Academic literature on the topic 'Short term returns to investors'
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Journal articles on the topic "Short term returns to investors"
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Aboody, David, Omri Even-Tov, Reuven Lehavy, and Brett Trueman. "Overnight Returns and Firm-Specific Investor Sentiment." Journal of Financial and Quantitative Analysis 53, no. 2 (March 1, 2018): 485–505. http://dx.doi.org/10.1017/s0022109017000989.
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We examine the suitability of using overnight returns to measure firm-specific investor sentiment by analyzing whether they possess characteristics expected of a sentiment measure. We document short-term overnight-return persistence, consistent with existing evidence of short-term persistence in the share demand of sentiment-influenced investors. We find that short-term persistence is stronger for harder-to-value firms, consistent with existing evidence that sentiment plays a larger role for such firms. We show that stocks with high (low) overnight returns underperform (outperform) over the longer term, consistent with prior evidence of temporary sentiment-driven mispricing. Overall, our evidence supports using overnight returns to measure firm-specific sentiment.
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S., Kannadas. "Investment behavior of short-term versus long-term individual investors of PAN India – An empirical study." Investment Management and Financial Innovations 18, no. 2 (June 1, 2021): 223–33. http://dx.doi.org/10.21511/imfi.18(2).2021.18.
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Investment activity, followed by household and external savings, often plays a decisive role in strengthening the financial status of individual investors, as it contributes to further increases in wealth. This study analyzes the investors’ investment motives and actions to find better investment strategies and to do a systematic review of the investment behavior available for both short- and long-term individual investors. The study is mainly focused on factors and priorities influencing investment decisions. The data were obtained using the questionnaire approach from 201 individual investors within the age group from 18 to 80 from different parts of India. Every individual investor’s risk-tolerant score has been calculated on the basis of the investors’ holistic behavior, namely, investors with high-risk appetite, investors with a moderate and low-risk appetite. Non-parametric tests are applied to evaluate the behavioral approach of investors that are differently correlated to these factors. T-test is used to distinguish between the population mean of short-term and long-term investors’ risk-taking ability and priority of safeguarding the principal over return preference, rather than identified investment factors. As a result of the study, the factors influencing the investors’ decisions were found: income level, market participation experience and risk-return proportions, rather than age, gender, risk-taking ability and investment priority. This study enhances the existing literature by analyzing income, risk-return proportion and investment experience factors that influence investment decisions.
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Oldham, Matthew. "Understanding How Short-Termism and a Dynamic Investor Network Affects Investor Returns: An Agent-Based Perspective." Complexity 2019 (July 3, 2019): 1–21. http://dx.doi.org/10.1155/2019/1715624.
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The unexplained and inconsistent behavior of financial markets provides the motivation to engage interdisciplinary approaches to understand its intricacies better. A proven approach is to consider investors as heterogeneous interacting agents who form information networks to inform their investment decisions. The rationale is that the topology of these networks has contributed to a better understanding of the erratic behavior of financial markets. Introducing investor heterogeneity also allows researchers to identify the characteristics of higher performing investors and the implications of investors exhibiting short-termism, a feature recognized by some as detrimental to the performance of the economy. To address these topics, an agent-based artificial stock market is implemented, where investors utilize various information sources, including advice from investors in their network, to inform their investment decisions. Over time investors update their trust in their information sources and evolve their network by connecting to outperforming investors—Oracles—and discarding poor advisers, thereby simulating the evolution of an investor network. The model’s most significant finding is uncovering how the market’s behavior is materially affected by the time-horizon of investors, with short-term behavior resulting in greater volatility in the market. Another finding is the reason why short-term investors generally outperform their long-term counterparts, particularly in more volatile environments. By providing significant insights into the formation of an investor network and its ramifications for market volatility and wealth creation (destruction), this paper provides crucial clues regarding the empirical data that needs to be collected, assessed, and tracked to ensure policymakers and investors better understand the dynamics of financial markets.
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Perez, Katarzyna. "Polish Absolute Return Funds And Stock Funds. Short And Long Term Performance Comparison." Folia Oeconomica Stetinensia 14, no. 2 (December 1, 2014): 179–97. http://dx.doi.org/10.1515/foli-2015-0016.
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Abstract In this paper I focus on analyzing whether Polish absolute return funds, which I call quasi-hedge funds, add value to a portfolio of an individual investor by reaching higher returns than Polish stock funds. I use a sample of 25 Polish absolute return investment funds to contrast their short and long term performance, measured by Sharpe, Sortino and Jensen ratios, to the short and long term performance of 20 biggest Polish stock funds and build rankings based on that performance. Later I build funds of funds (with a different number of stock funds and/or quasi-hedge funds) and check which of them is the most efficient. I find out that in both short and long term Polish quasi-hedge funds have better returns than stock funds and they add much value to the investors’ portfolios. It can be explained by the fact that they are much smaller and younger than traditional funds, so they have much higher potential to grow and reach abnormal returns.
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Kumar Inani, Sarveshwar, Harsh Pradhan, R. Prasanth Kumar, and Ajay Kumar Singal. "Do daily price extremes influence short-term investment decisions? Evidence from the Indian equity market." Investment Management and Financial Innovations 19, no. 4 (November 7, 2022): 122–31. http://dx.doi.org/10.21511/imfi.19(4).2022.10.
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For short-term investments in equity markets, investors use price points, candlestick patterns, moving averages, support and resistance levels, trendlines, price patterns, relative strength index, and moving average convergence-divergence as reference(s) for making decisions. This study investigates whether investors use daily price extremes (highest and lowest prices for the day) for making short-term investments or trading decisions in the context of the Indian equity market. Using 6,902 observations of daily data of the NIFTY 50 index since its launch, it is observed that daily price extremes (high or low) have no impact on opening returns of the next trading day. Based on the dummy regression analysis, next-day opening returns were found to be statistically significant, which implies the presence of momentum behavior. However, insignificant coefficients for high or low-price extremes of the day mean that investors do not use them as an anchor or reference point for decisions. Results are consistent over time and robust to the rising or falling markets. Further, opening returns were seen to be more volatile than closing returns in the first half of the sample, and they are less volatile in the second half, implying that markets have become more efficient in the last few years.
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Verma, Rahul, Gökçe Soydemir, and Tzu-Man Huang. "Are smart beta funds really smart? Evidence from rational and quasi-rational investor sentiment data." Review of Behavioral Finance 12, no. 2 (August 12, 2019): 97–118. http://dx.doi.org/10.1108/rbf-08-2018-0084.
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Purpose The purpose of this paper is to examine the relative effects of rational and quasi-rational sentiments of individual and institutional investors on a set of smart beta fund returns. The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact). These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals. Design/methodology/approach The results of the impulse functions generated from a multivariate model suggest that the smart beta fund returns are negatively (positively) impacted by individual (institutional) investor sentiments. Findings The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact). Originality/value These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals.
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Banchit, Azilawati, Sazali Abidin, Sophyafadeth Lim, and Fareiny Morni. "Investor Sentiment, Portfolio Returns, and Macroeconomic Variables." Journal of Risk and Financial Management 13, no. 11 (October 29, 2020): 259. http://dx.doi.org/10.3390/jrfm13110259.
