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Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The business landscape in Indonesia is experiencing heightened competition compared to previous periods. Companies must devise robust strategies to mitigate potential downturns caused by various factors. One viable strategy is acquisitions. However, acquisitions can fail if not meticulously planned and executed. This study analyzes financial performance before and after acquisitions using financial ratios such as Current Ratio (CR), Total Assets Turnover (TATO), Return on Equity (ROE), and Debt to Equity Ratio (DER). The observation period covers two years before and three years after the acquisition (t-2 and t+3). We will compare the financial performance of companies listed on the Indonesia Stock Exchange (IDX) that have undergone acquisitions. The research adopts a comparative approach with a quantitative methodology. The study population consists of fifteen companies listed on the IDX that completed acquisitions between 2018 and 2019. Evaluations are conducted using the Wilcoxon Sign Rank Test and Paired Sample T Test. Although the study found no significant changes in financial performance before and after acquisitions during the observation period, the CR ratio at t+3 compared to t-1 and the DER ratio at t+1 compared to t-1 showed significant differences. [ABSTRACT FROM AUTHOR]

The aim of this research is to determine the effect of Non-Performing Loans (NPL) on Earning Per Share (EPS), Return on Investment (ROI), and Rate of Return (ROR) in stateowned banks listed on the Indonesia Stock Exchange (BEI) for the period 2013- 2022. Researchers used quantitative research methods with samples in the research, namely four state-owned banks listed on the BE, using SEM (Structural Equation Modeling) and the Partial Least Square (PLS) approach as methods in the research process. Research findings show that Non Performing Loans (NPL) have a significant effect on Earning Per Share (EPS), Non Performing Loans (NPL) have a significant effect on Return On Investment (ROI), and Non Performing Loans (NPL) have a significant effect on the Rate of Return ( ROR) BUMN Bank for the 2013-2022 period with testing using a significance level of 5%. Apart from that, research findings also show that the Covid pandemic has had a negative impact on the NPL, EPS, ROI and ROR ratios as evidenced by the ratio values being low and decreasing very significantly in the 2020-2021 period. Of the three ratios used, the Return On Investment (ROI) ratio is the ratio that is most influenced by NPL (Non Performing Loan), and conversely the one that is least influenced by NPL (Non Performing Loan) is the Rate of Return (ROR) ratio. [ABSTRACT FROM AUTHOR]

It is commonly accepted that the success and expansion of insurance companies' underwriting operations, which is indicated by the premiums received from insurance policies, is reflected in their profitability rates. During the period of 2010 to 2021, Iraqi insurance companies in the private sector that are listed on the Iraq Stock Exchange experienced a fluctuation in the increase and noticeable decrease of gross written premiums, which had a negative impact on their profitability ratios. The aim of this investigation is to analyze the underwriting activities carried out by all insurance companies that are publicly listed on the Iraq Stock Exchange spanning from 2010 to 2021, and assess the impact of these activities on the companies' profitability rates. To evaluate the profitability of these firms, three indicators are used, namely the rate of return on assets, return on equity, and profit margin ratio. The study employs Data Panel models using Eviews 12 to identify the research samples during the study period. Additionally, the pooled regression model is used to compare the findings and test the hypotheses of the study. In a structured manner, data is collected from the annual reports released by the Iraq Stock Exchange. The statistical examination of the findings reveals that the gross written premium has a significant and positive influence on all of the profitability ratios that were evaluated in this study, namely the rate of return on assets, return on equity, and profit margin ratio. [ABSTRACT FROM AUTHOR]

I estimate a life cycle model of portfolio choices that incorporates the relationship between market returns and the skewness of idiosyncratic income shocks. The cyclicality of skewness can explain (a) low stock market participation among young households, (b) why the equity share of participants slightly increases until retirement, and (c) why renters invest less in stocks than do homeowners. With a relative risk aversion of 6 and yearly participation cost of $250, the model matches the evolution of wealth, participation, and conditional equity shares over the life cycle. Nevertheless, cyclical skewness increases the equity premium by at most 0.5 percentage points. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

