Articoli di riviste sul tema "Stock and stockholders"
Segui questo link per vedere altri tipi di pubblicazioni sul tema: Stock and stockholders.
Cita una fonte nei formati APA, MLA, Chicago, Harvard e in molti altri stili
Vedi i top-50 articoli di riviste per l'attività di ricerca sul tema "Stock and stockholders".
Accanto a ogni fonte nell'elenco di riferimenti c'è un pulsante "Aggiungi alla bibliografia". Premilo e genereremo automaticamente la citazione bibliografica dell'opera scelta nello stile citazionale di cui hai bisogno: APA, MLA, Harvard, Chicago, Vancouver ecc.
Puoi anche scaricare il testo completo della pubblicazione scientifica nel formato .pdf e leggere online l'abstract (il sommario) dell'opera se è presente nei metadati.
Vedi gli articoli di riviste di molte aree scientifiche e compila una bibliografia corretta.
1
Hyland, David C., e Lance Nail. "Intersecurity wealth redistribution in conglomerate mergers: A re-examination over three decades". Corporate Ownership and Control 3, n. 3 (2006): 178–89. http://dx.doi.org/10.22495/cocv3i3c1p2.
Testo completoAbstract (sommario):
In this paper we re-examine the predicted wealth effects for the stockholders and bondholders involved in conglomerate mergers. Seminal studies in finance offer several hypotheses about the valuation consequences of corporate diversification and firm performance. Recent empirical studies document the negative relationship between corporate diversification and firm performance. We evaluate the predictive accuracy of these earlier theories given these more recent empirical results. Our results indicate that the wealth predictions of neither the wealth creation theory of Lewellen (1971) nor the wealth redistribution theories of Higgins and Schall (1975) or Galai and Masulis (1976) hold for bondholders and stockholders in whole. Bondholder wealth changes are virtually independent of stockholder wealth changes in conglomerate mergers in the 1970s and 1980s. However, a significantly negative relationship exists between stockholder and bondholder wealth changes in conglomerate mergers occurring in the 1990s. Conglomerate mergers did not result in significant stock or bond wealth creation in any of the three decades studied. Over the last decade, capital markets have penalized the stockholders in conglomerate mergers with significant wealth losses. Bondholder wealth changes are insignificantly positive, resulting in significant net wealth losses for conglomerate mergers in the 1990s.
2
Suherli, Michell, e Sofyan S. Harahap. "STUDI EMPIRIS TERHADAP FAKTOR PENENTU KEBIJAKAN JUMLAH DIVIDEN". Media Riset Akuntansi, Auditing dan Informasi 4, n. 3 (19 dicembre 2007): 223. http://dx.doi.org/10.25105/mraai.v4i3.1806.
Testo completoAbstract (sommario):
<p class="Style2">This research examines variables which are predicted influencing dividend amount distribution. In general, investor have primarily objective is to increase their wealth by return as dividend or capital gain. On the other hand, the company expects continous growth and its going concern, also increase its stockholder's wealth. Fac-tors that predicted influencing dividend distribution amount in this research are fo-cused on 7 factors: liquidity, firm size, capital structure, company's growth, stock price, number of stockholders, and family leadership in Board of Director. This re-search examine financial statement of 85 companies are listed at Jakarta Stock Exchange for period ended December 31, 1998 until December 31, 2001.</p><p class="Style2">This result concluded that liquidity and firm size significant influence to divi-dend distribution amount policy, while the other factors: capital structure, company's growth, stock price, number, of stockholder, and family leadership in Board of Direc-tor do not.</p><p class="Style1"><strong><em>Keywords: Dividend, Cash, Firm Size, Capital Structure, Growth, Stock Price, </em></strong><strong><em>Investment</em></strong></p>
3
Nkuah, Evans Fayol, e Hadrat Yusif. "Investigating the Effect of Dividend Policy on the Wealth of Stockholders of Listed Companies on the Ghana Stock Exchange". International Journal of Economics and Finance 8, n. 7 (23 giugno 2016): 47. http://dx.doi.org/10.5539/ijef.v8n7p47.
Testo completoAbstract (sommario):
This paper has examined the impact of dividend policy on the wealth of stockholders of selected registered companies on the Ghana Stock Exchange (GSE). Secondary data were collected on 25 listed firms using annual reports from 2005 to 2011. The dependent variable was wealth of stockholders proxied by market price per stock. The explanatory variables included dividend per stock (DPS), retained earning per stock (REPS), financial leverage (FLEV), and price earning ratio (PER). Fixed-effect model was fitted to the data. The regression results showed that dividend payment, retained earning, and price earning ratio have significant positive impact on the stock market price. It was also found that the impact of dividend is more pronounced than that of retained earning in the context of companies registered on the Ghana Stock Exchange. It is therefore recommended that optimal trade-off between dividend payment and retained earning be established by corporate management to maximise the wealth of stockholders.<br /><p> </p>
4
Bouzouita, Raja, e Arthur Young. "Recent Evidence on Insurance Stock Interest Rate Sensitivity". Journal of Finance Issues 8, n. 1 (30 giugno 2010): 11–18. http://dx.doi.org/10.58886/jfi.v8i1.2364.
Testo completoAbstract (sommario):
A number of researchers analyzed the relationship between stock returns and interest rate risk for financial institutions with mixed results. The assets and liabilities holdings of insurance companies are regulated to reduce interest rate risk to policyholders, but not stockholders. Given the recent increase in the number of stock companies and the recent volatility in financial stocks, this paper reexamines the direction and characteristics of the relationship between interest rate risk and stock returns with more recent evidence. Our results have important policy implications for stock investors in insurance companies.
5
ZHOU, TAO, PEI-LING ZHOU, BING-HONG WANG, ZI-NAN TANG e JUN LIU. "MODELING STOCK MARKET BASED ON GENETIC CELLULAR AUTOMATA". International Journal of Modern Physics B 18, n. 17n19 (30 luglio 2004): 2697–702. http://dx.doi.org/10.1142/s0217979204025932.
Testo completoAbstract (sommario):
An artificial stock market is established with the modeling method and ideas of cellular automata. Cells are used to represent stockholders, who have the capability of self-teaching and are affected by the investing history of the neighboring ones. The neighborhood relationship among the stockholders is the expanded Von Neumann relationship, and the interaction among them is realized through selection operator and crossover operator. Experiment shows that the large events are frequent in the fluctuations of the stock price generated by the artificial stock market when compared with a normal process and the price returns distribution is a Lévy distribution in the central part followed by an approximately exponential truncation.
6
Babar, Samreen Fahim, Syeda Faizaq Urooj e Khalid Usman. "Does Herding Exist? Evidence from Pakistan’s Stock Exchange". Global Economics Review I, n. I (30 dicembre 2016): 13–23. http://dx.doi.org/10.31703/ger.2016(i-i).02.
