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Objectives: The current study compared the outcome after orthopaedic surgeries in patients with rheumatoid arthritis receiving Janus kinase inhibitors (JAKis) versus biologic disease-modifying anti-rheumatic drugs (bDMARDs). Methods: This was a retrospective observational study of Japanese patients with rheumatoid arthritis. Sixty-two patients with rheumatoid arthritis using JAKi preoperatively underwent orthopaedic surgeries. Using propensity score matching, these 62 patients were matched with 62 patients using bDMARDs preoperatively. The number of adverse events was counted. We also examined whether the drug-withholding period in the JAKi-treated group was associated with the occurrence of major postoperative adverse events, namely inflammatory flares and delayed wound healing. Results: JAKi-treated patients had a higher incidence of postoperative flares than bDMARD-treated patients (29% versus 12.1%, P = .01). The incidences of postoperative complications other than flares were not significantly different between the two groups. Among the JAKi-treated group, a longer perioperative drug-withholding period (≥11 days) was associated with a higher incidence of postoperative flares (P = .04). The incidences of delayed wound healing and surgical site infection were not associated with the duration of the JAKi-withholding period. Conclusions: JAKi-treated patients had a higher incidence of postoperative flares than bDMARD-treated patients. A total of ≥11 days of drug withdrawal was associated with postoperative flares. [ABSTRACT FROM AUTHOR]

Purpose: The positive illiquidity–return relationship (so-called liquidity premium) is a well-established pattern in international developed stock markets. The magnitude of liquidity premium should increase with market illiquidity. Existing studies, however, do not confirm this conjecture with regard to frontier markets. This may result from applying different approaches to the investors' holding period. The paper aims to identify the role of the holding period in shaping the illiquidity–return relationship in emerging and frontier stock markets, which are arguably considered illiquid. Design/methodology/approach: The authors utilise the data on stocks listed on fourteen exchanges in Central and Eastern Europe. The authors regress stock returns on liquidity measures variously transformed to reflect the clientele effect in a liquidity–return relationship. Findings: The authors show that the investors' holding period moderates the illiquidity–return relationship in CEE markets and also show that the liquidity premium in these markets is statistically and economically relevant. Practical implications: The findings may be of great interest to investors, companies and regulators. Investors and companies should take liquidity into account when making decisions; regulators should employ liquidity-enhancing actions to decrease companies' cost of capital and expand firms' investment opportunities, which will improve growth perspectives for the entire economy. Originality/value: These findings enrich the understanding of the role that the investors' holding period plays in the illiquidity–return relationship in CEE markets. To the best knowledge, this is the first study which investigates the effect of holding period on liquidity premium in emerging and frontier markets. [ABSTRACT FROM AUTHOR]

The Black–Scholes model and many of its extensions imply a log-normal distribution of stock total returns over any finite holding period. However, for a holding period of up to one year, empirical stock return distributions (both conditional and unconditional) are not log-normal, but rather much closer to the logistic distribution. This paper derives analytic option pricing formulas for an underlying asset with a logistic return distribution. These formulas are simple and elegant and employ exactly the same parameters as B&S. The logistic option pricing formula fits empirical option prices much better than B&S, providing explanatory power comparable to much more complex models with a larger number of parameters. [ABSTRACT FROM AUTHOR]

Plant pathogens with a broad host range are commercially more attractive as microbial bioherbicides than strictly host‐specific pathogens as a result of the wider market potential of a product capable of controlling multiple species. However, the perceived spatiotemporal disease risk to nontarget plants is a barrier to their adoption for weed control. We consider two approaches to managing this risk. First, we consider safety zones and withholding periods for bioherbicide treatment sites. These must ensure inoculum spreading from, or surviving at the site, exposes nontarget plants to no more inoculum than from natural sources. They can be determined using simple dispersal models. We show that a ratio of added:natural inoculum of 1.0 is biologically reasonable as an 'acceptable risk' and a sound basis for safety zones and withholding periods. These would be analogous to the 'conditions of use' for synthetic chemical herbicides aimed at minimizing collateral damage to susceptible plants from spray drift and persistent soil residues. Second, weed‐specific isolates of broad host‐range pathogens may avoid the need for safety zones and withholding periods. Such isolates have been found in many broad host‐range pathogen species. Their utilization as bioherbicides may more easily meet the requirements of regulators. Mixtures of different weed‐specific isolates of a pathogen could provide bioherbicides with commercially attractive spectrums of weed control activity. © 2023 The Authors. Pest Management Science published by John Wiley & Sons Ltd on behalf of Society of Chemical Industry. [ABSTRACT FROM AUTHOR]