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Investor sentiment is an important aspect of behavioural finance, which provides explanation of anomalies to the asset’s intrinsic values. Sentiments can easily affect individual investors. Historically, Australia is regarded as rich in resources but poor in capital, and this motivates the paper to further study and compare the effects of investor sentiment on performance returns. Aggregate and cross-sectional effects, as well as predictive regression analysis to forecast the relationships, while controlling for the macroeconomic variables, are used by employing Consumer Confidence Index (CCI) and trade volume as sentiment proxies. Contrary to some studies with aggregate stock markets, it is discovered that in the short term, investor sentiment poses a positive impact with strong predictive power on the forecast of portfolio returns but not so much in the long run, which supports the classical theories of rational investors. In both Australian and New Zealand markets, the sentiment proxies also cannot predict the returns portfolios with dividends in the long/short portfolio and book-to-market ratio long/short portfolio.
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Min, Jae Hoon. "Are Korea individual investors irrational in initial public offering (IPO) market? An explanation from the winner’s curse perspective." Asian Academy of Management Journal of Accounting and Finance 18, no. 1 (July 29, 2022): 33–58. http://dx.doi.org/10.21315/aamjaf2022.18.1.2.
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Individual investors are often regarded as irrational sentiment investors whose investment behaviour is affected by psychological factors. This study measures the actual investment return of individual investors who participated in initial price offering (IPO) stock investment in the Korean market from the short-term and long-term perspective and investigates the relationship with IPO characteristics that affect the investment sentiment of individual investors. Even though the underpricing of IPO stocks on the first day of listing on average reached 31% over the past 13 years, individual investors in the Korean stock market earned very little actual return on IPO stock investment. The market-adjusted return on IPO stock investment on the first day was about −0.5%, and even if they held IPO stocks for one year after listing, it was only 3.4%. The so-called winner’s curse, in which individual investors are allocated relatively many overvalued stocks appears to be present in the Korean IPO market. The allocation of IPO stocks by individual investors depends on several factors that reflect individual investors’ sentiment, such as past performance of previous IPOs, past industrial returns, institutional investors’ investment intent, offering size, an upward revision of the offer price, and issuing firm’s financial soundness. It was found that the higher the individual allocation rate, the lower the short-term investment return on the first trading day, confirming the winner’s curse risk of individual investors. However, in the long run, a reversal of returns was observed, in which the long-term returns of IPO stocks with high individual allocation rates rose. In order to mitigate the winner’s curse risk, it is desirable to reform IPO pricing mechanisms and allocation rules in a way that reduces the asymmetry of information between institutional and individual investors and reflects the subscription demand of individual investors.
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Liu, Ying-Sing. "EFFECTS OF THE PRE-REPURCHASE SYSTEMATIC RISK ON THE RELATIONSHIP BETWEEN INVESTOR BEHAVIOR, MARKET FACTORS AND THE STOCK PRICE RESPONSES." Journal of Business Economics and Management 19, no. 4 (December 13, 2018): 673–705. http://dx.doi.org/10.3846/jbem.2018.6840.
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This study explores the pre-repurchase systematic risk will affect the abnormal returns in the open-market repurchase event period and also change the relationship between the investor sentiment, trading activity, market factors and stock price response during the event on Taiwan stock market. Based on threshold regression models, it is found that the pre-repurchase systematic risk will significantly change the relationship between investor behavior, market factors and stock price responses and the asymmetry of the relationship exists when pre-repurchase systematic risk is lower than a repartition, which supports that institutional investors and credit trading investors differ in these existing relationships. When the pre-repurchase beta is below repartition, it will be detrimental to the returns in event period. But on the contrary, the returns in the short-term shock of news exposure period present the favorable results, which may be related to the fact that there exists sentiment premium in short-term when credit trading investors’ repurchase news exposure occurs. Finally, the study is to confirm the effect of systematic risk for returns and investor sentiment, these results have not been further explored in the past, and can be used as the firm’s evalu-ation reference to the repurchase program in the future.
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Swales, Jr., George, Michael Swales, and Edward Chang. "IPO Portfolio: An Alternative Approach to Higher Returns?" Journal of Finance Issues 6, no. 1 (June 30, 2008): 207–14. http://dx.doi.org/10.58886/jfi.v6i1.2418.
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Investors in today's financial markets continue to look for ways to enhance portfolio returns. Unfortunately, investments that offer the potential for higher gains may also include increased volatility, which can diminish some investor's desirability to hold these types of securities. Many portfolio managers, seeking to increase the return on their portfolios, will selectively choose riskier securities and practice risk reduction through diversification. Initial public offerings (IPOs) may offer the investor an investment alternative to use in an effort to enhance portfolios returns. lPO research, however, shows IPO returns can be quite volatile. Combining IPOs into a single. separate portfolio may reduce overall risk, while minimizing the potential of jeopardizing the investor's total holdings. Several research questions arise. Could a portfolio of IPQ equity securities produce a rate of return comparable to a widely held index, such as the S&P 5OO? Specifically, can a diversificd portfolio of IPO stocks out-perform the S&P 500 over short-term and longer-term time periods? If so, how risky would such an IPO portfolio be, compared to the widely-followed S&P 500 index? Finally, would combining an IPO portfolio with the S&P 500 portfolio result in overall risk reduction? This research seeks answers to these questions.
Dissertations / Theses on the topic "Short term returns to investors"
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Li, Qiang, and n/a. "The Measurement of Short- and Long- Term Returns of Chinese Initial Public Offerings and the Identification of Corporate Governance Variables That May Explain These Returns." Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061017.155437.
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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.
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Li, Qiang. "The Measurement of Short- and Long- Term Returns of Chinese Initial Public Offerings and the Identification of Corporate Governance Variables That May Explain These Returns." Thesis, Griffith University, 2006. http://hdl.handle.net/10072/367285.
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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
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Micheloud, Gabriel Alejandro. "How do investors respond to share buyback programs? Evidence from Brazil during 2008 crisis." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/10897.
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This paper provides empirical evidence of how effective share repurchase programs were as instruments to signal low prices during 2008 crisis in Brazil. Although we found that stock prices did not respond to buyback programs in the period 2006 to 2012 (1.65% cumulative abnormal returns after 5 days), the average stock price reaction in 2008 (2.93%) is higher and different with statistical significance. Furthermore, we found that the share price reaction from companies with market capitalization below R$10 billion is higher than the one from larger companies. In addition, we found that the response to the buyback programs is positively correlated (i) to the company’s purchasing activity after the announcement, (ii) to the maximum amount of shares announced which can be bought and (iii) to the quantity actually bought during the program. This research is unique in providing empirical evidence on the Brazilian case by analyzing 377 programs announced during that period. The research also confirms that the stock reaction is not influenced by the company's purchasing activity in prior announcements.