Testo completoAbstract (sommario):
Herding transpires when an investor imitates the decision of other stockholders or shadow market consensus (Rizzi, 2008). The Chartered Financial Analyst Institute affirms “Herding Behavior Bias” as the principal presumption influencing the investor’s decision. (Kunte, S.2015). Herding behavior contradicts the validity of an Efficient Market Hypothesis (Famma and Franch, 1970). The investigation of herd behavior in the Pakistan stock market is indispensable as the inconsistent behavior of stockholders stems from the inefficient assets pricing and resource misallocation. The study’s result affirms the existence of herd behavior in the stock exchange of Pakistan and contradicts rational assets pricing model and stock price efficiency theory.
7
Rathinasamy, R. S. "Stock repurchases by real estate investment trusts (REITS), stockholder returns and underperformance, free cash flow and capital restructuring motives". Corporate Ownership and Control 5, n. 1 (2007): 214–18. http://dx.doi.org/10.22495/cocv5i1c1p5.
Testo completoAbstract (sommario):
Returns accruing to the stockholders of 149 Real Estate Investment Trusts (REITs) following the announcement of stock repurchases covering a five-year period from 1998 to 2002 are analyzed. Standard market model (Brown and Warner, 1985) was used to compute the excess returns. Results show that stockholders earn significant average abnormal returns (AARs) and cumulative average returns (CARs) following stock buy-backs. Further, evidence is uncovered providing support for various motives for REITs buyback, namely excess free cash flow, under-performance and capital restructuring motives.
8
Babenko, Ilona, Yuri Tserlukevich e Pengcheng Wan. "Is Market Timing Good for Shareholders?" Management Science 66, n. 8 (agosto 2020): 3542–60. http://dx.doi.org/10.1287/mnsc.2019.3359.
Testo completoAbstract (sommario):
Corporations often transact in their own mispriced stock. This activity, known as equity market timing, can generate substantial profits and increase the long-term stock price. We challenge a closely related popular view that market timing always benefits firm shareholders. Opportunistic financing maneuvers by a firm can negatively affect its uninformed stock owners because of adverse selection and the change in the firm’s short-term price, whereas the long-term returns do not accumulate to departing stockholders. The negative effect of market timing on stockholders increases with the share turnover. Furthermore, the effect of timing is asymmetric: shareholders prefer that the firm corrects underpricing rather than overpricing. Our theory can be used to better interpret the observed stock issuance and repurchase activities of firms. This paper was accepted by Gustavo Manso, finance.
9
Zhang, Xiaoyong, e Li Zhang. "Forecasting Method of Stock Market Volatility Based on Multidimensional Data Fusion". Wireless Communications and Mobile Computing 2022 (25 aprile 2022): 1–14. http://dx.doi.org/10.1155/2022/6344064.
Testo completoAbstract (sommario):
The volatility of the stock market is related to the vital interests of stockholders and is essential for maintaining a stable financial environment. Through the analysis of data changes, excellent professional traders can extract information about the direction of stock changes, whether it is worth investing, and long-term or short-term trading. This article aims to study the forecasting methods of stock market volatility, by integrating multiparty data, in-depth analysis of the direction of data changes, predicting the price changes of the stock market, and better guiding stockholders’ investment. This paper proposes a multisource data fusion method to analyze the stock market price changes and find the best risk prediction method. The experimental results in this paper show that multisource data fusion can better help the stock market predict stock changes and reduce financial investment risks by 20%. Comparing the obtained prediction results with the real data, the MSE predicted by the ARIMA model is calculated to be 2.35. It provides a new idea for effectively analyzing nonstationary time series data with complex trend fusion characteristics by rationally screening feature signals and trend signals and modeling probability distribution.
10
Zhang, Xiaoyong, e Li Zhang. "Forecasting Method of Stock Market Volatility Based on Multidimensional Data Fusion". Wireless Communications and Mobile Computing 2022 (25 aprile 2022): 1–14. http://dx.doi.org/10.1155/2022/6344064.
Testo completoAbstract (sommario):
The volatility of the stock market is related to the vital interests of stockholders and is essential for maintaining a stable financial environment. Through the analysis of data changes, excellent professional traders can extract information about the direction of stock changes, whether it is worth investing, and long-term or short-term trading. This article aims to study the forecasting methods of stock market volatility, by integrating multiparty data, in-depth analysis of the direction of data changes, predicting the price changes of the stock market, and better guiding stockholders’ investment. This paper proposes a multisource data fusion method to analyze the stock market price changes and find the best risk prediction method. The experimental results in this paper show that multisource data fusion can better help the stock market predict stock changes and reduce financial investment risks by 20%. Comparing the obtained prediction results with the real data, the MSE predicted by the ARIMA model is calculated to be 2.35. It provides a new idea for effectively analyzing nonstationary time series data with complex trend fusion characteristics by rationally screening feature signals and trend signals and modeling probability distribution.
11
Jabbar, Ali Khazaal, Hussein Falah Hasan e Hudaa Nadhim Khalbas. "A study of the market reaction to CEO change". Economic Annals-ХХI 187, n. 1-2 (28 febbraio 2021): 206–14. http://dx.doi.org/10.21003/ea.v187-20.
Testo completoAbstract (sommario):
The purpose of this study is to investigate how market reacts to CEO changes and how it may lead to abnormal stock returns. The research is of retrospective character and is based on publicly available information published by listed companies in Tehran Stock Exchange during 2011-2015 taken from a sample of 102 companies. The hypotheses were tested using panel regression with fixed effects for time series and merged effects for cross sections. The results of hypothesis testing showed that there is a negative and significant relationship between CEO change and abnormal stock returns. In other words, it can be argued that at the time of CEO change, stocks are underrated by stockholders, as a result of which the estimated stock return will be lower than expected.
12
Malik, Muhammad Umer. "Effect of Dividend Policy on Firm Performance and Stockholders Wealth: Evidence from Listed Firms on Pakistan Stock Exchange". Journalism, Politics and Society 1, n. 2 (30 giugno 2023): 84–112. http://dx.doi.org/10.63067/10t1cv16.
Testo completoAbstract (sommario):
The study investigates the relationship between dividend policy, firm performance, and stockholders’ wealth in the context of listed firms on the Pakistan Stock Exchange. Dividend policy decisions are critical for firms as they directly affect shareholders’ wealth and provide insights into a company’s financial health and management’s confidence in prospects. The study utilizes a comprehensive dataset comprising financial information, Data collected for companies from the DataStream for the period 2010 and 2020. A sample of 100 corporations listed on the Pakistan Stock Exchange was chosen by including firms that have paid dividends for ten years in a row and have consistent payout practices. Various financial indicators such as return on equity (ROE), earnings per share (EPS), and dividend per share (DPS) and Dividend Yield (DY) are employed to measure firm performance and stockholders’ wealth. Using advanced econometric techniques, including descriptive analysis, correlation analysis and regression analysis, the study assesses the impact of dividend policy on firm performance and stockholders’ wealth. The study’s outcomes have implications for investors, managers, and policymakers in Pakistan, enabling them to make informed decisions regarding dividend distributions and their potential impact on various stakeholders. By gaining insights into the relationship between dividend policy and these key performance indicators, firms can make more informed decisions regarding dividend distributions and develop strategies to maximize stockholders’ wealth while maintaining financial stability.
