In this section, we first present long-run return results for univariate portfolios sorted by NMGR, UWR, or APA.
Figure 1 provides an initial look at the long-run stock return performance of IPOs by graphing annual style-adjusted compounded abnormal returns (BHARs) of a zero investment high minus low NMGR portfolio, a high minus low UWR hedge portfolio, and a high minus low APA hedge portfolio for each of the first four years after the offer.
The Panel B results for UWR are even starker than the NMGR portfolios.
Furthermore, the finding that IPOs with high NMGR (or UWR, APA) earn positive abnormal returns implies that these stocks were substantially undervalued in the market shortly after the IPO.
=upper White River sub-watershed, LWR = lower White River sub-watershed, WFWR = West Fork White River sub-watershed, EFWR = East Fork White River sub-watershed.
With this concern in mind, the California Environmental Protection Agency Department of Toxic Substances Control promulgated UWR
to control the disposal of CRTs in a less severe fashion.
24, 2003, Atlanta's mayor and UWR
agreed to dissolve the deal on mutually agreeable terms.
The UWR and MSAA initiatives complement each other and have collaborated closely to build on one another's progress and success.
The collaboration between the UWR and MSAA initiatives provides a platform for a more comprehensive approach to coordination and overcoming barriers, including regulatory and institutional issues.
Suez Lyonnaise Des Eaux and its affiliates have a series of interlocking agreements with UWR
and its affiliates, and Suez Lyonnaise Des Eaux management confirmed that the United States remains strategically important to its core water business.
One of the UWR provisions allows end-users to ship hazardous lamps on a regular truck using a Bill-of-Lading rather than the hazardous shipment truck and hazardous waste manifest that were previously required.
UWR also provides procedures that prevent lamp breakage during transport.