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1
Reeves, Randall R., George W. Wenzel, and Michael CS Kingsley. "Catch history of ringed seals (Phoca hispida) in Canada." NAMMCO Scientific Publications 1 (June 5, 1998): 100. http://dx.doi.org/10.7557/3.2983.
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The ringed seal (Phoca hispida) has always been a staple in the diet and household economy of Inuit in Canada. The present paper was prepared at the request of the NAMMCO Scientific Committee to support their assessment of ringed seal stocks in the North Atlantic Basin and adjacent arctic and subarctic waters. Specifically, our objective was to evaluate recent and current levels of use of ringed seals by Canadian Inuit. Annual removals probably were highest (possibly greater than 100,000) in the 1960s and 1970s, a period when sealskin prices were particularly strong. Catches declined substantially in the 1980s following a collapse in sealskin prices, presumably related to the European trade ban on skins from newborn harp and hooded seals (Phoca groenlandica and Cystophora cristata, respectively). Recent catch levels throughout Canada (1980s and early 1990s) are believed to be in the order of 50,000 to 65,000 ringed seals, with a total average annual kill (including hunting loss) in the high tens of thousands. No reliable system is in place to monitor catches of ringed seals, so any estimate must be derived from a heterogeneous array of sources.
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Razmi, Seyedeh Fatemeh, Leila Torki, Seyed Mohammad Javad Razmi, and Ehsan Mohaghegh Dowlatabadi. "The Indirect Effects of Oil Price on Consumption Through Assets." International Journal of Energy Economics and Policy 12, no. 1 (January 19, 2022): 236–42. http://dx.doi.org/10.32479/ijeep.12528.
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This research considers how oil price can indirectly affect consumption through asset prices of stock and house. Using the theory of consumption wealth effect, this research shows that, unexpectedly, a rise in oil price would lead to increase in consumption. The research uses the data of three OECD countries of France, Canada and the United States from quarter 1st 1997 to quarter 3rd 2017 and vector autoregression model. Empirical results prove that a positive shock to oil price has a positive indirect effect on consumptions of France and Canada via both asset prices. The indirect effect of oil price on US consumption only exists through stock price. The duration of indirect effect of oil price on consumption depends on dependency of consumption to asset prices in each country.
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Lalwani, Vaibhav, and Madhumita Chakraborty. "Multi-factor asset pricing models in emerging and developed markets." Managerial Finance 46, no. 3 (December 2, 2019): 360–80. http://dx.doi.org/10.1108/mf-12-2018-0607.
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Purpose The purpose of this paper is to compare the performance of various multifactor asset pricing models across ten emerging and developed markets. Design/methodology/approach The general methodology to test asset pricing models involves regressing test asset returns (left-hand side assets) on pricing factors (right-hand side assets). Then the performance of different models is evaluated based on how well they price multiple test assets together. The parameters used to compare relative performance of different models are their pricing errors (GRS statistic and average absolute intercepts) and explained variation (average adjusted R2). Findings The Fama-French five-factor model improves the pricing performance for stocks in Australia, Canada, China and the USA. The pricing in these countries appears to be more integrated. However, the superior performance in these four countries is not consistent across a variety of test assets and the magnitude of reduction in pricing errors vis-à-vis three- or four-factor models is often economically insignificant. For other markets, the parsimonious three-factor model or its four-factor variants appear to be more suitable. Originality/value Unlike most asset pricing studies that use test assets based on variables that are already used to construct RHS factors, this study uses test assets that are generally different from RHS sorts. This makes the tests more robust and less biased to be in favour of any multifactor model. Also, most international studies of asset pricing tests use data for different markets and combine them into regions. This study provides the evidence from ten countries separately because prior research has shown that locally constructed factors are more suitable to explain asset prices. Further, this study also tests for the usefulness of adding a quality factor in the existing asset pricing models.
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Burnett-Isaacs, Kate, Ning Huang, and W. Erwin Diewert. "Developing Land and Structure Price Indices for Ottawa Condominium Apartments." Journal of Official Statistics 36, no. 4 (December 1, 2020): 763–802. http://dx.doi.org/10.2478/jos-2020-0038.
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AbstractMeasuring the service flow and the stock value of condominium apartments in Canada and decomposing these values into constant quality price and quantity components is important for many purposes. In addition, the System of National Accounts requires that these service flows and stock values for condos be decomposed into constant quality land and structure components. In Canada and most other countries, such a land and structure decomposition of condominium apartment sale prices does not currently exist. In this article, we provide such a decomposition of condominium apartment sales in Ottawa for the period 1996–2009. Specific attention is paid to the roles of communal land and structure space on condominium apartment unit selling prices. Key findings include methods to allocate land and building space to a single condominium unit, identifying the characteristics that best explain condominium prices, and developing an average depreciation rate for condos for the 14-year time period.
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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.
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Sami, Janesh. "Stock Market Investment and Inflation: Evidence from the United States and Canada." Review of Economic Analysis 13, no. 3 (October 31, 2021): 339–65. http://dx.doi.org/10.15353/rea.v13i3.4047.
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This paper examines the long-run relationship between goods prices and stock prices to understand whether stock market investment can help hedge against inflation in the United States (US) and Canada. This study employed an autoregressive distributed lag (ARDL) cointegration test developed by Pesaran, Shin, and Smith (2001), and finds evidence of a positive long-run economic relationship between stock prices and goods prices in both economies over the sample period 1960 to 2019. The long-run elasticity is above one for both economies implying that the developments in the goods market significantly affect the stock market. We undertake a suite of sensitivity checks and find robust evidence that the stock market investment can help hedge against inflation in the United States and Canada.
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Janardan, Shriya. "Evidence of Fear in Fixed Income and Bourses: A Study on Certain G-7 Economies." Ushus - Journal of Business Management 18, no. 3 (July 1, 2019): 1–12. http://dx.doi.org/10.12725/ujbm.48.1.
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The paper aimed to predict the Fear index for certain G7 countries (Canada, France, Germany and Japan) considering the two variables Stock Price (Close) and Bond Yield(LBY). Daily data were analyzed for the period from April 2013 to June 2017. The main purpose was to identify the degree in which fear affecting the stock market percolates to Fixed Income Instruments. Using Panel Data Regression (Fixed Effect Model) the two variables were able to predict the VIX index and the model was found to be robust in nature. The major finding is that Fixed Income and stocks share a negative relationship with VIX (Fear Index).
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Gray, R. S., J. S. Taylor, and W. J. Brown. "Economic factors contributing to the adoption of reduced tillage technologies in central Saskatchewan." Canadian Journal of Plant Science 76, no. 4 (October 1, 1996): 661–68. http://dx.doi.org/10.4141/cjps96-116.
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The zero-tillage and minimum-tillage technologies, which are now being rapidly adopted in many areas of western Canada, have made a significant contribution to the sustainability of the soil resource. As a measure of economic viability of these practices this study uses the Top Management Model to simulate the 5-yr ending equity given stochastic prices and yields for a consensus farm in central Saskatchewan. Simulations are used to compare a minimum disturbance, zero-tillage system to a more conventional direct-seeding system. At 1994 crop and input prices, and a 10% yield advantage, zero-tillage systems compared favourably with conventional direct-seeding system. The relative crop yield and glyphosate price are key determinants to the short-run profitability of adopting zero-tillage technologies with fuel price having a smaller influence. When the switch to zero tillage allows a net reduction in machinery stock, this simultaneously increases the profitability, and reduces the financial risk for the producer. We conclude that in areas of Saskatchewan where zero-tillage systems provide a yield advantage, producers will continue to adopt these systems as an economically viable means of sustaining their soil resource. Key words: Adoption, zero tillage, economic determinants, herbicide prices, risk
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Soylemez, Yakup. "The Causality Relationship between Energy Prices and Developed Countries Indices." Bussecon Review of Finance & Banking (2687-2501) 2, no. 2 (December 16, 2020): 1–18. http://dx.doi.org/10.36096/brfb.v2i2.208.
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The aim of this study is to determine the causality relationship between energy prices, which are among the most important inputs of the economy, and selected stock market indices of developed countries. Crude oil and natural gas are used as energy variables. G7 countries were selected to represent developed countries. Stock indices used in the study are Dow&Jones (USA), DAX (Germany), CAC40 (France), FTSE250 (England), FTSE Italia All-Share (Italy), NIKKEI225 (Japan), and S&P/TSX (Canada). In the study, Johansen (1988) cointegration test and Granger (1969) causality test were used to analyze the causality relationship between energy prices and selected stock market indices. The research could not find a long-term balance relationship between energy prices and developed country indices. Also, while the causality relationship was determined between crude oil prices and NIKKEI225, DAX, and CAC40 indices, a causal relationship between natural gas prices and Dow&Jones and FTSE250 indices was determined. In the study, it was found that energy prices can be used for diversification in investments to be made with stock market indices of developed countries. This study is one of the most comprehensive studies in the literature that examines the relationship between energy prices and the stock market indices of G7 countries. It is expected to contribute to the literature in this way.
