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(3) As a robustness check to the specification of the preannouncement short-selling time period, we conducted a multivariate analysis using t - 5, t - 1, and t - 1 windows and observed quantitatively and statistically similar results to that of the t - 3, t - 1 window.
along with the preannouncement of fourth quarter and full year 2014 results.
(26) An equally eccentric definition occurs in Executive Order 12,866, where "regulatory action" is said to mean action that "promulgates or is expected to lead to the promulgation [of a] rule." (27) This order mandates cost-benefit analysis and preannouncement White House review of regulations.
But a day later, the stock had settled back to just 7.5 percent above the preannouncement close and has stayed in that neighborhood.
Even though most of Aviva's sales in this area are bulk annuities' to employers' nal salary pension schemes and are unaf-unaf fected by the Chancellor's proposals, the rm's share price has not risen back above its preannouncement peak.
The news story generated intense but relatively short-lived interest, with traffic returning to slightly above preannouncement levels within a few days.
(146) In embracing the leakage theory, the Liberty Media court held that plaintiffs satisfied the loss causation requirement when (a) its expert testified, "based on his general expertise regarding trading, that it is easy and common for information to leak into the market before an official announcement," and (b) because Vivendi's expert was "unable to identify any specific alternative cause for the decline in Vivendi's stock price [during the leakage window]." (147) As a result, the court was convinced that the jury could have reasonably concluded that the preannouncement "share decline more likely than not resulted from leaked information concerning the Moody's downgrade." (148)
Of note, the volume on the S&P 500 is especially low before the release time, suggesting highly significant intraday preannouncement effects in the stock market.
"Most importantly, none of the participating agencies reported a fatal or injury collision involving an impaired driver, and we hope our preannouncement backed by the highly visible enforcement effort deterred many people from making the dangerous decision to drive impaired."
The veterinarians were collectively contacted to be sampled at a national conference after a preannouncement of the purpose of the study.
In fact, these expectations have settled near their preannouncement levels.