Дисертації з теми "Commonality in Asset Growth"
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Yu, Yong. "Population growth and real asset returns." Connect to resource, 2002. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261323551.
Повний текст джерелаFiodendji, Komlan. "Monetary Policy, Asset Price and Economic Growth." Thèse, Université d'Ottawa / University of Ottawa, 2012. http://hdl.handle.net/10393/22725.
Повний текст джерелаEl, Amraoui Sonia. "Trois essais sur les mesures et déterminants du risque systémique." Thesis, Lille, 2018. http://www.theses.fr/2018LIL2D017.
Повний текст джерелаSystemic risk is a risk that can compromise the survival of the financial system. Systemic risk refers to the spread of a single bank failure to other banks. What are the measures and determinants of systemic risk? This thesis proposes an investigation of this transversal question through three chapters. The first chapter gives an overview of the various measures of systemic risk, identifies commonalities and differences and specifies the interest of each measure. The issue is the correlation between the stress test results and the various measures of systemic risk. The second chapter studies the concept of Asset Commonality as a new measure of systemic risk. The third chapter examines the relationship between different measures of systemic risk and corporate social responsibility. The empirical results show that -1- the stress test results should be supplemented by an evaluation of the systemic risk measures, -2- Asset Commonality could be considered as a complementary tool to assess the systemic risk, -3- the corporate social responsibility of financial institutions is important in order to reduce systemic risk
Alaali, Fatema. "Economic growth, investment and asset pricing : empirical evidence." Thesis, University of Sheffield, 2015. http://etheses.whiterose.ac.uk/8106/.
Повний текст джерелаLiu, Lanlan. "Asset growth effect, stock illiquidity and short-sale constraints." Thesis, University of Nottingham, 2016. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.716471.
Повний текст джерелаMaurer, Thomas A. "Is consumption growth only a sideshow in asset pricing? : asset pricing implications of demographic change and shocks to time preferences." Thesis, London School of Economics and Political Science (University of London), 2012. http://etheses.lse.ac.uk/405/.
Повний текст джерелаEl, Hefnawy Menatalla Maher Abdelgelil. "Essays in Empirical Asset Pricing." Doctoral thesis, Universitat Ramon Llull, 2020. http://hdl.handle.net/10803/669236.
Повний текст джерелаEsta tesis pretende descubrir, de forma empírica, nuevos aspectos de la sección transversal de los rendimientos del capital y proporcionar explicaciones teóricas y empíricas de sus principales conclusiones. La tesis documenta nuevos indicadores de precios y otros factores relacionados con los niveles de incertidumbre y de imprecisión de la información contenida en distintas medidas del riesgo. En el primer capítulo, se investiga si la volatilidad de la serie temporal del book-to-market (BM), denominada incertidumbre de valor (value uncertainty, UNC) es estimada en la sección transversal de los rendimientos del capital. Un factor ponderado por valor y ajustado por tamaño con una posición larga (corta) en acciones de alta (baja) incertidumbre genera un alfa anualizado del 6-8%. Esta prima de incertidumbre de valor es impulsada por los resultados extraordinarios de las empresas de alta UNC y no se explica por los factores de riesgo establecidos o por las características de la empresa, como la tendencia de los beneficios y los precios, la inversión, la rentabilidad o el propio BM. A nivel agregado, la UNC está correlacionada con los fundamentos macroeconómicos y predice los rendimientos futuros del mercado, así como la volatilidad del mercado. En este capítulo, también se proporciona una explicación racional para la fijación del precio de los activos de la prima de UNC no cubierta. El segundo capítulo es una ampliación del primero y examina el poder predictivo de la incertidumbre de rentabilidad (uncertainty of profitability, UP) en la sección transversal de los rendimientos del capital. Una estrategia de cartera con una posición larga en acciones de alta volatilidad y corta en acciones baja volatilidad genera una tasa de rendimiento bruto anual (ajustada al riesgo) del 8% (10%). Las acciones de alta UP tendrían mayores rendimientos en tiempos de mayor rentabilidad de mercado, menor volatilidad de mercado y mayor inflación esperada que justifica la prima documentada. Las empresas con mayor incertidumbre sobre el crecimiento de sus activos (uncertainty of asset growth, UAG) superarían a aquellas con menor incertidumbre sobre el crecimiento de sus activos en un 7% (12%) en rendimiento bruto (ajustado al riesgo) de riesgo excesivo. Estos resultados muestran la importancia de la volatilidad de los factores de riesgo en las decisiones de inversión. En el tercer capítulo, se estudia el impacto que tiene la imprecisión en las expectativas de ganancias de la dirección (management earnings guidance, IMP) sobre los rendimientos del capital. La evidencia empírica revela que unas altas IMP (un mayor intervalo en los ingresos previstos) se asocian a unos rendimientos más bajos de las acciones. Se proporcionan dos explicaciones complementarias para explicar estos bajos rendimientos. Primero, en un mercado que presenta limitaciones a la venta a corto y disparidad de opiniones sobre las estimaciones de beneficios, unas altas IMP desaniman a los inversores pesimistas, mientras que los más optimistas creen en el gran salto de rango y toman posiciones largas en base a estas creencias, lo cual ocasiona sobrevaloraciones de las acciones y, en consecuencia, rentabilidades más bajas. Segundo, unas altas IMP pueden reflejar una verdadera incertidumbre con respecto a las ganancias futuras, y ello puede atraer a los inversores en valor o de lotería. Las conclusiones son sólidas, a nivel de análisis de la cartera y de los valores, para la medición de la imprecisión y para diferentes modelos de fijación de precios de los activos.
