scholarly journals Market or Morality - Follow an Unethical Action for the Management?

2021 ◽  
Vol 92 ◽  
pp. 06007
Author(s):  
Lars Engstfeld ◽  
Martin Užík ◽  
Sebastian Block
Keyword(s):  
Stock Prices ◽  
Time Window ◽  
Statistical Significance ◽  
Value Added ◽  
The Other ◽  
Share Prices ◽  
Corporate Scandals ◽  
Immoral Behavior ◽  
Responsible Behavior ◽  
Good Reputation

Research background: With countless standards and rankings for moral behavior of large companies on one side and corporate scandals of immoral actions on the other, the question arises whether it is important at all for stock corporations to keep a clean slate or whether their value might not even be affected by emerging scandals. Purpose of the article: This paper analyzes whether and how the stock market reacts to newly published news about immoral behavior by stock corporations. It shows the reactions of stock prices to morality scandals for 39 different companies that have all been exposed for immoral behavior. Methods: After establishing a standard time window around the event day of the emerging news, the stock reaction is analyzed by estimating the selected companies’ share prices based on their past and then comparing the estimated values to the actual values on and after the event day. Findings & Value added: While the overall finding is that stock prices do not react to their companies’ scandals with statistical significance, it is shown that the stock prices of smaller companies are affected more than those of the bigger example companies. It can therefore still be recommended for companies to build a good reputation by showing responsible behavior.

scholarly journals Deterministic chaos and forecasting in Amazon’s share prices

Equilibrium ◽  
2020 ◽  
Vol 15 (2) ◽  
pp. 253-273
Author(s):  
Michael Hanias ◽  
Stefanos Tsakonas ◽  
Lykourgos Magafas ◽  
Eleftherios I. Thalassinos ◽  
Loukas Zachilas
Keyword(s):  
Time Series ◽  
Chaos Theory ◽  
Stock Prices ◽  
Stock Price ◽  
Chaotic Behavior ◽  
Financial Time Series ◽  
Deterministic Chaos ◽  
Value Added ◽  
Share Prices ◽  
Daily Data

Research background: The application of non-linear analysis and chaos theory modelling on financial time series in the discipline of Econophysics. Purpose of the article: The main aim of the article is to identify the deterministic chaotic behavior of stock prices with reference to Amazon using daily data from Nasdaq-100. Methods: The paper uses nonlinear methods, in particular chaos theory modelling, in a case study exploring and forecasting the daily Amazon stock price. Findings & Value added: The results suggest that the Amazon stock price time series is a deterministic chaotic series with a lot of noise. We calculated the invariant parameters such as the maxi-mum Lyapunov exponent as well as the correlation dimension, managed a two-days-ahead forecast through phase space reconstruction and a grouped data handling method.

scholarly journals The Relationship Between of Cash Flows (Financing, Investment and Operating) and Stock Prices, Size of the Firms

2020 ◽  
Vol 11 (5) ◽  
pp. 424
Author(s):  
Tamer Bahjat Sabri ◽  
Khalid Mohammad Hasan Sweis ◽  
Issam Naim Mahammad Ayyash ◽  
Yasmeen Faheem Asaad Qalalwi ◽  
Israa Sami Abbas Abdullah
Keyword(s):  
Stock Returns ◽  
Stock Prices ◽  
Null Hypothesis ◽  
Stock Exchange ◽  
Statistical Significance ◽  
Nonparametric Test ◽  
Cash Flows ◽  
The Other ◽  
Significant Difference ◽  
The Relationship

This study sought to test the relationship between cash flows from operating activities, investment activities and financial activities and on one hand and stock returns and the volume of assets on the companies listed in Palestine Stock Exchange on the other hand. The study incorporated 24 companies in 2018 and the required data were obtained through the financial statements. To test the hypotheses of the study, the Mann-Whitny U Test was used, a nonparametric test. Also the Kolmogorov-Smirnov was done. The findings demonstrated that the value of the Whitny U Test was (-3.291) Z with a statistical significance at 1%. Based on this, the null hypothesis was rejected and the alternative one, stating that there is a statistically significant difference between the operating flows of companies with low assets and those companies with high assets, was accepted. However, the other null hypothesis was accepted. The study recommended that companies and investors should take into consideration cash flows when taking an investment decision in Palestine Stock Exchange.

