Stock Illiquidity and Firm Characteristics

2018 ◽  
Vol 04 (03n04) ◽  
pp. 1950009
Author(s):  
Divya Verma Gakhar ◽  
Shweta Kundlia
Keyword(s):  
Financial Markets ◽  
Stock Returns ◽  
Regression Models ◽  
Policy Implications ◽  
Firm Characteristics ◽  
Financial Health ◽  
Chi Square ◽  
Retail Investors ◽  
Multiple Regression Models ◽  
Basic Characteristics

Main objective of the study is to analyze firm characteristics which affect stock illiquidity. The paper aims to give suggestions and policy implications to corporates and investors while dealing with investments in illiquid stocks. ANOVA, chi-square tests, correlation analysis, univariate and multiple regression models are employed on Amihud (2002) (Amihud, Y., (2002). Illiquidity and Stock Returns: Cross-Section and Time-Series Effects, Journal of Financial Markets 5, 31–56) illiquidity measure and various firm characteristics. Findings of this paper suggest that firms with illiquid stocks can be characterized with low promoter’s stakes, high leverage, poor financial health, small size and low/negative profitability. The findings of the paper will be of relevance to retail investors who are at the mercy of informed investors. The results portray basic characteristics that an investor should look into before investing in any stock. The study is of value to the investors who are grieved because of the adverse selections and information asymmetry. Moreover, the basic nature of illiquid firms has never been studied.

scholarly journals Relationship between Board Structure and Volatility of Stock Returns of Selected Companies Listed on BSE

YMER Digital ◽  
2021 ◽  
Vol 20 (12) ◽  
pp. 205-214
Author(s):  
Fatemeh Mohammadhosseini ◽  
◽  
Dr. H Rajashekar ◽  
Keyword(s):  
Stock Returns ◽  
Regression Models ◽  
Stock Exchange ◽  
Board Structure ◽  
Iron And Steel ◽  
Company Value ◽  
Good Corporate Governance ◽  
Multiple Regression Models ◽  
The Relationship

Good corporate governance enhances the quality of listed companies. It forms a scientific constraint and necessary incentive mechanism that motivates managers to take risks, leading to increased company value. The study considered cement, iron, and steel companies listed on the Bombay Stock Exchange (BSE) to assess the relationship between board structure and volatility of stock returns. The study's main objective was to analyze the relationship between board structure and volatility of stock returns. The relationship between board structure and volatility of stock returns was tested using SPSS through descriptive statistics, f-test, and multiple regression models. It was found that board structure possessed a positive relationship with the volatility of stock returns during the study period.

Is refined economic value added more associated with stock return than accounting measures? The Malaysian evidence

2016 ◽  
Vol 38 (1) ◽  
pp. 69-85
Author(s):  
Habibollah Nakhaei ◽  
Nik Intan Norhan Hamid ◽  
Melati Ahmad Anuar ◽  
Karim Nakhaei
Keyword(s):  
Stock Returns ◽  
Information Content ◽  
Regression Models ◽  
Stock Return ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Incremental Information ◽  
Multiple Regression Models ◽  
Traditional Performance

The paper tests the hypothesis on whether refined economic value added (REVA) is highly associated with stock return compared to traditional performance measures. The goal of the study is to provide empirical evidence on the relative and incremental information content of REVA and traditional performance measures, such as net income (NI), net operational profit after tax (NOPAT), and earning per share (EPS). The study involves 395 non-financial companies listed in Bursa Malaysia over the period of 2002–2011. Pearson correlation coefficient and panel data single and multiple regression models were employed to analyze the data. The empirical results indicate that the relative information content of the REVA was not greater than that of NI and NOPAT to explain stock returns. NI and NOPAT were highly correlated with stock return compared to REVA. Additionally, the incremental information content test indicated that REVA makes some additional contribution to information content beyond the NI, NOPAT, and EPS. Finally, the panel multiple regression models showed that there was a strong relationship between NI, NOPAT, and REVA with stock return, but there was no meaningful association between EPS and stock returns. Overall, the results do not support the hypothesis that REVA can be considered superior to traditional accounting measures in association with stock returns.