This study makes an endeavor to experimentally find out the impact of credit concentration on DSE (Dhaka Stock Exchange) listed banks' risk and return. Banking industry in Bangladesh is going through a turbulent situation due to increase in the size of NPL (Non-Performing Loan) which undermines banks' profitability. The objective of this paper is to assess the impact of credit concentration on banks' risk and return. We took Hirshmann-Herfindahl Index to measure the portfolio concentration, RoE (Return on Equity) as measurement of banks' return and NPL (Non-Performing Loan) as measurement of banks risk. In this report we have collected data of five DSE (Dhaka Stock Exchange) listed private commercial banks from 2014 to 2018. We found that the concentration is highest in manufacturing, trade finance and readymade garments sector. Of the total loan portfolio of five banks from 2014 to 2018, 34% is concentrated in manufacturing sector, 19% is concentrated in trade finance, and 18% is concentrated in RMG (Ready Made Garments). The banks have lowest concentration in agricultural sector 2% of its total loan portfolio is given to agricultural sector on average during the period of study. Although concentration in SME (Small and Medium-sized Enterprises) sector, one of the most promising sectors in our country, is increasing but even then the portfolio concentration in SME sector is barely 8%. We regressed the concentration measure on banks NPL (Non-Performing Loan) and ROE (Return on Equity). The major findings we got are bank's return and loan concentration is inversely related and this relationship is established at 5% significance level. However, insignificant relationship is found between loan concentration and NPL (Non-Performing Loan). The recommendations for the banking sector are banks should diversify their portfolio as it would yield more return for the shareholders' of the banks, more extensive study is required to establish the relation between NPL(Non-Performing Loan) and loan concentration, bank should increase its size of portfolio in the SME (Small and Medium-sized Enterprises) sector which is a promising sector for an emerging economy, and banks should try to reduce their loan concentration to the optimum level for RMG (Ready Made Garments), trade finance and manufacturing industry. [ABSTRACT FROM AUTHOR]

Since market uncertainty, or volatility, serves as a crucial gauge for assessing the traits of market fluctuations, the link between stock market volume and price continues to be a focal point of interest in finance. This study examines the dynamic, nonlinear correlations between Chinese stock volatility, trading volume, and return using a hybrid approach that combines the Markov-switching regime with the vector autoregressive model (MS-VAR). The empirical findings are as follows: (1) The Chinese stock market can be divided into three regional systems: steady downward, steady upward, and high volatility. The three states have similar frequencies of occurrence, and their corresponding stable probabilities are not high, indicating that the Chinese stock market is unstable. (2) Asymmetric dynamic relationships exist between market volatility, investment return, and trading volume. For different regimes, while the effect of trading volume on volatility and return appears to be insignificant, the impacts of volatility and return on trading volume are considerably strong. (3) A regime-dependent, contemporaneous correlation between volatility and return is observed, which also reflects the behavior of the Chinese stock market "chasing up and down". However, a positive contemporaneous correlation always exists between volatility and trading volumes in different regimes, indicating that uncertainty in the Chinese stock market is closely related to information inflow. [ABSTRACT FROM AUTHOR]

Purpose -- This study aims to examine the moderating effect of the company size on the relationship between Corporate Social Responsibility (CSR) disclosure and company profitability in mining industry. Method -- This study employs multiple regression to examine the relationship between CSR disclosure and profitability using ROA and ROE proxies, with company size as a moderator. The observations were conducted on 12 mining companies listed on the Indonesia Stock Exchange during the period of 2018-2022. Result -- We found that company size moderates the relationship between CSR disclosure and company profitability, using ROA and ROE as proxies. The results indicate that CSR disclosure had a positive and significant effect on company profitability when measured with ROA proxies but did not show significance with ROE proxies. Contribution -- This research contributes by using company size variable as the moderator in the relationship between CSR disclosure and financial performance. [ABSTRACT FROM AUTHOR]

