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Bank Competition and Underwriting Incentives
Breaking Down the Barriers: Bank Competition and Underwriting Incentives Anil Shivdasani Wei-Ling Song Kenan-Flagler Business School E. J. Ourso College of Business University of North Carolina at Chapel Hill Louisiana State University Chapel Hill, NC 27599 Baton Rouge, LA 70803 Phone: (919) 962-6124 Phone: 225-578-6258 Fax: (919) 962-2068 Fax: 225-578-6366 Email: [email protected] E-mail: [email protected] December 2007 JEL classification: G21; G24; G28; K22; L14 Keywords: Bank entry, Banking deregulation, Underwriting, Certification, Investment banking We thank Matthias Kahl and Paolo Fulghieri and seminar participants at the University of North Carolina and Wharton’s Accounting group, and the Corporate Finance Conference at Indian School of Business for helpful comments. Shivdasani acknowledges support from UNC’s Wachovia Center for Corporate Finance, and Song acknowledges support from the Wharton Financial Institutions Center. Breaking Down the Barriers: Bank Competition and Underwriting Incentives Abstract We show how increased competition from the entry of commercial banks into the bond underwriting industry affected the incentives and screening efficacy of underwriters. During the 1996–2000 period, commercial banks stole significant market share from traditional investment banks. We show that in response to this increased competition, syndicate structure evolved to include multiple lead underwriters. The effect of co-led syndicate structure was to lower the incentives of lead underwriters to produce new information regarding issuer quality. We find that co-led syndicates experienced a higher frequency with which issuing firms were subsequently sued by shareholders in class-action lawsuits alleging financial misconduct. Our results highlight how increased market competition may have an adverse effect on the information production incentives of financial intermediaries. -
Systematic Variation of Late Pleistocene Fault Scarp Height in the Teton Range, Wyoming, USA: Variable Fault Slip Rates Or Variable GEOSPHERE; V
Research Paper THEMED ISSUE: Cenozoic Tectonics, Magmatism, and Stratigraphy of the Snake River Plain–Yellowstone Region and Adjacent Areas GEOSPHERE Systematic variation of Late Pleistocene fault scarp height in the Teton Range, Wyoming, USA: Variable fault slip rates or variable GEOSPHERE; v. 13, no. 2 landform ages? doi:10.1130/GES01320.1 Glenn D. Thackray and Amie E. Staley* 8 figures; 1 supplemental file Department of Geosciences, Idaho State University, 921 South 8th Avenue, Pocatello, Idaho 83209, USA CORRESPONDENCE: thacglen@ isu .edu ABSTRACT ously and repeatedly to climate shifts in multiple valleys, they create multi CITATION: Thackray, G.D., and Staley, A.E., 2017, ple isochronous markers for evaluation of spatial and temporal variation of Systematic variation of Late Pleistocene fault scarp height in the Teton Range, Wyoming, USA: Variable Fault scarps of strongly varying height cut glacial and alluvial sequences fault motion (Gillespie and Molnar, 1995; McCalpin, 1996; Howle et al., 2012; fault slip rates or variable landform ages?: Geosphere, mantling the faulted front of the Teton Range (western USA). Scarp heights Thackray et al., 2013). v. 13, no. 2, p. 287–300, doi:10.1130/GES01320.1. vary from 11.2 to 37.6 m and are systematically higher on geomorphically older In some cases, faults of known slip rate can also be used to evaluate ages landforms. Fault scarps cutting a deglacial surface, known from cosmogenic of glacial and alluvial sequences. However, this process is hampered by spatial Received 26 January 2016 Revision received 22 November 2016 radionuclide exposure dating to immediately postdate 14.7 ± 1.1 ka, average and temporal variability of offset along individual faults and fault segments Accepted 13 January 2017 12.0 m in height, and yield an average postglacial offset rate of 0.82 ± 0.13 (e.g., Z. -
Community Foundation of Jackson Hole Annual
COMMUNITY FOUNDATION OF JACKSON HOLE ANNUAL REPORT / 2018 TA B L E Welcome Letter 3 OF CONTENTS About Us 4 Donor Story 6 Professional Development & Resources 8 Competitive Grants 10 Youth Philanthropy 12 Micro Grants 16 Opportunities Fund 18 Collective Impact 20 Legacy Society 24 1 Fund Highlights 24-25 Key Financial Indicators 26 Donor Story 28 The Foundation Circle 30 Community Foundation Funds 34 Old Bill’s Fun Run 36 Co-Challengers 38 Friends of the Match 42 Gifts to Funds 44 Community Foundation of Teton Valley 46 Behind the Scenes 48 In Memoriam 50 Community Foundation of Jackson Hole / Annual Report 2018 2 Fund & Program Highlight HELLO, Mr. and Mrs. Old Bill say it best. They have always led with the question, “How can we help?” Their initial vision was to inspire “we” to become “all of us.” And it has. In 2018, you raised an astonishing amount, bringing Old Bill’s Fun Run’s 22-year total to more than $159 million for local nonprofits. Inside these pages, you will see the impact of our remarkable community’s generosity. In fact, one out of every three families in Teton County takes part in Old Bill’s—an event that has become a national model for collaborative fundraising. Old Bill’s lasts only a morning, but because of your support, we are touching lives and working for the community 3 every day. Nonprofits rely on us for professional workshops and resources and receive critical funding through our Competitive and Capacity Building grant opportunities. We convene Community Conversations to find collaborative solutions to local problems. -