In this study, we explore the inter-dynamics among holding periods, return multiples, fund types, and exit routes of different VC and PE investments in the emerging economy context of India. We employ data spanning from January 2004 to March 2021, and our results indicate that there is a negative association between the holding period and return. The results also indicate that the average holding periods for India-dedicated and foreign funds are not significantly different. Furthermore, the results show that India-dedicated funds outperform foreign funds significantly in generating returns. Finally, the findings suggest that all exit routes can potentially yield similar results, contrary to the prevailing belief that certain exit routes guarantee superior returns. These findings provide useful insights for a spectrum of stakeholders, including entrepreneurs, practitioners, investors, financial analysts, and policymakers. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

In stark contrast with liquid asset returns, commercial real estate idiosyncratic return means and variances do not scale with the holding period, even after accounting for all cash flow-relevant events. This puzzling phenomenon survives controlling for vintage effects, systematic risk heterogeneity, and a host of other explanations. To explain the findings, I derive an equilibrium search-based asset-pricing model that, when calibrated, provides an excellent fit to transactions data. A structural model of transaction risk seems crucial to understanding real estate price dynamics. These insights extend to other highly illiquid asset classes, such as private equity and residential real estate. [ABSTRACT FROM AUTHOR]

Taxes, particularly income tax, may affect how long investors decide to hold on to an investment property. There exists a research gap regarding the implications of a distributed profit-based taxation system for the holding period of an investment asset. As a distributed profit-based taxation system allows investors to postpone income tax liability, it creates an advantage for investors operating under such a system compared to investors operating under other systems of income taxation.

This study tried to examine the effect of cost asymmetry on food service companies and what characteristics affect such cost behavior. This study analyses cost behavior for cost of good sold, selling, general and administrative cost over the 2019-2020 period. Also, the rate of change in activity level was measured using change in sales. This study measures the behavior of cost using the research model of [1]. As a result of the analysis, it was found that food service companies exhibited cost asymmetric behavior as their sales level decreased. In addition, the cost asymmetric behavior has been strengthened since the corona virus, and the shorter the operating cycle. Lastly, the shorter the inventory holding period and the collection period of accounts receivable, which are components of the operating cycle, more strengthen asymmetric behavior of costs. These results seem to be meaningful in examining the cost structure and factors that may affect the structure for food service industry. This has approached the cost aspect of the situation faced by service food companies due to COVID-19, and it can be suggested that this pandemic can lead to cost reduction due to a decrease in corporate sales. [ABSTRACT FROM AUTHOR]

Copyright of Palestine Technical University: Kadoorie Research Journal is the property of Association of Arab Universities 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.)

Abstract To explain medium-term momentum and long-term reversal, we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio. According to the CAPM model’s zero explanatory ability with respect to stock market anomalies, we obtain an anomaly interpretative model. This study shows that this anomaly interpretative model can explain stock market perceptions and medium-term momentum. Most importantly, BM is a critical factor in the model’s explanatory ability. We present a robustness test, which includes selecting new sample data, adding new auxiliary variables, changing sample years, and adding industry fixed effects. In general, the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal.

Phosphine is one of the most common active substances used in storage protection worldwide. As it is very efficient amongst a broad range of living organisms, it has become the favoured product after phasing out methyl bromide in 2010, as it can be used in many commodities. In 2005, the regulation 396/2005 was enacted and came into force in 2008. With this, the European commission started to evaluate residues arising from the use of a pesticide and to set maximum residue levels (MRLs) for safe and regulated food trade. To proof residue levels are below MRL and therefore far below concerning concentrations of phosphine in food or feed, residue studies are permanently conducted. In addition to support MRL settings, the intention of these trials is to determine withholding periods needed in storage protection, corresponding to PHI (pre harvest interval) for field and glasshouse treatments. Results of those studies show different levels and differences in decrease of residues after defined time periods. Thus, withholding periods for various commodities can differ. Residue trials with repeated exposure were conducted as well to determine possible additive effects.