Purpose -- This study aims to investigate the influence of macroeconomic factors, including economic growth, inflation, the rupiah exchange rate, and interest rates, as well as corporate financial performance indicators such as leverage and profitability, on the stock returns of Indonesian Property and Real Estate Sub-Sector companies. Method -- The research data consists of annual data obtained from the Indonesia Stock Exchange, the Indonesia Central Bureau of Statistics, and Bank Indonesia for the period from 2017 to 2021. The research population comprises 36 Property and Real Estate companies listed on the Indonesia Stock Exchange. Out of these, 28 companies meet the sample requirements. The analysis employs panel data regression to examine the data. Result -- The results indicate that inflation and exchange rates have a negative and statistically significant impact on stock returns. On the other hand, economic growth, interest rates, return on equity, and the debt-to-equity ratio exhibit a positive influence on stock returns, although these effects are not statistically significant. Contribution -- This study's distinctive contribution is its focused analysis of the Property and Real Estate Sub-Sector in Indonesia. It stands out by exploring the intricate relationship between macroeconomic factors and financial performance variables concerning the stock returns of companies within this sub-sector. This nuanced approach provides valuable insights into a specific industry within the Indonesian market, shedding light on previously unexplored dynamics and contributing to a deeper understanding of how these factors affect stock returns in this context. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Visionida is the property of Universitas Djuanda and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Share: Journal of Islamic Economics & Finance / Jurnal Ekonomi dan Keuangan Islam is the property of Share Jurnal Ekonomi dan Keuangan Islam and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Stock exchanges play an important economic role in developing countries such as Saudi Arabia. As a result, this study investigates the connection between Saudi Arabian stock markets, equities, commodities, and currency. This study utilized secondary data from 2013 to 2022. This analysis utilizes thirty Saudi Arabian firms' financial stock markets, stocks, commodities, and currencies. The correlation between the study's variables was analyzed using Stata. The coefficients illustrate how Saudi Arabian firms' return on equity (ROE) increases with each unit increase in each independent variable. Given that the F-statistic is 39.82, the fitted significance level for the pooled OLS model is 1%. The FGLS Regression Model was developed to investigate the connection between Saudi Arabian financial stock markets, stocks, commodities, and currency. During the COVID-19 pandemic, the ROE of Saudi Arabian firms decreased by up to 3.5%. The size and activity of the stock market have statistically and economically significant effects on business expansion. The economy of Saudi Arabian companies is affected by the opening stock price, dividend yield, market capitalization, trading volume, and open Saudi Riyal to US Dollar exchange rate. Equity-heavy corporations grow more rapidly than others. Future research could investigate how the stock market's growth influences macroeconomic variables such as capital formation, private savings rates, and firm productivity. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Stakeholders receive a comprehensive message that includes financial information, non-financial information, and a forecast for the future. Chairman's disclosure is susceptible to manipulation by directors resulting to less transparency and thereby misleading the stakeholders. An evaluation of the chairman's messages in relation to financial performance is conducted in this study. The study examined the top 40 listed companies on the Johannesburg Stock Exchange for the year 2021, using the Gunning Fog Index as a measure of readability of the chairman's statement and Return on Equity (ROE) as a measure of financial performance. In order to determine the relationship between the chairman's statement readability and the company's financial performance, multiple linear regression was applied. This study found that as company performance increases, readability becomes more difficult. In contributing to existing literature, the study examines how the chairman's statement is correlated with financial performance from a South African viewpoint. [ABSTRACT FROM AUTHOR]

The capital market is one alternative used by companies to obtain funds. The presence of the capital market increases the choice of sources of funds for investors and increases investment choices, which can also be interpreted as opportunities to obtain returns. Investment is a commitment to a certain amount of funds or other data sources made at this time with the aim of obtaining a number of profits in the future. This research aims to find the influence of Debt Equity Ratio, Earning Per Share, Net Profit Margin, Return on Equity, Stock Return in the Cigarette Industry that Goes Public on the Indonesian Stock Exchange for the 2011-2021 Period. This research uses an expanatory approach. The object of this research is the cigarette industry listed on the Indonesian stock exchange starting from 2011-2021 on 3 companies which was analyzed using path analysis. From the test results it can be seen that the Debt Equity Ratio (DER), Earning Per Share (EPS), Net Profit Margin (NPM) and Return on Equity (ROE) on Stock Returns is positive and significant. However, if viewed partially, Return on Equity (ROE) has a more dominant influence on Stock Returns. This can be understood because each indicator of Debt Equity Ratio (DER), Earning Per Share (EPS), Net Profit Margin (NPM) and Return on Equity (ROE) is used as an aspect of measuring Stock Returns. [ABSTRACT FROM AUTHOR]

