Academic literature on the topic 'Share price responses'
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Journal articles on the topic "Share price responses"
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Brennand, Garry J. "Asymmetric fuel share responses to relative price movements." OPEC Review 16, no. 3 (September 1992): 309–25. http://dx.doi.org/10.1111/j.1468-0076.1992.tb00435.x.
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Kichko, Sergey. "Competition, land prices and city size." Journal of Economic Geography 20, no. 6 (December 3, 2019): 1313–29. http://dx.doi.org/10.1093/jeg/lbz037.
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Abstract Larger cities typically give rise to two opposite effects: tougher competition among firms and higher production costs. Using an urban model with substitutability of production factors and pro-competitive effects, I study product market responses to an increase in city population, land-use regulations and commuting costs. I show that those responses depend on the land intensity in production. If the input share of land is low, a larger city attracts more firms setting lower prices, whereas for an intermediate land share, city expansion increases both the mass of firms and product prices. For a high land share, the mass of firms decreases with city size while product price increases. Softer land-use regulations and/or lower commuting costs reinforce pro-competitive effects, making city residents better-off via lower product prices and broader diversity.
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Yanuar, Nyoman Suprastha,. "Exchange Rate And Asean Share Price: An Analysis Of Asimmetry Response." Jurnal Manajemen 23, no. 1 (March 25, 2019): 68. http://dx.doi.org/10.24912/jm.v23i1.445.
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The purpose of this study is to examine whether these markets react differently to market upturns and market downturns of markets using VAR models. This study finds that following:. First, in line with many studies on international interdependencies of equity prices,. Second, the evidence strongly suggests significant responses of the ASEAN markets to the US exchange rate downturns Third, the pattern of responses based on impulse response functions further substantiate asymmetric responses of these markets to positive and negative shocks in the US exchange rate. Practical implications, suggest that the benefits of international portfolio diversification. The originality of study is exchange rates US have an impact on ASEAN stock market integration.
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Lambert, David K., and Jian Gong. "Dynamic Adjustment of U.S. Agriculture to Energy Price Changes." Journal of Agricultural and Applied Economics 42, no. 2 (May 2010): 289–301. http://dx.doi.org/10.1017/s1074070800003461.
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Energy prices increased significantly following the first energy price shock of 1973. Agricultural producers found few short run substitution possibilities as relative factor prices changed. Inelastic demands resulted in total expenditures on energy inputs that have closely followed energy price changes over time. A dynamic cost function model is estimated to derive short and long run adjustments within U.S. agriculture between 1948 and 2002 to changes in relative input prices. The objective is to measure the degree of farm responsiveness to energy price changes and if this responsiveness has changed over time. Findings support inelastic demands for all farm inputs. Statistical results support moderate increases in responses to energy and other input price changes in the 1980s. However, demands for all inputs remain inelastic in both the short and long run. Estimation of share equations associated with a dynamic cost function indicates that factor adjustment to input price changes are essentially complete within 1 year.
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Höhler, Julia, and Julia A. Schreiner. "Unfair milk prices? Lessons from a split-sample choice experiment." British Food Journal 122, no. 2 (November 23, 2019): 515–30. http://dx.doi.org/10.1108/bfj-04-2019-0298.
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Purpose In times of “milk price crises”, “fair” milk prices are repeatedly demanded. Various studies indicate an increased willingness to pay (WTP) for the additional attribute of price fairness. Nevertheless, market shares have been low so far. The purpose of this paper is to discuss three possible reasons for this: low reference prices, socially desirable responses in choice experiments and the lack of justification of the claim “fair” by further attributes. Design/methodology/approach In a split sample, one group facing alternatives with a higher price range and the other with a lower price range, the consumer’s choices are examined. This study uses a social desirability scale for controlling biases in the stated WTP. In addition, the claim “fair” is complemented with a guaranteed price, grazing, regional production and CO2-reduction. A random parameter logit model specified in WTP space is employed to estimate milk consumers’ (n=480) preferences for “fair” milk. Furthermore, a latent class approach reveals information about the source of preference heterogeneity for fair milk attributes among the two groups of the split sample. Findings This study finds statistically significant differences between the two price ranges. In the low price range, additional attributes can trigger an additional WTP. In the high price range, there is no statistically significant additional WTP. WTP’s dependence on price levels could explain why the market share for “fair” milk has so far been low. Originality/value This paper contributes to the study of the effect of split samples in choice experiments. In addition, it promotes the understanding of price fairness in milk and its determinants.
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O'NEILL, T. J., J. H. W. PENM, and R. D. TERRELL. "THE SEQUENTIAL ESTIMATION OF SUBSET VAR WITH FORGETTING FACTOR AND INTERCEPT VARIABLE." International Journal of Theoretical and Applied Finance 07, no. 08 (December 2004): 979–95. http://dx.doi.org/10.1142/s0219024904002803.
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In this paper we propose a forward time update algorithm to recursively estimate subset vector autoregressive models (including an intercept term) with a forgetting factor, using the exact window case. The proposed recursions cover, for the first time, subset vector autoregressive models (VAR) with a forgetting factor and an intercept variable. We then present two applications. In the first application we apply the proposed estimation algorithm to the quarterly aluminium prices on the London Metal Exchange. The findings show that the proposed algorithm can improve the forecasting performance. In the second application a bivariate system investigates the relationship between the Australian's All Ordinaries Share Price Index (SPI) futures and BHP share price (BHP). The proposed algorithm also introduces the Monte Carlo Integration approach into the proposed algorithm to generate error bands for the impulse responses. These results confirm that the SPI Granger causes BHP, but not vice versa.
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Eickmeier, Sandra, and Markus Kühnlenz. "CHINA'S ROLE IN GLOBAL INFLATION DYNAMICS." Macroeconomic Dynamics 22, no. 2 (September 28, 2016): 225–54. http://dx.doi.org/10.1017/s1365100516000158.
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We apply a structural dynamic factor model to a large quarterly data set covering 38 countries between 2002 and 2011 to analyze China's role in global inflation dynamics. We identify Chinese supply and demand shocks and examine their contributions to global price dynamics and the transmission mechanism. Our main findings are as follows: (i) Chinese supply and demand shocks affect prices in other countries significantly. Demand shocks matter slightly more than supply shocks. Producer prices tend to be more strongly affected than consumer prices by Chinese shocks. The overall share of international inflation explained by Chinese shocks is notable (about 6 percent on the average over all countries but not more than 13 percent in each region). (ii) Direct channels (via import and export prices) and indirect channels (via greater exposure to foreign competition and commodity prices) both matter. (iii) Differences in trade and in commodity exposure help explain cross-country differences in price responses.
