PORTFOLIO of INVESTMENTS – As of April 30, 2021 (Unaudited)
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Ethics Agreement in Order to Avoid Any Financial Conflict
Date: 7 .-e-•15 Iett..% 1--4 17 MEMORANDUM FOR THE RECORD SUBJECT: Ethics Agreement In order to avoid any financial conflict of interest in violation of 18 U.S.C. § 208(a) or the appearance of a financial conflict of interest as defined in the Standards of Ethical Conduct for Employees of the Executive Branch, 5 C.F.R. § 2635.502, and to adhere to the Ethics Pledge instituted by Executive Order 13770 issued on January 28, 2017, and entitled "Ethics Commitments by Executive Branch Appointees" (the Ethics Pledge), I am issuing the following statement. I understand that as an appointee I must sign the Ethics Pledge and that I will be bound by the requirements and restrictions therein even if not specifically mentioned in this or any other ethics agreement. Before beginning my covered Federal position, I resigned from my non-Federal positions with the Association of State and Territorial Health Officials (ASTHO) and the State of Georgia on July 6, 2017. Pursuant to the Ethics Pledge, I will not, for a period of two years from the date of my appointment to my covered Federal position, participate in an official capacity in any particular matter involving specific parties that is directly and substantially related to ASTHO, unless an exception applies or I am granted a waiver. I understand that this provision in the Ethics Pledge does not apply to state government entities, including the State of Georgia. Even when the two-year restriction of the Ethics Pledge does not apply, under 5 C.F.R. § 2635.502, I will not, for a period of one year from the date of my resignation from ASTHO and the State of Georgia, participate in any particular matter involving specific parties in which ASTHO or the State of Georgia is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. -
3Rd Quarter Holdings
Calvert VP Russell 2000® Small Cap Index Portfolio September 30, 2020 Schedule of Investments (Unaudited) Common Stocks — 95.2% Security Shares Value Auto Components (continued) Security Shares Value Aerospace & Defense — 0.8% LCI Industries 2,130 $ 226,398 Modine Manufacturing Co.(1) 4,047 25,294 AAR Corp. 2,929 $ 55,065 Motorcar Parts of America, Inc.(1) 1,400 21,784 Aerojet Rocketdyne Holdings, Inc.(1) 6,371 254,139 Standard Motor Products, Inc. 1,855 82,826 AeroVironment, Inc.(1) 1,860 111,619 Stoneridge, Inc.(1) 2,174 39,936 Astronics Corp.(1) 2,153 16,621 Tenneco, Inc., Class A(1)(2) 4,240 29,426 Cubic Corp. 2,731 158,862 Visteon Corp.(1) 2,454 169,866 Ducommun, Inc.(1) 914 30,089 VOXX International Corp.(1) 1,752 13,473 Kaman Corp. 2,432 94,775 Workhorse Group, Inc.(1)(2) 8,033 203,074 Kratos Defense & Security Solutions, Inc.(1) 10,345 199,452 XPEL, Inc.(1) 1,474 38,442 (1) Maxar Technologies, Inc. 5,309 132,406 $2,100,455 Moog, Inc., Class A 2,535 161,049 Automobiles — 0.1% National Presto Industries, Inc. 420 34,381 PAE, Inc.(1) 5,218 44,353 Winnebago Industries, Inc. 2,733 $ 141,214 Park Aerospace Corp. 1,804 19,700 $ 141,214 Parsons Corp.(1) 1,992 66,812 Banks — 6.8% Triumph Group, Inc. 4,259 27,726 (1) Vectrus, Inc. 987 37,506 1st Constitution Bancorp 623 $ 7,414 $ 1,444,555 1st Source Corp. 1,262 38,920 Air Freight & Logistics — 0.4% ACNB Corp. -
Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE of CONTENTS
