Wednesday, 10 August 2011
Tuesday, 9 August 2011
UK's riots
From London's riots to UK's riots
Excellent point of view by David Lawrence: The Tottenham riot makes me embarrassed to live here
Mark Duggan: profile of Tottenham police shooting victim
Youth, the bad?
After reports that some rioters were as young as nine, police called on parents to keep their children at home. Chief Constable Chris Sims of West Midlands police said some were “astonishingly young”.
Paul Tilsley, deputy leader of Birmingham city council, told the BBC that about 200 youths in two groups had been involved. He warned those whose children brought stolen goods home that they were accessories to crime.
In Toxteth, Liverpool, many youth and community centres closed and shops shut early. Police warned late on Tuesday night that there were signs of unrest in Toxteth, on the edge of the city centre, and on the Smithdown Road.
Youth, the troubled
Who are the rioters? Young men from poor areas ... but that's not the full story
UK riots: don't deal with them in the way Greece did
The UK riots: the psychology of looting
England riots: Latest global reaction
The competing arguments used to explain the riots
Bạo loạn ở Anh, vì sao xảy ra?
Bạo loạn London: Sao nhiều người thành kẻ cướp?
Excellent point of view by David Lawrence: The Tottenham riot makes me embarrassed to live here
Mark Duggan: profile of Tottenham police shooting victim
Youth, the bad?
After reports that some rioters were as young as nine, police called on parents to keep their children at home. Chief Constable Chris Sims of West Midlands police said some were “astonishingly young”.
Paul Tilsley, deputy leader of Birmingham city council, told the BBC that about 200 youths in two groups had been involved. He warned those whose children brought stolen goods home that they were accessories to crime.
In Toxteth, Liverpool, many youth and community centres closed and shops shut early. Police warned late on Tuesday night that there were signs of unrest in Toxteth, on the edge of the city centre, and on the Smithdown Road.
Youth, the troubled
Who are the rioters? Young men from poor areas ... but that's not the full story
UK riots: don't deal with them in the way Greece did
The UK riots: the psychology of looting
England riots: Latest global reaction
The competing arguments used to explain the riots
Bạo loạn ở Anh, vì sao xảy ra?
Bạo loạn London: Sao nhiều người thành kẻ cướp?
Market turmoils
Asian Markets Roil as Fear Spreads
The turmoil in the world’s financial markets showed little sign of abating on Tuesday, with selling once again sending stock markets in Asia lower as investors dumped equities in favor of traditional havens like gold and U.S. Treasury securities.
“When you get declines of this sort, it is technical factors and emotion that drive markets — the fundamentals are largely irrelevant,” said Stephen Davies, chief executive of Javelin Wealth Management in Singapore, referring to Wall Street’s plunge on Monday. The stock market there saw its worst day since December 2008, in the midst of the global financial crisis.
The S.& P. 500 is now down 18 percent from its April 29 peak and is nearing official bear market territory, defined as a fall of 20 percent.
Gold, by contrast, has soared from $1,485 per ounce at the start of July, vaulting the $1,700 mark on Monday and rocketing to just under $1,770 at one point on Tuesday before falling back to $1,750.
US stocks rise after big fall
A relief.
"I think that stocks were cheap heading into the decline, and they just became cheaper," said Brian Jacobsen, chief portfolio strategist for Wells Fargo Funds Management, which has $228 billion in assets under management. "As a long-term investor, that's what I like to see."
Interesting photos: Traders react to losses
Daily Pfennig: Downgrade Rumors Hit France...
Update: Government actions
Điều tra việc xếp hạng Mỹ là AA+
The turmoil in the world’s financial markets showed little sign of abating on Tuesday, with selling once again sending stock markets in Asia lower as investors dumped equities in favor of traditional havens like gold and U.S. Treasury securities.
“When you get declines of this sort, it is technical factors and emotion that drive markets — the fundamentals are largely irrelevant,” said Stephen Davies, chief executive of Javelin Wealth Management in Singapore, referring to Wall Street’s plunge on Monday. The stock market there saw its worst day since December 2008, in the midst of the global financial crisis.
The S.& P. 500 is now down 18 percent from its April 29 peak and is nearing official bear market territory, defined as a fall of 20 percent.
Gold, by contrast, has soared from $1,485 per ounce at the start of July, vaulting the $1,700 mark on Monday and rocketing to just under $1,770 at one point on Tuesday before falling back to $1,750.
US stocks rise after big fall
A relief.
"I think that stocks were cheap heading into the decline, and they just became cheaper," said Brian Jacobsen, chief portfolio strategist for Wells Fargo Funds Management, which has $228 billion in assets under management. "As a long-term investor, that's what I like to see."
Interesting photos: Traders react to losses
Daily Pfennig: Downgrade Rumors Hit France...
Update: Government actions
Điều tra việc xếp hạng Mỹ là AA+
Monday, 8 August 2011
Earnings management, IPO issuers and reputation
Do more reputable financial institutions reduce earnings management by IPO issuers? - Gemma Lee, Ronald W. Masulis
This study investigates whether financial intermediaries (FIs) participating in the IPO process play a significant role in restraining earnings management (EM). Specifically, we examine whether EM around IPOs is negatively related to investment banks (IBs) and venture capital (VC) investor reputations. In general, we do not find evidence that VCs as a group significantly restrain EM by IPO issuers.
However, we uncover strong evidence that more reputable VCs and IBs are associated with significantly less EM, which is consistent with them implicitly certifying the quality of issuer financial reports. Moreover, a stronger reduction in EM is found when more reputable IBs are matched with more reputable VCs, which indicates that VC and IB reputation are complements rather than substitutes. These conclusions are invariant to adjustments for potential endogeneity of underwriter reputation and VC-backing or reputation.
This study investigates whether financial intermediaries (FIs) participating in the IPO process play a significant role in restraining earnings management (EM). Specifically, we examine whether EM around IPOs is negatively related to investment banks (IBs) and venture capital (VC) investor reputations. In general, we do not find evidence that VCs as a group significantly restrain EM by IPO issuers.
However, we uncover strong evidence that more reputable VCs and IBs are associated with significantly less EM, which is consistent with them implicitly certifying the quality of issuer financial reports. Moreover, a stronger reduction in EM is found when more reputable IBs are matched with more reputable VCs, which indicates that VC and IB reputation are complements rather than substitutes. These conclusions are invariant to adjustments for potential endogeneity of underwriter reputation and VC-backing or reputation.
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