We draw on theories of entrepreneurial firms to explore the impact of top management team (TMT) board control on holding period returns (HPRs). We posit a complex relation between a firm's performance after initial public offering (IPO) and the proportion of TMT members on its board. HPRs increased modestly as TMT board membership rose to 50 percent, increased dramatically as it rose from 50 to 75 percent (the "optimal" range), and decreased materially as it rose beyond 75 percent. Further, environmental conditions influenced the focal relationship, in some cases in unpredictable ways, even when TMT board control was optimal. [ABSTRACT FROM AUTHOR]

This paper demonstrates that the equilibrium impact of capital gains taxes reflects both the capitalization effect (i.e., capital gains taxes decrease demand) and the lock-in effect (i.e., capital gains taxes decrease supply). Depending on time periods and stock characteristics, either effect may dominate. Using the Taxpayer Relief Act of 1997 as our event, we find evidence supporting a dominant capitalization effect in the week following news that sharply increased the probability of a reduction in the capital gains tax rate and a dominant lock-in effect in the week after the rate reduction became effective. [ABSTRACT FROM AUTHOR]

We analyze event abnormal returns when returns predict events. In fixed samples, we show that the expected abnormal return is negative and becomes more negative as the holding period increases. Asymptotically, abnormal returns converge to zero provided that the process of the number of events is stationary. Nonstationarity in the process of the number of events is needed to generate a large negative bias. We present theory and simulations for the specific cruse of a lognormal model to characterize the magnitude of the small-sample bias. We illustrate the theory by analyzing long-term returns after initial public offerings (IPOs) and seasoned equity offerings (SEOs). [ABSTRACT FROM AUTHOR]

We test overreaction theories of short-run momentum and long-run reversal in the cross section of stock returns. Momentum profits depend on the state of the market, as predicted. From 1929 to 1995, the mean monthly momentum profit following positive market returns is 0.93%, whereas the mean profit following negative market returns is −0.37%. The up-market momentum reverses in the long-run. Our results are robust to the conditioning information in macroeconomic factors. Moreover, we find that macroeconomic factors are unable to explain momentum profits after simple methodological adjustments to take account of microstructure concerns. [ABSTRACT FROM AUTHOR]

We develop a simple framework for analyzing a finite-horizon investor's asset allocation problem under inflation when only nominal assets are available. The investor’s optimal investment strategy and indirect utility are given in simple closed form. Hedge demands depend on the investor's horizon and risk aversion and on the maturities of the bonds included in the portfolio. When short positions are precluded, the optimal strategy consists of investments in cash, equity, and a single nominal bond with optimally chosen maturity. Both the optimal stock-bond mix and the optimal bond maturity depend on the investor's horizon and risk aversion. [ABSTRACT FROM AUTHOR]

We examine the long-term stock performance following dividend initiations and resumptions from 1927 to 1998. We show that postannouncement abnormal returns are significantly positive for equally weighted calendar time portfolios, but become insignificant when the portfolios are value weighted. Moreover, the equally weighted results are not robust across subsamples. We also document postannouncement reductions in the risk factor loadings of underlying stocks. Cross-sectionally, these reductions are negatively related to the contemporaneous price drifts, suggesting the price drifts may be a sample-specific result of chance. Our results underscore the importance of testing for changes in risk loadings in future long-term event studies. [ABSTRACT FROM AUTHOR]

This paper evaluates various explanations for the profitability of momentum strategies documented in Jegadeesh and Titman (1993). The evidence indicates that momentum profits have continued in the 1990s, suggesting that the original results were not a product of data snooping bias. The paper also examines the predictions of recent behavioral models that propose that momentum profits are due to delayed overreactions that are eventually reversed. Our evidence provides support for the behavioral models, but this support should be tempered with caution. [ABSTRACT FROM AUTHOR]

Water management practices in Califonia rice production can affect salinity in the field. This is particularly important because rice is one of the most sensitive crops to salinity. We extensively monitored salinity patterns in dozens of rice fields in Colusa and Glenn counties, in order to determine how salinity varies from basin to basin and to compare salinity patterns under different irrigation systems. We found that the fields most vulnerable to salinity damage were those with higher soil salinity and using irrigation water sources initially high in salinity, particularly nondistrict sources that are combinations of well and drain water. Long water holding periods, while effective in reducing pesticide concentrations in rice fields, can contribute to salinity increases in bottom basins. Salinity can increase with either conventional or static irrigation management systems, but the salinity pattern in the field will be different.