scholarly journals January anomalies on CEE stock markets

2021 ◽  
Vol 18 (4) ◽  
pp. 120-130
Author(s):  
Peter Árendáš ◽  
Božena Chovancová ◽  
Jana Kotlebova ◽  
Martin Koren
Keyword(s):  
Stock Prices ◽  
Stock Markets ◽  
Statistical Significance ◽  
Abnormal Returns ◽  
Price Volatility ◽  
The Other ◽  
January Effect ◽  
Market Theory ◽  
Calendar Anomalies ◽  
Vega 1

Numerous studies show that stock markets are often impacted by various calendar anomalies that disrupt the “random walk” behavior of stock prices. These anomalies contradict the Efficient markets theory and can be exploited to generate abnormal returns. This paper investigates the presence of two of them, namely the January effect and the January barometer, on the stock markets of 12 Central and Eastern European (CEE) countries. The paper examines the statistical significance of differences in returns recorded over the month of January and returns recorded over the other months (the January effect), as well as the statistical significance of differences between returns recorded during the remainder of year after a positive January return and after a negative January return (the January barometer). The results show, among other things, that the statistically significant January effect affects the Estonian, Lithuanian, Czech, Romanian, and Latvian stock markets. On the Romanian and Lithuanian stock markets, statistically significantly higher January returns are accompanied by statistically significantly higher January price volatility. On the other hand, we can speak of a statistically significant January barometer only in the case of the Latvian, Lithuanian, and Ukrainian stock markets. The presence of these anomalies is contrary to the Efficient market theory. It can be assumed that proper investment strategies based on these calendar anomalies should be able to generate abnormal returns. AcknowledgmentThis paper is an outcome of the science projects VEGA (1/0613/18) and VEGA (1/0221/21).

On the Future of the Financial Redistribution across Member States in the EU

2006 ◽  
Vol 56 (1) ◽  
pp. 1-43
Author(s):  
Sándor Richter
Keyword(s):  
Value Added ◽  
The Other ◽  
Current Debate ◽  
Member States ◽  
New Member States ◽  
Financial Position ◽  
Cross Member ◽  
Expenditure Structure ◽  
The Eu ◽  
Made In

The order and modalities of cross-member state redistribution as well as the net financial position of the member states are one of the most widely discussed aspects of European integration. The paper addresses selected issues in the current debate on the EU budget for the period 2007 to 2013 and introduces four scenarios. The first is identical to the European Commission's proposal; the second is based on reducing the budget to 1% of the EU's GNI, as proposed by the six net-payer countries, while maintaining the expenditure structure of the Commission's proposal. The next two scenarios represent radical reforms: one of them also features a '1% EU GNI'; however, the expenditures for providing 'EU-wide value-added' are left unchanged and it is envisaged that the requisite cuts will be made in the expenditures earmarked for cohesion. The other reform scenario is different from the former one in that the cohesion-related expenditures are left unchanged and the expenditures for providing 'EU-wide value-added' are reduced. After the comparison of the various scenarios, the allocation of transfers to the new member states in terms of the conditions prevailing in the different scenarios is analysed.

Stock Price Jumps and Cross-Sectional Return Predictability

2013 ◽  
Vol 48 (5) ◽  
pp. 1519-1544 ◽  
Author(s):  
George J. Jiang ◽  
Tong Yao
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Return ◽  
Return Predictability ◽  
Value Premium ◽  
The Other ◽  
Stock Return Predictability ◽  
Cross Sectional ◽  
Return Dynamics

AbstractWe identify large discontinuous changes, known as jumps, in daily stock prices and explore the role of jumps in cross-sectional stock return predictability. Our results show that small and illiquid stocks have higher jump returns to the extent that cross-sectional differences in jumps fully account for the size and illiquidity effects. Based on value-weighted portfolios, jumps also account for the value premium. On the other hand, jumps are not the cause of momentum or net share issue effects. The findings of our study shed new light on stock return dynamics and present challenges to conventional explanations of stock return predictability.

scholarly journals Involvement of the Inconstant Bursa of the Fifth Metatarsophalangeal Joint in Psoriatic Arthritis: A Clinical and Ultrasonographic Study

2014 ◽  
Vol 2014 ◽  
pp. 1-5 ◽  
Author(s):  
Giovanni Ciancio ◽  
Stefania Volpinari ◽  
Maria Fotinidi ◽  
Federica Furini ◽  
Ilaria Farina ◽  
...  
Keyword(s):  
Psoriatic Arthritis ◽  
Healthy Subjects ◽  
Statistical Significance ◽  
Metatarsophalangeal Joint ◽  
Metatarsal Bone ◽  
The Other ◽  
Control Group ◽  
Asymptomatic Patients ◽  
Seronegative Spondyloarthritis ◽  
The Difference