13
Kirschenheiter, Michael, Rohit Mathur e Jacob K. Thomas. "Accounting for Employee Stock Options". Accounting Horizons 18, n. 2 (1 giugno 2004): 135–56. http://dx.doi.org/10.2308/acch.2004.18.2.135.
Testo completoAbstract (sommario):
Accounting for employee stock options is affected by whether outstanding options are viewed as equity or liabilities. The common perception is that the FASB's recommended treatment (per SFAS No. 123), which is based on the options-as-equity view, results in representative financial statements. We argue that this treatment distorts performance measures for three reasons. First, the deferred taxes associated with nonqualified options should also be included as equity, but are not. Second, since unexpected share price changes affect optionholders and equityholders differently, combining their interests provides an average earnings effect that is not representative for either group. We show that efforts to isolate the interests of common stockholders via diluted earning per share calculations (per SFAS No. 128) are inherently incapable of identifying wealth transfers between stockholders and optionholders. Finally, projections of future cash flow statements prepared under SFAS No. 95 overstate cash flows to current equityholders by the pretax value of projected option grants. We show that these distortions can be avoided simply by accounting for options as liabilities at grant and thereafter recognizing changes in option values (similar to the accounting for stock appreciation rights). Our analysis of stock option accounting leads to two, more general implications: (1) all securities other than common shares should be treated as liabilities, thereby simplifying the equity versus liability distinction, and (2) these liabilities should be recorded at fair values, thereby obviating the need to consider earnings dilution.
14
Hossain, Saddam, Beáta Gavurová, Xianghui Yuan, Morshadul Hasan e Judit Oláh. "THE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300". E+M Ekonomie a Management 24, n. 4 (dicembre 2021): 124–41. http://dx.doi.org/10.15240/tul/001/2021-4-008.
Testo completoAbstract (sommario):
This paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.
15
Ibrahim Eldomiaty, Tarek, Ola Atia, Ahmad Badawy e Hassan Hafez. "Mutual benefits of transferring stock risks to dividend policy". Journal of Economic and Administrative Sciences 30, n. 2 (11 novembre 2014): 131–58. http://dx.doi.org/10.1108/jeas-05-2013-0016.
Testo completoAbstract (sommario):
Purpose – The literature on the relation between dividends and stock risks include mixed results. The related studies have reached either insignificant, or positive, or negative results. The authors offer a mathematical structure that addresses potential mutual benefits of dividends signaling under conditions of stock risks (systematic and unsystematic). The mathematical structure demonstrates explicitly a case of risk transfer. The purpose of this paper is to examine the potential benefits to firms and stockholders when financial managers adjust dividends per share (DPS) using percentage change in the explanatory power of systematic and unsystematic risks. This perspective is derived from a practical consideration that dividends are part of stock returns that can be adjusted to take stock risks into account. Design/methodology/approach – The paper utilizes the specifications of the two-stage (simultaneous) regression and partial adjustment model. The sample includes quarterly data for firms listed in the Dow Jones Industrial Average and NASDAQ for the period December 31, 1989-March 31, 2011. Findings – The authors have reached general results based on hypotheses developed from related literature. The results show that: first, benefits of risk transfer can be realized. That is, firms as well as stockholders achieve benefits when the DPS are adjusted using percentage change in the explanatory power of systematic risk only; second, dividend growth rates are affected positively by changes in systematic risks; third, the highest stock returns in the market are reached with sharp decreases in dividend growth rates; fourth, in the highest returns quartile, firm size and time do not matter but the industry type does; and fifth, the associations between dividend growth rates, systematic, unsystematic risks, and stock returns are intrinsically nonlinear. Originality/value – The study contributes to the literature in terms of first, providing practical insights on the financial strategies that help in the use of dividends to convey the right signals to stockholders, and second, empirically show the potential benefits of adjusting dividends growth rates according to systematic and unsystematic stock risks in a unified mathematical structure that adds to the current literature.
16
Hoffman, Justin, e Jude Dworaczyk. "SEC approves amendments to the NYSE’s substantial stockholder issuance rule and 20 per cent rule for shareholder approval of certain private offerings". Journal of Investment Compliance 20, n. 2 (1 luglio 2019): 16–19. http://dx.doi.org/10.1108/joic-04-2019-0020.
Testo completoAbstract (sommario):
Purpose To explain recent amendments by the US Securities and Exchange Commission (the SEC) to Sections 312.03(b) relating to issuances of securities to substantial stockholders (the Substantial Stockholder Issuance Rule) and 312.03(c) (the 20 Per cent Rule) of the New York Stock Exchange’s (the NYSE) Listed Company Manual to change the definition of “market value” for purposes of the 20 Per cent Rule and eliminate the requirement for shareholder approval of certain private issuances at a price less than book value but greater than market value. Design/methodology/approach This article provides background on the purpose and policy behind the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and summarizes the provisions of each rule, both before and after the recent SEC amendments thereto. This article then highlights the most important changes to the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and explains the implications thereof for NYSE-listed issuers. Findings The amended Substantial Stockholder Issuance Rule and the 20 Per cent Rule provide NYSE-listed issuers greater flexibility in structuring transactions involving private placements of equity and will likely reduce the number of such transactions requiring a shareholder vote. Originality/value Practical guidance from experienced corporate finance and capital markets lawyers.
17
Barney, Jay B. "Employee Stock Ownership and the Cost of Equity in Japanese Electronics Firms". Organization Studies 11, n. 3 (luglio 1990): 353–72. http://dx.doi.org/10.1177/017084069001100302.
Testo completoAbstract (sommario):
Conflicts of interest between a firm's outside stockholders and employees will, in an efficient capital market, be reflected in a firm's cost of equity. Employee stock ownership reduces these conflicts by making the wealth of both outside stock holders and employees depend, to some extent, on the market value of a firm's stock. These reduced conflicts will, in an efficient capital market, be reflected in a lower cost of equity capital. Empirical implications of this argument are tested using a sample of Japanese electronics firms.
18
Misrofingah, Misrofingah, e Nurlelasari Ginting. "Analisa Pengaruh Return on Equity (ROE) Current Ratio (CR), Debt to Equity Ratio (DER), terhadap Dividend Payout Ratio (DPR)". Jesya (Jurnal Ekonomi & Ekonomi Syariah) 5, n. 1 (1 gennaio 2022): 310–18. http://dx.doi.org/10.36778/jesya.v5i1.588.