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Soylemez, Yakup. "The causality relationship between energy prices and developed countries indices." Bussecon Review of Social Sciences (2687-2285) 3, no. 2 (December 17, 2021): 24–40. http://dx.doi.org/10.36096/brss.v3i2.292.
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The aim of this study is to determine the causality relationship between energy prices, which are among the most important inputs of the economy, and selected stock market indices of developed countries. Crude oil and natural gas are used as energy variables. G7 countries were selected to represent developed countries. Stock indices used in the study are Dow & Jones (USA), DAX (Germany), CAC40 (France), FTSE250 (England), FTSE Italia All Share (Italy), NIKKEI225 (Japan), and S&P/TSX (Canada). In the study, Johansen (1988) cointegration test and Granger (1969) causality test were used to analyse the causality relationship between energy prices and selected stock market indices. The research could not find a long-term balance relationship between energy prices and developed country indices. Also, while the causality relationship was determined between crude oil prices and NIKKEI225, DAX, and CAC40 indices, a causal relationship between natural gas prices and Dow & Jones and FTSE250 indices was determined. In the study, it was found that energy prices can be used for diversification in investments to be made with stock market indices of developed countries. This study is one of the most comprehensive studies in the literature that examines the relationship between energy prices and the stock market indices of G7 countries. It is expected to contribute to the literature in this way.
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Hwang, Jae-Kwang. "The relationship between stock prices and exchange rates: Evidence from Canada." International Advances in Economic Research 5, no. 3 (August 1999): 397. http://dx.doi.org/10.1007/bf02296425.
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Antoine Azar, Samih. "Canada: The Inflation Irrelevance Proposition." International Journal of Economics and Financial Research, no. 84 (October 15, 2022): 104–11. http://dx.doi.org/10.32861/ijefr.84.104.111.
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The underlying thesis is that inflation does not impact in a significant way stock returns. A stronger thesis is that both domestic and foreign inflation rates are neutral to stock returns. This joint hypothesis is tested for Canada, using 5 theoretical models that describe the determinants of Canadian stock returns. These models range from the most stripped one to the least constrained. All 5 models produce evidence of the strong inflation irrelevance hypothesis for the two key variables, Canadian and foreign (US) inflation rates. Naturally, the largest theoretical model is to be selected for inference purposes. This model includes 12 explanatory variables: 2 inflation rates, 2 proxies for earnings, 2 local duration effects, 2 foreign (US) duration effects, the Canadian/US dollar foreign exchange rate, the price of oil, and two categorical variables that pick up the effect of foreign (US) stock markets. The results show that the model provides sign and size effects in conformity with expectations from the theoretical macroeconomic interrelationships. Hence, the paper, besides documenting inflation neutrality, models in a meaningful manner the determinants of the stock market. All in all the empirical results are largely supportive.
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Randjbaran, Elias, Reza Tahmoorespour, Marjan Rezvani, and Meysam Safari. "The Impact of Oil Price Fluctuations on Industry Stock Returns: Evidence from International Markets." Journal of Management Info 5, no. 1 (August 12, 2018): 1–12. http://dx.doi.org/10.31580/jmi.v5i1.26.
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This study investigates the impact of oil price variation on 14 industries in six markets, including Canada, China, France, India, the United Kingdom, and the United States. Panel weekly data were collected from June 1998 to December 2011. The results indicate that price fluctuations primarily affect the Oil and Gas as well as the Mining industries and have the least influence on the Food and Beverage industry. Furthermore, in three out of six of these countries (Canada, France, and the U.K.), oil price changes negatively affect the Pharmaceutical and Biotechnology industry. One possible reason for the negative relationship between oil price changes and the Pharmaceutical and Biotechnology industries in the above-mentioned countries is that the governments of these countries fund their healthcare systems. Portfolio managers and investors will find the results of this study useful because it enables adjusting portfolios based on knowledge of the industries that are impacted the most or the least by oil price fluctuations.
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Luppold, William G., and Paul E. Sendak. "Analysis of the Interaction Between Timber Markets and the Forest Resources of Maine." Northern Journal of Applied Forestry 21, no. 3 (September 1, 2004): 135–43. http://dx.doi.org/10.1093/njaf/21.3.135.
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Abstract The abundant timber resources of Maine are critical to the State's timber economy; thus, when the 1995 forest inventory indicated a 20% decline in softwood growing stock, there was great concern by industry and government. Furthermore, declining near-term softwood growing stock levels were forecast. To better understand what was occurring in Maine's forest, we examined changes in composition and evaluated the relative impacts of harvesting versus growth and mortality. Much of the decline in spruce-fir inventory can be attributed to the budworm infestation of the 1970s and 1980s, although continued high utilization contributed to the decline. The high rate of softwood utilization was facilitated by low softwood timber prices due to increased supply from salvage cutting and high prices for softwood dimension lumber. The high price of dimension lumber also allowed the adoption of sawmill technology in Canada and Maine that used small-diameter logs, formerly consumed by the pulp industry, for lumber production. The increased demand for spruce-fir roundwood occurred during a period when changes in paper demand and pulping technology increased the demand for hardwood pulpwood. Unlike spruce-fir and hemlock, hardwood growing-stock volumes have increased steadily due to low utilization, high growth, and low mortality. Ample inventories of hardwoods have allowed increased volumes of these species to be used in the manufacture of pulp and engineered wood products. A recent partial forest survey of Maine indicated that spruce-fir growing stock inventory has stabilized as a result of regeneration of these species that began after the last spruce budworm infestation. North. J. Appl. For. 21(3):135–143.
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Chung, Dennis, Karel Hrazdil, and Nattavut Suwanyangyuan. "Disclosure quantity and the efficiency of price discovery." Review of Accounting and Finance 15, no. 2 (May 9, 2016): 122–43. http://dx.doi.org/10.1108/raf-06-2015-0081.
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Purpose The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks. Design/methodology/approach Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual reports filed on system for electronic document analysis and retrieval (SEDAR) between 2003 and 2013 to estimate the amount of publicly available information and find that the length and size of annual reports are important determinants of short-horizon return predictability from historical order flows, which is an inverse indicator of market efficiency. Findings The results show that longer and larger annual reports are associated with reduced information asymmetry, lower cost of immediacy, higher trading activity, and an overall improvement in the efficiency of price discovery. The results are robust to the inclusion of controls for various determinants of short-horizon return predictability, such as trading costs, volatility, informational effects and other firm-specific characteristics. Research Limitations/implications Collectively, the findings provide empirical support for the benefits of detailed corporate disclosure in Canada. Originality/value This is the first study to utilize the short-horizon return predictability approach to evaluate the efficiency of price discovery in relation to the amount of information disclosure.
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Athanassakos, George. "Value‐based management, EVA and stock price performance in Canada." Management Decision 45, no. 9 (October 23, 2007): 1397–411. http://dx.doi.org/10.1108/00251740710828663.
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Chatterjee, Chanchal, and Paromita Dutta. "Anomalous Price Behaviour around Open Market Stock Repurchase Announcements in India." Vikalpa: The Journal for Decision Makers 40, no. 4 (December 2015): 435–43. http://dx.doi.org/10.1177/0256090915611773.
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Executive SummaryThis article examines the impact of open market share repurchase announcements on stock returns in the Bombay Stock Exchange (BSE). The main objective is to examine whether share repurchase announcements under the open market route have any significant impact on the returns of the stocks traded in the BSE. The article covers the period from 2009 to 2013. For sample selection, two criteria were used: first, the firm should have been listed in the BSE for at least 28 trading days before the repurchase announcement date, and second, the firm should have all relevant data required by this study. A total of 95 repurchase announcements fulfilled these criteria. The analysis period extended from –28 to +28 trading days relative to the repurchase announcement date ( t = 0). The findings of the study will help us to understand how the market responds to share repurchase announcements in India and whether a firm actually benefits by repurchasing its own shares from the market.This study uses a standard event methodology based on an ordinary least squares market model with the aim of finding out whether repurchase announcements generate any abnormal return around the repurchase announcement date. While applying the market model for estimating the abnormal returns, the regression is estimated based on the stock return of the firm and market return of the previous 120 trading days. So, here the estimation window takes into account 120 observations. Using this, the expected returns are generated and then the abnormal returns are derived for the event window, 28 days prior to the event date and 28 days after the event date.The findings of the study indicate that share repurchase announcements do not necessarily generate abnormal stock returns in the Indian equity market unlike developed economies like the US, Canada, and Australia. The whole sample is further divided into various subsamples on the basis of firm size and size of repurchase. The subsample analyses reveal that smaller firms do not necessarily experience higher abnormal stock returns following repurchase announcements than that of the larger firms. The findings weakly support the view that larger repurchase size generates greater abnormal stock returns than the smaller ones.
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Sathyanarayana, S., and Sudhindra Gargesa. "An Analytical Study of the Effect of Inflation on Stock Market Returns." IRA-International Journal of Management & Social Sciences (ISSN 2455-2267) 13, no. 2 (December 8, 2018): 48. http://dx.doi.org/10.21013/jmss.v13.n2.p3.
