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1
Ju, Xin-Ke. "Herding behaviour of Chinese A- and B-share markets." Journal of Asian Business and Economic Studies 27, no. 1 (July 17, 2019): 49–65. http://dx.doi.org/10.1108/jabes-03-2019-0022.
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Purpose The purpose of this paper is to examine the evidence of herding phenomenon, spill-over effects related to herding and whether herding is driven by fundamentals or non-fundamentals for various sub-periods and sub-samples. Design/methodology/approach The cross-sectional absolute deviation model is applied to China’s A- and B-share markets in combination with fundamental information. Findings Herding is prevalent on both A- and B-share markets. In detail, investors on A-share market herd for small and growth stock portfolios irrespective of market states while they only herd for large or value stocks in down market, therefore leading the whole herding behaviour to be pronounced in down market. Comparatively, on B-share market, herding is robust for various investment styles (small or large, value or growth) or market situations. Additionally, spill-over effects related to herding do not exist no matter from A-shares to B-shares or from B-shares to A-shares. Moreover, investors on B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Originality/value Investors on A- and B-share markets tend to herd as the response to non-fundamental information more frequently during financial crisis. Analysing the herding behaviours could be helpful in controlling the financial risk.
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Lu, Changjiang, Kemin Wang, Haiwei Chen, and James Chong. "Integrating A- and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market Efficiency." Review of Pacific Basin Financial Markets and Policies 10, no. 03 (September 2007): 309–28. http://dx.doi.org/10.1142/s0219091507001082.
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We investigate the effectiveness of two recent regulatory policy changes on market efficiency in the Chinese A- and B-share markets. Overall, the opening of the B-share market to domestic Chinese investors and the limited opening of the A-share market to foreign investors increase market efficiency. The opening of the B-share market significantly reduces the price differential between A- and B-shares. Furthermore, there is no longer feedback in returns between the two markets in recent years. Our results provide evidence that there is no detrimental effect to market efficiency by integrating Chinese investors to international markets and foreign investors to the Chinese stock markets.
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Heaney, Richard A., John G. Powell, and Jing Shi. "Share Return Seasonalities and Price Linkages of Chinese A and B Shares." Review of Pacific Basin Financial Markets and Policies 02, no. 02 (June 1999): 205–29. http://dx.doi.org/10.1142/s0219091599000138.
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This paper investigates share price linkages between Chinese corporations' foreign-designated B shares and the numerically dominant domestic A shares of the same companies. Chinese share return seasonalities are examined and the suggested satellite trading relationships are subsequently tested in order to provide an understanding of the linkages between A and B shares. The seasonality results along with arbitrage activity in the market for Chinese A and B shares suggest that a dominant-satellite relationship is likely to exist whereby the A share market is the dominant market for price formation and the B share market is the satellite. The paper identifies significant price linkages from the A to B share markets which are nevertheless weaker in an economic sense than might be expected.
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Choudhry, Taufiq, and Yuan Wu. "Momentum phenomenon in the Chinese Class A and B share markets." Review of Behavioral Finance 7, no. 2 (November 9, 2015): 116–33. http://dx.doi.org/10.1108/rbf-06-2014-0032.
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Purpose – The purpose of this paper is to investigate the momentum phenomenon in two market segments of the Chinese stock market – the Class A share market and Class B share market over time period spanning from January 1996 to December 2010. Design/methodology/approach – The authors largely follow Jegadeesh and Titman (1993) paper; the authors decompose the momentum returns following the procedure first proposed by Jegadeesh and Titman (1995). In addition, a liquidity factor (Pastor and Stambaugh, 2003) and a share ownership factor (Wang and Xu, 2004) are incorporated in the procedure to gauge the contribution of liquidity and the dynamics of share ownership towards the momentum returns, respectively in the two segments of the Chinese stock market. Findings – The authors find compelling evidence showing distinctively different momentum phenomena exist in the two market segments of the Chinese stock market. Specifically, the momentum phenomenon is more pronounced in the Chinese Class A share market compared to those found in the Chinese Class B share market. Through decomposing the momentum returns, the authors find evidence showing the dismal momentum returns observed in the Class B share market can be attributed to markedly weakened contributions of the liquidity factor and the share ownership factor. Research limitations/implications – Relatively short sample time horizon compared to the most of major financial markets such as USA and UK. The number of B shares has been rather limited. Practical implications – Subsequent to the opening of the Chinese Class B share market to domestic investors in 2001 and the opening of the Chinese Class A share market to qualified foreign institutional investors (QFII) in 2003, the empirical evidence found in this study provides a crucial reference point for domestic and foreign portfolio strategists in guiding them to form suitable portfolio strategies concerning investments in a nascent financial market such as the Chinese stock market, fraught with volatility and speculative trading behaviour. Social implications – It offers a comprehensive view of the momentum phenomenon in the Chinese Class A and B share markets over the sample period from January 1996 to December 2010. Second, the reasons behind the dichotomy of the momentum returns found in the two market segments were investigated through decomposing the momentum returns based on Jegdeesh and Titman’s (1995) method while incorporating three new explanatory factors – the liquidity factor, share ownership factor and the under reaction towards firm-specific news factor. Originality/value – A couple of extant papers have visited the topic before. yet this paper offers more comprehensive view on the existence of momentum premium in both Chinese Class A and B share markets and investigates the driving forces behind the subdued momentum returns observed in the B share market.
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Cai, Huan, Meining Wang, and Chaonan Bai. "An Empirical Study of Investors’ Disposition Effect in China Based on Open Data from the Chinese Stock Markets." International Journal of Economics and Finance 10, no. 5 (April 13, 2018): 165. http://dx.doi.org/10.5539/ijef.v10n5p165.
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This paper focuses on investors’ different behavioral biases in China’s segmented stock markets and investigates the correlation between average holding periods, stock returns and investors’ disposition effect between 2010 and 2014. The results show that the disposition effect is prevalent in A-share market but is very weak in Growth Enterprise market and there is a lack of evidence to support the existence of disposition effect in B-share market. The study supports the view that investors’ experience and sophistication can partly help reduce investors’ behavioral biases in stock markets. It also indicates that investors in A-shares market prefer to hold stocks with larger market capitalization for longer periods, while investors of B-shares markets and Growth Enterprise market do not reveal a specific preference for market capitalization.
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Hong, Philip K., Tao Ma, and Guochang Zhang. "Accruals Quality and Cost of Capital: Evidence from the Chinese Stock Market." Journal of International Accounting Research 18, no. 1 (July 1, 2018): 71–95. http://dx.doi.org/10.2308/jiar-52216.
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ABSTRACT We seek evidence of a link between accruals-based earnings quality (EQ) and cost of capital by examining two classes of shares traded in China's segregated markets prior to 2001.The A- and B-shares introduced respectively for domestic and foreign investors carry identical cash flow rights, but B-shares are traded at deep discounts relative to A-shares. We predict that whereas the differential informedness of domestic versus foreign investors causes A- and B-share prices to diverge, high-quality public reporting serves to narrow the information and hence price gaps. Consistent with our predictions, we find that EQ is negatively related to the A-B share price differential and that the negative effect is more pronounced for firms with large disparities in informedness between the markets. We further find that this EQ effect vanishes after the new policy in 2001, which permits domestic investors also to trade B-shares and consequently reduces the inter-market information gap. By employing this unique setting, the study circumvents some of the research design limitations in prior studies, which enables us to better identify the pricing effect of accruals quality. JEL Classifications: M41; G12.
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Chelley-Steeley *, Patrìcia, and Weihua Qian. "Testing for market segmentation in the A and B share markets of China." Applied Financial Economics 15, no. 11 (July 2005): 791–802. http://dx.doi.org/10.1080/09603100500118930.
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Balasubramanian, Siva K., and V. Kumar. "Explaining Variations in the Advertising & Promotional Costs/Sales Ratio: A Reanalysis." Journal of Marketing 61, no. 1 (January 1997): 85–92. http://dx.doi.org/10.1177/002224299706100107.
