THE USE OF HISTORICAL DATA IN ACCOUNTING RESEARCH: THE CASE OF THE AMERICAN SUGAR REFINING COMPANY

1997 ◽  
Vol 24 (2) ◽  
pp. 1-24 ◽  
Author(s):  
Robert Bricker ◽  
Kevin Brown
Keyword(s):  
Capital Market ◽  
Historical Data ◽  
Abnormal Returns ◽  
Deep Understanding ◽  
Historical Record ◽  
Historical Period ◽  
Financial Condition ◽  
A Value ◽  
Time Period ◽  
And Performance

In 1908, the American Sugar Refining Company (ASR) reversed its long-held policy of secrecy as to its financial condition and performance. Prior work, applying contemporary capital market methods to ASR security price data of that period, has suggested a value to ASR shareholders of this policy reversal. This paper examines the historical record of that time and presents additional evidence on this matter, particularly in terms of identifying potentially confounding events occurring during the period under study. The results of this analysis suggest a difficulty in attributing observed abnormal returns to ASR's secrecy policy reversal on the basis of the results obtained from applying capital markets methods. This analysis is useful for scholars interested in applying modern capital market methods to historical data. It highlights the significance of the possible effects of contemporaneous historical events, focuses attention on the importance of a deep understanding of the historical period studied, and suggests a value in combining historical and empirical-markets methods to gain a richer understanding of the events and conditions in the time period under study.

scholarly journals Flood frequency analysis supported by the largest historical flood

2014 ◽  
Vol 14 (6) ◽  
pp. 1543-1551 ◽  
Author(s):  
W. G. Strupczewski ◽  
K. Kochanek ◽  
E. Bogdanowicz
Keyword(s):  
Return Period ◽  
Historical Record ◽  
Flood Frequency ◽  
Flood Frequency Analysis ◽  
Historical Period ◽  
Time Period ◽  
Extreme Flood ◽  
Discrete Uniform Distribution ◽  
L Value ◽  
Discrete Uniform

Abstract. The use of non-systematic flood data for statistical purposes depends on the reliability of the assessment of both flood magnitudes and their return period. The earliest known extreme flood year is usually the beginning of the historical record. Even if one properly assesses the magnitudes of historic floods, the problem of their return periods remains unsolved. The matter at hand is that only the largest flood (XM) is known during whole historical period and its occurrence marks the beginning of the historical period and defines its length (L). It is common practice to use the earliest known flood year as the beginning of the record. It means that the L value selected is an empirical estimate of the lower bound on the effective historical length M. The estimation of the return period of XM based on its occurrence (L), i.e. ^M = L, gives a severe upward bias. The problem arises that to estimate the time period (M) representative of the largest observed flood XM. From the discrete uniform distribution with support 1, 2, ... , M of the probability of the L position of XM, one gets ^L = M/2. Therefore ^M = 2L has been taken as the return period of XM and as the effective historical record length as well this time. As in the systematic period (N) all its elements are smaller than XM, one can get ^M = 2t( L+N). The efficiency of using the largest historical flood (XM) for large quantile estimation (i.e. one with return period T = 100 years) has been assessed using the maximum likelihood (ML) method with various length of systematic record (N) and various estimates of the historical period length ^M comparing accuracy with the case when systematic records alone (N) are used only. The simulation procedure used for the purpose incorporates N systematic record and the largest historic flood (XMi) in the period M, which appeared in the Li year of the historical period. The simulation results for selected two-parameter distributions, values of their parameters, different N and M values are presented in terms of bias and root mean square error RMSEs of the quantile of interest are more widely discussed.

scholarly journals Flood Frequency Analysis supported by the largest historical flood

2013 ◽  
Vol 1 (6) ◽  
pp. 6133-6153 ◽  
Author(s):  
W. G. Strupczewski ◽  
K. Kochanek ◽  
E. Bogdanowicz
Keyword(s):  
Return Period ◽  
Historical Record ◽  
Flood Frequency ◽  
Flood Frequency Analysis ◽  
Historical Period ◽  
Time Period ◽  
Extreme Flood ◽  
Discrete Uniform Distribution ◽  
L Value ◽  
Discrete Uniform