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<span lang="EN-IN">Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country's currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majority of the chosen indices recorded a negative </span><span lang="EN-IN">coefficient with the dependent variable. </span><span lang="EN-IN">For India, Austria, Belgium, Canada, Chile, China, France, Ireland we found a negative coefficient. However, Brazil </span><span lang="EN-IN">Indonesia, Japanese, Mexico, Spanish and Turkey reported a positive coefficient. </span><span lang="EN-IN">Current study clearly throws light on the effect of inflation on the stock market returns, therefore; it can help the market participants such as traders, fund managers, and investors to make good portfolio decisions based on the information about expected inflation and unexpected inflation. The study confirms that there exists a significant relationship between the stock returns and inflation for Australian, Belgium, Canadian, Chilean, Chinese, French and Irish stock benchmark indices. Firms can take this one has a clue to adjust their reported profits by raising the prices. The policymakers can employ contractionary policy to reduce the supply of money by offering a low interest rate on t bills, increasing the interest rates (bank rate policy) and increasing the cash reserve ratios which in turn reduces the lending capacity of the banks.</span>
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Bhadoriya, Amrita, Mrudul Y. Jani, Urmila Chaudhari, and Aniket C. Tadvi. "A new approach to maximize the overall return on investment with price and stock dependent demand under the nonlinear holding cost." Control and Cybernetics 51, no. 1 (March 1, 2022): 91–108. http://dx.doi.org/10.2478/candc-2022-0006.
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Abstract This study investigates an inventory model for deteriorating products with a price and stock-dependent demand pattern where the holding cost is a non-linear function of both time and stock level. Moreover, a decreased price and a higher stock level lead to a higher rate of demand. Consequently, in this article, we present a new approach, aiming at maximization of the return on investment by maximizing the profit/cost ratio. If an inventory manager has the potential to invest in a variety of projects, but disposes of only limited resources, it is logical to strategically plan towards a better return on investment. As a result, the manager’s objective will be to develop an inventory policy with a possibly high return on investment. Therefore, a new strategy is considered in this article to optimize the profitability ratio in terms of replenishment time and selling price, which is determined as the proportion between the profit and the overall cost of the inventory scheme. This research demonstrates that optimizing the profitability ratio is equivalent to decreasing the average inventory cost of a product per unit. Also, the optimality is graphically checked and one numerical illustration is discussed to explain the result of the proposed model. Finally, sensitivity analysis of key parameters is performed to show the applicability of the proposed model. The profit/cost ratio is more sensitive to price elasticity markup or purchasing cost compared to the other parameters used. Also, for decision-makers, several helpful management insights are derived.
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Boardman, Anthony E., Claude Laurin, and Aidan R. Vining. "Privatization in Canada: Operating and Stock Price Performance with International Comparisons." Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration 19, no. 2 (April 8, 2009): 137–54. http://dx.doi.org/10.1111/j.1936-4490.2002.tb00676.x.
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Alam, Md Kausar, Mosab I. Tabash, Mabruk Billah, Sanjeev Kumar, and Suhaib Anagreh. "The Impacts of the Russia–Ukraine Invasion on Global Markets and Commodities: A Dynamic Connectedness among G7 and BRIC Markets." Journal of Risk and Financial Management 15, no. 8 (August 8, 2022): 352. http://dx.doi.org/10.3390/jrfm15080352.
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The conflict between Russia and Ukraine has been causing knock-on effects worldwide. The supply and price of major commodity markets (oil, gas, platinum, gold, and silver) have been greatly impacted. Due to the ongoing conflict, financial markets across the world have experienced a strong dynamic regarding commodities prices. This effect can be considered the biggest change since the occurrence of the financial crisis in the year 2008, which explicitly influenced the oil and gold markets. This study attempts to investigate the impacts of the Russian invasion crisis on the dynamic connectedness among five commodities and the G7 and BRIC (leading stock) markets. We have applied the time-varying parameter vector autoregressive (TVP-VAR) method, which reflects the way spillovers are shaped by various crises periods, and we found extreme connectedness among all commodities and markets (G7 and BRIC). The findings show that gold and silver (commodities) and the United States, Canada, China, and Brazil (stock markets) are the receivers from the rest of the commodities/market’s transmitters of shocks during this invasion crisis. This research has policy implications that could be beneficial to commodity and stock investors, and these implications could guide them to make many decisions about investment in such tumultuous situations. Policymakers, institutional investors, bankers, and international organizations are the possible beneficiaries of these policy decisions.
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Cormier, Denis, and Michel L. Magnan. "The Advent of IFRS in Canada: Incidence on Value Relevance." Journal of International Accounting Research 15, no. 3 (February 1, 2016): 113–30. http://dx.doi.org/10.2308/jiar-51404.
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ABSTRACT The paper focuses on Canada's enactment of IFRS for publicly accountable firms. We investigate whether IFRS meet one of their stated goals, which is to improve financial statements' relevance for stock markets. Results show that migrating from Canadian GAAP to IFRS enhances the value relevance of earnings but the effect is concentrated among firms that are cross-listed in the U.S. (and that do not report according to U.S. GAAP). The advent of IFRS enhances the value relevance of information contained in footnotes but attenuates the need for non-GAAP measures' disclosure. Stock market prices also embed more precise anticipations about future IFRS earnings. Additional analyses suggest that less earnings management accompanies IFRS adoption. Our results suggest that, for cross-listed firms, the adoption of IFRS enhanced the comparability of their financial statements and, ultimately, their value relevance.
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Lou, Tienwei, and Wuchang Luo. "Revisiting Quantile Granger Causality Between the Stock Price Indices and Exchange Rates for G7 Countries." Asian Economic and Financial Review 8, no. 1 (December 5, 2017): 9–21. http://dx.doi.org/10.18488/journal.aefr.2018.81.9.21.
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The daily data of the stock price index and the foreign exchange rate in G7 were utilized for the period between January 4, 1999 and June 30 2015. From the empirical study of Granger causality test in quantiles, there are three main findings. Firstly, there is no long-run significant relationship between the stock price index and exchange rate in G7. Secondly, different types of short-run relationships exist between the two variables among G7 countries. In Canada, Italy, and U.S.A., the relationship is bidirectional, and the asymmetric effect is at different quantiles. In France and Japan, the relationship is unidirectional, from the stock price index to the exchange rate, and the relationship is at different quantiles for the two countries. In Germany and U.K., the relationship is unidirectional in the opposite direction and is also at different quantiles. Lastly, it shows that international trading effects at different quantiles exist in Canada (at high quantile), Italy (at median quantile), and U.K. (at low quantile). On the other hand, portfolio balance effects at different quantiles exist in Germany (at low and median quantiles) and U.S.A. (at high quantile). The study shows neither effect in France and Japan. The empirical findings in this paper have important implications for academicians, international institutional investors, and policy-makers on the G7 markets.
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Pincus, Morton, Shivaram Rajgopal, and Mohan Venkatachalam. "The Accrual Anomaly: International Evidence." Accounting Review 82, no. 1 (January 1, 2007): 169–203. http://dx.doi.org/10.2308/accr.2007.82.1.169.
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We consider stock markets in 20 countries to investigate whether the accrual anomaly (Sloan 1996), characterized by U.S. stock prices overweighting the role of accrual persistence, is a local manifestation of a global phenomenon.We explore whether the occurrence of the anomaly is related to country differences in accounting and institutional structures, and examine alternative explanations for its occurrence. We find stock prices overweight accruals in general, with accruals overweighting occurring in countries with a common law relative to a code law tradition. Using firmlevel data on a country-by-country basis, we document the occurrence of the anomaly in four countries, Australia, Canada, the U.K., and the U.S., and also in a sample of American Depository Receipts (ADRs) of firms domiciled in countries where we do not detect the anomaly. Using country-level data, we confirm the anomaly is more likely to occur in countries having a common law tradition, and also in countries allowing extensive use of accrual accounting and having a lower concentration of share ownership. Additional analyses reveal that earnings management and barriers to arbitrage best explain the anomaly.
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KURTAR, HASAN, AYHAN KAPUSUZOĞLU, and NİLDAG BASAK CEYLAN. "Oil Prices and Stock Markets: An Empirical Analysis From Russia, Canada, USA and Japan." Journal of Business Research - Turk 11, no. 1 (March 27, 2019): 558–74. http://dx.doi.org/10.20491/isarder.2019.619.
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Razzaq, Bilal, Sabra Noveen, Adeel Mustafa, and Rabia Najaf. "ARBITRAGE PRICING MODEL IN RELATION TO EFFICIENT MARKET HYPOTHESES." International Journal of Research -GRANTHAALAYAH 4, no. 7 (July 31, 2016): 137–49. http://dx.doi.org/10.29121/granthaalayah.v4.i7.2016.2605.
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The purpose of this thesis is to distinguish between efficient and inefficient markets and check the validity and efficiency of Arbitrage Pricing Theory in these markets (United States and Hong Kong).