Objective. To evaluate the involvement of the bursa located next to the head of the 5th metatarsal bone in patients with psoriatic arthritis (PsA) in comparison with the other seronegative spondyloarthritis (SpA).Methods. All patients with PsA seen during a period of 24 months were enrolled. The control group included healthy subjects and patients with the other SpA. All subjects underwent clinical and ultrasound (US) examination of the lateral surface of the 5th metatarsal.Results. 150 PsA patients (88 M; 62 F), 172 SpA (107 M; 65 F), and 95 healthy controls (58 M; 37 F) were evaluated. Based on clinical and US evaluation, bursitis was diagnosed in 17/150 (11.3%) PsA patients but in none of the SpA (P<0.0001) and healthy (P=0.0002) controls. In detecting bursitis, US was more sensitive than clinical examination, although the difference did not reach statistical significance (P=0.09).Conclusion. The bursa of the 5th metatarsophalangeal joint appears to be involved in PsA more frequently than by chance. If confirmed by other studies, this finding could be considered as a distinctive clinical sign of PsA, useful for differential diagnosis with the other SpA. In asymptomatic patients, US proved to be more sensitive in the detection of bursitis.

Oxidation of combined ingestion of glucose and fructose during exercise

2004 ◽  
Vol 96 (4) ◽  
pp. 1277-1284 ◽  
Author(s):  
Roy L. P. G. Jentjens ◽  
Luke Moseley ◽  
Rosemary H. Waring ◽  
Leslie K. Harding ◽  
Asker E. Jeukendrup
Keyword(s):  
Power Output ◽  
Statistical Significance ◽  
Random Order ◽  
Carbohydrate Oxidation ◽  
Maximum Power ◽  
The Other ◽  
Cycling Exercise ◽  
Oxidation Rates ◽  
Maximum Power Output ◽  
Exercise Period

The purpose of the present study was to examine whether combined ingestion of a large amount of fructose and glucose during cycling exercise would lead to exogenous carbohydrate oxidation rates >1 g/min. Eight trained cyclists (maximal O2consumption: 62 ± 3 ml·kg-1·min-1) performed four exercise trials in random order. Each trial consisted of 120 min of cycling at 50% maximum power output (63 ± 2% maximal O2consumption), while subjects received a solution providing either 1.2 g/min of glucose (Med-Glu), 1.8 g/min of glucose (High-Glu), 0.6 g/min of fructose + 1.2 g/min of glucose (Fruc+Glu), or water. The ingested fructose was labeled with [U-13C]fructose, and the ingested glucose was labeled with [U-14C]glucose. Peak exogenous carbohydrate oxidation rates were ∼55% higher ( P < 0.001) in Fruc+Glu (1.26 ± 0.07 g/min) compared with Med-Glu and High-Glu (0.80 ± 0.04 and 0.83 ± 0.05 g/min, respectively). Furthermore, the average exogenous carbohydrate oxidation rates over the 60- to 120-min exercise period were higher ( P < 0.001) in Fruc+Glu compared with Med-Glu and High-Glu (1.16 ± 0.06, 0.75 ± 0.04, and 0.75 ± 0.04 g/min, respectively). There was a trend toward a lower endogenous carbohydrate oxidation in Fruc+Glu compared with the other two carbohydrate trials, but this failed to reach statistical significance ( P = 0.075). The present results demonstrate that, when fructose and glucose are ingested simultaneously at high rates during cycling exercise, exogenous carbohydrate oxidation rates can reach peak values of ∼1.3 g/min.

Studying the Effect of Changing the Managing Director on the Abnormal Returns of Shares of Companies Listed on the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Hussein Hasan ◽  
Hudaa Nadhim Khalbas ◽  
Farqad Mohammed Bakr AL Saadi
Keyword(s):  
Stock Returns ◽  
Significant Relationship ◽  
Stock Prices ◽  
Market Reaction ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Abnormal Returns ◽  
The Other ◽  
Other Hand ◽  
Abnormal Stock Returns

The aim of this research is to study the market reaction to the change of the managing director and how this change affects the abnormal returns of the shares. The research is based on the information published by the companies listed on the Iraq Stock Exchange, and 35 companies were selected for the period from 2015 to 2019. The results of the hypothesis test for this study show that there is a negative and significant relationship between the change of the managing director and abnormal stock returns. On the other hand, investors undervalue stock prices when changing CEOs. As a result, the stock returns are less than expected.