This dissertation aims at empirically uncovering new aspects of the cross-section of equity returns and providing theoretical-backed and empirical explanations of the main findings. The dissertation documents novel pricing predictors and factors related to the uncertainty and imprecision levels of the information content embedded in different risk measures. The first chapter investigates whether the time-series volatility of book-to-market (BM), called value uncertainty (UNC), is priced in the cross-section of equity returns. A size-adjusted value-weighted factor with a long (short) position in high-UNC (low-UNC) stocks generates an annualized alpha of 6-8%. This value uncertainty premium is driven by outperformance of high-UNC firms and is not explained by established risk factors or firm characteristics, such as price and earnings momentum, investment, profitability, or BM itself. At the aggregate level, UNC is correlated with macroeconomic fundamentals and predicts future market returns and market volatility. The chapter also provides a rational asset-pricing explanation of the uncovered UNC premium. The second chapter extends the first chapter and examines the predictive power of the uncertainty of profitability (UP) on the cross-section of equity returns. A portfolio strategy that goes long in the high-UP decile portfolio and short in the low-UP decile portfolio generates an annual excess raw (risk-adjusted) return of 8% (10%). High-UP stocks would have higher returns during times of higher market-wide profitability, lower market volatility, and higher expected inflation justifying the documented premium. Moreover, firms with high uncertainty surrounding their asset growth (UAG) would outperform those with low asset growth uncertainty by 7% (12%) in terms of excess raw (risk-adjusted) return. Results shed light on the importance of the volatility of risk factors in investment decisions. The third chapter examines the impact that imprecision in management earnings guidance (IMP) has on equity returns. Empirical evidence reveals that high IMP (wider interval in the forecasted earnings) is associated with lower subsequent stock returns. Two complementary explanations are provided to explain the low returns. First, in a market that exhibits short-selling constraints and diversion of opinion regarding earnings estimates, high IMP discourages pessimistic investors while optimists believe in the high bound of the range and take long positions based on these beliefs, leading to stocks' overpricing and hence to lower subsequent returns. Second, high IMP may reflect genuine uncertainty regarding future earnings appealing to growth and lottery investors. Findings are robust at the portfolio and stock level of analysis, to the measurement of imprecision, and to different asset pricing models.
Kaltenbrunner, Georg. "Growth expectations and asset prices in production economies and labor market matching models." Thesis, London Business School (University of London), 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.444404.
Повний текст джерелаMotohashi, Atsushi. "Studies on Asset Bubbles, Economic Growth, and Bailout Policy in an Open Economy." Doctoral thesis, Kyoto University, 2021. http://hdl.handle.net/2433/263411.
Повний текст джерелаZhu, Lin. "Three essays on asset bubbles and economic growth in a small open economy." Thesis, University of Macau, 2018. http://umaclib3.umac.mo/record=b3959330.
Повний текст джерелаLee, Nam Gang. "Essays on Productivity Risks in Asset Pricing." The Ohio State University, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=osu1524165777996863.
Повний текст джерелаBreitwieser, Audrey. "Escaping the Poverty Trap: Formal Savings and Asset Accumulation in Rural Malawi." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1436.
Повний текст джерелаRamarimbahoaka, Dimbinirina. "Growth optimal portfolios and real world pricing." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/2209.
Повний текст джерелаIn the Benchmark Approach to Finance, it has been shown that by taking the Growth Optimal Portfolio as numéraire, a candidate for a pricing derivatives formula under the real world probability can be given. This result allows us to price in an incomplete financial market model. The result comes from two different approaches. In the first approach we use the supermartingale property of portfolios in units of the benchmark portfolio which leads to the fact that an equivalent measure is not needed. In the second approach the numéraire property of the Growth Optimal Portfolio is used. The numéraire portfolio defines an equivalent martingale measure and by change of measure using the Radon-Nikodým derivative, a real world pricing formula is derived which is the same as the one given by the first approach stated above.
Burger, Anton. "Reasons for the U.S. growth period in the nineties: non-keynesian effects, asset wealth and productivity." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2006. http://epub.wu.ac.at/1360/1/document.pdf.
Повний текст джерелаSeries: Department of Economics Working Paper Series
Mendicino, Caterina. "Financial market imperfections, business cycle fluctuations and economic growth." Doctoral thesis, Stockholm : Economic Research Institute (EFI), Stockholm School of Economics, 2006. http://www2.hhs.se/EFI/summary/705.htm.
Повний текст джерелаStevens, James (James Arthur Depew). "Show me the money : promises and pitfalls of asset growth in community development credit unions and loan funds." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37864.
Повний текст джерелаIncludes bibliographical references (p. 93-95).
As private non-profit, locally based organizations, community development financial institutions (CDFIs) are increasingly important supporters of community development policies and programs designed to alleviate poverty. In the face of declining federal funds and political support for social programs, deregulation in banking, and capital market failure, CDFIs provide a range of financial services that encourage economic self-sufficiency and wealth in low-income communities. In order to expand their impact, some CDFIs have increased their assets to serve more customers and offer more products and services. This thesis seeks to answer the question: which factors and practices do large CDFIs employ to increase their total assets that other small CDFIs do not? This thesis uses two research methodologies: web surveys and case study interviews. Surveys of low-income credit unions (LICUs) and community development loan funds (CDLFs) indicate that large CDFIs grow through geographic expansion, customer and product diversification, more debt and equity funding sources, and a focus on fundraising.