Better performance on any single component of total performance should, ceteris paribus, be associated with a better assessment of total performance. Common measures of stock or portfolio performance in finance, such as Jensen's alpha or the intercept of the Fama-French three-factor model, often fail this test. The reason is that the intercept's ability to detect abnormal performance is critically dependent on accurately estimating the slope(s). Unfortunately, the same unsystematic perturbation to stock returns that causes abnormal performance typically distorts the estimate of the slope. This article quantifies the distortion in the intercept due to errors in estimating the slope(s). It also identifies necessary and sufficient conditions for the intercept to be so misleading as to move in the direction opposite that of the shock and estimates the frequency of these conditions. The study characterizes an alternative approach that generates an intercept but alleviates the problem of distorted slopes. [ABSTRACT FROM AUTHOR]

We propose a conditional factor model for corporate bond returns with five factors and time‐varying factor loadings. We have three main empirical findings. First, our factor model excels in describing the risks and returns of corporate bonds, improving over previously proposed models in the literature by a large margin. Second, our model recommends a systematic bond investment portfolio whose high out‐of‐sample Sharpe ratio suggests that the credit risk premium is notably larger than previously estimated. Third, we find closer integration between debt and equity markets than found in prior literature. [ABSTRACT FROM AUTHOR]

The aim of the study was to analyse the rate of return of selected stock exchange indices, currency pairs, raw materials and food in the event window determined by the start date of the Russian-Ukrainian war in 2022. The analysis used an approach based on the observation of the development of rates of return and their changes over time caused by Russia's invasion on Ukraine on February 24, 2022, applying the commonly used Average of Cumulative Abnormal Returns (ACAR) measure. The research showed many similarities as well as some differences in terms of the strength of the impact and the direction of changes in the prices of instruments on individual markets as a result of the outbreak of an armed conflict. The analysis comprehensively takes into account the impact of armed conflict on the development of short- and medium-term rates of return on various markets, the global scope of which has a significant influence on the economic development of individual countries. Not being limited to one market makes it possible to identify universal patterns of stock market behaviour in response to unforeseen events with a global impact on the world economy. [ABSTRACT FROM AUTHOR]

I document that dividend growth and returns on the aggregate U.S. stock market are more correlated with consumption growth in bad economic times. In a consumption-based asset pricing model with a generalized disappointment-averse investor and small, IID consumption shocks, this feature results in a realistic equity premium despite low risk aversion. The model is consistent with the main facts about stock market risk premiums inferred from equity index options, remains tightly parameterized, and allows for analytical solutions for asset prices. An extension with non-IID dynamics accounts for excess volatility and return predictability, while preserving the model's consistency with option moments. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We identify flight-to-safety (FTS) days for twenty-three countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both quality and liquidity in international equity markets, but mainly a flight to quality in the U.S. corporate bond market. Emerging markets, endowment funds, and hedge funds perform poorly during FTS, whereas hedge funds appear to vary their systematic exposures prior to an FTS. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The company's business activities are increasing and growing, creating a fairly tight business competition. In terms of accounting regulations, companies are also competing to apply records that are in accordance with standards for the benefit of stakeholders. The application of PSAK 73 itself Raja is a challenge for companies to implement in their business activities. This study aims to analyze the impact of implementing PSAK 73 on the financial performance of food and beverage companies listed on the Indonesian Stock Exchange for the 2019-2021 period. Financial performance will be measured by financial ratios such as ROA (Return on Assets), ROI (Return on investment), ROE (Return on Equity), Current Ratio and DER (Debt to Equity). The results showed that the ratios of ROA, ROI, ROE, Current Ratio and DER experienced significant differences after the implementation of PSAK 73. [ABSTRACT FROM AUTHOR]