Este artigo avalia empiricamente a eficácia dos programas de recompra de ações como instrumento de sinalização de preços baixos durante a crise de 2008 no Brasil com base em 377 programas de recompra. Os resultados não confirmam que o instrumento sinaliza conforme evidenciado pela reação dos preços das ações período entre 2006 e 2012 (1,65% de retornos anormais cumulativos depois de 5 dias), mas por outro lado, o diferença no impacto médio no preço das ações em 2008 (2,93%) é significativo estatisticamente. Além disso, ao segmentar a amostra entre empresas de baixo e alto valor de capitalização, há evidência empírica que as ações de empresas com baixa capitalização são mais sensíveis ao anúncios de recompra. Com base em dados ex-ante, mostramos que se a empresa realmente informa que poderá fazer volumes grandes de recompra, as ações tendem a ajustar o seu preço de forma estatisticamente significativa. Há evidências que o impacto no preço da ação não é influenciado por recompras realizadas em programas anteriores.
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Novoselova, Mariya, and Nhar Soklim. "Is there any effect of going concern audit opinion public announcements on the stock price behavior in a short term period? : Empirical evidence from Australia." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-45161.
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The research paper explores the value of information content incorporated in the first-time going concern opinion from the perspective of investors. The signaling effects of the auditors’ opinion with going concern remark issued to financially distressed companies are of a great value in case the auditor statements deliver new information content which has not been incorporated in the previously disclosed financial information. Otherwise a going concern audit opinion remains not relevant for the purpose of investors’ decision making. If the going concern audit opinion adds new information content, we gain an ability to detect a stock market reaction to the relevant public announcement. The paper examines the Australian stock market reaction to public announcements of going concern audit opinion in a short term period for the sample of the 29 first-time going concern listed companies during the 2007 to 2009 years observation period. High sample criteria are determined in order to avoid contamination effects of other price sensitive information. The impact of both the preliminary financial report and the final annual report is examined by means of the parametric and non-parametric tests aligned with the event study methodology. Consistent with previous studies in Australia, no significant financial market reaction to the final going concern audit opinion announcements inherent to the Australian environment has been found. We document that the more negative impact on the market reaction is caused by the preliminary financial report rather than the final report, which contains an audit opinion note. Correspondently, the audit opinions with going concern qualification do not add new information content for the Australian stock market participants, who base their expectations on the previously disclosed financial information.
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Hamid, Bushra. "The value relevance of greenhouse gas emissions to institutional investors." Thesis, Queensland University of Technology, 2019. https://eprints.qut.edu.au/130564/9/Bushra%20Hamid%20Thesis.pdf.
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This thesis examines whether capital markets value corporate environmental performance (CEP) as measured by greenhouse gas (GHG) emissions intensity. Core to this examination is the role played by large institutional investors. To fulfil their fiduciary duty to safeguard the long-term interests of their stakeholders, it is argued that institutional investors assign higher values to firms with lower GHG emissions intensity. The findings show a positive relation between firm value and environmental performance in low GHG intensive firms, but the reverse for high GHG intensive firms. Thus, the market appears to treat these two groups of firms differently. The research suggests that most market participants consider reducing GHG emissions a shareholder value destroying activity.
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Kerr, Gordon Roy. "The short-term effect on shareholder wealth of banking mergers and acquisitions during periods of real economic expansion and contraction." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1013442.
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Controversy currently exists over whether abnormal returns (ARs) are earned by shareholders of bidder and target banks through a Merger and Acquisition (M&A). The state of the economy in which the firms operate is often mentioned as a reason for firms engaging in M&As, however, the extent to which economies influence the ARs of shareholders is unknown. Following MacKinlay (1997), the aim of this study is to determine the average ARs earned or lost by shareholders of several banks around the world during an M&A. The results obtained may indicate that shareholders of bidding firms consider an M&A to be a wealth-destroying event irrespective of the state of the economy. It would seem that target firms’ shareholders consider M&As to be wealth-creating events when they occur during a period of real economic expansion. However, during periods of real economic contraction, target firms’ shareholders consider M&As to be wealth-destroying events. Thus, the state of an economy during an M&A can affect average ARs considerably.
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Solak, Ekrem. "Evolving role of shareholders and the future of director primacy theory." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31353.
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Over the last two decades, US corporate governance has witnessed a significant increase in the incidence and influence of shareholder activism. Shareholder activism, however, has been found to be inconsistent with US corporate governance which is framed within director primacy theory. In this theory, the board is able to carry out a unique combination of managerial and monitoring roles effectively, and shareholders are only capital providers to companies. Shareholder activism is normatively found inimical to effective and efficient decision-making, i.e. the board's authority, and to the long-term interests of public companies. The increasing willingness of institutional shareholders to participate into the decision-making processes of their portfolio companies is at odds with US corporate governance. Therefore, the aim of this thesis is to examine whether director primacy theory should be softened to accommodate greater shareholder activism in US corporate governance. This thesis presents an analysis of the legal rules that reflect director primacy theory. In this respect, US shareholders have traditionally had limited participatory power. The way in which the courts perceived the board's authority also stymied shareholder participation. This thesis considers not only legal and regulatory developments in the wake of the 2007-2008 financial crisis, but also the governance developments through by-law amendments which could potentially make an overall change in the balance of power between shareholders and the board. Shareholders are slowly moving to the centre of corporate governance in the US. History has shown that the board of directors often failed to prevent manager-induced corporate governance failures. This thesis argues that shareholder activism is necessary for improving the web of monitoring mechanisms and for a well-functioning director primacy model. Shareholder activism forces the board to more critical about management, which is a prerequisite for the director primacy model. Therefore, this thesis argues that shareholder activism should therefore be accommodated into US corporate governance. The proposed approach addresses accountability problems more effectively than the current director primacy model while recognising the board authority and enhances decision-making processes of public companies. In this regard, it makes several recommendations to soften the current director primacy model: establishing a level playing for private ordering, adopting the proxy access default regime, the majority voting rule, the universal proxy rules, and enhancing the disclosure requirements of shareholders. The present research also demonstrates that contemporary shareholder activism involves many complexities. It contains different types of shareholder activism, which differ by objectives, tools, and motives. It could be used for purely financial purposes or non-financial purposes or both. Furthermore, the concept of stewardship has been developed to address public interest concerns, namely short-termism in the market and pressures by activist funds through shareholder activism. In this way, this thesis develops a complete positive theory about shareholder activism rather than focussing on a specific type of activism. This complete analytical framework constitutes more reliable basis to draw normative conclusions rather than focussing on a particular type of activism.
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Jaitha, Vedant V. "Short-Term Effects of Announcements and Performance of Athletes on their Respective Sponsoring Companies." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/909.
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Sponsorship is one of the main methods through which a number of companies perform marketing and advertising functions. Athletes can serve as brand ambassadors of various products which are believed to help increase sales and/or enhance the image of a firm. Although a lot of research has been done regarding the subject of how sponsorship announcements affect sponsoring companies, not much research is available regarding how non-economic events and individual performances affect sponsors in the short-run. This study hypothesized that ‘good news’ would cause positive abnormal returns while ‘bad news’ would cause negative abnormal returns for the sponsoring companies. A total of nine events relating to three athletes and ten sponsoring firms were analyzed. Although not many significant results were found, this study helped establish the idea that the temporary images of athletes and emotions related to athletes do not affect the financial markets in a large capacity. This study also lays out some further areas of research in the similar field.
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White, Todd Palmer. "Analyst Herding, Shareholder Investment Horizon, and Management Earnings Guidance." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37618.
