Emerging Markets: Finance eJournal最新文献

{"title":"Corporate Life Cycle and Firms’ Performance: An Empirical Study on DSE Listed Companies (IT Sector)","authors":"Abdur Rahman","doi":"10.2139/ssrn.3786851","DOIUrl":"https://doi.org/10.2139/ssrn.3786851","url":null,"abstract":"This topic has been chosen to investigate the effect of the corporate life cycle on the firm's performance. There are ten IT companies listed on the Dhaka Stock Exchange (DSE). This study investigates several financial years’ performance of 10 IT Companies listed in DSE. We find that how the stages of the life cycle vary over the firm's performance. Several variables of the corporate life cycle are used such as introduction, growth, mature, shake out, and decline which are used to measure the return on asset for the IT Company. Measuring company performance is a very important task to survive in the market. The profitability can pass through totally different stages during its life cycle. The profitability can pass through totally different stages during its life cycle. The main purpose of this study was to spot the variables that affect the profitability or firm’s performance of DSE listed IT Company. In line with the speculation of the life cycle, the characteristics of all variables of a company affected by the stage of the corporate life cycle that firms are set in it. There’s stagnation in growth at this point. The profitability could stay during this state for several years solely to decline and dissolve eventually. However, firms handle this stage of the corporate life cycle can confirm what proportion longer they need to be left within the field. My results show that the profit of those firms increased at the intro and growth level, and later at the maturity level, the profit decreased a small amount once more. It might be some reason that the growth stage of the life cycle of firms wherever firms have taken several types of initiatives like multiplied new product channels, or they were significantly proactive, or they were purposeful. The second chapter of this paper is the Literature Review, which provides detailed related information and documented pieces of evidence from previous studies. The third chapter outlines the overall research methodology including data collection and sample size description and sample, sampling technique, data sources, and data analysis technique of the study. Data have been collected from the annual report of the Dhaka Stock Exchange-listed ten IT Companies. The fourth chapter has examined the findings of this study in an appropriate table and data analysis comprises a decent heading and description. This study has identified several factors from the corporate life cycle measurement that all the variables influence company profitability. Some of these factors greatly influence firm performance and some factors have great importance and some others have moderate importance on company decision-making. Finally, we have presented with the overall situation of the corporate life cycle stages of our chosen company, and the improvement of the study.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"22 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132629916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Negative Oil Price on Stock Markets of Major Oil Importing and Exporting Countries","authors":"Muhammad Umar","doi":"10.2139/ssrn.3785583","DOIUrl":"https://doi.org/10.2139/ssrn.3785583","url":null,"abstract":"WTI crude oil FOB spot price was recorded to be negative $36.98 per barrel on April 20, 2020. Apparently, it seems to be a good news for oil importers and a bad one for oil exporters. However, the results of event study analysis of indices data ranging from July 1, 2019 to August 17, 2020 presents a different picture. The incidence of negative oil price had negative impact on stock markets of both, major oil importing and exporting countries. Cumulative abnormal returns measured on the basis of market factor of CAPM were significantly negative for all the indices for all three selected event windows.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127094208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Afinal, produtos estruturados são bons para quem? (After All, To Whom the Structured Products are Good?)","authors":"A. Genaro","doi":"10.2139/ssrn.3783498","DOIUrl":"https://doi.org/10.2139/ssrn.3783498","url":null,"abstract":"<b>Portuguese Abstract:</b> O crescimento dos investimentos em produtos estruturados, em particular nos COEs, no Brasil pelo investidor de varejo enseja uma análise sobre se o produto é de fato uma alternativa a produtos de capitação bancária tradicional. A partir de uma base de dados com todos os COE liquidados entre os anos de 2016 e 2019 pudemos identificar que nem todos os COEs são iguais, mesmo quando eles compartilham várias características. Além disso, o intermediário parece desempenhar um papel relevante e, em certos casos, minimiza o eventual conflito de interesse presente em relações de intermediação em mercados concentrados.<br><br><b>English Abstract</b> The increase in investments in structured products, in particular Structured Operations Certificates (COEs), in Brazil by retail investors consists of an opportunity to analyze whether the product is indeed an alternative to traditional banking capitalization products. From a sample with all liquidated COE between 2016 and 2019, we have found that not all COE are the same, even when sharing multiple characteristics. Furthermore, the financial intermediaries seem to play a relevant role and, in certain cases, to minimize potential conflicts of interest in intermediations in concentrated markets.