scholarly journals Valuation Effects of Norway’s Board Gender-Quota Law Revisited

2021 ◽  
Author(s):  
B. Espen Eckbo ◽  
Knut Nygaard ◽  
Karin S. Thorburn
Keyword(s):  
Stock Returns ◽  
Statistical Significance ◽  
Gender Quotas ◽  
Negative Consequences ◽  
Valuation Effects ◽  
Short Run ◽  
Board Representation ◽  
Female Director ◽  
Gender Quota ◽  
The Impact

We highlight the complexities in estimating the valuation effects of board gender quotas by critically revisiting studies of Norway’s pioneering board gender-quota law. We use the short-run event study of Ahern and Dittmar [Ahern KR, Dittmar A (2012) The changing of the boards: The impact on firm valuation of mandated female board representation. Quart. J. Econom. 127(1):137–197] to illustrate (1) the difficulties in attributing quota-related news to specific dates, (2) the need to account for contemporaneous cross-correlation of stock returns when judging the statistical significance of event-related abnormal stock returns, and (3) the fundamental difficulty of separating quota-induced valuation effects from the influences of firm characteristics and macroeconomic events such as the financial crisis. We provide new evidence suggesting that the valuation effect of Norway’s quota law was statistically insignificant. Overall, our evidence suggests that, at the time of the Norwegian quota, the supply of qualified female director candidates was high enough to avoid the negative consequences of the quota highlighted previously in the literature. This paper was accepted by Renee Adams, finance.

The Impact of Economic Sentiment, Consumer, Producer and Investor's Confidence Indices on Stock Returns of the Listed Companies in FTSE-20 in Greece

2018 ◽  
pp. 162-209
Author(s):  
Constantine Cantzos ◽  
Petros Kalantonis ◽  
Aristidis Papagrigoriou ◽  
Stefanos Theotokas
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Macroeconomic Variables ◽  
Production Index ◽  
Behavioral Indicators ◽  
Portfolio Returns ◽  
Long Run ◽  
Short Run ◽  
The Impact ◽  
The Relationship

This chapter examines the relationship between stock returns of companies listed in the FTSE-20 on the Athens Exchange and behavioral indicators. The research is based on the behavioral APT model, which examines stock returns' risk factors through the involvement of macroeconomic variables and behavioral indicators. The data is the closing price of 17 shares listed in the FTSE-20 index, a number of macroeconomic variables, and a series of behavioral indicators for the period of January 2001-December 2014. Regressions were conducted with dependent variable stock returns of a portfolio invested equally in these 17 stocks. In addition, the research tests the existence of long-run and short-run equilibrium and causality. The change in the industrial production index along with the risk premium have a positive and significant impact on the portfolio returns. Johansen's test showed that there is a long-run equilibrium between stock returns, macroeconomic variables, and behavioral indicators. The VECM and VAR models showed that there is not long and short-run causality, not even Granger causality. No similar research has been conducted in Greece, thus it fills a literature gap.

Mandated Representation: Exploring the Consequences of Gender Quota Design on Parliamentary Activity

2020 ◽  
Author(s):  
Eva-Maria Euchner ◽  
Elena Frech
Keyword(s):  
Negative Binomial ◽  
Gender Diversity ◽  
Negative Binomial Regression ◽  
Gender Quotas ◽  
Binomial Regression ◽  
Interdisciplinary Framework ◽  
Research Gap ◽  
And Gender ◽  
Gender Quota ◽  
The Impact

Abstract Although the scholarship on legislative behaviour widely agrees that electoral rules determine parliamentary activities, surprisingly little is known on the impact of gender quotas. We contribute to this research gap by developing an innovative interdisciplinary framework and by exploring it based on a unique dataset on varying gender quota designs throughout EU countries and parties running for the 7th term of the European Parliament (2009–2014). Based on the scholarship on gender diversity in management teams and the research on gendered processes in political parties, we argue that especially mandated gender quotas stimulate processes of social categorisation, intergroup biasing and competition due to a normative mis-fit between conceptions of gender equality and gender quotas, which in turn influences coordination and communication and hence, parliamentary activity more generally. Combining negative-binomial regression models and expert interviews, we indeed find that mandated gender quotas promote ‘individual’ parliamentary activities (e.g. speeches) and tend to impede ‘collaborative’ parliamentary activities (e.g. reports).