Incarcerated for a Sex Offense: In-Prison Experiences and Concerns about Reentry

Sexual Abuse ◽  
2019 ◽  
pp. 107906321988458
Author(s):  
Thomas Baker ◽  
Kristen Zgoba ◽  
Jill A. Gordon
Keyword(s):  
Regression Models ◽  
Social Bonds ◽  
Policy Implications ◽  
Fear Of Victimization ◽  
Incarcerated Men ◽  
Multiple Regression Models ◽  
Sex Offense ◽  
The Impact ◽  
The Relationship ◽  
Relational Difficulties

Using a sample of 3,041 incarcerated men and women, this study examines the impact of being incarcerated for a sex offense and individuals’ in-prison experiences on their concerns about reentry into society. Bivariate analyses suggest that being incarcerated for a sex offense is related to greater concerns about housing and fewer concerns about recidivism compared with individuals incarcerated for nonsex offenses. A sex offense conviction is also associated with weaker social bonds, greater relational difficulties, and greater fear of victimization while incarcerated. Multiple regression models indicate that, after controlling for in-prison experiences, being incarcerated for a sex offense increases reentry concerns related to employment and housing, though may reduce them for recidivism. In-prison experiences mediate the relationship between being incarcerated for a sex offense and reentry concerns. Policy implications of these findings are discussed.

When the Market Went Viral: COVID-19, Stock Returns, and Firm Characteristics

2020 ◽  
Author(s):  
Avijit Bansal ◽  
Balagopal Gopalakrishnan ◽  
Joshy Jacob ◽  
Pranjal Srivastava
Keyword(s):  
Stock Returns ◽  
Firm Characteristics

scholarly journals The Impact of Dynamic Capabilities on Sustainable Competitive Advantage in the Pharmaceutical Sector in Egypt

2017 ◽  
Vol 6 (2) ◽  
pp. 1
Author(s):  
Albert Naiem Naguib ◽  
Eahab Elsaid ◽  
Abdel Moneim Elsaid
Keyword(s):  
Competitive Advantage ◽  
Dynamic Capabilities ◽  
Secondary Data ◽  
Primary Data ◽  
Sustainable Competitive Advantage ◽  
Firm Characteristics ◽  
Pharmaceutical Sector ◽  
Chi Square ◽  
Pharmaceutical Firms ◽  
The Impact

This study examines the relationship between dynamic capabilities (experience, routine, skills, firm characteristics, knowledge and technology) and competitive advantage sustainability in the Egyptian pharmaceutical sector. The data was collected using primary and secondary data sources. Primary data was collected from questionnaires distributed to 160 top managers in 20 pharmaceutical firms. The secondary data about pharmaceutical firms like rankings, revenues and market share was collected from external sources such as Intercontinental Marketing Service (IMS). The questionnaires examine six independent variables based on a five-scale Likert scale. The methodology used in the study is non-probability sampling (judgmental sampling), Cronbach’s alpha reliability coefficient and Chi-square tests. The results support the notion that there is a significant relationship between four of the six dynamic capabilities (experience, skills, firm characteristics and knowledge) and the competitive advantage sustainability for pharmaceutical firms in Egypt. Designing the questionnaire and formulating the questions to target the required field was challenging, given that the topic is dynamic and the business scene in Egypt has witnessed drastic political changes since January 2011. The study should assist pharmaceutical companies in Egypt in directing their investments properly and in determining the weaknesses in their dynamic capabilities that need to be addressed.

scholarly journals Dual Decline in Gait and Cognition Is Associated With Future Dementia: Evidence for a Phenotype

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 264-264
Author(s):  
Manuel Montero Odasso ◽  
Mark Speechley ◽  
Richard Camicioli ◽  
Nellie Kamkar ◽  
Qu Tian ◽  
...  
Keyword(s):  
Older Adults ◽  
Gait Speed ◽  
Regression Models ◽  
Community Dwelling ◽  
Hierarchical Regression ◽  
Chi Square ◽  
Cox Models ◽  
Incident Dementia ◽  
Risk Of Progression ◽  
Community Dwelling Older Adults