AB0698 REAL CLINICAL PRACTICE IN THE CONTROL OF REPORTED OUTCOMES BY THE PATIENT (PROS) DIAGNOSED WITH PSORIATIC ARTHRITIS AND/OR ANKYLOSING SPONDYLITIS WHO BEGIN TREATMENT WITH SECUKINUMAB. A PROSPECTIVE MULTICENTRIC STUDY.

2020 ◽  
Vol 79 (Suppl 1) ◽  
pp. 1645.1-1645
Author(s):  
J. J. Lerma ◽  
A. Gracia ◽  
A. Perez ◽  
A. Rueda ◽  
C. Molina ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Psoriatic Arthritis ◽  
Statistical Significance ◽  
Value Added ◽  
Severity Index ◽  
Paired Data ◽  
Clinical Value ◽  
Multicentric Study ◽  
Sleeping Problems

Background:Objectives:Analyse the effect of secukinumab in terms of the patient´s own variables, specifically: fatigue, sleep, pain and quality of life in patients with psoriatic arthritis or spondyloarthritis.Methods:A multicentric longtitudinal observational prospective study was carried out at 6 months in patients who begin treatment with secukinumab. At the start and after 6 months the following data was collected on the outcome: pain through an visual analogue scale (VAS), fatigue using the FACIT-fatigue scale, sleeping problems using the insomnia severity index (ISI) and quality of life with the EuroQol-3L-5D and the PsAQoL.The sample can be described in terms of the distribution of the variables through measures of central tendency.It was analysed if the change after 6 months was statistically relevant using Student´s t-test for paired data in the case of FACIT, VAS, PsAQoL and ISI and chi-squared for the dimensions of the EQ-5D. The size of the effect of each of the measurements taken was calculated using Cohen’s D. the results are given grouped by disease and globally. The analysis was carried out using Stata v12 (College Station Tx, USA)Results:In table 1, the changes in the scales of normal distribution can be seen. Apart from general VAS, all the scales experience significant relevant changes. The PROs preferred by the patient with the best therapeutic response is the quality of sleep. The adjustment of the regression models does not produce changes in the results, apart from small adjustments to the condidence intervals (final column table 1). The subdomain in which the most significant change in the EQ-5D is produced is in that of pain and discomfort.Conclusion:After 6 months patients who begin treatment with secukinumab, present with improvements in all sizes of the effects of the treatment in the various studied scales. The improvement achieves global and generalised statistical significance after 6 months of study. The greatest effect is on sleep, quality of life and fatigue.The measurements of the outcomes reported by the patients are a clinical value added to our objective evaluations of the health and activity of the disease, and allow us, in a more integrated and comprehensive manner, to undertake a more exact and close evaluation of their state of health and wellbeing.Disclosure of Interests:JUAN JOSE LERMA: None declared, Antonio Gracia: None declared, Antonio Perez: None declared, Amalia Rueda: None declared, Clara Molina: None declared, M. Dolores Pastor: None declared, Isabel Balaguer Trull: None declared, Inmaculada Valiente: None declared, Cristina Campos Fernández: None declared, Javier Calvo: None declared, Loreto Carmona Grant/research support from: Novartis Farmaceutica, SA, Pfizer, S.L.U., Merck Sharp & Dohme España, S.A., Roche Farma, S.A, Sanofi Aventis, AbbVie Spain, S.L.U., and Laboratorios Gebro Pharma, SA (All trhough institution)

scholarly journals The Other Half of the Story: Effect Size Analysis in Quantitative Research

2013 ◽  
Vol 12 (3) ◽  
pp. 345-351 ◽  
Author(s):  
Jessica Middlemis Maher ◽  
Jonathan C. Markey ◽  
Diane Ebert-May
Keyword(s):  
Educational Research ◽  
Effect Size ◽  
Quantitative Research ◽  
Statistical Significance ◽  
The Other ◽  
Practical Significance ◽  
Significance Testing ◽  
Size Analysis ◽  
Significance Tests ◽  
Statistical Significance Testing

Statistical significance testing is the cornerstone of quantitative research, but studies that fail to report measures of effect size are potentially missing a robust part of the analysis. We provide a rationale for why effect size measures should be included in quantitative discipline-based education research. Examples from both biological and educational research demonstrate the utility of effect size for evaluating practical significance. We also provide details about some effect size indices that are paired with common statistical significance tests used in educational research and offer general suggestions for interpreting effect size measures. Finally, we discuss some inherent limitations of effect size measures and provide further recommendations about reporting confidence intervals.

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