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122837154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CSR in Transition: from Voluntary to Mandatory – the Indian Case","authors":"Liad Ortar","doi":"10.2139/ssrn.3783846","DOIUrl":"https://doi.org/10.2139/ssrn.3783846","url":null,"abstract":"The research presented here summarizes the first stage of a large bilateral (Israeli and Indian) academic effort. This scholarly endeavor involves an attempt to explore the impact of the Indian Mandatory CSR (MCSR) law from both practical and theoretical perspectives. We look at this unique legislation as a “pilot” scheme that challenges traditional terminologies such as Corporate Social Responsibility (CSR), with its basic precondition of voluntarism (“beyond compliance”), Corporate Philanthropy, and the role of taxation between the two. Our focus in this study is on the concept of CSR and on a thematic discussion of the literature review’s findings. The two other themes are left for future investigation.<br><br>The systematic review includes quantitative and qualitative analysis of 47 academic papers regarding MCSR in India. The results provide significant background information for intended further research on the subject matter. For example, 72% of the studies were conducted by Indian scholars, suggesting that the MCSR is not an attractive research topic, possibly because Western researchers do not view it as relevant. Another finding is that most of the studies reviewed (63%) were qualitative, perhaps indicating that they are focused more on managerial interviews, other reviews, and legal articles, and less on financial performance or other statistical measures. Qualitatively, the leading themes were that MCSR is debated as a form of taxation, the 2% spending cap that became a ceiling, the limits of the “comply or explain” approach, corporate fraud, MCSR’s relevance to SMEs, the director’s duties to the stakeholders and last, geographical inequality.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133279046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Have COVID-19 Confirmed Cases and Deaths Affected Stock Markets? Evidence from Nigeria","authors":"N. Abu, Awadh Ahmed Mohammed Gamal, M. Sakanko, A. Mateen, J. David, Bennett Amaechi","doi":"10.5709/CE.1897-9254.437","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.437","url":null,"abstract":"This study assesses the effect of COVID-19 proxied by the number of confirmed cases of the infection and deaths on Nigeria’s stock market over the 23rd March to 11th September 2020 period using the autoregressive distributed lag (ARDL), canonical cointegrating regression (CCR), dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS) techniques The bounds test to cointegration result reveals that a long-run relationship exists between COVID-19 and Nigeria’s stock market (along with oil prices and exchange rate) The results of the various estimations demonstrate that COVID-19 (proxied by the number of confirmed cases of infection) has a negative and significant impact on stock market performance, while the number deaths has a positive and significant impact on the market in the long-run In addition, oil prices and exchange rate have a significant and positive effect on stock market performance in the long-run Similar results were found for sub-sectors including consumer goods and healthcare sub-sectors of the stock market The study recommends policies to curb the spread of the virus","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124864583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Leverage and Information: Are Short Sellers and Margin Traders Twin Sisters or Stepsisters?","authors":"Zhuo Chen, Pengfei Li, Zhengwei Wang, Bohui Zhang","doi":"10.2139/ssrn.3776995","DOIUrl":"https://doi.org/10.2139/ssrn.3776995","url":null,"abstract":"As leveraged investors, are margin traders as informed as short sellers? Using a unique dataset on stock-level short selling and margin trading from three international stock markets, we find that margin trading has no cross-sectional predictability but short selling does. Compared to short selling, margin-trading activities exhibit stronger comovement across stocks and are weak predictors of firm fundamentals. This finding suggests that margin traders are less likely to have a firm-specific information advantage and that their trades tend to be driven by market-wide factors. Tests at the investor account level also show that participants in margin trading are less sophisticated than those who participate in short selling.