In order to distinguish between efficient and inefficient markets, Durbin Watson Autocorrelation tests were applied on 12 stock exchanges name EUROPE, HONG KONG, INDIA, TAIWAN, AMSTERDAM, MALAYSIA, UNITED STATES, CANADA, TOKYO, AUSTRALIA, AUSTRIA, and SWITZERLAND. Furthermore, the efficiency was further checked through comparison of the market and locally listed mutual funds. After the selection of Hong Kong and United States Stock Exchanges, 10 macroeconomic variables (Inflation, Short Term Interest Rate, Long Term Interest Rate, Exchange Rate, Money Supply, Gold Prices, Oil Prices, Industrial Production Index, Market Return and Unemployment Rate were tested upon so that the APT model could be constructed. Tests like Normality and Multi-co-linearity were performed. Principle Component Analysis was used to reduce the number of variables. After all the above mentioned tests 4 variables were chosen to represent the APT in both the Hong Kong and United States Stock Exchanges. Lastly OLS Regression was applied to study the effect of these macroeconomic variables on the stock prices.
The results showed that Hong Kong Stock Exchange was the most efficient while United States Stock Exchange fell in the inefficient category. The efficiency of APT was proven through the analysis of the value of R2. This value proved that when similar model of APT is applied in two different stock exchanges, the results would be more efficient in an efficient market like Hong Kong.
This is the first attempt at constructing an APT Model based on the economic conditions in one country and applying the same model in a highly efficient market; in order to relate the performance of APT with market efficiency.
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Swishchuk, Anatoliy, and Li Xu. "Pricing Variance Swaps for Stochastic Volatilities with Delay and Jumps." International Journal of Stochastic Analysis 2011 (May 18, 2011): 1–27. http://dx.doi.org/10.1155/2011/435145.
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We study the valuation of the variance swaps under stochastic volatility with delay and jumps. In our model, the volatility of the underlying stock price process not only incorporates jumps, which are found to be active empirically, but also exhibits past dependence: the behavior of a stock price right after a given time t depends not only on the situation at t but also on the whole past (history) of the process S(t) up to time t as well. The jump part in our model is finally represented by a general version of compound Poisson processes. We provide some analytical closed forms for the expectation of the realized variance for the stochastic volatility with delay and jumps. We also present a lower bound for delay as a measure of risk. As applications of our analytical solutions, a numerical example using S&P60 Canada Index (1998–2002) is then provided to price variance swaps.
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Hammad, Muhammad, Adil Awan, and Amir Rafiq. "Demutualization in Developing and Developed Country Stock Exchanges." Lahore Journal of Business 3, no. 2 (March 1, 2015): 35–58. http://dx.doi.org/10.35536/ljb.2015.v3.i2.a3.
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This study considers seven different stock exchanges in order to measure the impact of demutualization announcements on stock market return volatility. This is measured based on the daily index prices of all seven indices: the Toronto Stock Exchange (TSX) in Canada, the FTSE 100 in the UK, the Straits Times Index (STI) in Singapore, the Nikkei 225 in Japan, the Kuala Lumpur Composite Index (KLCI) in Malaysia, the SENSEX in India, and the Hang Seng Index (HSI) in Hong Kong, China. A dummy variable is used to differentiate between pre- and post-event data. We use the augmented Dickey–Fuller test, the ARCH LM test and GARCH (1, 1) methodology to measure return volatility due to demutualization announcements. The results show that the decision to demutualize did not affect the UK, Singapore, and Indian stock markets, where volatility is explained by other factors. It did, however, affect the Canadian, Japanese, Hong Kong, and Malaysian stock markets. Moreover, the Canadian and Malaysian market swere negatively affected, while the Hong Kong and Japanese markets reacted positively to the demutualization announcements.
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Haque, Mainul, Somchai Harnhirun, and Daniel Shapiro. "A time series analysis of causality between aggregate merger and stock prices: the case of Canada." Applied Economics 27, no. 7 (July 1, 1995): 563–68. http://dx.doi.org/10.1080/00036849500000044.
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Li, Yun Daisy, Talan B. İşcan, and Kuan Xu. "The impact of monetary policy shocks on stock prices: Evidence from Canada and the United States." Journal of International Money and Finance 29, no. 5 (September 2010): 876–96. http://dx.doi.org/10.1016/j.jimonfin.2010.03.008.
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Choudhry, Taufiq. "Real stock prices and the long-run money demand function: evidence from Canada and the USA." Journal of International Money and Finance 15, no. 1 (February 1996): 1–17. http://dx.doi.org/10.1016/0261-5606(95)00041-0.
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Saint-Pierre, Jacques. "Les taux de commission sur les transactions boursières au Canada : Acte II." L'Actualité économique 59, no. 2 (July 21, 2009): 350–72. http://dx.doi.org/10.7202/601220ar.
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This is the second part of a study about what could be called an economic play or drama: the deregulation of commission rates on stock exchange transactions. This article presents an economic analysis of the long-standing policy in Canada of charging minimum commission on stock transaction. The discussion draws heavily on the arguments put forward by the Montreal Exchange as a part of its recent ongoing defense of fixed commission. The arguments fall into three categories: (1) the economic approach to the analysis of the brokerage business (uncertainty in product quality) (2) the information produce by the brokerage industry are public goods because of externalities and (3) the structure of the brokerage industry. According to the Exchange's logic, the elimination of the practice of price fixing would lead to a less efficient capital market because of the reduction in the production of information and to an increase in the concentration in the brokerage business. The analysis presented in this article leads to the conclusion that the Exchange's case is faulty in terms of both its theory and its empirical proofs and that minimum commission rates on stock exchange transactions cannot be justified on economic grounds.
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Rahman, Rashedur M., Ruppa K. Thulasiram, and Parimala Thulasiraman. "Performance Analysis of Sequential and Parallel Neural Network Algorithm for Stock Price Forecasting." International Journal of Grid and High Performance Computing 3, no. 1 (January 2011): 45–68. http://dx.doi.org/10.4018/jghpc.2011010103.
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The neural network is popular and used in many areas within the financial field, such as credit authorization screenings, regularities in security price movements, simulations of market behaviour, and so forth. In this research, the authors use a neural network technique for stock price forecasting of Great West Life, an insurance company based in Winnipeg, Canada. The Backpropagation algorithm is a popular algorithm to train a neural network. However, one drawback of traditional Backpropagation algorithm is that it takes a substantial amount of training time. To expedite the training process, the authors design and develop different parallel and multithreaded neural network algorithms. The authors implement parallel neural network algorithms on both shared memory architecture using OpenMP and distributed memory architecture using MPI and analyze the performance of those algorithms. They also compare the results with traditional auto-regression model to establish accuracy.
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Barla, Philippe, Bernard Lamonde, Luis F. Miranda-Moreno, and Nathalie Boucher. "Traveled distance, stock and fuel efficiency of private vehicles in Canada: price elasticities and rebound effect." Transportation 36, no. 4 (April 14, 2009): 389–402. http://dx.doi.org/10.1007/s11116-009-9211-2.
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Lutey, Matthew, and Dave Rayome. "Ichimoku Cloud Forecasting Returns in the U.S." GLOBAL BUSINESS FINANCE REVIEW 27, no. 5 (October 31, 2022): 17–26. http://dx.doi.org/10.17549/gbfr.2022.27.5.17.
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Purpose: We show that the Ichimoku Cloud can forecast stock returns in the U.S., Canada, Germany, and U.K.
Design/methodology/approach: We use a regression of next months index return regressed on the Ichimoku Cloud entry signal for price crossing above 9 periods, 26 period, 52 periods and a crossover between 9 and 26 periods. The regression slope coefficient is recorded as the risk premium return. We also record the t-statistic and R2 of the model. We note that T-statistics of 1.65 are statistically significant. R2 is economically significant with a value above .5 percent.
Findings: This is showing real-time application how the current Ichimoku Cloud signal can predict tomorrow’s stock return. The strongest results occur for lagged values one period in the U.S. which shows initial justification to using the Ichimoku Cloud. We additionally show the Ichimoku Cloud entry signals are strong in regards to T-statistics and R2 when benchmarked on each of the equity markets in the U.S., Canada, Germany, and U.K.
Research limitation/implications: The model only considers technical indicators for forecasting risk premium and could benefit from additional indicators or macro fundamentals.
Originality/value: This is the first paper to use Ichimoku Cloud in the risk premium forecast framework.
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Okafor, Oliver N., Mark Anderson, and Hussein Warsame. "IFRS and value relevance: evidence based on Canadian adoption." International Journal of Managerial Finance 12, no. 2 (April 4, 2016): 136–60. http://dx.doi.org/10.1108/ijmf-02-2015-0033.
