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Academic literature on the topic 'Commonality in Asset Growth'

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Published: 10 December 2022
Last updated: 28 January 2023

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Journal articles on the topic "Commonality in Asset Growth"

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Dissem, Sonia. "Asset commonality of European banks." Journal of Banking Regulation 20, no. 1 (February 15, 2018): 1–33. http://dx.doi.org/10.1057/s41261-018-0064-5.

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Allen, Franklin, Ana Babus, and Elena Carletti. "Asset commonality, debt maturity and systemic risk." Journal of Financial Economics 104, no. 3 (June 2012): 519–34. http://dx.doi.org/10.1016/j.jfineco.2011.07.003.

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Shehzad, Khurram, Mudassar Rashid, and Waseemullah. "Asset Commonality and Credit Expansion by Banks in Pakistan." Journal of Accounting and Finance in Emerging Economies 8, no. 2 (June 30, 2022): 287–94. http://dx.doi.org/10.26710/jafee.v8i2.2333.

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Purpose: Diversification by the majority of the banks in a system contribute to the progression of systemic risk on one hand and affects the lending behaviors of the banks on the other. Since lending behaviors of the banks directly affect the availability of credit to the non-financial sector, the situation may worsen, as a consequence of systemic risk. In this study, we examine the relationship between asset commonality and credit expansion by commercial banks in Pakistan. Design/Methodology/Approach: We use post-global financial crisis data ranging from 2011-2020. A dynamic model is employed with a two-step system GMM technique to control for the problems of autocorrelation and endogeneity, as indicated by the pre-diagnostic tests. Findings: Our results show that asset commonality significantly affects credit expansion by banks in Pakistan. Moreover, the direction of the relationship is negative implying that the asset commonality of the banks in Pakistan, induces banks on the individual level to contract credit to the non-financial sector. Implications/Originality/Value: The findings are helpful for policymakers to devise and implement a prudent regulatory framework for the monetary sector, by not only targeting risk indicators of the financial sector but also keeping in view its repercussions to the real sector of the economy.
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He, Zhongzhi Lawrence, and Lawrence Kryzanowski. "The Cross Section of Expected Returns and Amortized Spreads." Review of Pacific Basin Financial Markets and Policies 09, no. 04 (December 2006): 597–638. http://dx.doi.org/10.1142/s0219091506000872.

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The cross-sectional relationship between expected returns and amortized spreads is studied in an overlapping-generations economy with an average investor. The commonality in liquidity is directly incorporated into the asset-pricing relation. In a static equilibrium, the amortized spread of an asset is related to its expected return through four channels; namely: the equilibrium zero-beta rate, the market risk premium, a level effect, and an incremental sensitivity effect. Although both are present over the entire period, their relative importance shifts from a significant level to a significant sensitivity effect from the earlier to most recent sub-period in the Canadian stock market.
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Black, Mary, Gavin Howarth, and Mark Nicholson. "Asset risk indices: commonality, diversity and usage – the history in UK electricity distribution." CIRED - Open Access Proceedings Journal 2017, no. 1 (October 1, 2017): 2615–18. http://dx.doi.org/10.1049/oap-cired.2017.0090.

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Georgescu, Oana-Maria, Dimitrios Laliotis, Miha Leber, and Javier Población. "A Liquidity Shortfall Analysis Framework for the European Banking Sector." Mathematics 8, no. 5 (May 13, 2020): 787. http://dx.doi.org/10.3390/math8050787.

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This paper presents an analytical framework for the identification of vulnerabilities arising from the liquidity and funding profile of banks. It is composed of two pillars—estimation of liquidity needs and the counterbalancing capacity of the total liquid assets—that determine a liquidity surplus or shortfall and the drivers for a range of plausible scenarios. Granular bank-level data on the structure of liabilities, maturation profile, liquid assets quality composition, and asset encumbrance are used for that purpose, also taking into account associated commonality effects. A new liquidity metric is introduced—the distance to liquidity stress indicator (DLSI)—which measures the required stress factor for banks to become illiquid. The novelty of the approach (i.e., taking into account asset encumbrance to determine counterbalancing capacity) provides empirical evidence that asset encumbrance has a significant impact on a bank’s liquidity position, leading to the non-linear behavior of liquidity shortfalls, even in the case of linear stress factors.
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Egginton, Jared, and Ethan D. Watson. "CORRELATED BEHAVIOR IN LIMIT ORDER CANCELLATIONS, COMOVEMENT IN ASSET RETURNS, AND COMMONALITY IN LIQUIDITY." Journal of Financial Research 43, no. 1 (December 3, 2019): 37–62. http://dx.doi.org/10.1111/jfir.12200.

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Warsani Purnama Sari. "Asset Growth on Sharia Insurance." Britain International of Humanities and Social Sciences (BIoHS) Journal 2, no. 1 (February 10, 2020): 172–78. http://dx.doi.org/10.33258/biohs.v2i1.167.

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Examining the Premium Income Rate on Asset Growth in a Sharia Insurance Company registered with the Indonesian Financial Services Authority. The type of research used in this study is Comparative Causal, while the sample used in this study are 20 sharia insurance companies with the criteria of sharia insurance companies that are actively operating for the last three years. The results of this study indicate that the level of premium income positively and significantly affect the growth of asset Asuransi Syariah. This study is concerned with the level of premium income that affects the growth of Sharia Insurance assets in Indonesia.
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GÂRLEANU, NICOLAE, STAVROS PANAGEAS, and JIANFENG YU. "Technological Growth and Asset Pricing." Journal of Finance 67, no. 4 (July 19, 2012): 1265–92. http://dx.doi.org/10.1111/j.1540-6261.2012.01747.x.

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KUNG, HOWARD, and LUKAS SCHMID. "Innovation, Growth, and Asset Prices." Journal of Finance 70, no. 3 (May 11, 2015): 1001–37. http://dx.doi.org/10.1111/jofi.12241.

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Dissertations / Theses on the topic "Commonality in Asset Growth"

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Yu, Yong. "Population growth and real asset returns." Connect to resource, 2002. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261323551.

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Fiodendji, Komlan. "Monetary Policy, Asset Price and Economic Growth." Thèse, Université d'Ottawa / University of Ottawa, 2012. http://hdl.handle.net/10393/22725.

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The relations between monetary policies, asset prices, and economic growth are important and fundamental questions in macroeconomics. To address these issues, several empirical works have been conducted to investigate these relations. However, few of them have documented whether these relations differ across regimes. In this context, the general motivation of this thesis is to use dependent regime models to examine these relations for the Canadian case. Chapter one empirically analyzes the interest rate behaviour of the Canadian monetary authorities by taking into account the asymmetry in the loss function. We employ a switching regime framework using two estimation strategies: First, we follow Caner and Hansen (2004) Threshold approach. Under this procedure we estimate the threshold values, using the Taylor empirical rules. Second, we estimate the asymmetric policy reaction function following Favero and Rovelli’s (2003) approach. The results reveal that the monetary authorities showed asymmetric preferences and that its reaction function can be better modeled with a nonlinear model. The main contribution of this chapter is to successfully interpret the parameters associated with the Bank of Canada preferences, something that Rodriguez (2008) could not do. Chapter two tries to estimate the interest rate behaviour of the Canadian monetary authorities by expanding the arguments of the loss function for fluctuations in asset prices. Using the same methodology as in the first chapter, our findings suggest that the augmented nonlinear reaction function is a good fit for the data and gives new relevant insights into the influence of asset prices on Canadian monetary policy. These findings about the role of asset prices in the reaction function of the Bank of Canada provide relevant insights regarding the opportunities and limitations of incorporating financial indicators in monetary policy decision making. They also provide financial market participants, such as analysts, bankers and traders, with a better understanding of the impact of stock market index prices on Bank of Canada policy. Stock market stabilization plays a larger role in the interest rate decisions of the Bank of Canada than it is willing to admit. Chapter three provides new evidence on the relation between inflation, relative price variability and economic growth to a panel of Canadian provinces over the period 1981-2008. We use the Bick and Nautz (2008) modified version of Hansen’s (1999) Panel Threshold Model. The evidence strongly supports the view that the relationship between inflation and economic growth is nonlinear. Further investigation suggests that relative price variability is one of the important channels through which inflation affects economic performance in Canadian provinces. When taking into account the cross-section dependence, we find that the critical threshold value slightly changes. It is desirable to keep the inflation rate in a moderate inflation regime because it may be helpful for the achievement of sustainable economic growth. The results seem to indicate that inflation that is too high or too low may have detrimental effects on economic growth.
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El, Amraoui Sonia. "Trois essais sur les mesures et déterminants du risque systémique." Thesis, Lille, 2018. http://www.theses.fr/2018LIL2D017.

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Le risque systémique est un risque qui peut mettre en danger la survie du système financier. En effet, le risque systémique désigne la propagation d’un risque de défaillance bancaire unique aux autres banques. Quels sont les mesures et les déterminants du risque systémique ? Ainsi pourrait-être résumée la question transversale qui anime les recherches présentées dans cette thèse. Un premier chapitre dresse un état des lieux des différentes mesures du risque systémique, en identifie les points communs et les différences et précise l’intérêt de chaque mesure. La question abordée est celle de la corrélation entre les résultats des stress tests et les différentes mesures du risque systémique. Un second chapitre étudie la notion d’« Asset Commonality » comme une nouvelle mesure de risque systémique. Le troisième chapitre examine le lien entre les différentes mesures du risque systémique et la responsabilité sociétale des entreprises. Les résultats empiriques révèlent que -1- les résultats des stress tests devraient être complétés par une évaluation des mesures du risque systémique, -2- l’« Asset Commonality » pourrait être considéré comme un outil complémentaire pour évaluer le risque systémique, -3- la responsabilité sociale des institutions financières est importante afin de réduire le risque systémique
Systemic risk is a risk that can compromise the survival of the financial system. Systemic risk refers to the spread of a single bank failure to other banks. What are the measures and determinants of systemic risk? This thesis proposes an investigation of this transversal question through three chapters. The first chapter gives an overview of the various measures of systemic risk, identifies commonalities and differences and specifies the interest of each measure. The issue is the correlation between the stress test results and the various measures of systemic risk. The second chapter studies the concept of Asset Commonality as a new measure of systemic risk. The third chapter examines the relationship between different measures of systemic risk and corporate social responsibility. The empirical results show that -1- the stress test results should be supplemented by an evaluation of the systemic risk measures, -2- Asset Commonality could be considered as a complementary tool to assess the systemic risk, -3- the corporate social responsibility of financial institutions is important in order to reduce systemic risk
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Alaali, Fatema. "Economic growth, investment and asset pricing : empirical evidence." Thesis, University of Sheffield, 2015. http://etheses.whiterose.ac.uk/8106/.

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Drawing upon economic development under uncertainty, this thesis investigates some channels of nations' prosperity in three different but related topics. First, in chapter 2, panel data for 130 countries from 1981 to 2009 are employed to scrutinize the impact of multiple forms of human capital and energy consumption on per capita GDP growth. With the application of an expanded neoclassical growth model, the individual effects of primary, secondary and tertiary education enrolment ratios as well as average years of schooling is studied. In addition, the effect of health variables (such as life expectancy and the infant mortality rate) on GDP per capita growth is examined. The education and health variables have a significant effect on economic growth with the secondary enrolment ratio being the most effective. Energy has long been argued as an essential factor for the development of the economy and it should be in line with other production factors of neoclassical economics, capital (K) and labour (L). Energy consumption is found to support higher growth. Exploring the differential effect for the developed and oil-exporting countries, the education variables are found to have no differential impact in the oil exporting countries nor the developed countries, however, health human capital affects the growth of the developed countries differently. Energy consumption per capita has a significant positive effect in both types of countries. Second, crude oil price behaviour has become more volatile since 1973 which has a significant impact on major macroeconomic variables such as GDP, inflation and productivity. Studies considering the effects of oil price changes on decisions at the firm level are comparatively few. Oil price volatility represents a source of uncertainty affecting the cost of an important input, oil, which creates uncertainty regarding firm profitability, valuations and investment decisions. Chapter 3 builds on related strands in the literature that focus on investment decisions by firms. Investment theory is combined with modern econometric approaches to examine the effects of industry uncertainty and market instability on total investment expenditures in the UK firms. Generalized method of moments estimation techniques are applied to a panel data set that covers 2694 non-financial firms and 416 financial firms from Worldscope DataStream over the period 1986-2011. Tobin’s Q theory which connects investment to the ratio Q is applied to estimate the investment model that is augmented with measures for both macroeconomic and industry specific uncertainty; specifically this is done by including stock market and oil price volatility in the model. Stock price uncertainty seems to be positively related to investment among the companies in both samples. On the other hand, empirical results are presented to show that there is a U shaped relationship between oil price volatility and firm investment. The results should be useful to decision makers, investors, managers and policy makers who need to make investment decisions in an uncertain world. Third, recent empirical research has found evidence of a relationship between changes in oil price and stock prices. Most published papers investigate the relationship between oil price movements and stock prices using either economy-wide measures of stock prices or industry sector measures of stock prices. The aim of Chapter 4 is to scrutinize the responses of some of the UK transportation, travel and leisure, and oil and gas firms to oil price changes. Fama-French-Carhart's (1997) four-factor asset pricing model is augmented with the oil price risk factor to study the association of oil and stock prices of 25 firms over the period from January 1998 to December 2012. The extent of the exposure of UK transportation and travel and leisure firms is generally negative but it is particularly significant for a number of firms including delivery services, travel and tourism, and airlines. Oil price risk exposures of UK oil and gas companies are generally positive and significant. With the aid of asymmetric and scaled specifications, some firms show strong evidence of asymmetry in the reaction of stock returns to changes in the price of oil comprising travel and tourism, airlines, and integrated oil and gas. Moreover, the results document that oil price risk exposures vary over time. In particular, the global recession of 2008 has significantly contributed to the oil price risk exposure of travel and tourism and integrated oil and gas firms. These results should be of interest to financial analysts, corporate executives, regulators and policy makers.
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Liu, Lanlan. "Asset growth effect, stock illiquidity and short-sale constraints." Thesis, University of Nottingham, 2016. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.716471.

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This thesis examines the roles of stock illiquidity and short-sale constraints in explaining the asset growth effect. The puzzling negative relation between growth in firm-level assets and expected stock returns has received increasing attention in the literature. The first empirical chapter explores how variations in stock illiquidity and liquidity risk affect the negative asset growth-return relation. I find that the total asset growth effect appears to subsume other asset growth and investment effects. Moreover, the asset growth effect is concentrated among illiquid stocks. The return spreads between low- and high-growth portfolios declined after controlling for their exposure to liquidity risk. The second chapter examines how high short-sale constraints interact with the asset growth effect, particularly the exploitability of the short- side of the effect. My results indicate that profits from taking short positions in high-growth stocks are limited among highly short-sale constrained stocks. I document an abnormal return asymmetry between the long side and short side of the asset growth effect, which is more pronounced when there is a strong demand to sell short and a limited supply of shares to borrow. In the third chapter, I employ both short-sale constraints and stock illiquidity in explaining the asset growth effect. I find the NASDAQ market has a stronger effect than the NYSE/AMEX markets. The significant negative returns of high-asset growth stocks rely heavily on short-sale constrained stocks. The strong positive returns earned by low- asset growth stocks concentrate on illiquid stocks. After controlling for both short-sale constraints and stock illiquidity, total asset growth rate cannot predict stock returns independently.
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Maurer, Thomas A. "Is consumption growth only a sideshow in asset pricing? : asset pricing implications of demographic change and shocks to time preferences." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/405/.

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I show that risk sources such as unexpected demographic changes or shocks to the agent's subjective time preferences may have stronger implications and be of greater importance for asset pricing than risk in the (aggregate) consumption growth process. In the first chapter, I discuss stochastic changes to time preferences. Shocks to the agent's subjective time discounting of future utility cause stochastic changes in asset prices and the agent's value function. Independent of the consumption growth process, shocks to time discounting imply a covariation between asset returns and the marginal utility process, and the equity premium is non-zero. My model can generate both a reasonably low level and volatility in the risk-free real interest rate and a high stock price volatility and equity premium. If time discounting follows a process with mean- reversion, then the interest rate process is mean-reverting and stock returns are (at long horizons) negatively auto-correlated. In the second chapter, I analyze the asset pricing implications of birth and death rate shocks in an overlapping generations model. The interest rate and the equity premium are time varying and under certain conditions the interest rate is lower and the equity premium is higher during periods characterized by a high birth rate and low mortality than in times of a low birth rate and high mortality. Demographic changes may explain substantial parts of the time variation in the real interest rate and the equity premium. Demographic uncertainty implies a large unconditional variation in asset returns and leads to stochastic changes in the conditional volatility of stock returns. In the last chapter, I illustrate how shocks to the death rate may affect expected asset returns in the cross-section. An agent demands more of an asset with higher (lower) payoff in states of the world when he expects to live longer (shorter) and marginal utility is high (low) than an asset with the opposite payoff schedule. In equilibrium, the first asset pays a lower expected return than the latter. Empirical evidence supports the model. Out-of-sample evidence suggests that a strategy, which loads on uncertainty in the death rate, pays a positive unexplained return according to traditional market models.
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El, Hefnawy Menatalla Maher Abdelgelil. "Essays in Empirical Asset Pricing." Doctoral thesis, Universitat Ramon Llull, 2020. http://hdl.handle.net/10803/669236.

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Aquesta tesi pretén descobrir, de manera empírica, nous aspectes de la secció transversal dels rendiments del capital i oferir explicacions teòriques i empíriques de les seves conclusions principals. La tesi documenta nous predictors de preus i altres factors relacionats amb els nivells d’incertesa i d’imprecisió de la informació continguda en diferents mesures del risc. Al primer capítol, s’estudia si la volatilitat de la sèrie temporal del book-to-market (BM), anomenada incertesa de valor (value uncertainty, UNC) és valorada en la secció transversal dels rendiments del capital. Un factor ponderat per valor i ajustat per mida amb una posició llarga (curta) en accions d’alta (baixa) incertesa genera un alfa anualitzat del 6-8%. Aquesta prima d’incertesa de valor es veu impulsada pels resultats extraordinaris de les empreses d’UNC alta i no s’explica pels factors de risc establerts o per les característiques de l’empresa, com la dinàmica dels beneficis i dels preus, la inversió, la rendibilitat o el propi BM. A nivell agregat, la UNC està correlacionada amb els fonaments macroeconòmics i prediu els rendiments futurs del mercat, així com la seva volatilitat. En aquest capítol, també es dona una explicació racional per a la fixació del preu dels actius de la prima d’UNC no coberta. El segon capítol és una ampliació del primer i examina el poder predictiu de la incertesa de la rendibilitat (uncertainty of profitability, UP) en la secció transversal dels rendiments del capital. Una estratègia de cartera amb una posició llarga en accions d’alta volatilitat i curta en accions baixa volatilitat genera una taxa de rendiment brut anual (ajustada al risc) del 8% (10%). Les accions d’UP alta tindrien rendiments més alts en temps de més rendibilitat i menys volatilitat de mercat, i més inflació esperada, cosa que justificaria la prima documentada. Les empreses amb més incertesa sobre el creixement dels seus actius (uncertainty of asset growth, UAG) superarien aquelles amb menys incertesa sobre aquest creixement en un 7% (12%) en rendiment brut (ajustat al risc) de risc excessiu. Aquests resultats mostren la importància de la volatilitat dels factors de risc en les decisions d’inversió. Al tercer capítol, s’estudia l’impacte que té la imprecisió en l’expectativa de guanys de la direcció (management earnings guidance, IMP) sobre els rendiments del capital. L’evidència empírica revela que una IMP alta (un interval més gran en els ingressos previstos) s’associa a uns rendiments subsegüents més baixos de les accions. S’ofereixen dues explicacions complementàries per explicar aquests baixos rendiments. Primera, en un mercat que presenta limitacions a la venda en descobert i disparitat d’opinions sobre les estimacions de beneficis, una IMP alta desanima els inversors pessimistes, mentre que els optimistes creuen en el gran salt de rang i prenen posicions llargues basant-se en aquestes creences, cosa que provoca sobrevaloracions de les accions i, en darrera instància, rendibilitats més baixes. Segona, una IMP alta pot reflectir una genuïna incertesa pel que fa als guanys futurs, i això pot atreure els inversors en valor o de loteria. Les conclusions són sòlides, a nivell d’anàlisi de la cartera i de les accions, per al mesurament de la imprecisió i per a diferents models de fixació de preus dels actius.
Esta tesis pretende descubrir, de forma empírica, nuevos aspectos de la sección transversal de los rendimientos del capital y proporcionar explicaciones teóricas y empíricas de sus principales conclusiones. La tesis documenta nuevos indicadores de precios y otros factores relacionados con los niveles de incertidumbre y de imprecisión de la información contenida en distintas medidas del riesgo. En el primer capítulo, se investiga si la volatilidad de la serie temporal del book-to-market (BM), denominada incertidumbre de valor (value uncertainty, UNC) es estimada en la sección transversal de los rendimientos del capital. Un factor ponderado por valor y ajustado por tamaño con una posición larga (corta) en acciones de alta (baja) incertidumbre genera un alfa anualizado del 6-8%. Esta prima de incertidumbre de valor es impulsada por los resultados extraordinarios de las empresas de alta UNC y no se explica por los factores de riesgo establecidos o por las características de la empresa, como la tendencia de los beneficios y los precios, la inversión, la rentabilidad o el propio BM. A nivel agregado, la UNC está correlacionada con los fundamentos macroeconómicos y predice los rendimientos futuros del mercado, así como la volatilidad del mercado. En este capítulo, también se proporciona una explicación racional para la fijación del precio de los activos de la prima de UNC no cubierta. El segundo capítulo es una ampliación del primero y examina el poder predictivo de la incertidumbre de rentabilidad (uncertainty of profitability, UP) en la sección transversal de los rendimientos del capital. Una estrategia de cartera con una posición larga en acciones de alta volatilidad y corta en acciones baja volatilidad genera una tasa de rendimiento bruto anual (ajustada al riesgo) del 8% (10%). Las acciones de alta UP tendrían mayores rendimientos en tiempos de mayor rentabilidad de mercado, menor volatilidad de mercado y mayor inflación esperada que justifica la prima documentada. Las empresas con mayor incertidumbre sobre el crecimiento de sus activos (uncertainty of asset growth, UAG) superarían a aquellas con menor incertidumbre sobre el crecimiento de sus activos en un 7% (12%) en rendimiento bruto (ajustado al riesgo) de riesgo excesivo. Estos resultados muestran la importancia de la volatilidad de los factores de riesgo en las decisiones de inversión. En el tercer capítulo, se estudia el impacto que tiene la imprecisión en las expectativas de ganancias de la dirección (management earnings guidance, IMP) sobre los rendimientos del capital. La evidencia empírica revela que unas altas IMP (un mayor intervalo en los ingresos previstos) se asocian a unos rendimientos más bajos de las acciones. Se proporcionan dos explicaciones complementarias para explicar estos bajos rendimientos. Primero, en un mercado que presenta limitaciones a la venta a corto y disparidad de opiniones sobre las estimaciones de beneficios, unas altas IMP desaniman a los inversores pesimistas, mientras que los más optimistas creen en el gran salto de rango y toman posiciones largas en base a estas creencias, lo cual ocasiona sobrevaloraciones de las acciones y, en consecuencia, rentabilidades más bajas. Segundo, unas altas IMP pueden reflejar una verdadera incertidumbre con respecto a las ganancias futuras, y ello puede atraer a los inversores en valor o de lotería. Las conclusiones son sólidas, a nivel de análisis de la cartera y de los valores, para la medición de la imprecisión y para diferentes modelos de fijación de precios de los activos.
This dissertation aims at empirically uncovering new aspects of the cross-section of equity returns and providing theoretical-backed and empirical explanations of the main findings. The dissertation documents novel pricing predictors and factors related to the uncertainty and imprecision levels of the information content embedded in different risk measures. The first chapter investigates whether the time-series volatility of book-to-market (BM), called value uncertainty (UNC), is priced in the cross-section of equity returns. A size-adjusted value-weighted factor with a long (short) position in high-UNC (low-UNC) stocks generates an annualized alpha of 6-8%. This value uncertainty premium is driven by outperformance of high-UNC firms and is not explained by established risk factors or firm characteristics, such as price and earnings momentum, investment, profitability, or BM itself. At the aggregate level, UNC is correlated with macroeconomic fundamentals and predicts future market returns and market volatility. The chapter also provides a rational asset-pricing explanation of the uncovered UNC premium. The second chapter extends the first chapter and examines the predictive power of the uncertainty of profitability (UP) on the cross-section of equity returns. A portfolio strategy that goes long in the high-UP decile portfolio and short in the low-UP decile portfolio generates an annual excess raw (risk-adjusted) return of 8% (10%). High-UP stocks would have higher returns during times of higher market-wide profitability, lower market volatility, and higher expected inflation justifying the documented premium. Moreover, firms with high uncertainty surrounding their asset growth (UAG) would outperform those with low asset growth uncertainty by 7% (12%) in terms of excess raw (risk-adjusted) return. Results shed light on the importance of the volatility of risk factors in investment decisions. The third chapter examines the impact that imprecision in management earnings guidance (IMP) has on equity returns. Empirical evidence reveals that high IMP (wider interval in the forecasted earnings) is associated with lower subsequent stock returns. Two complementary explanations are provided to explain the low returns. First, in a market that exhibits short-selling constraints and diversion of opinion regarding earnings estimates, high IMP discourages pessimistic investors while optimists believe in the high bound of the range and take long positions based on these beliefs, leading to stocks' overpricing and hence to lower subsequent returns. Second, high IMP may reflect genuine uncertainty regarding future earnings appealing to growth and lottery investors. Findings are robust at the portfolio and stock level of analysis, to the measurement of imprecision, and to different asset pricing models.
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Kaltenbrunner, Georg. "Growth expectations and asset prices in production economies and labor market matching models." Thesis, London Business School (University of London), 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.444404.

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Motohashi, Atsushi. "Studies on Asset Bubbles, Economic Growth, and Bailout Policy in an Open Economy." Doctoral thesis, Kyoto University, 2021. http://hdl.handle.net/2433/263411.

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Zhu, Lin. "Three essays on asset bubbles and economic growth in a small open economy." Thesis, University of Macau, 2018. http://umaclib3.umac.mo/record=b3959330.

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Books on the topic "Commonality in Asset Growth"

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Yanagawa, Noriyuki. Asset bubbles and endogenous growth. Cambridge, MA: National Bureau of Economic Research, 1992.

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Li, Qing. An investment-growth asset pricing model. London: Centre for Economic Policy Research, 2001.

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Basurto, Miguel Angel Segoviano. Default, credit growth, and asset prices. [Washington, D.C.]: International Monetary Fund, Monetary and Financial Systems Dept., 2006.

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Income distribution, asset values and economic growth. Bloomington, Ind: Authorhouse, 2006.

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Davis, Scott M. Brand asset management: Driving profitable growth through your brands. San Francisco: Jossey-Bass, 2000.

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Claessens, Stijn. Financial development, property rights, and growth. Washington, D.C: Policy Division, Financial Sector Strategy and Policy Dept., World Bank, 2002.

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(Firm), Resurgent India, ed. Mounting NPAs: Impact on Indian banking industry : dampening profitability, TEPID economic growth, deteriorating asset quality. New Delhi: The Associated Chambers of Commerce and Industry of India, 2014.

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Florida. Office of Program Policy Analysis and Government Accountability. OPPAGA program review: Recommended Florida Retirement System contribution rates remain reasonable; asset growth has slowed. Tallahassee, Fla: Florida Office of Program Policy Analysis and Government Accountability, 2003.

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Financial deepening, economic growth, and development: Evidence from selected sub-Saharan African countries. Nairobi: African Economic Research Consortium, 2004.

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Ndebbio, John E. Udo. Financial deepening, economic growth, and development: Evidence from selected Sub-Saharan African countries. Nairobi: African Economic Research Consortium, 2004.

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Book chapters on the topic "Commonality in Asset Growth"

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Schmit, Mathias, and Lin-Sya Chao. "Managing Growth and Strategic Risk." In Global Asset Management, 147–66. London: Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137328878_8.

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Elsborg, Jacob. "Operational Platform and Growth: A Strategic Challenge." In Global Asset Management, 435–55. London: Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137328878_23.

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Zaremba, Adam, and Jacob Shemer. "Value Versus Growth: Is Buying Cheap Always a Bargain?" In Country Asset Allocation, 9–38. New York: Palgrave Macmillan US, 2016. http://dx.doi.org/10.1057/978-1-137-59191-3_2.

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Chatras, Clément, and Vincent Giard. "Standardization, Commonality, Modularity: A Global Economic Perspective." In Advances in Production Management Systems: Innovative Production Management Towards Sustainable Growth, 365–75. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-22756-6_45.

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Walter, Ingo. "The Asset Management Industry Dynamics of Growth, Structure and Performance." In Global Asset Management, 3–35. London: Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137328878_1.

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Clare, Andrew, and Chris Wagstaff. "Equities: The Traditional ‘Growth’ Asset Class." In The Trustee Guide to Investment, 125–53. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230361874_7.

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Harrington, Richard. "The Growth of Asset and Liability Management." In The Future of Financial Systems and Services, 243–57. London: Palgrave Macmillan UK, 1990. http://dx.doi.org/10.1007/978-1-349-10439-0_14.

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Hirayama, Yosuke, and Misa Izuhara. "Super ageing, widening inequalities and housing asset-based welfare." In Housing in Post-Growth Society, 141–60. 1 Edition. | New York : Routledge, 2018. | Series: Explorations in housing studies: Routledge, 2018. http://dx.doi.org/10.4324/9781315111575-7.

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Kim, J. G., D. S. Gu, H. J. Kim, and B. K. Choi. "Characteristic Analysis of AE Signal Caused by Crack Growth." In Engineering Asset Management and Infrastructure Sustainability, 501–7. London: Springer London, 2012. http://dx.doi.org/10.1007/978-0-85729-493-7_38.

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Jinglian, Wu. "Inflation and Asset Bubbles Stem from Unsustainable Growth Patterns." In Facing the Era of Great Transformation, 65–70. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-15-7691-1_4.

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Conference papers on the topic "Commonality in Asset Growth"

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Choi, Sung R., D. Calvin Faucett, and Brenna Skelley. "Slow Crack Growth of a Pyroceram Glass Ceramic Under Static Fatigue Loading: Commonality of Slow Crack Growth in Advanced Ceramics." In ASME Turbo Expo 2014: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/gt2014-27325.

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An extensive experimental work for Pyroceram™ 9606 glass-ceramic was conducted to determine static fatigue at ambient temperature in distilled water. This work was an extension and companion of the previous work conducted in dynamic fatigue. Four different applied stresses ranging from 120 to 170 MPa was incorporated with a total of 20–23 test specimens used at each of four applied stresses. The slow crack growth parameters n and D were found to be n = 19 and D = 45 with a coefficient of correlation of rcoef = 0.9653. The Weibull modulus of time to failure was in a range of msf = 1.6 to 1.9 with an average of msf = 1.7±0.2. A life prediction using the previously-determined dynamic fatigue data was in excellent agreement with the static fatigue data. The life prediction approach was also applied to advanced monolithic ceramics and ceramic matrix composites based on their dynamic and static fatigue data determined at elevated temperatures. All of these results indicated that a SCG mechanism governed by a power-law crack-growth formulation was operative, a commonality of slow crack growth in these materials systems.
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Desmon, Desmon, Andi Surya, Heru Subiyantoro, and Maria Alie. "The Influence of Insurance Financial Health Level, Capital Structure, Asset Growth, On Company Net Profit Growth." In Proceedings of the 2nd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2022, 16 April 2022, Semarang, Indonesia. EAI, 2022. http://dx.doi.org/10.4108/eai.16-4-2022.2319783.

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Xu, Weizhe. "Research on Abnormal Asset Growth of American Stock Market Based on Multidimensional System." In 2020 International Conference on Robots & Intelligent System (ICRIS). IEEE, 2020. http://dx.doi.org/10.1109/icris52159.2020.00089.

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Shu, Yumin, Rui Wang, and Zhongying Qi. "The Relationship between Fixed Asset Investment and Economic Growth of Three Industries in Shenzhen." In International Conference on Construction and Real Estate Management 2020. Reston, VA: American Society of Civil Engineers, 2020. http://dx.doi.org/10.1061/9780784483237.058.

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Julivia Huang, Yani, Tigor Sitorus, and Ratlan Pardede. "Financial Pressure, Firm Size, Asset Growth And Corporate Value: Mediation Effect Of Dividend Payout." In 4th Sriwijaya Economics, Accounting, and Business Conference. SCITEPRESS - Science and Technology Publications, 2018. http://dx.doi.org/10.5220/0008437701410151.

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Wulaningrum, Ratna, Venti Eka Satya, Muhammad Kadafi, and Amiril Azizah. "Clustering of Provincial Government in Indonesia Based on Fixed Asset Ownership and Economic Growth." In International Conference on Applied Science and Technology on Social Science 2021 (iCAST-SS 2021). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/assehr.k.220301.077.

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Azizah, Siti, Akhris Sholikha, Bagus Panuntun, Nurhadi Kamaluddin, and Ivon Silviana. "Effect Of Operating Leverage, Growth Asset, And The Size Of The Company To Systematic Risk." In Proceedings of the 2nd International Conference of Business, Accounting and Economics, ICBAE 2020, 5 - 6 August 2020, Purwokerto, Indonesia. EAI, 2020. http://dx.doi.org/10.4108/eai.5-8-2020.2301087.

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Yu, Gang, and Matiul Khan. "Bridge asset management at Auckland Transport." In IABSE Congress, Christchurch 2021: Resilient technologies for sustainable infrastructure. Zurich, Switzerland: International Association for Bridge and Structural Engineering (IABSE), 2021. http://dx.doi.org/10.2749/christchurch.2021.0404.

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<p>Auckland is the most populous city in New Zealand. To keep Auckland moving, Auckland Transport (AT) manages the local transportation network with 1260 bridges and major culverts. With the growth of the city, this number keeps increasing.</p><p>Asset Management of these bridges at AT is facing various challenges from increasing transportation demands, fast changing environment and climate change et al. All those demands require us to review the strategies of how to maintain a sustainable transport network within a limited budget.</p><p>This paper gives an overview of the bridges that support Auckland’s transport network regarding the current asset management strategy and practice. Risk management is at the heart of AT’s bridge asset management. The consequence-and-probability calculation supports the framework of the bridge asset strategy. It covers the prioritisation, decision making, short-term and long-term planning and environmental protection.</p><p>As the good practice in bridge asset management, the adaption of new technology and safety-first principle are also discussed. However, bridge management and maintenance are always facing new challenges, this paper identifies some challenges AT may face in the future.</p>
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Nnakenyi, Norbert, Simon Olushola Amos, Mobolaji Abegunde, Ibidunni Ayo-Dayisi, Nnabuike Anozie, Tayiro Gari, Olusemola Akintade, Aminu Musa, and Habeeb Ibrahim. "Effective Asset/Portfolio Management: NAPIMS Perspective." In SPE Nigeria Annual International Conference and Exhibition. SPE, 2022. http://dx.doi.org/10.2118/211998-ms.

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Abstract NAPIMS is the investment portfolio management arm of the NNPC that has been entrusted with investments of the federal government of Nigeria in the oil and gas sector. In alignment with best international practices, NAPIMS adopted an efficient asset-based management organizational structure to monitor the true performance of the entire assets within its portfolio. Having an overview of all assets serves as a roadmap/link to obtaining vital background information about legacy performance as well as plans and strategies. Over the years, NAPIMS had a less structured asset overview for producing and non-producing assets thereby, encumbering information access for budgetary and budget performance tasks. The deployed methodology ensures that investments meet the long- and short-term financial objectives and risk tolerance of NNPC and Nigeria at large. This work bridged the performance gap between producing and non-producing assets by delineating important parameters for that influence asset portfolio management. This project also encompasses useful technical, commercial, planning, and financial parameters from sub-sections within an asset group. The developed and implemented solution offers good flexibility by providing every essential and minute detail that can help an asset manager to deep dive into the historical and current performance. It further warehouses the plans for future growth, expansion, and optimizations towards greater profitability.
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Macheret, Yevgeny, and Leo Christodoulou. "Impact of Prognosis on Asset Life Extension and Readiness." In ASME 2003 International Mechanical Engineering Congress and Exposition. ASMEDC, 2003. http://dx.doi.org/10.1115/imece2003-42391.

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Fatigue response of structural components is determined by environmental conditions, material microstructure, and loading history. Variation of these factors results in significant scatter in fatigue-crack growth rates and component life. In this paper, the impact of prognosis capability on asset life extension and readiness is evaluated. Fatigue-crack growth data on aluminum samples under controlled spectrum loading are used to describe the statistics of the crack-size distribution. Several sensors with different probability of detection (POD) characteristics are considered for detecting cracks of critical size, and the effect of the POD on the component life extension is evaluated. Although the crack-detection capability leads to the asset life extension, it is not sufficient to maintain required mission readiness. On the other hand, the prognosis capability, which is based on the knowledge of the component’s current damage state, damage evolution laws, and upcoming mission loading, allows required mission readiness to be maintained.
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Reports on the topic "Commonality in Asset Growth"

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Yoo, Peter S. Population Growth and Asset Prices. Federal Reserve Bank of St. Louis, 1997. http://dx.doi.org/10.20955/wp.1997.016.

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Gârleanu, Nicolae, Stavros Panageas, and Jianfeng Yu. Technological Growth and Asset Pricing. Cambridge, MA: National Bureau of Economic Research, September 2009. http://dx.doi.org/10.3386/w15340.

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Yanagawa, Noriyuki, and Gene Grossman. Asset Bubbles and Endogenous Growth. Cambridge, MA: National Bureau of Economic Research, February 1992. http://dx.doi.org/10.3386/w4004.

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Kogan, Leonid, and Dimitris Papanikolaou. Growth Opportunities, Technology Shocks, and Asset Prices. Cambridge, MA: National Bureau of Economic Research, January 2012. http://dx.doi.org/10.3386/w17795.

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Constantinides, George, and Anisha Ghosh. Asset Pricing Tests with Long Run Risks in Consumption Growth. Cambridge, MA: National Bureau of Economic Research, December 2008. http://dx.doi.org/10.3386/w14543.

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Goulder, Lawrence, and Lawrence Summers. Tax Policy, Asset Prices, and Growth: A General Equilibrium Analysis. Cambridge, MA: National Bureau of Economic Research, January 1987. http://dx.doi.org/10.3386/w2128.

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Bloxham, Paul, Christopher Kent, and Michael Robson. Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study. Cambridge, MA: National Bureau of Economic Research, March 2011. http://dx.doi.org/10.3386/w16845.

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Yasuhara, Tsuyoshi. Working Paper PUEAA No. 11. Profit Seeking Model and the Monetary Policy in Japan: cross-border asset holdings via Offshore Financial Centers. Universidad Nacional Autónoma de México, Programa Universitario de Estudios sobre Asia y África, 2022. http://dx.doi.org/10.22201/pueaa.009r.2022.

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Recently, the Junichiro Koizumi and Shinzo Abe administration has adopted labor reforms, and monetary authorities have updated unconventional monetary policies: quantitative easing of money supply and negative interest rate control. It can be identified that quantitative easing policy and negative interest rate policy have introduced and stimulated new styles of profit-seeking through stock market transactions, which only increases corporate and bank profits under a stagnant labor productivity growth rate. Under such a context, this paper analyzes the changing phase of the profit-seeking patterns of the financial and non-financial sector in Japan. The hypothesis is that the large-scale corporate sector has created a new profit-seeking paradigm and that this has been supported by the monetary control of the so-called "Abenomics".
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Ozano, Kim, Andrew Roby, Alan MacDonald, Kirsty Upton, Nick Hepworth, Clare Gorman, John Matthews, et al. Groundwater: Making the Invisible Visible - K4D Briefing Pack. Institute of Development Studies (IDS), March 2022. http://dx.doi.org/10.19088/k4d.2022.027.

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This briefing pack provides some of the latest evidence and information about groundwater, along with key messaging and resources. In this pack we discuss the UK’s Water action at COP26; programme activities around water and climate, water governance, finance, and gender and the UK’s well developed water ‘offer’, that together, can help reach the goal of global water security. Groundwater is water found underground in aquifers which, although hidden from view, are vital to agriculture, economic growth, nature and health. Groundwater is an especially important source of water as rainfall varies due to Climate Change. The sections in this briefing pack are: UK position on water; UK water offer; Latest innovation and developments around groundwater; Supported networks for knowledge, connection and opportunities; Water as a strategic climate asset; Water governance; Water finance; Water Finance and Water Risk Filter; Gender and water; GCRF Water Security and Sustainable Development Hub – case studies; Upcoming events and networks; Key reading; Key videos.
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Asia Bond Monitor September 2021. Asian Development Bank, September 2021. http://dx.doi.org/10.22617/spr210338-2.

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In the second quarter of 2021, rising COVID-19 cases have cast a shadow over emerging East Asia's growth outlook. Yet the region's financial conditions remain broadly stable amid accommodative monetary policy stances despite some weakening signs. Local currency (LCY) bond markets in emerging East Asia expanded to $21.1 trillion at the end of June, as governments tapped LCY bonds to support recovery measures and contain the negative impact of rising COVID-19 cases. The ASEAN+3 sustainable bond market expanded to $345.2 billion at the end of Q2 2021, accounting for nearly 19% of the global sustainable bond market. The risk to the outlook for regional financial markets remains tilted to the downside. Uncertainty over recovery prospects due to COVID-19, combined with a strong US economic rebound and possible earlier-than-expected monetary policy normalization in the US, could lead to further weakening of financial conditions. This issue of the Asia Bond Monitor features special boxes on emerging East Asia’s economic outlook, market capacity and central banks’ asset purchasing programs, debt build-up, and social risk in developing Asia.
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