Industry-Level versus Firm-Level Forecasts of Long-Term Earnings Growth

2021 ◽  
pp. 102516
Author(s):  
Adam Esplin
Keyword(s):  
Firm Level ◽  
Earnings Growth ◽  
Industry Level ◽  
Level Versus

Impact of FII’s and FDI’s on Indian Stock Market

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Dr. Kamlesh Kumar Shukla
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Global Economy ◽  
Short Term ◽  
Earnings Growth ◽  
The Past ◽  
Bull Market ◽  
Indian Stock Market

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.

Intervention by Outsiders: A Strategic Management Perspective on Government Industrial Policy

1993 ◽  
Vol 13 (1) ◽  
pp. 69-88 ◽  
Author(s):  
Romano Dyerson ◽  
Frank Mueller
Keyword(s):  
Public Policy ◽  
Strategic Management ◽  
Industrial Policy ◽  
Financial Control ◽  
Firm Level ◽  
Policy Makers ◽  
Management Perspective ◽  
British Experience ◽  
The Government

ABSTRACTAs the debate throughout the eighties has concluded, the efforts of governments to intervene at the firm level has largely been disappointing. Using two examples drawn from the British experience, Rover and Inmos, this paper offers an analysis as to why the Government has encountered difficulties when it has sought to intervene in a strategic fashion. Essentially, public policy makers lack adequate mechanisms to intervene effectively in technology-based companies. Locked out of the knowledge base of the firm, inappropriate financial control is imposed which reinforces the ‘outsider’ status of the Government. Having addressed the limitations of strategic intervention, the paper, drawing on the comparative experience of other countries, then goes on to address how this policy boundary might be pushed back in the long term.

AGGREGATE MARKUP DYNAMICS: EVIDENCE FROM CHINA

2021 ◽  
pp. 1-21
Author(s):  
YUE WEN
Keyword(s):  
Trade Liberalization ◽  
Decomposition Method ◽  
Dynamic Change ◽  
Manufacturing Firms ◽  
Sample Period ◽  
Upward Trend ◽  
Firm Level ◽  
Industry Level ◽  
New Perspective

Unlike previous studies that focus on the change of firm-level markup, this study focuses on the change of industry-level aggregate markup. From the data of China’s manufacturing firms in 1999–2007, this study exploits the dynamic change of aggregate markup by using the decomposition method which is proposed by Melitz and Polanec (2015). The result shows that China’s manufacturing aggregate markup has an upward trend during the sample period, which mainly comes from the contribution of surviving firms. On the contrary, the contribution of entering and exiting firms to the aggregate markup is negative. Further analysis shows that trade liberalization is one of the reasons to promote the increase of China’s manufacturing aggregate markup. This study provides a new perspective for understanding the dynamic change of the aggregate markup.

scholarly journals Post-Acquisition Performance of Emerging Market Firms: A Multi-Dimensional Analysis of Acquisitions in India

2021 ◽  
Vol 14 (12) ◽  
pp. 567
Author(s):  
Arindam Das
Keyword(s):  
Structural Equation ◽  
Emerging Market ◽  
Empirical Studies ◽  
Short Term ◽  
Firm Level ◽  
Acquisition Performance ◽  
Long Term Performance ◽  
Term Performance ◽  
A Performance

M&A performance is a multifaceted, compound construct with no overarching factor that captures all different dimensions. This paper examines the concept of acquisition performance and proposes a model that links firm-level factors and transaction parameters with firms’ short-term and long-term performance, extending to financial-, market- and innovation measures. Building on past empirical studies on the influence of various factors on M&A performance, a multi-dimensional structural equation model has been developed and it has been tested with a dataset on acquisitions in the Indian technology sector over a period of ten years. The results suggest that: (a) smaller acquirers with higher book value and leveraged firms demonstrate better long-term performance; (b) contrary to established understanding, short-term market returns are not influenced by deal parameters; (c) majority stake purchases show relatively lesser gains—suggesting the possible presence of post-acquisition integration issues and, (d) acquirers with high intangible assets continue to do well on innovation performance post-acquisition. By indicating situations and conditions under which an acquisition would potentially lead to a performance gain for the acquirer, these results provide significant insight to practitioners pursuing M&As for growth opportunities.

scholarly journals Impact of COVID-19 on the trade of goods and services in Spain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asier Minondo
Keyword(s):  
Negative Impact ◽  
The European Union ◽  
Firm Level ◽  
Health Crisis ◽  
Content Type ◽  
Goods And Services ◽  
Containment Measures ◽  
Trade Of Services ◽  
The Impact

Purpose This paper aims to analyze the impact of COVID-19 on the trade of goods and services in Spain. Design/methodology/approach This paper uses monthly trade data at the product, region and firm level. Findings The COVID-19 crisis has led to the sharpest collapse in the Spanish trade of goods and services in recent decades. The containment measures adopted to arrest the spread of the virus have caused an especially intense fall of trade in services. The large share of transport equipment, capital goods, products that are consumed outdoors (i.e., outdoor goods) and tourism in Spanish exports has made the COVID-19 trade crisis more intense in Spain than in the rest of the European Union. Practical implications The nature of the collapse suggests that trade in goods can recover swiftly when the health crisis ends. However, COVID-19 may have a long-term negative impact on the trade of services that rely on the movement of people. Originality/value It contributes to understand how COVID-19 has affected the trade in goods and services in Spain.