Impact of Share Splits on Stock Returns: Evidences from India

2019 ◽  
Vol 23 (4) ◽  
pp. 432-441
Author(s):  
Bilal Ahmad Pandow ◽  
Khurshid Ahmad Butt
Keyword(s):  
Stock Returns ◽  
Impact Analysis ◽  
Positive Influence ◽  
Market Model ◽  
Sign Test ◽  
Rank Test ◽  
Long Run ◽  
Short Run ◽  
Study Methodology ◽  
The Impact

This article empirically examines the impact of stock splits on the price movements and returns of the scrips listed on the stock market in India. The study makes use of the standard event study methodology to measure the significance of unusual yield associated with the event. To calculate the returns, the study employs market model. Also, it uses parametric tests, such as t-statistic, and non-parametric test, such as Corrado Rank Test, Generalized Rank Test and Sign Test, to check the significance and robustness of abnormal return (AR), average AR, and cumulative average AR. Indisputably, the results are somewhat different from the evidences found in developed markets. Mostly in these countries, the event witnesses unusual optimistic yields. The results suggest that there is a positive AR adjacent to the effective day (ED) of the event in the short run. However, in the long run, negative ARs in the post-effective to ED+90 days window is witnessed. Further, the analysis also suggests that share splits do not have a positive influence on the share capital of the investors. The results are based on the 10-days event and 90-days estimation window and are the main limitation of the study. Hence, the windows can be both expanded and reduced to have a better holistic impact analysis of the share splits and stock returns of the selected firms.

Ineffective and Counterproductive? The Impact of Gender Quotas in Open-List Proportional Representation Systems

2017 ◽  
Vol 15 (1) ◽  
pp. 1-33 ◽  
Author(s):  
Michael Jankowski ◽  
Kamil Marcinkiewicz
Keyword(s):  
Positive Impact ◽  
Proportional Representation ◽  
Gender Quotas ◽  
Female Candidates ◽  
Representation Systems ◽  
Gender Quota ◽  
The Impact

Research on the impact of gender quotas in open-list proportional representation systems has described quotas as ineffective or even paradoxical. While some authors argue that gender quotas without a placement mandate will be essentially ineffective since most women will be nominated to unpromising positions, others suppose that women will be disadvantaged by gender quotas because the increase in the number of female candidates will decrease the average number of preferential votes cast for women. We reexamine the evidence for these claims by analyzing the case of Poland. We demonstrate that the gender quota introduced there in 2011 increased the number of women placed at promising ballot positions and had very little impact on the number of preferential votes cast for women. Additionally, using simulations, we show that the quota had a positive impact on the number of elected women.

Quotas and qualifications: the impact of gender quota laws on the qualifications of legislators in the Italian parliament

2014 ◽  
Vol 7 (1) ◽  
pp. 119-144 ◽  
Author(s):  
Ana Catalano Weeks ◽  
Lisa Baldez
Keyword(s):  
Institutional Design ◽  
Political Competition ◽  
Electoral System ◽  
Candidate Selection ◽  
Gender Quotas ◽  
Government Experience ◽  
And Performance ◽  
Mixed Electoral System ◽  
Gender Quota ◽  
The Impact

