Aprovechamiento de materiales locales en la estructura de pavimentos urbanos económicos

Se estudiaron las propiedades de un suelo representativo del partido de 25 de Mayo (Prov. de Buenos Aires) y su zona de influencia, con el objeto de conocer la posibilidad de utilizarlo como base y sub-base de pavimentos urbanos. Se analizó el comportamiento del suelo, realizando mezclas con emulsión bituminosa superestable EBL2, como así también mezclas de suelo-cemento. De la comparación de ambos casos surgen consideraciones técnico-económicas, en base a las cuales se dan posibles soluciones de pavimento.In this paper were studied the properties of a representative soil of 25 de Mayo district, in the Buenos Aires Province, with the object to establish the possibility of its use as a base and sub-base in urban pavements. The soil behaviour vms analyzed making mixtures with su- perstnble EBL2 bituminous emulsions and also with soil-cement mixtures. The results obtained with both mixtures were compared and technical and economical considerations were given

The impact of Islamic accounting standards on information asymmetry: The case of Gulf Cooperation Council (GCC) member countries

© 2017, © Emerald Publishing Limited. Purpose: The purpose of this paper is to investigate whether disclosure as required by Islamic Financial Service Board Standard No. 4 (IFSB-4) influences information asymmetry among investors in the Gulf Cooperation Council (GCC) member countries. In addition, the paper investigates whether the influence of IFSB-4 on information asymmetry varies between Islamic and conventional financial institutions. Design/methodology/approach: The paper tests the hypotheses using a sample of firms listed in the GCC over a period of 2000-2013. Ordinary least square regression and fixed-effects estimation techniques are applied to test the hypotheses. Findings: The findings reveal that information asymmetry among investors is lower after the implementation of IFSB-4 than before, indicating that the standard has increased transparency. The results also reveal that information asymmetry after the implementation of IFSB-4 is lower for Islamic than for conventional financial institutions. This suggests that IFAB-4 promotes more transparency for Islamic than conventional institutions. Research limitations/implications: Owing to data availability, we were unable to use other proxies of information asymmetry, e.g. bid-ask spreads, and the level of disclosure, e.g. self-constructed disclosure index. Practical implications: The paper concludes that disclosures under IFAB-4 reduce information asymmetry among investors. In this context, this study increases the awareness of standard setters academics investors regulators and many other stakeholders about the economic consequences of disclosure standards in the region. Originality/value: This study takes a first step to fill evident gaps in the literature by investigating the influences of disclosure standard on information asymmetry in a unique setting that is often ignored by accounting researchers, which helps to widen our knowledge on accounting practices across the globe

Stock price manipulation:Prevalence and determinants

We empirically analyze the prevalence and economic underpinnings of closing price manipulation and its detection. We estimate that ∼1% of closing prices are manipulated, of which only a small fraction is detected and prosecuted. We find that stocks with high levels of information asymmetry and mid to low levels of liquidity are most likely to be manipulated. A significant proportion of manipulation occurs on month/quarter-end days. Manipulation on these days is more likely in stocks with high levels of institutional ownership. Government regulatory budget has a strong effect on both manipulation and detection

LIBOR: Origins, Economics, Crisis, Scandal, and Reform

The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. Policymakers across the globe now face the task of reforming LIBOR in the aftermath of the scandal and crisis