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This dissertation examines the characterization of transient investors by financial analysts. Transient investors have been portrayed in the literature as either 1) informed investors or 2) poor monitors. No research to date, however, has examined how financial analysts, who are important information intermediaries, characterize transient investors. A view of transient investors through the lens of a financial analyst is obtained through examining how the presence of transient owners in a firm affects financial analystsâ decision making. Specifically, this study examines how transient ownership affects both the propensity of analysts to herd when issuing earnings forecasts for a given firm as well as the incidence with which analysts revise their forecasts when the firm issues earnings guidance. Empirical tests show that financial analysts exhibit a greater propensity to herd when there are transient investors present. The proposed reason for this effect is analysts are herding due to reputational concerns. Further testing, however, does not show that the relation between transient ownership and analyst herding is owed to poor monitoring behavior of transient-owned firms. In contrast, evidence is consistent with the hypothesis that the firm information environment of transient-owned firms is an important cause of analyst herding. In summary, evidence is consistent with the informed investor portrayal of transient investors and there is no evidence indicating financial analysts view transient owners as poor monitors. Finally, when the decision of analysts to issue revised forecasts is examined, it is found that having a higher percentage of the firm owned by dedicated or long-term investors increased the propensity of analysts to issue a revised forecast. Thus, while my analysis is inconsistent with a poor monitoring portrayal of transient investors, results suggest that a dedicated investor base can enhance the perceived credibility of firm disclosures.
âPh. D.
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Ramos, Nogales Juan Jose, and Kreshnik Elshani. "The Impact of Finance Mergers and Acquisitions on Short-Term Performance of Acquiring Companies : An Event Study Focused on the British Isles." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-49684.
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Background: Mergers and acquisitions (M&A’s) are common ways for businesses to expand, compete, and maintain in competitive business environments. A strongly debated question in literature is whether or not these M&A’s provide measurable benefits, as factors such as industry, geographic location, and regulations play key roles in the impacts of the M&A’s. In this paper, we investigate the short-term effects of M&A’s based on stock returns of acquiring companies, with a focus on finance industries in the British Isles. Purpose: The purpose is to study whether or not there are significant short-term abnormal returns for acquiring companies when M&As of financial services target enterprises take place. Further, the study examines factors which can affect the impact of M&A’s, such as size of transaction, whether it is domestic or cross-border, whether or not the acquiring company is in a finance industry, and whether there is evidence of merger waves related to finance M&A’s in the British Isles. Method: An event study methodology is applied and focused on calculating the cumulative abnormal returns, as well as verifying whether those are statistically significant. The study analyses 100 M&A’s conducted on target companies from the UK and Ireland between the years 2000 and 2019. The event study is performed using the STATA statistical software, which is used to analyse the stock return performance in comparison to the domestic market index for each acquiring company. Conclusion: The study finds statistically insignificant results, concluding that M&A events do not generate significant abnormal returns for acquiring companies. This is in line with majority of previous research done, showing that M&A deals are not deemed significantly value creating nor value destroying. M&A’s within finance industry where the acquiring companies were domestic, in a finance industry, where the deals were smaller, were all shown to have less negative, albeit still insignificant results. This study also presents evidence for merger waves. Moreover, this thesis adds a clear geographic and industry component which is often missing in previous research, showing that within finance industry in the British Isles the impacts of M&A deals are unlikely to be statistically significant in causing abnormal returns.
Books on the topic "Short term returns to investors"
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Contingent capital: Short-term investors and the evolution of corporate governance in France and Germany. Oxford: Oxford University Press, 2011.
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Watt, David G. Canadian short-term interest rates and the BAX futures market: Analysis of the impact of volatility on hedging activity and the correlation of returns between markets. Ottawa: Bank of Canada, 1997.
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Library of Congress. Congressional Research Service, ed. Are pension funds short-term investors? [Washington, D.C.]: Congressional Research Service, Library of Congress, 1992.
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Library of Congress. Congressional Research Service, ed. Are pension funds short-term investors? [Washington, D.C.]: Congressional Research Service, Library of Congress, 1992.
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Schumacher, Julian, and Jochen R. Andritzky. Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? International Monetary Fund, 2019.
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Schumacher, Julian, and Jochen R. Andritzky. Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? International Monetary Fund, 2019.
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Schumacher, Julian, and Jochen R. Andritzky. Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? International Monetary Fund, 2019.
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Goyer, Michel. Contingent Capital: Short-Term Investors and the Evolution of Corporate Governance in France and Germany. Oxford University Press, 2012.
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Goyer, Michel. Contingent Capital: Short-Term Investors and the Evolution of Corporate Governance in France and Germany. Oxford University Press, 2011.
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Koovappadi, Easwar. Weed Investments: When Laws Change Fortunes Are Made. Legalization of Marijuana Offers Huge Possibilities of Returns over Short Term and Long Term. Independently Published, 2018.
Find full textBook chapters on the topic "Short term returns to investors"
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Bachher, Jagdeep Singh, Adam D. Dixon, and Ashby H. B. Monk. "Catalyzing Development in a Short-term World." In The New Frontier Investors, 97–117. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-50857-7_8.
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Ding, Fang-fei, Chan Gu, and Jin-hua Chen. "Institutional Investors and Corporate Short-Term Debt Financing." In The 19th International Conference on Industrial Engineering and Engineering Management, 437–44. Berlin, Heidelberg: Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-37270-4_42.
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Alonso, Miquel N., Gilberto Batres-Estrada, and Aymeric Moulin. "Deep Learning in Finance: Prediction of Stock Returns with Long Short-Term Memory Networks." In Big Data and Machine Learning in Quantitative Investment, 251–77. Chichester, UK: John Wiley & Sons, Ltd, 2018. http://dx.doi.org/10.1002/9781119522225.ch13.
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Long, Yangyu, Wei Zhao, Jilong Yang, Jincheng Deng, and Fangming Liu. "Anomaly Detection of E-commerce Econnoisseur Based on User Behavior." In Communications in Computer and Information Science, 86–98. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-8285-9_6.
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AbstractEconnoisseur refers to users who obtain high returns from the Internet at low cost. It is of great significance for platform to identify econnoisseur to reduce unnecessary losses. At present, econnoisseur is mainly intercepted by rules. This method will fail when the new get the best deal method appears, and there is a certain lag. This paper identifies the econnoisseur from Knownsec Security Intelligence Brain’s e-commerce website visitors. First of all, it is found that the precision and recall of the Isolation Forest are better than the Local Outlier Factor and DBSCAN in econnoisseur detection. Secondly, we merged the similar URLs visited by users with Bi-directional Long Short-Term Memory (BiLSTM), then use the merged data in Isolation Forest Model. It is found that the improved Isolation Forest model based on BiLSTM can further improve the detection ability. Practical case studies showed that this method has certain validity and reference for the detection of econnoisseur.
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Rusinamhodzi, Leonard, James Njeru, John E. Sariah, Rama Ngatoluwa, and Phlorentin P. Lagwen. "Tillage effect on agronomic efficiency of nitrogen under rainfed conditions of Tanzania." In Conservation agriculture in Africa: climate smart agricultural development, 246–55. Wallingford: CABI, 2022. http://dx.doi.org/10.1079/9781789245745.0014.