(cont.) Two case studies of prominent CDFIs-Opportunities Credit Union in Burlington, VT and The Reinvestment Fund in Philadelphia, PA-reveal how leadership and creative partnerships drive change that results in organizational scale and asset growth. The thesis concludes with recommendations for CDFIs, investors, and policymakers that are interested in supporting the growth of individual CDFIs and CDFIs as an industry.
by James Stevens.
M.C.P.
Silva, Suelle Cariele de Souza e. "Crescimento do ativo e retorno acionário: evidências do mercado brasileiro." Universidade Federal da Paraíba, 2013. http://tede.biblioteca.ufpb.br:8080/handle/tede/3859.
Повний текст джерелаCoordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
This research aimed to examine the relationship between the asset growth and stock returns in the Brazilian stock market. Initially, we attempted to investigate whether the asset growth effect exists in the Brazilian stock market, as well as ascertain whether the asset growth effect exists when it adjusts the return to the three-factor model of Fama and French (1993) and the four-factor model of Carhart (1997). Then, we sought to verify whether the asset growth separately influences stock returns after controlling other determinants. Finally, we attempted to verify if the asset growth is a risk factor for the explanation of stock returns. The sample consists of all non-financial companies listed on the Stock Exchange in Sao Paulo between June 1995 and July 2013. All accounting data and market were collected in Economatica. To the study development, we used five measures of asset growth and we opted for the employment of both portfolios as well stock-level analysis. For the analysis of the existence of the asset growth anomaly, it was found a difference of portfolios returns with low and high asset growth. Thus, it was found that there is asset growth anomaly, since the difference in returns were positive and significant. Then, the portfolios returns were adjusted to the risk, in order to ascertain the permanence of the effect. It was noticed that neither the three-factor model, neither the four-factor model can capture the asset growth anomaly. To verify if the asset growth is a determinant variable of the return, besides the size, book-to-market and momentum variables, we performed Fama and MacBeth (1973) cross-section regressions methodology. The results indicate that the asset growth is a variable that influences negatively the future return of the stocks in the Brazilian stock market. Finally, to test whether the asset growth is a priced risk factor, we used the common two-stage cross-sectional regression methodology. It has been found that, in three of the five proxies used for asset growth, there is evidence that the asset growth factor is a risk factor priced.
Esta dissertação teve por objetivo analisar a relação entre o crescimento do ativo e o retorno das ações no mercado de ações brasileiro. Incialmente, buscou-se investigar se existe o efeito asset growth no mercado de ações brasileiro, bem como averiguar se o efeito asset growth existe quando se ajusta o retorno ao modelo de três fatores de Fama e French (1993) e ao modelo de quatro fatores de Carhart (1997). Em seguida, procurou-se verificar se o crescimento do ativo influencia separadamente o retorno das ações após controlar outros determinantes. Por fim, buscou-se verificar se o crescimento do ativo é um fator de risco para explicação dos retornos das ações. A amostra consiste de todas as empresas não financeiras listadas na Bolsa de Valores de São Paulo entre junho de 1995 a julho de 2013. Todos os dados contábeis e de mercado foram coletados no Economática. Para o desenvolvimento do estudo, foram utilizadas cinco medidas de crescimento do ativo e optou-se pelo emprego tanto de carteiras, quanto de ativos individuais. Para a análise da existência da anomalia asset growth, verificou-se a diferença dos retornos das carteiras com baixo e alto crescimento do ativo. Assim, constatou-se que existe a referida anomalia, pois a diferença dos retornos foram positivos e significativos. Em seguida, os retornos das carteiras foram ajustados ao risco, com a finalidade de averiguar a permanência do efeito. Percebeu-se que nem o modelo de três fatores, nem o modelo de quatro fatores conseguem capturar a anomalia asset growth. Para verificar se o crescimento do ativo é uma variável determinante do retorno, além das variáveis tamanho, índice book-to-market e momento, realizou-se regressões em cross-section a partir da metodologia de Fama e MacBeth (1973). Os resultados indicam que crescimento do ativo é uma variável que influencia negativamente o retorno futuro das ações no mercado de ações brasileiro. Finalmente, para testar se crescimento do ativo é um fator de risco precificado, utilizou-se a metodologia de regressão em duas etapas. Verificou-se que, em três das cinco proxies utilizadas para crescimento do ativo, há evidências de que o fator crescimento do ativo seja um fator de risco precificado.
Yeoh, Daniel Ghee Chong, and danielyeoh@cimb com my. "An Empirical Examination of Physical Asset Expenditure Announcements in Australia: Growth Opportunities, Free Cash Flow and Capital Market Monitoring." The Australian National University. Commerce, 2001. http://thesis.anu.edu.au./public/adt-ANU20010702.160428.
Повний текст джерелаWan, Simon Shui-Ming. "Real exchange rate volatility in the long-run growth process." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:9115f1f1-656c-4d3b-9147-4d061d30859d.
Повний текст джерелаOliveira, Ricardo António Abreu. "Value versus growth in the PIIGS stock markets." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13057.
