This paper tests the hypothesis that insider trading impairs market liquidity, by analyzing intraday trades and quotes around 1,497 IPO lockup expirations in the period 1995-1999. We find that, while lockup expirations are associated with considerable insider trading for some IPO Initial Public Offering firms, they have little effect on...
The significant price drop for IPO Initial Public Offering stocks upon lockup expiration seems to contradict the market efficiency hypothesis. The author show that the price drop is unlikely due to selective insider selling induced by market demand or increased risk of information asymmetry after the unlock day. Using TAQ...
The objective in this study is to identify those one-shot transactional devices in the ED strip – bundles, packs, or individual contracts – that afford the greatest, most reliable short-term price protection for on-the-run Treasury notes. Operationally, “greatest” means those ED futures packages whose price changes are most highly correlated...
Utah County homeowners may have inadvertently been shortchanged in this year's economic-stimulus package, due to standards for home loans that were revised earlier this spring. In March, the federal government raised the limits for loans that can be purchased by mortgage companies Fannie Mae and Freddie Mac...
WASHINGTON -- The Senate voted Wednesday to triple spending for a much-acclaimed program that has treated and protected millions in Africa and elsewhere from the scourges of AIDS, malaria and tuberculosis. The 80-16 vote committed the United States to spending up to $48 billion over the next...
The condo-converting developer and the perceivably aggressive California investor have been leading actors shaping the expiring market cycle for local mid-market apartment properties. One need not be too bright to guess that condo developers are more cautious than they were 18 months ago. The California investor's status has not received...
Mengold Resources Inc. ("Mengold") (TSX VENTURE: MNI) has awarded 200,000 incentive stock options to an officer of the Company. The stock options, which are subject to vesting over an 18-month period, are exercisable at $0.20 per common share and expire in 20 months on March 15, 2010. This grant of...
Kola Mining Corporation (TSX VENTURE: KM)(OTCBB: KMNFF)(FRANKFURT: C8M) ("The Company") is pleased to announce that it has closed the private placement announced in its June 27, 2008 news release. A total of 33,333,334 units have been issued at $0.30 per unit raising gross proceeds of $10,000,000. Each unit consists of...
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX: ELD)(AMEX: EGO) ("Eldorado" or "we") announced today that Eldorado has taken up and accepted for payment an additional 4.9 million common shares of Frontier Pacific Mining Corporation ("Frontier") that were tendered since July 2, 2008 to its...
Polar Star Mining Corporation (TSX VENTURE: POS)(PINK SHEETS: POSRF) ("Polar Star" or the "Company") is pleased to announce that in connection with the appointment of Adam Rochacewich, CA as Chief Financial Officer of the Company (previously announced on May 20, 2008), Polar Star has granted Mr. Rochacewich options to acquire...
Responding to Strong International Demand and Enabling U.S. Customers to Complete Renewable Energy Projects Prior to the Expiration of the Current Federal Installation Tax Credit ITC BOSTON -- SatCon Technology Corporation (NASDAQ CM:SATC), a leading provider of utility scale renewable energy solutions for distributed power markets, announced today...
SANTA MONICA, Calif. -- Activision Blizzard, Inc. (Nasdaq: ATVID) announced today the commencement of a tender offer to purchase up to 146,500,000 shares of its outstanding common stock at a price of $27.50 per share representing approximately 22% of Activision Blizzard's outstanding common stock as of July 9, 2008. ...
NEW YORK -- Western Asset Municipal Partners Fund Inc. (NYSE: MNP) (the "Fund") announced today that the Fund's tender offer for 511,530 of its issued and outstanding shares of common stock, representing approximately 5% of the Fund's outstanding shares, expired on Tuesday, July 15, 2008 at 5:00 p.m., New York...
NEW YORK -- Western Asset Inflation Management Fund Inc. (NYSE: IMF) (the "Fund") announced today that the Fund's tender offer for 371,640 of its issued and outstanding shares of common stock, representing approximately 5% of the Fund's outstanding shares, expired on Tuesday, July 15, 2008 at 5:00 p.m., New York...
CALGARY, Alberta -- Petroflow Energy Ltd. ("Petroflow") (TSX VENTURE:PEF)(AMEX:PED) announces it has granted an aggregate of 292,000 options to its officers and employees pursuant to Petroflow's existing Stock Option Plan effective July 10, 2008. Of the 292,000 options granted, an aggregate of 69,800 options were granted to employees (other than...
NEW YORK -- Fitch Ratings confirms the 'AA-/F1+' rating assigned to the $91,000,000 Illinois Finance Authority pollution control revenue refunding bonds Commonwealth Edison Company Project, series 2008F. On the effective date of July 23, 2008, the rating will be based on a substitute letter of credit LOC issued by the...
Hemen Holding Limited, a company indirectly controlled by JohnFredriksen, has entered into TRS agreements relating to1,423,001 underlying shares in Golden Ocean Group Limited. The TRSagreements expires 15 January 2009. The TRS agreement is pricedbased on an underlying price of NOK 28.71 per share. Hemen HoldingLimited's...
PRINCETON, N.J. -- NRG Energy, Inc. (NYSE: NRG) today issued the following statement regarding its planned clean coal project at its Huntley Station in western New York: Today, the New York Power Authority NYPA informed NRG of its intent to allow their strategic alliance, formed in January 2007...
NEW YORK -- Fitch Ratings assigns a rating of 'AA-/F1+' to the $37,500,000 New York State Energy Research and Development Authority pollution control refunding revenue bonds (New York State Electric & Gas Corporation Project) 1994 series B. The rating is based on the support provided by an irrevocable, direct-pay letter...