The concept of mean-variance optimization, developed by Markowitz, is the cornerstone of modern finance theory. The objective of this portfolio construction is to minimize investment risk by forming optimal portfolios. Dynamic movement in capital markets requires not only changes in portfolio composition. Optimal portfolio is not only determined by the covariance between securities in the portfolio, but also by holding period. The aims of this study is to answer two research questions. The first research question is how long the optimal holding period that was resulted from trade-off between risk and return. This study using target return that are determined hypothetically as well as the risk criteria are divided into 3 namely the mean variance, semivarians and expected loss. Target returns are simulated in this study were divided into 3 criteria namely aggressive, moderate and conservative. The second research question is whether there are differences among the various portfolio performance based on criteria of risk and target return. Portfolio performance is measured by using excess return and the Sharpe index. In this study, stocks covered in LQ-45 index are used to construct efficient portoflio. Monthly price series for company and LQ-45 index for February 2004 to September 2008 are collected. The analysis found that optimal holing period is ranges between 1-5 months. Holding period of a portfolio that more than 5 months will provide risk and return trade-off less favorable. In addition this study found that there was no significant differences in portfolio performance based on overall scenarios

Private Equity (PE) funds are active investors. Besides providing capital, they improve the governance, operational performance and innovation of the investee companies. However, potential misalignment between the fund manager and the company owner regarding exit timing is a limitation of the model. PE funds have a finite-life, and thus they have to liquidate investments after holding them for a certain period. They tend to time the market to exploit favorable market conditions and obtain higher selling prices, and consequently, PE funds may divest before accomplishing the value creation plan. In this article, we use the hazard model to investigate the magnitude of the impact of market conditions on the exit rate of PE deals in Brazil, a volatile emerging economy, and if it increases the chances of exiting investments with holding periods shorter than two years. We analyze a sample of 470 PE deals invested between 1994 and 2014, and we investigate four variables related to market conditions: the stock market price-earnings ratio, the number of IPOs, the Brazilian real (the Brazilian currency) appreciation against the US dollar and the Brazilian interest rate. Our results show that favorable market conditions more than double the exit rate and increase the probability of quick flips.

Abstract In order to analyze the creep behavior of shale rocks, nanoindentation, a common and widely used method was employed in this study. During the experiments, an abnormal displacement behavior was observed in the holding stage which has rarely been reported. It was observed that the displacement increases with holding time followed by a decrease. Further analysis of the results showed that the reduction in the displacement could be due to elastic recovery during the holding period. The dynamic mechanical properties such as storage modulus and hardness were found to first decrease and then increase after the holding time exceeds a certain value which is inferred to elastic recovery. These findings indicate that at the beginning of the holding period, creep behavior would dominate the process while as the holding time proceed, the elastic recovery plays a more important role. Finally, we proposed a new model which includes elastic recovery to quantify the changes in displacement, storage modulus and hardness as a function of holding time. Highlights • Nano dynamic mechanical analysis (Nano-DMA) was applied to analyze the creep behavior of the shale rocks. • Abnormal behavior occurred during the holding stage was reported. • Fractal theory can be applied to quantify the changes of the mechanical properties during the test. • A new model considering the elastic recovery during the holding stage was proposed. [ABSTRACT FROM AUTHOR]