Повний текст джерелаEvidência académica sugere que, ações que transacionam a um preço mais baixo comparativamente aos seus fundamentais (ações valor), tendem a ter um desempenho superior ao de ações que transacionam a preços superiores (ações crescimento). Apesar de este tópico ter sido imensamente abordado a nível mundial, especialmente no mercado acionista Americano, não existe evidência clara que tal afirmação se aplica em países menos conhecidos como Portugal, Itália, Irlanda, Espanha e Grécia que são geralmente conhecidos pelos "PIIGS" da União Europeia devido às suas economias instáveis e níveis elevados de dívida pública. Portfólios valor e crescimento são construídos e posteriormente avaliados. Encontramos um prémio valor compatível com estudos previamente conduzidos a nível mundial. Usando as regressões de Fama e Macbeth (1973) e as extensões dos seus modelos, descobrimos que o alfa gerado por estratégias de valor na região dos PIIGS é demasiado grande para ser explicado por modelos tradicionais de avaliação de ativos.
Evidence from academic research suggests that stocks trading at a lower price relatively to its fundamentals (value stocks) tend to outperform stocks that trade at higher prices (growth stocks) in the long run. Although this has been immensely studied worldwide, especially in U.S stock market, there is no clear evidence if such assertion is applicable in less renowned countries, such as, Portugal, Italy, Ireland, Spain and Greece which are commonly known as the EU PIIGS due to their economic instability and high national debt levels. We construct and evaluate value and growth portfolios and find an eloquent value premium in these countries, compatible with previous studies conducted worldwide. Using Fama and Macbeth (1973) regressions and its model extensions we find that the alpha generated by value strategies in the PIIGS regions is too large to be explained by conventional asset pricing models
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Tran, Vinh. "Differential Impact of Investor Sentiment on the Capital Asset Pricing Model and Discounted Cash Flows Model Estimates of the Rate of Return on Equity." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/honors_theses/131.
Повний текст джерелаSchmitz, Olaf. "Economic growth and business cycles in a two-sector overlapping-generations model /." Marburg : Tectum-Verl, 2008. http://d-nb.info/98859871X/04.
Повний текст джерелаSiddique, MD Abu Baker. "Rethinking Dead Mall: Reconsidering an American vacant mall site as a seed for re-growth." Thesis, Virginia Tech, 2021. http://hdl.handle.net/10919/104068.
Повний текст джерелаMaster of Architecture
The rapid urban development has impacted a great loss of natural landscape in the U.S in recent years. In the process of urbanization, the population has moved from the city centers to the edges of the Metropolitan or the newly developed suburbs as much as 62% until 2000. To serve the resettled population new services have been developed at the outskirts of the cities. Among all the development one of the most common was the Enormous shopping mall in suburban districts which are the collections of a vast range of retail corporations in response to the growing consumerism. In support of the gigantic malls, more service infrastructures were built as in the multi-storied parking garages, surface parking, HVAC. Currently, the total number of malls in the U.S is approximately 116,000. The downside of the development has been observed as rapid as it has grown. As in 2014, nearly 3% of all the malls in the United States were considered to be "dying" (40% or higher vacancy rates) and nearly one-fifth of all malls had vacancy rates considered "troubling" (10% or higher). The sudden deterioration was caused because of several factors such as the socio-economic change of the demography in the urban context, the change in the spending habit of the consumers (i.e. spending for experience rather than goods), Rise of the E-commerce, etc. This thesis will explore the strategy for reintegrating the troubling mall sites within the urban fabric. The thesis will first generate an adaptive master plan for the future, in a specific site as the result of investigating the socio-economic issues that forced the mall site to be vacant. After projecting the master plan, the architectural project will be proposed which will prioritize the physical and social development of the context. Educating people regarding the redevelopment of the community and the sustainable way of living are the key features of the project. The new project will be considered an iconic community asset that would serve the neighborhoods.
Hansen, Anna, and Robert Sandberg. "Vilka faktorer påverkar val av kapitalstruktur? : En kvantitativ studie avseende 226 bolag på Stockholmsbörsen." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-19547.
Повний текст джерелаAbstract Title: Which factors affect the choice of capital structure? – A quantitative study of 226 public firms in Sweden. Level: Final assignment for Bachelor Degree in Business Administration Authors: Anna Hansen and Robert Sandberg Supervisor: Peter Lindberg Date: 2015 - May Aim: The purpose is to investigate which factors affect the choice of capital structure in public firms in Sweden. Method: The study is based on a quantitative method with a deductive approach. Based on previous researches a number of variables are investigated. The material is downloaded through secondary data collection and then exported and processed in Microsoft Excel. Finally the study go through with a regression analysis in the stats program SPSS to see how much influence the variables have on the capital structure. Results & Conclusions: The results show a negative relationship between debts and growth and a weak negative relationship between debts and profitability. The results also show a positive relationship between debts and firm size and debts and tangible assets while debts and age does not show any relationship at all. In three of nine investigated sectors, sector is a factor with a strong impact on debts. These sectors are industrial, consumer services and real estate. Suggestions for future research: More variables than those this study tests could be tested in a new study. Since the sectors shows various context and connections to debts it would be interesting with a study investigating which factors affect the differences between the sectors. Contribution of the thesis: The contribution of this study provides a greater knowledge and understanding of how different factors affect the choice of capital structure in public firms in Sweden. By examining how much influence various factors have on a firms choice of capital structure, it is possible to identify and predict how the capital structure will look like in the future in different companies and in different sectors. Key words: debts, growth, profitability, size, age, tangible asset, sector
Nunes, Maurício Simiano. "Preços dos ativos e política monetária : um estudo para os países emergentes no período 1990-2006." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2008. http://hdl.handle.net/10183/24936.
