Reputational damage of operational loss on the bond market: Evidence from the financial industry

in International Review of Financial Analysis (2012), 24

We examine bond market reactions to the announcement of operational losses by financial companies. Thanks to the fact the corporate debt is senior to equity, we interpret the cumulated abnormal returns on ... [more ▼]

We examine bond market reactions to the announcement of operational losses by financial companies. Thanks to the fact the corporate debt is senior to equity, we interpret the cumulated abnormal returns on the bond market of the companies having suffered those losses as a pure reputational impact of operational loss announcements. For a given operational loss, bond returns might be affected at up to three different periods: at the first press release date, when the company recognizes the loss itself and at the settlement date. These impacts hold stronger than for common stocks. We also study the effect of investors' knowledge of the loss amount, and show that the type of operational event and the proportion of the loss in the firm's market value influence the effect of the loss announcement. Cross-sectional analysis indicates that the abnormal return is mostly affected by market-based characteristics for the first press release date, while firm-related characteristics largely affect bond returns upon loss recognition. [less ▲]

Requête unilatérale et indemnité de procédure

in Journal des Tribunaux (2008)

Requirements for clinical trials in osteoporosis and osteoarthritis: what is new in 2006?

in Osteoporosis International (2006, March), 17(Suppl.1), 119

Résaux de production et standards de commercialisation du fer antique en Méditerranée : les demi-produits des épaves romaines des Saintes-Maries-de-la-Mer (Bouches-du-Rhône, France)

in Revue Archéologique de Narbonnaise (2008), 41

Off the coast of Saintes-Marie-de-la-Mer, in the confluence of one of the ancient branches of the Rhone, eleven wrecks transporting mainly iron have been discovered. Dated from the turn of our era (the ... [more ▼]

Off the coast of Saintes-Marie-de-la-Mer, in the confluence of one of the ancient branches of the Rhone, eleven wrecks transporting mainly iron have been discovered. Dated from the turn of our era (the end of the first century BC - first century AD), each one delivers between 20 and 150 tons of iron which break down into eight standardized semi-finished products (types and subtypes included), sometimes stamped. We propose to specify these typological and epigraphic characteristics through archeometric studies undertaken on around fifty of these bars. Metallographic and chemical characteristics are then established in each unit. They make it possible to understand the technical reality of a complex typology and to refine our knowledge of the ferrous production networks in the Roman Mediterranean world. [less ▲]

Rescue of early heart-shaped embryos and plant regeneration of Phaseolus polyanthus Greenm. and Phaseolus vulgaris L.

in Biotechnologie, Agronomie, Société et Environnement = Biotechnology, Agronomy, Society and Environment [=BASE] (1999), 3(3),

Research activities under COST C1 at the Departement MSM of the University of Liège

in Proceedings of the Second State of the Art COST C1 Workshop (1994)

Research and development in Europe in the field of muscle science and meat technology

in Sciences des Aliments (2007), 27(2), 109-122

The aim of the Journées des Sciences du Muscle et Technologies de la Viande is to give a report on the most recent research works to the technical, economical and scientific actors of the meat production ... [more ▼]

The aim of the Journées des Sciences du Muscle et Technologies de la Viande is to give a report on the most recent research works to the technical, economical and scientific actors of the meat production and transformation chain. The topics of these researches and the organisations that carry them out evolve with time, depending in particular to the needs of the actors (producers, manufacturers, distributors, consumers) and of the socio-economic context. In addition, these researches fit themselves more than ever in an international context, particularly on a European level. The objective of this lecture, a somewhat ambitious idea, is to give an overview of the researches undertaken in Europe in muscle science and meat technology field. [less ▲]

Research and Implementation of Bird-Strike Resistance Synthetic Analysis Platform for Civil Aircraft

in Advanced Science Letters (2011), 4

Bird strike issues are known to cause substantial losses to the civil aviation industry in terms of damage and delay every year. Rules of bird strike resistance are included in many important regulations ... [more ▼]

Bird strike issues are known to cause substantial losses to the civil aviation industry in terms of damage and delay every year. Rules of bird strike resistance are included in many important regulations and guidelines of civil aviation. Based on these rules, attentions should be paid during the design and analysis process for those structures that might be apt to suffer from bird strike as leading edge, radar dome, wind shield and vertical tail. This paper describes a new software infrastructure for bird-strike design and analysis. The bird-strike resistance synthetic analysis platform is a platform that incarnates new research and innovations in bird-strike dynamic strength analysis of our research group. The platform was implement using finite element method and parametric design method based on ESI Pam-crash software, and involves a dynamic performance database of the typical aviation material, a typical structure database for bird-strike resistance, a post-processing modular for result reveal, and an estimation modular for energy absorbing. The material database covers the key constitutive model constants for many common aviation materials. Different bird model for Lagrange, Euler, and SPH algorithm are also covered to fit for different impact speed simulation. The typical structure database are very helpful to the designers because it provides the parametric model of some special bird-strike resistance structures to improve the energy absorbing ability subject to impact. The post-processing modular enables the contour and curve display for the results. The estimation modular gives judgments on the energy absorbing structure by utilizing the criterion and provides proper advices for the design for different cases. [less ▲]

Research axes and conclusions

in Erpicum, Sébastien; Laugier, Frederic; Boillat, Jean Louis (Eds.) et al Labyrinth and Piano Key Weirs - PKW 2011 (2011)

The aim of this short paper is to summarize main outcomes of the workshop, in order to guide future developments of research on Piano Key Weirs (PKW) towards most effective and integrated directions. The ... [more ▼]

The aim of this short paper is to summarize main outcomes of the workshop, in order to guide future developments of research on Piano Key Weirs (PKW) towards most effective and integrated directions. The main research topics highlighted in this text came out from the 34 high-quality presentations given during the conference, as well as from the fruitful discussions in which the participants were actively involved. Many more truly innovative and promising ideas can be found throughout the other papers gathered in this proceedings book. [less ▲]

Research of Structural Health Monitoring Based on Mode Analysis for UAV Wings

in Prognostics and System Health Management Conference (PHM-Shenzhen), 2011 IEEE Conference on (2011)

Unmanned Aerial Vehicle (UA V) structures are prone to damage during their service lives, caused by abominable environment factors. Its structural health monitoring can be effective in reducing ... [more ▼]

Unmanned Aerial Vehicle (UA V) structures are prone to damage during their service lives, caused by abominable environment factors. Its structural health monitoring can be effective in reducing maintenance costs and increasing service life to ensure safe and reliable operation. Two different damaged modal parameters based on modal analysis is discussed in this paper in order to develop an efficient damage identification technique for the UA V wing structures. Its structure modal is a natural attribute of structures, and apparently one of the most important parameters of structure dynamic characteristics. For a well designed aircraft wings structures, its modal pattern should be continuous without local mode. Therefore, based on the modal analysis utilizing numerical methods for a damaged structure, damages location and its extent can be revealed and damage level can be evaluated. All the numerical results illustrated these method are efficient and feasible for structural damage detection. And its can be utilized in structure [less ▲]