Washakie Wilderness Ranch DUBOIS, WYOMING
Washakie Wilderness Ranch DUBOIS, WYOMING Hunting | Ranching | Fly Fishing | Conservation Washakie Wilderness Ranch DUBOIS, WYOMING Introduction: A stunning 160-acre parcel located just outside of Dubois, Wyoming, the Washakie Wilderness Ranch is tucked away in its own private valley. This acreage offers alpine seclusion and fantastic mountain views of mountain peaks, forested slopes, and dramatic open meadows. The ranch is bordered on three sides by the Shoshone National Forest, providing ideal habitat for elk, deer, moose and the occasional bighorn sheep. The southern boundary of the 700,000-acre Washakie Wilderness Area is just a few miles from the ranch. An 1,845 sqft cabin has been strategically placed to take advantage of the sweeping views. Located in the heart of western history, culture, and wilderness, this is a spectacular alpine ranch with direct access to vast areas of public land. From Washakie Wilderness Ranch, one can count on plenty of wildlife and adventures, especially when combined with proximity to Grand Teton and Yellowstone National Parks, where the backcountry system offers millions of acres and limitless recreational opportunities. Andrew Coulter, Associate Broker Cell: 307.349.7510 John Turner, Associate Broker Cell: 307.699.3415 Toll Free: 866.734.6100 www.LiveWaterProperties.com Location: Located in Fremont County, Wyoming, Washakie Wilderness Ranch is situated at the end of a seven-mile road off U.S. Highway 26 at the base of Ramshorn Peak in the Wind River Mountains. Its location adjacent to the Shoshone National Forest gives this property a backyard of 2.4 million acres of contiguous national forest land available for recreation. -
2016 Annual Report
2016 TABLE OF CONTENTS 2016 Welcome Letter . 1 In Memoriam . 2-3 Carol & Peter Coxhead . 4-5 Competitive Grants . 6-9 Jeanine & Peter Karns . 10-11 Community Foundation Funds . 12-17 Pamela & Scott Gibson . 18-19 Stewardship . 20-21 Old Bill’s Fun Run for Charities . 22-29 Youth Philanthropy . 30-31 Nonprofit Workshops . 32 Board & Staff . 33 Legacy Society . 34 Community Foundation of Teton Valley . 35 Key Financial Indicators . 36-37 COVER PHOTO: ROGER HAYDEN Animal Adoption Center Henry Ford famously said, “If I had asked people what they wanted, they would have said a faster horse .” Visionaries start with the fundamental problem, not with current answers . Twenty years ago, Mr . and Mrs . Old Bill created a new vehicle for fundraising that inspired all of us to enrich the community by investing in local nonprofits . In spite of its name, Old Bill’s Fun Run is full of youthful energy, and its 20th anniversary broke all WELCOME previous records . Combined with matching funds donated by Mr . and Mrs . Old Bill and 62 other Co-Challengers, Old Bill’s 2016 raised over $12 .1 million . Participating nonprofits received matching grants equating to 55% of the first $30,000 they raised themselves . Over the past 20 years, Old Bill's Fun Run has raised more than $133 million because of one couple’s visionary initiative . In 2016, one out of every three households participated in this grassroots fundraiser where the median gift size is $250 . At the Community Foundation, we help donors fulfill their visions by simplifying their giving and providing guidance about critical issues in our community . -
Listing Presentation
JACKSONHOLEBROKERS.COM TETONVALLEYBROKERS.COM greetings FALL LINE REALTY GROUP We would like to introduce Fall Line Realty Group; Paul Kelly, Andrea Loban, Chloë Pierce & Brice Nelson, with over 40 years of collective experience in Jackson Hole, WY and Teton Valley, ID real estate. Our unique team approach ensures our clients receive superior service, personalized attention and thorough communication. With four professionals working for you, there is always someone available and on task, after hours and seven days a week. Awarded for excellence 10 years running and most recently the 2017 – 2020 Teton Valley Top Producers, Fall Line Realty Group is an outstanding choice for your real estate needs. PAUL KELLY ANDREA LOBAN Associate Broker, GRI Associate Broker (307) 690-7057 (208) 201-3467 [email protected] [email protected] An area resident for 25 years, Paul came to the Tetons after Growing up in Minnesota, Andrea Loban fostered a love of the graduating from the University of Washington in 1996 to pursue great outdoors. Learning came by way of canoe trips on the a life of skiing, snowmobiling, and summers filled with golf and Boundary Waters and summers on the Mississippi. She attended white-water kayaking. Paul entered the real estate business in the University of Wisconsin, Madison, obtaining her degree in 2001 and now has 20 years of experience in the local market. Psychology and Criminal Justice. She spent time in Durango, A top producer for 2 different local real estate companies from Colorado, and Southeastern Oregon where she was guiding 2004 - 2007, treasurer for the Teton Board of Realtors from 2005 - rock climbing, mountaineering and rafting. -