Testo completoAbstract (sommario):
Dividend Payout Ratio is the percentage of the amount of the dividend to be paid company’s of total profits from the company to stockholders. The stockholders to invest they capital to get profits. For the company should be able to take a decision or a policy to pay dividends to stockholders or hold for reinvestment. This study aims to examine and analyze the effect of Return on Equity, Current Ratio, and Debt to Equity Ratio toward Dividend Payout Ratio in manufacture companies that listed in Indonesia Stock Exchange from 2016 to 2020. This research is quantitative research explanatory with data collection technique using a pruposive sampling. A total of 16 manufakturing firm are used as sample firm. Data analysis method used is multiple linear regression analysis. The test data used is normality test, test (t), test (f), and the coefficient of determination. The results of this research are: ROE positive effect on DPR, CR no effect on DPR, DER negative effect on DPR.
19
Ciepley, David. "The Anglo-American misconception of stockholders as ‘owners’ and ‘members’: its origins and consequences". Journal of Institutional Economics 16, n. 5 (7 ottobre 2019): 623–42. http://dx.doi.org/10.1017/s1744137419000420.
Testo completoAbstract (sommario):
AbstractThat stockholders “own” the corporation and are its “members,” are assumptions deeply embedded in Anglo-American treatments of the business corporation. They are also principal supports of the policy of “shareholder primacy” and, in the United States, of the corporate claim to constitutional rights. This article critiques these assumptions, while also explaining why they took hold. Among several reasons for this, the primary explanation is to be found in the peculiar parentage of England's first major business corporation, the English East India Company (EIC). The EIC did not begin its life as a true business corporation, but as a cross between a guild (a form of member corporation) and a joint stock company (a form of partnership). In the transition to a unified business corporation, its stockholders inherited the monikers of “member” and “owner” from their guild and partner forebears. This mis-description set the legal mold for all subsequent Anglo-American treatments of stockholders.
20
McKinnon, Christopher. "Dual-Class Capital Structures: A Legal, Theoretical & Empirical Buy-Side Analysis". Michigan Business & Entrepreneurial Law Review, n. 5.1 (2015): 81. http://dx.doi.org/10.36639/mbelr.5.1.dual-class.
Testo completoAbstract (sommario):
“The advantage of a dual-class share structure is that it protects entrepreneurial management from the demands of ordinary shareholders. The disadvantage of a dual-class share structure is that it protects entrepreneurial management from the demands of shareholders.” Issuing dual classes of stock has become hotly debated since two major events transpired in 2014: (1) Facebook acquired WhatsApp for $19 billion and (2) Alibaba chose to list its shares on the New York Stock Exchange (NYSE) instead of the Hong Kong Exchange. Because dual-class managers, like those at Facebook and Alibaba, retain a controlling voting block, their decisions are immune from activist investors or others who disagree with corporate actions. This protection allowed Mark Zuckerberg to acquire WhatsApp at an enormous price that stockholders may have resisted, and it is why Alibaba chose to list on the NYSE even though its stockholders may have found the Hong Kong Exchange to be a more natural fit. This Comment seeks to determine whether the one-man decisional structures at Facebook and Alibaba—accomplished through dual classes of stock—allow such managers to undertake, what the market perceives to be, value-destroying transactions more often than their single-class counterparts.
21
Peng, Chengfei. "Implementing stock prediction using partial least squares". Highlights in Science, Engineering and Technology 88 (29 marzo 2024): 1056–62. http://dx.doi.org/10.54097/7rn5kr76.
Testo completoAbstract (sommario):
This paper demonstrates that a considerable number of investors are entering the stock market as the economy displays signs of post-epidemic recovery. Nevertheless, even though the stock market acts as the foundation of the financial sector, not all stockholders can achieve significant profits from it. Yet, stock prices in the stock market have been challenging to keep rational and lack a stable pattern, marked by a notable level of uncertainty, which complicates investment decisions. Consequently, this paper aims to employ scientific mathematical techniques for the analysis and prediction of stock prices, with the goal of achieving a more comprehensive grasp of the stock market's general trend, thereby promoting prudent investment planning.
22
Matthews, Gilbert E. "Impact of Contractual Rights on Preferred Stock Valuations in Delaware". Business Valuation Review 38, n. 2 (dicembre 2019): 92–102. http://dx.doi.org/10.5791/19-00001.1.
Testo completoAbstract (sommario):
The rights and the value of preferred stock have been the subject of several Delaware court decisions. These decisions are particularly significant for understanding the importance of contractual rights as the defining attribute affecting the valuation of preferred stock. Directors' fiduciary duties are primarily to common shareholders, while obligations to preferred shareholders are primarily contractual. Preferred stocks' contractual rights, as interpreted in these decisions, directly affects the value of the preferred and the common. When common shareholders control the board, the impact on the preferred can be negative. The common may be adversely impacted when preferred shareholders, particularly venture capitalists, control the board. Some commentators have argued that, when going-concern value is less than the preferred's preference, common stockholders should be entitled to the option value of their shares.
23
LIU, YEHONG, e GUOSHENG YIN. "AVERAGE HOLDING PRICE". Annals of Financial Economics 13, n. 01 (marzo 2018): 1850002. http://dx.doi.org/10.1142/s2010495218500021.
Testo completoAbstract (sommario):
We introduce a new concept of the average holding price (AHP) in the stock market. We show that, under certain assumptions on the investors’ behaviors, the AHP of a stock can be estimated using the historical trading prices and volumes. In contrast to the moving average of the stock price or the volume weighted average price, the AHP serves as a more objective benchmark for estimating the average profit or loss level of the stockholders. The algorithms for estimating the AHP are developed. Simulation studies show that the true AHP can be estimated accurately using our algorithm.
24
Haleem, Fazli, e Attiya Y. Javid . "The Dividend Policy in Manufacturing Sector of Pakistan: The Perception of Corporate Managers". Journal of Economics and Behavioral Studies 3, n. 1 (15 luglio 2011): 63–75. http://dx.doi.org/10.22610/jebs.v3i1.256.
Testo completoAbstract (sommario):
Using a survey approach, this paper examines the perceptions of managers of dividend-paying firms listed on Karachi Stock Exchange (KSE) on factors influencing dividend policy, issues relating dividend policy and the corporate governance practices. The survey shows that the most important factors that affect dividend policy are; the level of current earnings, the projection about the future state of the economy, the stockholders characteristics, concerns about the stock prices, need of current stockholders. From a practical perspective, there is little discrimination among the top ranked factors. All the surveyed firms formulate their dividend policies according the theoretical model of Lintner (1956). The survey also shows that there is no difference in responses about these factors with respect to various titles of the respondents such as chief financial officer or Chief Exceptive Officer. The survey also finds strong support for the life cycling theory followed by agency theory, signaling theory and the catering theory respectively. The survey also shows the presence of corporate governance practices in the surveyed firms.