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Purpose – The purpose of this paper is to investigate whether financial information prepared and disclosed under International Financial Reporting Standards (IFRS) has incremental value relevance vs information prepared under generally accepted accounting principles (GAAP) in Canada. Design/methodology/approach – The authors employ a difference in differences methodology and estimate value relevance using: first, the adjusted R2 of regressions of stock price on book value and earnings; second, the adjusted R2 of regressions of stock returns on earnings and changes in earnings; and third, a time series incremental association return estimation. The authors use multiple models including a model similar to the Ohlson (1995) model and a modified Balachandran and Mohanram (2011) model to investigate value relevance in the period 2008-2013. Findings – The authors provide empirical evidence, based on unique Canadian environment, that accounting information prepared and disclosed under IFRS exhibits higher price and returns value relevance than accounting information prepared previously under local GAAP. Sensitivity analyses and yearly trends regressions produce collaborating evidence. Originality/value – The study provides early empirical evidence that value relevance increases in mandatory IFRS adoption, based on unique Canadian adoption. The Canadian adoption is unique because Canada: first, is the first G7 non-European country to adopt IFRS; second, had pursued a dual strategy of harmonizing with the US GAAP while supporting IFRS convergence; third, provided information environment that mitigates the problems associated with measuring the effects of IFRS adoption in the European countries where IFRS or its predecessor – international accounting standards – had permeated the reporting environment prior to the mandatory adoption in 2005; and fourth, allowed firms listed on the US exchanges to continue to use or adopt the US GAAP for financial reporting and thus, provided a group of benchmark firms drawn from the same social-political and economic environment as the treatment firms. The study clarifies prior inconsistent results from European samples.
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Abt, Robert C., Jamie Brunet, Brian C. Murray, and Don G. Roberts. "Productivity growth and price trends in the North American sawmilling industries: an inter-regional comparison." Canadian Journal of Forest Research 24, no. 1 (January 1, 1994): 139–48. http://dx.doi.org/10.1139/x94-019.
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This paper applies nonparametric superlative index techniques to measure productivity growth in the sawmilling industries of the United States and Canada. Six geographic regions are examined: British Columbia (Coast and Interior), Ontario, Quebec, U.S. South, and U.S. West. The results indicate significant adjustment of resources both within and across regional industries over time. Over the long-term, labor has been the input that has experienced the highest growth in productivity: 3–4% per annum in the commodity-oriented regions. This result likely reflects the significant increases in capital stock throughout most of the North American industry. From 1980 to 1988 there have been significant differences in the annualized growth rates in total factor productivity across regions: U.S. West (3.3%), B.C. Interior (2.7%), Quebec (1.9%), U.S. South (1.4%), B.C. Coast (1.3%), and Ontario (1.1%). However, growth in total factor productivity over the 24-year period from 1965 to 1988 is relatively uniform across most regions (1.2% per annum).
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Sinitsyna, A. S., E. A. Ovchinnikova, and S. A. Galyant. "PRICE LIST 10-01: MECHANISMS FOR TARIFF REGULATION." World of Transport and Transportation 16, no. 1 (February 28, 2018): 90–99. http://dx.doi.org/10.30932/1992-3252-2018-16-1-9.
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[For the English abstract and full text of the article please see the attached PDF-File (English version follows Russian version)].ABSTRACT In the countries of the European Union and Russia, the owner of the railway infrastructure is the state, and the rolling stock is owned by private companies. With this model of organizing the railway industry, the main source of income for the owner of the public infrastructure is freight transportation. The main advantages of this model are the low level of monopoly power of the rolling stock owners and low probability of discrimination in access to infrastructure, and the disadvantages are low incentives for investing in infrastructure development. Consequently, the main problem for a monopolist is to attract cargo owners to transportation by rail. As it is known, the criterion of attractiveness of a particular mode of transport for a cargo owner is the cost of transportation (low tariff load), which is regulated on the Russian Railways by Price list 10-01 «Tariffs for transportation of goods and infrastructure services performed by Russian railways». Since reorganization of the tariff system in 2003, the car component of the railway freight tariff varies depending on the market conditions of the fleet of freight cars owned by the operator companies, and the infrastructure component is regulated by the infrastructure owner which is the the state. At the same time, the role of state antimonopoly regulation is of great importance, which directly affects the rail freight transportation market, and, as a consequence, the tariff. An alternative is the American model of railway organization (used in the US, Canada, some countries of South America), which has a high level of monopoly power of carriers, rolling stock operators and infrastructure owners, high probability of discrimination in access to infrastructure, high incentives to invest in infrastructure modernization. At the same time, several vertically integrated companies operate on the rail freight transportation market, and competition occurs both between private railway infrastructures and between carriers and rolling stock owners who can compete on each other’s infrastructure. State antimonopoly regulation is absent, which increases the importance of bilateral contracts between market participants. A consequence of this is the dependence of the tariff on rail freight transport exclusively on the market conjuncture. The article shows the sequence of evolution of the current Price list 10-01 «Tariffs for transportation of goods and infrastructure services performed by Russian railways» in market conditions. The foreign experience of state regulation of freight tariffs is considered at the example of two alternative models - American and European. The analysis of influence of demand and supply, formed on the domestic market by owners of cars, has been made. The structure of tariff classes and the principles of their formation are shown. One of the key features of the current system is the so-called «tariff corridor». The most significant problems are identified - cross-subsidization of lowyield cargo traffic and tariff construction by a cost principle in a state-regulated segment. Keywords: railway transport, Price list 10-01, freight transportation, tariffs, system principles.
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Mbah, Ruth Endam, and Divine Wasum. "Russian-Ukraine 2022 War: A Review of the Economic Impact of Russian-Ukraine Crisis on the USA, UK, Canada, and Europe." Advances in Social Sciences Research Journal 9, no. 3 (March 28, 2022): 144–53. http://dx.doi.org/10.14738/assrj.93.12005.
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The popular belief worldwide is that the global financial sanctions unleashed on Russia, the seizure of assets and properties of the oligarch friends to President Putin for Russia’s current attack on Ukraine will cripple the Russian economy and hinder any further attack on Ukraine. This is logical reasoning, however, the impact of this crisis extends to the global economy. Thus, the purpose of this study is to review the economic impact of the 2022 Russia-Ukraine war on key global economic actors, specifically, countries that have unleashed financial sanctions on Russia as punishment like the USA, Canada, UK, and EU. This study uses the Social Contract and the Interest Group Theories to explain the rationale behind this crisis from its origin. Evidence from reviewed literature shows that although the consequences of this crisis have had a fatal impact on Russia’s economy, the world economy has begun to feel the impact of this crisis. Inflation which is already ravaging most global economies is steadily rising due to the sharp increase in oil, natural gas, and food prices just a few days into this crisis. Experts expect a negative impact on household consumption, increase uncertainty, unpredictable stock swings, supply chain disruptions, bulging utility bills, decreased investment due to political risks, and economic growth impediments. It is therefore vital for policymakers worldwide to seek alternative means of survival if Russia decides to react by restricting its export of vital global commodities of which it is a significant export leader like oil, natural gas, wheat, neon, titanium, palladium, and ammonium nitrate.
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Borsella, Madison, and Angel M. Foster. "Exploring the Availability of Emergency Contraception in New Brunswick Pharmacies: A Mystery-Client Telephone Study." Pharmacy 8, no. 2 (April 30, 2020): 76. http://dx.doi.org/10.3390/pharmacy8020076.
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Although levonorgestrel-only emergency contraceptive pills (LNg-ECPs) have been available over the counter in Canada for more than a decade, barriers to access persist. We aimed to obtain information about the availability and cost of LNg-ECPs in New Brunswick. Using a mystery-client study design, we called all 207 non-specialty pharmacies in the province posing as a 17-year-old woman seeking something to prevent pregnancy after sex. We evaluated the information provided for accuracy and quality. The overwhelming majority of pharmacies (n = 180, 87%) had at least one brand of LNg-ECPs in stock; the price averaged CAD28.69 (USD21.65). Although the majority of pharmacy representatives provided accurate information about LNg-ECPs, a small number made incorrect statements about the timeframe for use, side effects, and mechanism of action. In nine interactions (4%) pharmacy representatives incorrectly indicated that a male partner could not obtain LNg-ECPs; none indicated that parental involvement was required to procure LNg-ECPs. None of the pharmacy representatives referenced any other modality of emergency contraception, including ulipristal acetate. Our findings suggest that LNg-ECPs are widely available and that most pharmacy representatives are providing accurate medical and regulatory information. However, supporting the continuing education of pharmacists and pharmacy staff, particularly around alternative modalities of emergency contraception, appears warranted.
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Laffey, Des. "The Ultimate Bluff: A Case Study of Partygaming.Com." Journal of Information Technology 22, no. 4 (December 2007): 479–88. http://dx.doi.org/10.1057/palgrave.jit.2000096.