Повний текст джерелаWe examine the relationship (if any) between stock prices and monetary policy in 22 emerging countries over the period 1990-2006. First, we investigate whether rational stock price bubbles are present in such countries using linear and nonlinear cointegration. Bubbles were found in at least one out of the six tests considered. These were likely to be caused by extrinsic factors, rather than by the intrinsic nonlinear relation between the stock prices and dividends. Secondly, we evaluate the link between market returns, expected inflation and output gap and growth by employing both individual and joint tests of linear and nonlinear panel models. We find that the stock prices convey useful information about inflation and output growth in-sample and out-of-the-sample Finally, we ask whether the stock prices are to be given a central role in monetary policy decisions using both (individual and panel) GMM models and dynamic optimization. We find that though the dividend-price ratio and the real exchange rate can provide useful information for monetary policy decisions, we should not jump to the conclusion that they have to be considered as arguments of the central banks' reaction functions. For the central banks with explicit inflation targeting, the best choice is not to consider the stock returns in their reaction functions. However, for the other regimes the best choice is to consider the stock returns in the reaction functions.
Pastva, Richard. "Determinanty rastu európskych firiem." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-194520.
Повний текст джерелаYilmaz, Emre, and Shakir Husain. "Hitting a BRIC Wall : MIST countries becoming the new BRICs?" Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-18374.
Повний текст джерелаSantos, Daniela Maduro dos. "Impacto da crise financeira sobre as reservas de caixa, o investimento e o financiamento em empresas portuguesas cotadas em bolsa." Master's thesis, Universidade de Aveiro, 2016. http://hdl.handle.net/10773/17200.
Повний текст джерелаEm Portugal, a crise financeira tem sido um tema bastante debatido, pelo que, continua pertinente avaliar até que ponto, esta teve impacto sobre as reservas de caixa, o financiamento e o investimento em Portugal. Para tal, foram analisados estudos de outros autores, cujo tema em questão era semelhante ao que se pretendia trabalhar. Neste estudo, serviram de base os autores Trejo-Pech, Noguera, e Gunderson (2015), Balachandran, Nguyen, Nguyen, e Yin (2013) e Nguyen, Nguyen, e Yin (2015). Quanto aos resultados obtidos, não existem evidências de que a crise tenha tido impacto sobre as reservas de caixa, contrariamente ao que seria de esperar, isto porque, segundo o estudo de Trejo-Pech et al. (2015) as empresas aumentaram as suas reservas de caixa para se precaverem contra a incerteza e assim, poderem utilizar o dinheiro para investirem em oportunidades de crescimento que surgissem. Em termos de financiamento também não é possível afirmar que a crise tenha tido um papel decisivo sobre este. No entanto, os resultados parecem dar indícios de que o financiamento de curto prazo era preferível pelas empresas portuguesas durante a crise, ao invés do financiamento de longo prazo, visto que este último poderia implicar mais riscos para os credores. Relativamente ao investimento das empresas portuguesas, dos resultados obtidos, existem evidências de que a crise e o pós-crise tenham contribuído para o seu aumento, contrariamente aos estudos de Balachandran et al. (2013) e Nguyen et al. (2015), que referem que o investimento diminuiu com o início da crise. Da análise ao crescimento dos ativos, os resultados sugerem que as empresas se socorreram dos fluxos de caixa para conseguirem crescer durante o momento de pós-crise, mas uma vez que a variável PostC foi negativa e estatisticamente significativa, esta parece levar a um efeito retardador desse potencial crescimento dos ativos durante o momento de pós-crise.
In Portugal, the financial crisis has been a subject well debated, so it would be appropriate, to assess, to what extent this had an impact on cash reserves, financing and investment in Portugal. To this end, studies from others authors were analyzed, which theme in question was similar to what was intended to do in this work. In this study, served as the basis, the authors Trejo-Pech, Noguera, and Gunderson (2015), Balachandran, Nguyen, Nguyen, and Yin (2013) and Nguyen, Nguyen, and Yin (2015). As for the results, there is no evidence that the crisis has had an impact on cash reserves, contrary to what would be expected. This, because, according to the study by Trejo-Pech et al. (2015), companies have increased their cash reserves to guard against the doubt, and, thus, can use the money to invest in growth opportunities that arose. In terms of financing, it is not possible to declare that the crisis has had a decisive role on this. However, the results seem to evidence that short-term financing was preferred by Portuguese companies during the crisis, rather than the long-term financing, since the latter could involve more risk for lenders. For the investment of Portuguese companies, from the results, there is evidence that the crisis and post-crisis have contributed to its increase, in contrast to studies of Balachandran et al. (2013) and Nguyen et al. (2015), which state that investment decreased with the start of the crisis. Analyzing the growth of assets, the results suggest that companies bailed up cash flows to achieve growth during the time of post-crisis, but, since the PostC variable was negative and statistically significant, this seems to lead to a retarding effect of that potential asset growth during the time of post-crisis.
Montes, Marcos Tadeu Ferreira. "A variação de ativos e retorno das ações no mercado de capitais brasileiro." reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/6901.
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The finance literature has been found many relations between financial multiples and stock returns. We test the relation between asset growth and stock returns for the Brazilian capital market. Panel regressions were made to verify if this relations still significant in an emerging market like Brazil. The ability of asset growth as a predictor of stock returns was compared with other relevant financial multiples known in literature.
A literatura de finanças tem encontrado diversas relações entre indicadores financeiros e o retorno de ações. Testamos a relação entre variação dos ativos totais e o retorno das ações para o mercado de capitais brasileiro. Foram realizadas regressões em painéis para testar se esta relação permanece válida mesmo em uma economia emergente como a do Brasil. Comparou-se a capacidade previsora da variação do ativo total com outros indicadores financeiros conhecidos na literatura
Nyström, Alexander, and Fredrik Strandlund. "Små och medelstora företags val av kapitalstruktur under ekonomisk kris." Thesis, Mittuniversitetet, Avdelningen för ekonomivetenskap och juridik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-31436.
Повний текст джерелаCapital structure is how a business selects their mixture of debt and equity, and the financial theories that touches upon this subject is mostly developed from the larger corporations point of view. Small and medium sized enterprises (SME) constitutes approximately 99 % of all enterprises in Sweden, and therefore it’s important to understand how these businesses selects their capital structure. A period of economic crisis is problematic for enterprises to achieve capital in several aspects. The population in that said country is likely to be restrictive with their transactions, which implies a lesser flow of capital to the businesses. The lenders of capital tend to be more conservative in regards to the lending of credit. To this extent, SMEs will have less access to capital, and this is more problematic for small firms due to their relationship with lenders are often connected to larger agency costs and information asymmetry. How the capital structure for these small and medium sized firms affects during a period of economic crisis is a research area that is relatively uncharted – specially in the context of Sweden. Thus, the focus of this study is to examine how a period of crisis affects the capital structure of these small and medium sized enterprises during a period of crisis.The study involved 79 916 SMEs in Sweden during the period 2007 to 2015, and the examined period of crisis was the financial crisis that lasted through 2008 and 2009. To be able to determine how the crisis affected the capital structure several determinants that has a relationship with capital structure was problematized. The capital structure contains the firms total debt, which was divided into short- and long term debt. The determinants relationship with the short- and long term debt were the basis to study possible changes during economic crisis. The total debts were used to give support to the analysis. The determinates that were included in this study was: liquidity, profitability, asset structure, growth opportunities, size, the non-debt tax shield, term spread and finally the primary interest of this study – economic crisis. To test this empiricly, models were created using two different methods of linear regression, and one of these had fixed effects. The models with the fixed effects was the decisive models for the outcome. The study empirically shows that the crisis affected the capital structure of SME’s in regards to that they exhibited a higher debt ratio though the crisis. More specific, the results indicated that SME’s had a higher short-term debt ratio during the crisis than the rest of the macroeconomic periods. Furthermore, the results shows that several of the capital structure determinants had an effect on both short- and long-term debt.
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Castanho, Núria Jesus Militão. "Estudo dos determinantes do crescimento das empresas familiares portuguesas." Master's thesis, Universidade de Évora, 2016. http://hdl.handle.net/10174/18719.
Повний текст джерелаOnyenanu, Tochukwu Emmanuel. "An improved maintenance management strategy for gas field equipment in Escravos gas–to–liquid plant, Nigeria / T.E. Onyenanu." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4894.
Повний текст джерелаThesis (M.Ing. (Development and Management Engineering))--North-West University, Potchefstroom Campus, 2011.
Waldenström, Daniel. "Essays in historical finance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Nationalekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-562.
Повний текст джерелаDiss. (sammanfattning) Stockholm : Handelshögskolan, 2003
Palasová, Lenka. "Oceňování stavebního podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2012. http://www.nusl.cz/ntk/nusl-225541.
Повний текст джерелаAbakah, Emmanuel Joel Aikins. "CEO Network In Finance." Thesis, 2019. http://hdl.handle.net/2440/121338.
Повний текст джерелаThesis (Ph.D.) -- University of Adelaide, Business School, 2019
(11059854), Brian G. Hogle. "Uncertain Growth Options and Asset Pricing." Thesis, 2021.
Знайти повний текст джерелаPan, Chien-Lin, and 潘建霖. "Style Investing Based on Asset Growth." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5js6w6.
Повний текст джерела國立交通大學
財務金融研究所
107
In this paper we focus on the cause of the asset growth anomaly. Tere are two main explanations for the asset growth anomaly: risk-based theory and mis-pricing theory. This paper follows Lam & Wei (2011) using several factors related to risk-based theory and mis-pricing theory as a style investment factors to analysis the relation between asset growth and the stock returns by the Fama-MacBeeth cross-section regression and found that the BenFord’s Law which is used to be the proxy of earnings management has the impact on the asset growth effect. Further, we establish an asset growth and style-investing independent sorting portfolio to compare the asset growth effect in different groups and make a long-short strategy to construct a style-investing factor. We also examine whether the new style-investing factor is different from the Fama-French 3 and 5 factors and the abnormal returns. Our papers found out the factors reflect the market information such as dollar trading volume and institution ownership has great impact on the abnormal returns and also support the asset growth anomaly should cause of mis-pricing explanation. Final, this papers use the principal component analysis to analyze the style-investing factors by the company. We find the proportion of style-investing factors in different company is different. It also confirms that the asset growth effect should not explained by a single factor. It is explained by a theory that different companies may also be subject to different reasons for asset growth.