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Abstract Nitrogen (N) deficiency is a common feature in soils managed by smallholder farmers in Africa. Crop residue retention, in combination with no-till (NT), may be a pathway to improve agronomic use efficiency of applied N for small-scale farmers under the predominant rainfed conditions. This chapter reports on the results of a study carried out over two cropping seasons in the long rains of 2014 and 2015 on two sites: (i) on-farm (Mandela); and (ii) a research station (SARI) in eastern Tanzania. The experiment consisted of two tillage systems, conventional tillage (CT) and Conservation Agriculture (CA), with a minimum of 2.5 t ha-1 crop residue cover maintained in the plots during the experiment. CT consisted of soil inversion through tillage and removal of crop residues. In the on-farm experiment, maize was grown in plots with four rates of N application: 0, 27, 54 and 108 kg N ha-1. In the on-station trial, five rates were used: 0, 20, 40, 60 and 100 kg N ha-1. Maize yield and agronomic efficiency (AE) of N were used to assess and compare the productivity of the tested treatments. The results showed that tillage, soil type and rate of N application influenced crop productivity. In the clay soils, the differences between tillage practices were small. Under CT, AE ranged between 21.6 and 53.9 kg/kg N, and it was 20.4-60.6 kg/kg N under CA. The lowest fertilizer application rate of 27 kg ha-1 often had the largest AE across the soil types and tillage practices. In the on-station trials at SARI, the largest AE of 24.6 kg/kg N was recorded under CA with 40 kg N ha-1. As in the on-farm trials, the highest N application rate on-station did not lead to the largest AE. In the CT, AE ranged between 11.5 and 16.8 kg/kg N compared with a range of 15.1 to 24.6 kg/kg N for the CA treatment. Overall, crop residue retention, in combination with NT, is important to improve soil moisture and use efficiency of applied nutrients. Additionally, the initial soil fertility status is also important in determining the magnitude of short-term crop response to applied nutrients. Innovative pathways are needed to achieve the multiple objectives played by maize crop residues for results reported here to be sustainable. However, efficiency of nutrient use needs to be assessed, together with returns on investments, as small yields may mean high nutrient use efficiency but not necessarily significant increased returns at the farm level.
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Fukui, Hideo. "Real Estate and the Legal System of Japan." In New Frontiers in Regional Science: Asian Perspectives, 3–7. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-15-8848-8_1.
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AbstractIn Part I, entitled Real Estate and the Legal System, we analyze owner-unknown land issues, land acquisitions, and real estate auctions.The use and value of real estate such as land and buildings are significantly affected by public laws and regulations related to urban planning and construction, the environment, and taxation; for example, contract laws such as the Act on Land and Building Leases; private laws regulating torts, collateral enforcement, and so on; tax laws that regulate transfer taxes, ownership taxes, and transaction taxes; and regulations surrounding land use and urban infrastructure development. This paper discusses, therefore, the relationships between these laws and real estate, identifies problems in the laws associated with real estate in Japan, and proposes improvements.First, in recent years, owner-unknown land issues have become a serious concern in Japan. The Japanese registry does not always reflect the actual rightful owner, primarily because such registration is only a perfection requirement in civil law and registration involves a great deal of time and money. For example, because a large extent of land is registered to owners from nearly 100 years ago, it has changed hands many times through inheritance, which means that today, it is extremely difficult to determine the actual owner (inheritor) without spending a great deal of time and money. However, if the profits to be obtained from the land do not justify such expense, the land remains unused as “owner-unknown land.”Buying and selling land under Japanese civil law requires an agreement from all landowners including in the case of shared ownerships; therefore, even if the land has high returns, if it is “owner-unknown land,” it cannot be used effectively. With a focus on unknown-owner land, in this section, four writers provide multifaceted perspectives on the causes thereof, the defects in the current system, and the possible solutions.Eminent domain, the system which allows the acquisition of land against the land owner’s will for public projects, is widely institutionalized in many countries. It works to mitigate the owner-unknown land issues as far as lands are acquired by public projects.Further, real estate auctions are often held when liens are placed on land and/or residences for housing loan defaults. The Japanese civil auction system, which was institutionalized at the end of the nineteenth century, stipulates that a tenancy that is behind on a mortgage may resist a purchase unconditionally as long as the mortgage default period is within 3 years (short-term lease protection system/former Civil Code Article 395). This system was intended to avoid the unstable use of mortgaged properties and to promote the effective use of real estate; however, because the majority of users and the beneficiaries of this system were in fact anti-social groups, it was used to demand money unjustly from debtors and buyers, thus preventing the effective use of the mortgaged properties.When the protection of short-term leases was abolished in 2004, these types of interferences are said to have decreased drastically. However, successful bids for auctioned real estate properties continue to be lower than in general transactions. Therefore, here, we provide a quantitative analysis of these situations and propose further auction system improvements.Below, we introduce the outlines of each theory in Part I.
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Smithers, Andrew. "The Model in Summary." In The Economics of the Stock Market, 14–20. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0003.
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The model makes a clear distinction between the household and business sectors, as the utility function of managers differs from that of households. Companies can be valued in two separate ways, through the ‘replacement cost’ of their assets and that ascribed to them by the stock market. For simplification it divides financial assets into three classes, cash, bonds, and equities, rather than by treating bonds as having a range of maturities. Short-term fluctuations in equity prices are random but in the longer term they are predictable, as returns are mean reverting, but as the timing and level of changes are not known, arbitrage does not eliminate the fluctuations. Longer-term returns are determined by the different risk aversions of investors and corporate managers. Investors’ portfolio preferences vary with demographics and adjust to corporate leverage without changing equity returns.
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Mushunje, Leonard, Maxwell Mashasha, and Edina Chandiwana. "Estimating Short-Term Returns with Volatilities for High Frequency Stock Trades in Emerging Economies Using Gaussian Processes (GPs)." In Investment Strategies in Emerging New Trends in Finance. IntechOpen, 2021. http://dx.doi.org/10.5772/intechopen.96486.
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Fundamental theorem behind financial markets is that stock prices are intrinsically complex and stochastic in nature. One of the complexities is the volatilities associated with stock prices. Price volatility is often detrimental to the return economics and thus investors should factor it in when making investment decisions, choices, and temporal or permanent moves. It is therefore crucial to make necessary and regular stock price volatility forecasts for the safety and economics of investors’ returns. These forecasts should be accurate and not misleading. Different traditional models and methods such as ARCH, GARCH have been intuitively implemented to make such forecasts, however they fail to effectively capture the short-term volatility forecasts. In this paper we investigate and implement a combination of numeric and probabilistic models towards short-term volatility and return forecasting for high frequency trades. The essence is that: one-day-ahead volatility forecasts were made with Gaussian Processes (GPs) applied to the outputs of a numerical market prediction (NMP) model. Firstly, the stock price data from NMP was corrected by a GP. Since it not easy to set price limits in a market due to its free nature, and randomness of the prices, a censored GP was used to model the relationship between the corrected stock prices and returns. To validate the proposed approach, forecasting errors were evaluated using the implied and estimated data.
