Search results for "Market capitalization"
showing 10 items of 16 documents
2019
Using the English Wikipedia network of more than 5 million articles we analyze interactions and interlinks between the 34 largest pharmaceutical companies, 195 world countries, 47 rare renal diseases and 37 types of cancer. The recently developed algorithm using a reduced Google matrix (REGOMAX) allows us to take account both of direct Markov transitions between these articles and also of indirect transitions generated by the pathways between them via the global Wikipedia network. This approach therefore provides a compact description of interactions between these articles that allows us to determine the friendship networks between them, as well as the PageRank sensitivity of countries to p…
Interactions of pharmaceutical companies with world countries, cancers and rare diseases from Wikipedia network analysis
2019
AbstractUsing the English Wikipedia network of more than 5 million articles we analyze interactions and interlinks between the 34 largest pharmaceutical companies, 195 world countries, 47 rare renal diseases and 37 types of cancer. The recently developed algorithm using a reduced Google matrix (REGOMAX) allows us to take account both of direct Markov transitions between these articles and also of indirect transitions generated by the pathways between them via the global Wikipedia network. This approach therefore provides a compact description of interactions between these articles that allows us to determine the friendship networks between them, as well as the PageRank sensitivity of countr…
Is the sustainability profile of FinTech companies a key driver of their value?
2022
[EN] The digitisation process is affecting all markets and raising consumer awareness about companies' sustainable behaviour. This work studies the effect of the sustainability profile of FinTech companies on the firm (market value and book value) as the factors that add value to investors and motivate their evolution in markets are still unknown. Using the KBW and Nasdaq FinTech Indices, and the NASDAQ Insurance Index (IXIS), we composed a panel of 95 companies over a 10-year period (2010-2019) with economic-financial variables and data about green certificates and sustainability indices. The applied methodology is based on dynamic (GMM-SYS) and static (PCSE) panel data models. Our results…
The Principles of Creating a Balanced Investment Portfolio for Cryptocurrencies
2019
Despite their novelty, cryptocurrencies have by now acquired certain popularity due to convenience in making payments, high speed of transactions and the application of modern technology to ensure transaction security among other things. The aim of this research is to evaluate cryptocurrencies as an investment instrument. The tasks of the research are as follows: (i) to evaluate a hypothesis about potential profitability of the cryptocurrency investment portfolio, (ii) to analyse cryptocurrency investment profitability, (iii) to assess the attractiveness of creating an investment portfolio of cryptocurrencies, and (iv) to provide recommendations to a potential investor for creating an inves…
Corporate Governance Configurations and Corporate Social Responsibility Disclosure: Qualitative Comparative Analysis of Audit Committee and Board cha…
2020
[EN] Drawing on the complexity theory and responding to the recent calls to use such creative methods that mix between a quantitative and qualitative approach. Therefore, this study fills the literature gap, adding novelties, showing evidence from the unexplored (or underexplored) European context and, consequently, shedding light to inconclusive results in previous research concerning the effect of audit committee (AC) and board characteristics on corporate social responsibility (CSR) disclosure by applying a novel research methodology: the fuzzy set qualitative comparative analysis. The data were collected from Eikon database for a sample of the top 69 non¿financial European companies (ba…
Another Look at Industry Momentum and the Cross Section of Expected Returns
2015
This paper investigates whether industry affiliation matters to implementing industry momentum strategies. After discriminating between relevant and redundant industries it shows that only a subset corresponding to less than 50% of the overall market capitalization generates significant momentum payoffs. Industry momentum is only priced in the cross section of expected returns when relevant industries are used as test assets. An out-of-sample experiment utilizing a new double-sorting approach is proposed. It incorporates a learning period to condition momentum strategies on relevant industries and offers evidence that the conditional momentum strategy generates up to 30% higher payoffs than…
Equilibrium in Asset Prices: Evidence from Cryptocurrencies
2019
Employing daily data on ten cryptocurrencies that exhibit the highest market capitalization, we find one instance of cointegration equilibrium in the 2016 2018 period. Contrary to earlier studies that report cryptocurrency markets are developing toward market efficiency, our findings suggest that even the most liquid cryptocurrency markets are inefficient.
Asset Market Equilibria in Cryptocurrency Markets: Evidence from a Study of Privacy and Non-Privacy Coins
2019
This paper explores whether asset market equilibria in cryptocurrency markets exist. In doing so, it distinguishes between privacy and non-privacy coins. Most recently, privacy coins have attracted increasing attention in the public debate as non-privacy cryptocurrencies, such as Bitcoin, do not satisfy some users’ demands for anonymity. Analyzing ten cryptocurrencies with the highest market capitalization in each sub-market in the 2016–2018 period, we find that privacy coins and non-privacy coins exhibit two distinct market equilibria. Contributing to the current debate on the market efficiency of cryptocurrency markets, our findings provide evidence of market inefficiency. Moreover, the a…
Collective Behavior of Price Changes of ERC-20 Tokens
2020
We analyze a network constructed from tokens developed on Ethereum platform. We collect a large data set of ERC-20 token prices; the total market capitalization of the token set is 50.2 billion (109) US dollars. The token set includes 541 tokens; each one of them has a market capitalization of 1 million US dollars or more. We construct and analyze the networks based on cross-correlation of tokens’ returns. We find that the degree distributions of the resulting graphs do not follow the power law degree distribution. We cannot find any hierarchical structures nor groupings of ERC-20 tokens in our analysis. peerReviewed
How Much Are We Willing To Lose in Cyberspace? On the Tail Risk of Scam in the Market for Initial Coin Offerings
2020
From an entrepreneurial perspective, Initial Coin Offering (ICO) has become an alternative way for attaining funding for business projects using the new evolving digital financial market for tokens. Unfortunately, the majority of all ICOs are subject to scam which casts doubt on this new innovative tool for acquiring funding. Using a unique intensively hand-collected data set covering more than 5000 ICOs which have been launched in the August 2014–December 2019 period, we could identify 1014 ICOs exhibiting data on raised funding whereof 576 turned out to be scams projects. The cumulative losses due to scam in the ICO market correspond to $10.12 billion which is 66% of our identified overal…