The financing decisions of REITs: The case of warrant extensions

In this paper, we examine the warrant price and stock price reactions to the announcement of warrant life extensions by REITs. As predicted by option pricing theory, warrant prices increase in response to these extensions. The stocks of REITs making the extension announcements experience average abnormal returns that are not significantly different from zero. Thus, total firm value appears to increase, with the gains accruing primarily to the warrantholders.     

Conditions for reliable dewatering systems based on voidless drainage in slightly permeable soils

Conclusions 1. Use of dewatering systems based on voidless drainage is most effective when dewatering slightly permeable soils in regions with a deep seasonal frost. 2. Two-story drainage with the upper and lower stories spaced 30 m apart accelerates the discharge of gravitational water from the arable layer. Results of observations on two-story drainage in experimental-production sections indicated that it discharges 2 – 3.8 times more water than systematic tubular drainage with an interdrain spacing of 10 m and a 0.2-m thick three-dimensional filter of a sandy-gravelly mixture. 3. It is recommended to use crushed stone and porous-clay gravel with a fineness of 10 – 20 mm as a filler. In that case, protection of the drain filler is, as a rule, required only from the intrusion of soil from above during construction in cohesive soils with a plasticity indexW _p≥7. 4. seepage rate in a voidless drain should be lower than the scouring velocity for the soil in which the voidless drainage is placed. In the opposite case, it is necessary to lower the grade of the drains or select a filler gradation such that the seepage rate in the drain be lower than the scouring velocity. Translated from Gidrotekhnicheskoe Stroitel’stvo, No. 8, pp. 41–43, August, 1998.     

DIRECT RESONANCE OF TURBULENT BOUNDARY LAVER OVER COMPLIANT WALLS

１．　ＩＮＴＲＯＤＵＣＴＩＯＮＴｈｅｍａｉｎｇｏａｌｏｆｔｈｉｓｐａｐｅｒｉｓｔｏｅｘｐｌｏｒｅｔｈｅｐｏｓｓｉｂｉｌｉｔｙｔｏｌｅａｒｎｍｏｒｅａｂｏｕｔｔｈｅｍｅｃｈａｎｉｓｍｏｆｔｕｒｂｕｌｅｎｔｂｏｕｎｄａｒｙｌａｙｅｒｆｌｏｗｉｎｔｅｒａｃｔｉｏｎｓａｎｄｉｔｓｅｆｆｅｃｔｓｏｎｃｏｍｐｌｉａｎｔｗａｌｌｐｅｒｆｏｒｍａｎｃｅ．Ｔｈｅｒｅａｒｅｃｅｒｔａｉｎｐｒｅｒｅｑｕｉｓｉｔｅｃｏｎｄｉｔｉｏｎｓｔｏｆｕｒｔｈｅｒｔｈｅｓｔｕｄｙｏｎｔｈｅｍｅｃｈａｎｉｓｍ，ｉ．ｅ．ｔｈｅｃｏ…     

Model studies of erosion of natural barriers by a wave flow occurring as a result of landslides

Conclusion On the basis of data of model tests it can be stated that substantial deformation of the Usoi landslide will not be observed as a result of a surge overtopping it with the proposed parameters.Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 8, pp. 38–40, August, 1993.     

Rural traffic management: The Burrator Reservoir experiment

The introduction of traffic management schemes has been one response of the National Parks to the problem of ever-increasing car-borne visitors and the consequent damage caused to the rural environment. By reviewing these schemes and by determining and explaining attitudes towards one particular traffic management experiment, the paper aims to deduce lessons for future policy. The analysis, based on two visitor surveys, suggests that the likelihood of success is improved when schemes are integrated, containing both ‘carrot’ and ‘stick’ elements. Since public perceptions are also found to be pivotal to its success, appropriate marketing of a scheme is vital. The paper concludes, however, that to achieve the fundamental objective of greater accessibility with less mobility, a more wide-ranging marketing effort is required intended to engender a sea change in attitude towards both the car and public transport.     

Removal of nitrates from groundwater through the use of artificial wetlands

Intensive fertilizer use has led to nitrate contamination of groundwater in many areas. This article examines the possibility of removing nitrates through the construction of artificial wetlands. A pilot study conducted in Denmark has found that the method is effective and economical, at least for small waterworks, though further treatment is necessary before an acceptable microbiological water quality is attained.     

Changes in Lake Ontario Total Phosphorus Concentrations 1976–1978

An apparent decrease in total phosphorus concentrations of approximately 4.l μgP/L has been reported recently for the spring values of 1977 and 1978 in Lake Ontario. Investigation of the loading reduction for this period independent of sedimentation factors can account for only 10% of the change. The results indicate that changes in the sedimentation rate of total phosphorus during this period offer an explanation for the majority of the change in concentration.     

Relationship of Planning and Control Systems with Strategic Choices: A Closer Look

The study finds that relative to others, firms pursuing the Prospector-like strategy (high innovation) have lower financial results uncertainty, a more long-term orientation for decision making, and more decentralized control. As well, the tightness of budgetary control is found to be negatively correlated with financial results uncertainty. Thus, we are able to reproduce in our study the result that Prospector type firms have tighter budgetary control, which many have found puzzling previously, and point to the relation between strategy and financial results uncertainty as an explanation for the result.Based on a sample of large firms in Singapore, the study also finds the impact of the 1997–1998 Asian crisis is correlated with the intensity with which the Prospector-like strategy was pursued.