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122305181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Labor Cost Stickiness and Managerial Decisions on Human Capital Adjustment","authors":"Dongmin Kong, Shasha Liu, R. Shen","doi":"10.2139/ssrn.3775380","DOIUrl":"https://doi.org/10.2139/ssrn.3775380","url":null,"abstract":"On the basis of labor economics theories, we posit that adjustment in human capital accounts for a significant part of cost stickiness. Using the education level of employees as a measure of the quality of human capital, we find that labor cost changes driven by the adjustment of employee education level are sticky. This stickiness cannot be explained by the standard adjustment cost theory and is more salient during industry expansion. We further show that firms that actively adjust their employee quality during downturns experience improved future performance. Our findings are robust to alternative measures and specifications. Overall, this study extends the economic theory of sticky costs by showing that human capital adjustment drives cost stickiness. Moreover, such adjustments have long-term implications on the firm’s performance.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132925958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is the Merger of Banks on the Path of Expected Yields?","authors":"Venkatesh K A, P. Narasimhan","doi":"10.2139/ssrn.3775428","DOIUrl":"https://doi.org/10.2139/ssrn.3775428","url":null,"abstract":"Government of India announced the merger of 10 Public sector banks into 4 Banks in the month of August 2019 in order to reduce the NPA’s as well as reducing the burden of capital infusion to comply Bessel norms. Further mergers of Public Sector banks led to the emergence of 12 bigger banks. This article examines whether this consolidation of banks is really on the path of expected yields by assuming efficiencies as a parameter using inverse DEA. The M &amp; A in banking sector has been evergreen research topic in the global arena and that gives impetus to the current research on Indian Mergers. Generally, the global research studies on M&amp;A focused on the positive impact and the outcomes tend to be the conflicting nature. The InvDEA is the model which supports to identify the necessary level of inputs and outputs for a given decision making unit (Bank) to reach its predefined efficiency. This model facilitates in identifying the outcomes of mergers in terms of efficiency though the objectives of mergers where defined in different perspective. The elements of cost and profit were considered as inputs and outputs in ascertaining the efficiency and that will reveal the true picture of attaining the expected yield of the merger in short-term.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124046616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Characterizing Bank Choices Among Clients","authors":"Janrey Estribor","doi":"10.2139/ssrn.3882583","DOIUrl":"https://doi.org/10.2139/ssrn.3882583","url":null,"abstract":"This study aims to extract the underlying factors characterizing bank choices among clients in Davao del Sur using quantitative research design as the method and the application of Exploratory Factor Analysis. Focus group discussion was undertaken to preliminarily determine items that were the parameters in selecting a bank to transact. After which, answers were collated, analyzed, and contextualized, and form a questionnaire. Data were gathered through an online platform to several 250 respondents identified as clients from various banks in Davao del Sur. The following approaches were taken to achieve the study's objectives: descriptive statistics; exploratory factor analysis; t-test; One-way (ANOVA); and Exploratory Factor Analysis (EFA). Results revealed five factors characterizing bank choices among clients in Davao del Sur: Accessibility and Convenience; Products and Services; Electronic Services; Third-party Influences, and Bank Appearance. Further, among all dimensions (factors) identified, respondents found significant differences characterizing bank choices when grouped according to sex, age, generation, and educational attainment.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"342 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127580846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Improving Information Efficiency in Housing Markets Using Online Listings","authors":"T. Sing, Yiheng Zou","doi":"10.2139/ssrn.3772412","DOIUrl":"https://doi.org/10.2139/ssrn.3772412","url":null,"abstract":"The prevalence of online listing portals in Singapore after 2013 has transformed transaction activities in housing markets. This paper examines the effects of online listing portals on success rates in sales and performance of real estate agents in the private housing markets in Singapore. By merging the online listing data with the property transaction data, we show three key findings: First, the use of online portals increases the success rate in converting listings into sales; Second, conditional on the success of the sales, real estate agents sell houses at an average premium of 3.26% by adopting online listings relative to using the conventional approach. The premium remains positive and significant at 1.98%, when using a smaller sub-sample of matched property and location attributes; and Third, the adoption of online listings significantly enhances real estate agents' performance in terms of higher price gap and shorter time on the market via the effort, the information (writing style) and the portal selection channels. The online listings reduce frictions in housing market, which is translated into economic benefit of approximately S$1.71 billion (US$1.18 billion).","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115371167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}