Reassessing the Impact of Option Introductions on Market Quality: A Less Restrictive Test for Event-Date Effects

2007 ◽  
Vol 42 (4) ◽  
pp. 1041-1062 ◽  
Author(s):  
Bartley R. Danielsen ◽  
Bonnie F. van Ness ◽  
Richard S. Warr
Keyword(s):  
Selection Criterion ◽  
Hazard Model ◽  
Market Quality ◽  
Quality Changes ◽  
Bid Ask Spread ◽  
Event Date ◽  
Option Listing ◽  
Underlying Stocks ◽  
The Impact

AbstractPrior research concludes that option introductions improve the average liquidity of the underlying stocks. We develop an improved, generalizable test to assess whether market quality changes occur on or near an event date. Applying this method to option listing events, we conclude that options do not systematically improve the market quality of the underlying security; rather, the market quality of the underlying security improves before the listing decision. Hazard model tests indicate that improving liquidity is a selection criterion in the option listing decision. Moreover, these tests suggest that the size of a stock's bid-ask spread is the single most important option listing determinant.

scholarly journals ANALISIS RELEVANSI INFORMASI, RELIABILITAS, DAN ASIMETRI INFORMASI SETELAH PENGADOPSIAN IFRS (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2009-2014)

2020 ◽  
Vol 5 (4) ◽  
pp. 526-539
Author(s):  
Shella Yolan Anggraini ◽  
Nadirsyah Nadirsyah
Keyword(s):  
Value Relevance ◽  
Stock Exchange ◽  
Financial Statements ◽  
Financial Statement ◽  
Test Model ◽  
Net Income ◽  
Discretionary Accrual ◽  
Bid Ask Spread ◽  
The Impact

The objectives of the research are to examine the impact of adoption of IFRS in Indonesia on quality of financial statement information in terms of relevance and reliability and to examines information asymetry. The Relevance is measured by combined value relevance of book value of equity and net income, reliability is measured by absolute discretionary accrual as an inverse measure, and information asymetry is measured by bid ask spread. Data were collected from the financial statements of the manufacture companies that listed at Indonesia Stock Exchange. Research conduct in 6 years (2009-2014). By using purposive sampling and balanced panel data, there are 31 companies fulfilling the sample criteria. Multiple linier regression and paired sample t-test model is used to test the hypothesis. The results showed that there is an increasing quality of financial statement information after the adoption of IFRS but no difference in information asymmetry after the adoption of IFRS

The Impact of Fair Value Measurement for Bank Assets on Information Asymmetry and the Moderating Effect of Own Credit Risk Gains and Losses

2018 ◽  
Vol 93 (6) ◽  
pp. 127-147 ◽  
Author(s):  
Joana C. Fontes ◽  
Argyro Panaretou ◽  
Kenneth V. Peasnell
Keyword(s):  
Credit Risk ◽  
Information Asymmetry ◽  
Fair Value ◽  
Data Availability ◽  
Bid Ask Spread ◽  
Fair Value Measurement ◽  
Gains And Losses ◽  
Value Measurement ◽  
The Impact

ABSTRACT We examine whether the use of fair value measurement (FVM) for bank assets reduces information asymmetry among equity investors (bid-ask spread) and how this is affected by the recognition of own credit risk gains and losses (OCR). Our findings show that FVM of assets is associated with noticeably lower information asymmetry, and that this reduction is more than twice as large when banks also recognize OCR. In addition, we find that the bid-ask spread is incrementally lower for banks that provide more detailed narrative disclosures on OCR. The findings also indicate that the effects of asset FVM and OCR recognition on the bid-ask spread do not simply capture the differences in the characteristics of the banks and the quality of their information environments. Data Availability: All data are available from public sources.

scholarly journals Scenario cognitive modeling of development trends of the complexity system “youth, labor market, quality of life”

2021 ◽  
pp. 103-120
Author(s):  
Galina Gorelova ◽  
Andrey Saak
Keyword(s):  
Quality Of Life ◽  
Labor Market ◽  
Young People ◽  
Cognitive Modeling ◽  
Market Quality ◽  
Youth Labor Market ◽  
Structured Problems ◽  
Conducting Research ◽  
The Impact

Conducting research on the quality of life of young people and the impact on it of such a significant factor as the youth labor market, as well as related research on the problems of state support for young people, require the use of simulation methods due to the incompleteness of information and poorly structured problems of such complex systems as the quality of life of young people and the labor market. The article gives a brief overview of the categories “labor market”, “quality of life”, “youth”, which is necessary to determine the content of cognitive modeling of the complex system “youth, labor market, quality of life”. The technology of cognitive modeling is briefly presented. The results of the application of cognitive simulation modeling to the study of the quality of life of young people in relation to the labor market are presented. An example of modeling is presented in the form of a corresponding cognitive map and a number of scenarios for the possible development of situations on it, which may arise under the assumed influence of various social and economic factors, as well as under the influence of regulatory and control systems.

scholarly journals THE IMPACT OF ENVIRONMENTAL PREVENTION MEASURES FOR QUALITY OF FRESH CARROTS

2018 ◽  
Author(s):  
Simona PAULIKIENĖ ◽  
Algirdas RAILA ◽  
Egidijus ZVICEVIČIUS
Keyword(s):  
Water Treatment ◽  
Quality Changes ◽  
Prevention Measures ◽  
Internal Factors ◽  
Effective Measure ◽  
Fresh Vegetables ◽  
Small Doses ◽  
The Impact ◽  
Ozonated Water

In recent years there is an increase in consumption of food products and the supply of fresh vegetables to the consumer is getting more and more popular. However, this group of products is among the fastest perishing products. It is because of environmental and internal factors in vegetables during storage are unavoidable. During the preparation for the market vegetables are being cleaned, washed, sanded, sorted and dried. This consumes a lot of energy and water. Different technological measures are used to reduce the consumption of natural resources during the preparation of products for the market and to slow down their quality changes. Ozone is an effective measure to slow down product bio destruction. Ozone usage in small doses as a disinfectant is recognized as safe. Although there are a lot of publications in the usage of ozone, but its impact on vegetable qualitative indicators has not been sufficiently investigated. There is a lack of research in the analysis of the effects of ozonated water, which can be successfully used in vegetable washing technologies. The article analyzes the effect of ozonated water treatment on fresh carrots colour and quantity of carotenoids. The obtained data showed that the use of ozonated water in concentration of 1.53 ± 0.09 mg L-1 did not have an effect on the amount carotenoids accumulated in the products. Also, ozonated water did not have significant effect on the colour of products.