Educational Television Commission
Accountability Report Transmittal Form Organization Name: ETV Date of Submission: September 14, 2010 Organization Director: David Crouch Organization Contact Person: Mark Whittington Organization Contact’s Telephone Number: 803-737-3249 1 ETV 2009-2010 Accountability Report 2 Section I -- Executive Summary 1. Mission and Values “ETV enriches people’s lives through programs and services that educate our children, engage our citizens, celebrate our culture, and share the thrill of discovery and the joy of learning. Our values are South Carolina’s Uniqueness and Diversity, Educational Success, Public Service, A Great Place to Work, and Best Business Practices.” 2. Major achievements from the past year: • ETV television broadcast channels now include ETV-HD, South Carolina Channel/Create TV, and ETV World. ETV-HD showcases PBS and local programs. The SCChannel includes original South Carolina and regionally focused programs along with the best in how-to programs during the day on Create TV. ETV World hosts news and public affairs programming from a local, national and international perspective and State House coverage. • Carolina Stories was awarded a grant for local outreach and engagement in association with the Ken Burn's PBS National Park’s series. Two other Carolina Stories programs were awarded Southeast Emmys. The Connections series covered a variety of current topics that impact the minority communities in South Carolina including health care reform, the economy and green living. ETV’s news magazine program The Big Picture covered a number of diverse topics, including a rare one-on-one interview with Darla Moore, previews of the 2010 primary elections, and an exploration of the impact of health care reform on South Carolina. -
Hazardous Materials Emergency Response Plan
TETON COUNTY / TOWN OF JACKSON HAZARDOUS MATERIALS EMERGENCY RESPONSE PLAN by Teton County Wyoming Local Emergency Planning Committee Revised January 22, 2018 Adopted January 18, 2018 Teton County LEPC Rev. 01/22/2018 Contents Approval & Implementation ............................................................................................................ 1 Promulgation of SERC and LEPC ..................................................................................................... 2 Record of Changes ......................................................................................................................... 3 I: Introduction ................................................................................................................................. 4 Purpose ....................................................................................................................................... 4 Scope .......................................................................................................................................... 4 Policies and Legal Authorities ..................................................................................................... 4 II: Situations and Assumptions ......................................................................................................... 7 Situations ..................................................................................................................................... 7 Executive Summary of Hazardous Materials Response Capabilities -
WMUK Underwriting
WMUK underwriting Why underwrite? Underwriting is a unique partnership with WMUK public radio that affords your business the opportunity to build additional awareness in West Michigan. 2 Crafting your message Message guidelines Underwriting differs from traditional radio advertising in both sound and spirit. The public radio audience responds to straight- forward information presented with clarity and sincerity. WMUK underwriting announcements are fifteen seconds in length and may include some of the following elements: • The sponsor’s product or service line • A neutral description of products or services • The sponsor’s established corporate slogan • Business location/telephone number/website • Time sensitive or event information • A statement of the underwriter’s institutional goals The format of underwriting announcements is fundamental to the non-commercial content of public broadcasting and protects the style and sound that our listeners value so highly. We help you to craft a clear, memorable statement that will have a positive impact on listeners, and is FCC compliant. Sample announcements “Support for WMUK comes from Bell’s Brewery, makers of fine beer, ale, porter and stout. A wide selection is offered at Bell’s Eccentric Cafe located at the original brewery in Downtown Kalama- zoo. Bell’s – Inspired Brewing; on the web at bellsbeer–dot–com.” “Support for WMUK comes from the Gilmore, proud supporters of Performance Today broadcasts on WMUK. The Gilmore Piano Masters Series - bringing outstanding pianists of our time to Kalamazoo -