NET LEASE INVESTMENT OFFERING Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE OF CONTENTS I. Executive Summary II. Location Overview III. Market & Tenant Overview Executive Summary Site Plan Tenant Profile Investment Highlights Aerial Location Overview Property Overview Maps Demographics Photos NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended STATEMENT: to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant Walgreens property located in the SUMMARY: city of Chicago. -
The Pnc Financial Services Group Announces First Quarter 2019 Earnings Conference Call Details
CONTACTS: MEDIA: INVESTORS: Media Relations Bryan Gill (412) 762-4550 (412) 768-4143 [email protected] [email protected] THE PNC FINANCIAL SERVICES GROUP ANNOUNCES FIRST QUARTER 2019 EARNINGS CONFERENCE CALL DETAILS Annual Shareholders Meeting To Be Held April 23 PITTSBURGH, March 5, 2019 – The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the first quarter of 2019 Friday, April 12, as previously announced, at approximately 6:45 a.m. (ET). PNC Chairman, President and Chief Executive Officer William S. Demchak and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 9:30 a.m. (ET). Separately, PNC will hold its Annual Meeting of Shareholders Tuesday, April 23, 2019. Event details are as follows: First Quarter 2019 Earnings Investor Conference Call: Friday, April 12, at 9:30 a.m. (ET) • Dial-in numbers: (877) 272-3498 and (303) 223-4362 (international). • Accessible at www.pnc.com/investorevents will be a link to the live audio webcast, presentation slides, earnings release and supplementary financial information; a webcast replay will be available for 30 days. • Conference call replay will be available for one week at (800) 633-8284 and (402) 977-9140, Conference ID 21916444. 2019 Annual Meeting of Shareholders: Tuesday, April 23, at 11 a.m. (ET) • Meeting location: The PNC Financial Services Group, Inc., The Tower at PNC Plaza – James E. Rohr Auditorium, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222. • Dial-in numbers: (877) 402-9134 and (303) 223-4385 (international). • Live audio webcast accessible at www.pnc.com/investorevents or www.pnc.com/annualmeeting; webcast replay available for 30 days. -
In the United States District Court for the Eastern District of Texas Marshall Division
Case 2:08-cv-00462-DF -CE Document 1 Filed 12/04/08 Page 1 of 13 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF TEXAS MARSHALL DIVISION LEON STAMBLER, § § Plaintiff, § § v. § CIVIL ACTION NO. 2:08cv462 § MERRILL LYNCH & CO., INC; § JURY TRIAL DEMANDED MERRILL LYNCH, PIERCE, FENNER & § SMITH INCORPORATED; THE CHARLES § SCHWAB CORPORATION; CHARLES § SCHWAB & CO, INC.; CHARLES § SCHWAB BANK; E*TRADE FINANCIAL § CORPORATION; E*TRADE BANK; § FIDELITY BROKERAGE SERVICES, LLC; § NATIONAL FINANCIAL SERVICES, LLC; § FMR LLC; MORGAN STANLEY; § MORGAN STANLEY & CO. § INCORPORATED; JACK HENRY & § ASSOCIATES, INC.; METAVANTE § TECHNOLOGIES, INC.; METAVANTE § CORPORATION; PAYPAL, INC.; § AMERICAN EXPRESS COMPANY; § AMERICAN BANK OF COMMERCE; § BB&T CORPORATION; BRANCH § BANKING AND TRUST COMPANY; THE § COLONIAL BANCGROUP, INC.; § COLONIAL BANK; FIRST NATIONAL § BANK GROUP, INC.; FIRST NATIONAL § BANK; HSBC NORTH AMERICA § HOLDINGS INC.; HSBC USA INC.; HSBC § BANK USA, NATIONAL ASSOCIATION; § HSBC NATIONAL BANK USA; § LEGACYTEXAS GROUP, INC.; § LEGACYTEXAS BANK; THE PNC § FINANCIAL SERVICES GROUP, INC.; § PNC BANK, NATIONAL ASSOCIATION; § PNC BANK, DELAWARE; PROSPERITY § BANCSHARES, INC.; PROSPERITY § BANK; STERLING BANCSHARES, INC.; § STERLING BANK; SUNTRUST BANKS, § INC.; SUNTRUST BANK; TEXAS § CAPITAL BANCSHARES, INC.; TEXAS § CAPITAL BANK, NATIONAL § 1 Case 2:08-cv-00462-DF -CE Document 1 Filed 12/04/08 Page 2 of 13 ASSOCIATION; U.S. BANCORP; U.S. § BANK NATIONAL ASSOCIATION; § ZIONS BANCORPORATION; ZIONS § FIRST NATIONAL BANK; and AMEGY § BANK NATIONAL ASSOCIATION § § Defendants. § § PLAINTIFF’S ORIGINAL COMPLAINT Plaintiff LEON STAMBLER files this Original Complaint against the above-named Defendants, alleging as follows: I. THE PARTIES 1. Plaintiff LEON STAMBLER (“Stambler”) is an individual residing in Parkland, Florida. 2. Defendant MERRILL LYNCH & CO., INC. -
2021 Responsible Business Report
Ameriprise Financial Responsible Business Report Spring 2021 Ameriprise Financial, Inc. Table of Contents A Message From Our Chairman and CEO .................................2 Environmental Steward .......................................................................... 25 Executive Summary.......................................................................................3 Community Impact......................................................................................27 Recognized as an Industry Leader ..................................................4 Appendix – Ameriprise and Our Global Reach .................. 30 Financial Strength and Stability ........................................................5 Appendix – Diversified Business Underpinned by a Strong Financial Foundation ................................................. 31 Values-Driven Firm ..........................................................................................6 Appendix – Diversified Business with Multiple Stakeholders ............................................................................. 32 Responsible Investor .................................................................................17 Appendix .............................................................................................................. 33 Governance ....................................................................................................... 22 1 Dear fellow stakeholders, 2020 was a year of significant and unforeseen Again in 2020, Ameriprise received -
Plaintiffs' Appendix
Return Date: No return date scheduled Hearing Date: No hearing scheduled Courtroom Number: No hearing scheduled Location: No hearing scheduled FILED 12/16/2019 4:01 PM DOROTHY BROWN CIRCUIT CLERK COOK COUNTY, IL 2014ch00829 7750447 FILED DATE: 12/16/2019 4:01 PM 2014ch00829 Plaintiffs’ Appendix IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS COUNTY DEPARTMENT, CHANCERY DIVISION SHELDON LANGER, RONALD M. ) No. 2014-CH-00829 YERMACK, LANCE R. GOLDBERG, ) ROBERT PROSI and GERALD PETROW, ) individually on behalf of themselves and all ) others similarly situated, ) ) Calendar 6 Plaintiffs, ) ) v. ) ) Hon. Celia G. Gamrath, Presiding CME GROUP, INC., a Delaware Corporation; ) THE BOARD OF TRADE OF THE CITY OF ) FILED DATE: 12/16/2019 4:01 PM 2014ch00829 CHICAGO, INC., a Delaware Corporation, ) ) Defendants. AFFIDAVIT OF NICHOLAS C. CARULLO IN SUPPORT OF PLAINTIFFS’ MOTION FOR CLASS CERTIFICATION, FOR APPOINTMENT OF CLASS REPRESENTATIVES, AND FOR APPOINTMENT OF SUSMAN GODFREY LLP AS CLASS COUNSEL I, Nicholas C. Carullo, having the requisite personal knowledge, certify under the requirements of Section 1-109 of the Illinois Code of Civil Procedure as follows: 1. I submit this Affidavit in support of Plaintiffs’ Motion for Class Certification, for Appointment of Class Representatives, and for Appointment of Susman Godfrey LLP as Class Counsel. 