25
Ornguga, Ianngi Gabriel, Saidu Abdulkadir, Emmanuel Torsen e Nelson Pandi Sabo. "MODELING ASSETS PRICING USING PURE JUMP INVERSE-GAUSSIAN PROCESS". FUDMA JOURNAL OF SCIENCES 7, n. 1 (28 febbraio 2023): 1–4. http://dx.doi.org/10.33003/fjs-2023-0701-1171.
Testo completoAbstract (sommario):
In general, stock price changes are rare occurrences, and a Poisson process can be used to describe those price changes. This study focuses on asset price modeling utilizing just jump Inverse-Gaussian processes. The goals are to analyze the price-movement patterns of the stock and gauge its relative volatility using the Inverse-Gaussian jump model. The Inverse-Gaussian jump model was employed to analyze the data. The outcome from Table 2 shows that there are more jumps than zero in the estimation of the inverse Gaussian process. This implies that the stock has been continuously rising. For Nestle Nigeria Limited (628.15), BCC (131.27), NB (110.6), 7UP (79.944), and Guinness (79.944), the average percentage increase in stock price is exceptionally high. The estimated model demonstrates that jump risk can be diversified. It is significantly different for all variables, according to the computed goodness of fit (Chi Square) test. This demonstrates unequivocally that there are daily increases in stock prices. As a result, we draw the conclusion that stock prices have increased recently. The analysis suggests that investors recognize that Nigerian stocks are producing strong returns regardless of stock market trends. To attract more stockholders, more efforts should be made to boost their production.
26
Eldomiaty, Tarek Ibrahim. "What about the debt governance structure and stockholders’ interests in transition market? Perspectives from Egypt". Corporate Ownership and Control 3, n. 1 (2005): 52–70. http://dx.doi.org/10.22495/cocv3i1p5.
Testo completoAbstract (sommario):
This study examines the relationship between debt governance structure at three levels (high, medium and low) and firm’s performance in the stock market. The debt structure classifies debt into short-term debt and long-term debt at each debt level. The results indicate that in the high debt firms, the short-term debt helps improve the PE ratio. As for the medium debt firms, the results show also that the short-term debt helps improve the market value added. The results of the low debt firms are similar to those of the high debt firms indicating that the short-term debt can be used to improve the PE ratio. The regression characteristics show that with the exception of medium debt in the PE equation, the explanatory power for the other performance measures are relatively high which indicates a relatively high degree of association between both types of debt with the MB and MVA respectively. The overall results show that (1) debt governance structure in Egypt is characterized by the dominance of short-term debt, (2) the latter can be used to improve the firm’s performance in the stock market, which shows that the association of interests between short-term debtholders and stockholders is highly likely, and (3) the negative relationships of long-term debt indicate to the presence of an agency problems between long-term debtholders and stockholders. The contribution of this paper is that it shows the extent to which either type of debt can be used to address the debtholder- stockholders agency relationships.
27
DeFUSCO, RICHARD A., ROBERT R. JOHNSON e THOMAS S. ZORN. "The Effect of Executive Stock Option Plans on Stockholders and Bondholders". Journal of Finance 45, n. 2 (giugno 1990): 617–27. http://dx.doi.org/10.1111/j.1540-6261.1990.tb03707.x.
Testo completo
28
Islam, Noman, Salis Khizar Khan, Abdul Rehman, Usman Aftab e Darakhshan Syed. "Stock Prediction for ARGAAM Companies Dataset". KIET Journal of Computing and Information Sciences 6, n. 2 (7 agosto 2023): 1–13. http://dx.doi.org/10.51153/kjcis.v6i2.150.
Testo completoAbstract (sommario):
Economic forecasting provides excellent profit opportunities and is a major motivator for most researchers in this field. In the fast-growing business world, the behavior of stock prediction is challenging for most stockholders and commercial investors. It provides benefits to investors to invest more confidently. Machine learning is an emerging technology that provides the capability to learn on its own through real-world intercommunications. Regression is the fundamental technique in machine learning which is useful for real-time applications. This paper experiments with stock price prediction effectively by using three machine learning techniques i.e. linear regression, decision tree, and support vector machine. The techniques were applied to the ARAMCO and Saudi Dairy dataset and the performance is evaluated using various parameters such as R2 value, MAPE, and RMSE. The results substantiated the hypothesis.
29
Travlos, Nickolaos G., e Marcia Millon Cornett. "Going Private Buyouts and Determinants of Shareholders' Returns". Journal of Accounting, Auditing & Finance 8, n. 1 (gennaio 1993): 1–25. http://dx.doi.org/10.1177/0148558x9300800101.
Testo completoAbstract (sommario):
This paper examines the effect on stock and nonconvertible bond prices of going private buyout proposals and explores sources of stock price reaction. Three alternative sources of abnormal returns are analyzed: the elimination of stockholders' servicing cost, the capital structure changes resulting from borrowings to take the firm private, and the elimination of agency costs associated with the prebuyout ownership structure. The findings indicate that going private buyouts generate large benefits to the firms' owners by eliminating the agency costs prevailing in the firms prior to going private.
30
Arifin, Zaenal. "PENGARUH DAUR HIDUP PERUSAHAAN TERHADAP KEPUTUSAN STRUKTUR MODAL". Media Riset Bisnis & Manajemen 9, n. 2 (3 agosto 2009): 113–34. http://dx.doi.org/10.25105/mrbm.v9i2.1077.
Testo completoAbstract (sommario):
This research investigate the effect of corporate life cycles on capital structure decision and analyze whether capital structure that considering corporate life cycles influence the company's performance. Using manufacturing companies that listing in Jakarta Stock Exchange in 2006 this research found that : (1) corporate life cycle influence capital structure decision only in the big-size companies. The big-size firms use larger debt ratio when the companies enter into growth level of life cycle; (2) capital structure decision that considering corporate life cycles do influence the company's performance, when using cumulative abnormal return as a proxy of company's performance.In the big-size firms, the stockholders give negafive reaction to the increase of debt in the pioneering level of life cycles. In the medium-size firms, the stockholders give positive response to the increase of debt in the mature level of life cycles. In the small-size firms, the stockholders give positive response to the increase of debt in the growth level of life cycles. Capital structure decision that considering corporate life cycles do not influence the company's performance, when using return on investment as a proxy of company's performance. Keywords : Capital structure, Corporate life cycles, Firm-size, Firm performance
31
Lin, Lei. "Stock Prediction and Analysis based on RNN Neural Network". SHS Web of Conferences 151 (2022): 01002. http://dx.doi.org/10.1051/shsconf/202215101002.