This article documents a new stock market anomaly that seems to have escaped the attention of both investment professionals and academics. For more than a century, the monthly market return has been predicted by the monthly market return at lag 5. This predictability is marketwide and is most evident in the returns of portfolios of large and growth stocks. The trading strategy incorporating this predictability yields superior performance that cannot be attributed to common risk factors. A closer investigation of the new anomaly reveals that not each calendar month possesses predictive ability. Therefore, there is a link between the new anomaly and calendar effects in stock returns. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine and analyze the effect of financial distress, operating cash flow, and return on equity on earnings management in publicly listed companies in the manufacturing industry listed on the Indonesia Stock Exchange for the period 2018-2020. To examine and analyze the influence of the audit committee moderation variable to strengthen or weaken the effect of financial distress, operating cash flow, and return on equity on earnings management in publicly listed companies in the manufacturing industry listed on the Indonesia Stock Exchange for the period 2018 - 2020. The method used is a quantitative method with an explanatory research type. The population in this study are all manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2018 - 2020, a total of 150 companies. Determining the number of samples was carried out using a purposive sampling technique, and it was determined that there were 77 companies. The data analysis method used is panel data analysis with the Eviews software program version 10. The results show that financial distress has a positive effect on earnings management in Manufacturing companies listed on the IDX for the period 2018 - 2020. Operating cash flow has no effect on earnings management in Manufacturing companies listed on the IDX for the 2018 - 2020 period. Return on equity has no effect on earnings management in Manufacturing companies listed on the IDX for the 2018 - 2020 period. The audit committee is unable to moderate the effect of financial distress on earnings management in Manufacturing companies listed on the IDX for the 2018 period - 2020. The audit committee is unable to moderate and weaken the effect of operating cash flow on earnings management in Manufacturing companies listed on the IDX for the period 2018 - 2020. The audit committee is able to moderate and strengthen the effect of return on equity on earnings management in Manufacturing companies listed on the IDX period 2018 - 2020. [ABSTRACT FROM AUTHOR]

Over the past few years, Bitcoin's price has fluctuated significantly, making it a hot topic in finance research. Numerous studies have been conducted to determine whether Bitcoin is a reliable currency. This study aims to investigate how the Dollar Index and Gold Return Rate affect Bitcoin's price, using a non-linear approach with the NARDL method. The findings show that the Gold Return Rate (G) and Dollar Index Return Rate significantly negatively impact Bitcoin's return. Additionally, based on non-linear and asymmetric tests, the assumption of symmetry in the results for all variables, except nominal interest rate and commodity index return, is rejected. This indicates that the impact of the Gold Return Rate, nominal interest rate, fluctuations in the US stock market, and oil price return is asymmetric. These results confirm the non-linear nature of these relationships. They also demonstrate that Bitcoin's return has been able to protect itself to a certain degree against the US dollar or some other investments. [ABSTRACT FROM AUTHOR]

There is a puzzle in the literature which seems to indicate that high capital levels introduced by Basel III increase bank risk. This paper attempts to solve this puzzle by investigating whether the risk of the eight U.S. global systemically important banks (GSIBs) increased in the Basel III period from previous periods. This paper uses case studies of the eight U.S. GSIBs to evaluate whether Basel III has changed their risk perceived by the market. Basel III has reduced the systematic risk of equity of U.S. GSIBs perceived by the stock market, and it does not explain the decline in return on equity (ROE) which may indicate some increase in large bank financial risk. The paper breaks down stock market measures into drivers which capture systematic risk of equity and other drivers which capture financial risk, and it finds new evidence which solves the puzzle in the literature on large bank risk. The findings of the paper help investors, creditors and regulators to have a clear understanding of the market perception of large bank risk. The paper provides new methods and evidence which could help regulators to assess the impact of Basel III on bank risk perceived by the market. [ABSTRACT FROM AUTHOR]

We uncover stylized facts of commodity futures' price and volatility dynamics in the post-financialization period and find a factor structure in daily commodity volatility that is much stronger than the factor structure in returns. The common factor in commodity volatility relates to stock market volatility as well as to the business cycle. Model-free realized commodity betas with the stock market were high during 2008–2010 but have since returned to the pre-crisis level, close to 0. While commodity markets appear segmented from the equity market when considering only returns, commodity volatility indicates a nontrivial degree of market integration. [ABSTRACT FROM AUTHOR]

This study compared the performance of indexed universal life (IUL) insurance policies with 529 college saving plans in college education planning by Monte-Carlo simulations and sensitivity analysis. The IUL policies showed lower return and risk than the allstock 529 portfolios but higher return and risk than the typical age-based 529 portfolios. The expected family contribution (EFC) impact should be considered in the decision-making process. All key market variables were modeled as correlated stochastic processes in the simulation. Important actuarial assumptions and tax-related issues driving the performance of the IUL and 529 investments were thoroughly analyzed. The study reported how these factors affected the performance of two alternative funding solutions. [ABSTRACT FROM AUTHOR]