This article addresses concerns that candidates nominated because of gender quota laws will be less qualified for office. While questions of candidate quality have long been relevant to legislative behavior, quota laws requiring a certain percentage of candidates for national office to be women have generated renewed interest. Gender quotas are often perceived to reduce the scope of political competition. By putting gender identity center stage, they preclude the possibility that elections will be based on ‘ideas’ or ‘merit’ alone. Other electoral rules that restrict candidate selection, such as the centralization of candidate selection common in closed list PR systems, have been found to reduce the quality of candidates. Rules that open selection, such as primaries, result in higher quality candidates. We exploit the institutional design of Italy’s mixed electoral system in 1994, where quotas were applied only to the PR portion of the list, to compare the qualifications of men, women, and ‘quota women’. We estimate regressions on several measures of deputies’ qualifications for office and performance in office. We find that unlike other rules limiting candidate selection, quotas are not associated with lower quality on most measures of qualifications. In fact, quota women have more local government experience than other legislators and lower rates of absenteeism than their male counterparts. Contrary to critics, quota laws may have apositiveimpact on legislator quality. Once the quota law was rescinded, quota women were less likely to be re-elected than non-quota women or men, which suggests that discrimination – not qualification – limits women’s status as candidates.

scholarly journals Effects of Iraq’s Parliamentary Gender Quota on Women’s Political Mobilization and Legitimacy Post-2003

2018 ◽  
Vol 11 (4) ◽  
pp. 41-62
Author(s):  
Huda Al-Tamimi
Keyword(s):  
Middle Eastern ◽  
Political Legitimacy ◽  
Political Mobilization ◽  
Political Agency ◽  
Gender Quotas ◽  
Theory Approach ◽  
Political Climate ◽  
And Gender ◽  
Gender Quota ◽  
The Impact

Parliamentary gender quotas have become increasingly prevalent since the 1990s, yet in-depth research illuminating their effects on women’s political agency remains scarce. Iraq’s political evolution offers a unique perspective on feminist, democratization, and gender quota scholarship as related to Middle Eastern women in politics since the US and allied invasion of Iraq in 2003. Throughout Iraq’s modern history, Iraqi women’s ability to pursue legitimate political agency has fluctuated with changes in the country’s political climate. The 2003 invasion set in motion sweeping reforms to the judicial, legislative, and executive governing powers. Women’s potential role in the emerging polity was enhanced by enactment of an electoral gender quota stipulating no less than twenty-five percent of seats in the Iraq parliament to be filled by women. This article presents research that sought to elucidate the impact of that quota on women’s political mobilization since 2003. Data collected included televised interviews, reports, and media articles that were qualitatively analyzed using a critical literary theory approach. Analysis was aided by NVivo qualitative analysis software. The findings indicate that although the gender quota has nominally increased descriptive representation, it has proven insufficient to support women’s substantive and symbolic representation. Issues of women’s socioeconomic position, lack of cooperation among female members of parliament, and ongoing security threats must be addressed for women to achieve full political legitimacy.

scholarly journals Are Kuwaiti Stock Returns Affected by Fluctuations in Oil Prices?

2020 ◽  
Vol 11 (6) ◽  
pp. 1
Author(s):  
Salem Alshihab ◽  
Nayef AlShammari
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Oil Prices ◽  
Market Returns ◽  
Macroeconomic Factors ◽  
Stock Market Returns ◽  
Long Run ◽  
Short Run ◽  
The Impact ◽  
Adf Test

This paper examines the impact of fluctuations in the price of oil on Kuwaiti stock market returns for the month-to-month period of 2000 to 2020. The Augmented Dickey-Fuller (ADF) test for stationarity, the error correction model (ECM), and various cointegration test techniques were used to examine the estimated model. In an oil-based economy like Kuwait, the exposure to oil prices seems to affect the performance of the country’s stock market. Our main findings related to the long run showed that the price of oil is cointegrated with stock market returns. Interestingly, our ECM examination confirmed that changes in Kuwaiti stock market returns are only affected by oil price fluctuations in the short run. Further strategies are needed to better stabilize Kuwait’s capital market. This equilibrium can be achieved by pursuing more stability in other macroeconomic factors and providing a solid legal independence for the country’s financial market.

Effect of Terrorism Financing on Selected Global Indices

2021 ◽  
pp. 183-205
Author(s):  
Laila Memdani ◽  
Tasiu Tijjani Kademi ◽  
Abdul Rafay
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Ardl Model ◽  
Global Indices ◽  
Stock Indices ◽  
Long Run ◽  
Terrorism Financing ◽  
Short Run ◽  
The Impact ◽  
Global Stock

Investment is a part and parcel of life. There are various avenues to invest and one of those is the stock market. But the decision of the investor depends on various factors and one of these factors is terrorism. The chapter focuses on the long and short-run association (LSA) and the influence of terrorism on major global stock indices and gold. The Paris attacks of 2015 are taken as a base, and the ARDL model is used to study the long and short-run impact on the selected stock indices. An attempt is also made to study the impact of terrorism on the stock returns using the Miller and Modigliani model. The study reveals a short-run impact of terrorism on the five selected global indices, but there is no long-run impact.

Short- and long-term effects of responsible investment growth on equity returns

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yann Ferrat ◽  
Frédéric Daty ◽  
Radu Burlacu
Keyword(s):  
Stock Returns ◽  
Equity Returns ◽  
Investment Horizon ◽  
Long Term Effects ◽  
Cross Sectional ◽  
Content Type ◽  
Responsible Investment ◽  
Short Run ◽  
Investment Growth ◽  
The Impact

PurposeThe growth of socially responsible assets has been exponential over the last decade, they now account for almost a third of professional investments. As the growth persists, faith and conviction investors reshape the equity markets. To fully comprehend the impact of socially conscious participants on security returns, this paper attempts to provide insights on how responsible investment growth has impacted the returns of sustainable stocks. The examination is split by investment horizon to account for short and long effects.Design/methodology/approachUsing an exclusive dataset of non-financial ratings, provided by MSCI ESG research, the authors examine the cross-sectional returns of US and European sustainability-leading and lagging corporations between 2007 and 2019. Panel models robust to country, firm-year and industry effects were then employed to examine the impact of responsible investment growth on future stock returns.FindingsThe authors find evidence that the impact of responsible investment growth is dual contingent upon the timeframe considered. In the short run, sustainability-leading and lagging firms display similar stock returns. However, the spread in returns is negative over long horizons and increasing over time.Originality/valueThe examination performed in this study highlights the significant effect of responsible investment growth on future stock returns. Overall, the authors’ findings are consistent with the price pressure hypothesis in the short run and the cost of capital alteration over longer horizons.

scholarly journals Board Gender Quotas: Exploring Ethical Tensions From A Multi-Theoretical Perspective

2016 ◽  
Vol 26 (1) ◽  
pp. 23-65 ◽  
Author(s):  
Siri Terjesen ◽  
Ruth Sealy
Keyword(s):  
Theoretical Perspective ◽  
Future Research ◽  
Gender Quotas ◽  
Corporate Boards ◽  
Equal Opportunities ◽  
Corporate World ◽  
Future Research Agenda ◽  
Theoretical Perspectives ◽  
Board Representation ◽  
Gender Quota

ABSTRACT:Despite 40 years of equal opportunities policies and more than two decades of government and organization initiatives aimed at helping women reach the upper echelons of the corporate world, women are seriously underrepresented on corporate boards. Recently, fifteen countries sought to redress this imbalance by introducing gender quotas for board representation. The introduction of board gender quota legislation creates ethical tensions and dilemmas which we categorize in terms of motivations, legitimacy, and outcomes. We investigate these tensions through four overarching theoretical perspectives: institutional, stakeholder, social identity, and social capital. We outline a future research agenda based on how these tensions offer greater focus to research on quotas and more broadly to ethics and diversity in organizations in terms of theory, anticipated ethical tensions, data, and methodology. In sum, our review seeks to synthesize existing multidisciplinary research and stimulate future enquiry on this expanding set of legislation.

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