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Soon, Byung Min, and Jarrett Whistance. "Seasonal Soybean Price Transmission between the U.S. and Brazil Using the Seasonal Regime-Dependent Vector Error Correction Model." Sustainability 11, no. 19 (September 26, 2019): 5315. http://dx.doi.org/10.3390/su11195315.
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Soybean production and trade in the U.S. and Brazil are seasonal. Our research question is whether the seasonal tendencies cause the price relationship between U.S. and Brazilian soybean prices. Therefore, the objective is to test for seasonality in the price transmission between the U.S. and Brazil soybean prices using the seasonal regime-dependent vector error correction model (VECM). Our results show that the speed of the adjustment for the U.S. soybean price in the first half of the year is greater than the speed of the adjustment for the Brazilian soybean price. However, the pattern of their responses becomes the reverse in the second half of the year. The component share calculated by the result of the VECM with seasonal effects indicates that the U.S. dominates the world soybean market during the second half of the year while Brazil is dominant in the soybean market in the first half of the year. These results give us an important finding that we could not find using the VECM without seasonal effects. Finally, our results imply that the seasonal pattern of production in the U.S. and Brazil could cause the sustainability of the supply chain in the world soybean market.
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Min, Jae Hoon. "Information Spillover and Demand Shock Effect of the IPOs on the Stock Price of the Competitors: Evidence From the Korean Stock Market." International Journal of Financial Research 11, no. 5 (September 22, 2020): 1. http://dx.doi.org/10.5430/ijfr.v11n5p1.
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This paper examines the impact of IPOs on the stock prices of competing companies in the same industry in the Korean stock market. By observing the stock price responses of competitors at the time of IPO announcement and listing, this study attempts to separately examine the effect of IPO's information transfer and its impact on the stock demand of competitors. Before and after the IPO announcement, the stock prices of competitors did not change significantly. On the other hand, during the period surrounding the IPO stock listing, the stock price of competitors showed a significantly negative decline. This suggests that as the IPO stock related information was revealed through the public offering process, it negatively affected the stock price of competing companies. Also, the listing of IPO stocks seems to have adversely affected the stock demand for competing companies. In particular, among the effects of information transfer, the competitive effect is overwhelming, and the factors that influence relative competitiveness in the industry between competitors and an IPO company, such as operating profitability and R&D investment, are found to have a substantial influence on the share price of competitors.
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Güntner, Jochen H. F. "HOW DO INTERNATIONAL STOCK MARKETS RESPOND TO OIL DEMAND AND SUPPLY SHOCKS?" Macroeconomic Dynamics 18, no. 8 (June 7, 2013): 1657–82. http://dx.doi.org/10.1017/s1365100513000084.
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Building on Kilian and Park's (2009) structural VAR analysis of the effects of oil demand and supply shocks on the U.S. stock market, this paper focuses on the differences and commonalities of stock price responses in oil exporting and importing economies in 1974–2011. Structural oil price shocks add to our understanding of the 2008 stock market crash. I find that unexpected reductions in world oil supply do not affect stock returns in any of six OECD countries. Although an increase in global aggregate demand consistently raises oil prices and cumulative real stock returns, the effect is more persistent for oil exporters. Other, e.g., precautionary oil demand shocks have a detrimental impact on stock markets in oil-importing countries, a statistically insignificant effect for Canada, and a significantly positive effect for Norway. Oil price shocks account for a larger share of the variation in aggregate international stock returns than in national stock returns.
Dissertations / Theses on the topic "Share price responses"
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Vanderplank, Kevin N. "Share price response associated with additions to and deletions from the S&P ASX 200 share price index." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2009. https://ro.ecu.edu.au/theses/1895.
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In the 1970’s Managed Investment Funds began to source funds directly from the public for investment in the capital markets. The main selling feature of the funds was that they could accumulate a pool of investment capital which would then be invested to earn returns, through economies of scale, in excess of those that could be earned by the investors individually.
Investors in managed funds usually benchmark the performance of their investments, and by default the performance of the fund managers, against the returns available on the index. So that they may at least mimic the return on the index many fund managers will weight the assets in their portfolio to match that of the index.
The present study uses a raw return, a dividend adjusted return and a market model return to analyse the impact on investors returns of shares that either enter or exit Australia’s benchmark market index. The period of the study is between the introduction of the benchmark S&P ASX 200 Index in April 2000 and December 2004.
The present study finds conclusive evidence that the announcement of changes to the index does not contain any information of which the market is unaware. In fact there is strong evidence that investors begin to respond to potential changes in the in index constituents six months prior to the actual change.
These results differ significantly from those found in studies on the US and the UK markets and are of importance to those investors that attempt to track returns of the index.
The results of the present study also provide strong evidence of the dominance of the funds management industry in the Australian market. This has significance for the small investor who is trying to compete and manage their portfolio for themselves.
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Martynyuk, Artem. "Share price response to earnings announcements in the steel industry." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18997.
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The purpose of the thesis is to study share price response to quarterly earnings per share (EPS) announcements in the world steel industry for the last five years (from 2007 to 2011), using the event study methodology. Moreover, the paper attempts to test share price reactions to earnings releases for yearly aggregation (pre-crisis, crisis and post-crisis periods) and countries aggregation (developed and developing countries) of sample steel companies. The research is conducted employing a sample of 30 listed companies, operating in the steel industry. The steel producers’ headquarters are situated in thirteen countries; they are traded on twelve stock markets as primary listing stock exchanges and are referred to thirteen respective indexes.The thesis uses the event study methodology in order to address the purpose of the research. This methodology provides an insight on how numerous corporate events (M&As and takeovers announcements, regulatory changings and earnings announcements) influence company’s stock prices. All the announcements were divided into two groups: “negative” announcements (Group I) and “positive” announcements (Group II). By “negative” announcements it is meant, that new actual earnings per share are smaller than earnings per share from the last quarter, and vice versa for “positive” announcements. The pattern for overall aggregation of sample companies showed the significant and expected share price response to earnings announcements for Group I only. The output for Group II was puzzling. This led to the assumption of negative market perception on the steel industry stock prices as a result of 2007-2008 financial crises. Indeed, for 2007, which was determined as a pre-crisis period for the steel industry, the share price reaction was significant for both groups of EPS announcements. However, within the two other periods (crisis period of 2008-2009 and post-crisis period of 2010-2011) significant and expected pattern was obtained only for Group I once again. The 2007 yearly aggregation comprised only twenty companies due to the data availability. This revealed the assumption, that this sample of twenty steel companies should be tested for the two other periods. However, the pattern remained the same as in the overall aggregation case. Furthermore, the sample steel companies were aggregated on countries basis. The obtained response was analogous to overall aggregation response, the only difference is that Group I reaction was more significant for developed countries than for developing counties sample.