The problem of stock portfolio selection is one of the most critical problems in financial markets. The portfolio selection problem is to find an optimal solution to allocate a fixed amount of capital to a set of available stocks with the objective function of having the maximum expected rate of return and, at the same time, the least possible risk. Among the shortcomings that most stock portfolio models have is not paying attention to future changes and focusing too much on past information. This study aims to provide a framework that addresses some shortcomings and provides a practical tool. In this regard, this study suggests a multi-objective and multi-stage stochastic model for portfolio selection in the financial market. The stage refers to the periods in which the stock portfolio will be reviewed. By combining the scenario generation model with multi-stage stochastic programming, the investor is expected to achieve a suitable solution based on past information and various future scenarios. To solve the proposed model, a meta-heuristic algorithm whose main idea is derived from the harmony search algorithm is proposed. Finally, numerical instances were utilized by the use of real stock information from the Iranian stocks market. The algorithm proposed in this research was compared with a genetic algorithm in terms of the quality of the generated solutions and the runtime of the algorithms, and the superiority of the proposed algorithm has been proven. [ABSTRACT FROM AUTHOR]

The authors examine Morningstar information changes stemming from changes in their 5-Star stock-rating system. Converse to many studies of other second-hand information effects, Morningstar rating changes lead to abnormal returns (ARs) that persist for 30 days subsequent to the information release. This information may be used to derive alpha-generating trading strategies. Statistically significant positive ARs persist for 30 days postannouncement for upgrades to 4 and 5 stars, while significant negative ARs persist for 30 days postannouncement for upgrades to 2 and 3 stars and for downgrades to 4, 3, 2, or 1 star. Traders can use this information to devise long, short, and long-short trading strategies. Morningstar's analysis has high credibility, particularly with retail investors. Morningstar changes a stock's rating when the price of the stock moves farther from the intrinsic value estimate derived by Morningstar's model, suggesting that its analysis of the current stock price relative to intrinsic value and the timing of the rating change provide some relevant information to the market. [ABSTRACT FROM AUTHOR]

We extend prior work on economic value added (EVA) style analysis in the context of dynamic changes in EVA style. We find that rotations of EVA style provide traders and investors with opportunistic returns. For value-creating growth companies, the status quo strategy outperformed the consolidated annual average return of companies that moved out of Quadrant II (QII) to other EVA styles by 7.45%. For value-destroying growth companies, the status quo position underperformed the consolidated average return of companies that moved out of QIII to other EVA styles by 11.24%. For almost every year from 2000-2020, the status quo strategy for value-creating growth companies outperformed the consolidated annual returns from moving out of QII to other EVA styles. For most every year over the 21-year reporting period, the status quo strategy for value-destroying growth companies underperformed the consolidated returns from moving out of QIII. Future research on the dynamics of EVA style points to opportunities to build out trading systems across multiple starting points. [ABSTRACT FROM AUTHOR]

Retail investors have been viewed as noise traders by academics for decades. This article provides a fresh perspective on the effect of an increasing number of new retail investors joining the stock market on asset prices at the market level. By applying the empirical framework for post-earnings-announcement drift, we construct a detrend retail investor participation measure using the residual orthogonalization method. This analysis results in new evidence that when retail brokerage accounts increase after earnings announcements, it creates a boost in short term cumulative abnormal returns (CARs). If the past stock market does not have a persistence price pattern, an increase in the number of retail brokerage accounts following such an anti-persistence market does not impact CARs. Further, we find that the effect of excess retail accounts on CARs is statistically significant for the positive earnings news group of stocks. [ABSTRACT FROM AUTHOR]

We propose a new multi-factor model for international stock returns that includes size, value, and momentum factor portfolios and that builds them in a partial-segmentation capital market framework. Accounting for externalities driven by the incomplete accessibility to stocks and stock markets, our model not only captures strong common variation in international stock returns but also achieves low pricing errors and rejection rates relative to pure segmentation and pure integration models. This partial-segmentation approach is evaluated using monthly returns for over 37,000 stocks from 46 developed and emerging market countries over 2 decades and for a wide variety of test assets. [ABSTRACT FROM PUBLISHER]

We examine the suitability of using overnight returns to measure firm-specific investor sentiment by analyzing whether they possess characteristics expected of a sentiment measure. We document short-term overnight-return persistence, consistent with existing evidence of short-term persistence in the share demand of sentiment-influenced investors. We find that short-term persistence is stronger for harder-to-value firms, consistent with existing evidence that sentiment plays a larger role for such firms. We show that stocks with high (low) overnight returns underperform (outperform) over the longer term, consistent with prior evidence of temporary sentiment-driven mispricing. Overall, our evidence supports using overnight returns to measure firm-specific sentiment. [ABSTRACT FROM PUBLISHER]