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The authors focus on their 1990 model (B&K; see Balasubramanian and Kumar 1990 ), which indicates that market share, market growth, and their interaction are important predictors of the ratio of advertising and promotional costs to sales (A&P/S). In sharp contrast, Ailawadi, Farris, and Parry's (1994; AFP) subsequent replication attempt asserts that market share and market growth are not good predictors of A&P/S. The authors’ research documents serious problems in AFP's study, including erroneous model estimates caused by incorrect execution of the SAS TSCSREG procedure, pooling data for analysis in ways that cannot be justified statistically, data preparation errors, and inappropriate operationalizations of market share and market growth. With regard to analyses of Profit Impact of Market Strategy and brand-level data reported by AFP, the authors again find that AFP have analyzed data in inappropriate ways, given the conceptual framework of the B&K model. Because these problems provide compelling evidence to disregard AFP's results, the authors conclude that the criticisms advanced by AFP against the B&K model are not valid.
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Lin, Wen-Yuan, and I.-Chun Tsai. "Trader differences in Shanghai’s A-share and B-share markets: Effects on interaction with the Shanghai housing market." Journal of Asian Economics 64 (October 2019): 101128. http://dx.doi.org/10.1016/j.asieco.2019.07.001.
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Liu, Chelsea, Graeme Gould, and Barry Burgan. "Value-relevance of financial statements." International Journal of Managerial Finance 10, no. 3 (May 27, 2014): 332–67. http://dx.doi.org/10.1108/ijmf-02-2011-0016.
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Purpose – The Chinese capital markets are divided into two segments comprising of A-shares (traded by domestic investors) and B-shares (traded by foreign investors). Firms issuing A-shares are required to produce accounting reports under the Chinese Accounting Standards (CAS) and firms issuing B-shares are required to report under the International Accounting Standards (IAS). The purpose of this paper is to investigate the comparative value-relevance of accounting information in the Chinese capital markets, in particular whether the value-relevance associated IAS exceeds that of CAS. Design/methodology/approach – This study undertakes a capital market research approach. Two statistical models are employed to test the value-relevance of competing accounting information on share prices: the Price Model and the Return Model. This study takes advantage of the parallel reporting frameworks governing the A-share and B-share markets buy using the same firms which issue both A-shares and B-shares. Findings – The analysis supporting the study demonstrates that both CAS and IAS information is value relevant to investors in the Chinese capital markets but that IAS provide more useful information. Additionally it is observed that reconciliation variables (representing the discrepancy between IAS- and CAS-based accounting figures) are not significant in explaining market valuation or returns on stock. Research limitations/implications – This study provides evidence of value-relevance of accounting reports on the Chinese capital markets for the period of 1999-2005. The period under investigation captures the significant development in China's accounting regulations which took place in 1998 and 2001. The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Practical implications – This study investigates the reporting requirements on the Chinese capital markets during a period in which accounting reporting requirements underwent a significant change as part of the internationalization of accounting standards. Both A- and B-share markets were investigated simultaneously in order to provide an objective analysis and avoid sampling selection bias present in other studies. Social implications – The recent shift in accounting regulations in China from CAS to IAS is expected to improve the dissemination of financial information by publicly listed Chinese firms. Originality/value – This paper extends previous research on value-relevance of accounting reports in the Chinese capital markets by capturing the period in which the reporting requirements had experienced significant change. This paper also takes advantage of the dual reporting framework in order to mitigate potential sampling bias present in previous studies and employs a reconciliation variables not previously used.
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Hsiao, Jung-Lieh, Teng-Tsai Tu, and Mei-Chun Chen. "Factors Influencing Equity Return Correlations between China’s Pairs of A- and B-Share Markets: Effect of QFII’s Implementation." International Journal of Financial Research 8, no. 2 (February 28, 2017): 105. http://dx.doi.org/10.5430/ijfr.v8n2p105.
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This paper was intended to examine factors influencing the correlations between A- and B-shares of individual firms, and explore the effects of Qualified Foreign Institutional Investor’s (QFII) implementation on correlations. The empirical results show that interest rate differential, relative turnover rate, relative return volatility, and market sentiment had impacts on correlation both before and after the QFII’s implementation. After its implementation, correlations became more sensitive to premium, relative turnover rate and market sentiment. Furthermore, the estimated constant term for overall market correlation became more negative (raw values from -0.3413 to -0.8815), indicating an increasing correlation between A- and B-shares’ returns. The policy implications are that much benefit of diversification into emerging markets such as paired A-and B-shares can be accomplished, together with taking several influential factors into account.
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Lin, Hung-Wen, Kun-Ben Lin, Jing-Bo Huang, and Xia-Ping Cao. "An Anecdote of Investor Anxiety and Momentum in China." Complexity 2020 (April 25, 2020): 1–21. http://dx.doi.org/10.1155/2020/6564731.
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We show the effect of investor anxiety on momentum in the Chinese stock market. In this market dominated by retail investors, we examine the momentum profits in 900 types of daily testing periods. We find prevalent price reversals in the long formation and holding periods in the Chinese A-share market. Compared to Goyal and Wahal (2015), Wang and Xie (2010), and Kang et al. (2002) who found no momentum, our novel finding from a daily basis is that the A-share market presents price momentum within the short formation and holding periods. We first test the momentum profits under different strengths of anxiety in the A-share market. The stocks held by the least anxious investors elicit the strongest price momentum, whereas the stocks held by the most anxious investors encounter much weaker price momentum in the A-share market. According to our empirical outcomes, the A-share market overall exhibits higher anxiety and weaker momentum, whereas the B-share market embodies milder anxiety and stronger momentum. From the results of single market and cross-market comparisons, the intrinsic anxiety of retail investors is an essential factor stimulating the Chinese stock market to be prone to price reversals.
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William G, Billy, and Ediyanto. "Analisis Rantai Pemasaran dan Pola Distribusi Kepiting Bakau (Scylla serrata) di Dobo, Kabupaten Kepulauan Aru, Provinsi Maluku." Jurnal Ilmiah Satya Minabahari 2, no. 2 (February 28, 2017): 127–37. http://dx.doi.org/10.53676/jism.v2i2.35.
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Kepiting bakau (Scylla serrata) merupakan salah satu komoditas perikanan pada habitat perairan pantai, khususnya di daerah hutan bakau (mangrove). Kepiting bakau sebagai salah satu potensi daerah Maluku khususnya di daerah Dobo adalah salah satu dari beberapa komoditas penjualan yang sangat menjanjikan. Sistem pemasaran kepiting bakau di Dobo menggunakan dua saluran pemasaran. Efisiensi pemasaran dari kedua saluran pemasaran ini dapat di lihat dari analisis margin pemasaran, B/C ratio, Market Share dan Fisherman’s Share. Pada analisis margin pemasaran dari perhitungan kedua margin pemasaran masing- masing total margin pemasaran pada saluran pemasaran pertama sebesar Rp 62.100.000 dan total margin pemasaran pada saluran pemasaran kedua sebesar Rp 63.300.000 , sedangkan pada hasil perhitungan B/C ratio dari kedua saluran pemasaran ini saluran pemasaran pertama memiliki nilai sebesar Rp 1,47 sedangkan pada saluran pemasaran kedua memiliki nilai sebesar Rp 1,35 . Pada hasil perhitungan Market Share pada saluran pemasaran pertama menunjukan bahwa pedagang pengecer (54%) memegang peranan penting dalam Market Share pada saluran pemasaran pertama, sedangkan pada saluran pemasaran kedua Market Share tertinggi didapatkan dari pedagang pengecer sebesar 46%. Pada hasil perhitungan fisherman’s share dapat disimpulkan bahwa untuk kedua saluran pemasaran persentase hasil bagian yang diterima nelayan terbesar terdapat pada saluran pemasaran kedua yang dimana pada hal ini bagian yang diterima oleh nelayan adalah dari lembaga pemasaran yaitu agen sebesar 38%.
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Murtini, Umi, and Ferik Wijaya. "Pengaruh fnvestntent Opportunity Cost (IOS) terhadap Harga Saham dengan Earning Per Share (EPS) sebagai Variabel Pemoderasi." Jurnal Riset Manajemen dan Bisnis 4, no. 2 (December 1, 2009): 103. http://dx.doi.org/10.21460/jrmb.2009.42.215.