2. I am an attorney at the law firm of Susman Godfrey LLP, counsel to Plaintiffs in the above-captioned action. 3. Attached as Exhibit 1 is an expert declaration of Jonathan I. Arnold, Ph.D., at 1. 4. Attached as Exhibit 2 is a true and correct copy of transcript excerpts of the deposition testimony of Robert Krewer, designated as a corporate representative of Defendant CME Group, Inc. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
2021 Honored Companies Please Join Us As We Give Special Recognition and Honor S&P 500 and F1000 Companies with at Least 35% of Board Seats Held by Women
Cipriani 42nd St | November 10, 2021 | 7:30 AM-11:00 AM 2021 Honored Companies Please join us as we give special recognition and honor S&P 500 and F1000 companies with at least 35% of board seats held by women. 50% + AMN Healthcare General Motors Co. Sally Beauty Holdings, Inc. Autodesk, Inc. Hasbro, Inc. Schnitzer Steel Industries, Inc. Bed, Bath & Beyond, Inc. Hawaiian Electric Industries, Inc. Science Applications International Corporation (SAIC) Best Buy Companies Inc. Healthpeak Properties, Inc. Steelcase Inc. Big Lots Inc. Herman Miller, Inc. Summit Materials, Inc. Bright Horizons Family Solutions, Inc. HNI Corporation Tapestry, Inc. Caleres, Inc. J.Crew Group, Inc. Thrivent Financial Casey’s General Stores, Inc. L Brands, Inc. TIAA Celanese Corporation Micron Technology Inc Tiffany & Co. Chico’s Fas, Inc. Navient Corporation ULTA Beauty Inc. Citi Omnicom Group Inc. ViacomCBS Inc. Coty Inc. PC Connection, Inc. Welltower Inc. DaVita Pitney Bowes, Inc. Western Digital Corporation EQT Corporation The Procter & Gamble Co. Williams-Sonoma, Inc. Etsy, Inc. The Progressive Corporation 40% + Abercrombie & Fitch Co. Genworth Financial The ODP Corporation ABM Industries, Inc. Globe Life Inc. Penn Mutual Accenture The Goldman Sachs Group, Inc. Phillips 66 Company AES Corporation Groupon Inc. Principal Financial Group Inc. Afliated Managers Group (AMG) H & R Block, Inc. PROG Holdings, Inc. AGNC Investment Corp. The Hershey Companies Quest Diagnostics Inc. Alliant Energy Hewlett Packard Enterprise RR Donnelley & Sons Co. Amazon.com, Inc. Hill-Rom Holdings Inc. Reinsurance Group Of America, Inc. American Water Works, Inc. Hilton Worldwide Holdings, Inc. Reliance Steel and Aluminum Co. Amica Mutual Insurance Company HP Inc. -
Fund Holdings As of 6/30/2021 Massmutual Balanced Fund Invesco Prior to 5/1/2021, the Fund Name Was Massmutual Premier Balanced Fund
Fund Holdings As of 6/30/2021 MassMutual Balanced Fund Invesco Prior to 5/1/2021, the Fund name was MassMutual Premier Balanced Fund. Fund Shares or Par Position Market Security Name Ticker CUSIP Weighting % Amount Value Apple Inc AAPL 037833100 3.91 48,433 6,633,384 Microsoft Corp MSFT 594918104 3.45 21,552 5,838,437 USTREAS T-Bill Auction Ave 3 Mon 1.69 2,862,977 JPMorgan Chase & Co JPM 46625H100 1.56 16,948 2,636,092 Verizon Communications Inc VZ 92343V104 1.45 43,768 2,452,321 The Home Depot Inc HD 437076102 1.42 7,556 2,409,533 Intel Corp INTC 458140100 1.29 38,961 2,187,271 Procter & Gamble Co PG 742718109 1.04 13,105 1,768,258 Cisco Systems Inc CSCO 17275R102 1.03 32,830 1,739,990 UnitedHealth Group Inc UNH 91324P102 1.00 4,215 1,687,855 Comcast Corp Class A CMCSA 20030N101 0.94 28,021 1,597,757 AT&T Inc T 00206R102 0.91 53,587 1,542,234 Oracle Corp ORCL 68389X105 0.83 18,031 1,403,533 Deere & Co DE 244199105 0.76 