A portfolio selection model with return as triangular intuitionistic fuzzy number is developed in this study to assess and select portfolios on China Stock Exchange. Although the portfolio selection has been widely investigated, and most studies have regarded return and risk as the main decisive criteria, there are many uncertainties in the financial market, such as social, political and human psychological factors, which makes it difficult for us to describe the risks in line with empirical evidence. To fill this gap, first, a literature review was conducted to clarify the current situation and shortcomings of portfolio selection. Second, the triangular intuitionistic fuzzy number was used to fuzzify the coefficients of the objective function and the constraints in the portfolio model. Third, the triangular intuitionistic fuzzy number model was transformed into a linear programming model by using the selected exact ranking function, and the model was solved by MATLAB. Finally, the historical monthly returns of 10 stocks in China's Stock Exchange from December 2017 to November 2020, lasting 36 months, were selected to demonstrate the model. The results indicate that the portfolio selection model with triangular intuitionistic fuzzy number can better meet the uncertainty of the real securities market, and more reasonable investment decision guidance can be provided for investors. Besides, the limitations of this study are pointed out, and implications and directions for future research are discussed. [ABSTRACT FROM AUTHOR]

The aim of this study is to determine the factors that influence financially successful and unsuccessful businesses. As part of the study, financial data of 48 businesses included in the BIST 100 index for the 2001-2019 period were tested by logistic regression analysis. Businesses that were financially successful and financially unsuccessful were determined by the Altman Z-Score model criteria. Based on the price detection reports published in the companies' IPO, independent audited balance sheets and income statements for the pre-IPO periods were used, as well as data for the stock transaction period. The relevant data is accessed through the Public Disclosure Platform, Finnet and İstanbul Stock Exchange. As a result of the analysis, it has been determined that the variables that increase the success of the firm are the current ratio, asset turnover, fixed asset turnover and profit before interest and tax / total assets ratio. The variables that decreased operating success were found to be the total leverage ratio, cash conversion duration and return on equity. [ABSTRACT FROM AUTHOR]

The purpose of this research is to identify the equity effects associated with the implementation of IFRS 15 and the variations produced in the performance indicators of companies listed in the Colombian and Santiago de Chile Stock Exchanges. The methodology used is Gray's conservatism index, which is applied to the variations presented in the financial statements of the adopting entities. The results show a contrast of equity effects, since Colombian companies presented positive impacts in 70%, while only 21% of Chilean companies showed positive variation. Similarly, of the total number of entities analyzed, it was found that 9% of Colombian entities and 4% of Chilean entities did not include any information associated with the application of IFRS 15. [ABSTRACT FROM AUTHOR]

Water is increasingly framed as a financial risk in equity markets. This article illustrates that this framing must be understood as a new aspect of the wider history of the financialization of the water sector. Unlike earlier instances, where water‐related services, or water risks are the primary subjects to be financialized, water itself is here being reformed to fit market logic. This article reviews, unpacks, and analyses the factors that have enabled, reframed, and defined water as a financial risk. As such, the article goes beyond simply reviewing what has happened, but also presents a critical analysis of why and how, and the potential effects this may have. Drawing on advanced theoretical perspectives from the social sciences, specifically building on the constitutive nature of language, the role of expertise in the knowledge‐policy interface, and the sociology of quantification, it proposes that the reframing of water into a financial risk is not a value‐free exercise. Critically, it shows that the value of water, at least as it relates to company activities, could be reduced to only embody those aspects which, in quantitative terms can be shown to affect Return on Investment. To alleviate this reductive process, an ambitious multi‐ and interdisciplinary research agenda must be developed moving forward to ensure that the multiple values of water are recognized and accounted for in equity markets and beyond. This article is categorized under:Human Water > Value of WaterHuman Water > Water Governance [ABSTRACT FROM AUTHOR]