Testo completoAbstract (sommario):
The greater the investment, the greater the risk, and building a stock prediction model with high accuracy is of great theoretical significance and practical application for financial investors. It has become a trend to apply artificial neural network to stock prediction. In this paper, we select the Shanghai Composite Index to predict and analyze the stock price. A three-layer neural network is built and the convergence rate is analyzed, and it is obtained that the fitting effect will be more accurate when the selected data is reasonable and has good properties, and finally the change of the stock in a short period of time is obtained. The neural network is feasible and reasonable for stock price prediction, which in turn helps to improve the profitability of stockholders.
32
Sumarau, Swingly Kellen. "THE EFFECT OF INVESTMENT DECISIONS, FUNDING DECISIONS, AND PROFITABILITY ON MANUFACTURING COMPANY VALUE IN INDONESIA STOCK EXCHANGE 2015-2018 PERIOD". ACCOUNTABILITY 8, n. 2 (31 luglio 2019): 85. http://dx.doi.org/10.32400/ja.24759.8.2.2019.85-90.
Testo completoAbstract (sommario):
The main objective of company is maximizing company value or wealth for stockholders. The company also could showing value assets owned by company. More and more high value company then more and more high prosperity received by stockholders. The most determinant factors which indicate affect company value are decision investment, decision funding, and profitability. This study uses secondary data such as financial report that published on the Indonesia Stock Exchange and Central Bank of Indonesia during period of 2015-2018. This study intend quantitative approach and conducts multiple regression. This study composes dependent variable is value company whereas independent variable are investment decision, decision funding, and profitability. Results of this study show that in a manner partial decision investment take effect positive and not significant to value company. Decision investment, decision funding, and profitability in a manner simultaneous take effect significant to value company.
33
Almaleeh, Nisreen Mohammed. "Are Sustainable Firms More Profitable? Evidence From Egypt". International Journal of Accounting and Financial Reporting 9, n. 1 (3 gennaio 2019): 122. http://dx.doi.org/10.5296/ijafr.v9i1.13984.
Testo completoAbstract (sommario):
The purpose of this study is to investigate the association between adopting sustainability practices by Egyptian companies and their level of profitability. Three hypotheses were tested, the first concerned whether sustainable firms achieve higher levels of market value of equity than non-sustainable firms, the second involved whether sustainable firms have higher levels of return on equity compared to non-sustainable ones, and the last was about the amount of cash dividends paid by sustainable firms to their stockholders as opposed to non-sustainable ones. The population of 221 Egyptian companies listed in the Egyptian stock market in the year 2015 was used to test these hypotheses. The results demonstrate that sustainability practices are associated with higher level of both market value of equity and return on equity. Furthermore, cash dividends paid to stockholders are proven to be higher for sustainable firms.
34
da Graça, Tarcisio B. "Acquirers' and Targets' Stockholders Equally Share M&A Value: Evidence from Pairs of Firms in Australian Deals". International Journal of Applied Research in Business and Management 4, n. 1 (aprile 2023): 27–40. http://dx.doi.org/10.51137/ijarbm.2023.4.1.2.
Testo completoAbstract (sommario):
How do the parties’ stockholders share the dollar M&A synergies as perceived by the stock market reactions upon the deals’ announcements? Consistent with a recent and mounting body of the literature, this paper reports robust statistical evidence that M&A dollar synergies are equally shared between acquirers’ and targets’ stockholders in a sample of domestic deals in Australia over the period 2013-2020. Strikingly, however, testing separately the parties' corresponding percent abnormal returns, preliminary results are consistent with the "received wisdom", i.e., the acquirers’ percent abnormal returns are not statistically different from zero while the targets’ percent abnormal returns are statistically positive. The reversal of conclusion emerges from the application of the share methodology that uses a much less demanding approach in terms of technical and data intensity requirements than acclaimed approaches that have recently challenged the received wisdom.
35
HILT, ERIC, e JACQUELINE VALENTINE. "Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826". Journal of Economic History 72, n. 2 (30 maggio 2012): 332–63. http://dx.doi.org/10.1017/s0022050712000058.
Testo completoAbstract (sommario):
Using newly collected data, this article compares the wealth and status of New York City households who owned corporate stock to the general population both in 1791, when there were only two corporations in the state, and in 1826, when there were hundreds. The results indicate that although corporate stock was held principally by the city's elite merchants in both periods, share ownership became more widespread over time among less affluent households. In particular, later corporations were owned and managed by investors who were less wealthy than the stockholders of corporations created in earlier, less democratic periods.
36
Peress, Joel. "Information vs. Entry Costs: What Explains U.S. Stock Market Evolution?" Journal of Financial and Quantitative Analysis 40, n. 3 (settembre 2005): 563–94. http://dx.doi.org/10.1017/s0022109000001873.
Testo completoAbstract (sommario):
AbstractI investigate whether changes in stock market participation costs can explain the long-term increase in the number of U.S. stockholders. I separate these costs into two components: an information cost (the cost of collecting market information), and an entry cost (all other costs, including commissions and fees), and disentangle their general equilibrium implications in a noisy rational expectations economy. While a falling information cost cannot explain the observed increase in stock market participation, a falling entry cost can account for this plus several other features of the U.S. economy, including the falling equity premium, rising return variances, and the boom in passive relative to active investing.
37
White, Richard E., e Dilip D. Kare. "The Impact Of Consumer Boycotts On The Stock Prices Of Target Firms". Journal of Applied Business Research (JABR) 6, n. 2 (24 ottobre 2011): 63. http://dx.doi.org/10.19030/jabr.v6i2.6306.
Testo completoAbstract (sommario):
This research study employs a standard event-time methodology in an effort to assess the impact of consumer boycott initiation and termination announcements upon the wealth of stockholders of target firms. A major finding of the study is that consumer boycott announcements are followed by statistically significant decreases in the stock prices of the target firms. The results of the study also suggest that boycott termination announcements are associated with statistically significant wealth increases for these same firms. Policy implications of the finds are drawn for corporate financial managers.
38
Cao, Kien, Thuy Nguyen, Hong Nguyen e Hien Bui. "Incomplete Share Repurchase Programs in Vietnam: Completion Rates and Short-Term Returns". International Journal of Financial Studies 8, n. 3 (16 settembre 2020): 57. http://dx.doi.org/10.3390/ijfs8030057.
Testo completoAbstract (sommario):
Stock repurchases have become a preferred method of distributing cash to stockholders. However, given the high level of information asymmetry and weak corporate governance as well as poor investor protection in Vietnam, many Vietnamese firms use stock repurchases as a tool to manipulate stock prices in the market. Using event study methodology and Tobit regression models, this study examines the stock price behaviors surrounding the event dates and the impact of earnings management activities prior to the stock repurchases on the completion of repurchase announcements in Vietnam. The results show that earnings management practices prior to stock repurchase programs, the percentage of intended buyback shares, and CEO characteristics have a significant impact on the completion of these repurchase programs. Moreover, most of the windows surrounding the event dates do not have any significant abnormal movement of the stock prices. A plausible explanation is that, due to weak corporate governance and poor investor protection, Vietnamese firms send lots of misleading signals through various corporate activities, especially stock repurchase programs. Thus, these signals have less meaning to investors.
39
Warokka, Ari, e Juan Jose Duran Herrera . "Does Corporate Control Transactions’ Type and Focus really Create Value? Evidence from an Emerging Market". Journal of Economics and Behavioral Studies 3, n. 3 (15 settembre 2011): 213–23. http://dx.doi.org/10.22610/jebs.v3i3.274.
Testo completoAbstract (sommario):
The failure of corporate-control transactions as strategic-oriented transactions to create significant values for their stockholders has triggered the management to deal with these phenomena by setting the right and best strategies and at the same time, to ensure company's growth in the future. This study tests empirically the implication of corporate-control transaction announcement on companies’ abnormal returns. Particularly, this study investigates the effect of the announcement of corporate-control transactions’ type (merger and acquisition, sell-off, joint venture, alliance) and focus (transformative or expansionist). It used the event study of 94 corporate-control transactions, which contains of transactions’ type and focus of during 1991-2001 periods. By using multivariate regression analysis, the results show that the announcement of corporate-control transactions significant and positively influence the cumulative abnormal return. Meanwhile, the announcement of the corporate-control transactions’ type and focus does not significantly influence stockholders' benefit. Generally, the characteristic of the independent and control variables in this study due to their implications to cumulative abnormal return are in-line with previous studies. In addition, this study has proven that the characteristic of investors in Indonesia's stock markets are very different with the ones in many other places like Europe or United States. In other words, this reflects the unstable and inefficiency of Indonesia's stock market as an emerging market.
40
Chamberlain, Trevor C., Abdul-Rahman Khokhar e Sudipto Sarkar. "Market effects of SEC regulation of short-term borrowing disclosure". International Journal of Managerial Finance 12, n. 5 (10 ottobre 2016): 529–57. http://dx.doi.org/10.1108/ijmf-04-2015-0073.
Testo completoAbstract (sommario):
Purpose The purpose of this paper is to offer an alternative approach to measure the cost-benefit tradeoff, by analyzing stockholders’ reactions to the announcement and vote on the proposed rule. More specifically, the authors use event study methodology to investigate the stock price reaction on two key dates; that is, the announcement date and the voting date of the proposed short-term borrowing disclosure regulation, and argue that positive abnormal stock returns indicate that the expected benefits of the regulation outweigh the compliance costs. A negative reaction would indicate that, in the eyes of investors, the costs of compliance exceed the expected benefits. Design/methodology/approach The authors use event study analysis and apply the market model to equal-weighted portfolios of 2,450 financial and 3,985 non-financial US firms to calculate mean cumulative abnormal stock returns (MCARs, hereafter) on the announcement and voting dates. Then, the authors conduct mean difference tests on firm-level MCARs across three event windows, that is, (−30,−1), (0,+1) and (+2,+30), to confirm if the MCARs of financial firms are different from those of non-financial firms on both the announcement and the voting dates. Finally, robustness tests are performed with alternate benchmark, using value-weighted portfolios, for the market. Findings The authors find that the market reaction is positive and significant at the announcement date and negative and significant at the voting date of the proposed regulation of short-term borrowing disclosure regulation. Overall, the paper documents a positive market reaction, indicating the usefulness of the disclosure from the vantage point of users. Examining and comparing the results for various subsets, including commercial banks and saving institutions, bank holding companies, size quartiles, and exchange listed and OTC registrants, the authors find that a “one-size-fits-all” approach to regulation is undesirable. Originality/value This is first empirical study, to best of the authors’ knowledge, to explore stockholder reaction to a proposed, rather than an enforced, Securities and Exchange Commission (SEC) regulation and may contribute to the SEC’s final decision on the rule. Second, given a dissimilar reaction from investors of different firms, the results suggest that the SEC needs to reconsider its one-size-fit-all approach for the proposed rule. Finally, because the proposed disclosure would affect all SEC registrants, the economic implications of the findings are important not only for stockholders, but also for regulators, as they attempt to manage systematic risk and optimize the level of market intervention.
41
Sutrisno, Bambang, e Andry Priharta. "Reaksi Pasar terhadap Pengumuman Penawaran Saham Terbatas di Indonesia". Esensi: Jurnal Bisnis dan Manajemen 9, n. 2 (14 dicembre 2019): 201–8. http://dx.doi.org/10.15408/ess.v9i2.8080.
Testo completoAbstract (sommario):
The right issue announcement may lead the market to react and affect the stock performance. This study aims to analyze the effect of the right issue on the abnormal return. This research uses a sample of 18 firms listed in the Indonesia Stock Exchange from 2014 to 2016. This study employs one sample t test and wilcoxon test. The results show that there is no abnormal return in the days surrounding right issue announcement. The results also find that there is no difference in abnormal return between after and before the right issue announcement. This research implies that the existing stockholders and investors need to consider carefully before deciding to invest in go public companies do the right issue.
42
Patin, Jeanne-Claire, Matiur Rahman e Muhammad Mustafa. "Impacts of Asset Utilization, Market Competition and Market Distance on Stock Returns". Journal of Accounting, Business and Management (JABM) 28, n. 1 (30 aprile 2021): 52. http://dx.doi.org/10.31966/jabminternational.v28i1.825.
Testo completoAbstract (sommario):
To empirically study the effects of asset utilization, market competition and market distance on stock returns of 1961 US public firms of different industry categories over 2001-2015. The heterogeneous panel data set consists of 23,532 (N= 1961*T= 15) observations. Pedroni’s panel co-integration, panel vector errorcorrection model (PVECM), panel dynamic OLS (PDOLS), and panel generalized method of moments (PGMM) are implemented. Both asset utilization and market competition have short-run and long-run positive effects on stock returns. But the effects of market distance are negative. The evidence for convergence toward the long-run equilibrium is very weak. Firms should be strategic to improve asset utilization, be more competitive and expand market distance to maximize stockholders’ wealth.
43
Howlader, Harun-Or-Rashid. "Portfolio Management to Reduce the Risk of Stockholders in the Bangladesh Stock Market". British Journal of Economics, Management & Trade 4, n. 1 (10 gennaio 2014): 72–84. http://dx.doi.org/10.9734/bjemt/2014/5958.
Testo completo
44
Alhaji, Ismaila Sulaiman, N. O. Nweze e Muhammad Auwal Abubakar. "Comparative Analysis of Support Vector Machine and EGARCH Modelling of Zenith Bank Plc. Stock Price on Economic Growth in Nigeria". Dutse Journal of Pure and Applied Sciences 7, n. 3a (10 gennaio 2022): 67–76. http://dx.doi.org/10.4314/dujopas.v7i3a.7.
Testo completoAbstract (sommario):
In this 21st century, stock exchange has become a crucial and determining factor for the global economy, any variability in this market affects personal, corporate financial activities and the economic growth a country. A lot of analysis using different models were explored by several authors. However, this study set out to investigates the statistical behaviour of Zenith Bank PLC stock price using Support Vector Machine (SVM) and EGARCH Model on economic growth in Nigeria by adopting quantitative techniques using the causal-comparative research method. The findings from this research shows a coefficient of the Zenith bank Low stock price at (0.546945) and high stock price at (0.453562) which indicates that low stock price is insignificant because is less than α = 0.05, while high stock price of greater than α = 0.05 is significant to predict the Zenith bank stock price. Findings from the study has further revealed that SVM mode approach is more appropriate than EGARCH model and recommends that stockholders, financial analyst and researchers who are investing in stock market should adapt the SVM model approach to determine the volatility rate or level of stochastic in the financial time series data.
Keywords: Stock Price, Support Vector Machine (SVM), EGARCH Model, Stock Exchange, Economic Growth
45
FURTUNA, Ozlem KUTLU. "Stock Allocation in Turkish Capital Markets: Industry and Firm Level Perspectives". European Journal of Economics and Business Studies 9, n. 1 (6 ottobre 2017): 100. http://dx.doi.org/10.26417/ejes.v9i1.p100-106.
Testo completoAbstract (sommario):
Investors’ trading patterns has been an intensively researched topic in emerging markets depending on their significant role and power in the capital markets. This paper provides what global and domestic factors have driven the stock allocation of investors in Turkey and how has the crisis changed investors’ attitude toward stock allocation between the years 2006 and 2016. Year-end stock allocation data are obtained from the Central Securities Depository Institution of Turkey. Stock allocation has been investigated mainly in terms of the domestic and foreign stock investments. A detailed classification of investors as individual and institutional investors in terms of investment funds, corporate and investment trusts with firm and industry levels has also been evaluated. The variations on stock allocation has been examined in BIST Industrials, Financials and Services Industries. Additionally, this paper gives an insight about the firm and industry level stock allocation in Turkish Capital Markets considering the responsible stockholders. Corporate governance practices are considered to be strengthened with the growing role of institutional investors in the financial system, which provide insights about the investor profile of BIST Corporate Governance Index in the related period.
46
Gary, Robert F. "The Effects of the Capital Gains Tax Rate and Expectations of Subsequent Firm Performance on CEO Stock Ownership". Journal of the American Taxation Association 31, n. 2 (1 settembre 2009): 1–43. http://dx.doi.org/10.2308/jata.2009.31.2.1.
Testo completoAbstract (sommario):
ABSTRACT: This study examines the relationship between the Taxpayer Relief Act of 1997 (TRA97) capital gains tax rate reduction and the level of chief executive officer (CEO) equity ownership. In addition, the relationship between the level of CEO equity ownership and CEO expectations of future stock prices is investigated. Corporate scandals in recent years have increased institutional investors’ advocacy of CEO stock ownership, which investors believe will align CEO interests with those of stockholders. Prior research on the role of taxes in equity-based compensation has focused on stock option exercises, but has not studied how a tax rate change affects CEO ownership. The findings from time-series cross-sectional fixed-effects regression models of ownership levels indicate that the level of CEO ownership is inversely related to the capital gains tax rate, and that this effect varies with the abnormal returns of the firm during the following year.
47
Lacy, Stephen, Mary Alice Shaver e Charles St Cyr. "The Effects of Public Ownership and Newspaper Competition on the Financial Performance of Newspaper Corporations: A Replication and Extension". Journalism & Mass Communication Quarterly 73, n. 2 (giugno 1996): 332–41. http://dx.doi.org/10.1177/107769909607300205.
Testo completoAbstract (sommario):
This study supports the conclusions of a 1993 study by Blankenburg and Ozanich that the degree of public ownership affects the financial performance of media groups. High levels of stock ownership outside the media group result in increased returns to stockholders. The current study included competition as an independent variable and found that groups had lower operating margins and spent a greater percentage of revenues on expenses when a higher percentage of newspapers faced newspaper competition. Overall, the impact of public ownership was slightly greater than that of competition.
48
Sejkora, František. "Prediction Model of Dividend Payment of Czech Joint Stock Companies". International Journal of Entrepreneurial Knowledge 4, n. 2 (1 dicembre 2016): 51–61. http://dx.doi.org/10.1515/ijek-2016-0013.
Testo completoAbstract (sommario):
Abstract The dividend payment is the very important part of investment decision for many stockholders. Results of this text identify finance factors that influence the management in dividend policy within the examined branch “Production and distribution of electric energy, gas and water”. Seven regressive models were created and they identify and define the effect of individual factors on the dividend payment among individual owner’s types. The retained earnings, the rate of return of invested assets in total and the size of company have the positive effect on the dividend payment. For the purpose of better interpretation the individual factors were quantified in form of the chance that the company will pay the dividend when compared to the fact that the company is not going to pay any dividend. The resulting regressive model was subsequently validated using the classification table and the receiver operating characteristic curve.
49
Hanlon, Michelle, e Terry Shevlin. "Accounting for Tax Benefits of Employee Stock Options and Implications for Research". Accounting Horizons 16, n. 1 (1 marzo 2002): 1–16. http://dx.doi.org/10.2308/acch.2002.16.1.1.
Testo completoAbstract (sommario):
This paper examines how firms account for and report the tax benefits of employee stock options (ESOs). The tax benefits of ESOs reduce taxes actually owed but enter stockholders' equity directly without reducing reported income tax expense. Failing to adjust reported income tax expense for this benefit can lead to poorly specified studies with the distinct possibility of considerable measurement error and flawed inferences. We explain the adjustments needed for more reliable estimates of effective tax rates, tax burdens, and marginal tax rates often critical to analyses of firm-specific and public policy issues. We document problems with firms' disclosures and, using a sample of large NASDAQ firms likely to be heavy users of ESOs, find that adjusting for the ESO tax benefit is essential to understanding the impact of taxes on those firms.
50
Luo, Qi, e Toyohiko Hachiya. "Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan". Review of Pacific Basin Financial Markets and Policies 08, n. 04 (dicembre 2005): 613–36. http://dx.doi.org/10.1142/s0219091505000580.
Testo completoAbstract (sommario):
This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash holdings lead to agency problems and impact firm value negatively, and governance characteristics affect the negative relation between cash holdings and firm value.