3,635 1,282,101 Accenture PLC Class A ACN G1151C101 0.74 4,237 1,249,025 Johnson Controls International PLC JCI G51502105 0.74 18,185 1,248,037 Visa Inc Class A V 92826C839 0.71 5,152 1,204,641 Texas Instruments Inc TXN 882508104 0.70 6,128 1,178,414 Costco Wholesale Corp COST 22160K105 0.67 2,850 1,127,660 Bank of America Corp BAC 060505104 0.64 26,192 1,079,896 Broadcom Inc AVGO 11135F101 0.63 2,223 1,060,015 Abbott Laboratories ABT 002824100 0.57 8,348 967,784 Target Corp TGT 87612E106 0.56 3,949 954,631 Honeywell International Inc HON 438516106 0.56 4,324 948,469 Goldman Sachs Group Inc GS 38141G104 0.53 2,374 901,004 -
COMMUNITY BANK LANDSCAPE North Carolina 1St Quarter 2019
COMMUNITY BANK LANDSCAPE North Carolina 1st Quarter 2019 RESEARCH | INVESTMENT BANKING | EQUITY SALES & TRADING | FIXED INCOME | CORPORATE & PRIVATE CLIENT SERVICES TABLE OF CONTENTS SECTION DESCRIPTION I. NORTH CAROLINA BANK REGULATORY DATA II. FIG PARTNERS UPDATE 2 I. NORTH CAROLINA BANK REGULATORY DATA OVERVIEW – NORTH CAROLINA BANK REGULATORY DATA Piedmont Mountains Coastal Plain METHODOLOGY ▪ 3 regions separated by geographic KEY STATE OBSERVATIONS relevance ▪ Median loan growth of 4.69% ▪ Data as of most recent available ▪ Median NIM of 3.77% quarter as of March 31, 2019 ▪ Regulatory call report data shown for all banks NOTES FOR ALL REGIONS: Note: Texas Ratio = (NPAs + Loans 90+ PD)/ (TCE+LLR) NPAs = Nonaccrual Loans + (Loans 90+ PD ) + Restructured Loans + OREO Nonaccrual loans, Loans 90+ PD and OREO are adjusted to exclude the FDIC guaranteed portion of these assets Does not include Bank of America, NA Source: S&P Global Market Intelligence, Most Recent Available Quarter 4 NORTH CAROLINA BANKS – MOUNTAINS REGION Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total Total MRQ Total MRQ Lns / Leverage RBC NPA/ NPA ex Restr/ Texas LLR/ NCOs/ MRQ MRQ MRQ MRQ Assets Lns Growth Deposits Growth Dep. Ratio Ratio Assets Assets Ratio Loans Loans Net Inc. ROAA N.I.M. Efficiency Name City ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%) Black Mountain SB SSB Black Mountain $40 $29 3.3 % $34 (6.4) % 85.6 % 12.74 % 31.62 % 0.00 % 0.00 % 0.0 % 0.14 % 0.00 % $41 0.41 % 3.00 % 82.9 % Entegra Bank Franklin 1,668 1,089 2.0 1,251 8.2 87.1 9.67 14.35 0.80 0.43 7.8 1.11 0.02 4,046 0.98 3.17 68.3 HomeTrust Bank Asheville 3,455 2,674 4.7 2,332 10.2 114.7 10.25 12.22 1.09 0.40 10.0 0.91 0.38 3,373 0.39 3.34 69.7 Jackson SB SSB Sylva 32 26 (1.5) 26 (1.3) 101.7 20.97 40.77 1.20 1.03 5.7 0.22 0.00 81 1.00 3.69 69.2 Lifestore Bank (MHC) West Jefferson 293 185 3.2 225 7.7 82.2 10.99 18.61 1.13 1.13 9.6 1.31 0.00 713 0.98 3.46 72.8 Morganton SB S.S.B. -
U.S. Corporate Scores 2018
01 DISCLOSURE INSIGHT ACTION U.S. CORPORATE SCORES 2018 02 CORPORATE DISCLOSURE TO INVESTORS IN NORTH AMERICA 124 9 28 510 63 192 CONTENTS 03 04 CDP scoring methodology 2018 06 The A-List: North America 08 Corporate scores 34 Appendix I: CDP Activity classification system (cdp-acs) 40 Appendix II: Investor Members and Signatories 46 Appendix III: CDP Supply Chain Members Important Notice The contents of this report may be used by anyone providing acknowledgment is given to CDP. This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. CDP has prepared the data and analysis in this report based on responses to the CDP 2018 information request. No representation or warranty (express or implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP are based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors.