The Market's Reaction to the Release of Drill-Core Assay Results by Junior Mining Firms

1993 ◽  
Vol 8 (3) ◽  
pp. 289-308
Author(s):  
Lawrence Kryzanowski ◽  
Charles Jenkins
Keyword(s):  
Abnormal Returns ◽  
Drill Core ◽  
The Public ◽  
Market Makers ◽  
Short Sale ◽  
Before And After ◽  
Assay Result ◽  
Trading Volumes ◽  
The Impact ◽  
Bid Ask Spreads

The abnormal returns and volumes of a sample of junior resource companies who publicly released drill-core assay results are studied. Firms with favorable assay result announcements exhibited a liquid market for both event window panes, whereas firms with unfavorable assay result announcements exhibited a liquid market for the pre-and near-center part of the postannouncement panes of their event windows. Firms with favorable announcements exhibited statistically significant positive abnormal returns prior to (and during) the week of such announcements, and statistically significant negative abnormal returns after such announcements. Firms with unfavorable announcements exhibited statistically significant negative abnormal returns before and after such announcements. Participants who sold short into the abnormally high trading volumes prior to such announcements potentially would have earned abnormal returns by covering their short positions after the public announcements. However, the profitable realization of these identified large abnormal returns for a real-world trader can be expected to be severely constrained by the impact of bid-ask spreads, brokerage costs, and various institutional impediments (such as stringent short-sale regulations and the absence of “official” market makers).

scholarly journals Changes in the Soundscape of the Public Space Close to a Highway by a Noise Control Intervention

2021 ◽  
Vol 13 (9) ◽  
pp. 5284
Author(s):  
Timothy Van Renterghem ◽  
Francesco Aletta ◽  
Dick Botteldooren
Keyword(s):  
Public Space ◽  
Real Life ◽  
Noise Abatement ◽  
Acoustic Environment ◽  
The Public ◽  
Control Intervention ◽  
Before And After ◽  
Noise Shielding ◽  
Visual Preferences ◽  
The Impact

The deployment of measures to mitigate sound during propagation outdoors is most often a compromise between the acoustic design, practical limitations, and visual preferences regarding the landscape. The current study of a raised berm next to a highway shows a number of common issues like the impact of the limited length of the noise shielding device, initially non-dominant sounds becoming noticeable, local drops in efficiency when the barrier is not fully continuous, and overall limited abatement efficiencies. Detailed assessments of both the objective and subjective effect of the intervention, both before and after the intervention was deployed, using the same methodology, showed that especially the more noise sensitive persons benefit from the noise abatement. Reducing the highest exposure levels did not result anymore in a different perception compared to more noise insensitive persons. People do react to spatial variation in exposure and abatement efficiency. Although level reductions might not be excessive in many real-life complex multi-source situations, they do improve the perception of the acoustic environment in the public space.

Do Stock Markets Catch the Flu?

2013 ◽  
Vol 48 (3) ◽  
pp. 979-1000 ◽  
Author(s):  
Brian C. McTier ◽  
Yiuman Tse ◽  
John K. Wald
Keyword(s):  
United States ◽  
New York ◽  
New York City ◽  
Stock Markets ◽  
The United States ◽  
Trading Activity ◽  
Market Makers ◽  
International Data ◽  
The Impact ◽  
Bid Ask Spreads

AbstractWe examine the impact of influenza on stock markets. For the United States, a higher incidence of flu is associated with decreased trading, decreased volatility, decreased returns, and higher bid-ask spreads. Consistent with the flu affecting institutional investors and market makers, the decrease in trading activity and volatility is primarily driven by the incidence of influenza in the greater New York City area. However, the effect of the flu on bid-ask spreads and returns is related to the incidence of flu nationally. International data confirm our findings of a decrease in trading activity and returns when flu incidence is high.

scholarly journals Walking on Water—A Natural Experiment of a Population Health Intervention to Promote Physical Activity after the Winter Holidays