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Barkley, Tom. "Interest Rate Risk, Measurement, and Management." In Debt Markets and Investments, 41–62. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0003.
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Interest rates are part of the fabric of finance, used for assessing rates of return on investments, determining costs of capital to firms, compounding and discounting cash flows, and as underlying variables in many derivative instruments. As interest rates change, so do values of associated securities, resulting in substantial risk to investors in these financial products. Interest rate risk measurement is often defined in terms of the sensitivity of prices to changes in interest rates. Duration is a measure used for small changes in rates, and convexity provides a correction to duration when the rate changes are larger. Forecasting how short- and long-term rates move based on macroeconomic factors becomes important for businesses in any country, as these rate changes affect borrowing costs and investment opportunities. Financial institutions carry out interest rate risk management using instruments such as interest rate swaps, or through more advanced approaches such as asset-liability management and gap analysis.
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"Correlations and Holding Periods: The Research Basis for the Newedge AlternativeEdge Short-Term Traders Index." In Managed Futures for Institutional Investors, 297–318. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2012. http://dx.doi.org/10.1002/9781118531600.ch14.
Full textConference papers on the topic "Short term returns to investors"
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Lin, Qian-hui, Shan-cun Liu, and Dian-yu Song. "The research on influential factors of IPO short-term returns." In 2012 International Conference on Management Science and Engineering (ICMSE). IEEE, 2012. http://dx.doi.org/10.1109/icmse.2012.6414348.
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Charles, Ostroumoff. "Managing liquidity in the Real Estate Investment Market for short term investors through a market shock." In 25th Annual European Real Estate Society Conference. European Real Estate Society, 2018. http://dx.doi.org/10.15396/eres2018_282.
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Affonso, Felipe, and Thiago Magela Rodrigues Dias. "Applying Recurrent Neural Networks with Long Short- Term Memory in Clustered Stocks." In XV Encontro Nacional de Inteligência Artificial e Computacional. Sociedade Brasileira de Computação - SBC, 2018. http://dx.doi.org/10.5753/eniac.2018.4421.
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Predicting the stock market is a widely studied field, either due to the curiosity in finding an explanation for the behavior of financial assets or for financial purposes. Among these studies the best techniques use neural networks as a prediction tool. More specifically, the best networks for this purpose are called recurrent neural networks (RNN), and provide an extra option when dealing with a sequence of values. However, a great part of the studies is intended to predict the result of few stocks, therefore, this work aims to predict the behavior of a large number of stocks. For this, similar stocks were grouped based on their correlation and later the algorithm K-means was applied so that similar groups were clustered. After this process, the Long Short-Term Memory (LSTM) - a type of RNN - was used in order to predict the price of a certain group of assets. Results showed that clustering stocks did not influence the effectiveness of the network and that investors and portfolio managers can use it to simply their daily tasks.
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Li, Shuangjun. "A Study on the Short-Term Market Effect of China A-share Private Placement and Medium and Small Investors' Decision-Making." In 2016 2nd International Conference on Humanities and Social Science Research (ICHSSR 2016). Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/ichssr-16.2016.14.
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Maknickienė, Nijolė, and Lina Rapkevičiūtė. "A STUDY ON SOCIAL MEDIA OPINION ABOUT WOMEN INVESTORS." In International Scientific Conference „Contemporary Issues in Business, Management and Economics Engineering". Vilnius Gediminas Technical University, 2021. http://dx.doi.org/10.3846/cibmee.2021.625.
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Purpose – to investigate opinions on social networks about women’s investment and its determinants. Social network sentiment research aims to find out why investing remains a very masculine area of life. Research methodology – Twitter social network analysis tools will be used for data mining. Word clouds and sentiment index will be obtained using neural network classification algorithm based on Long Short-Term Memory (LSTM). Findings – the paper obtained the dynamics of three-week opinions on the social network Twitter, considering the main factors that influence women’s choice to invest. Research limitations – only the main factors were investigated and only based on a survey of other authors. Data were extracted from the social network for a limited time. Practical implications – traditionally, investing has remained an area dominated by men. However, women are be-coming increasingly financially independent and increasingly involved in the investment process. Therefore, it is very important to analyze the factors that hinder the achievement of investment results. Originality/Value – there are many scientific papers that examine the factors that determine women’s investment choices. However, opinions and sentiments on social networks have not been explored.
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Palchak, David, Siddharth Suryanarayanan, and Daniel Zimmerle. "An Artificial Neural Network in Short-Term Electrical Load Forecasting of a University Campus: A Case Study." In ASME 2012 6th International Conference on Energy Sustainability collocated with the ASME 2012 10th International Conference on Fuel Cell Science, Engineering and Technology. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/es2012-91300.
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This paper presents an artificial neural network (ANN) for forecasting the short-term electrical load of a university campus using real historical data from Colorado State University. A spatio-temporal ANN model with multiple weather variables as well as time identifiers, such as day of week and time of day, are used as inputs to the network presented. The choice of the number of hidden neurons in the network is made using statistical information and taking into account the point of diminishing returns. The performance of this ANN is quantified using three error metrics: the mean average percent error (MAPE); the error in the ability to predict the occurrence of the daily peak hour; and the difference in electrical energy consumption between the predicted and the actual values in a 24-hour period. These error measures provide a good indication of the constraints and applicability of these predictions. In the presence of some enabling technologies such as energy storage, rescheduling of non-critical loads, and availability of time of use (ToU) pricing, the possible DSM options that could stem from an accurate prediction of energy consumption of a campus include the identification of anomalous events as well the management of usage.
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Schabek, Tomasz, and Nijolė Maknickienė. "INFLUENCE OF MACROECONOMIC FACTORS ON STOCK PRICES IN POLAND – CROSS SECTION AND TIME SERIES ANALYSIS." In Business and Management 2018. VGTU Technika, 2018. http://dx.doi.org/10.3846/bm.2018.54.
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The purpose of the study is to determine if the macroeconomic factors influence rates of returns from broad index of stocks in Poland. The study investigates stability of relation between macroeconomic and stock market variables in short and long time period. After running time series regressions we check if selected macro variables are still significant in cross-section of stock returns including control variables like price to book value, capitalization and momentum. The study is based on large sample of individual rates of returns and macroeconomic variables describing real sphere of the economy. Mine findings suggest that the short and long term relation is statistically and economically significant although not stable in the both analysed time horizons. Macroeconomic beta parameter (sensitivity to macro variables measure) is not significant in cross-sectional test proving that traditionally accepted variables (in our study only price to book-value and momentum) still better explain the expected re-turns.
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Ulrich, Patrick, and Dennis Anselmann. "Insider trading on the German capital market — Can insiders achieve excess returns through their information advantage?" In Corporate governance: A search for emerging trends in the pandemic times. Virtus Interpress, 2021. http://dx.doi.org/10.22495/cgsetpt17.
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This study investigates whether corporate insiders can generate excess returns on the German capital market due to their information advantage. This is done with the help of an event study based on a market model that estimates the expected returns. Furthermore, the effect size of individual aspects is examined in a multiple regression. It is shown that insiders can achieve short-term excess returns of up to 2.1% after purchases and of up to -2.95% after sales. Moreover, these are strikingly high for, relative to market capitalization, transactions of smaller firms and transactions of other executives. The greatest influence on the excess return of a transaction is the market capitalization of the company in the case of buy transactions, while the excess return of sell transactions is largely determined by the share of trading volume in the outstanding shares. An imitation of insider transactions by outsiders may allow for excess returns, but this strongly depends on the share to be traded due to the bid-ask spread as well as the trading commissions. Despite the existence of regulation, it is evident that insiders can achieve significant excess returns, presumably on the basis of non-public information
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Wang, Heyuan, Tengjiao Wang, Shun Li, Jiayi Zheng, Shijie Guan, and Wei Chen. "Adaptive Long-Short Pattern Transformer for Stock Investment Selection." In Thirty-First International Joint Conference on Artificial Intelligence {IJCAI-22}. California: International Joint Conferences on Artificial Intelligence Organization, 2022. http://dx.doi.org/10.24963/ijcai.2022/551.
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Stock investment selection is a hard issue in the Fintech field due to non-stationary dynamics and complex market interdependencies. Existing studies are mostly based on RNNs, which struggle to capture interactive information among fine granular volatility patterns. Besides, they either treat stocks as isolated, or presuppose a fixed graph structure heavily relying on prior domain knowledge. In this paper, we propose a novel Adaptive Long-Short Pattern Transformer (ALSP-TF) for stock ranking in terms of expected returns. Specifically, we overcome the limitations of canonical self-attention including context and position agnostic, with two additional capacities: (i) fine-grained pattern distiller to contextualize queries and keys based on localized feature scales, and (ii) time-adaptive modulator to let the dependency modeling among pattern pairs sensitive to different time intervals. Attention heads in stacked layers gradually harvest short- and long-term transition traits, spontaneously boosting the diversity of representations. Moreover, we devise a graph self-supervised regularization, which helps automatically assimilate the collective synergy of stocks and improve the generalization ability of overall model. Experiments on three exchange market datasets show ALSP-TF’s superiority over state-of-the-art stock forecast methods.
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Drabancz, Áron, and Nedim Márton El-Meouch. "Competition law approaches related to the operation of Airbnb in Budapest." In The European Union’s Contention in the Reshaping Global Economy. Szeged: Szegedi Tudományegyetem Gazdaságtudományi Kar, 2022. http://dx.doi.org/10.14232/eucrge.2022.19.
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In our study, we examine the operation of Airbnb among the sharing-based companies. We review the operation of Airbnb, the European and American regulatory systems, and examine the economic results of each regulation (e.g. a limit on the number of short-term housing days). Our initial hypothesis is that a regulatory framework can be developed in Budapest, in which the operation of the company is possible without the lives of the residents becoming impossible. In our study, we try to map the economic implications of short-term housing renting with a simple microeconomic calculation and a spatial simulation. Based on the results of our research, the 120-day restriction on annual short-term rent could eliminate investment-type short-term renting and contribute to the reduction of “party districts” in Budapest. An agreement with Airbnb could increase state tax revenues and create a more level playing field between hotels and short-term housing platforms. Our regulatory framework would largely eliminate the negative externalities associated with Airbnb, but at the same time, the positive returns would be greatly reduced.
Reports on the topic "Short term returns to investors"
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Putriastuti, Massita Ayu Cindy, Vivi Fitriyanti, and Muhammad Razin Abdullah. Leveraging the Potential of Crowdfunding for Financing Renewable Energy. Purnomo Yusgiantoro Center, June 2021. http://dx.doi.org/10.33116/br.002.
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• Renewable energy (RE) projects in Indonesia usually have IRR between 10% and 15% and PP around 6 to 30 years • Attractive return usually could be found in large scale RE projects, although there are numerous other factors involved including technology developments, capacity scale, power purchasing price agreements, project locations, as well as interest rates and applied incentives. • Crowdfunding (CF) has big potential to contribute to the financing of RE projects especially financing small scale RE projects. • P2P lending usually targeted short-term loans with high interest rates. Therefore, it cannot be employed as an alternative financing for RE projects in Indonesia. • Three types of CF that can be employed as an alternative for RE project funding in Indonesia. Namely, securities, reward, and donation-based CF. In addition, hybrid models such as securities-reward and reward-donation could also be explored according to the project profitability. • Several benefits offer by securities crowdfunding (SCF) compared to conventional banking and P2P lending, as follows: (1) issuer do not need to pledge assets as collateral; (2) do not require to pay instalment each month; (3) issuer share risks with investors with no obligation to cover the investor’s loss; (4) applicable for micro, small, medium, enterprises (MSMEs) with no complex requirements; and (5) there is possibility to attract investors with bring specific value. • Several challenges that need to be tackled such as the uncertainty of RE regulations; (1) issuer’s inability in managing the system and business; (2) the absence of third parties in bridging between CF platform and potential issuer from RE project owner; (3) the lack of financial literacy of the potential funders; and (4) lastly the inadequacy of study regarding potential funders in escalating the RE utilisation in Indonesia.
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Putriastuti, Massita Ayu Cindy, Vivi Fitriyanti, Vivid Amalia Khusna, and Inka B. Yusgiantoro. Crowdfunding Potential: Willingness to Invest and Donate for Green Project in Indonesia. Purnomo Yusgiantoro Center, August 2022. http://dx.doi.org/10.33116/pycrr-1.
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Highlights • Individual investors prefer to have an investment with high ROI rather than a low-profit investment with environmental and social benefits. • Males invest and donate more money than females in terms of quantity and frequency. • People with a level of education above an associate degree (D3) have a significantly higher level of willingness to invest and donate to green project, compared to people with a lower level of education. • In general, people with a higher income level have a higher willingness to invest. However, there is no proof on the relationship between level of income and willingness to donate. • The age increases have a positive correlation with the willingness to invest in green project. Nevertheless, people >44 years old are more interested in donating than investing. • The younger generation (<44 years) tends to pick higher returns and short payback periods compared to the older generations (>44 years). • The respondents tend to invest and donate to the project located in the frontier, outermost, and least developed region (3T) even though the majority of the respondents are from Java, Madura, and Bali. • A social project such as health and education are preferable projects chosen by the respondents to invest and donate to, followed by the conservation, climate crisis, region’s welfare, and clean energy access. • Clean energy has not been seen as one of the preferred targets for green project investors and donors due to the poor knowledge of its direct impact on the environment and people’s welfare. • The average willingness to invest and donate is IDR 10,527,004 and IDR 2,893,079/person/annum with desired return on investment (ROI) and payback period (PP) of 5–8% 24 months, respectively. • Respondents prefer to donate more money to reward donations than donations without reward. • There is an enormous potential of crowdfunding as green project alternative financing, including renewable energy. The total investment could reach up to IDR 192 trillion (USD 13.4 billion)/annum and up to IDR 46 trillion (USD 3.2 billion)/annum for donation. • The main bottlenecks are poor financial literacy and the lack of platforms to facilitate public participation. • COVID-19 has decreased willingness to pay and invest due to income reduction and the uncertain economic recovery situation. However, it makes people pay more attention to the sustainability factor (shifting paradigm in investment).
