Empirical Findings Sample Clauses

Empirical Findings. 5.1. Listing and delisting trends Table 3 provides information on the number of listed stocks and the percentage of stocks listing and delisting each year from the London, Dublin, Milan, and Frankfurt Stock Exchanges. The average percentage of stock delistings from all four exchanges over the sample period is 7.6%. Considering the separate stock exchanges, the delisting average is highest for the LSE (9.5%), and lowest for the Frankfurt Stock Exchange (4.0%). Based on my first hypothesis, I expect the maximum percentage of delistings from the four exchanges to be reached in 2005, the year of IFRS introduction. I test this hypothesis using a two-sample test of proportions. The statistical significance is based on a two-sided test. The results show that across the four exchanges, the proportion of companies delisting in 2005 is three percentage points higher than the average proportion for the rest of the sample period. The difference is significant at the 0.01 level. The listings are 1% lower compared to the rest of the sample period, and the difference is significant at the 0.1 level. A separate analysis of the four exchanges shows large differences in the delisting patterns of their companies underlying the observed general trend. The overall results are driven by the LSE. There, the delisting percentage, just as the total one, attains its maximum in 2005, and is significantly higher than the average delisting percentage for the rest of the period. At the same time, for the Irish, Italian and German stock exchanges, the proportion of delistings is not significantly different in 2005 than the average proportion of delistings for the rest of the period. A jump in the percentage of delistings is noticed in Ireland in 2006, the year following the mandatory IFRS adoption. An analysis of new listings shows that the proportion of listings in 2005 is significantly lower than the average proportion of listings for the rest of the period for Germany and Italy, but is not significantly different for the UK and Ireland. These findings suggest that the mandatory IFRS adoption did not cause firms to list in larger numbers thus offsetting the negative effects of increased delistings in any of the four jurisdictions. The results of the analysis support my expectations of an overall increase in delistings after the mandatory IFRS adoption. However, they also indicate that the trend is due mostly to the common-law markets (i.e. to the UK and partly to the Irish markets).14...
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Empirical Findings. In this section we undertake the task of establishing evidence of the risk-taking behavior of Chinese banks in channeling entrusted loans during the period of mon- etary contractions. With our constructed micro dataset, we use two instruments to identify such a risk-taking behavior. One instrument is the data on entrusted lending facilitated by nonbank trustees in our difference-in-difference approach. The other in- strument is the data on entrusted lending to the risky industry. The risky industry is identified according to Number 111 of the “2010 Manufacturing Industry Announce- ment” issued by the Ministry of Industry and Information Technology. The industry includes real estate, iron, steel, coke, ferroalloy, calcium carbide, aluminum, copper smelting, lead smelting, zinc smelting, cement, glass, paper, alcohol, monosodium

Related to Empirical Findings

  • Geological and archaeological finds It is expressly agreed that mining, geological or archaeological rights do not form part of this Agreement with the Contractor for the Works, and the Contractor hereby acknowledges that it shall not have any mining rights or interest in the underlying minerals, fossils, antiquities, structures or other remnants or things either of particular geological or archaeological interest and that such rights, interest and property on or under the Site shall vest in and belong to the Authority or the concerned Government Instrumentality. The Contractor shall take all reasonable precautions to prevent its workmen or any other person from removing or damaging such interest or property and shall inform the Authority forthwith of the discovery thereof and comply with such instructions as the concerned Government Instrumentality may reasonably give for the removal of such property. For the avoidance of doubt, it is agreed that any reasonable expenses incurred by the Contractor hereunder shall be reimbursed by the Authority. It is also agreed that the Authority shall procure that the instructions hereunder are issued by the concerned Government Instrumentality within a reasonable period.