Marketing Key Concepts Product Marketing Pricing Distribution
Marketing Key concepts Product marketing Pricing Distribution Service Retail Brand management Account-based marketing Ethics Effectiveness Research Segmentation Strategy Activation Management Dominance Marketing operations Social marketing Identity Promotional contents Advertising Branding Underwriting spot Direct marketing Personal sales Product placement Publicity Sales promotion Sex in advertising Loyalty marketing Mobile marketing Premiums Prizes Corporate anniversary On Hold Messaging Promotional media Printing Publication Broadcasting Out-of-home advertising Internet Point of sale Merchandise Digital marketing In-game advertising Product demonstration Word-of-mouth Brand ambassador Drip marketing Visual merchandising v t e Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organisation and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value. There are five competing concepts under which organizations can choose to operate their business; the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept.[1] The four components of holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. -
Public Notice >> Licensing and Management System Admin >>
REPORT NO. PN-1-210521-01 | PUBLISH DATE: 05/21/2021 Federal Communications Commission 45 L Street NE PUBLIC NOTICE Washington, D.C. 20554 News media info. (202) 418-0500 APPLICATIONS File Number Purpose Service Call Sign Facility ID Station Type Channel/Freq. City, State Applicant or Licensee Status Date Status 0000139612 Amendment LPD K03IM-D 185855 3 EUGENE, OR Live Sports Radio, LLC 05/19/2021 Received From: To: 0000146028 Renewal of FM KURR 164147 Main 103.1 HILDALE, UT MEDIA ADVISORS, 05/19/2021 Accepted License LLC For Filing From: To: 0000146168 Renewal of FM KIXM 87972 Main 92.3 VICTOR, ID JACKSON RADIO 05/19/2021 Accepted License GROUP, INC. For Filing From: To: 0000120096 Renewal of LPD W17CT- 125393 Main 17 MANTEO, NC LAWRENCE F. 05/19/2021 Received License D LOESCH Amendment From: To: 0000146249 Renewal of AM KKTS 161152 Main 1580.0 EVANSVILLE, DOUGLAS 05/19/2021 Accepted License WY BROADCASTING, For Filing INC. From: To: 0000146045 Minor FM KYQX 62040 Main 89.3 MINERAL CSSI NON-PROFIT 05/19/2021 Accepted Modification WELLS, TX EDUCATIONAL For Filing BROADCASTING CORPORATION From: To: Page 1 of 18 REPORT NO. PN-1-210521-01 | PUBLISH DATE: 05/21/2021 Federal Communications Commission 45 L Street NE PUBLIC NOTICE Washington, D.C. 20554 News media info. (202) 418-0500 APPLICATIONS File Number Purpose Service Call Sign Facility ID Station Type Channel/Freq. City, State Applicant or Licensee Status Date Status 0000128329 Renewal of LPT WNAL- 67953 Main 27 SCOTTSBORO, DIGITAL NETWORKS- 05/19/2021 Received License LD AL SOUTHEAST, LLC Amendment From: To: 0000146020 Renewal of FM KXBB 198736 Main 101.7 CIENEGA RIVER RAT RADIO, 05/18/2021 Accepted License SPRINGS, AZ LLC For Filing From: To: 0000146250 Renewal of FX K297AV 150119 107.3 CASPER, WY DOUGLAS 05/19/2021 Accepted License BROADCASTING, For Filing INC. -
Exhibit 2181
Exhibit 2181 Case 1:18-cv-04420-LLS Document 131 Filed 03/23/20 Page 1 of 4 Electronically Filed Docket: 19-CRB-0005-WR (2021-2025) Filing Date: 08/24/2020 10:54:36 AM EDT NAB Trial Ex. 2181.1 Exhibit 2181 Case 1:18-cv-04420-LLS Document 131 Filed 03/23/20 Page 2 of 4 NAB Trial Ex. 2181.2 Exhibit 2181 Case 1:18-cv-04420-LLS Document 131 Filed 03/23/20 Page 3 of 4 NAB Trial Ex. 2181.3 Exhibit 2181 Case 1:18-cv-04420-LLS Document 131 Filed 03/23/20 Page 4 of 4 NAB Trial Ex. 2181.4 Exhibit 2181 Case 1:18-cv-04420-LLS Document 132 Filed 03/23/20 Page 1 of 1 NAB Trial Ex. 2181.5 Exhibit 2181 Case 1:18-cv-04420-LLS Document 133 Filed 04/15/20 Page 1 of 4 ATARA MILLER Partner 55 Hudson Yards | New York, NY 10001-2163 T: 212.530.5421 [email protected] | milbank.com April 15, 2020 VIA ECF Honorable Louis L. Stanton Daniel Patrick Moynihan United States Courthouse 500 Pearl St. New York, NY 10007-1312 Re: Radio Music License Comm., Inc. v. Broad. Music, Inc., 18 Civ. 4420 (LLS) Dear Judge Stanton: We write on behalf of Respondent Broadcast Music, Inc. (“BMI”) to update the Court on the status of BMI’s efforts to implement its agreement with the Radio Music License Committee, Inc. (“RMLC”) and to request that the Court unseal the Exhibits attached to the Order (see Dkt.