Farmers' role in sustainable agriculture research

1990 ◽  
Vol 5 (4) ◽  
pp. 178-182 ◽  
Author(s):  
William Lockeretz ◽  
Molly D. Anderson
Keyword(s):  
Sustainable Agriculture ◽  
Agricultural Research ◽  
Dominant Role ◽  
Full Range ◽  
System Level ◽  
Component Level ◽  
Versus System ◽  
Level Versus ◽  
Publicly Supported

AbstractInvolvement of farmers in sustainable agricultural research can have important benefits, since farmers originated many sustainable agriculture innovations and can contribute a valuable perspective different from that of researchers. However, this does not mean, as is sometimes said, that all kinds of sustainable agricultural research necessarily should give farmers a major role—perhaps the dominant role—in choosing topics and overseeing the work. This belief overlooks the fact that farmers are just one of many groups that publicly supported research is supposed to serve and that their interests do not by themselves embody the full range of goals that sustainable agriculture tries to achieve. Moreover, although farmers can bring valuable insights to research, these alone will not be enough to insure that a sustainable agriculture research program has an appropriate mix of applied versus basic, short-term versus long-term, and component-level versus system-level studies.

Industry Characteristics, Risk Premiums, and Debt Pricing

2016 ◽  
Vol 92 (1) ◽  
pp. 1-27 ◽  
Author(s):  
Dan Amiram ◽  
Alon Kalay ◽  
Gil Sadka
Keyword(s):  
Industry Structure ◽  
Empirical Literature ◽  
Time Varying ◽  
External Shocks ◽  
Expected Loss ◽  
Firm Level ◽  
Risk Premiums ◽  
Industry Level ◽  
Debt Pricing ◽  
Loan Portfolios

ABSTRACT Despite theoretical and anecdotal evidence highlighting the importance of industry-level analyses to lenders, the empirical literature on debt pricing has focused almost exclusively on firm-level forces that affect expected loss. This paper provides empirical evidence that industry-level characteristics relate to debt pricing through risk premiums. We address the empirical challenges that arise when testing these theories by using a proprietary dataset of time-varying and forward-looking measures of industry characteristics. These characteristics include growth, sensitivity to external shocks, and industry structure, all measured at the six-digit NAICS level. Our results show that lenders demand higher spreads to bear industry-level risk. The relation exists within subsamples with constant credit ratings, and strengthens when lenders' loan portfolios are less diversified and during periods when diversification is difficult. Therefore, our results suggest that industry characteristics relate to debt pricing by informing lenders not only about expected loss, but also about risk premiums. JEL Classifications: G31; G32; G33; M21.

A Study of the Long-Term Value of Capabilities-Based Resources, Intangible Strategic Assets, and Firm Performance

2014 ◽  
Author(s):  
Brian R. Chabowski ◽  
G. Tomas M. Hult
Keyword(s):  
Production Capacity ◽  
High Tech ◽  
Firm Level ◽  
Strategic Resources ◽  
Strategic Assets ◽  
Lagged Effects ◽  
Marketing Expenditures ◽  
And Performance ◽  
Innovation Impact

How do capabilities-based resources focused on customers, supply chains, and how does innovation impact a firm’s strategic assets and performance? We develop a framework to (1) test strategic resource allocations as investments in future opportunities, (2) examine the influences of strategic resources on strategic assets, and (3) study the effects of strategic assets on performance. The model incorporates data from a 12-year period to examine the lagged effects over a “strategic” length period. The results show that the resources that affect assets include business-to-customer (B2C) marketing expenditures, sourcing attentiveness, inventory readiness, production capacity, and overall innovation creativity. Customer satisfaction and brand equity are two firm-level strategic assets that influence financial performance. The robustness of the overall results was also examined in two technological contexts (low/stable vs. high tech).

scholarly journals Immigrants’ initial firm allocation and earnings growth

2017 ◽  
Vol 44 (1-2) ◽  
pp. 42
Author(s):  
Wen Ci ◽  
Feng Hou
Keyword(s):  
Human Capital ◽  
Economic Integration ◽  
Firm Level ◽  
Earnings Differential ◽  
Earnings Growth ◽  
Capital Humain ◽  
Integration Of Immigrants ◽  
General Human Capital

While employers are playing an increasingly important role in immigration selection in Canada, little is known about how firm-level characteristics affect the economic integration of immigrants. Using a Canadian employer–employee matched dataset, this paper considers whether immigrants initially employed in low-paying firms in Canada experienced inferior earnings growth than those initially employed in high-paying firms. The results show that the large earnings differential observed between immigrants initially employed in low- and high-paying firms diminished only slightly over the subsequent 14 years, even when differences in demographic and general human capital characteristics are taken into account.Alors que les employeurs jouent un rôle de plus en plus important dans la sélection des immigrants qui s’établissent au Canada, on en sait peu sur la façon dont les caractéristiques au niveau de l’entreprise influencent l’intégration économique de ces derniers. Au moyen d’un ensemble de données appariées sur les employeurs et les employés, le présent document vise à déterminer si la croissance des gains des immigrants employés initialement au Canada par des entreprises à bas salaires est plus faible que celle des gains des immigrants employés au départ par des entreprises à hauts salaires. Les résultats montrent que l’écart important observé entre les gains des immigrants employés au départ par des entreprises à bas salaires et de ceux employés par des entreprises à hauts salaires ne diminuait que légèrement au cours des 14 années suivantes, même après avoir tenu compte des différences de caractéristiques démographiques et de caractéristiques générales du capital humain.

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