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Fischer, Stanley, and George Pennacchi. Serial Correlation of Asset Returns and Optimal Portfolios for the Long and Short Term. Cambridge, MA: National Bureau of Economic Research, June 1985. http://dx.doi.org/10.3386/w1625.
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Araujo,, María Caridad, and Karen Macours. Education, Income and Mobility: Experimental Impacts of Childhood Exposure to Progresa after 20 Years. Inter-American Development Bank, December 2021. http://dx.doi.org/10.18235/0003808.
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In 1997, the Mexican government designed the conditional cash transfer program Progresa, which became the worldwide model of a new approach to social programs, simultaneously targeting human capital accumulation and poverty reduction. A large literature has documented the short and medium-term impacts of the Mexican program and its successors in other countries. Using Progresas experimental evaluation design originally rolled out in 1997-2000, and a tracking survey conducted 20 years later, this paper studies the differential long-term impacts of exposure to Progresa. We focus on two cohorts of children: i) those that during the period of differential exposure were in-utero or in the first years of life, and ii) those who during the period of differential exposure were transitioning from primary to secondary school. Results for the early childhood cohort, 18-20-year-old at endline, shows that differential exposure to Progresa during the early years led to positive impacts on educational attainment and labor income expectations. This constitutes unique long-term evidence on the returns of an at-scale intervention on investments in human capital during the first 1000 days of life. Results for the school cohort - in their early 30s at endline - show that the short-term impacts of differential exposure to Progresa on schooling were sustained in the long-run and manifested themselves in larger labor incomes, more geographical mobility including through international migration, and later family formation.
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Ndulu, Benno, Cornel Joseph, and Karline Tryphone. Fiscal Regimes and Digital Transformation in Sub-Saharan Africa. Digital Pathways at Oxford, March 2021. http://dx.doi.org/10.35489/bsg-dp-wp_2021/01.
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In this paper we investigate how the fiscal authorities, through tax policies or fiscal incentives, can play an important role in supporting digitalisation of the economy (digital transformation) to exploit its opportunities. Our approach is to track the influence of these policies indirectly through relevant determinants of internet adoption (connectivity and user enablers). Hence, we first establish empirically the influence of these enablers on internet use by estimating a reduced form equation of determinants of internet adoption (both demand- and supply-side factors). Then we assess the influence of a country’s fiscal policy stance on some of these enablers or determinants (direction and extent) throughout the internet value chain. Using these transmission mechanisms, we estimate the influence of the fiscal regime on digitalisation. We draw on our own empirical analysis and other relevant studies to support our recommendations to the fiscal authorities. Our findings emphasise the importance of trade-offs between short-term revenue objectives and the longer-term opportunity costs of higher revenue, enabled by the large positive externality effects of the sector, generating higher social returns than those accruing privately.
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Hambrey, John, Paul Medley, Sue Evans, Crick Carlton, Carole Beaumont, and Tristan Southall. Evidence gathering in support of sustainable Scottish inshore fisheries: work package (6) final report: integrating stock management considerations with market opportunities in the Scottish inshore fisheries sector – a pilot study. Marine Alliance for Science and Technology for Scotland (MASTS), 2015. http://dx.doi.org/10.15664/10023.24677.
Full textAbstract:
In June 2014, Hambrey Consulting successfully responded to a call for tenders for research to undertake a pilot assessment of the potential economic and associated benefits of establishing minimum market landing size (MMLS) in excess of minimum legal landing size (MLS) for shellfish; and to evaluate if such an intervention could be undertaken at a regional level. The project was originally conceived as including 3 case studies, but the scope of the research led us to focus mainly on the trawl and creel fishery for Nephrops prosecuted by the fleet based in Skye and SW Ross. The basic framework for the assessment approach was to: Develop an economic profile of the case study area and its fishing fleet; Review and synthesise existing data on size profile of the catch, the factors that affect size, including costs associated with individual (vessel) actions or strategies to increase the size profile of the catch; Analyse market and market trends, and the prices for different sizes of product; Develop economic models of representative fishing enterprises, taking account of the relationships between costs and returns and the size profile of the catch; Use plausible scenarios to explore likely short term economic consequences of any changes in MMLS; Use yield and utility per recruit analysis to explore possible yield benefits associated with increased MMLS.
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Coulson, Saskia, Melanie Woods, Drew Hemment, and Michelle Scott. Report and Assessment of Impact and Policy Outcomes Using Community Level Indicators: H2020 Making Sense Report. University of Dundee, 2017. http://dx.doi.org/10.20933/100001192.
Full textAbstract:
Making Sense is a European Commission H2020 funded project which aims at supporting participatory sensing initiatives that address environmental challenges in areas such as noise and air pollution. The development of Making Sense was informed by previous research on a crowdfunded open source platform for environmental sensing, SmartCitizen.me, developed at the Fab Lab Barcelona. Insights from this research identified several deterrents for a wider uptake of participatory sensing initiatives due to social and technical matters. For example, the participants struggled with the lack of social interactions, a lack of consensus and shared purpose amongst the group, and a limited understanding of the relevance the data had in their daily lives (Balestrini et al., 2014; Balestrini et al., 2015). As such, Making Sense seeks to explore if open source hardware, open source software and and open design can be used to enhance data literacy and maker practices in participatory sensing. Further to this, Making Sense tests methodologies aimed at empowering individuals and communities through developing a greater understanding of their environments and by supporting a culture of grassroot initiatives for action and change. To do this, Making Sense identified a need to underpin sensing with community building activities and develop strategies to inform and enable those participating in data collection with appropriate tools and skills. As Fetterman, Kaftarian and Wanderman (1996) state, citizens are empowered when they understand evaluation and connect it in a way that it has relevance to their lives. Therefore, this report examines the role that these activities have in participatory sensing. Specifically, we discuss the opportunities and challenges in using the concept of Community Level Indicators (CLIs), which are measurable and objective sources of information gathered to complement sensor data. We describe how CLIs are used to develop a more indepth understanding of the environmental problem at hand, and to record, monitor and evaluate the progress of change during initiatives. We propose that CLIs provide one way to move participatory sensing beyond a primarily technological practice and towards a social and environmental practice. This is achieved through an increased focus in the participants’ interests and concerns, and with an emphasis on collective problem solving and action. We position our claims against the following four challenge areas in participatory sensing: 1) generating and communicating information and understanding (c.f. Loreto, 2017), 2) analysing and finding relevance in data (c.f. Becker et al., 2013), 3) building community around participatory sensing (c.f. Fraser et al., 2005), and 4) achieving or monitoring change and impact (c.f. Cheadle et al., 2000). We discuss how the use of CLIs can tend to these challenges. Furthermore, we report and assess six ways in which CLIs can address these challenges and thereby support participatory sensing initiatives: i. Accountability ii. Community assessment iii. Short-term evaluation iv. Long-term evaluation v. Policy change vi. Capability The report then returns to the challenge areas and reflects on the learnings and recommendations that are gleaned from three Making Sense case studies. Afterwhich, there is an exposition of approaches and tools developed by Making Sense for the purposes of advancing participatory sensing in this way. Lastly, the authors speak to some of the policy outcomes that have been realised as a result of this research.