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郭清雰. "A Study of Stock Price Response to Share Repurchasing Announcement of TSEC Financial Companies." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/29012353448428833320.
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Jordan, Jared Bayman. "An analysis of the response to corporate unbundling announcements on the Johannesburg Stock Exchange." Thesis, 2012. http://hdl.handle.net/10539/11614.
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This research report examines the effect of the announcement of corporate unbundling by
South African corporations listed on the Johannesburg Stock Exchange. This research was
carried out in order to update the literature and to analyse whether results confirm the
previous research performed by Blount and Davidson (1996) or coincides with
international trends, which displayed positive responses to unbundling announcements.
The event study methodology was used for analysing the market’s reactions to corporate
unbundling announcements. Abnormal returns were calculated using the market model
approach with an event window of ten days and an estimation window of 120 days. A
sample of 27 corporations were analysed in this research report during the period January
2002 to June 2011. The results indicated strong negative abnormal returns as a result of
the corporate unbundling announcements. This finding confirms Blount and Davidson’s
(1996) earlier research.
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Choi, Wai Hong. "Three Papers on the Effects of Competition in Engery Markets." Thesis, 2013. http://hdl.handle.net/10012/7766.
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This thesis comprises three papers examining the impact of competitive pricing or competition on participants in energy markets. The scope of each paper is narrow but focused, dealing with one particular aspect of competition in each market under study. It is hoped that results from these three studies could provide valuable policy lessons to public policy makers in their task to create or maintain competition in different energy markets, so as to improve efficiencies in these markets.
The first and second papers examine the load shifting behavior of industrial customers in Ontario under real time pricing (RTP). Using Hourly Ontario Energy Price (HOEP) data from 2005 to 2008 and industry-level consumption data from all industrial customers directly connected to the transmission grid, the first paper adopts a Generalized Leontief specification to obtain elasticities of substitution estimates for various industry groups, while the second paper adopts a specification derived from standard consumer theory to obtain price elasticity estimates. The findings of both papers confirm that in some industries, industrial customers who are direct participants of the wholesale market tend to shift consumption from peak to off-peak periods in order to take advantage of lower off-peak prices. Furthermore, in the first paper, a demand model is estimated and there is evidence that the marginal effect of hourly load on hourly price during peak periods is larger than the marginal effect during off-peak periods. An important policy implication from the results of these papers is that while RTP is currently limited to industrial customers, it does have positive spillover effects on all consumers.
The third paper uses a unique panel dataset of all retail gasoline stations across five Canadian cities from late-2006 to mid-2007 to examine the effect of local competition on market shares and sales of individual stations. The base empirical specification includes explanatory variables representing the number of same brand stations and the number of different brand stations within a 3km radius to identify brand affiliation effect. It is found that the number of local competitors is negatively correlated with market share and sales. More interestingly, a same brand competitor has a larger marginal impact on market share and sales than a competitor of a different brand. These findings suggest that additional local competition leads to cannibalization of market share among existing stations, rather than create new demand. Another implication is that relying only on the number of different brands operating within a geographic market could understate the competition intensity in the local market.
Books on the topic "Share price responses"
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Samuel, Boris. Illegal Prices. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198794974.003.0014.
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Between 2005 and 2010, Mauritania and Guadeloupe faced massive social mobilizations against the high cost of living. The widespread use of illegal practices was blamed for the unjust pricing of some of the most important consumer goods. While state responses to illegality had limited success, the interfaces between legality and illegality in markets appeared to shape social and political relations. In Guadeloupe, a wave of audits responded to the social demands for transparency and the unveiling of illegal practices. But illegalities remained largely unsanctioned, enabling the continued coexistence of legality and illegality in price formation. In Mauritania, public interventions were necessary to contain the social and political consequences of price hikes. But circumvention of the rules was so common in the public administration that fraudulent practices characterized the implementation of such social programs too. Illegal market transactions became one of the means by which the government organized redistribution.
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Scodel, Joshua. Shame, Love, Fear, and Pride in the Rape of Lucrece. Edited by Jonathan Post. Oxford University Press, 2013. http://dx.doi.org/10.1093/oxfordhb/9780199607747.013.0031.
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Shakespeare’s The Rape of Lucrece (1594) depicts a moral world based on classical conceptions of honour and shame. It does so not for antiquarian reconstruction but because these conceptions are very much part of Shakespeare’s world. Reimagining a famous story concerning Rome’s mythic past, Shakespeare engages with ancient and Renaissance moral psychology, Ovid’s Metamorphoses, and Spenser’s Faerie Queene to explore the ‘shame’ of Lucrece’s rape and the complex relationship of shame to other feelings such as love, fear, and pride. Lucrece, her rapist Tarquin, her ambiguous revenger Brutus, and even such minor characters as Lucrece’s messenger, reveal themselves through their diverse responses to shame. By reconceiving the role of shame and related passions in the Lucrece story, Shakespeare challenges traditional gender and social roles and associated conceptions of proper ethical and political action.
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Guthrie, Graeme. No skin in the game. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190641184.003.0009.
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Boards can delegate some of the task of monitoring management to financial analysts, who reduce the asymmetry of information between a firm’s insiders and outside investors, which makes the various tools for reducing manager-shareholder conflict more effective. This chapter uses events at SPX, a mid-western manufacturing firm undergoing explosive growth, to explain the role that financial analysts play in monitoring management. It shows how career concerns can give financial analysts—who typically have little direct exposure to a firm’s share price—a strong incentive to monitor management. It also shows how analysts’ effectiveness as delegated monitors is limited by their own conflicts of interest and how the market’s response to analysts’ recommendations can have unwelcome effects on managers’ behavior.
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Boyiopoulos, Kostas. Death by Unrequited Eros. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198789260.003.0009.
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This chapter investigates Wilde’s response to classical tragedy by looking at Salome and comparing it with Euripides’ Hippolytus. It examines how Wilde inverts tragedy by hijacking Aristotelian conventions with the theme of suicide owing to unrequited love. It pays attention to Narraboth, the young Syrian captain, who dramatically kills himself in situ as a result of his frustrated desire and suffering. Narraboth pays the ultimate price for the slightest of reasons, infatuation or love that is not even returned. Wilde undermines tragedy from within by favouring character psychology over plot, and elevating frivolity, whim, and trifling jest to what Aristotle calls spoudaion (‘worthy’). Narraboth in his suffering and Salome in her lust share striking similarities with Phaedra, who also commits suicide as a victim of eros in the Hippolytus of Euripides, Wilde’s favourite tragedian. The chapter argues that Salome carries a Euripidean legacy, and also that Hippolytus anticipates Wilde’s decadence.
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Hawkins, Stan. Aesthetics and Hyperembodiment in Pop Videos. Edited by John Richardson, Claudia Gorbman, and Carol Vernallis. Oxford University Press, 2013. http://dx.doi.org/10.1093/oxfordhb/9780199733866.013.002.
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This article appears in theOxford Handbook of New Audiovisual Aestheticsedited by John Richardson, Claudia Gorbman, and Carol Vernallis. This chapter uses textual analysis of the music video “Umbrella,” featuring Rihanna, to demonstrate the intricacies of sound and image synchronization. It argues that music highlights subject positions according to the viewer’s expectations, assessment, and understanding of the displayed subject. Rihanna’s erotic imagery forms a critical point for contemplating the pop artist’s physical responses to music. One central ingredient of most video performances is disclosed by the suggestive positioning of the gendered body, which extends far beyond everyday experience. Such notions are theorized through aspects of hyperembodiment and hypersexuality, wherein the technological constructedness of the body constitutes a prime part of video production. The aesthetics of performance are predicated on the reassemblance of the body audiovisually. Editing, production, and technology shape the images, which are stimulated by musical sound, and ultimately the audiovisual flow in pop videos mediates a range of conventions that say much about our ever-evolving cultural domains.
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Mulloy, Garren. Defenders of Japan. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197606155.001.0001.
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Japan's post-war armed forces are a paradox, both embarrassing remnants of the past and valuable repositories of experience. This book charts the development of the Japan Self-Defense Forces (JSDF) from 1954 as both unorthodox military institutions and servants of a civil society that decries militarism. Investigating JSDF contributions to Japanese and global security, the evolution of such contributions during and after the Cold War, and their possible reconfiguration for Japan's security needs ahead, Garren Mulloy offers insight into the Forces' past, present and future. He explores the characteristics and contradictions of Japanese policy, including novel approaches in response to an increasingly assertive China, the latent threat of North Korea and contributory pressure from the US. Though the American alliance remains the core of Japanese security, new partnerships and international overtures will also shape the Forces' place in Prime Minister Abe's new vision of 'proactive contributions to peace'. Defenders of Japan deconstructs how the JSDF have adapted and will continue to adapt within domestic norms, caught between unresolved legacies of Japan's imperial past and a dynamically shifting balance of future global power.
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Kühn, Wolfgang, and Gerd Walz. The molecular basis of ciliopathies and cyst formation. Edited by Neil Turner. Oxford University Press, 2015. http://dx.doi.org/10.1093/med/9780199592548.003.0303.
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Abnormalities of the cilium, termed ‘ciliopathies’, are the prime suspect in the pathogenesis of renal cyst formation because the gene products of cystic disease-causing genes localize to them, or near them. However, we only partially understand how cilia maintain the geometry of kidney tubules, and how abnormal cilia lead to renal cysts, and the diverse range of diseases attributed to them. Some non-cystic diseases share pathology of the same structures. Although still incompletely understood, cilia appear to orient cells in response to extracellular cues to maintain the overall geometry of a tissue, thereby intersecting with the planar cell polarity (PCP) pathway and the actin cytoskeleton. The PCP pathway controls two morphogenetic programmes, oriented cell division (OCD) and convergent extension (CE) through cell intercalation that both seem to play a critical role in cyst formation. The two-hit theory of cystogenesis, by which loss of the second normal allele causes tubular epithelial cells to form kidney cysts, has been largely borne out. Additional hits and influences may better explain the rate of cyst formation and inter-individual differences in disease progression. Ciliary defects appear to converge on overlapping signalling modules, including mammalian target of rapamycin and cAMP pathways, which can be targeted to treat human cystic kidney disease irrespective of the underlying gene mutation.
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Schindler, Thomas E. A Hidden Legacy. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197531679.001.0001.
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This biography of Esther Zimmer Lederberg highlights the importance of her research work, which revealed the unique features of bacterial sex, essential for our understanding of molecular biology and evolution. A Hidden Legacy relates how, she and her husband Joshua Lederberg established the new field of bacterial genetics together, in the decade leading up to the discovery of the DNA double helix. Their impressive series of achievements include: the discovery of λ bacteriophage and of the first plasmid, known as the F-factor; the demonstration that viruses carry bacterial genes between bacteria; and the elucidation of fundamental properties of bacterial sex. This successful collaboration earned Joshua the 1958 Nobel Prize, which he shared with two of Esther’s mentors, George Beadle and Edward Tatum. Esther Lederberg’s contributions, however, were overlooked by the Nobel committee, an example of institutional discrimination known as the Matilda Effect. Esther Lederberg should also have been recognized for inventing replica plating, an elegant technique that she originated by re-purposing her compact makeup pad as a kind of ink stamp for conveniently transferring bacterial colonies from one petri dish to another. Instead, the credit for the invention is given to her famous husband, or, at best, to Dr. and Mrs. Lederberg. Within a few years of winning the Nobel Prize, Joshua Lederberg divorced his wife, leaving Esther without a laboratory, cut off from research funding, and facing uncertain employment. In response, she created a new social circle made up of artists and musicians, including a new soulmate. She devoted herself to a close-knit musical ensemble, the Mid-Peninsula Recorder Orchestra, an avocation that flourished for over forty years, until the final days of her life.
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Moore, Gordon, John A. Quelch, and Emily Boudreau. Choice Matters. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190886134.001.0001.
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Choice Matters: How Healthcare Consumers Make Decisions (and Why Clinicians and Managers Should Care) is a timely and thoughtful exploration of the controversial role of consumers in the U.S. healthcare system. In most markets today, consumers have more options and autonomy than ever before. Empowered consumers easily shop around for products and services that better meet their needs, and they widely share their reviews on social media to inform and influence other consumers. Businesses have responded with better experiences and prices to compete for consumers’ business. Though healthcare has lagged behind other industries in this respect, there is a rising tide of interest in consumer choice and empowerment in healthcare markets. However, most healthcare provider organizations, individual doctors, and health insurers are unprepared to consider patients as consumers. The authors draw upon the fields of medicine, marketing, management, psychology, and public policy as they take a substantive, in-depth look at consumer choice and point out its appropriate use, as well as its limitations. This book addresses perplexing issues, such as how healthcare differs from other consumer-driven markets, how consumers make healthcare decisions, and how increased consumer choice in healthcare can not only aid and empower American consumers but also improve the overall healthcare system.
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Noakes, Lucy, Claire Langhamer, and Claudia Siebrecht, eds. Total War. British Academy, 2020. http://dx.doi.org/10.5871/bacad/9780197266663.001.0001.
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War is often lived through and remembered as a time of heightened emotional intensity. This edited collection places the emotions of war centre stage. It explores emotional responses in particular wartime locations, maps national and transnational emotional cultures, and proposes new ways of deploying emotion as an analytical device. Whilst grief and fear are among the emotions most immediately associated with the rhetoric, experience, and memory of war, this collection suggests that feelings such as love, shame, pride, jealousy, anger, and resentment also merit attention. This book explores the status and uses of emotion as a category of historical and contemporaneous analysis. It goes beyond the cataloguing of discrete feelings to consider the use of emotion to understand the past. It considers the emotional agency of historical actors and the contexts, modes, and time frames in which they communicated their feelings. Wartime provides a dynamic context for thinking through the possibilities and limitations of the emotional approach. This collection provides case studies that explain how emotional registers respond to world events. These range from First World War Germany, interwar France, and Second World War Britain to the Greek Civil War and to the post-war world. Several chapters trace the emotional legacy of war across different conflicts and to the present day: they show how past, present, and possible futures intersect in the emotions of a moment. They also reveal links between the intimate, the national, and the international, between interiority and sociality, and between conflict and its aftermath.
Book chapters on the topic "Share price responses"
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Herrero, Mario, Marta Hugas, Uma Lele, Aman Wirakartakusumah, and Maximo Torero. "A Shift to Healthy and Sustainable Consumption Patterns." In Science and Innovations for Food Systems Transformation, 59–85. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-15703-5_5.
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AbstractThis chapter recognises that current food consumption patterns, often characterised by higher levels of food waste and a transition in diets towards higher energy, more resource-intensive foods, need to be transformed. Food systems in both developed and developing countries are changing rapidly. Increasingly characterised by a high degree of vertical integration, evolutions in food systems are being driven by new technologies that are changing production processes, distribution systems, marketing strategies, and the food products that people eat. These changes offer the opportunity for system-wide change in the way in which production interacts with the environment, giving greater attention to the ecosystem services offered by the food sector. However, developments in food systems also pose new challenges and controversies. Food system changes have responded to shifts in consumer preferences towards larger shares of more animal-sourced and processed foods in diets, raising concerns regarding the calorific and nutritional content of many food items. By increasing food availability, lowering prices and increasing quality standards, they have also induced greater food waste at the consumer end. In addition, the potential fast transmission of food-borne disease, antimicrobial resistance and food-related health risks throughout the food chain has increased, and the ecological footprint of the global food system continues to grow in terms of energy, resource use, and impact on climate change. The negative consequences of food systems from a nutritional, environmental and livelihood perspective are increasingly being recognised by consumers in some regions. With growing consumer awareness, driven by concerns about the environmental and health impacts of investments and current supply chain technologies and practices, as well as by a desire among new generations of city dwellers to reconnect with their rural heritage and use their own behaviour to drive positive change, opportunities exist to define and establish added-value products that are capable of internalising social or environmental delivery within their price. These forces can be used to fundamentally reshape food systems by stimulating coordinated government action in changing the regulatory environment that, in turn, incentivises improved private sector investment decisions. Achieving healthy diets from sustainable food systems is complex and requires a multi-pronged approach. Actions necessary include awareness-raising, behaviour change interventions in food environments, food education, strengthened urban-rural linkages, improved product design, investments in food system innovations, public-private partnerships, public procurement, and separate collection that enables alternative uses of food waste, all of which can contribute to this transition. Local and national policy-makers and small- and large-scale private sector actors have a key role in both responding to and shaping the market opportunities created by changing consumer demands.
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Arouri, Mohamed, and Duc Khuong Nguyen. "Study of Market Integration, Share Price Responses, and Global Portfolio Investments in the MENA Region." In Chapman & Hall/CRC Finance Series, 399–415. CRC Press, 2009. http://dx.doi.org/10.1201/9781439804506-c19.
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Roach, Lee. "Insider dealing and market abuse." In Company Law, 739. Oxford University Press, 2022. http://dx.doi.org/10.1093/he/9780192895677.003.0024.
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Part V of this text looked at the rules relating to corporate finance and transparency. An important justification for corporate disclosure is the need to ensure that sufficient information is publicly available, so that a company’s securities can be accurately priced. Certain persons may seek to benefit from non-publicly available information to benefit themselves or engage in conduct designed to manipulate a company’s share price. This additional online chapter discusses the law’s response to this issue by discussing the offence of insider dealing, the market abuse regime, and the offences relating to financial services.
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Santucci, Jack. "The Price of Coalition." In More Parties or No Parties, 108–21. Oxford University PressNew York, 2022. http://dx.doi.org/10.1093/oso/9780197630655.003.0006.
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Abstract This chapter looks at working of “good government” slates. Despite having traits associated with parties, they were mainly coalitions of neighborhood groups whose purpose was to hold down dominant-party seat share. Accordingly, government spending under STV is higher than in reformed cities without STV, as well as in unreformed cities. Campaigns are geographically focused, consistent with experience in non-U.S. contexts. But efforts at “vote management” are imperfect, with slates running as many candidates as there are seats to fill. This is a rational response to the fact that slate-based party systems defy the overarching ones. The “good government” parties bank on transfers from hopeless candidates to deliver seat majorities.
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Ho, Helen K. "Embodying Difference on YouTube." In Advances in Human and Social Aspects of Technology, 1–14. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-5225-0212-8.ch001.
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This chapter analyzes the content and responses of a popular video, “Shit Asian Dads Say,” produced by YouTube production company JustKiddingFilms. In analyzing video content in conjunction with themes emerging from comments left in response to the video, the chapter discusses the ways in which comedic/satirical, citizen-produced content on YouTube helps to shape, construct, and reflect the boundaries of group membership. As the video hinges on second-generation performances of immigrant parenthood, its content provides a prime site to investigate how age, gender and race are performed and become contested or reified in digital space. An analysis of the YouTube videos grounded in the responses, commentary and discussion that accompany the videos in the user comments, ultimately empowers viewers' interpretations of digital creative expression.
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Gibson, Matthew. "Theorising social workers’ experiences of self‑conscious emotions." In Pride and Shame in Child and Family Social Work, 129–42. Policy Press, 2019. http://dx.doi.org/10.1332/policypress/9781447344797.003.0006.
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This chapter provides a conceptual framework to understand the processes, relevant to self-conscious emotions, through which social workers come to acquiesce or resist organisational attempts at control. It first outlines the research on compliance and resistance in social work practice before developing and extending these ideas through the analysis of pride and shame in professional practice. Drawing on Oliver’s (1991) analysis of strategic responses within organisations to wider institutional processes, how social workers perform professional practice in the context of organisational attempts at control, and the strategies that social workers employ to manage the organisational pressures, expectations and demands, are outlined. While some social workers can actively identify with the organisational representation in the moment, motivating them to enact its meanings and expectations, some reluctantly identify with it as a defensive strategy to avoid being shamed and humiliated, motivating them to comply despite reservation. However, some social workers, in some contexts, resist the organisational representation, feeling unable to comply, and, therefore, seek to compromise what they are expected to do, conceal their acts of resistance or influence the source of organisational attempts at control.
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Stanley, Matthew E. "Remembering War, Constructing Race Pride, Promoting Uplift." In Freedoms Gained and Lost, 249–75. Fordham University Press, 2021. http://dx.doi.org/10.5422/fordham/9780823298150.003.0013.
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Focusing on the life and work of Joseph T. Wilson, author of the first comprehensive history of Black soldiers in the United States, this chapter examines responses of Black veterans to the changed conditions of post–Civil War America and the often-surprising twists and turns that historical memory can take. Wilson’s career and his 1882 book The Black Phalanx offer a curiously bifurcated vision: on the one hand, the failure of Reconstruction to deliver on the promise of emancipation led Wilson and others to look increasingly inward toward Black community, group reliance, shared decision-making, and “uplift suasion.” At the same time, Wilson’s committed activism and his narrative in Black Phalanx preserved a fiercely emancipationist memory of the war.
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Smithers, Andrew. "How the Market Returns to Fair Value." In The Economics of the Stock Market, 109–10. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0021.
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The stock market rotates around fair value, which is when corporate net worth and the market valuation of corporate equity are, when correctly valued, equal—the q ratio is mean reverting. This could occur through changes in net worth or in value or in some combination of both. To fit the assumptions of the neoclassical synthesis the adjustment must come from rises in net worth in response to changes in investment. It doesn’t and attempts to explain the incompatibility of the data on q with the neoclassical synthesis by allowing for tax effects have not succeeded. The mean reversion of equity q must therefore come from that of share prices and this is the natural effect of the stationarity of equity returns. When the market is cheap the returns from it are high and when overpriced low, so the risk of loss increases as share prices rise and declines as they fall. The rewards from holding equities thus rise and fall in a way that serves to restrict their swings.
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Deitrick, Sabina E., and Ilia Murtazashvili. "Introduction." In When Fracking Comes to Town, 1–18. Cornell University Press, 2022. http://dx.doi.org/10.7591/cornell/9781501760983.003.0001.
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This introductory chapter considers how communities have dealt with the shale boom, including its economic costs. The shale boom refers to the dramatic rise in U.S. shale gas production starting in the late 1990s and continuing into the 2020s. The focus is on how planners and government officials have responded to the challenges and opportunities from natural resource extraction. Many of these challenges may be exacerbated as state and local governments deal with the financial fallout from the COVID-19 pandemic, as well as the potential for increased pressure for shale gas development as a way to boost the economy and keep prices low as the curve flattens. The chapter attempts to provide insight into the specific legal, governance, planning, and economic challenges faced, as well as an understanding of how communities have responded when they often had no choice in the matter.
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Elliott, Andrew C. A. "Shaping the Risk." In What are the Chances of That?, 299–314. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198869023.003.0017.
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The board game backgammon illustrates that we can control the effects of risk by understanding chances, controlling our exposure to risk, and attending to the preparation of our responses. If we understand the risks we face in a financial context, hedging strategies can allow us to shape the overall risk by offsetting some or all of it, but this comes at a price. Financial futures and options are some of the tools that allow financial risks to be shaped in creative ways. Where risks are poorly understood, though, these financial engineering approaches may not always be effective, and have in the past led to financial difficulties.
Conference papers on the topic "Share price responses"
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Zhou, Jingsong, Chang Wang, Xiulin Xiao, Dan Zhou, Yinlong Fan, and Lei Wang. "Optimal Modeling of Integrated Energy Demand Response under Time-Shared Electricity Price." In 2020 15th IEEE Conference on Industrial Electronics and Applications (ICIEA). IEEE, 2020. http://dx.doi.org/10.1109/iciea48937.2020.9248408.
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Dias, Rui, Hortense Santos, Paulo Alexandre, Paula Heliodoro, and Cristina Vasco. "RANDOM WALKS AND MARKET EFFICIENCY TESTS: EVIDENCE FOR US AND AFRICAN CAPITAL MARKETS." In 5th International Scientific Conference – EMAN 2021 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/eman.s.p.2021.17.
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The 2020 Russia-Saudi Oil Price War was an economic war triggered in March 2020 by Saudi Arabia in response to Russia’s refusal to reduce oil production to keep oil prices at a moderate level. This economic conflict resulted in a sharp drop in the price of oil in 2020, as well as crashes in international markets. In the light of these events, our aim was to test the efficient market hypothesis, in its weak form, in the stock markets of Botswana (BSE), Egypt (EGX 100), Kenya (NSE 20), Moroccan All Shares (MASI), Tunisia (Tunindex), and the MARKET of the USA (DOWJONES INDUSTRIALS), in the period of Septem¬ber 2, 2019 to January 11, 2021. The results therefore support the evidence that the random walk hypoth¬esis is not supported by the financial markets analyzed in this period of global pandemic. The values of variance ratios are lower than the unit, which implies that the yields are autocorrelated in time and, there is reversal to the mean. In order to validate the results, we estimate the model αDFA that shows that the stock markets NSE 20 (0.75), TUNINDEX (0.69), MASI (0.63), EGX 100 (0.64), BSE (0.61), DOW JONES (0.58) show autocorrelation in their profitability, that is, these markets show signs of (in) efficiency, in its weak form, persistence in profitability, validating the results of the variance test by Rankings and Wright Signs. In conclusion we can show that the U.S. stock market has more market efficiency when compared to the African stock markets analyzed. The authors consider that the results achieved are of interest to investors looking for opportunities for portfolio diversification in these regional stock markets.
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Iacobucci, Riccardo, Benjamin McLellan, and Tetsuo Tezuka. "Model Predictive Control of a Shared Autonomous Electric Vehicles System with Charge Scheduling and Electricity Price Response." In 2018 3rd IEEE International Conference on Intelligent Transportation Engineering (ICITE). IEEE, 2018. http://dx.doi.org/10.1109/icite.2018.8492676.
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Mantilla, Weimar, José García, Rafael Guédez, and Alessandro Sorce. "Short-Term Optimization of a Combined Cycle Power Plant Integrated With an Inlet Air Conditioning Unit." In ASME Turbo Expo 2020: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2020. http://dx.doi.org/10.1115/gt2020-15162.
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Abstract Under new scenarios with high shares of variable renewable electricity, combined cycle gas turbines (CCGT) are required to improve their flexibility, in terms of ramping capabilities and part-load efficiency, to help balance the power system. Simultaneously, liberalization of electricity markets and the complexity of its hourly price dynamics are affecting the CCGT profitability, leading the need for optimizing its operation. Among the different possibilities to enhance the power plant performance, an inlet air conditioning unit (ICU) offers the benefit of power augmentation and “minimum environmental load” (MEL) reduction by controlling the gas turbine inlet temperature using cold thermal energy storage and a heat pump. Consequently, an evaluation of a CCGT integrated with this inlet conditioning unit including a day-ahead optimized operation strategy was developed in this study. To establish the hourly dispatch of the power plant and the operation mode of the inlet conditioning unit to either cool down or heat up the gas turbine inlet air, a mixed-integer linear optimization (MILP) was formulated using MATLAB, aiming to maximize the operational profit of the plant within a 24-hours horizon. To assess the impact of the proposed unit operating under this dispatch strategy, historical data of electricity and natural gas prices, as well as meteorological data and CO2 emission allowances price, have been used to perform annual simulations of a reference power plant located in Turin, Italy. Furthermore, different equipment capacities and parameters have been investigated to identify trends of the power plant performance. Lastly, a sensitivity analysis on market conditions to test the control strategy response was also considered. Results indicate that the inlet conditioning unit, together with the dispatch optimization, increases the power plant’s operational profit by achieving a wider operational range, particularly important during peak and off-peak periods. For the specific case study, it is estimated that the net present value of the CCGT integrated with the ICU is 0.5% higher than the power plant without the unit. In terms of technical performance, results show that the unit reduces the minimum environmental load by approximately 1.34% and can increase the net power output by 0.17% annually.
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Natarajan, Manojkumar, and Zahed Siddique. "Identifying Common Platform Shape for a Family of Components." In ASME 2004 International Mechanical Engineering Congress and Exposition. ASMEDC, 2004. http://dx.doi.org/10.1115/imece2004-61133.
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To survive in today’s volatile and changing markets, companies are now faced with the problem of providing more customization, greater quality, faster response, more innovative designs and lower prices. New models need to be introduced in the market more frequently, which has given momentum to design product platforms. Use of common components can reduce the design and manufacturing time significantly. Determining commonality among different components is a key to reducing the new product design cycle time. CAD files can be used as a means to measure commonality for a set of similar components. This paper presents a tree-based approach to compare a set of similar 3D CAD models, measure shape commonality and identify the common platform shape. First a mapping of the solid models using the IGES format to IPG (IGES Parametric Graph) has been developed. The IPG, a Labeled Attribute Tree, is used to capture the three dimensional shape and design attributes along with the function of the component. The IPGs are then used to obtain a commonality index and establish a common platform for a set of similar products. The applicability of the method is demonstrated using CAD models of a family of casing. This research can also be applied to identify existing components that can be reused in new products.
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Ippolito, Francesco, and Mauro Venturini. "Development of a Simulation Model of Transient Operation of Micro-CHP Systems in a Microgrid." In ASME Turbo Expo 2017: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/gt2017-63335.
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This paper presents the development of a simulation tool for modeling the transient behavior of micro-CHP systems, equipped with both thermal and electric storage units and connected with both electric and district heating grid. The prime mover considered in this paper is an internal combustion reciprocating engine, which is currently the only well-established micro-CHP technology. Different users, characterized by different demands of electric and thermal energy, both in terms of absolute value and electric-to-thermal energy ratio, are analyzed in this paper. Both summer and winter hourly trends of electric and thermal energy demand are simulated by using literature data. The results present a comprehensive energy analysis of all scenarios on a daily basis, in terms of both user demand met and energy share among system components. The transient response of the prime mover and the thermal energy storage is also analyzed for the two scenarios with the lowest and highest daily energy demand, together with the trend over time of the state of charge of both thermal and electric energy storage.
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Rystemaj, Jonida, and Eniana Qarri. "THE RESPONSE OF THE ALBANIAN COMPETITION AUTHORITY TO THE COVID-19 CRISIS." In International Jean Monnet Module Conference of EU and Comparative Competition Law Issues "Competition Law (in Pandemic Times): Challenges and Reforms. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2021. http://dx.doi.org/10.25234/eclic/18825.
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The outbreak of COVID-19 pandemic was a shock for the global economy. It affected almost every country, but certainly in developing countries its impact was harder. The immediate effect was the shortage of several medical and paramedical equipment which were necessary to prevent the virus spread. This shortage was felt in Albanian markets as well and was rapidly followed by a sharp increase of prices in paramedical products. The consumers suffered the highly increased prices amongst fear that in absence of these products, their life was threatened. This behaviour of the market participants was considered suspicious by the Competition Authority which decided to initiate a preliminary investigation to find out whether this behaviour was abusive, or it normally reflected the sudden shortage and the state of emergency. The instigation of this procedure was based on several complaints reported in the media and complaints directly submitted by consumers to the Competition Authority. At the first glance, the traders were exploiting the health emergency to maximise their profits. Subsequently, the Competition Authority (CA) decided to apply some preliminary measures on the wholesale market operators. Furthermore, the CA intervened even in a case of a company in dominant position which was furnishing selected pharmacies. These interventions aimed at restoring somehow the distorted competition in paramedical and medical products. This article will try to shed light on the current market situation and on the effectiveness of the interventions of the CA. How should the Competition Authority behave to restore the distorted competition? Are the current introduced measures enough to help all market participants overcome this state of health emergency? These questions and other issues related with the peculiar situation will be addressed in the current article. The article will be organized as follows: First, a glimpse of the regulation of Albanian competition law will be given. Second, the situation under COVID-19 emergency will be elaborated taking into consideration the guidelines of Communication of the Commission on “Temporary Framework for assessing antitrust issues related to business cooperation in response to situations of urgency stemming from the current COVID-19 outbreak” (2020/C 116 I/02). Lastly, the evaluation of the measures introduced by the Competition authority will be analysed and recommendations will be provided.
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Baqir, M. A., P. K. Choudhury, and Q. A. Naqvi. "On the Scattering by SiO2-VO2 Core-Shell Nanoparticle." In JSAP-OSA Joint Symposia. Washington, D.C.: Optica Publishing Group, 2019. http://dx.doi.org/10.1364/jsap.2019.18a_e208_8.
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The scattering of waves remains greatly important phenomenon of research focus involving the objects having size parameters ranging from macro- to nano-structured dimensions. Among the others, some of the notable examples would include the radar- and antenna-related applications [1]. Electromagnetic cloaking is greatly dependent on the extent of scattering response [2]. The role of scattering has been discussed in the context of metamaterials comprised of metal-dielectric partners crafted in certain forms [3]. Surface plasmon resonance remains the prime feature as the effects can be tailored depending on the shape and size of meta-atoms [4-6]. VO2 being a phase-changing material [7,8], here we discuss the scattering characteristics of SiO2-VO2 nanoshells considering different core/shell dimensional parameters, and also, the ambient temperature.
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Huebel, Moritz, Conrad Gierow, Jens Hinrich Prause, Sebastian Meinke, and Egon Hassel. "Simulation of Ancillary Services in Thermal Power Plants in Energy Systems With High Impact of Renewable Energy." In ASME 2017 Power Conference Joint With ICOPE-17 collocated with the ASME 2017 11th International Conference on Energy Sustainability, the ASME 2017 15th International Conference on Fuel Cell Science, Engineering and Technology, and the ASME 2017 Nuclear Forum. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/power-icope2017-3258.
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In many parts of the world, the impact of renewable energy, especially from intermittent sources as wind and solar is continuously increasing. In Germany, the share of renewable energy in electricity production is believed to increase from 32.5% in 2015 to 50% in 2030. In order to operate an electrical system and control the mains frequency, the power supply must match the consumption at any time. Ancillary services like primary and secondary control are used to balance the system on a time-scale of several seconds up to 15 minutes. Those control reserves are usually provided by thermal power plants. Particularly in times of high shares of fluctuating renewable feed-in, thermal power plants are turned off or operated at minimum load to avoid electricity production at low electricity prices. However, an amount of about 3000 MW of fast responding primary control need to be provided in the European network of transmission system operators for electricity grid to maintain stable operation even in case of two simultaneous large unit outages. This requirement leads to situations, where thermal power plants are operated in minimum load below their marginal cost to provide control reserves even if there is a surplus of energy in the grid. Operation in low load while at the same time providing control reserves leads to new challenges. As the relation between energy production and the thermal storage capacities provided by the metal and fluid mass in the boiler is decreasing with the load, the ability of responding to control demands is naturally slowed down. Dynamic simulation of the thermodynamic power plant process turned out to be an efficient method to investigate such operational modes. Using comprehensive process models coupled with a control system model, equipment adaptions or control system updates can be evaluated in order to provide faster responses. By increasing the specific amount of ancillary services per unit, the number of units necessary to provide the total amount of primary and secondary control could be reduced in situations with energy surplus.
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Kappis, Wolfgang, Stefan Florjancic, and Uwe Ruedel. "Alstom Gas Turbine Technology Overview: Status 2014." In ASME Turbo Expo 2015: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/gt2015-43289.
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Market requirements for the heavy duty gas turbine power generation business have significantly changed over the last few years. With high gas prices in former times, all users have been mainly focusing on efficiency in addition to overall life cycle costs. Today individual countries see different requirements, which is easily explainable picking three typical trends. In the United States, with the exploitation of shale gas, gas prices are at a very low level. Hence, many gas turbines are used as base load engines, i.e. nearly constant loads for extended times. For these engines reliability is of main importance and efficiency somewhat less. In Japan gas prices are extremely high, and therefore the need for efficiency is significantly higher. Due to the challenge to partly replace nuclear plants, these engines as well are mainly intended for base load operation. In Europe, with the mid and long term carbon reduction strategy, heavy duty gas turbines is mainly used to compensate for intermittent renewable power generation. As a consequence, very high cyclic operation including fast and reliable start-up, very high loading gradients, including frequency response, and extended minimum and maximum operating ranges are required. Additionally, there are other features that are frequently requested. Fuel flexibility is a major demand, reaching from fuels of lower purity, i.e. with higher carbon (C2+), content up to possible combustion of gases generated by electrolysis (H2). Lifecycle optimization, as another important request, relies on new technologies for reconditioning, lifetime monitoring, and improved lifetime prediction methods. Out of Alstom’s recent research and development activities the following items are specifically addressed in this paper. Thermodynamic engine modelling and associated tasks are discussed, as well as the improvement and introduction of new operating concepts. Furthermore extended applications of design methodologies are shown. An additional focus is set ono improve emission behaviour understanding and increased fuel flexibility. Finally, some applications of the new technologies in Alstom products are given, indicating the focus on market requirements and customer care.
Reports on the topic "Share price responses"
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Heresi, Rodrigo. Reallocation and Productivity during Commodity Cycles. Inter-American Development Bank, April 2021. http://dx.doi.org/10.18235/0003203.
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I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. To do so, I develop a heterogeneous-firms model that endogenizes declines in aggregate productivity through reallocation towards less productive firms. Within a given sector, commodity booms reallocate market share away from exporters because of currency appreciation and away from capital-intensive firms because of the increase in capital cost. I provide empirical evidence for these channels using microdata for Chile, the worlds largest copper producer. When fed with the commodity super-cycle of 2003-2012, the calibrated model generates about 50% of the observed productivity decline.
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Financial Stability Report - September 2015. Banco de la República, August 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
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From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor
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Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.
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The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor