Search results for "stock"
showing 10 items of 878 documents
Challenges and opportunities regarding the use of alternative protein sources: Aquaculture and insects
2019
The world population is constantly growing so that the needs of food, including protein sources, will also increase considerably in the coming years. Animal farming has been related to numerous environmental consequences such as soil erosion, exaggerated water consumption, generation of large quantities of waste and accumulation of greenhouse gases. This is a situation that demonstrates the suitability and importance of finding more sustainable protein alternatives without losing the quality and the nutritional benefits of current common protein sources. In this context, it is worth highlighting the potential of insects and products derived from aquaculture. Particularly, farmed aquatic foo…
Cross-autocorrelations in European stock returns
2016
This paper examines lead-lag relationships between monthly index returns from 18 European industries. Several interesting and clear relationships are found that call into question the efficiency of European stock markets. While the Automobiles & Parts sector lags more than half of the other sectors, the Financial Services, Technology, and Telecommunications sectors lead many others. In particular, the leadership of the Technology sector has strengthened in recent years.
Rachats d'actions et augmentation de capital : une analyse de leur combinaison appliquée au marché français
2013
Noting that over 22% of capital increases thrown at the French financial market are made when a share repurchase program is in progress, we propose an original study of the combination of the two operations. From 50 operations for the period 1999-2006, we test if the buybacks "prepare" the market before launching the capital increase or means to change the distribution of voting rights. Our results infirm these two hypotheses and confirm rather the proposition of a fortuitous concomitance.
Modeling Conditional Skewness in Stock Returns
2007
Abstract In this paper, we propose a new GARCH-in-Mean (GARCH-M) model allowing for conditional skewness. The model is based on the so-called z distribution capable of modeling skewness and kurtosis of the size typically encountered in stock return series. The need to allow for skewness can also be readily tested. The model is consistent with the volatility feedback effect in that conditional skewness is dependent on conditional variance. Compared to previously presented GARCH models allowing for conditional skewness, the model is analytically tractable, parsimonious and facilitates straightforward interpretation.Our empirical results indicate the presence of conditional skewness in the mon…
A Dynamic Analysis of S&P 500, FTSE 100 and EURO STOXX 50 Indices Under Different Exchange Rates
2017
The persistence analysis of short- and long-term interaction and causality in the international financial markets is a key issue for policy makers and portfolio investors. This paper assesses the dynamic evolution of short-term correlation, long-term cointegration and Error Correction Model (hereafter referred to as ECM)-based long-term Granger causality between each pair of US, UK, and Eurozone stock markets over the period of 1980--2015 using the rolling-window technique. A comparative analysis of pairwise dynamic integration and causality of stock markets, measured in common and domestic currency terms, is conducted to evaluate comprehensively how exchange rate fluctuations affect the ti…
Comparing the Impact of the Net Income Versus the Comprehensive Income Over the Share Price for Companies Listed on the Bucharest Stock Exchange
2020
Abstract As a consequence of adopting the IFRS in Romania, starting with 2012, for companies whose securities are admitted for trading on a regulated market, financial reporting demarches include ascertaining the comprehensive income in addition to the net income. The present paper aims at investigating how the share price evolves considering the level of the comprehensive income as compared to the reported net income, in a multiannual empirical study implying panel data analysis through Pooled OLS, Fixed Effects and Random Effects models processed through EViews. Furthermore, the informational and decisional utility of the two main forms of disclosed accounting results (the net income and …
Romanian Equity Investments and Currency Risk: A Euro-Based Perspective
2021
Abstract This paper assesses the benefits and risks of international investments made on the Romanian stock market, from the perspective of euro-based investors. We investigate the contribution of exchange rate volatility to the total risk of these investments over a period of nine years, between January 2011 and December 2019, by using monthly values for the exchange rate between the Romanian leu and Euro and monthly values of the Romanian stock index. Our findings indicate that, on average, Romanian leu depreciated against euro, causing currency losses for the euro-based investor, counterbalanced by the Romanian index mean return, higher than euro countries index mean return during the pe…
Stock Volatility Predictability in Bull and Bear Markets
2020
Recent literature on stock return predictability suggests that it varies substantially across economic states being strongest during bad economic times. In line with this evidence, we document that stock volatility predictability is also state dependent. In particular, using a large data set of high-frequency data on individual stocks and a few popular time-series volatility models, in this paper we comprehensively examine how volatility forecastability varies across bull and bear states of the stock market. We find that the volatility forecast horizon is substantially longer when the market is in a bear state than when it is in a bull state. In addition, the volatility forecast accuracy is…
A Framework to Measure Intellectual Capital
2016
New technologies have changed the structure of companies shifting the focus of creating value from material resources to intangibles. The competitive advantage is increasingly reliant on the presence of specific intangibles such as knowledge, experience, communication skills that are the main source of competitive advantage. Among the intangibles based on knowledge, intellectual capital certainly occupies a prominent place. In recent years the increasing complexity that characterized the business management influenced companies to adopt new models of reporting and accounting, taking into account issues and intangible factors not considered so far with the right attention. The objective of t…
Revolving doors: are they valued in the Spanish stock market?
2016
Purpose The purpose of this paper is to examine the effect of political connections in the value of companies listed on the Spanish stock market. Design/methodology/approach The authors study two issues on this topic: the impact on the company value of the appointment as director of an ex-politician through an event study; and the long run stock market performance of companies with political connections. The authors employ a sample of listed firms in the Spanish stock market for which the authors collected data about their political connections. The authors perform the study during a wide period (1996-2011), comprising four legislatures. Findings The results show that from the market persp…