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When Investors want to hry stock on the stock market, they will aamine the arnount of the stock dividend share. It relates n the iwestment opportunity set QOS).This research employed some techniques in measuring IOS, i.e. Markct Yalue of Assets to BookYalue of Assets (MYABYA), Markct Value of Equity toBook Value of Equity (Ifi/EBW), Finn Yalue to Book Yalue of Property, Plant And EEipnent (WPE), Price Earning Ratio (PER), Capital Expendim.re to Market Yalue of Assets (CAPMIIA) and Capital Expenditure to B ook Yalue of Assets (CAPBVA).By employtng common factor analysis, this research took 67 companies as the sample. Arnong these, 30okwere taken as the companies that had high IOS and 30% as the companies which had low IOS. The research analysis of the whole sample and those which had low IOS, showed that the dividend per share, together with IOS, became a moderating variable, whichinfluenced the stock price. Whereas, the analysis of those from the high IOS *plained that dividend per share wos not a moderatingKeywords: Investnent Opportunity Set QOS), Dividendper Share, Prory IOS
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Roy, Malay K., and Madhusudan Karmakar. "Stock Market Volatility: Roots and Results." Vikalpa: The Journal for Decision Makers 20, no. 1 (January 1995): 37–50. http://dx.doi.org/10.1177/0256090919950104.
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Based on measurement of stock market volatility for the period 1935 to 1992, Malay K Roy and Madhusudan Karmakar focus on two key issues : a) What is the average level of volatility and whether it has increased in the current period; b) Whether the present trend of share price movement is likely to impair the development process of our economy.
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Morais, Joanna, Christine Thomas-Agnan, and Michel Simioni. "Interpretation of Explanatory Variables Impacts in Compositional Regression Models." Austrian Journal of Statistics 47, no. 5 (September 8, 2018): 1–25. http://dx.doi.org/10.17713/ajs.v47i5.718.
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We are interested in modeling the impact of media investments on automobile manufacturer's market shares. Regression models have been developed for the case where the dependent variable is a vector of shares. Some of them, from the marketing literature, are easy to interpret but quite simple (Model A). Alternative models, from the compositional data analysis literature, allow a large complexity but their interpretation is not straightforward (Model B). This paper combines both approaches in order to obtain a performing market share model and develop relevant interpretations for practical use.We prove that Model A is a particular case of Model B, and that an intermediate specification is possible (Model AB). A model selection procedure is proposed. Several impact measures are presented and we show that elasticities are particularly useful: they can be computed from the transformed or from the original model, and they are linked to the simplicial derivatives.
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Li, Yongqing, Jinghui Liu, and Ian Eddie. "Share types and earnings management: Evidence from Chinese listed companies." Corporate Ownership and Control 8, no. 2 (2011): 271–84. http://dx.doi.org/10.22495/cocv8i2c2p4.
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This study contributes to the literature on the ownership structure by investigating the effect of special share types on the practice of earnings management in China. Equity ownership in listed Chinese companies have five different types: state-owned shares, legal person shares, employee shares, A-shares, and B- & H-shares, which is a phenomenon unique to the Chinese equity market. Empirical analysis shows that different share types and mixed ownership structure significantly affects the company’s earnings management. Using a sample of 544 listed Chinese company-years, this study finds that the state-owned shares and legal person shares are positively associated with earnings management. However, the proportion of B- & H-shares is not related to earnings management. In addition, empirical results also show evidence in support of a positive relationship between the proportion of A-shares and earnings management. These findings indicate that transferral of more state-owned shares and legal person shares to the public can mitigate earnings management. However, because currently in China shares are still largely owned by the state or legal persons, the magnitude of earnings management may be maintained at a high level. In addition, due to tradable A-shares has a positive relation with earnings management, holding a large proportion of A-shares still cannot effectively constrain earnings manipulation, which suggests that China’s ownership structure reform may not be highly successful as China Securities Regulatory Commission (CSRC) expected. In achieving a better corporate governance practice, further structure reform is essential
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Bacchi, Matheus Demambre, Carlos Eduardo Caldarelli, and Vanderlei José Sereia. "Desempenho das exportações brasileiras de milho: uma análise de Constant-Market-Share para o período 2002 a 2012." Acta Scientiarum. Human and Social Sciences 39, no. 3 (December 27, 2017): 271. http://dx.doi.org/10.4025/actascihumansoc.v39i3.33017.
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O objetivo deste estudo é analisar a dinâmica das taxas de crescimento das exportações do complexo milho no Brasil, para o período entre 2002 e 2012, com vistas à decomposição de suas fontes de crescimento. Para tanto, foi utilizado o modelo Constant-Market-Share para os principais produtos desse complexo, cuja finalidade foi verificar a competitividade dos produtos frente ao mercado internacional. Os resultados obtidos mostram a crescente participação das exportações brasileiras do complexo milho no mercado mundial, sobretudo no mercado de milho em grão. Com relação às fontes de crescimento, verifica-se que a competitividade foi o efeito que mais contribuiu para o crescimento das exportações do país. Ademais, o crescimento do comércio mundial também deteve o poder de explicação de outra parcela significativa dos incrementos na exportação brasileira de milho. Desta forma, este estudo evidencia a crescente participação do Brasil no comércio mundial de milho, o que exsurge a necessidade de formulação de políticas públicas e/ou privadas que auxiliem no desenvolvimento de infraestrutura e comercialização inerente ao mercado de grãos.
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Pathak, Hari Prasad, and Dhanesh Giri. "Rights Share Issue Practice in Nepal." Journal of Nepalese Business Studies 5, no. 1 (July 26, 2009): 93–100. http://dx.doi.org/10.3126/jnbs.v5i1.2087.
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The study is focused on practice of rights offering in Nepal and its impact on share price movement. This study covers two interrelated aspects: (a) Characteristics of rights offering of listed companies and (b) Share price movement associated with rights offering. Nepal Finance and Saving Company Ltd. started the practice of rights share in Nepal by issuing right share for the first time in 1st December 1995. In this study, the rights share issue practice and impact of rights offering on market price of share have been analyzed by taking five rights issuing companies as sample. The findings of the study are not consistent with the theory of rights offering.Key Words: Rights share, share price movement, share price index (NEPSE index)The Journal of Nepalese Business Studies Vol. V, No. 1, 2008, December Page: 93-100
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Šperková, Radka, and Renata Skýpalová. "Strategic options for newly entering companies into the wine sector in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 7 (2012): 387–98. http://dx.doi.org/10.11118/actaun201260070387.
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Market environment is currently characterised by a constant dynamic development and changing conditions. The wine sector in the Czech Republic has passed and still passes through a number of changes which affect the decisions of business entities that are considering whether to enter the industry or not. The importance of strategic management is on the rise in this area as well as the significance of a company strategies creation which give the company the instructions how to use their distinctive ability and transform it into a competitive advantage. With regard to the distribution of market shares of each of the companies in the market, it is considered that the market will enter two different size firms, i.e. company A and B, in which the fundamental assumptions have been chosen so that they simulate two extreme examples of enterprises that might emerge in the market. The two chosen types of businesses are proposed recommendations focused on the most effective entry with the use of a methodological tool – GE Matrix (General Electric). For the micro-enterprise (company B) it was a careful entry with minimising the entry investment, differentiation of production and subsequent gradual increase of the market share. For medium-sized enterprise (company A) it means the need of high investments, primarily to the purchase of technology and marketing.
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CHONG, TERENCE TAI-LEUNG, TAU-HING LAM, and MELVIN J. HINICH. "ARE NONLINEAR TRADING RULES PROFITABLE IN THE CHINESE STOCK MARKET?" Annals of Financial Economics 05, no. 01 (June 2009): 0950002. http://dx.doi.org/10.1142/s201049520950002x.
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The rise of China in the world economy has attracted a great deal of international attention. This paper investigates the performance of nonlinear self-exciting threshold autoregressive (SETAR) model-based trading rules in the Chinese stock market. We compare the performance of the SETAR model with the autoregressive (AR) model and the moving average (MA) trading rules. Our results indicate that trading rules are profitable in the B-share market, and that the nonlinear SETAR rule outperforms the other two linear rules in general.
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Chi, Wei, Robert Brooks, Emawtee Bissoondoyal-Bheenick, and Xueli Tang. "Classifying Chinese bull and bear markets: indices and individual stocks." Studies in Economics and Finance 33, no. 4 (October 3, 2016): 509–31. http://dx.doi.org/10.1108/sef-01-2015-0036.
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Purpose This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it fluctuated greatly until 2010. However, the cyclical behaviour of stock markets during this period is less well established. This paper aims to answer the question why the Chinese stock market experienced a long duration of bear market and what factors would have impacted this cyclical behaviour. Design/methodology/approach By comparing the intervals of bull and bear markets between stocks and indices based on a Markov switching model, this paper examines whether different industries or A- and B-share markets could lead to different stock market cyclical behaviour and whether firm size can determine the relationship between the firm stock cycles on the market cycles. Findings This paper finds a high degree of overlapping of bear cycles between stocks and indices and a high level of overlapping between the bear market and a fraction of stock with increasing stock prices. This leads to the conclusion that the stock performance and trading behaviour are widely diversified. Furthermore, the paper finds that the same industry may have different overlapping intervals of bull or bear cycles in the Shanghai and Shenzhen stock markets. Firms with different sizes could have different overlapping intervals with bull or bear cycles. Originality/value This paper fills the literature gap by establishing the cyclical behaviour of stock markets.
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Bertoldi, Andréa Dâmaso, Luisa Arueira Chaves, Dennis Ross-Degnan, Vera Lucia Luiza, Isabel Cristina Martins Emmerick, Rondineli Mendes da Silva, and Mônica Rodrigues Campos. "Brazilian generics market change after Farmácia Popular program." Revista de Saúde Pública 53 (October 16, 2019): 94. http://dx.doi.org/10.11606/s1518-8787.2019053001237.
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OBJECTIVE: To evaluate trends in the use of generic and non-generic medicines to treat hypertension and diabetes under the Farmácia Popular Program (FP) and its impact on generic medicines sales volume and market share in the Brazilian pharmaceutical market. METHODS: This longitudinal, retrospective study used interrupted time series design to analyze changes in monthly sales volume and proportion of medicines sales (market share) for oral antidiabetic and antihypertensive medicines for generic versus non-generic products. Analyses were conducted in a combined dataset that aggregate monthly sales volumes from the Farmácia Popular program and from the QuintilesIMS™ (IQVIA) national market sales data from January 2007 to December 2012. The Farmácia Popular program phases analyzed included: a) 2009 reductions in medicines reference prices (AFP-II) and b) 2011 implementation of free medicines program for hypertension and diabetes, the Saúde não tem preço (SNTP – Health has no price). RESULTS: Patterns of use for FP-covered antidiabetic and antihypertensive medicines were similar to their use in the market in general. After one year of the decreases in government subsidies in April 2010, market share of antidiabetic and antihypertensive medicines experienced relative declines of -54.5% and -59.9%, respectively. However, when FP-covered medicines were made free to patients, overall market volume for antidiabetic and antihypertensive generics increased dramatically, with 242.6% and 277.0% relative increases by February 2012, as well as non-generics with relative increase of 209.7% and 279% for antidiabetic and antihypertensive medicines, respectively. CONCLUSIONS: Ministry of Health policies on the amount of patient cost sharing and on the choice of medicines on coverage lists have substantial impacts on overall generic sales volume in retail pharmacies.
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Alihodžić, Almir. "Analysis Of Non-Performing Loans Movement And Profitability Of The Banking Market In BH." Economic Themes 52, no. 3 (September 1, 2014): 332–50. http://dx.doi.org/10.1515/ethemes-2014-0021.
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Abstract The main motive of business operations of any bank is to achieve the highest profit possible and utilise it to increase dividends to shareholders, as well as to create conditions to increase their financial and credit potential by reinvesting in shares. The most important quality indicator of a loan portfolio is the share of non-performing loans to total operating assets and liabilities. In the first quarter of 2013, a trend of increasing non-performing loans in the legal entities sector increased by 2.6%, while there was stagnation with the population, i.e. slight decrease. The main objective of this paper is to examine the impact of the global financial crisis on the movement tendency of non-performing loans in the banking market in B&H, and their interdependence with the movement of profitability indicators by a simple regression equation.
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Fernando, Imali N. "Tourism Competitiveness by Shift-Share Analysis to way-forward Destination Management: A case study for Sri Lanka." Journal of Tourism and Services 11, no. 21 (December 31, 2020): 88–102. http://dx.doi.org/10.29036/jots.v11i21.139.
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Hospitality and Tourism are among the fastest-growing sectors and the source of foreign exchange with indirect-direct employments for quite an appreciable number of economies worldwide. The nature of the sector provides an avenue towards regional development through entrepreneurship venture creations, value addition to the abandoned resources, and regeneration of abandon natural resources with new themes as a novel approach. Tourism currently in a paradigm shift as a comparative advantage of destination is becoming less important than a competitive advantage. The traditional destinations are diminishing while creating novel destinations more relaxation-oriented while leading to residents' economically enriched livelihood. The paper critically analyzes the current tourism competitive position of Sri Lanka with a panel of five rival destinations by adopting shift-share analysis by developing two propositions. Regional Tourism arrivals in rival tourism destinations have been used to perform Shift-share analysis. Findings revealed (a) Sri Lanka as a destination is gaining the competitive advantage of four tourism regions out of six markets. The competitive strategies proposed as recommendations to gain market specialization to the regions with a competitive advantage; (a) market specialization by targeting the markets with a competitive advantage, (b) new marketing programs for markets with competitive disadvantage, and (c) collaborative programs among Asian tourism destinations. The results would be beneficial to Asian region tourism decision-makers trusted with the growth and application of competitive strategies.
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Hanamura, Shinya, Kotaro Inoue, and Kazunori Suzuki. "Bidder and target valuation and method of payment of M&As in Japan: Evidence against the misvaluation-driven transactions." Corporate Ownership and Control 8, no. 3 (2011): 406–16. http://dx.doi.org/10.22495/cocv8i3c3p5.
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We analyze 377 takeovers that occurred in Japan between 2000 and 2007. Our focus is on the choice of payment method between cash and shares, the bidding premium, the market valuation of a bidder and a target, and the share price reaction. We relate the findings to the two complimentary theories of takeover motives; the Q-theory and the misevaluation theory. We have found that in Japan cash offers tend to occur when an acquirer and a target are highly valued on B/P basis, and when target’s size in terms of market cap. is larger relative to bidder’s size. The bidding premium tends to be higher when a bidder’s valuation is higher, when a target’s valuation is lower, and when target’s market cap. is smaller relative to bidder’s market cap. The choice of payment method (cash or stock) does not affect the bidding premium. Buyer’s CARs are higher when target’s market cap. is larger relative to bidder’s market cap. Target’s CARs are higher when a bidder’s valuation is higher, when a target’s valuation is lower, and when cash is used to pay for a takeover. Japanese takeover market was very small before the late 1990s and then quickly expanded in the 21st century, so that we are among the first to explore it. Our findings under the recent merger wave in Japan are in contrast with Dong et al. (2006), and are consistent with the Q-theory. We believe that the Japanese management has so far conducted a takeover based on managerial and strategic objectives. Our results also provide an explanation for the finding of Kang et al. (2000) and others who report that that on average a takeover announcement in Japan is greeted with positive share price reaction of both a bidder and a target.
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Vasylieva, Dariia. "CORPORATE BOND MARKETS IN EASTERN EUROPE: TRENDS AND PROSPECTS." Baltic Journal of Economic Studies 7, no. 1 (January 22, 2021): 10–18. http://dx.doi.org/10.30525/2256-0742/2021-7-1-10-18.
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The purpose of the paper is to analyze the process of the corporate bond market formation in Eastern Europe and to determine the prospects for development in Ukraine. Methodology. It is justified that the main variables that affect corporate bond issues are loans granted to financial corporations (excluding banks) and non-financial corporations, share issues and equity. The empirical basis of the study is the reports of the National Securities and Stock Market Commission (on the amount of shares and bonds), the National Bank of Ukraine (on the amount of loans to corporations) and the State Statistics Service of Ukraine (on the amount of corporate equity). The study covers 20 years: from 2000 to 2019. Based on these data, a vector autoregressive model (VAR) was constructed. The forecast error variance decomposition (VDC) technique was used to identify the most influential variables in the corporate bond issuance process. Based on the VAR model, the forecast levels of model variables for 2021–2024 were obtained, which should have been achieved under the condition of planned development of the corporate bond market in Ukraine. It has been suggested that the economic shock of the COVID-19 has led to a decrease in the expected level of variables in 2020. Therefore, seven scenarios for the development of the corporate bond market are considered: A – reduction of equity amount; B – decrease in the amount of shares issued; C – decrease in the amount of loans to corporations; A + B; A + C; B + C; A + B + C. The results of the VDC technique have allowed to establish that the issue of corporate bonds in Ukraine largely depends on the amount of bank loans granted to corporations. Based on the VAR model and scenario forecasting, it was determined that the most favorable for the development of the corporate bond market of Ukraine is the scenario, in which corporations’ equity will be reduced by 10% due to increased uncovered loss but such a reduction will not lead to liquidation, and hence the cessation of circulation of their shares. Practical implications. Forecasting the amount of corporate bonds, shares and loans to corporations based on the proposed model allows companies to develop effective strategic plans, and investors – to decide on the allocation of their own financial resources. Value/originality. The proposed model of corporate bond market development in Ukraine includes internal and external sources of financing of enterprises, and allows to quantify the relationship between financial instruments (corporate bonds, loans and shares).
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Shirley, Thomas, Bhavya Padmanabha, Pamela Murray-Tuite, Nathan Huynh, Gurcan Comert, and Jiayun Shen. "Exploring the Potential of Using Privately-Owned, Self-Driving Autonomous Vehicles for Evacuation Assistance." Journal of Advanced Transportation 2021 (September 24, 2021): 1–11. http://dx.doi.org/10.1155/2021/2156964.
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The potential use of privately-owned autonomous vehicles (AVs) for the evacuation of carless households threatened by hurricanes is underexplored. Based on 518 original survey responses from South Carolina (SC) residents, an ordered logistic model was developed to determine the willingness of individuals to temporarily share their AVs for evacuation without their presence. The model results indicated that respondents who (a) were unemployed, (b) had experience giving disaster relief assistance, (c) took regular religious trips and were more comfortable with AVs (d) delivering packages and (e) being purchased and shared for income in the next five years were more willing to share for evacuation. Respondents who (a) were aged 65 or older, (b) had income below $ 15,000 per year, and (c) had less than two social media accounts were less willing to share. The model was applied to a state-wide synthetic population to simulate a disaster scenario in SC under different AV market penetration ( p ) scenarios to determine the potential use of AVs for evacuation assistance. Monte Carlo simulation results indicated that the percentage of households that can be evacuated increased linearly with respect to p , by 5.5 % for every 1 % increase in p until p was nearly 20 % . When p was 30 % or higher, the number of shared AVs was sufficient to evacuate all households in need. Therefore, in SC, if privately-owned AVs are widely available, they could serve as a viable alternative or be used to supplement the traditional evacuation programs that rely on buses.
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Oliveira, Isaac Gezer Silva de, and Annor da Silva Junior. "Executive Compensation and Performance of Companies in the Brazilian Capital Market: Evidence of Negative Relationship with Focus on the Interests of the Controlling Shareholder." Base - Revista de Administração e Contabilidade da Unisinos 18, no. 1 (April 20, 2021): 23–55. http://dx.doi.org/10.4013/base.2021.181.02.
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This study aims to analyze the relationship between executive compensation and performance in public companies listed on the Brazilian capital market – [B]3 Brasil Bolsa Balcão. Theoretically, the study is based on the agency theory focusing on the principal-principal perspective of agency conflict. The sample comprised the 100 companies with the highest liquidity in the trading of shares listed on the [B]3 during the 2010-2015 period, totaling 488 observations. Six hypotheses were developed, and several variables were measured to test the relationship between executive compensation and performance. For the selected sample, the results of the estimated econometric models indicate that executive compensation has a negative relationship with variables performance, presence of family on the board of directors, voting rights shares, and the duality of two share classes, voting and non-voting. The results also indicate a negative relationship between ownership concentration and performance and a nonsignificant relationship between executive compensation and family control. The synthesis of the results indicates that the corporate governance model adopted by Brazilian public companies prioritizes the interests of the controlling shareholder instead of executive compensation.
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MacKenzie, Donald. "Market devices and structural dependency: The origins and development of ‘dark pools’." Finance and Society 5, no. 1 (May 9, 2019): 1–19. http://dx.doi.org/10.2218/finsoc.v5i1.3015.
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‘Dark pools’ are private, electronic share-trading systems in which participants cannot see each other’s buy and sell orders. This article shows that the development of these material ‘market devices’ was strongly shaped by the structural dependency of their intended clientele (fund-management firms) on the big investment banks, particularly the indirectly monetary mechanism of dependency known in the US as ‘soft dollars’. The article’s underlying argument is that (a) the sociological analysis of financial markets requires bringing together the focus on materiality of, for example, actor-network theory with an emphasis on structural advantage such as that found in field theory; and (b) that both actor-network and field theory approaches could be strengthened by a stronger focus on mundane but important monetary mechanisms such as ‘soft dollars’.
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Anwar, Yuli. "ANALISIS KEBIJAKAN DIVIDEN DAN KEMAMPULABAAN TERHADAP NILAI PERUSAHAAN (Studi Kasus pada PT. Tambang Bukit Asam Tbk. dan PT. Timah Tbk.)." Jurnal Ilmiah Binaniaga 7, no. 01 (April 27, 2019): 81. http://dx.doi.org/10.33062/jib.v7i01.279.
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Intention of research this is the to know dividend policy relation to company value, to know relation profitability to company value and know dividend policy relation and profitability with in simultaneous to company value. Method of analysis and relation measurement and influence between variable in this research by using correlation coefficient, determinant coefficient and regression coefficient. Research Result this is the (a) Dividend policy with proxy dividend per share have relation and influence significant to company value with proxy stocks market value at PT Timah Tbk by significant level 0,0151. but at PT Tambang Bukit Asam Tbk not haves relation and influence significant by significant level 0.4448, caused by factor external that is unfavourable economy condition. b) Profitability with proxy earning per share have relation and influence significant to company value with proxy stocks market value at PT Timah Tbk by significant level 0,0158 but at PT Tambang Bukit Asam Tbk not haves relation and influence significant by significant level 0.4805 , Caused by factor external like unfavourable economy condition. (c) Last dividend policy with proxy dividend share and profitability with proxy earning per share in simultaneous have relation and influence to company value with proxy stocks market value at PT Timah Tbk by significant level 0,0635, but not have relation and influence significant PT Tambang Bukit Asam Tbk by significant level 0,1341, caused by factor external like unfavourable economy condition.Key word: dividend policy, profitability and company value
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Cieślik, Ewa. "Central and Eastern European states in global production linkages: country-level and sector-level analysis." Przegląd Europejski, no. 2-2017 (November 29, 2017): 38–60. http://dx.doi.org/10.31338/1641-2478pe.2.17.3.
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The paper evaluates Central and Eastern European countries’ (CEEs) location in global vertical specialization (global value chains, GVCs). To locate each country in global value chains (upstream or downstream segment/market) and to compare them with the selected countries, a very selective methodology was adopted. We concluded that (a) CEE countries differ in the levels of their participation in production linkages. Countries that have stronger links with Western European countries, especially with Germany, are more integrated; (b) a large share of the CEE countries’ gross exports passes through Western European GVCs; (c) most exporters in Central and Eastern Europe are positioned in the downstream segments of production rather than in the upstream markets. JEL classification: F14, F15.
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Zhu, Jie. "Testing for expected return and market price of risk in Chinese A and B share markets: A geometric Brownian motion and multivariate GARCH model approach." Mathematics and Computers in Simulation 79, no. 8 (April 2009): 2633–53. http://dx.doi.org/10.1016/j.matcom.2008.12.005.
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Yang, Fan, Craig Wilson, and Zhenyu Wu. "Investor perceptions of the benefits of political connections." International Journal of Managerial Finance 10, no. 3 (May 27, 2014): 312–31. http://dx.doi.org/10.1108/ijmf-08-2012-0093.
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Purpose – The purpose of this paper is to investigate how foreign and domestic investors differ in their beliefs about the relative merits of a firm's political connections. Design/methodology/approach – These differences are employed to explain cross-sectional variation in the previously documented premium in A-share prices relative to otherwise equivalent foreign currency denominated B-shares for Chinese firms. Findings – Chinese domestic individual investors were excluded from owning B-shares of Chinese firms prior to February 20, 2001. The authors find that firms with more political connections have higher premiums and a smaller reduction in premiums associated with this event. Research limitations/implications – This is consistent with domestic block holders deriving additional benefits from politically connected firms. Practical implications – The findings also have important policy implications by showing that government can have a strong effect on the economy even without applying macro-policy tools. Social implications – Government ownership in listed companies can result in discrepancies among classes of investors with respect to their valuations. Furthermore, the prohibition of short sales prevents arbitrage from correcting this bias, and eventually the role of the market in allocating resources efficiently is undermined. Originality/value – The authors investigate the role of political connections as implied by the proportion of state ownership in explaining the A-share premium. Unlike previous studies that associate state ownership with political risk, the paper relates state ownership to political connections that are particularly beneficial to domestic large block shareholders. This interpretation is consistent with the findings and with previous literature on state ownership and political connections of Chinese firms.
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Azis, Yusuf, Emy Rahmawati, and A. Yousuf Kurniawan. "Efisiensi Pemasaran Cabai Rawit Hiyung Di Kecamatan Tapin Tengah Kabupaten Tapin-Kalimantan Selatan." Journal of Agricultural Socio-Economics (JASE) 2, no. 1 (August 24, 2021): 8. http://dx.doi.org/10.33474/jase.v2i1.13035.
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The purpose of this study is to determine the marketing of Hiyung cayenne pepper, calculate the share price, cost, margin, and profit earned by producers/farmers and each marketing agency, and examine the level of marketing efficiency of Hiyung cayenne pepper. This study took place in the Tapin Tengah Subdistrict of the Tapin Regency of South Kalimantan Province. The Snowball Sampling approach was used to pick merchant responses. Primary and secondary data are both required. The findings revealed that Hiyung's cayenne pepper marketing channel is divided into two sections: Channel IA (Farmers – Collector Traders – Retailers at the Keraton Market – Consumers), Channel B (Farmers – Collecting Traders – Retailers at Binuang Market – Consumers), and Channel II (Farmers at the Binuang Market – Consumers). - Wholesalers – Collecting Merchants). The greatest marketing cost is Rp. 2,834,39/kg in channel II, and the lowest cost is Rp. 1,967,80 in channel IA with the marketing area in the Keraton market. In channel II, the highest margin is Rp.13,500,00./kg. Meanwhile, the smallest margin, Rp. 4,000.00/kg, is found in channel IA at the Keraton Market Retailer level. The highest marketing profit in channel II is Rp. 17,678.00/kg, whereas the highest profit is Rp. 7,999,46 in channel IA in the Keraton Market area. Channel IA Pasar Keraton has the highest percentage of farmers at 77.44 percent, while channel II has the lowest percentage of farmers at 62.59 percent. The largest profit share for wholesalers is 37.00 percent in channel II, while the lowest is 22.56 percent in channel 1 in the Keraton Market region. The most efficient marketing channel is channel IA, which serves the Keraton market. Its economic efficiency is superior to that of channels IB and II, and its technical efficiency is superior to that of the Keraton market. This translates to lower distribution costs and more acceptability by major institutions.
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Durbach, I., D. Katshunga, and H. Parker. "Community structure and centrality effects in the South African company network." South African Journal of Business Management 44, no. 2 (June 28, 2013): 35–43. http://dx.doi.org/10.4102/sajbm.v44i2.154.
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This paper conducts a search for community structure in the South African company network, a social network whose elements are South African companies listed on the Johannesburg Stock Exchange. Companies are connected in this network if they share one or more directors on their respective boards. Discovered clusters, called communities, can be considered to be compartments of the network working relatively independently of one another, making their distribution and composition of some interest. We test whether the discovered communities of companies are (a) statistically significant, and (b) related to other attributes such as sector membership or market capitalization. We also investigate the relationship between the centrality of a company’s position in the network and its market capitalization.
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Martucheli, Camila Teresa, João Eduardo Ribeiro, Eduardo Amat Silva, Antônio Artur de Souza, and Juliano Lima Pinheiro. "Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro." Contabilidade Gestão e Governança 24, no. 1 (April 26, 2021): 37. http://dx.doi.org/10.51341/1984-3925_2021v24n1a3.
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Objective: To observe the dividend distribution behavior of Brazilian stock market [B]³ listed companies, comparing periods of expansion and recession in the Brazilian economy.Method: Two panel data models were carried out, with the payout index and the dividend yield index as dependent variables and a dummy classified as 1 for years of economic recession and 0 for years of economic rise as an independent variable. In addition, the financial leverage, size and earnings per share control variables were added to the model.Originality/Relevance: The study addressed the distribution of dividends according to the cycle of the Brazilian economy, which makes the research original, since no similar studies were found.Results: Regardless of the proxy used for dividend distribution, companies increase dividend distribution in periods of recession, when there is greater market uncertainty. Regarding the control variables, for the model estimated using the proxy payout index, all variables were significant, while for the model that has the proxy dividend yield as a dependent variable, earnings per share were not significant.Theoretical/Methodological contributions: Identification of the economic aspect in the dividend policy of Brazilian companies and in the creation of value for shareholders in periods of economic recession.
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Yu, Guo, Weijian Li, and Xiaobo Zhou. "An realistic study on the assessment system of international competitiveness of service trade using fuzzy-analytic network process." Journal of Intelligent & Fuzzy Systems 40, no. 4 (April 12, 2021): 8197–206. http://dx.doi.org/10.3233/jifs-189642.
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The Belt and Road (abbreviated as B&R) creates opportunities for the economy and trade development and the improvement of national relations of the Belt and Road countries. Development of service trade plays an important role in the Belt and Road. Henan Province takes the opportunity of B&R to develop the international service industry and makes some achievements. In the new era of development, analyzing the trade competitiveness of international service in Henan Province under the background of the Belt and Road is of great significance to help Henan Province recognize its own strengths and weaknesses in service trade development and make targeted improvements. Studies have shown that the share of international market, revealed, advantages of comparative competitiveness trade and service trade openness of service trade in Henan Province under the background of the Belt and Road are constantly improving, but the overall development level is still low and slow development occurs. We utilize the concept of fuzzy embedded along with Analytic Network Process (ANP) which makes it suitable for managing vagueness of the linguistics information of assessment system. Therefore, in order to further improve the international competitiveness of service trade in Henan Province, it is necessary to optimize the international market share, competitiveness, and degree of openness. Specifically, it is necessary to transform and upgrade the traditional service trade industry, continue to expand the breadth and depth of service trade openness, strengthen the talent team building to improve the quality of employees, and promote the brand construction of service industry to enhance the industry’s development potential.
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Sondakh, Joula, Abdul Wahid Rauf, Janne H. W. Rembang, and Sudarti ;. "ANALISIS PRODUKSI DAN RANTAI PEMASARAN JAGUNG DI KABUPATEN MINAHASA SELATAN PROVINSI SULAWESI UTARA." Jurnal Pengkajian dan Pengembangan Teknologi Pertanian 19, no. 3 (February 15, 2017): 213. http://dx.doi.org/10.21082/jpptp.v19n3.2016.p213-226.
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<p>Permintaan jagung terus meningkat seiring dengan meningkatnya permintaan untuk pangan, pakan, dan industri. Peluang ekspor juga semakin meningkat karena negara penghasil jagung utama mulai membatasi volume ekspornya. Penelitian ini bertujuan untuk 1) menganalisis perkembangan luas pertanaman jagung 2) menganalisis karakteristik petani dan usahatani jagung, 3) mengestimasi faktor-faktor yang berpengaruh terhadap produksi jagung, 4) menganalisis rantai pemasaran, margin pemasaran dan pangsa harga petani. Pengumpulan data dilakukan pada September 2015 di Kabupaten Minahasa Selatan, Provinsi Sulawesi Utara. Jenis data yang dikumpulkan adalah data primer dan sekunder. Data primer didapatkan lewat survei terhadap 30 petani jagung, sedangkan data sekunder lewat data BPS, hasil penelitian, dan penelusuran data lainnya. Analisis data dilakukan dengan regresi linier berganda, trend produksi, analisis finansial dengan menghitung B/C dan R/C, analisis saluran pemasaran, margin pemasaran, dan pangsa harga petani. Hasil analisis menunjukkan bahwa 1) Rata-rata produktivitas dalam lima tahun terakhir (2010-2014) adalah 3,69 t/ha meskipun varietas Bisi-2 yang terbanyak digunakan petani memiliki potensi hasil 6,9 t/ha, 2) Karakteristik umur petani, tingkat pendidikan, tanggungan dan pengalaman bertani dapat menjadi investasi yang baik 214 Jurnal Pengkajian dan Pengembangan Teknologi Pertanian, Vol. 19, No.3, November 2016: 213-226 dalam mengembangkan usahatani, 3) Analisis finansial menunjukkan B/C 1,01 dan R/C 2,01, 4) Hasil uji koefisien,hasil uji t atau nilai probabilitas sig menunjukkan bahwa pupuk urea dan SP-36 memiliki nilai t-hitung masing-masing 2,513 dan 2,293 atau berpengaruh nyata terhadap produksi jagung pada α5%, sedangkan faktor lainnya tidak berpengaruh nyata terhadap produksi jagung, dan 5) Terdapat dua saluran pemasaran yang ada. Margin saluran pemasaran I dan saluran pemasaran II dengan produk akhir jagung pipilan kering adalah saluran pemasaran yang efisien, sedangkan pangsa harga petani terbesar pada saluran pemasaran dengan produk pipilan kering.</p><p>ABSTRACT<br /><br />Analyses of Maize Production and Market Chain in South Minahasa District North Sulawesi Province.<br />Maize demand continues to rise in line with the increasing demand for food, feed and industrials. Export opportunities have also increased due to major producing countries of maize restricting their export volumes. This study aimed to 1) analyse the development of maize plantation area 2) analyse the farmers’characteristics and maize farming, 3) estimate the various factors affecting maize production and 4) analyse market chain, market margin and the farmer's share. The data were collected in September 2015 in South Minahasa district, South North province. Types of data collected were primary and secondary data. Primary data were obtained through a survey to 30 maize farmers while secondary data were gathered from Statistics Bureau, research results, and other data. Data were analysed using multiple linear regression, production trend, B/C and R/C for financial analysis, market channel analysis, market margin and the farmer's share. The results showed that 1) the average productivity of maize within the last five years (2010-2014) was 3.69 t/ha though Bisi-2 variety has a potential yield by 6.9 t/ha, 2) Characteristics of farmers such age, education level, dependents and farming experience can be a good investment to develop farming, 3) The financial analysis obtained B/C by 1.01 and R/C by 2.01, 4) Results of coefficients test, t-test or a probability value sig indicated that t count of urea and SP-36 were 2.513 and 2.293 respectively or they significantly affected maize production at α5% while other factors had no a significant effect on maize production and 5) There were 2 existing marketing channels. Channels I and II were the efficient market channels with a dried corn as a final product whereas the market channel with grain maize products was the largest farmer's share.</p>
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Jayanti, Elsa Dwi. "STRATEGI PERENCANAAN PENINGKATAN PENYALURAN KREDIT DAN PERKEMBANGAN BPRS DI JAWA TIMUR YANG TERDAFTAR PADA BANK INDONESIA." MANAJERIAL 5, no. 2 (April 18, 2019): 66. http://dx.doi.org/10.30587/manajerial.v5i2.841.
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The role of banks in addition to acting as a collector and channeling of funds is also very important in supporting the welfare sector of Small and Medium Enterprises. The level of BPR Sharia competition can be known by looking at the market share of Territory. According to the Banking Act No.10 of 1998, the type of banking industry that runs its business based on sharia principles, which has characteristics closer to the community due to small market share and easy funds. This study aims to classify the research object used is BPR Sharia in East Java. The number of BPR Sharia used in this study amounted to 28 BPR Sharia existing in 18 districts that publish the financial statements regularly in 2017. Through variables CAR, KAP, NPF, BOPO, and FDR. From the above developments data can be grouped in matrix with the provisions in accordance with Bank Indonesia Regulation No.SE.13/1/PBI/2011. cluster 1 is group of BPRS A with fluctuation condition and cluster 2 is group of BPR Sharia B with very good condition. Both clusters have alternative strategies for each BPR Sharia group in increasing lending. Thus in this research will be formulated operational strategy for both groups using SWOT analysis.
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Khan, Mahmood Hasan. "The Development of Rural People: Myths and Approaches (The Quaid-i-Azam Lecture)." Pakistan Development Review 27, no. 4I (December 1, 1988): 379–95. http://dx.doi.org/10.30541/v27i4ipp.379-395.
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Most rural populations in underdeveloped countries are poor, no matter how one defines poverty. The rural poor are neither a homogeneous group, nor is the incidence of poverty equally distributed among them. They do, however, share the underlying causes of their poverty. Landlessness (or absence of productive land) and poor prospects of employment at low wage rates are among the major factors. In some regions, the natural and physical environment exacerbates the conditions of poverty, even if the poor have reasonable entitlements to land. The prospects of improved living conditions for the rural poor depend on many factors. The major ones seem to be (a) population growth, (b) technical progress, (c) markets, and (d) public policy environment. The contribution of each of these factors is not easy to identify, because they act on the human condition in an interdependent and complex way. In most underdeveloped countries, the forces of market and government policies tend to work against the rural poor.
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Hellstern, Peter, Eckhard Lechler, Peter Überfuhr, Gert Müller-Berghaus, and Michael Köhler. "Thromboembolic Complications Associated with the Use of Prothrombin Complex and Factor IX Concentrates." Thrombosis and Haemostasis 80, no. 09 (1998): 399–402. http://dx.doi.org/10.1055/s-0037-1615219.
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SummaryIn 1994, shortly after a heat-treated prothrombin complex concentrate (PCC) had been withdrawn from the German market due to transmission of hepatitis B, the license of another brand was withdrawn, due to 3 acute fatalities associated with the use of this product. We report on the clinical data of altogether 5 patients, who died during a 3 month period in Germany after having received this brand of PCC. All patients had surgery, acquired deficiencies of coagulation factors, and underlying diseases predisposing for thrombosis or disseminated intravascular coagulation. PCC was administered for the prevention of bleeding. In three patients, a drug interaction of PCC with aprotinin may also have played a role. Several points, however, are suspicious of a major causative effect of the respective product, (a) the close temporal correlation between administration of the drug and the subsequent clinical as well as laboratory deterioration, (b) the accumulation of these adverse events in a short period of time, when the use and market share of this brand increased due to the shortage of other products, and (c) laboratory abnormalities of this brand which have been consistently observed in several in vitro studies.
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Doddy Pramana, Putu, Ni Made Oka Karini, and I. Putu Sudana. "STRATEGI PEMASARAN PAKET WISATA PADA PT. CAHAYA TEDUNG ABADI HOLIDAY DENPASAR." Jurnal IPTA 2, no. 2 (December 18, 2014): 24. http://dx.doi.org/10.24843/ipta.2014.v02.i02.p05.
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PT. Cahaya Tedung Abadi Holiday is a business that handles tour ticket sales, travel documents, tour guide services, hotel reservation and sales of tour packages. To anticipate the traveler visits that always fluctuated and competition with other travel agency, need to be design tour package marketing strategy. So PT. Cahaya Tedung Abadi Holiday can optimize the strength, opportunities, and minimize the weaknesses and threats. The goal is to find alternative are strategies and programs that can be implemented by PT. Cahaya Tedung Abadi Holiday in selling tour package. Data collection techniques using the method of observation, in-depth interviews, library research and documentation. Researchers used a key informant Mr. I Gusti Sudarsana, two employees and sales marketing products as an informant base. This research is a descriptive qualitative with Matrix SWOT approach and the marketing mix. Alternative strategies that can be implemented by PT. Cahaya Tedung Abadi Holiday are : (a) create and develop tourism products strategy by creating new innovative tourism products and a special interest tour packages, (b) market segmentation strategy development with opportunities to develop a broader market, (c) increased promotion strategy by advertising, brochures and collaboration with TV channel with tourism programs information, (d) improve the quality of products and services strategies by redesigning the tour packages program more interesting in order the tourists interested to buy tour packages, maintaining cleanliness and tidiness of the vehicle and driver guides during tours and reemphasize tourism products according to the company market share. The suggestion for the company to expand its market share in order to survive the competition of other travel agencies, companies should increase the workforce to be more rapid and responsive in accepting tour packages purchases and fixed preserve good relations with related companies such as the hotel, restaurant, overseas agent, transport and tourism destination managers.
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Restelli, Umberto, Alfredo Alberti, Adriano Lazzarin, Marzia Bonfanti, Carmela Nappi, and Davide Croce. "Budget impact analysis of the use of daclatasvir in Italy for the treatment of Hepatitis C Virus (HCV) genotype 3 patients." Farmeconomia. Health economics and therapeutic pathways 17, no. 1 (March 31, 2016): 7–12. http://dx.doi.org/10.7175/fe.v17i1.1225.