Abstract BACKGROUND: The concurrent decline in gait speed and cognition are associated with future dementia. However, the clinical profile of those who present with dual-decline has not yet been described. We aimed to describe the phenotype and risk for incident dementia of individuals who present a dual-decline in comparison with non dual-decliners. METHODS: Prospective cohort of community-dwelling older adults free of dementia at baseline. We evaluated participants’ gait speed, cognition, medical status, functionality, incidence of adverse events, and dementia biannually over 7 years. Gait speed was assessed with a 6-meter electronic-walkway, and global cognition was assessed using the MoCA test. We compared characteristics between dual-decliners and non dual-decliners using t-test, Chi-square, and hierarchical regression models. We estimated incident dementia using Cox models. RESULTS: Among 144 participants (mean age 74.23 ± 6.72 years, 54% women), 17% progressed to dementia. Dual-decliners had a three-fold risk (HR: 3.12, 95%CI:1.23-7.93, p=0.017) of progression to dementia compared with non dual-decliners. Dual-decliners were significantly older with a higher prevalence of hypertension and dyslipidemia (p=0.002). Hierarchical regression models show that age and sex alone explained 3% of the variation in the dual-decliners group, while adding hypertension and dyslipidemia increased the explained variation to 8% and 10 %, respectively. The risk of becoming a dual-decliner was 4-fold if hypertension was present. CONCLUSION: Older adults with concurrent decline in gait speed and cognition represent a group at the highest risk of progression to dementia. These dual-decliners have a distinct phenotype with a higher prevalence of hypertension, a potentially treatable condition.

scholarly journals 242 Effect of trucking distance on sale price of beef calf and feeder cattle lots sold through video auctions from 2010 through 2018

2020 ◽  
Vol 98 (Supplement_3) ◽  
pp. 10-11
Author(s):  
Esther D McCabe ◽  
Mike E King ◽  
Karol E Fike ◽  
Maggie J Smith ◽  
Glenn M Rogers ◽  
...  
Keyword(s):  
Multiple Regression ◽  
Regression Models ◽  
Average Weight ◽  
Sale Price ◽  
Feeder Cattle ◽  
A Value ◽  
Multiple Regression Models ◽  
Determine Effect

Abstract The objective was to determine effect of trucking distance on sale price of beef calf and feeder cattle lots sold through Superior Livestock Video Auctions from 2010 through 2018. Data analyzed were collected from 211 livestock video auctions. There were 42,043 beef calf lots and 19,680 feeder cattle lots used in these analyses. Six states (Colorado, Iowa, Kansas, Nebraska, Oklahoma, and Texas) of delivery comprised 70% of calf lots and 83% of feeder cattle lots and were used in these analyses. All lot characteristics that could be accurately quantified or categorized were used to develop multiple regression models that evaluated effects of independent factors using backwards selection. A value of P < 0.05 was used to maintain a factor in the final models. Based upon reported state of origin and state of delivery, lots were categorized into one of the following trucking distance categories: 1) Within-State, 2) Short-Haul, 3) Medium-Haul, and 4) Long-Haul. Average weight and number of calves in lots analyzed was 259.2 ± 38.4 kg BW and 100.6 ± 74.3 head, respectively. Average weight and number of feeder cattle in lots analyzed was 358.4 ± 34.3 kg BW and 110.6 ± 104.1 head, respectively. Beef calf lots hauled Within-State sold for more ($169.24/45.36 kg; P < 0.0001) than other trucking distance categories (Table 1). Long-Haul calf lots sold for the lowest (P < 0.0001) price ($166.70/45.36 kg). Within-State and Short-Haul feeder cattle lots sold for the greatest (P < 0.0001) price ($149.96 and $149.81/45.36 kg, respectively; Table 2). Long-Haul feeder cattle lots sold for the lowest (P < 0.0001) price, $148.43/45.36 kg. These results indicate there is a price advantage for lots expected to be hauled shorter distances, likely because of cost and risk associated with transportation.

scholarly journals Characterization of Ultra-Thin Diamond-Like Carbon Films by SEM/EDX

Coatings ◽  
2021 ◽  
Vol 11 (6) ◽  
pp. 729
Author(s):  
Chanida Puttichaem ◽  
Guilherme P. Souza ◽  
Kurt C. Ruthe ◽  
Kittipong Chainok
Keyword(s):  
Regression Models ◽  
Hard Disk Drives ◽  
Carbon Films ◽  
Diamond Like Carbon ◽  
Disk Drives ◽  
Cross Sectional ◽  
Protective Films ◽  
High Throughput Method ◽  
Multiple Regression Models