There have been a number of studies of the price/yield behavior of newly-issued corporate bonds. These studies find that there are systematic differences in yield to maturity between newly-issued bonds and bonds that have been outstanding for some time. Typically, new issues have higher yields and these differences are usually found to persist for some time after issue. Authors realize that such differences are inconsistent with an efficient bond market and usually explain these differences by appeal to various assumed market imperfections, such as a "thin" market in seasoned issues. In this paper we approach the question of differences between new and seasoned issues by concentrating on holding-period returns (coupon plus capital gain) instead of the more usual yield to maturity. That is, we ask whether there are differences in holding period returns between seasoned and unseasoned bonds. The paper is organized as follows: Section I briefly surveys the literature on the seasoning process and develops our approach; Section II develops the hypotheses and describes our test procedure; Section III describes the data used and the results of our tests and Section IV discusses the implications of our findings. [ABSTRACT FROM AUTHOR]

This article examines interest rate risk as systematic risk in the capital asset pricing model, and the applicability of the model to long term financial instrument is considered. The model is reformulated and extended to deal with two period bonds, incorporating investor expectations and uncertainty associated with investor forecasts. The author states that since a number of researchers apply the single period asset pricing model to bond valuation, interest rate risk can be regarded as systematic risk in returns due to forecasting errors.

In sum, the data presented in this paper suggest that excess HPRs are very significantly related to unexpected earnings and that the adjustment to the unexpected earnings is relatively slow probably because the unexpected earnings themselves are significantly serially correlated. Whether or not more refined techniques will lead to better identification of future price changes only time will tell. [ABSTRACT FROM AUTHOR]

In this paper, it has been argued that the classical yield-based approaches to the term structure have deficiencies which can be at least partially alleviated if the term structure is approached in an expected return/risk framework. Towards this end, the three most widely accepted formulations, unbiased expectations, liquidity perference and the preferred habitat version of segmentation, were recast in the context of the expected holding period return and the uncertainty which attends it. The theories were subjected to empirical test through recourse to a 20 year Government of Canada bond sample and the result was a market structure consistent with the preferred habitat theory. Investors were not able to acquire premiums which compensated them for risk exposure across the spectrum of maturities available and this was the case even with statistics adjusted for unanticipated interest rate movement and the effects of diversified portfolios. [ABSTRACT FROM AUTHOR]

The article examines conflicting views of bonds and stocks as alternatives in a risky investment portfolio. The author tests the hypothesis that the higher mean yield of stocks is offset by the lower variance of bond yields. Details relating to the composition of portfolios tested are discussed. The results of the research indicate that the probability of garnering higher yields with a portfolio of bonds, or even a mixed portfolio of bonds and stocks, relative to a portfolio composed entirely of stocks is extremely small.

The article comments on "Income Tax Implications of Various Methods of Accounting for Changing Prices," by Sidney Davidson and Roman L. Weil. The accuracy of an estimation method used to determine general purchasing power and restated replacement-cost income is questioned. Equations for total holding gain/loss on an asset, including recognition of realized holding gain or loss and historical cost of deductions, are explained. Data shows the internal consistency for holding gains/losses for General Electric in 1977. Data concerning the inflation rate and price changes from the Davidson and Weil study are discussed. The last in, first out inventory method, which offers some tax relief from inflation, is mentioned.

This paper, tests the hypothesis that option prices contain information not reflected in contemporaneous stock prices. An options transactions data base is used for the purpose. The evidence suggests that the magnitude of anticipation of stock prices by option prices is insufficient to overcome the bid/ask spread for intra-day holding periods. Implications of the profits in the overnight-holding periods are discussed. [ABSTRACT FROM AUTHOR]

The article presents information on the application of the market model to long-term corporate bonds. Particular attention is given to marketing models that have been used to examine holding period returns of corporate bonds. Article topics include an examination of the assumptions of the normal error regression model when used in the form of the market model and applied to a sample of long-term bonds and the issue of systematic changes in the regression parameters. Also provided are market model regression statistics.

This article measures the relationship between the holding-period returns on fixed income securities and inflation. The authors believe that it is important to study the relationship between inflation and the expected returns of assets. The authors' analysis is restricted to the holding-period returns on bills, notes, and bonds. The data and statistics are summarized and described and an empirical investigation is provided. Additional topics include the authors' utilization of the consumer price index (CPI) for conducting research and regression analysis.