Abstract. The use of non-systematic flood data for statistical purposes depends on reliability of assessment both flood magnitudes and their return period. The earliest known extreme flood year is usually the beginning of the historical record. Even if one properly assess the magnitudes of historic floods, the problem of their return periods remains unsolved. The matter in hand is that the only largest flood (XM) is known during whole historical period and its occurrence marks the beginning of the historical period and defines its length (L). It is the common practice of using the earliest known flood year as the beginning of the record. It means that the L value selected is an empirical estimate of the lower bound on the effective historical length M. The estimation of the return period of XM based on its occurrence (L), i.e. ∧ M = L, gives the severe upward bias. Problem arises to estimate the time period (M) representative of the largest observed flood XM. From the discrete uniform distribution with support 1,2, ... , M of the probability of the L position of XM one gets ∧ L = M/2. Therefore ∧ M = 2L has been taken as the return period of XM and as the effective historical record length as well this time. As in the systematic period (N) all its elements are smaller than XM, one can get ∧ M =2(L+N). The efficiency of using the largest historical flood (XM) for large quantile estimation (i.e. one with return period T = 100 yr has been assessed using ML method with various length of systematic record (N) and various estimates of historical period length ∧ M comparing accuracy with the case when systematic records alone (N) are used only. The simulation procedure used for the purpose incorporates N systematic record and one largest historic flood (XMi) in the period M which appeared in the Li year backward from the end of historical period. The simulation result for selected distributions, values of their parameters, different N and M values are presented in terms of bias and RMSE of the quantile of interest and widely discussed.

scholarly journals ERGONOMICS AND PERFORMANCE CHARACTERISTICS OF ROAD-BUILDING MACHINE OPERATION

2017 ◽  
Vol 2017 (1) ◽  
pp. 112-118
Author(s):  
Константин Мандровский ◽  
Konstantin Mandrovskiy
Keyword(s):  
Performance Characteristics ◽  
Operating Efficiency ◽  
Monitoring Systems ◽  
Automated Control ◽  
Machine Operation ◽  
Operation Speed ◽  
A Value ◽  
Time Period ◽  
Work Cycle ◽  
And Performance

The interconnection of ergonomics factors with performance characteristics of operating efficiency of excavators – const price of product unit taking into account costs of possession (CPEP) is considered. A set of CPEP computations for a variable level of ergonomic factors is carried out. A work cycle time period for an excavator with the mass of 20t reasoning from technical potentialities makes from 6 10 sec which is considerably less of a time period spent actually. Time losses depend on the perfection degree in a control system of a machine defining a value of operation speed decrease by an operator and demand in a multistage positioning of a bucket cutting face. Time losses in a work cycle can be presented as depending upon a value of speed decrease of working equipment motion and time loss for control switching in the course of which working equipment is stationary. For the CPEP definition a list of initial data is necessary a part of which depends upon current conditions of machine operation that makes impossible obtaining this information without use of systems of an automated infor-mation collection and information processing (monitoring systems). A level of ergonomic properties of a specific machine can be assumed as unchangeable but an operator, at the expense of his individuality, introduces instability into efficiency indices. At the possibility of control of time losses for the management in a real time mode (as a number of other indices) provided with a joint functioning of automated control systems and monitoring systems it is possible to give an assessment to the undisclosed potential of efficiency and competitive ability of machine use.

'A town built on migration?' Calculating the human capital value of migration to Reading, 1851-1871

2019 ◽  
pp. 26-54
Author(s):  
Daniel James Gooch
Keyword(s):  
Human Capital ◽  
Economic Value ◽  
Infrastructure Projects ◽  
Economic Output ◽  
Net Migration ◽  
A Value ◽  
Time Period ◽  
The Town ◽  
Age And Sex ◽  
Capital Value

This article provides an estimate of the human capital value of migration to Reading in the period 1851-1871 to the town's economy. This is determined by estimating total net migration to the town across this period by age and sex and assigning all migrants a value for expected lifetime economic output less expected lifetime consumption costs. The final figures are contextualised by comparison with the value of social overhead capital used to fund significant local infrastructure projects in the same time period and show that, from a human capital perspective, the value of migration to Reading was very significant. This article thus addresses significant historiographical gaps in the study of Victorian labour migration to southern provincial towns and provides an original perspective to studies of the economic value of migration and its role in the growth of such communities.