A Comparison of China's Main Board and Growth Enterprise Market Board — Market Microstructure Approach

2014 ◽  
Vol 17 (02) ◽  
pp. 1450007 ◽  
Author(s):  
William Cheung ◽  
Kejing Liu
Keyword(s):  
Information Asymmetry ◽  
Market Microstructure ◽  
Market Quality ◽  
Cost Component ◽  
Bid Ask Spread ◽  
Growth Enterprise Market ◽  
Level Data ◽  
Pricing Error ◽  
Trading Activities

We compare the market quality of the newly established, second board of the China stock market, the Growth Enterprise Market (GEM) with the Main Board, and examine its impact on the Main Board from the market microstructure perspective. Using the newly available transaction level data, several findings emerge. First, trading activities of the Main Board stocks increase after the introduction of GEM Board, suggesting that the establishment of GEM is not at the expense of the Main Board but instead enhance the overall trading activities in China. Pricing error variances are not different in the two Boards, while GEM stocks have larger adverse selection cost component of bid-ask spread and higher probability of information-based trading which indicate a larger information asymmetry among traders, on average in GEM stocks than those in the Main Board. Interestingly, we find that the 15 min returns of Main Board stocks strongly lead that of GEM stocks but the GEM board only weakly leads Main Board, evidencing information transmission from the Main Board to the GEM. Overall, our findings suggest that the market quality of the GEM is sufficiently good to provide an important, alternative listing venue for high potential firms in China.

The Impact of Pennies on the Market Quality of the Toronto Stock Exchange

2006 ◽  
Vol 41 (2) ◽  
pp. 273-288 ◽  
Author(s):  
Brian F. Smith ◽  
D. Alasdair S. Turnbull ◽  
Robert W. White
Keyword(s):  
Stock Exchange ◽  
Market Quality ◽  
Toronto Stock Exchange ◽  
The Impact

Self-Compassion and Quality of Life in Adults Who Stutter

2020 ◽  
Vol 29 (4) ◽  
pp. 2097-2108
Author(s):  
Robyn L. Croft ◽  
Courtney T. Byrd
Keyword(s):  
Quality Of Life ◽  
Social Connectedness ◽  
The Self ◽  
Future Research ◽  
Self Compassion ◽  
Adults Who Stutter ◽  
And Gender ◽  
Relationship Of ◽  
The Impact

Purpose The purpose of this study was to identify levels of self-compassion in adults who do and do not stutter and to determine whether self-compassion predicts the impact of stuttering on quality of life in adults who stutter. Method Participants included 140 adults who do and do not stutter matched for age and gender. All participants completed the Self-Compassion Scale. Adults who stutter also completed the Overall Assessment of the Speaker's Experience of Stuttering. Data were analyzed for self-compassion differences between and within adults who do and do not stutter and to predict self-compassion on quality of life in adults who stutter. Results Adults who do and do not stutter exhibited no significant differences in total self-compassion, regardless of participant gender. A simple linear regression of the total self-compassion score and total Overall Assessment of the Speaker's Experience of Stuttering score showed a significant, negative linear relationship of self-compassion predicting the impact of stuttering on quality of life. Conclusions Data suggest that higher levels of self-kindness, mindfulness, and social connectedness (i.e., self-compassion) are related to reduced negative reactions to stuttering, an increased participation in daily communication situations, and an improved overall quality of life. Future research should replicate current findings and identify moderators of the self-compassion–quality of life relationship.

Surgery for Lung Cancer and the Consequences for the Swallow

2016 ◽  
Vol 1 (13) ◽  
pp. 162-168
Author(s):  
Pippa Hales ◽  
Corinne Mossey-Gaston
Keyword(s):  
Lung Cancer ◽  
Treatment Options ◽  
Vocal Cord Palsy ◽  
Subsequent Treatment ◽  
Physiological Reserve ◽  
Palliative Phase ◽  
And Function ◽  
The Impact ◽  
Swallow Function

Lung cancer is one of the most commonly diagnosed cancers across Northern America and Europe. Treatment options offered are dependent on the type of cancer, the location of the tumor, the staging, and the overall health of the person. When surgery for lung cancer is offered, difficulty swallowing is a potential complication that can have several influencing factors. Surgical interaction with the recurrent laryngeal nerve (RLN) can lead to unilateral vocal cord palsy, altering swallow function and safety. Understanding whether the RLN has been preserved, damaged, or sacrificed is integral to understanding the effect on the swallow and the subsequent treatment options available. There is also the risk of post-surgical reduction of physiological reserve, which can reduce the strength and function of the swallow in addition to any surgery specific complications. As lung cancer has a limited prognosis, the clinician must also factor in the palliative phase, as this can further increase the burden of an already compromised swallow. By understanding the surgery and the implications this may have for the swallow, there is the potential to reduce the impact of post-surgical complications and so improve quality of life (QOL) for people with lung cancer.

Sign in / Sign up

Export Citation Format

Share Document