To survive increasingly uncertain and competitive markets, technology and capitalintensive semiconductor companies need to be more agile, responsive and flexible than ever before. This study investigates the impact financial flexibility on firm performance within Taiwan's semiconductor industry and whether the impact on FP differs depending on the semiconductor industry characteristics. Using quantile regression analysis, data from semiconductor companies listed on the Taiwan Stock Exchange during the COVID-19 shock was investigated. The results evidence an inverted U-shaped relationship between FF and FP in the lower and median return on equity quantiles of the semiconductor industry. For the asset heavy business model companies, FF has a concave impact on FP for IC-design and IC-manufacturing companies but not the semiconductor companies. For the asset light business model companies, FF has a concave impact on FP in the lower and median quantiles for semiconductor companies, in the upper quantiles for IC-design companies and in all except the 90th quantile for IC-manufacturing companies. The results of this research significantly contribute to extant literature as with such specific knowledge regarding the impact of FF on FP, managers are able to make decisions based on a firm's individual FF-FP relationship and identify the most lucrative business trajectory. [ABSTRACT FROM AUTHOR]

Copyright of Muhasebe ve Vergi Uygulamalari Dergisi (MUVU) / Journal of Accounting & Taxation Studies (JATS) is the property of Ankara Serbest Muhasebeci Mali Musavirler Odasi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The objective of this study was to investigate the levels of family ownership that influence the profitability of family companies listed on the Stock Exchange of Thailand. The family companies in this study were classified based on the levels of their family ownership into four groups: 1) less than 25% family ownership; 2) 25-50% family ownership; 3) 50-75% family ownership; and 4) above 75% family ownership in order to compare their profitability in terms of gross profit margin, net profit margin, return on asset, and return on equity according to financial data during 2018-2022. The results showed that the net profit margins of the four groups differed with a statistical significance level of .05. The net profit margin of the first group, which had less than 25% family ownership, was significantly different from that of the other groups. The gross profit margins, returns on asset, and returns on equity of the four groups differed without statistical significance. [ABSTRACT FROM AUTHOR]

We examine the (un)intended consequences of a mandatory dividend payout regulation for firms’ financial reporting choices using a natural experiment in China. Beginning in October 2008, China required firms desiring to raise new equity capital to maintain a cumulative dividend payout ratio of at least 30% over the past 3 years. We find that firms with a cumulative payout ratio from the prior year very close to but slightly lower than the mandated dividend threshold report lower discretionary accruals but do not increase dividends. In addition, this pattern is more pronounced in firms with greater cash flow deficits, firms with faster sales growth, and firms located in regions with lower bank development. We also find that the negative discretionary accruals are concentrated in firms with return on equity well in excess of another regulatory benchmark. In contrast, the only firms that increase dividends in response to the regulation are firms with a positive cumulative payout ratio far below the mandated threshold. Because dividend payout regulations have been suggested as a possible solution to agency problems, our results provide important policy feedback about the effectiveness of such regulations. [ABSTRACT FROM AUTHOR]

This research tests the Adaptive Market Hypothesis (AMH) regarding calendar anomalies in the Baltic stock markets. Analysis of known calendar anomalies over time is carried out by using sub-sample GARCH (1,1) regression with Kruskal–Wallis statistics and rolling windows. Three calendar anomalies were confirmed in these markets: Friday, MoY (July and January), and ToM (turn-of-the-month). The Baltic stock markets demonstrated behavior supporting the AMH. It was found that the opportunity to earn abnormal returns on investment strategies based on Friday, July, and ToM effects disappeared during the financial crisis of 2007–9. The Friday and the ToM effects follow a more time-varying pattern, while the July effect is less so. [ABSTRACT FROM AUTHOR]

The purpose of this article was to develop a new indicator to estimate the aggregate long-term expected return on stocks.There is not a widely used method to model directly the aggregated expected return of the stock market. Most current methods use indirect approaches. We developed a new indicator that does not need an econometric model to generate expected returns and provides an estimate of the long-term expected returns. The proposed methodology can be used to develop an indicator of future returns of the stock market similar to the yield-to-maturity used for bonds. We used a restricted one-stage constantgrowth model – a variant of the residual income model (RIM) – whose main input is the duration of companies’ competitive advantage and cyclical adjusted real return on invested capital (ROIC) with a 10-year average. We used a new methodology to develop an indicator of the long-term expected return on the equity market at the aggregate level, considering the duration of the competitive advantage of companies. Our results showed a strong correlation between the estimated implied return on equity (IRE) of current stock prices and realized returns of the 10-year real total return of the index. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Contabilidade & Controladoria is the property of Revista de Contabilidade & Controladoria RC & C and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)