SOME MEASURES OF LEGAL RESPONSIBILITY FOR CORRUPTION OFFENSES IN THE LAW OF THE MOSCOW STATE OF THE XV-XVI CENTURIES

2020 ◽  
pp. 67-71
Author(s):  
Любовь Евгеньевна Логунова
Keyword(s):  
Corporal Punishment ◽  
Criminal Responsibility ◽  
Legal Liability ◽  
Legal Responsibility ◽  
Historical Period ◽  
Legal Interpretation ◽  
Present Stage ◽  
Legal Documents ◽  
Time Period ◽  
Russian Law

В статье автором проводится анализ законодательных памятников права Московского государства XV-XVI вв. и публично-правовых грамот. Выявляется проблема отсутствия законодательного закрепления таких понятий, как «коррупция», «коррупционное правонарушение». Предпринимается попытка определения данных понятий. Сравнивается понимание указанных явлений в XV-XVI вв. с современной правовой интерпретацией. Анализируются и раскрываются основные аспекты и особенности коррупционных правонарушений, характерные для периода Московского государства. Перечисляются меры противодействия коррупции на современном этапе и в рассматриваемом временном периоде. Изучаются не только такие известные памятники российского права, как судебники, но также и иные источники права периода XV-XVI вв. Перечисляются и раскрываются меры юридической ответственности за совершение коррупционных правонарушений. Дается краткая характеристика видам юридической ответственности, применяемым за совершение коррупционных правонарушений. Подчеркивается тяжесть уголовной ответственности, которую несли низшие судебные чиновники за совершение коррупционных правонарушений. Автор обращает внимание на то, что законодатель рассматриваемого периода придавал большое значение борьбе с чиновничьим произволом на местах. В ходе исследования автор приходит к выводу о том, что расширение видов мер юридической ответственности за коррупционные правонарушения, назначение тяжких телесных наказаний за совершение такого рода деяний не привело к искоренению коррупции в рассматриваемом историческом периоде. In the article, the author analyzes the legal monuments of the Moscow state of the XV-XVI centuries and public legal documents. The problem of the lack of legislative consolidation of such concepts as «corruption», «corruption offense» is revealed. An attempt is made to define these concepts. The understanding of these phenomena in the XV-XVI centuries is compared with the modern legal interpretation. The main aspects and features of corruption offenses typical for the period of the Moscow state are analyzed and disclosed. Measures to counteract corruption at the present stage and in the considered time period are listed. We study not only such well-known monuments of Russian law as sudebniki, but also other sources of law from the XV-XVI centuries the measures of legal responsibility for committing corruption offenses are Listed and disclosed. A brief description of the types of legal liability applied for corruption offenses is given. The author emphasizes the severity of the criminal responsibility that was borne by lower judicial officials for committing corruption offenses. The author draws attention to the importance that the legislator of the period under review attached to the fight against official arbitrariness on the ground. In the course of the study, the author comes to the conclusion that the expansion of the types of measures of legal responsibility for corruption offenses, the appointment of heavy corporal punishment for committing such acts did not lead to the eradication of corruption in the considered historical period.

Divestiture and Its Market Reaction in a Consolidating Industry: The Global Brewing Industry

2021 ◽  
pp. 1-21
Author(s):  
Ludwig Erl ◽  
Florian Kiesel
Keyword(s):  
Mergers And Acquisitions ◽  
Capital Market ◽  
Market Reaction ◽  
Market Performance ◽  
Abnormal Returns ◽  
Brewing Industry ◽  
Efficiency Gains ◽  
Market Values ◽  
Jel Classifications ◽  
The Capital Market

Abstract This study provides a perspective on the market performance of divestitures in the global brewing industry. In 2018, the five largest players accounted for 60% of the global beer volume. We analyze to what extent the capital market values divestitures in an industry where players usually seek efficiency gains and growth through mergers and acquisitions. Based on a sample of 61 divestiture intent announcements in the period from 1999–2018, this study shows that publicly listed brewing groups experience significant positive abnormal returns of about 1.4%. We measure the influential effect of success determinants concerning the underlying industry, the divested business, the divestiture structure, and the divestor itself. (JEL Classifications: G14, G34, L25, Q14)

scholarly journals Selecting sorting centres to avoid long distance transport of weaned beef calves

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
T. Morel-Journel ◽  
E. Vergu ◽  
J.-B. Mercier ◽  
N. Bareille ◽  
P. Ezanno
Keyword(s):  
Negative Impact ◽  
Historical Record ◽  
Management Tool ◽  
Long Distance ◽  
Beef Calves ◽  
Long Distance Transport ◽  
And Performance ◽  
Distance Transport ◽  
French Beef ◽  
General Concern

AbstractThe transport of weaned calves from cow–calf producers to fatteners is a general concern for the young bull industry due to its documented negative impact on the welfare, health and performance of the animals. These transfers are often managed by intermediaries who transport weaned calves to sorting centres, where they are grouped into batches before being sent to fattening units. In this study, we present an algorithm to limiting these transfer distances by appropriately selecting the sorting centre through which they must go. We tested the effectiveness of this algorithm on historical data from a French beef producer organization managing 136,892 transfers using 13 sorting centres. The results show a decrease in the transfer distances compared to the historical record, especially for the calves travelling over long distances (− 76 km, i.e. 18% on average for the 33% longest transfers). Moreover, the distribution of calves between the sorting centres proposed by the algorithm reveals differences in their efficiency in minimizing transfer distances. In addition to its usefulness as a management tool for the daily transport of cattle, this algorithm provides prospects for improving the management of the sorting centres themselves.