Ozer, Gorkem Beaumont Paul M. "Volatility linkages in growth and asset pricing." Diss., 2005. http://etd.lib.fsu.edu/theses/available/etd-06202005-181852.
Повний текст джерелаAdvisor: Dr. Paul M. Beaumont, Florida State University, College of Social sciences, Dept. of Economics. Title and description from dissertation home page (viewed Sept. 15, 2005). Document formatted into pages; contains xiii, 164 pages. Includes bibliographical references.
Prombutr, Wikrom. "Essays on asset pricing and growth effect." 2008. http://hdl.handle.net/10106/948.
Повний текст джерелаLiu, Ming-Wei, and 劉明偉. "Economic Growth and Asset Bubbles with Internal Habit Formation." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/08877566282019870763.
Повний текст джерела國立中正大學
經濟系國際經濟學研究所
104
This paper explores the role of internal habit formation in an overlapping generations economy. If agent in the old period is concerned with his past consumption level in the young period, he will be highly motivated to increase his saving. As a result, high saving increases the balanced-growth rate and with the intensity of the habit persistence becomes higher, the promoting effect on balanced-growth rate becomes stronger. On the other hand, this paper also explores the role of non-interest-bearing asset, fiat money, with or without internal habit formation in our model. We show whether with internal habit formation or not, money will decrease the balanced-growth rate. In order to promote balanced-growth rate, we suggest increasing the monetary growth rate in order to increase the amounts of young people’s lump-sum transfers. We also find that the expansive monetary policy will lower the crowding out effect of capital.
HUANG, LI-HAN, and 黃莉涵. "Reexamining the Asset Growth Anomaly in Taiwan Stock Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/01776019589981403931.
Повний текст джерела國立暨南國際大學
財務金融學系
101
Cooper, Gulen, and Schill (2008) find that there are negative relation between asset growth and subsequent stock return in the US market, which is asset growth anomaly. They further refer the anomaly from underpricing managers' overinvestment. In Asia, Yao, Yu, Zhang, and Chen (2011) indicate that all of the markets, except Taiwan, exists asset growth anomaly. Lam and Wei (2012) suggest that the method above can only examine the anomaly in market-wide view, and it cannot recognize the resource of anomaly precisely. They propose examining the reason with subsequent asset growth, and it can distinguish the hypotheses, overinvestment hypothesis, real option hypothesis, style investing hypothesis and q-theory of investment hypothesis, to two predictions. Our study is aimed to reexamine Taiwan asset growth anomaly, so we take the new manner. Consequently, overall there is still no asset growth anomaly in Taiwan stock market. But when we sort all the stock with asset growth level and subsequent asset growth, we find that there is significant abnormal return in reversal growth level sample. Besides, with examination of dynamic q-theory, we find that the anomaly is consistent with style investing hypothesis in Taiwan. And all the results above are consistent with abnormal return characteristic adjusted, abnormal return factor adjusted and sub period sample.
Jiang, Huei-Jyun, and 江惠君. "Asset Growth and Stock Returns: Evidence from Taiwan Stock Market." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/46652984323772333813.
Повний текст джерела國立暨南國際大學
財務金融學系
99
We investigate the asset growth anomaly in Taiwan stock market. Asset growth represents for the company's overall growth, the findings suggest that corporate events associated with asset expansion tend to be followed by periods of abnormally low returns, whereas events associated with asset contraction tend to be followed by periods of abnormally high returns. Asset growth was negatively correlated with future stock returns in U.S., Australia and Asia stock markets. The annual median total asset growths were steadily increasing in the U.S. stock market, but it is volatile in Taiwan, therefore we examine the asset growth effect in Taiwan stock market. Our empirical results indicate that only other asset growth is significantly correlated with stock returns, which is different from the evidence on the U.S., Australia and other Asian markets. Following Fama and French (1993), we then construct two asset growth factors. The inclusion of asset growth factor in asset pricing models adds nothing to its ability to explain the cross-section of stock returns. However, we find the other asset growth factor has additional explanatory power for stock returns in time series model.
Chen, Tse-Chuan, and 陳則全. "The effect of Growth of Downstream Industry on Asset Impairment." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/46178600071830646619.
Повний текст джерела輔仁大學
會計學系碩士班
103
The main purpose of asset impairments is to convey the real value of assets. The recoverable amount of assets that is a determinant of asset impairments is influenced by the growth of downstream industry. However, the growth of downstream industries hasn’t been considered in recent studies yet. This study classified the downstream industries of firms on the basis of Input-Output Tables from Directorate-General of Budget, Accounting and Statistics to explore the effect of the growth of downstream industry on asset impairments. The results showed that as the downstream industries are declining, the motive of asset impairments is more likely to be reporting incentives; while the downstream industries are growing, the motive of asset impairments is more likely to be economic factors. This study also indicated that when the growth of the downstream industry is declining, firms recognized more amount of asset impairments, regardless of the growth or declined of firms; when the growth of firms and of firms’ downstream industries is increasing, firms recognized more amount of asset impairments.
Cheng, Shen-Yu, and 程舜鈺. "A Further Analysis of Asset Growth Effects and Firm Characteristics." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/91257390912865172425.