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BACKGROUND: Hepatitis C Virus (HCV) infection represents a global health problem, leading to chronic cirrhosis, hepatocellular carcinoma (HCC), hepatic decompensation and liver transplant. The aim of the study was the evaluation of the impact on the budget of the Italian National Health Service (INHS) of the use of Daclatasvir (DCV) for the treatment of HCV genotype 3 in patients with advanced fibrosis.METHODS: An analytical decision model with a five year time horizon was implemented. Two scenarios were considered: a. 100% of market share for Interferon (INF-α)+Ribavirin (RBV)+Sofosbuvir (SOF) for 12 weeks; b. SOF+DCV+RBV for 24 weeks with annual market shares of 50% in 2015 and 2016, 55% in 2017 and 2018, 60% in 2019, and INF-α+RBV+SOF for 12 weeks with the remaining market shares. Every annual cycle a percentage of patients equal to the effectiveness of the antiviral treatment reach a sustained virologic response and during the first year of treatment patients may experience treatment related adverse events. The costs considered (2015) are those of the antiviral therapy, and direct medical costs for health state and adverse events management. Univariate and multivariate sensitivity analyses were performed.RESULTS: DCV would lead to an increase of the costs for the INHS (year 1 +21.31 millions, year 2 +21.35 millions, year 3 + 23.37 millions, year 4 + 23.26 millions and year 5 +16.37 millions). The sensitivity analysis confirmed the robustness of the results.CONCLUSIONS: The use of DCV is likely to have a short term impact on the INHS budget increasing resources use compared to the sole use of INF-α+RBV+SOF. However, a trend of reduction of the costs increase is observed due to the management of health states and adverse events which may lead to the possibility to reduce costs in the long term.
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Krajišnik, Milenko, and Sanja Popović. "Export Competitiveness of the Economic Sectors of Bosnia and Herzegovina." Economic Themes 57, no. 4 (December 1, 2019): 433–57. http://dx.doi.org/10.2478/ethemes-2019-0025.
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AbstractThe competitiveness of the national economy, its sectors and companies is essential for economic growth and development in the conditions of the global market. This importance is especially expressed for small open economies, such as Bosnia and Herzegovina (B&H). Bosnia and Herzegovina must strengthen its export position in the most competitive sectors, so that it can develop under conditions of increasingly liberalized world trade, with growing competition. The aim of this paper is to investigate the sectora structure of B&H exports, the competitiveness, significance and performance of certain sectors, in order to identify weaknesses and possible ways o improvement. For the purposes of this analysis, the Trade Competitiveness Map analysis methodology was used to assess the competitiveness of the sector, using the Trade Performance Index (TPI). The main aim of the methodology is to determine sectoral export performance, in order to facilitate strategic market research and monitoring of national foreign trade performance. B&H has the poor export sector structure, with the low level o international competitiveness, reflected in the large share of resource intensive products and low-value processing products with low added value Improving competitiveness could be achieved by strengthening the most competitive sectors, as well as by changing the economic structure towards the development of technologically intensive and highly profitable sectors o the economy.
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FRØYLAND, KJETIL, TONE ALM ANDREASSEN, and SIMON INNVÆR. "Contrasting Supply-side, Demand-side and Combined Approaches to Labour Market Integration." Journal of Social Policy 48, no. 2 (July 5, 2018): 311–28. http://dx.doi.org/10.1017/s0047279418000491.
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AbstractIn social policy discussions about activation or ALMP (Active Labour Market Policies), most attention is paid to supply-side approaches, directed towards jobless individuals. In these discussions, little attention is given to demand-side approaches aimed at activating employers, or combined workplace-oriented approaches that combine supply and demand-side elements. The aim of this article is to introduce demand-side and combined approaches developed within the fields of disability policy and vocational rehabilitation to scholarly discussions about activation and ALMP.By comparing these three approaches, we show that demand-side and combined approaches challenge key assumptions underlying the dominant supply-side approaches. They do so by representing different views of a) work – as a right instead of a duty; b) the problem of reduced work capacity – not as individual failure, but rather as a prejudice in attitudes among employers or as a gap between capacities and demands; c) the employers and the labour market – as transformable instead of fixed.Supply-side, demand-side and combined workplace-oriented approaches share the aim of labour market integration; however, their developments seem to have taken place largely in isolation from each other. We argue that when brought together they could form a more comprehensive base for further development of labour market integration.
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Wardoyo, Dwi Urip. "KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA." Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT 3 (October 15, 2018): 223–32. http://dx.doi.org/10.36226/jrmb.v3is1.140.
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This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies.
Keywords : Financial performance, Economic Value Added (EVA)
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Chan, Kelly. "Equity valuation using benchmark multiples: An improved approach using regression-based weights." Corporate Ownership and Control 13, no. 4 (2016): 483–96. http://dx.doi.org/10.22495/cocv13i4c3p7.
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This paper examine the improvement in multiple-based valuations from using a composite of price to earnings (P/E) and price to book (P/B) ratios and firm-specific regression-based weights. The results support that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating firm characteristics to derive firm-specific regression-based weights. The unrestricted regression-weighted composite multiples perform better than other approaches in predicting year one to year three share prices. Our results remain unchanged when the analysis is conducted using different estimation regressions, different sample periods and subsamples based on firm size, age and the book to market ratio. This research provides a comprehensive comparison between single, equal-weighted and regression-weighted composite multiples that reflect cross-sectional variations in firm growth, profitability and cost-of-capital in equity valuation. The results highlight the usefulness of composite multiple-based valuation in settings where current market prices are not readily available
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Berg, Carla J., Yael Bar-Zeev, and Hagai Levine. "Informing iQOS Regulations in the United States: A Synthesis of What We Know." SAGE Open 10, no. 1 (January 2020): 215824401989882. http://dx.doi.org/10.1177/2158244019898823.
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The tobacco industry offers various products, including heated tobacco products (HTPs). Philip Morris International’s (PMI) “iQOS” has the greatest HTP market share, as well as research on its use and impact. iQOS was released in 2014 and is now in more than 40 countries. The U.S. Food and Drug Administration announced permission for PMI to sell iQOS in the United States in April 2019, and iQOS was launched in October 2019. Decisions pending its modified risk tobacco product (MRTP) application will occur subsequently. The U.S. regulatory efforts regarding iQOS could be informed by examining (a) Philip Morris USA other product marketing efforts and (b) the iQOS market in countries where it is available. This article briefly addresses these two points with extant literature and suggests that future research should address important gaps in what is currently known, including strategic international collaborations and research, which historically has been critical for advancing tobacco control globally.
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Sieling, William, Matthew Oberhardt, Philip Zachariah, Celibell Vargas, Angela Barrett, Matthew R. Phillips, Lyn Finelli, and Lisa Saiman. "2220. Comparative Incidence and Burden of Respiratory Viruses Associated with Hospitalization in Adults." Open Forum Infectious Diseases 6, Supplement_2 (October 2019): S757—S758. http://dx.doi.org/10.1093/ofid/ofz360.1898.
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Abstract Background The population-based incidence and burden of community-onset non-influenza respiratory viruses associated with hospitalization in adults has not been systematically assessed. Methods On admission, patients with respiratory symptoms are tested for respiratory viruses by multiplex polymerase chain reaction (BioFire FilmArray Respiratory Panel) as per standard of care at our university teaching hospital (1160 beds). A retrospective study was performed to identify adults who had influenza, parainfluenza virus (PIV), respiratory syncytial virus (RSV), human metapneumovirus (hMPV), or adenovirus (AV) detected within 3 days of admission from October 2017 to October 2018. To calculate population-based incidence per 100,000 persons (using 2010 US Census data), the number of cases was adjusted by the hospital’s percent market share for zip codes as determined by New York State’s all payer data reporting system. To improve the incidence estimate’s reliability, only cases living in zip codes for which the hospital had ≥ 60% market share were included. We compared median length of stay (LOS), ICU admission, and in-hospital mortality associated with each virus. Results Influenza A (H3) had the highest overall incidence followed by Influenza B and RSV. For each virus, the highest incidence was observed in adults ≥ 65 years old (figure). Overall, 12.9% of cases were hospitalized in the ICU and 4.7% died during hospitalization (table). AV, hMPV, and RSV were associated with the longest LOS. AV, PIV, and RSV were associated with the largest proportion of ICU admissions and deaths. Conclusion While Influenza A (H3) and Influenza B were associated with the highest population-based incidence, non-influenza respiratory viruses caused substantial morbidity in older adults. Compared with influenza viruses, AV, PIV, and RSV were associated with greater severity determined by ICU admissions and death. Disclosures All authors: No reported disclosures.