This paper studies how the views of sophisticated traders are impounded into stocks and bonds around macroeconomic news announcements. I find evidence that sophisticated traders trade on predictions of macroeconomic news reports before announcements and obtain their informational advantage using public information. Specifically, consensus forecasts of upcoming data releases suffer from anchorin...

We investigate several complexity issues related to branch-and-cut algorithms for 0-1 integer programming based on lifted cover inequalities (LCIs). We show that given a fractional point, determining a violated LCI over all minimal covers is NP-hard. The main result is that there exists a class of 0-1 knapsack instances for which any branch-and-cut algorithm based on LCIs has to evaluate an exp...

Much of the inflation forecasting literature examines the ability of macroeconomic indicators to accurately predict mean inflation. For the period after 1984, existing empirical evidence largely suggests that the likelihood of accurately predicting inflation using macroeconomic indicators is no better than a random walk model. We expand the scope of inflation predictability by exploring whether...

We investigate the Hα and infrared star formation rate (SFR) diagnostics for galaxies in the Nearby Field Galaxy Survey (NFGS). For the 81 galaxies in our sample, we derive Hα fluxes (included here) from integrated spectra. There is a strong correlation between the ratio of far-infrared to optical luminosities L(FIR)/L(Hα) and the extinction E(B − V ) measured with the Balmer decrement. Before ...

Though, according even to the most pessimistic forecasts, Hungary is expected to remain amongst the regions with good quality grapevine growing conditions in the future, the expected frequency and the impact of extreme climatic events are rather serious warning signs. In this study first some impactful climatic indicators are analyzed which are of high importance in grapevine production. Histor...

This paper seeks to analyze the way investors consider growth option values when pricing equity. To achieve this objective we study the effect on stock prices of a comparative case of direct foreign investment involving acquisition of two different growth options, whose valuation has already been well-documented in prior literature. The case consists of the two sequential investment stages carr...

In this study, we assessed the effect of a diverse ownership structure with different management strategies within and between owner categories in long-term projections of economic, ecological and social forest sustainability indicators, representing important ecosystem services, for two contrasting Swedish municipalities. This was done by comparing two scenarios: one where the diversity of man...

At the 9 meeting of the SBSTTA of the CBD a recommendation was made to begin testing of five biodiversity indicators in order to measure progress towards the 2010 target. This paper considers one of these indicators for Pan-Europe. The basic principle of the index is to calculate the average trend in abundance of a set of ecosystem-representative species. The index is considered to be generic, ...