Повний текст джерела元智大學
財務金融暨會計碩士班(財務金融學程)
104
The literature has documented the negative relationship between asset growth rate and subsequent stock return for the US market and certain international markets. Using extended sample period and Datastream data, this study however finds that such asset growth effect is non-linear across stocks in the US market and absent from the Canadian market. Specifically, the low-asset-growth and high-next-period-return relationship is observed across most stocks while not applicable for those US stocks with bottom ten-percentile asset growth rates. The finding is corroborated by long-short portfolio return tests and by Fama-MacBeth regression tests when firm characteristics are being controlled for. This study further applies idiosyncratic volatility as proxy for limits to arbitrage, and the test results do not render consistent evidence in support of the mis-pricing theory in explaining the asset growth effect.
Kung, Shiang-An, and 孔祥安. "The Linkage of Asset Growth Effect between Customer and Supplier." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/krw2p5.
Повний текст джерела元智大學
財務金融暨會計碩士班(財務金融學程)
106
This study explores the asset growth effect, namely, firms with prior higher asset growth yielding lower subsequent returns, among economically linked firms in the U.S. market. Pooled regressions are performed in the study. Results indicate negative own-asset-growth effects for supplier firms and for customer firms, while the significance varies with firm size and across sample periods. Further analysis shows that such negative asset growth effect is particularly strong for large suppliers. As to the influence of economic linkage, this study finds that the return performance of customer firms is affected by their suppliers’ asset growth as well as prior return performance, while the evidence holds only for small customers and for limited sample period. Meanwhile, only limited evidence of customer momentum is found for suppliers when controlling for firm factors of both customer and supplier firms.
Pereira, Diogo De Almeida Gonçalves. "Leading the energy transition - growth in renewables driven by asset rotation." Master's thesis, 2021. http://hdl.handle.net/10362/133372.
Повний текст джерелаLIN, WAN-JU, and 林婉如. "Asset Allocation among Growth Stocks – A Study of Markowitz and Vince’s Models." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/y83494.
Повний текст джерела東吳大學
經濟學系
105
The study attempts to analyze the asset allocation performance of Markowitz and Vince (2009)’s LSM models. The sample consists of the listed companies in Taiwan over the period of 2009-2016, which are divided into three equal subsmaples by market value. We follow the keys suggested by Guggenheim Partners investment advisors to pick growth stocks. For each of company sizes, we choose the six stocks with best performance to form a portfolio and reconstruct portfolio every year. The asset allocation is rebalanced every month. Taiwan Weighted Stock Index, Taiwan 50, Taiwan 200 Medium are used as the benchmarks for comparison. The empirical results show that nearly 70% of Sharp Ratio estimates from Markowitz model are better than those of Taiwan stock index. Both the model’s medium-sized and small-sample small-sized estimates outperform their benchmarks, respectively. The LSM model’s results show that 40% estimates of Sharp Ratio are higher than those of Taiwan stock index. Its medium-sized estimates outperform Taiwan 200 Medium, whereas the large-sizes estimates are inferior to those of Taiwan 50. Overall, the superior-performance cases of Markowitz’s estimation are better than those of LSM’s. Also, the latter model has higher performance in medium-sized firms, whereas the former has better performance in both large-sized and small-sized firms.
Wu, Angel, and 吳玉琴. "An Asset-growth-based Performance Measure: An Empirical Analysis in Taiwan’s Market." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/39758428085583876151.
Повний текст джерела國立中興大學
高階經理人碩士在職專班
96
Abstract Wealth management industry has been well developed in advanced European countries for more than a century. Wealth management business provides high net-worth customers with convenient and comprehensive services. Many U.S. and European private banks have made much profit from the business. Since wealth management business is relatively new for government authority and banking executives, Taiwan’s banks do not provide wealth management services until 1998. Over time, wealth management has played an important in Taiwan’s banking industry. Banking executives are eager to develop a more efficient wealth-management model which could provide better services for customers and make high profits for banks. Wealthy customers have the need to select the right wealth-management bank which could provide the best services for their wealth. Therefore, the performance evaluation of wealth-management banks is important for both customers and bank executives. This study intends to develop a performance evaluation for wealth-management banks, based on the growth rate of assets under management. The performance measure has four indicators including service convenience, employee ability, bank operation, and customer complaint. The empirical evidence indicates that banks with the highest growth rate of assets under management have higher scores in the four indicators. By better understanding the findings, bank executives could improve their wealth-management business and customers are able to find the right banks for their wealth management.
lin, yu chen, and 林鈺宸. "The Limits of Arbitrage: The Accrual and Asset Growth Effect in Taiwan." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/90546399030053726423.
Повний текст джерела逢甲大學
財務金融學系碩士班
101
In this paper, by using the Taiwanese listed stocks, I comprehensively examine the relations between asset growth (accruals) and stock returns. After controlling for different sample sub-periods, sample selection criteria, seasonality, research methodologies, we document that asset growth is significantly negatively related to future stock returns, particularly for samples excluding financial and electronic industries. Limits to arbitrage cannot capture the asset growth effect. However, limit to arbitrage seems to provide partial explanations for negative relation between accrual and stock returns. That is, the accrual effect only significant exists in stocks with high idiosyncratic risks. However, when I test the relation by using Fama and MacBeth regression, the relation only appears during the sub-period of 2000 to 2011.
Berre, Martin. "Investing in dividend growth stocks: analysis of portfolio performance using asset pricing models." Master's thesis, 2021. http://hdl.handle.net/10362/122730.
Повний текст джерела