A novel, high throughput method to characterize the chemistry of ultra-thin diamond-like carbon films is discussed. The method uses surface sensitive SEM/EDX to provide substrate-specific, semi-quantitative silicon nitride/DLC stack composition of protective films extensively used in the hard disk drives industry and at Angstrom-level. SEM/EDX output is correlated to TEM to provide direct, gauge-capable film thickness information using multiple regression models that make predictions based on film constituents. The best model uses the N/Si ratio in the films, instead of separate Si and N contributions. Topography of substrate/film after undergoing wear is correlatively and compositionally described based on chemical changes detected via the SEM/EDX method without the need for tedious cross-sectional workflows. Wear track regions of the substrate have a film depleted of carbon, as well as Si and N in the most severe cases, also revealing iron oxide formation. Analysis of film composition variations around industry-level thicknesses reveals a complex interplay between oxygen, silicon and nitrogen, which has been reflected mathematically in the regression models, as well as used to provide valuable insights into the as-deposited physics of the film.

scholarly journals Hand Hygiene Knowledge and Self-Reported Hand Washing Behaviors among Restaurant Kitchen Chefs in Jiangsu Province, China

2021 ◽  
Vol 18 (4) ◽  
pp. 2149
Author(s):  
Bin Cui ◽  
Shao Ying Li ◽  
Linda Dong-Ling Wang ◽  
Xiang Chen ◽  
Jun Ke ◽  
...  
Keyword(s):  
Hand Hygiene ◽  
Regression Models ◽  
Restaurant Industry ◽  
Jiangsu Province ◽  
Hand Washing ◽  
Small Scale ◽  
Linear Regression Models ◽  
Foodborne Illnesses ◽  
Close Attention ◽  
Chi Square

Inadequate hand washing among chefs is a major contributor to outbreaks of foodborne illnesses originating in restaurants. Although many studies have evaluated hand hygiene knowledge (HHK) and self-reported hand washing behaviors (HWBs) in restaurant workers in different countries, little is known about HHK and HWBs in restaurant kitchen chefs, particularly in China. In this study, we interviewed 453 restaurant kitchen chefs in Jiangsu Province in China regarding their HHK and HWBs and used Chi-square tests (Fisher exact tests), pairwise comparisons, and linear regression models to analyze the responses and identify determinants of HHK and HWBs. Results reveal that less frequent hand washing after leaving work temporarily and after touching used cutlery were the main issues among restaurant kitchen chefs in Jiangsu Province. Kitchen hands had lower levels of HHK and engaged less frequently in good HWBs than the other type of chefs. Furthermore, working in a large restaurant and having worked in the restaurant industry for a longer amount of time were correlated with better HHK and HWBs. These findings suggest that close attention should be paid to the HWBs of chefs during food preparation, that kitchen hands are the key group of restaurant kitchen workers who need training in HHK, and that regulatory activities should focus on small-scale restaurants.

A Transaction-Cost Perspective on the Multitude of Firm Characteristics

2020 ◽  
Vol 33 (5) ◽  
pp. 2180-2222 ◽  
Author(s):  
Victor DeMiguel ◽  
Alberto Martín-Utrera ◽  
Francisco J Nogales ◽  
Raman Uppal
Keyword(s):  
Transaction Costs ◽  
Stock Returns ◽  
Firm Characteristics ◽  
Pricing Models ◽  
Oxford University ◽  
Asset Pricing Models ◽  
Economic Rationale ◽  
Underlying Stocks ◽  
Different Characteristics ◽  
Published Paper

Abstract We investigate how transaction costs change the number of characteristics that are jointly significant for an investor’s optimal portfolio and, hence, how they change the dimension of the cross-section of stock returns. We find that transaction costs increase the number of significant characteristics from 6 to 15. The explanation is that, as we show theoretically and empirically, combining characteristics reduces transaction costs because the trades in the underlying stocks required to rebalance different characteristics often cancel out. Thus, transaction costs provide an economic rationale for considering a larger number of characteristics than that in prominent asset-pricing models. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

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