2019 ◽  
Vol 16 (19) ◽  
pp. 3627
Author(s):  
Jonathan McGavock ◽  
Nicole Brunton ◽  
Nika Klaprat ◽  
Anders Swanson ◽  
Dave Pancoe ◽  
...  
Keyword(s):  
Physical Activity ◽  
Natural Experiment ◽  
Experimental Studies ◽  
Annual Household Income ◽  
Convenience Sample ◽  
The Public ◽  
Population Health Intervention ◽  
Before And After ◽  
The Impact ◽  
Urban Trail

Background: Very few experimental studies exist describing the effect of changes to the built environment and opportunities for physical activity (PA). We examined the impact of an urban trail created on a frozen waterway on visitor counts and PA levels. Methods: We studied a natural experiment in Winnipeg, Manitoba, Canada that included 374,204 and 237,362 trail users during the 2017/2018 and 2018/2019 winter seasons. The intervention was a 10 km frozen waterway trail lasting 8–10 weeks. The comparator conditions were the time periods immediately before and after the intervention when ~10 kms of land-based trails were accessible to the public. A convenience sample of 466 participants provided directly measured PA while on the frozen waterway. Results: Most trail users were 35 years or older (73%), Caucasian (77%), and had an annual household income >$50,000 (61%). Mean daily trail network visits increased ~four-fold when the frozen waterway was open (median and interquartile range (IQR) = 710 (239–1839) vs. 2897 (1360–5583) visits/day, p < 0.001), compared with when it was closed. Users achieved medians of 3852 steps (IQR: 2574–5496 steps) and 23 min (IQR: 13–37 min) of moderate to vigorous intensity PA (MVPA) per visit, while 37% of users achieved ≥30 min of MVPA. Conclusion: A winter-specific urban trail network on a frozen waterway substantially increased visits to an existing urban trail network and was associated with a meaningful dose of MVPA. Walking on water could nudge populations living in cold climates towards more activity during winter months.

Tax evasion and public governance before and after the European “big bang”: a red flag for policymakers

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmed Emadeldin Yamen ◽  
Hounaida Mersni ◽  
Abdulhadi Ramadan
Keyword(s):  
Tax Evasion ◽  
Eu Enlargement ◽  
Public Governance ◽  
Content Type ◽  
The Public ◽  
Before And After ◽  
Governance Quality ◽  
Evasion Behavior ◽  
The Impact ◽  
The Eu

Purpose The purpose of this study is to examine the impact of public governance quality on tax evasion levels in old (pre-2004) and new (post-2004) European Union (EU) members before and after the 2004 EU-enlargement. Design/methodology/approach This study uses panel data of 28 EU countries over the period 1996-2015. Tax evasion is measured using an updated version of the shadow economy size based on the light intensity, as calculated by (Medina and Schneider, 2018). The World Bank’s worldwide governance indicators are used as a measure of public governance. Findings The results indicate that new EU members have higher tax evasion levels compared to the old ones before and after the 2004 EU enlargement. The findings also report that the public governance quality is superior in old members throughout the 1996-2015 period. Furthermore, the authors found that after the EU enlargement, tax evasion levels decreased in both EU groups; however, the authors noticed an improvement in the public governance quality in new members and a deterioration in old ones. Additional analysis confirms the impact of public governance quality as an effective tool for reducing tax evasion behavior in both EU groups before and after the EU enlargement. Practical implications The findings are potentially useful for EU policymakers in identifying the most effective tools that can minimize tax evasion levels in EU countries. Additionally, the results are alarming as they show the negative consequences of the EU enlargement in old EU members. Thus, policymakers should consider them when setting their rules and regulations to reduce the significant differences between both EU groups to prevent member states from potentially exiting the EU. Originality/value To the best of the knowledge, this is the first study that examines the tax evasion behavior and public governance quality in the EU before and after the EU enlargement.