The article asserts that the X-11 program of the U.S. Bureau of the Census for seasonal adjustment overstates the incidence of seasonality in some forms of times series data. Previous research highlighting this problem is cited and reexamined, exploring the manifestation of seasonality in price data but not within holding period return (HPR). Additional tests are provided seeking to rationalize the inconsistency and suggests that erroneous econometric compounding can lead to distorted results. The implications of such flaws within different economic data analysis are also discussed.

The article presents commentary and theoretical extensions to portfolio investment strategies focusing on the alleged superiority of "dumbbell" models, wherein long- and short-term maturities are favored over intermediate ones. Questions are raised concerning the definition of objective functions within the model and the symmetry of bond portfolio holding period returns compared to common stocks. Analysis is provided evaluating the influence of holding period return criteria on the risk-return efficiency of the dumbbell policy and analyzing particular return distribution behavior in bond portfolios.

Merton's recent extension of the CAPM proposed that asset returns are an increasing function of their beta risk, residual risk, and size and a decreasing function of the public availability of information about them. Associating the latter with asset liquidity and following Amihud and Mendelson's proposition that asset returns increase with their illiquidity (measured by the bid-ask spread), we jointly estimate the effects of these four factors on stock returns. [ABSTRACT FROM AUTHOR]

The objectives of this paper are to derive the relationship of the geometric mean of a distribution of positive values to the conventional first four moments — arithmetic mean, variance, absolute skewness, and absolute kurtosis — and to empirically evaluate certain approximations involving these four moments for estimating the geometric means of monthly and annual holding period returns for individual stocks and for portfolios. The geometric mean is shown to be positively related to the arithmetic mean and absolute skewness and negatively related to variance and absolute kurtosis. In the case of a normal distribution a very good approximation to the geometric mean is revealed to be a function of just the arithmetic mean and variance. Additionally, empirical evidence indicates that even though a number of the monthly and annual distributions deviate significantly from normality, the approximation involving only the mean and variance produces quite accurate estimates of the geometric means of these distributions. [ABSTRACT FROM AUTHOR]

The purpose of this study was to determine the effect spreads, market value, variance return and dividend payout ratio of the holding period of the stock chemical and basic industry sectors 2011-2014 period. The study was conducted using the method of non-participant observation, the data used is secondary data obtained in the Indonesia Stock Exchange (IDX) through the site www.idx.co.id. The sample used in the study of eight companies which were determined using purposive sampling method. The analysis technique used in this research is multiple linear regression. Based on the analysis, variable spreads had a negative influence is not significant, the market value has a significant negative effect, return variance has no significant negative effect and the dividend payout ratio has a significant positive pengeruh. Simultaneously independent variables significantly influence the holding period. Based on the results of this study should investors pay attention to the variable market value and the dividend payout ratio that has a significant influence on the holding period

The aim of this study was to investigate the relationship between cash conversion cycle and firm performance of small and medium-sized entities (SMEs) in Nigeria. SMEs are potentials for Nigerian economy growth; contributing to gross domestic product, employment generation, poverty reduction and industrialization. The study employed the panel data regression analysis using financial data from a sample of 311 Nigerian SMEs for the period 2007-2013. The findings of the study revealed a negative association between cash conversion cycle, inventory holding period and accounts payable period with SMEs profitability; and a statistically significant negative relationship between accounts receivable period and SMEs’ profitability. The findings also found a significant positive relationship between firm size, leverage, growth opportunities and firm age and SMEs’ profitability. Thus, the result of the study indicates that Nigerian SMEs with a shorter cash conversion cycle and low growth opportunities hold more cash. This study contributes to existing literature on the relationship between cash conversion cycle and SMEs’ profitability in developing economies. However, this study is limited to non-financial and non-service SMEs.

We propose short-term averages of daily stock-level trading volume and return variability as proxies for latent corporate news flow. Conditioning momentum strategies on these two proxies give a significant boost to winner-minus-loser alphas. Regardless of the portfolio formation and holding periods, price drift is larger after elevated levels of volume and variability, supporting the view that prices underreact to news. This pattern is not driven by micro-cap stocks and it is robust to corrections for systematic risk factors and stock characteristics such as liquidity and credit quality. [ABSTRACT FROM PUBLISHER]