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June 2005 was to bring online gambling out of the shadows and into the spotlight. PartyGaming, a start-up formed in 1997, launched a flotation (Initial Public Offering) on the London Stock Exchange that valued the firm at £4.64 billion giving it a larger market capitalisation than British Airways. PartyGaming had become the dominant player in the booming online poker market with its PartyPoker brand having over 50% market share. However, this float – as with Internet gambling in general – was not without controversy. While PartyGaming had an online gambling license from the tax haven of Gibraltar, nearly 90% of its revenue came from the United States, where the authorities viewed Internet gambling as illegal and threatened legal action. The complex operations of this truly global firm with bases in London, India, Gibraltar and Canada, the background of its founder Ruth Parasol in Internet pornography and the handling of its flotation also raised concerns from an ethical perspective, with some commentators questioning whether the float should have been allowed at all. These concerns were then confirmed as US legislation to curb online gambling was passed in September 2006, leading to PartyGaming's exit from the US market and an immediate fall of 58% in the share price. This case study analyses the entrepreneurs behind PartyGaming, its growth, the challenges it has faced, the ethical issues it poses and its future prospects. The case draws on theory from e-commerce, strategy and ethics.
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CARMODY, DANA. "THE T. EATON COMPANY LIMITED: A CASE ANALYSIS." Journal of Enterprising Culture 10, no. 03 (September 2002): 225–40. http://dx.doi.org/10.1142/s0218495802000104.
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The T Eaton company, considered the world's first department store, was named after its founder Timothy Eaton. In 1869, it as a small dry goods business in Toronto. By 1907, at the death of its founder, it was a giant retail store, with a branch in Winnipeg, alongside a country-wide mail-order business. Innovative practices established during his time included sales for cash only and satisfaction guaranteed or money refunded. Eaton's successors extended the Eaton empire across Canada, continuing the tradition of quality goods, prices, customer service and also fair labour practices. It became a Canadian institution. Eaton's filed for protection from its creditors in February 1997 and once again in August 1999 (see Appendix 1 for a chronology of events) under the federal Companies' Creditors Arrangement Act and the Ontario Business Corporations Act (Closings). The restructuring that followed the first bankruptcy was only partially successful. However, it had a significantly positive impact on Eaton's operations, and seemed to turn things around. Were it not for bad economic news and misfortune in mid-to-late 1998 (CNW 3 and CNW 5), the plan might have worked. Store-closings, employee terminations, and a huge liquidation sale followed the second bankruptcy declared in August 1999, as did the suspension of the trading of Eaton's stock (Chron). Sears Canada Inc. agreed to purchase 16 of the Eaton's stores in September 1999 (Sears 1; Material 1). These will open by the fall of 2000 (Material 2; Sears 1). A compromise was made with Eaton's creditors (including the employees) to give them approximately $0.50 on the dollar (Olijnyk 1). A compromise was also arrived at with Eaton's shareholders whereby the latter would be given participation units in exchange for their common shares (on a one-for-one trade) (Amended; Trachuk). These participation units are to be used in a contingent and conditional settlement based upon the possible utilization of tax credits by Sears acquired as a result of Eaton's $390 million in losses since 1996 (Receivership; Amended; Trachuk). These settlement monies might or might not be realized by the former shareholders (Amended; Trachuk). Today, Eaton's is no more. In its place are many great memories by a former generation of Canadians who used to go to the Eaton's stores to buy big things that were always of high quality. "Agnes Lunn, who was visiting [Edmonton, Calgary,] from Dartmouth, N.S., said she will miss the chain because of its trustworthiness. "If you bought something from Eaton's, you knew it was worth having, you knew it would be quality," she said (Auction)." Perhaps having six of the Eaton's stores open up this fall with the Eaton's name on them will rekindle a loyalty in a new generation of Canadians?
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Poudrier-LeBel, Louise. "La libération de la caution par la faute du créancier." Le prêt commercial 28, no. 4 (April 12, 2005): 939–62. http://dx.doi.org/10.7202/042848ar.
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Since the decision of the Supreme Court in Soucisse, a growing number of sureties try to obtain their liberation by invoking a fault of the creditor. This phenomenon occurs in the province of Quebec as in the other provinces of Canada. This paper relates mostly to the Quebec Law. The sureties plead a fault in information about the nature or the consequences of their contract or about the risks and circumstances of the operation. The author writes that such a general duty of information does not exist, except if the creditor has been contractually engaged to do so. Nevertheless, if the creditor gives wrong information with bad faith, he will be held liable. Secondly, the sureties invoke the recall of the loan. Here again, there is no fault on the creditor's part, if the term is arrived or if a reasonable notice has been given when the debt is payable on demand. But if the creditor has promised that he would not recall his loan for a certain period, he must do so. Thirdly, the sureties invoke a fault in the realization of the securities for a low price. The courts will ascertain whether the sale has been held in accordance with prescriptions of the law for this type of security. If the creditor sells privatly, the courts do not hold him liable if the price obtained is justified within the economic context. In case of a fault in the realization of the securities, an action on liability belongs to the principal, the company, and not to the surety, the shareholder, a victim by ricochet, except if the goods are his own. Nevertheless if the surety is sued, he may oppose a fin denon-recevoir. The burden of the proof of the fault will be more or less easy according to the circumstances of the case. Most often, an exoneration clause will deny liability except in the case of bad faith. In the absence of such a clause, the criterium is that of a reasonable man. Sureties must also prove the amount of the prejudice. Recent amendments to the Bank Act and to the Act respecting Bills of lading, Receipts and Transferts of property in stock impose new standards of conduct on the creditor and will offer more protection to sureties.
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SHIMKO, Oleg V. "Production and Reserves of the World's Leading Publicly Traded Oil and Gas Corporations." Economic Analysis: Theory and Practice 21, no. 6 (June 29, 2022): 1116–38. http://dx.doi.org/10.24891/ea.21.6.1116.
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Subject. The article considers the production and proved reserves of the twenty five leading publicly traded oil and gas companies from 2006 through 2018. Objectives. The aim of the study is to determine the current level of values of the production and proved reserves of leading publicly traded oil and gas companies, as well as to identify key trends in their changes during the study period, to establish the factors that led to the changes. Methods. The study rests on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated income statements. Results. The paper established a practically commensurate growth in the production of liquid hydrocarbons and natural gas. It determined that most of the total production fell on liquid hydrocarbons. There was an increase in proved reserves, and the component of liquid hydrocarbons gradually reached almost two-thirds in the structure. The growth in the production of liquid hydrocarbons and natural gas outpaced the growth of the corresponding proved reserves in terms of its pace at the level of the world's leading publicly traded oil and gas corporations, and, therefore, there was a general decrease in the level of reserves to production ratio of companies. The indicators of proved reserves to production ratio inherent in the stock market sector of the oil and gas industry are mainly from 10 to 15 years. Therefore, the specified time range is a guideline in assessing the value of proved reserves life of liquid hydrocarbons and natural gas of publicly traded oil and gas corporations. It was determined that the largest publicly traded oil and gas corporations from Russia and Canada managed to strengthen their position in terms of operating indicators in the industry. The situation with production and proven reserves has become noticeably worse for most independent companies from the United States and corporations from China. Conclusions. It becomes difficult for most independent companies to maintain an acceptable level of proved reserves to production ratio in the face of increasing production by leading oil and gas corporations at current prices for raw materials.
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Yanti, Tia Novi, and Dahruji. "Window Dressing Detection in the Energy Sector Industry Listed on the Indonesian Sharia Stock Index." Jurnal Ekonomi Syariah Teori dan Terapan 9, no. 6 (November 30, 2022): 800–814. http://dx.doi.org/10.20473/vol9iss20226pp800-814.