Behavioral Aspects of Commodity Markets

2018 ◽  
Author(s):  
John R. Nofsinger
Keyword(s):  
Risk Taking ◽  
Loss Aversion ◽  
Futures Markets ◽  
Reference Points ◽  
The Public ◽  
Behavioral Biases ◽  
Market Makers ◽  
Market Participants ◽  
Momentum Investing ◽  
The Impact

Are behavioral biases prevalent in commodities and futures markets? Although retail equity investors display many psychological biases, investors who are more sophisticated exhibit fewer biases. The market makers, traders (locals), speculators, hedgers, and institutions of the commodities and futures markets tend to be professional participants, and thus less prone to behavioral biases. Nevertheless, the fast-paced action of these markets is an environment that fosters behavioral errors. This chapter reviews the literature on the pervasiveness of prospect theory behavior and other biases in these markets. Strong evidence indicates that market participants exhibit loss aversion, the impact of reference points, the disposition effect, and overconfidence. They also engage in positive feedback trading and momentum investing. Lastly, the chapter reviews risk-taking and behavioral biases by the type of market participant, particularly focusing on market makers, floor traders, clearing members, and the public.

scholarly journals The Impact of Political Events - “Name Issue” on an Emerging Macedonian Stock Market

2011 ◽  
Vol 1 (2) ◽  
pp. 203 ◽  
Author(s):  
Julijana Angelovska
Keyword(s):  
European Union ◽  
Structural Changes ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Candidate Country ◽  
The European Union ◽  
Political Events ◽  
Before And After ◽  
The Status ◽  
The Impact

The objective of the research is to investigate the impact of political events – “name issue” on the Macedonian Stock Exchange (MSE). Structural changes in volatility of Macedonian capital market seems to be more a consequence of political changes, especially from the perspective of international politics and the association of the country into NATO and the European Union. The research analyzes the response of capital markets to political events. Such an event is the summit in Bucharest as the day D (03/04/2008) which certainly had an impact because of prolonged unresolved problem of the name imposed by Greece. Visa liberalization and the day of solving the status of candidate country for accession to the European Union will be discussed too. An event methodology is employed, and the results suggest that the market respond to all political events connected “name issue”. The results also indicate that there is no difference between the means of abnormal returns before and after the event. Sensitivity of the Macedonian investor related to any information connected to the word "name" is enormous. The Macedonian investor belief is that if “name” issue would be solved, regardless of possible negative real economic flows stock exchange will increase. The paper provides information regarding the effects of solving this name issue on Macedonian investor, and his expectation on this issue. But even if it is solved, the global economic crises and difficult economic situation in Macedonia especially this situation will be temporary and due to low liquidity, foreigners may use local optimism to sell their shares.

scholarly journals Analisis Perbandingan Abnormal Return,Trading Volume Activity, dan Bid-Ask Spread Sebelum dan Sesudah Stock Split

2018 ◽  
Vol 7 (1) ◽  
pp. 34
Author(s):  
Fahrizal Anwar ◽  
Nadia Asandimitra
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Market Reaction ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Volume Activity ◽  
Bid Ask Spread ◽  
Stock Split ◽  
Before And After ◽  
Bid Ask Spreads

Stock splits or stock split is to break a piece of stock into n shares so that the new price per share after the stock split is 1 / n of the previous price.This study aims to investigate the market reaction to the announcement of the stock split the company listed in Indonesia Stock Exchange Period 2012-2013. The market reaction is indicated by the presence or absence of abnormal return differences, trading volume activity, and bid-ask spreads before and after the stock split announcement.Type of research is a study of events (event study).The study sample as many as 17 companies based on purposive sampling.Testing is done with a period of 5 days before and 5 after the announcement of the stock split.The technique of data analysis performed using paired sample t-test on abnormal returns while Wilcoxon signed ranks test on trading volume activity and bid-ask spreads.

Impact of COVID-19 on listed European electricity companies: a comparative analysis of investment in renewable and traditional electricity

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
José Antonio Clemente-Almendros ◽  
Florin Teodor Boldeanu ◽  
Luis Alberto Seguí-Amórtegui
Keyword(s):  
Abnormal Returns ◽  
Electricity Sector ◽  
World Health ◽  
Policy Uncertainty ◽  
Content Type ◽  
Event Study Method ◽  
Before And After ◽  
Health Organization ◽  
The Impact ◽  
The Eu

PurposeThe authors analyze the impact of COVID-19 on listed European electricity companies and differentiate between renewable and traditional electricity, to show the heterogenous characteristics of electricity subsectors and the differences between renewable and traditional electricity.Design/methodology/approachUsing the event study method, the authors calculate the cumulative average abnormal returns (ARs) before and after the World Health Organization pandemic announcement and the declaration of national lockdowns in Europe.FindingsThe results show that while the European electricity sector was overall negatively impacted by the COVID-19 announcement, this impact was larger for renewable companies due to their riskier investment profile. Moreover, after the national lockdowns came into effect, the recovery in the financial markets return was smaller for the latter.Research limitations/implicationsThere may be variables to be included in the model to analyze possible differences between companies and countries, as well as alternative econometric models. Limited to the data, the authors did not investigate the different impact of the economic policy uncertainty from various countries inside or outside the EU.Practical implicationsThe results have important implications for both investors and policymakers since the heterogenous characteristics of electricity subsectors. This heterogeneity prompts different investor reactions, which are necessary to know and to understand.Originality/valueAs far as the authors know, this is the first study that analyses the effect of COVID-19 in heterogeneity profile of both types of electricity, renewable and traditional.

Pengaruh Debat Calon Presiden Indonesia 17 Februari 2019 Terhadap Abnormal Return Dan Trading Volume Activity

2019 ◽  
Vol 5 (2) ◽  
pp. 1383-1394
Author(s):  
Adela Putri Hartanto ◽  
Sylvia Fettry
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Vice President ◽  
Rank Test ◽  
Volume Activity ◽  
Presidential Candidates ◽  
The Public ◽  
Average Value ◽  
Before And After

The debates of the Indonesian presidential candidates 17 February 2019 represented the process of political education for the public to be able to participate in determining the presidential and vice-presidential candidates. The public and investors certainly want a presidential and vice-presidential candidate who can bring Indonesia to become a better country. This certainly can be a driving factor for investors to invest in Indonesia and can have an impact on improving a country's economy. This research was conducted to determine the market reaction to the event based on the average value of Abnormal Returns and the average Trading Volume Activity of LQ45 shares for five days before and after the debate using the event study research method. The data used comes from the Indonesia Stock Exchange (IDX) and the Yahoo Finance website and analyzed using the Paired Sample t-Test and Wilcoxon Signed-Rank Test. The results of this study indicate that there is no difference in the average value of Abnormal Returns or Trading Volume Activity between before and after the debate. This means that investors are still waiting and analyzing how the 2019 Presidential and Vice President election processes will continue.

scholarly journals Flooding impact on distribution of pathogenic bacteria in Pahang river

2016 ◽  
Vol 15 (1) ◽  
Author(s):  
Fatin Hafawati Abd Razak ◽  
Noor Faizul Hadry Nordin ◽  
Jalal Ahmed Khan Chowdhury ◽  
Kamaruzzaman Yunus
Keyword(s):  
Water Samples ◽  
Pathogenic Bacteria ◽  
Economic Activities ◽  
Bacterial Dna ◽  
The Public ◽  
16S Rna ◽  
Flooding Event ◽  
Before And After ◽  
The Impact ◽  
Excellent Source

Introduction: Pahang River is one of the important inland aquatic biodiversity resources that provides major economic activities along the river. It is an excellent source of food and habitat for organisms including microorganisms leading to higher bacterial diversity. This analytical study determines the impact of flooding event to the bacterial distribution and pathogenic bacteria in the river. Methods: Sampling was done during pre-monsoon and post monsoon seasons. Water samples were taken at 19 stations along the Pahang River. Bacterial was isolated from the water samples using cultivation method. Subsequently DNA from the isolated bacteria was extracted using conventional method. 16s RNA was used in the study to amplify the bacterial DNA. Following restriction fragment length polymorphism (RFLP), selected bacteria were sent for sequencing to the First Base company. The sequences were then analyzed using blast from NCBI to obtain the bacterial name. Results: Here, we evaluated the colony forming unit (CFU) and the presence of potentially pathogenic bacteria in the river before and after the flood event in 2014. The CFU calculated was lower before the flooding event and Bacillus sp. were found in many of the water samples. After the flooding event pathogenic bacteria such as Klebsiella pneumoniae, Serratia marcescens and Enterobacter cloacae were discovered while the CFU calculated was shown to be higher. Conclusions: The pathogenic bacteria diversity was increased after the flood in 2014 in Pahang River. The river became contaminated with various types of potential human bacterial pathogens which might pose a health risk to the public.

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