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MARKET EFFICIENCY IN A SMALL INDUSTRIALIZED COUNTRY: THE CASE OF DENMARK
David M Reeb,Helle L Lønroth,Chuck C Y Kwok People&Global Business Association 1998 Global Business and Finance Review Vol.3 No.2
This article examines the informational efficiency of the Copenhagen Stock Exchange (CSE) in Denmark. Following Fama's(l970) three levels of market efficiency, efficiency tests are applied to the CSE daily stock return data from January 1985 to March 1994. Besides the traditional random walk and filter rule tests, a more recent methodology of expected utility test is applied to test the weak form efficiency. In testing semi-strong form efficiency, the focus is on how fast new information is incorporated in security prices. Finally, the strong form test investigates if security analysts in Denmark possess private information that may lead to excess profits. The results do not suggest that the CSE is any less efficient than the larger stock markets in the world.
MAKET EFFICIENCY IN A SMALL INDUSTRIALIZED COUNTRY: THE CASE OF DENMARK
David M. Reeb,Helle L. Lf}nroth,Chuck C. Y. Kwok 사람과세계경영학회 1998 Global Business and Finance Review Vol.3 No.2
This article examines the informational efficiency of the Copenhagen Stock Exchange (CSE) in Denmark. Following Famas(l970) three levels ofmarket efficiency, efficiency tests are applied to the CSE daily stock return datafrom January 1985 to March 1994. Besides the traditional random walk andfilter rule tests, a more recent methodology ofexpected utility test is applied to test the weakform efficiency. In testing semi-strongform efficiency, the focus is on how fast new information is incorporated in security prices. Finally, the strong form test investigates if security analysts in Denmark possess private information that may lead to excess profits. The results do not suggest that the CSE is any less efficient than the larger stock markets in the world.
KEIRETSUS, INFLUENTIAL BANKS, AND FINANCIAL DISTRESS: EVIDENCE FROM JAPAN AND AUSTRIA
Edith A Nemec,David M Reeb People&Global Business Association 1998 Global Business and Finance Review Vol.3 No.1
In this study we examine the likeliness of financial distress in Austria and Japan. It is argued that both countries are highly comparable in respect to their bank oriented financial systems and that the keiretsu governance system in Japan lowers the probability of financial distress for member firms. We compare the relative probabilities of observed financial distress between Japan and Austria. Our evidence suggests that the probability of financial distress is lower in Japanese keiretsu firms relative to Austrian firms. Consistent with our hypothesis, we find that non-keiretsu Japanese firms and Austrian firms have similar probabilities of financial distress.
Adaptation through horizontal gene transfer in the cryptoendolithic red alga Galdieria phlegrea
Qiu, H.,Price, D.C.,Weber, A.P.M.,Reeb, V.,Chan Yang, E.,Lee, J.M.,Kim, S.Y.,Yoon, H.S.,Bhattacharya, D. Current Biology Ltd ; Elsevier Science Ltd 2013 Current biology Vol.23 No.19
Thriving in the hot, acidic, and metal-rich environments associated with geothermal areas is possible for only a few eukaryotes, with the Cyanidiophytina red algae (Cyanidium, Galdieria, and Cyanidioschyzon) being a famous example. These unicellular taxa can live in pH 0-4 and temperatures reaching up to 56<SUP>o</SUP>C [1,2]. Because Cyanidiophytina is sister to a vast array of mesophilic red algae (the Rhodophytina), such as the unicellular Porphyridium and the seaweed Chondrus[3], the genetic basis of their adaptation to extreme environments is of great interest from both the perspective of biotechnology and of evolution. The recently completed 13.7 Mbp genome sequence from the hot-spring dwelling Galdieria sulphuraria demonstrated that horizontal gene transfer (HGT) from prokaryotic sources provided this taxon with remarkable metabolic versatility (e.g., glycerol metabolism) and the ability to survive in its hostile environment (e.g., genes to detoxify mercury and arsenic) [4]. To explore the role of HGT in other members of this genus, we generated an 11.4 Mbp draft genome assembly from the sister taxon G. phlegrea DBV 009 [5]. In contrast to G. sulphuraria, this species is adapted to dry habitats near fumaroles such as fissures between rocks or cryptoendolithic environments [5,6]. Here, we provide evidence for extensive gene loss in the common ancestor of Cyanidiophytina that includes the eukaryote-derived loci required for urea utilization. Surprisingly, we find that G. phlegrea has regained the complete set of genes required for urea hydrolysis through HGT from eubacteria. The unlinked nature of these genes is likely explained by multiple gene transfers that resulted in assembly of the pathway in G. phlegrea. Our study demonstrates that genome reduction, a common outcome in eukaryotes for adaptation to a specialized niche, can be ameliorated by the gain of once lost, or novel functions through HGT.