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ABSTRAK Penelitian ini mempunyai tujuan yaitu ingin menganalisis apakah terdapat indikasi window dressing dalam laporan keuangan dilihat dari nilai cash holding, financial leverage dan nilai perusahaan pada sektor energi yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) Bursa Efek Indonesia selama periode 2017-2020. Metode penelitian yang diterapkan yakni uji Beda t-test menggunakan uji Mann Whitney. Sampel yang dipakai ada 22 perusahaan sektor energi di ISSI BEI untuk rentang waktu 2017 triwulan pertama sampai 2020 triwulan keempat. Berdasarkan hasil analisa dalam riset ini membuktikan kalau tidak ada perbedaan nilai cash holding, financial leverage serta nilai perusahaan pada triwulan IV terhadap nilai dalam triwulan I, triwuulan II serta triwulan III. Hal ini mengidentifikasi bahwa perusahaan tidak mengindikasikan gejala window dressing. Sehingga dapat ditarik kesimpulan bahwa beberapa perusahaan di sektor energi yang tertera di ISSI BEI pada tahun 2017 hingga 2020 tidak terindikasi melaksanakan praktik window dressing. Hal ini dapat digunakan sebagai dokumen evaluasi bagi perusahaan di sektor energi untuk lebih meningkatkan operasional mereka. Untuk menghindari adanya indikasi window dressing, perusahaan energi yang terdaftar di ISSI BEI harus memprioritaskan upaya strategis dalam meningkatkan kinerja keuangan perusahaan sehingga cash holding, financial leverage, dan nilai perusahaan dapat mencerminkan situasi perusahaan. Kata kunci: window dressing, cash holding, financial leverage, nilai perusahaan. ABSTRACT This study aimed to analyze whether there are indications of window dressing in financial statements seen from the value of cash holding, financial leverage and company value in the energy sector listed on the Indonesian Sharia Stock Index (ISSI) of the Indonesia Stock Exchange (IDX) during the 2017-2020 period. The research method applied was the Different t-test using the Mann Whitney test. The sample used is 22 energy sector companies on the ISSI IDX for the period of 2017 first quarter to 2020 fourth quarter. Based on the results of the analysis, it proves that there is no difference in the value of cash holding, financial leverage and the value of the company in the 4th quarter of the value in the 1st, 2nd and 3rd quarters. This indicates that the company has no indication of window dressing symptoms. So it can be concluded that several companies in the energy sector listed on the ISSI IDX in 2017 to 2020 are not indicated to carry out window dressing practices. It can be used as an evaluation document for companies in the energy sector to further improve their operations. To avoid any indication of window dressing, energy companies listed on the ISSI IDX must prioritize strategic efforts in improving the company's financial performance so that cash holding, financial leverage, and company value can reflect the company's situation. Keywords: window dressing, cash holding, financial leverage, firm value. REFERENCES Alandari, T. rohmadoni. (2016). Analisis window dressing pada reksa dana saham perusahaan sekuritas Indonesia tahun 2010-2015. 1–8. Skrupsi tidak dipublikasikan. Universitas Jember. Alteza, M. (2007). Efek hari perdagangan terhadap return saham: suatu telaah atas anomali pasar efisien. Jurnal Ilmu Manajemen, 3(1), 31–42. Aprillia, S. V. (2016). Analisis window dressing pada perusahaan BUMN yang terdaftar di bursa efek Indonesia Periode 2012-2014. Doctoral dissertation. STIE Perbanas Surabaya. BBPT. (2022). BBPT outlook energi Indonesia. Badan Pengkajian Dan Penerapan Teknologi. Retrieved from https://www.bppt.go.id/dokumen/outlook-energi BEI. (2022a). Indeks saham syariah. Bursa Efek Indonesia. Retrieved from https://www.idx.co.id/idx-syariah/indeks-saham-syariah/ BEI. (2022b). Klasifikasi sektor dan subsektor. Bursa Efek Indonesia. Retrieved from https://www.idx.co.id/produk/saham/#Klasifikasi Sektor dan Subsektor Bestari, W. A. (2014). Analisis window dressing pada perusahaan sektor industri barang konsumsi yang terdaftar di bursa efek Indonesia periode 2010-2013. Skripsi tidak dipublikasikan. Universitas Maritim Raja Ali Haji Tanjungpinang. Chandra, F. O., Sugiarto, B., & Biantara, D. (2022). Analisis window dressing pada perusahaan pertambangan yang terdaftar di bursa efek Indonesia periode 2018-2020. Accounting Cycle Journal, 3(2), 88–111. Christina, S. O., & Andadari, R. K. (2015). Praktek window dressing pada reksa dana saham di Indonesia tahun 2008-2012. 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Determinants of corporate cash holdings: evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79. https://doi.org/10.5539/ijef.v4n1p70 Harinaldi. (2005). Prinsip-prinsip statistik untuk teknik dan sains. Jakarta: Erlangga. Hartono, J. (2013). Teori portofolio dan analisis investasi edisi kedelapan. Yogyakarta: BPFE. Iramani, R., & Mahdi, A. (2006). Studi tentang pengaruh hari perdagangan terhadap return saham pada BEI. Jurnal Akuntansi Dan Keuangan, 8(2), 63–70. https://doi.org/10.9744/jak.8.2.pp.%2063-70 Khokhar, A. R. (2013). Three essays in empirical corporate. Unpublished Thesis. McMaster University. Mardhiyah, S. (2012). Pengaruh bulan perdagangan terhadap return saham: pengujian january effect di indeks harga saham liquidity 45 (studi pada perusahaan sektor keuangan perbankan yang tercatat di LQ45 selama periode 2004-2012). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi Dan Bisnis, 2(1), 1–12. Murtini, U., & Ukru, M. J. (2021). 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Retrieved from https://investasi.kontan.co.id/news/indeks-sektor-energi-melesat-ini-deretan-saham-yang-bisa-dicermati Syaifullah, A. (2018). Analisis pengaruh financial leverage dan operating leverage terhadap stock return. INOVASI, 14(2), 53. https://doi.org/10.29264/jinv.v14i2.1928 Wulandari, M. (2013). Anomali pasar bulan perdagangan terhadap return saham dan abnormal return. Skripsi tidak dipublikasikan. Universitas Islam Negeri Syarif Hidayatullah Jakarta.
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Maziarz, Richard T., Annie Guerin, Genevieve Gauthier, Julie Heroux, Maryia Zhdanava, Eric Q. Wu, Simu K. Thomas, and Lei Chen. "Five-Year Direct Cost of Pediatric Patients with Acute Lymphoblastic Leukemia (ALL) Undergoing Allogeneic Stem Cell Transplantation (HSCT): An Analysis from US Payers' Perspective." Blood 126, no. 23 (December 3, 2015): 872. http://dx.doi.org/10.1182/blood.v126.23.872.872.
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Abstract Background: Between 54%-85% of pediatric patients (pts) with ALL can be cured by definitive chemotherapy protocols. HSCT may be considered for high-risk pts after induction therapy or for refractory/relapsed pts. However, HSCT is recognized as a highly specialized, costly and resource intensive procedure requiring ongoing care over months to years. HSCT is associated with significant life-threatening complications with transplant related mortality of 20-30% and acute/chronic graft vs. host disease and infections. The objective of this study was to assess the economic burden up to 5 years of pediatric pts with ALL who received HSCT from the US commercial payers' perspective. Method: Pediatric pts (<18 years old) with ALL (ICD-9 CM codes 204.0x) who underwent an allogeneic HSCT ([ICD-9 CM] procedure codes 41.02, 41.03, 41.05, 41.06, 41.08) in the US (2002-2013) were identified from two large administrative claims databases. Selected pts were continuously enrolled in their healthcare plan for ≥6 months before and ≥1 month after the index date (i.e., the date the first HSCT procedure was recorded). Age and gender as of the index date and total healthcare costs (direct medical costs and pharmacy costs) during the 6 months preceding the index date were reported. The economic burden associated with HSCT was described by assessing the healthcare resource utilization (HRU) and costs over the following study periods: between the index date and the HSCT hospitalization discharge date, during the first 100 days following the index date, and, during the first, second, third, fourth and fifth years following the index date. For each period, the analyses were conducted among pts with continuous healthcare plan enrollment for that entire period. Healthcare costs reported reflect the costs reimbursed by US private payers for a pediatric pt with ALL who underwent HSCT. Costs were adjusted for inflation (based on the consumer price index for medical components) and reported as 2014 US dollars (USD). Results: A total of 209 pediatric ALL pts were identified. Mean age was 10 years and 43.1% of pts were female. The median follow-up period after the index date was 1.3 years. During the 6 months prior to the index date, pts incurred average total healthcare costs of $287,001. The median duration of the initial hospitalization for the HSCT was 41 days (interquartile range 32-55). Over the five years following the index date, results showed substantial HRU and costs associated with the HSCT. The most intensive HRU and highest healthcare costs were observed within the first year following the index date; pts had an average of 49 days with outpatient (OP) visits, 29 days with OP laboratory services, and 68 inpatient (IP) days corresponding to 3.10 IP admissions (including the hospitalization for the first HSCT) and incurred mean total healthcare costs of $683,099 (median of $511,021) (Figure 1 and 2). Costs associated with the first HSCT hospitalization represented 62.4% of the total costs incurred during the first year. Although a decreasing trend was observed over time, HRU and costs remained high; 28.8% of pts had at least one IP admission at year 2, 19.6% at year 3, 20.0% at year 4, and 6.7% at year 5 (Figure 1). The number of days with OP visits and the number of days with laboratory services also remained high over time (Figure 1). The average total healthcare cost was $104,584 (median of $21,877) at year 2, $79,092 (median of $11,000) at year 3, $106,334 (median of $10,426) at year 4 and, and $38,291 (median of $10,082) at year 5 (Figure 2). Our results also showed high variation in healthcare costs across pediatric pts following the index date; 29.4% of the total costs (over the entire sample) in year 1 were incurred by the 10% pts with the highest costs. Starting from the second year, the 10% of pts with the highest costs