  • Historical figures The historical amounts of the fees for the provision of gold refining services by Xxxxxxx Refinery to the Group for the two years ended 31 December 2015 and 31 December 2016 and the eleven months ended 30 November 2017 are set out as follows: For the year ended 31 December 2015 For the year ended 31 December 2016 For the eleven months ended 30 November 2017 RMB’ million RMB’ million RMB’ million (approximately) (approximately) (approximately) Gold refinery fee payable by the Group to Zhaojin Refinery 7.41 7.23 5.15 The annual cap of the fee for the provision of gold refining services by Zhaojin Refinery to the Group for the financial year ending 31 December 2017 under the 2015 Gold Refinery Agreement was RMB9,900,000 which has not been exceeded as at the date of this announcement and is not expected to be exceeded before 31 December 2017. Annual caps The Company expects that the annual caps for the annual fees payable by the Company to Zhaojin Refinery for the provision of gold refining services for each of the three years ending 31 December 2018, 31 December 2019 and 31 December 2020 shall not exceed RMB12.60 million. The above annual caps are arrived at after taking into account (i) the historical fees payable by the Company to Zhaojin Refinery for the provision of gold refining services; and (ii) the expected sales and production of gold by the Group. In view of the anticipated increase in our gold production capacity and other factors such as sales strategy having regard to anticipated gold price trend and production capability, the annual caps for the transactions under the Gold Refinery Agreement will be higher than those in the past three years. Pricing policies The processing fee per gram for crude gold with gold content less than 99% is determined by the parties to the Gold Refinery Agreement after arm’s length negotiation having regard to the price charged by similar service providers in the local market. The terms offered by Xxxxxxx Refinery to the Company shall be no less favourable than that offered by independent third party refineries to the Company. The Gold Refinery Agreement also provided that the fees at which Zhaojin Refinery provides gold refining services to the Company shall not be higher than the fees charged by Xxxxxxx Refinery on any independent third party at that time for the same type of services provided in the normal course of business and shall not be higher than the fees charged by any independent third party to the Group at that time for the provision of same type of services. The pricing policies under the Gold Refinery Agreement will be reviewed regularly and if necessary to ensure that it is consistent with market-oriented, fair and reasonable principles. Reasons for and benefits of entering into the Gold Refinery Agreement PRC laws and regulations require gold refining to be carried out at a refinery that has been licensed by the Shanghai Gold Exchange to produce standard gold bullion. The Group is not a qualified gold refinery and has to rely on other enterprises that possess the relevant licence to refine crude gold to standard gold bullion. Zhaojin Refinery is a licensed gold refinery in the PRC and has been being commissioned by the Company to refine golds since its incorporation. Given the aforesaid and after taking into account the terms of the Gold Refinery Agreement, the Directors (including the independent non-executive Directors) consider that the entering into of the Gold Refinery Agreement is in the interests of the Company and the Shareholders as a whole, and the terms thereof are fair and reasonable, and is entered into on normal commercial terms in the ordinary and usual course of business of the Company.

  • MEDICAL FITNESS 12:01 The Employer may require an employee to have a psychiatric examination and/or a physical examination by a duly qualified medical practitioner acceptable to the Employer.

  • TECHNICAL EVALUATION (a) Detailed technical evaluation shall be carried out by Purchase Committee pursuant to conditions in the tender document to determine the substantial responsiveness of each tender. For this clause, the substantially responsive bid is one that conforms to all the eligibility and terms and condition of the tender without any material deviation. The Institute’s determination of bid’s responsiveness is to be based on the contents of the bid itself without recourse to extrinsic evidence. The Institute shall evaluate the technical bids also to determine whether they are complete, whether required sureties have been furnished, whether the documents have been properly signed and whether the bids are in order.

  • Knowledge and Scholarship in Special Field Each certificated support person demonstrates a depth and breadth of knowledge of theory and content in the special field. He demonstrates an understanding of a knowledge about common school education and the educational milieu grades K12, and demonstrates the ability to integrate the area of specialty into the total school milieu, to wit:

  • Product Changes Vocera shall have the right, in its absolute discretion, without liability to End User, to update to provide new functionality or otherwise change the design of any Product or to discontinue the manufacture or sale of any Product. Vocera shall notify End User at least 90 days prior to the delivery of any Product which incorporates a change that adversely affects form, fit or function (“Material Change”). Vocera shall also notify End User at least 90 days prior to the discontinuance of manufacture of any Product. Notification will be made as soon as reasonably practical for changes associated with regulatory or health and safety issues.

  • Physical Fitness New Employees. New employees are required to file a medical examination report with the Director of Health Services before reporting for duty in the Des Moines schools. The employee must pay the cost of this examination given by a physician of his/her choice and reported on the form provided by the Employer.

  • Geological and Archeological Specimens If, during the execution of the Work, the Contractor, any Subcontractor, or any servant, employee, or agent of either should uncover any valuable material or materials, such as, but not limited to, treasure trove, geological specimens, archival material, archeological specimens, or ore, the Contractor acknowledges that title to the foregoing is vested in the Owner. The Contractor shall notify the Owner upon the discovery of any of the foregoing, shall take reasonable steps to safeguard it, and seek further instruction from the Design Professional. Any additional cost incurred by the Contractor shall be addressed under the provision for changed conditions. The Contractor agrees that the Geological and Water Resources Division and the Historic Preservation Division of the Georgia Department of Natural Resources may inspect the Work at reasonable times.

  • Technical Feasibility of String While ICANN has encouraged and will continue to encourage universal acceptance of all top-­‐level domain strings across the Internet, certain top-­‐level domain strings may encounter difficulty in acceptance by ISPs and webhosters and/or validation by web applications. Registry Operator shall be responsible for ensuring to its satisfaction the technical feasibility of the TLD string prior to entering into this Agreement.

  • For Product Development Projects and Project Demonstrations  Published documents, including date, title, and periodical name.  Estimated or actual energy and cost savings, and estimated statewide energy savings once market potential has been realized. Identify all assumptions used in the estimates.  Greenhouse gas and criteria emissions reductions.  Other non-energy benefits such as reliability, public safety, lower operational cost, environmental improvement, indoor environmental quality, and societal benefits.  Data on potential job creation, market potential, economic development, and increased state revenue as a result of the project.  A discussion of project product downloads from websites, and publications in technical journals.  A comparison of project expectations and performance. Discuss whether the goals and objectives of the Agreement have been met and what improvements are needed, if any.

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