The Political Economics of Population Growth: The Case of China

1971 ◽  
Vol 23 (2) ◽  
pp. 245-272 ◽  
Author(s):  
Pi-Chao Chen
Keyword(s):  
Economic Development ◽  
Quantitative Analysis ◽  
Population Growth ◽  
Historical Data ◽  
Historical Record ◽  
The Political ◽  
High Population Density ◽  
Rapid Population Growth ◽  
The World ◽  
Simon Kuznets

Some economists argue that high population density and rapid population growth are not in themselves impediments to economic development. On the basis of a quantitative analysis of historical data, Simon Kuznets, for instance, concludes that, historically, rates of economic development have not significantly correlated, either positively or negatively, with rates of population growth. Similarly, E. E. Hagen observes that “nowhere in the world has population growth induced by rising income been sufficient to halt the rise in income. … The historical record indicates that rise in income in these societies has failed to occur not because something thwarted it, but because no force has been present to cause income to rise.

Dance Imagery for Technique and Performance

2014 ◽  
Author(s):  
Eric Franklin
Keyword(s):  
Deep Understanding ◽  
The Body ◽  
Artistic Expression ◽  
Contemporary Dance ◽  
Improve Technique ◽  
Dance Class ◽  
Dance Improvisation ◽  
Dance Imagery ◽  
And Performance ◽  
Dance Educators

Renowned master teacher Eric Franklin has thoroughly updated his classic text, Dance Imagery for Technique and Performance, providing dancers and dance educators with a deep understanding of how they can use imagery to improve their dancing and artistic expression in class and in performance. These features are new to this edition: • Two chapters include background, history, theory, and uses of imagery. • 294 exercises offer dancers and dance educators greater opportunities to experience how imagery can enhance technique and performance. • 133 illustrations facilitate the use of imagery to improve technique, artistic expression, and performance. Franklin provides hundreds of imagery exercises to refine improvisation, technique, and choreography. The 295 illustrations cover the major topics in the book, showing exercises to use in technique, artistic expression, and performance. In addition, Franklin supplies imagery exercises that can restore and regenerate the body through massage, touch, and stretching. And he offers guidance in using imagery to convey information about a dancer’s steps and to clarify the intent and content of movement. This new edition of Dance Imagery for Technique and Performance can be used with Franklin’s Dynamic Alignment Through Imagery, Second Edition, or on its own. Either way, readers will learn how to combine technical expertise with imagery skills to enrich their performance, and they will discover methods they can use to explore how imagery connects with dance improvisation and technique. Dance Imagery for Technique and Performance uses improvisation exercises to help readers investigate new inner landscapes to create and communicate various movement qualities, provides guidelines for applying imagery in the dance class, and helps dancers expand their repertoire of expressiveness in technique and performance across ballet, modern, and contemporary dance. This expanded edition of Dance Imagery for Technique and Performance supplies imagery tools for enhancing or preparing for performance, and it introduces the importance of imagery in dancing and teaching dance. Franklin’s method of using imagery in dance is displayed throughout this lavishly illustrated book, and the research from scientific and dance literature that supports Franklin’s method is detailed. The text, exercises, and illustrations make this book a practical resource for dancers and dance educators alike.

An Open Source Finance System for Stocks Backtesting Trade Strategies

2021 ◽  
Vol 12 (2) ◽  
pp. 52-65
Author(s):  
Eviatar Rosenberg ◽  
Dima Alberg
Keyword(s):  
User Interface ◽  
Open Source ◽  
Programming Language ◽  
Capital Market ◽  
Historical Data ◽  
Trading Strategies ◽  
Market Volatility ◽  
Finance System ◽  
Python Programming Language ◽  
Python Programming

A significant part of pension savings is in the capital market and exposed to market volatility. The COVID-19 pandemic crisis, like the previous crises, damaged the gains achieved in those funds. This paper presents a development of open-source finance system for stocks backtesting trade strategies. The development will be operated by the Python programming language and will implement application user interface. The system will import historical data of stocks from financial web and will produce charts for analysis of the trends in stocks price. Based on technical analysis, it will run trading strategies which will be defined by the user. The system will output the trade orders that should have been executed in retrospect and concluding charts to present the profit and loss that would occur to evaluate the performance of the strategy.

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