodd Frank) sample. This lack of correlation can be attributed to a number of potential factors; among them the small sample size, the lack of consideration for other variables, and the use of cumulative changes in a stock’s price instead of cumulative abnormal returns, which factors for changes in market prices relative to changes in individual security prices.

It’s difficult to conclude with certainty what the implications of the research are. While the data collected portrays a stronger market reaction to restatements in the post-financial crisis period, the regression model cannot accurately portray the reasoning behind this movement, and even contradicts conventional sequences of thought at times. In a perfect world, one would like to see financial markets displaying a greater understanding of restatement implications, and a stronger awareness of how such information can be identified. Future researchers expanding on this topic should drastically increase the sample size, take cumulative abnormal returns into account, and to account for more variables in the data.

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Challenges Against Jurors in Courts-Martial

This Note will summarize the provisions of the Uniform Code of Military Justice and the Manual for Courts-Martial as well as the decisions of the military appellate courts in order to assist counsel in preparing for the conduct of voir dire and the challenge procedure. The Note will also discuss pre-trial preparation for the voir dire. The goals are to help the military attorney make better use of his client's right to challenge members of the court; and to give the civilian attorney a better understanding of the challenge process in courts-martial so that he will be more inclined to accept the case of the military defendant. This Note will also discuss many of the skills and techniques regularly utilized in civilian courts that can be brought to the military justice system.

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What Comes Out Must Go In: Cooling Water Intakes and the Clean Water Act

It is time to measure progress under section 316 of the Clear Water Act, the one section of the Act that focuses not on discharges, but on intakes. Part II of this Article discusses the environmental hazards in more detail and explains how cooling water intakes produce them. Part III of this Article examines the history of regulation and nonregulation under section 316(b) of the Clean Water Act, describes the development of the "common law" concerning the regulation of cooling water intakes, and explores the effect of EPA's regulatory actions and omissions on state regulatory efforts. Part IV assesses the legal and environmental importance of regulating cooling water intakes. And Part V closes with recommendations for a regulatory agenda in the area.

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A Review of Barriers to Biofuel Market Development in the United States

In recent years, biofuel markets have begun a resurgence. At one time, biofuels were the only way humanity obtained useful energy, but they were almost totally displaced by fossil fuels during the last century. Now, due to a range of drivers, they have begun a small but seemingly solid comeback. This Article reviews the remaining barriers to full commercial success for biofuels in the United States with an emphasis on transportation fuels. While recent success has been impressive, markets for transportation biofuels are hardly “self-sustaining” in the purest sense of the concept. The author does not seek to disparage the opportunity for development of biofuel markets or for more significant penetration of biofuels into the overall transportation marketplace. Rather, the goal of this Article is to set the agenda for work remaining to be done. Additionally, this Article does not seek to conduct an evaluative comparison between emerging biofuel and fossil fuel markets and industries because they are so different that any such comparative rating would be both fruitless and misleading.

This Article starts by framing the elements, reminding the reader of the broad range of feedstocks, conversion technologies, fuels, and uses that make up the biofuel industry. A brief review of the drivers for biofuels follows. From there, the author describes nine distinct categories of market barriers facing biofuels. In conclusion, these barriers are mapped to a typical value-chain model to illustrate the breadth of the barriers across the potential biofuels enterprise. The Article then closes by offering a few closing ideas as food for further thought on the relationships between the key benefits of developing and using biofuels and the ultimate challenges that face market growth.

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Absolute Immunity for State-Law Torts Under Westfall v. Erwin: How Much Discretion Is Enough?

The plaintiff who seeks to maintain an action in tort against a federal employee has basically two choices. First, after complying with various procedural requirements, the plaintiff may initiate suit under the Federal Tort Claims Act (FTCA) against the United States. The act is a waiver of sovereign immunity and, in spite of the existence of exceptions to its coverage, has generally been interpreted broadly.

The other alternative available to the plaintiff is a suit against the employee in his individual capacity based upon either state-law or constitutional tort. One of the employee's first lines of defense against such actions is official immunity. Fairly distinct bodies of law have developed for immunity in suits alleging constitutional torts and those based in state-law. Courts generally recognize absolute immunity from tort actions for executive officials in quasi-judicial functions.

A federal employee sued in state-law tort will seek the protection of absolute immunity. The leading Supreme Court case in the area is Barr v. Matteo. The case had come to stand for the rule that a federal employee was entitled to absolute immunity against suit based in state-law tort when the actions giving rise to the suit were ‘within the outer perimeter of the employee's line of duty.’ The courts of appeals split on whether immunity also required conduct that was ‘discretionary’ in nature. The Supreme Court resolved this conflict in Westfall v. Erwin, by unanimously holding that discretion was indeed a prerequisite to absolute immunity. In spite of the Court's efforts to provide some guidance for a workable definition of ‘discretion,’ the case raises serious concerns over how federal officials should function and when they can be held individually responsible for damages resulting from the performance of their duties.

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A Strategy for Developing Stationary Biodiesel Generation

This paper discusses the drivers of change in the electricity system and the opportunities presented for biodiesel electric generation in this context. This paper also introduces the primary issues facing increased utilization of biodiesel—both those that challenge increased use of the fuel and those that support this use. Finally, the paper presents key elements of a strategy for realizing the potential of an electric generation infrastructure that incorporates more distributed biodiesel generation in the near term and even more distributed energy resources over the longer term.

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Capital, coercion, and crime : bossism in the Philippines / John T. Sidel

Catalog: New Book Titles - Mon, 06/09/2014 - 03:07
Sidel, John Thayer, 1966-
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Convenient myths : the axial age, dark green religion, and the world that never was / Iain Provan

Catalog: New Book Titles - Mon, 06/09/2014 - 03:07
Provan, Iain W. (Iain William), 1957- author
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Brain on fire : my month of madness / Susan Cahalan

Catalog: New Book Titles - Fri, 06/06/2014 - 02:01
Cahalan, Susannah
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Starbound / Joe Haldeman

Catalog: New Book Titles - Fri, 06/06/2014 - 02:01
Haldeman, Joe W
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Overcoming stage fright in everyday life / Joyce Ashley

Catalog: New Book Titles - Fri, 06/06/2014 - 02:01
Ashley, Joyce
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