scholarly journals DO FUNDAMENTALS DRIVE RELATIVE VALUATION? EVIDENCE FROM GLOBAL STOCK MARKET INDICES

2020 ◽  
pp. 2050002
Author(s):  
KOMLA AGUDZE ◽  
OYAKHILOME IBHAGUI
Keyword(s):  
Stock Market ◽  
Emerging Markets ◽  
Aggregate Level ◽  
Listed Firms ◽  
Level Data ◽  
Relative Valuation ◽  
Global Stock ◽  
Dynamic Link

In this paper, we use aggregate-level data from global, developed and emerging markets to empirically examine how fundamentals of publicly listed firms drive their relative valuation multiples. First, we find that, in each market, there is a dynamic link between fundamentals and relative valuation: relative valuation multiples are negatively linked to their past, suggesting that overvalued markets, based on high relative valuation multiples, often experience corrections that subsequently lower their relative valuation multiples, making them less overvalued, fairly valued or even undervalued, compared with previous periods. Secondly, we document that fundamentals do indeed have significant effects on relative valuation multiples. This reveals that fundamentals are an important driver of relative valuation multiples at the aggregate level in the stock market. Hence, practitioners should not ignore outlook for relative valuation multiples of aggregate stock market that is deduced from fundamentals.

scholarly journals Chinese Corporate Debt and Credit Misallocation

2019 ◽  
Vol 18 (1) ◽  
pp. 1-34 ◽  
Author(s):  
Ninghua Zhong ◽  
Mi Xie ◽  
Zhikuo Liu
Keyword(s):  
Large Scale ◽  
Private Firms ◽  
Firm Characteristics ◽  
Aggregate Level ◽  
Huge Amount ◽  
Firm Level ◽  
Leverage Ratio ◽  
State Sector ◽  
Listed Firms ◽  
Level Data

This paper analyzes various data, especially that of 4 million Chinese manufacturing company samples during the period of 1998 to 2013, to present detailed evidence regarding two questions of China's leverage issue. First, where is the leverage? We find that within the 16-year period, most sample firms have been significantly deleveraged, with the average leverage ratio declining from 65 percent in 1998 to 51 percent in 2013. In contrast, only several thousand companies have significantly leveraged, mostly large-scale, state-owned, listed firms. Second, has the change of leverage been supported by the firms’ fundamentals? We find that for private firms, changes of firm characteristics are consistent with their leverage changes, whereas firm-level factors can hardly explain the leverage of state-owned enterprises. We provide further evidence from aggregate-level data, which suggest that the huge amount of credit being allocated to the state sector is the reason for the declining credit efficiency in China.

scholarly journals The effect of COVID‐19 on the global stock market

2021 ◽  
Author(s):  
Pattanaporn Chatjuthamard ◽  
Pavitra Jindahra ◽  
Pattarake Sarajoti ◽  
Sirimon Treepongkaruna
Keyword(s):  
Stock Market ◽  
Global Stock

scholarly journals Characteristics of intracerebral haemorrhage associated with COVID-19: a systematic review and pooled analysis of individual patient and aggregate data

2021 ◽  
Author(s):  
R. Beyrouti ◽  
J. G. Best ◽  
A. Chandratheva ◽  
R. J. Perry ◽  
D. J. Werring
Keyword(s):  
Intracerebral Haemorrhage ◽  
Pooled Analysis ◽  
Aggregate Data ◽  
High Rate ◽  
Individual Data ◽  
Aggregate Level ◽  
Level Data ◽  
Pooled Prevalence ◽  
Underlying Mechanisms ◽  
Different Characteristics

Abstract Background and purpose There are very few studies of the characteristics and causes of ICH in COVID-19, yet such data are essential to guide clinicians in clinical management, including challenging anticoagulation decisions. We aimed to describe the characteristics of spontaneous symptomatic intracerebral haemorrhage (ICH) associated with COVID-19. Methods We systematically searched PubMed, Embase and the Cochrane Central Database for data from patients with SARS-CoV-2 detected prior to or within 7 days after symptomatic ICH. We did a pooled analysis of individual patient data, then combined data from this pooled analysis with aggregate-level data. Results We included data from 139 patients (98 with individual data and 41 with aggregate-level data). In our pooled individual data analysis, the median age (IQR) was 60 (53–67) years and 64% (95% CI 54–73.7%) were male; 79% (95% CI 70.0–86.9%) had critically severe COVID-19. The pooled prevalence of lobar ICH was 67% (95% CI 56.3–76.0%), and of multifocal ICH was 36% (95% CI 26.4–47.0%). 71% (95% CI 61.0–80.4%) of patients were treated with anticoagulation (58% (95% CI 48–67.8%) therapeutic). The median NIHSS was 28 (IQR 15–28); mortality was 54% (95% CI 43.7–64.2%). Our combined analysis of individual and aggregate data showed similar findings. The pooled incidence of ICH across 12 cohort studies of inpatients with COVID-19 (n = 63,390) was 0.38% (95% CI 0.22–0.58%). Conclusions Our data suggest that ICH associated with COVID-19 has different characteristics compared to ICH not associated with COVID-19, including frequent lobar location and multifocality, a high rate of anticoagulation, and high mortality. These observations suggest different underlying mechanisms of ICH in COVID-19 with potential implications for clinical treatment and trials.

Response of stock market volatility to COVID-19 announcements and stringency measures: A comparison of developed and emerging markets

2021 ◽  
pp. 102350
Author(s):  
Walid Bakry ◽  
Peter John Kavalmthara ◽  
Vivienne Saverimuttu ◽  
Yiyang Liu ◽  
Sajan Cyril
Keyword(s):  
Stock Market ◽  
Emerging Markets ◽  
Market Volatility ◽  
Stock Market Volatility
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