accounted for 61.3 to 76.6% of the total costs for each year, suggesting that a small proportion of pts still incur very high costs several years after HSCT. Conclusions: Healthcare resource utilization and direct costs associated with allogeneic HSCT are substantial with the first year direct cost alone of $683,099 with substantial costs over the following years. Further studies are needed to understand the humanistic and financial burden of HSCT for pediatric pts and their caregivers. Figure 1. HRU after Index Date Figure 1. HRU after Index Date Figure 2. Total Healthcare Costs after Index Date Figure 2. Total Healthcare Costs after Index Date Disclosures Maziarz: Athersys: Consultancy, Patents & Royalties, Research Funding; Novartis: Consultancy. Guerin:GlaxoSmithKline, Janssen Scientific Affairs, Janssen-Ortho, Inc., Merck & Co., Inc., Merck Frosst Canada, Novartis Pharmaceuticals Corporation, Novo Nordisk Inc., Ogilvy Renault, Ortho-Clinical Diagnostics, Inc., Otsuka America Pharmaceutical, Inc.,: Consultancy, Other: Annie Guerin is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; Pfizer Canada, Inc., RX&D, Sanofi, Savient Pharmaceuticals, Inc., Shire Pharmaceuticals Inc., Sunovion Pharmaceuticals Inc., Takeda Global Research & Development Center, Inc., Takeda Pharmaceuticals U.S.A., Inc.: Consultancy, Other: Annie Guerin is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; AbbVie Inc., Alcon Laboratories, Bayer Healthcare Pharmaceuticals, LLC, Celgene Corporation, Cempra Inc., Centocor Ortho Biotech, Cooley LLP, Cyberonics, Inc., DLA Piper, Eli Lilly & Company,Forest Laboratories, Inc., Genentech, Inc.,: Consultancy, Other: Annie Guerin is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations. Gauthier:AbbVie Inc., Celgene Corporation, Eli Lilly & Company, Genentech, Inc. ,GlaxoSmithKline, Janssen Scientific Affairs, LLC, Novartis Pharmaceuticals Corporation, Pfizer Canada, Inc., Sanofi, Savient Pharmaceuticals, Inc., Shire Pharmaceuticals Inc.,: Consultancy, Other: Genevieve Gauthier is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; Sunovion Pharmaceuticals Inc.,Takeda Pharmaceuticals U.S.A., Inc.: Consultancy, Other: Genevieve Gauthier is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations. Heroux:AbbVie Inc., Alcon Laboratories, Celgene Corporation, Genentech, Inc., Merck Frosst Canada, Novartis Pharmaceuticals Corporation, Shire Pharmaceuticals Inc., Sunovion Pharmaceuticals Inc., Takeda Pharmaceuticals U.S.A., Inc.: Consultancy, Other: Julie Heroux is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations. Zhdanava:AbbVie Inc., Genentech, Inc., Merck Frosst Canada, Novartis Pharmaceuticals Corporation,Shire Pharmaceuticals Inc., Takeda Pharmaceuticals U.S.A., Inc.: Consultancy, Other: Maryia Zhdanava is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations. Wu:Molecular Insight Pharmaceuticals, Inc., Novartis Pharmaceuticals Corporation, Ortho McNeil Pharmaceuticals, Inc., Sanofi, Savient Pharmaceuticals, Inc., Shire Pharmaceuticals Inc.,: Consultancy, Other: Eric Q Wu is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; Takeda Global Research & Development Center, Inc., Takeda Pharmaceuticals U.S.A., Inc., TAP Pharmaceutical Products, Inc., Vertex Pharmaceuticals Incorporated: Consultancy, Other: Eric Q Wu is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; Janssen Pharmaceutica, Inc., Janssen Scientific Affairs, LLC, Lilly Research Laboratories, McNeil Consumer & Specialty Pharmaceuticals, MedImmune, LLC, Melinta Therapeutics, Inc., Millennium Pharmaceuticals, Inc.,: Consultancy, Other: Eric Q Wu is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; Celgene Corporation, Centocor Ortho Biotech, Cephalon, Inc., ConvaTec Inc., Corus Pharma, Inc., Eli Lilly & Company, Eli Lilly & Company, Ethicon, Inc., Forest Laboratories, Inc., Genentech, Inc., GlaxoSmithKline, Janssen Global Services, LLC,: Consultancy, Other: Eric Q Wu is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations; AbbVie Inc., Alcon Laboratory, Astellas Pharma Inc., Astellas Pharma US, Inc., AstraZeneca, Barger & Wolen LLP, Bayer Healthcare Pharmaceuticals, LLC, Biosense Webster, Inc., Blue Cross Blue Shield Association, Boehringer Ingelheim, Bristol-Myers Squibb C: Consultancy, Other: Eric Q Wu is an employee of Analysis Group Inc, which has received consultancy fees from the listed organizations. Thomas:Novartis: Employment. Chen:Novartis Pharmaceuticals Corporation: Employment, Equity Ownership, Other: Lei Chen is an employee of and owns stocks/options of Novartis Pharmaceuticals Corporation, the sponsor of this study.
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Ardia, David, Keven Bluteau, Kris Boudt, and Koen Inghelbrecht. "Climate Change Concerns and the Performance of Green vs. Brown Stocks." Management Science, December 16, 2022. http://dx.doi.org/10.1287/mnsc.2022.4636.
Full textAbstract:
We empirically test the prediction of Pástor et al. (2021) that green firms outperform brown firms when concerns about climate change increase unexpectedly, using data for S&P 500 companies from January 2010 to June 2018. To capture unexpected increases in climate change concerns, we construct a daily Media Climate Change Concerns index using news about climate change published by major U.S. newspapers and newswires. We find that on days with an unexpected increase in climate change concerns, the green firms’ stock prices tend to increase, whereas brown firms’ prices decrease. Furthermore, using topic modeling, we conclude that this effect holds for concerns about both transition and physical climate change risk. Finally, we decompose returns into cash flow and discount rate news components and find that an unexpected increase in climate change concerns is associated with an increase (decrease) in the discount rate of brown (green) firms. This paper was accepted by George Serafeim, business and climate change. Funding: This work was supported by the National Bank of Belgium, Research Foundation Flanders (FWO), Institut de Valorisation des Données (IVADO), the Natural Sciences and Engineering Research Council of Canada [Grant RGPIN-2022-03767], and Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschung [Grants 179281, 191730]. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4636 .
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Giandrea, Michael D., Robert J. Kornfeld, Peter B. Meyer, and Susan G. Powers. "Alternative capital asset depreciation rates for U.S. capital and total factor productivity measures." Monthly Labor Review, November 14, 2022. http://dx.doi.org/10.21916/mlr.2022.24.
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The U.S. Bureau of Economic Analysis (BEA) and the U.S. Bureau of Labor Statistics (BLS) use estimates of depreciation rates for structures and equipment to construct estimates of capital stock from data on capital investments. The depreciation rates are based on research by Frank C. Wykoff and Charles R. Hulten from the 1980s. More recent studies by Statistics Canada, from 2007 and 2015, use Canadian data on used asset transactions from Canada’s Annual Capital and Repair Expenditures Survey of establishments. They found faster depreciation rates, especially for structures. Sheharyar Bokhari and David Geltner’s 2019 study of U.S. used asset prices also found faster depreciation rates for structures. To illustrate the potential effects of implementing these estimates from newer studies, we created a concordance to match Canadian to U.S. asset categories. We reestimated BEA capital stock measures and the BLS capital and total factor productivity (TFP) measures using depreciation rates based on the Canadian Annual Capital and Repair Expenditures Survey. Using these faster depreciation rates results in substantially lower estimates of net capital stocks and higher estimates of depreciation in BEA accounts but has minimal effects on growth rates of TFP in the BLS accounts.
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Beer, F., and F. Hebein. "An Assessment Of The Stock Market And Exchange Rate Dynamics In Industrialized And Emerging Markets." International Business & Economics Research Journal (IBER) 7, no. 8 (February 16, 2011). http://dx.doi.org/10.19030/iber.v7i8.3283.
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This paper adopts an Exponentional General Autoregressive Conditional Heteroskedasticity (EGARCH) framework to explore the relationship between stock prices and exchange rates for two groups of countries: emerging and developed economies. Results show that some positive significant price spillovers from the foreign exchange market to the stock market exist for Canada, Japan, the U.S and India. Findings also show for the developed countries, there is no persistence of volatility in the stock markets and the exchange rate markets. For the emerging economies, findings point to the opposite: volatility is pronounce and enduring.
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Jiang, Yonghong, Gengyu Tian, and Bin Mo. "Spillover and quantile linkage between oil price shocks and stock returns: new evidence from G7 countries." Financial Innovation 6, no. 1 (December 2020). http://dx.doi.org/10.1186/s40854-020-00208-y.
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AbstractThe link between crude oil price and stock returns of the Group of Seven (G7) countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) was analyzed in this study using monthly data from January 1999 to March 2020. We adopt a similar approach to Kilian (Am Econ Rev 99(3):1053–1069, 2009) and construct a structural vector autoregression framework to decompose crude oil price shocks into oil supply shock, oil aggregate demand shock, and oil-specific demand shock. We then explore the distinct effects of different kinds of oil price shocks from various sources. Based on the decomposed oil price shocks, we apply the connectedness approach and QQ regression to find time-varying co-movements and tail dependence between oil price shocks and G7 stock returns. There is no general correlation between the decomposed oil prices and stock returns in these countries. The effects of oil price shocks on stock returns across different stock market conditions appear to be heterogeneous. Oil supply shock appears to be a net transmitter of spillover effects for all G7 countries within the sample period.